UNITED
STATES

 SECURITIES
AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 FORM

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
the fiscal year ended June 30, 2025

 or

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

 For
the transition period from _________ to _____________

 Commission
file number: 001-34260

 ENLIGHTIFY
INC.

 (Exact
name of registrant as specified in its charter)

 Nevada

 36-3526027

 (State or other jurisdiction of
 incorporation or organization)

 (I.R.S. Employer
 Identification No.)

 Third
floor, Borough A, Block A. No. 181, South Taibai Road

 Xi'an,
Shaanxi Province, PRC 710065

 (Address
of principal executive offices) (Zip Code)

 Registrant's
telephone number: +86 - 29-88266368

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

 Title of each class

 Name of each exchange on which registered

 Common Stock, $0.001 Par Value Per Share

 NYSE

registered pursuant to Section 12(g) of the Act: None.

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes No

by check mark 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 report(s)), and
(2) has been subject to such filing requirements for the past 90 days. Yes No

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

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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

 The
aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's
most recently completed second fiscal quarter: $ 14,312,744 as of December 31, 2024, based on the closing price $1.03 of the Company's
common stock on such date.

 The
number of outstanding shares of the registrant's common stock on October 21, 2025, was 15,769,434.

 DOCUMENTS
INCORPORATED BY REFERENCE

 None.

 TABLE
OF CONTENTS

 TO
ANNUAL REPORT ON FORM 10-K

 FOR
FISCAL YEAR ENDED June 30, 2025

 PAGE

 Item 1.

 Business

 Item 1A.

 Risk
 Factors

 Item 1B.

 Unresolved
 Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal
 Proceedings

 Item 4.

 Mine
 Safety Disclosures

 Item 5.

 Market
 for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's
 Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative
 and Qualitative Disclosures about Market Risk

 Item 8.

 Financial
 Statements and Supplementary Data

 Item 9.

 Changes
 in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls
 and Procedures

 Item 9B.

 Other
 Information

 Item 9C.

 Disclosure
 Regarding Foreign Jurisdictions That Prevents Inspections

 Item 10.

 Directors,
 Executive Officers and Corporate Governance

 Item 11.

 Executive

 Item 12.

 Security
 Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

 Item 13.

 Certain
 Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal
 Accountant Fees and Services

 Item 15.

 Exhibits,
 Financial Statement Schedules

 Item 16.

 Form
 10-K Summary

 SIGNATURES

 EXHIBIT INDEX

 FINANCIAL STATEMENTS
 AND SUPPLEMENTARY DATA

 i

 PART
I

 Item
1. Business

 Enlightify Inc., a Nevada corporation ('we" or "the Company"), formerly known as "China Green Agriculture Inc."),
is primarily engaged in the research, development, production, and sale of various types of fertilizers and agricultural products through
its wholly owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), and Beijing Gufeng Chemical
Products Co., Ltd., ("Gufeng") in the People's Republic of China ("PRC"), all of which are engaged in fertilizer
production. Also, Tianjuyuan Fertilizer Co. Ltd ("Tianjuyuan") is a subsidiary of Gufeng. In addition, we operate through
variable interest entity (the "VIE"), Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"),
which is engaged in agricultural products production in PRC.

 Our
primary business is fertilizer products, specifically humic acid-based compound fertilizer produced through Jinong; and compound fertilizer,
blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly concentrated water-soluble fertilizers, and mixed organic-inorganic
compound fertilizer produced through Gufeng. In Yuxing, we develop and produce agricultural products such as top-grade fruits, vegetables,
flowers, and colored seedlings. Besides agriculture, since March 2023, we have started to purchase digital assets mining machines and
established Antaeus Tech Inc. ("Antaeus") in the State of Delaware to mine digital assets, specifically Bitcoin, in the State
of Texas. Through Antaeus, we produce or "mine" digital assets Bitcoin with a focus on the blockchain ecosystem and the generation
of digital assets.

 As
our core business, we generated $65,352,572 and $85,144,156 in fertilizer production, or 86.8% and 88.8% of our total revenues for the
years ended June 30, 2025 and 2024, respectively. Our total annual production capacity was 555,000 metric tons as of June 30, 2025.

 As
of June 30, 2025, we sold our products through a network of 639 regional distributors covering 22 provinces, 4 autonomous regions, and
4 central government-controlled municipalities in China. We do not rely on any single distributor. Our top five distributors accounted
for approximately 21.4% of our fertilizer revenues for the fiscal year ended June 30, 2025.

 As
of June 30, 2025, we have developed 111 different fertilizer products. We conduct our research and development activities through Yuxing,
VIE associated with Jinong, which tests new fertilizers and grows high-quality flowers, vegetables, and seedlings for commercial sales.

 During
the fiscal years ended June 30, 2025 and 2024, our revenues were $75,284,871 and $95,845,788, respectively; our net loss for these periods
was $(15,602,160) and $(28,405,315), respectively.

 Recent
Developments

 Establishment
of Crypto Currency Mining Business

 On
March 13, 2023, the Company established Antaeus Tech Inc. under the laws of the state of Delaware. From April 10, 2023, Antaeus started
to purchase Bitmain Antminer S19 Pro mining machines and began mining crypto currency in West Texas.

 On December
27, 2023, the Company entered into a Stock Purchase Agreement with Mr. Zhibiao Pan for the purchase by the Company from Mr. Zhibiao Pan
of all the outstanding stock of Lonestar Dream, Inc., a Delaware corporation ("Lonestar"). Mr. Zhibiao Pan served as the
Co-Chief Executive Officer of the Company from August 2022 to November 2024 and is the sole shareholder of Lonestar. On June 13, 2025,
the Company and Mr. Pan entered into a Mutual Rescission Agreement terminating the Stock Purchase Agreement. Consequently, the acquisition
of Lonestar was terminated.

 Our
History

 The
Company was incorporated under the laws of the state of Kansas on February 6, 1987 under the name Videophone, Inc. The Company had no
operations from December 1996 to December 2007. In October 2007, the Company was reincorporated in the state of Nevada. On December 26,
2007, the Company acquired all the issued and outstanding capital stock of Green Agriculture Holding Corporation ("Green New Jersey"),
through a share exchange (the "Share Exchange"). As a result of the Share Exchange, the Company owned 100% of Green New Jersey.
The Share Exchange occurred simultaneously with a private placement of $20,519,255 on December 26, 2007.

 Green
New Jersey was incorporated on January 27, 2007 under the laws of the State of New Jersey. On August 24, 2007, Green New Jersey acquired
100% of the outstanding shares of Jinong, a company incorporated in the PRC on June 19, 2000.

 After
the acquisition of Green New Jersey, the Company changed its name to China Green Agriculture, Inc., effective on February 5, 2008.

 On
July 23, 2009, Yuxing became a direct, wholly owned subsidiary of Jinong to facilitate the research and development of agricultural products
and fertilizers. Effective June 16, 2013, Yuxing was converted into a PRC domestic enterprise wholly owned by an individual who entered
into a series of contractual agreements with Jinong pursuant to which Yuxing became VIE associated with Jinong.

 On
March 9, 2009, the Company's common stock was listed on the NYSE MKT, formerly known as NYSE Amex Equities under the trading
symbol "CGA". On December 4, 2009, the Company voluntarily ceased trading its common stock on the NYSE Amex Equities and
transferred its listing to the New York Stock Exchange ("NYSE") on December 7, 2009. The Company's ticker symbol
remained "CGA."

 On
July 2, 2010, the Company, through Jinong, consummated a transaction to acquire all equity interests of Gufeng and its subsidiary Tianjuyuan.
As a result, Gufeng and Tianjuyuan became wholly owned subsidiaries of Jinong and indirect subsidiaries of the Company.

 On
June 30, 2016, the Company, through its wholly-owned subsidiary Jinong, entered strategic acquisition agreements and a series of contractual
agreements with the shareholders of the following six companies that are organized under the laws of the PRC and are deemed to be VIEs:
Shaanxi Lishijie Agrochemical Co., Ltd., Songyuan Jinyangguang Sannong Service Co., Ltd., Shenqiu County Zhenbai Agriculture Co., Ltd.,
Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd., Aksu Xindeguo Agricultural Materials Co., Ltd., and Xinjiang Xinyulei
Eco-agriculture Science and Technology Co., Ltd.

 On
January 1, 2017, the Company, through its wholly owned subsidiary Jinong, entered into strategic acquisition agreements and a series
of contractual agreements with the shareholders of the following two companies that are organized under the laws of the PRC and are deemed
to be VIEs: Sunwu County Xiangrong Agricultural Materials Co., Ltd. and Anhui Fengnong Seed Co., Ltd.

 On
November 30, 2017, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the
series of contractual agreements with the shareholders of Zhenbai.

 On
June 2, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series
of contractual agreements with the shareholders of Aksu Xindeguo Agricultural Materials Co., Ltd., Xinjiang Xinyulei Eco-agriculture
Science and Technology Co., Ltd., and Sunwu County Xiangrong Agricultural Materials Co., Ltd.

 On
December 1, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the
series of contractual agreements with the shareholders of Lishijie.

 On
December 31, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the
series of contractual agreements with the shareholders of Fengnong.

 On
March 31, 2022, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series
of contractual agreements with the shareholders of Jinyangguang and Wangtian.

 On
March 13, 2023, the Company established Antaeus Tech Inc. ("Antaeus") in the State of Delaware. In April 2023, Antaeus started
to purchase digital assets mining machines and began to mine Bitcoin in West Texas.

 On December
27, 2023, the Company entered into a Stock Purchase Agreement with Mr. Zhibiao Pan for the purchase by the Company from Mr. Zhibiao Pan
of all the outstanding stock of Lonestar Dream, Inc., a Delaware corporation ("Lonestar"). Mr. Zhibiao Pan served as the
Co-Chief Executive Officer of the Company from August 2022 to November 2024 and is the sole shareholder of Lonestar. On June 13, 2025,
the Company and Mr. Pan entered into a Mutual Rescission Agreement terminating the Stock Purchase Agreement. Consequently, the acquisition
of Lonestar was terminated.

 On November 25, 2024, the Company filed a Certificate of Amendment
to its Articles of Incorporation with the Secretary of State of Nevada to change its corporate name to Enlightify Inc. (the "Name
Change"). In connection with the Name Change, the Company's common stock commenced its trading on NYSE under the new ticker
symbol "ENFY" on November 26, 2024. Concurrently, Green Agriculture Holding Corporation was renamed to ENFY US Inc.

 Our principal executive offices are located at 3 rd Floor,
Borough A, Block A. No. 181, South Taibai Road, Xi'an, Shaanxi Province, People's Republic of China 710065, and our telephone
number is +86-29-88266368. Our website address is www.cgagri.com. The Company routinely posts important information on its website.

 Our
current corporate structure is set forth in the following diagram:

 The
foregoing table sets forth the relationship among these entities in summary form. It should be noted that one of the entities in the
table is a variable interest entity ("VIE"), which is not directly owned by the Company. A variable interest entity is a
legal business structure in which a person (or company) has some level of control despite not having a majority of voting rights. This
is because the controlling interest is arranged via a contractual relationship rather than direct ownership. In general, a business that
is the primary beneficiary of a VIE must disclose the holdings of that entity as part of its consolidated balance sheet. However, the
contractual agreements are not equivalent to equity ownership in the business of the VIE. The contractual relationships are structured
to allow the Company to allow the Company to consolidate the results of the VIE under U.S. GAAP. The result of this is that the Company
is the primary beneficiary of the VIE for accounting purposes. The VIE agreements, and their impact on the Company's accounting,
have not been tested in a court of law. As a result of this structure, there are some unique risks facing the Company. Please refer to
Item 1A, Risk Factors-Risks Related to Doing Business in the PRC for more detailed information.

 The
Company (or its direct or indirect subsidiaries, Jinong) has a contractual relationship with the VIE, which can be described as follows:

 Entrusted
Management Agreement

 Under
an Entrusted Management Agreement with the shareholders of the VIE (the "Entrusted Management Agreement"), the VIE and its
shareholders agree to entrust the operations and management of their businesses to a wholly owned subsidiary of the Company. According
to the form of Entrusted Management Agreement, the Company subsidiary possesses the full and exclusive right to manage the VIE's
operations, assets and personnel, has the right to control the VIE's cash flows through an entrusted bank account, is entitled
to the VIE's net profits as a management fee, is obligated to pay all the VIE's payables and loan payments, and bears all
losses of the VIE.

 Exclusive
Technology Supply Agreement

 The
Exclusive Technology Supply Agreement between the Company's subsidiary and the VIE provides that the Company subsidiary is the
exclusive technology provider to the VIE. The VIE agrees to pay the Company subsidiary all fees payable for technology supply prior to
making any payments under the Entrusted Management Agreement.

 Shareholder's
Voting Proxy Agreement

 Pursuant
to a Shareholder's Voting Proxy Agreement among the Company subsidiary and the shareholders of the VIE, the shareholders of the
VIE irrevocably appoint the Company subsidiary as their proxy to exercise on such shareholders' behalf all of their voting rights
as shareholders pursuant to PRC law and the Articles of Association of the VIE, including the appointment and election of directors of
the VIE. The Company subsidiary agrees that it shall maintain a board of directors, the composition and appointment of which shall be
approved by the Board of the Company.

 Exclusive
Option Agreement

 Under
an Exclusive Option Agreement among the Company subsidiary, the VIE, and the shareholders of the VIE, the shareholders of the VIE grant
the Company subsidiary an irrevocable and exclusive purchase option to acquire the VIE 's equity interests and/or remaining assets,
but only to the extent that the acquisition does not violate limitations imposed by PRC law on such transactions. The consideration for
the exercise of the option is to be determined by the parties and memorialized in the future by definitive agreements setting forth the
kind and value of such consideration.

Pledge Agreement

 Pursuant
to the terms of Equity Pledge Agreement among the Company subsidiary and the shareholders of the VIE, the shareholders of the VIE pledge
all of their equity interests in the VIE to the Company subsidiary, to guarantee all of the Company subsidiary's rights and benefits
under the Entrusted Management Agreement, the Exclusive Technology Supply Agreement, the Shareholder' Voting Proxy Agreement and
the Exclusive Option Agreement.

 Non-Compete
Agreement

 The
Non-Compete Agreement provides the shareholders of the VIE agree that for five (5) years after termination of their services with the
Company subsidiary, they will not provide services or accept positions with by any profit-making organizations with businesses that may
compete with the Company subsidiary.

 Although these agreements allow the Company to exert effective control
over the VIE, the Company owns no direct equity interest in it, and any increase in the value of the VIE will accrue to the benefit of
the shareholders of the VIE, and not the Company. We depend on the VIE to hold and maintain agriculture products contracts with our customers.
Although we believe that that each contract with the VIE is valid, binding, and enforceable under current PRC laws and regulations in
effect, these contractual arrangements may not be as effective in providing us with control over the VIE as direct ownership would be.
In addition, the VIE could breach the contractual arrangements. In the event of any such breach, we would have to rely on legal remedies
under PRC law. These remedies may not always be available or effective, particularly considering uncertainties in the PRC legal system.
The VIE may also seek to renew its agreements on terms that are disadvantageous to us. Although we have entered into a series of agreements
that provide us with substantial ability to control the VIE, we may not succeed in enforcing our rights under them as far as our contractual
rights and legal remedies under PRC law are inadequate. If we are unable to renew these agreements on favorable terms when these agreements
expire or enter into similar agreements with other parties, our business may not be able to operate or expand, and our operating expenses
may significantly increase. In addition, although we do not rely on revenues of the VIE, the VIE structure is subject to uncertainty amid
the PRC's changing legislative practice. In January 2015, China's Ministry of Commerce unveiled draft legislation that could
change how the government regulates corporate structures, especially for VIEs controlled by foreign investments. Instead of looking at
"ownership," the draft law focuses on the entities or individuals who control a VIE. If a VIE is deemed to be controlled by
foreign investors, it may be barred from operating in restricted sectors or the prohibited sectors listed on a "negative list,"
where only companies controlled by Chinese nationals could operate, even if structured as VIEs. If the draft law is implemented in any
form, and the Company's business is characterized as one of the "restricted" or "prohibited" sectors, the
VIE may be barred from operation, which would materially adversely affect our business.

 Cash
Flows through Our Organization

 We
are a holding company, and we conduct most of our operations through our PRC subsidiaries, the VIE and one subsidiary in the United States,
and we plan to diversify our operations further in the future. For instance, we are currently working on integrating assets in the United
States, which is part of our broader strategy to expand our global presence and operational capabilities. Cash is transferred through
our organization in the following manner: (1) Within our corporate structure, the cross-border transfer of funds from the Company to
its Chinese subsidiaries and controlled entities follows the laws and regulations of the PRC. The Company may make loans to its PRC subsidiaries
subject to the approval, registration, and filing with governmental authorities and limitation of amount, or we may make additional capital
contributions to our wholly foreign-owned subsidiaries in China; (2) the Company paid a dividend to its shareholders of $ 0.10 per share
in 2015, but has paid none since then; (3) The Company relies on dividends and other distributions on equity paid by its PRC subsidiaries
for its cash needs, to service any debt it may incur and to pay its operating expenses. For the operating companies in the PRC, they
will first transfer funds to Green New Jersey in accordance with applicable laws and regulations of the PRC, and then Green New Jersey
will transfer legally available funds to the Company. The Company may then distribute dividends to its shareholders in proportion to
their respective shareholdings. The PRC Enterprise Income Tax Law and its implementing rules provide those dividends paid by a PRC entity
to a nonresident enterprise for income tax purposes is subject to PRC withholding tax at a rate of 10%, subject to reduction by an applicable
tax treaty with China. The Company and its subsidiaries generate and retain cash generated from operating activities and re-invest
it in our business. (4) The ability of our entities in the PRC to distribute dividends is based upon their distributable earnings. Current
PRC regulations permit companies to pay dividends to their respective shareholders only out of their accumulated profits, if any, determined
in accordance with PRC accounting standards and regulations. We currently do not have our own cash management policy and procedures that
dictate how funds are transferred.

 For
the years ended June 30, 2024 and 2025, no assets other than cash were transferred between the Company and subsidiaries or the VIE, no
subsidiaries paid dividends or made other distributions to the Company, and no dividends or distributions were paid to investors. We
currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

 For
the years ended June 30, 2024, and 2025, Jinong provided loans of RMB 62,590,553 (or $8,692,388), and RMB 56,488,981 (or $7,831,665),
respectively, to Gufeng, and received repayments of RMB 16,329,813 (or $2,267,835), and RMB 94,880,500 (or $13,154,287), respectively.

 For
the years ended June 30, 2024, and 2025, Jinong provided loans of RMB 10,100,000 (or $1,402,658), and RMB 15,740,000 ($2,182,203)
respectively, to Yuxing, and received repayments of RMB 1,000,000 (or $138,877), and RMB 20,838,633 (or $ 2,889,080) respectively.

 For
the year ended June 30, 2024, and 2025, Yuxing provided a loan of RMB 15,000,000 (or $2,083,155) and RMB 20,000,000 (or $2,772,812),
respectively, to Gufeng, and received repayments of RMB 0 (or $0), and RMB 997,500 (or $138,294), respectively. There were
no other transactions between Yuxing and Jinong during the period from fiscal year 2024 through 2025.

 For
the years ended June 30, 2024, and 2025, Gufeng provided loans of RMB 10,670,066 (or $1,481,827), and RMB 695,413 (or $96,412),
respectively, to Tianjuyuan, and received repayments of RMB 10,000,000 (or $1,388,770), and RMB 420,000 (or $58,229), respectively.

 For
the years ended June 30, 2024, and 2025, there were no asset transfers between the holding company and its subsidiaries
in China.

 No other
asset transfers occurred between the holding company and Antaeus during the period from fiscal year 2024 through 2025.

 Effects
of PRC foreign exchange regulations on our ability to transfer assets within our organization

 Current
foreign exchange and other regulations in the PRC may restrict our PRC subsidiaries and VIE in their ability to transfer their net assets
to the Company and its subsidiaries and to investors. The PRC government imposes controls on the convertibility of the Renminbi (RMB)
into foreign currencies and, in certain cases, the remittance of currency out of China. Under our current corporate structure, the Company
as the holding company may rely on dividend payments from its subsidiaries to fund any cash and financing requirements the Company may
have. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments
and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of the State Administration
of Foreign Exchange (the "SAFE") by complying with certain procedural requirements. Specifically, under the existing exchange
restrictions, without prior approval of SAFE, cash generated from the operations of our PRC subsidiaries in China may be used to pay
dividends to the Company. However, approval from or registration with appropriate government authorities is required where Renminbi is
to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in
foreign currencies. As a result, we need to obtain SAFE approval to use cash generated from the operations of our PRC subsidiaries and
VIE to pay off their respective debt in a currency other than Renminbi owed to entities outside China, or to make other capital expenditure
payments outside China in a currency other than Renminbi.

 In
light of the flood of capital outflows of China in 2016 due to the weakening Renminbi, the PRC government has imposed more restrictive
foreign exchange policies and stepped-up scrutiny of major outbound capital movement including overseas direct investment. More restrictions
and substantial vetting process are put in place by SAFE to regulate cross-border transactions falling under the capital account. If
any of the Company's shareholders regulated by such policies fail to satisfy the applicable overseas direct investment filing or
approval requirement timely or at all, it may be subject to penalties from the relevant PRC authorities. The PRC government may at its
discretion further restrict access in the future to foreign currencies for current account transactions. If the foreign exchange control
system prevents the Company from obtaining sufficient foreign currencies to satisfy the Company's foreign currency demands, the
Company may not be able to pay dividends in foreign currencies to its shareholders.

 Enforceability
of Civil Liabilities

 It
may be difficult to serve the Company with legal process or enforce judgments against the Company or its management. It may be difficult
to serve the Company with legal process or enforce judgments against the Company or its management.

 Most
of the Company's assets are located in China, and all its directors and officers other than Mr. Zhibiao Pan are residents of China.
All or substantial portions of the assets of such non-residents are located outside the United States. As a result, it may not be possible
to effect service of process within the United States upon such persons to originate an action in the United States. Moreover, there
is uncertainty that the courts of China would enforce judgments of U.S. courts against the Company, its directors or officers based on
the civil liability provisions of the securities laws of the United States or any state, or an original action brought in China based
upon the securities laws of the United States or any state. Even if an investor were successful in such an action, the costs and
time involved in enforcement of the judgment in China may make it impracticable.

 The recognition and enforcement of foreign judgments are provided for
under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the
PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity
between jurisdictions. China does not have any treaties or other forms of reciprocity with the United States that provide for the reciprocal
recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, the PRC courts will not enforce
a foreign judgment against us or our director and officers if they decide that the judgment violates the basic principles of PRC laws
or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce
a judgment rendered by a court in the United States.

Industry Analysis

Market in China

 Influenced by the sluggish demand in domestic and international fertilizer
markets, China's fertilizer market is in a downturn during this fiscal year. In terms of production, the growth of fertilizer output
has remained limited during the fiscal year. Meanwhile, large inventories of fertilizer have placed downward pressure on prices. Market
prices of the raw material have been volatile; the price of fertilizer is uncertain and can be hard to increase. In terms of domestic
consumption, though grain prices have increased to some extent, the domestic consumption capacity is limited; as for export, international
markets have been depressed continuously, resulting from the declines in export prices. During this fiscal year, the fertilizer industry
has been in a downward trend as profits have been compressed again, and the losses of enterprises are enlarged. Under the pressure of
sluggish growth in the fertilizer market, industrial restructuring, merger, and reorganization activity in the industry have increased,
reducing the number of enterprises in the market. At the same time, the production equipment and technological level have largely improved:
coal-water slurry gasification technology, powdered coal pressure gasification technology, large sulfur-based compound fertilizer technology
and beneficiation technology of mid-low-grade phosphate have been widely used, while new fertilizer products such as slow controlled release
fertilizer and microbial fertilizer have been rapidly developed and have resulted in significant market expansion. In the last few years,
as the growth of China's economy has gradually slowed down and the risk of economic downturn has therefore increased, the government
has adopted various measures to maintain the growth and the Company needs structural adjustment and growth pattern transformation.

 On the one hand, the government's support for agricultural production
includes intensive agricultural investment, subsidies, and minimum purchasing price increases for farm products. China has seen another
bumper year of grain production, while increased fertilizer consumption remains highly uncertain. The country has achieved consecutive
years of rising grain harvests since the founding of the People's Republic of China in 1949. As the concentration of the fertilizer
industry has steadily improved, the influence of key enterprises on the market has increased, which has appeared to help ease the weakened
market volatility. On the other hand, the current oversupply problem is difficult to solve. Mechanisms of price reform for raw materials
(such as coal, natural gas, sulfur phosphate ore, etc.) are accelerating, which has caused pressure on production costs. If a stricter
export tariff policy is to last indefinitely, the external economic situation may limit the operation and expansion of fertilizer enterprises
in international markets.

 The interaction of the above factors has complicated
the situation in fertilizer markets since 2017. The overall growth rate of this industry has continually slowed down, and the market has
fluctuated violently. The transformation of China's fertilizer industry from a quantitative growth pattern to a qualitative growth
pattern is irreversible. The centralization of production, high-end oriented products, service-oriented marketing, and market-oriented
raw materials have dominated the developments in the fertilizer market.

 Additionally, government support for the agriculture industry in China
can act as an additional boost to the fertilizer industry in China. However, we anticipate organic fertilizers will become an emerging
segment in the coming years, given the additional subsidies for farming, elimination of certain land taxes, and land reform initiatives
to be implemented by the PRC government to promote the growing of organic produce. We believe the demand for fertilizer will continue
to grow because of the increase in food demand, the decrease in arable land and the reduction of crop yields.

 Organic
versus Chemical Fertilizers

 In
general, fertilizer products are categorized into organic and chemical fertilizers. Organic fertilizers can be natural or developed artificially.
Natural organic fertilizers include manure, slurry, worm castings, peat, seaweed, humic acid, brassin and guano. Artificial organic fertilizers
include compost, blood meal, bone meal, humic acid, and are typically supplemented with other nutrient ingredients. Chemical fertilizers
normally are composed of synthetic chemicals such as phosphate and potassium compounds. The primary difference between organic fertilizers
and chemical fertilizers is in the sourcing process of ingredients, as the nutrient contents are largely the same.

 Over
the past 20 years, the use of chemical fertilizers in China substantially increased, but years of use created unintended consequences
for the agriculture industry—agricultural products gradually lack certain minerals, since chemical fertilizers applied fell short
of natural minerals which made soil infertile.

 In addition, heavy use of chemical fertilizers can create "fertilizer
burn," the over-fertilization of a single nutrient such as nitrogen, which can dry roots and suspend crop growth due to the upset
of balance in compound salts and soil acidification. Another drawback caused by chemical fertilizers is that soil is easily depleted by
irrigation, rainfall, and flooding. In addition, the production of chemical fertilizers consumes a great deal of natural resources. For
example, the production of synthetic ammonia, a common chemical fertilizer, comprises about 5% of the world's natural gas consumption.

 Organic fertilizers, on the other hand, improve the biodiversity and
long-term productivity of soil. Organic nutrients increase the abundance of soil organisms by providing organic micronutrients. Unlike
chemical fertilizers, organic fertilizer nutrients are diluted with better solubility. It requires less application on soil to reach the
same result as chemical fertilizers, which maintains soil fertility and avoids the runoff caused by components like soluble nitrogen and
phosphorus. However, the composition of organic fertilizer is more complex and costly than chemical products. As an alternative to pure
chemical fertilizer use, farmers can also use inorganic fertilizer supplemented with a small portion of organic fertilizers.

 Since
the 1980s, China has intensified the use of chemical fertilizers to increase crop yields. While the increase in crop yield slowed down
in recent years, the overuse of chemical fertilizers also caused many environmental issues ranging from water pollution to soil damage.
As a result, the PRC government has been promoting the use of environmentally friendly green fertilizers, such as humic acid-based organic
compound fertilizers and mixed organic-inorganic compound fertilizers, because they provide crops with incremental yield by adding various
nutrients essential to soil. Although being relatively new to farmers, the demand for these green fertilizers is increasing and we expect
this trend to continue in the coming years. Although we expanded business among other Asian and Southeast Asian countries, the PRC remained
our principal market for organic compound fertilizers and related agricultural products.

 The
"Green Food" Industry in the PRC

 The rise of the PRC industry for food free from pollutants or harmful
chemicals, or "green food," raises the demand for organic fertilizers. "Green Food," the certificate for agricultural
products promoted by the Chinese Government, is positioned between ordinary agricultural food from common farming practice and organic
food and has two levels: "AA Green Food" and "A Green Food." The "AA Green Food" standard indicates
products that are equal to those of organic agriculture. Since the market for organic agricultural products in China has huge potential,
it is forecasted that the increase of organic agricultural products consumption in China will exceed that of the average organic agricultural
products consumption in the world in the next few years. The market for Chinese organic agricultural products reached USD 5 billion in
2015, with an incremental 20 percent increase year over year during the following years.

 With
the rapid development of the organic food industry in China, an increasing number of companies have been entering into the green food
sector to utilize market opportunities. In 1990, the PRC Ministry of Agriculture began to promote the production of green food. In 1992,
the PRC Ministry of Agriculture established the China Green Food Development Center (CGFDC) to supervise the development and management
of green food at the national and provincial levels in the PRC. In 1993, the PRC Ministry of Agriculture established regulations for
green food labeling; in 1996, a trademark for green food was registered and put into use in the PRC.

 Crops
grown with the use of our products are qualified for the "AA Green Food" certificate. As noted above, the "AA"
rating indicates that the crops contain minimal chemical residue from fertilizers. Although our products are not qualified for the "AA
Green Food" certificate, they are (except for the products from Gufeng) certified as "Green Food Production Material"
by the CGFDC.

 According
to the statistics from the CGFDC, China's annual output of green food reached 15 million tons in 2008. However, the domestic consumption
level remains relatively low, comprising approximately 3% of the market share of food commodities. The low consumption level is primarily
due to: (i) small scale of production of green food; (ii) lack of consumer awareness of green food and (iii) the presence of counterfeit
green food products that adversely affect consumers' perception of green food.

 As
described by the CGFDC, the development strategies for China's green food industry are as follows: first, maintain high quality
standards and focus on developing key products; second, promote and facilitate the industrialization of green food; third, implement
an integrated development strategy emphasizing producers, production base and farmers; fourth, accelerate the pace of development with
the aid of the government; and fifth, to carry out an international development strategy aimed at promoting exports.

 According
to the Investment and Forecast Report on China Green Food Industry 2012-2022 by Research in China, a Chinese market research company,
the green food industry is a high growth industry with significant investment potential. According to the report, leading green food
producers will experience huge growth when they achieve national and provincial agricultural industrialization with the support of favorable
government policies and tax incentives.

Growth Strategy

 We
believe that our increased production capacity and our research and development capability, along with the new sales segment, will help
us to benefit from the anticipated growth of the PRC fertilizer market. We expect to expand sales and increase revenues through the following
strategies:

 Expand Capacity and Diversify Product Offerings. Our current annual fertilizer production capacity is 555,000 metric tons and
our production portfolio of fertilizers includes 111 products. In the future, we will expand our existing production lines, develop new
products, and acquire certain PRC fertilizer manufacturers that complement our product lines.

 Capitalize on Synergies Created by Research and Development Efforts. Regarding the construction of Yuxing's research and
development center, we have established 98 sunlight greenhouses and six "intelligent" greenhouses. We expect the Yuxing facility
to help us shorten the fertilizer market cycle by providing an advanced testing field for new products which are manufactured by Jinong.
In addition, by making efforts in research and development, we expect to simultaneously facilitate the production of superior agricultural
products, such as flower bulbs, flowers, fruits, and vegetables, which would eventually increase revenues.

 Develop new advanced highly efficient fertilizers. The new fertilizer products represented by slow controlled-release fertilizer,
microbial fertilizer and others, are developed rapidly with high market expansion. Gufeng develops the "Tianjuyuan" controlled-release
fertilizer. The objective is to provide Gufeng with fertilizer agent to improve the control release effectiveness when producing controlled-release
compound fertilizers. We expect that Gufeng's controlled-release compound fertilizer will have an advantageous position in the
market.

 Our principal products are our own fertilizers, which consist of liquid,
granular and powdered fertilizers and various kinds of compound fertilizers developed to increase crop yields. We can manufacture 111
fertilizer products from humic acid-based fertilizers to compound fertilizers. In Yuxing, we produce high quality agricultural products
such as fruits, vegetables, and flowers for commercial sales. In our sales segment, we sell various products such as fertilizers, pesticides,
and seeds. These products are either manufactured by us or by other manufacturers.

 Fertilizer manufacturing is our core business, which accounts for approximately
86.8% of total revenues. The self-manufactured fertilizers are produced and sold through Jinong and Gufeng. We believe that Jinong utilizes
one of the most advanced automated humic acid production lines in China. Humic acid is a complex with natural, organic ingredients essential
to make soil fertile. Humic acid-rich material, such as peat, lignite or weathered coal generating naturally from decomposed plant or
animal remains, is one of the major organic constituents for soil composition. Humic acid exhibits a high capacity for cation exchange
(a chemical process in which cations of like charge are exchanged equally between a solid and a solution), which serves to chelate plant
nutrient elements and release them as the plant requires. The chelation process prevents leaching of nutrients by holding them in the
soil solution. Moreover, humic acids can bind soil toxins along with plant nutrients, thereby strongly stabilizing soil. The regular use
of humic acid organic liquid compound fertilizer can effectively reduce the use of chemical fertilizer, insecticide, herbicide, and water.
This mechanism contributes to environmental protection by preventing contamination of water sources caused by runoff.

 In nature, humic acid improves soil structure and aeration, nutrient
absorption, and water retention. It also increases soil's buffering capacity against fluctuations in PH levels and reduces soil
crusting and erosion from wind and water as well as radical toxic pollutants. Humic acid promotes the development of root systems, seed
germination, and overall plant growth. It also enhances health, resilience, and overall appearance of plants. We believe there is no synthetic
material currently known to match humic acid's effectiveness and versatility.

 The pure humic acid used in our fertilizers is distilled and extracted
from weathered coal by way of alkaline digestion and acid recrystallization. Our Jinong fertilizers are principally used as a foliar fertilizer
(a liquid, water-soluble fertilizer applied to a plant's foliage by a fine spray, so the plant absorbs the nutrients through its
leaves), through spraying directly on soil or injecting into the irrigation systems. Benefits of using our products are to stimulate the
growth and yield of plants, protecting them from drought, disease, and temperature damage while improving soil structure and fertility.

 Gufeng and Tianjuyuan produce compound fertilizer, blended fertilizer,
organic compound fertilizer, slow-release fertilizers, highly concentrated water-soluble fertilizers, and mixed organic-inorganic compound
fertilizer. Gufeng sells its products under four brands: "KEBA," "Mei Er An," "Huang Cheng Gen" and
"SPR HOP," which are all registered trademarks in the PRC. Tianjuyuan's products are marketed under the brands "AGR
GFJ" and "T.J.Y." which are both PRC registered trademarks.

 We
have a multi-tiered product line of 111 fertilizer products, covering humic acid-based compound fertilizer produced through Jinong, and
organic/inorganic compound fertilizer through Gufeng.

 During
the fiscal years ended June 30, 2025 and 2024, we recorded $65,352,572 and $85,144,156, respectively, in gross revenues from sales of
our fertilizer products, representing 86.8% and 88.8% of our total revenues for such periods. Gufeng and Tianjuyuan manufacture a total
of 38 fertilizer products. 50.6% of Gufeng's fertilizer revenue came from humic acid compound fertilizers and 49.4% from compound
fertilizer for the fiscal year ended June 30, 2025.

 Agricultural

 Our subsidiary, Yuxing, a VIE associated with Jinong, produces top-grade
fruits, vegetables, flowers, and colored seedlings for commercial sale. The gross revenues from the sales of our agricultural products
for the fiscal years ended June 30, 2025 and 2024, were $9,750,553 and $9,416,451, respectively, representing 13.0% and 9.8% of our total
revenues, respectively.

 Yuxing was originally established to be the research and development
base for humic acid fertilizers produced by Jinong. By simulating the growing conditions and cycles of various plants, such as flowers,
vegetables, and seedlings, Yuxing regularly conducts experimental testing to enhance the efficacy of our new fertilizers.

Manufacturing Process

 Our production lines employ scientifically designed production procedures
and strict quality control systems to ensure high quality in our products. These production lines are fully automated and operated by
a central control system with minimal manual input by technicians. The machinery and vats for the line are supplied by a local medical
machinery manufacturer, and automatic control systems were developed by us. Our access management system always protects the proprietary
ingredient mixes from any unauthorized use. Our computer server is connected to the electronic scales on each of the material input bins
to ensure that the exact quantity of each element or ingredient is delivered correctly, thus maintaining product quality and reducing
waste. Our production line producing liquid fertilizer and powered fertilizer is centrally controlled by a wireless panoramic audio and
video monitoring system that allows connectivity with mobile terminals such as cell phones.

 In Jinong, we operate a 6,495 square meters (69,911 square feet) facility
that manufactures liquid fertilizer products and a 13,803-square meters (148,576 square feet) facility that produces liquid and highly
concentrated (powdered) fertilizers. Jinong's total annual production capacity at these facilities is 55,000 metric tons.

 In
Gufeng and Tianjuyuan, we operate eight manufacturing facilities located in No. 6 Mafang Logistics Park, Pinggu, Beijing. These facilities
produce various kinds of fertilizers and have a total annual production capacity of 500,000 metric tons.

 The manufacturing techniques utilized by Gufeng include extruder granulation,
rotary drum steam granulation, urea-based spraying granulation, and resin-coated sustained release, which enable Gufeng to effectively
meet the production requirements of all different compound fertilizers. To ensure high quality, Gufeng and Tianjuyuan employ strict quality
controls from the raw materials purchases to the products sales to end users.

 We
produced and sold a total of approximately 113,501 metric tons of fertilizer products during the fiscal year ended June 30, 2025.

 Raw
Materials and Suppliers

 Among the three materials utilized to produce
humic acid (weathered coal, lignite, and peat), we have chosen weathered coal as a key raw material because it is abundant and economical
for production. We have been sourcing the humic acid from different regions including Shaanxi and Shanxi provinces, and Inner Mongolia
Autonomous Region.

 In addition to weathered coal, we use approximately
50 different components in our production process, including elements such as sodium, calcium, zinc, iron, and potassium, all of which
can be readily obtained from local markets. We utilize spectral analysis technology to select raw materials with the best quality, and
we have specially trained buyers to ensure the consistency of raw materials procured.

 The fertilizer products that Gufeng and Tianjuyuan
manufacture incorporate over 50 different raw materials, including coal, sulfuric acid, and NPK (nitrogen, phosphorus, and potassium)
related compounds such as amide and hydro nitrogen. Gufeng sources these supplies largely from neighboring provinces and regions, such
as Hebei and Shaanxi provinces, and the Municipality of Beijing, for the economical transportation costs.

 Our products are packaged in bottles, bags, and
boxes. Each type of packaging material, along with packaging labels, is readily available for purchase from manufacturers in Shaanxi,
Beijing, Shandong, and Zhejiang provinces.

 Agricultural

 The plants that generate our top-grade flowers and multi-colored seedlings
are mainly planted and cultivated in research and development facilities maintained by Yuxing. We purchase seeds of green vegetables and
fruits from agricultural companies, such as RijkZwaan Company, which imports seeds from foreign markets, including Holland. We cultivate
our agricultural products by applying fertilizers produced by Jinong.

 Inventory

 For our fertilizer products, our efficient production methods allow
us to maintain appropriate inventory levels, which keep inventory costs reasonable. We purchase raw materials and packaging materials
based on demand and business forecasts. Products, in various formulas and different batches, with customized volumes, are shipped to distributors
and users after production in response to orders we receive.

 For
our agricultural products, we maintain corresponding inventory to both the anticipated demand from customers and other needs, as we often
use certain agricultural products to serve our product testing base for research and development purposes.

 Seasonality

 The
peak season to sell fertilizer products is from January through June. However, during the fiscal year ended June 30, 2025, Jinong did
not experience significant seasonal variation with respect to its fertilizer sales since approximately 53.1% of its annual sales revenue
occurred in the third fiscal quarter (winter) and the fourth fiscal quarter (spring). Usually, Gufeng's sales of compound fertilizer
undergoes significant seasonal variation in China. Correspondingly, during the fiscal year ended June 30, 2025, Gufeng experienced seasonal
variation. 64.1% of Gufeng's annual sales revenue occurred in the third fiscal quarter (winter) and the fourth fiscal quarter (spring).

 The
purchase of its raw material, basic fertilizers, is affected by the supply and demand in the fertilizer market with seasonality. Over
non-peak sales season, when the raw material price is low and economical, Gufeng may choose to place larger orders for raw materials
as its export business offsets the seasonality when exports are made to southern Asia, such as India, where the selling season corresponds
to the non-peak season in China.

 The peak selling season for our agricultural products is from October
until March, namely our second fiscal quarter (fall) and the third fiscal quarter (winter). This is primarily due to the strong demand
for high-end fruits and decorative flowers during the holiday season.

 Marketing,
Distribution and Customers

 We
currently market our own fertilizer products to private wholesalers and retailers of agricultural farm products in 22 provinces, 4 autonomous
regions and 4 central government-controlled municipalities in China. For the fiscal year 2025, the following five PRC provinces collectively
accounted for 65.2% of our fertilizer manufacturing revenue: Hebei (26.9%), Heilongjiang (11.9%), Liaoning (9.5%), Shaanxi (8.7%), and
Inner Mongolia (8.2%). We believe this geographically diverse distribution helps us to become a leader in the compound fertilizer market
as compared to regional competitors because we are not heavily dependent on any single geographic area for sales and are able to raise
our brand and product awareness nationwide. We also manufacture our fertilizer products for export through contracted distributors in
foreign countries, including India and Africa. Total revenues from exported products accounted for approximately 0.05% of our total fertilizer
revenues in the fiscal year 2025.

 Our agricultural products are distributed through various channels
in Shaanxi Province and other provinces. Decorative flowers are usually sold through our fertilizer distributors to end-users such as
flower shops, luxury hotels, and government agencies. Fruits and vegetables are sold to high-end supermarkets and upscale restaurants.
Seedlings are sold primarily to departments of city planning.

 A
multi-tiered product strategy allows us to tailor our fertilizer products to the needs and preferences of the various geographic regions
in China. Our fertilizers can be tailored to different crops grown in varying climate and soil conditions. For example, climate and rainfall
conditions in Southern and Eastern China allow farmers to grow high margin crops such as fruit and seasonal vegetables. As a result,
these farmers are willing to invest in expensive and specialized fertilizers. In contrast, we market low-cost fertilizers to farmers
in the Northwest areas of China due to the inclement weather.

 Our research and development capabilities allow us to tailor products
to meet specific farming needs in considering different factors such as crops species, humidity, weather, and soil conditions.

 Marketing

 Our marketing staff is trained in active work
with distributors and customers, including retailers and farmers, providing professional advice on customizing our products to customers'
needs and offering agricultural knowledge and other extensive customer support. In addition, our employees educate and communicate with
distributors and customers by regularly organizing training courses on new agricultural techniques.

 Compared with industry norms, we believe our product
development cycle of three to nine months is relatively short. Through our regular collection of market data, including growth records
of a variety of plants cultivated in different soil and climate conditions, together with feedback from our end-users, we can conduct
nationwide market analysis, ascertain new product needs, estimate demand and customer demographics and develop new products tailored to
current market needs.

 Although
we utilize television advertisements and mass media, most of our marketing efforts are conducted through joint activities with distributors.
Our sales and marketing staff work with and train distributors and retail clients through lectures and interactive meetings. We emphasize
the technological components of our products to end-users to help them understand the differences in products and how to effectively
use them. Word-of-mouth advertising and sample trials of new products in new areas are also essential components of our marketing efforts.
In addition, we have established nationwide telephone hotlines to answer questions and have constructed an SMS text message platform
to allow real-time interaction with customers.

 Our
best-selling self-manufactured fertilizers, based on revenues for the fiscal year ended June 30, 2025, are listed below:

 Percent
 of

 Volume

 Revenues

 Ranking

 Product
 Names

 (Tons)

 (USD)

 Sales

 Organic/Inorganic
 Compound Fertilizer (humic acid) NPK46

 36,304

 18,371,277

 28.1
 %

 Gufeng Compound Fertilizer
 NPK40%

 36,887

 17,644,583

 27.0
 %

 Jinong Letu Fertilizer (humic
 acid)

 3,817

 4,884,074

 7.5
 %

 Jinong Organic Fertilizer
 (humic acid)

 23,820

 3,966,840

 6.1
 %

 Jinong Chongshifei Fertilizer
 (humic acid)

 2,709

 3,822,183

 5.8
 %

 The
fertilizer product market in China is highly fragmented. Our primary sales strategy is to establish contractual relationships with qualified
distributors throughout the country, who, in turn, will distribute our products to wholesalers and retailers, and ultimately, the farmers.

 As
of June 30, 2025, we sold our products through a nationwide constructed network of about 639 distributors covering 22 provinces, 4 autonomous
regions and 4 central government-controlled municipalities in China.

 The
distributors sell our products to the smaller, local wholesale and retail outlets who then sell to the end-users, typically farmers.
We do not grant provincial or regional exclusivity because there is currently no single distributor sufficiently dominant to warrant
exclusivity. We enter into non-exclusive written distribution agreements with chosen distributors that demonstrate their ability in regional
sales networks. The distribution agreements do not dictate distribution quantity because changes in weather and local market could dramatically
affect sales quotas.

 For
the fiscal year ended June 30, 2025, sales of our self-manufactured products to our top five distributors accounted for approximately
21.4% of our revenues. As we do not depend on specific customers, we believe that the loss of single customers would not have any significant
effect on our business.

 Agricultural

 We
distribute our agricultural products through several networks depending on the type of product. Our top-grade flowers are mainly distributed
through our fertilizer distribution network; our green vegetables and fruits are mainly distributed to a variety of wholesale markets
and supermarkets in Xi'an, while our multi-colored seedlings are distributed to the seedling centers and planting companies in
China with which we have had long-term cooperation.

 Retail
Stores and Authorized Retailers

 We have successfully implemented two marketing programs in Shaanxi,
Hebei, Anhui, Jiangsu, and Guangzhou provinces. These marketing programs consist of: (i) establishment of Company directly owned retail
stores to sell fertilizer products produced by Jinong and Gufeng through the designated sales personnel (the "Pilot Program")
and (ii) selection of qualified retailers from the Company's distributor base to be designated as authorized retailers. With the
Pilot Program, we have worked closely with our distributors, with each distributor's outlet having an assigned territory in order
not to compete with other existing distributors. We had entered into agreements with these retailers on their exhibits, and we had well-positioned
standardized shelves and product displays in their retail stores. In addition, we provide retailers with educational materials on proper
product use and billboard ads with our product logo to attract target farmers.

 Research
and Development

 We conduct the bulk of our research and development
activities through Yuxing. Through Yuxing, we cultivate high-quality flowers, green vegetables and fruits in our own greenhouses and sell
them to various end-users, including airlines, hotels, and restaurants. Yuxing operates advanced research and development facilities that:
(i) provide testing and an experimental data collection base for new fertilizers produced by Jinong by simulating the growing conditions
and development stages of a variety of plants, such as flowers, vegetables and seedlings, and (ii) increase our capability to produce
more products while shortening the new product development cycle, which allows us to release products to market quickly, thus increasing
revenues and market share. In addition, our research and development capabilities allow us to develop products tailored to specific farming
needs generated by different crop species, humidity, weather, and soil conditions. Flowers, fruits, and vegetables grown from experimental
testing of Jinong's humic acid compound fertilizers are of high quality and are sold to local supermarkets and airline companies.

 New

 With
our research and development capabilities, we have developed 111 products and continue to develop new products. During the fiscal year
ended June 30, 2025, we developed 2 new products of liquid fertilizers.

 In
addition to developing new fertilizer products, we also developed soilless seeding and breeding of colored-leaf plants, rare flowers
and new species of fruits and vegetables.

 Intellectual
Property

 We
hold the following trademarks registered with the PRC Trademark Offices of National Industrial and Commerce Administrative Bureau (the
"PRC Trademark Offices"):

 Trademark

 Registration
 Number

 Valid
 term

 Huang Cheng Gen

 No.5219720

 June 28, 2019 to June 27, 2029

 Mei Er An

 No.1508004

 January 21, 2021 to January 20, 2031

 KEBA

 No.10045980

 December 07, 2022 to December 06, 2032

 KEBA

 No.10046405

 December 14, 2022 to December 13, 2032

 KEBA

 No.10045898

 March 07, 2023 to March 06, 2033

 KEBA

 No.10046344

 March 07, 2023 to March 06, 2033

 AGR GFJ

 No.3320281

 May 28, 2024 to May 27, 2034

 SPR HOP

 No.3320282

 May 28, 2024 to May 27, 2034

 T.J.Y

 No.3320283

 May 28, 2024 to May 27, 2034

 KEBA

 No.760379

 August 14, 2005 to August 13, 2025

 A
registered trademark is protected in China for a term of 10 years, and it is renewable for another 10-year term under the PRC trademark
law if the renewal application is submitted to the PRC Trademark Offices within 6 months prior to the expiration of the previous term.

 Listed below are Jinong's four patents for
fertilizer formulation and a proprietary production line and manufacturing processes.

 Inventor's

 Date
 of

 Patent/Pending

 No./

 Name
 and

 Date
 of

 Publication
 and

 Application

 Type of Patent

 Application
 No.

 Holder

 Application

 Term

 Patent:

 Utility Model

 Application No.:

 Applicant:

 February 1, 2007

 November 24,

 Method
 and recipe of the water-soluble humic acid fertilizers

 ZL200710017334.x

 2010; 20 years

 Patent:

 Utility Model

 Application No.:

 Applicant:

 September 22, 2011

 December 4, 2013;

 Production
 method of Organic Fertilizer

 ZL201110282544.8

 20 years

 Patent:

 Utility Model

 Application No.:

 Applicant:

 August 15, 2013

 February 11, 2015;

 Method
 and recipe of the water-soluble high concentration humic acid fertilizers

 ZL201310357167.9

 20 years

 Patent:

 Utility Model

 Application No.:

 Applicant:

 January 17, 2014

 April 08, 2015;

 Production
 method of Multifunctional liquid calcium fertilizer

 NL 201410020442.2

 20 Years

 The PRC Patent Law was adopted by the PRC National
People's Congress in 1984 and was subsequently amended in 1992 and 2000. Under the PRC Patent Law, an invention patent is valid
for a term of 20 years, and a utility or design patent is valid for a term of 10 years. Both of our registered patents are utility patents.
Any use of our patent without consent or a proper license from us constitutes an infringement of patent rights.

 In
addition to trademark and patent protection in China, we also rely on contractual confidentiality provisions to protect our brand and
intellectual property rights. To safeguard these rights our research and development personnel and executive officers are subject to
confidentiality agreements. They are also subject to a non-competition covenant following the termination of employment. They also agree
that all work products belong to us. Moreover, we take steps to limit the number of personnel involved in the production process and,
instead of disclosing fertilizer ingredients to employees, we refer to the ingredients by numbers.

 Competitive
Strengths

 We
believe our products possess the following competitive advantages which enable us to compete in the PRC fertilizer market.

 Nation-wide
sales network. In the highly fragmented Chinese fertilizer market, we have established our own distribution channels with private
distributors that sell our products to retail stores and farmers throughout China. We have over 639 distributors nationwide across 22
provinces, 4 autonomous regions and 4 central government-controlled municipalities in China. Most of our competitors do not have a sales
team as large as ours that specializes in the sale of compound fertilizer products. Moreover, we believe the regional strengths of Gufeng's
distribution network have expanded and will continue to expand our sales coverage to certain cities and counties as well as foreign markets.

 Strong
Research and Development. Our research and development are managed effectively. Typically, it takes only three to nine months from
the decision to develop a new product to mass production, which ensures product flow and helps to maintain market share. Our strong research
and development department is based on our intelligent greenhouse facilities. The advanced equipment and soil-free techniques in such
facilities simulate the natural environment in different areas and control selected factors. Since most of Jinong's experimental
work is conducted in Yuxing's greenhouse facilities, thereby speeding up development cycles, we can reduce costs without sacrificing
accurate results. During the fiscal year ended June 30, 2025, we generated approximately $9,750,553 revenue from sales of Yuxing's
agricultural products, and we anticipate that this source of revenue will grow in the future. We have built 98 sunlight greenhouses and
six intelligent greenhouses on an 88-acre parcel of land relating to Yuxing's pending research and development center, which expands
output of high-quality agricultural products for commercial sale while providing an advanced testing field for new products.

and Tianjuyuan have developed seven technologies:

 (1)

 Drying fan for urea-based
 compound fertilizer;

 (2)

 Heat balance control system
 for flexible compound fertilizer;

 (3)

 Automatic control system
 for the anti-block of compound fertilizer;

 (4)

 Water control technology for low nitrogen, low potassium, and high
phosphorus compound fertilizer;

 (5)

 Manufacturing technology
 for salt-alkaline resistance and soil improvement of compound fertilizer (The Company won the third prize for "Progress in
 Science and Technology in Pinggu District Beijing" with this technology);

 (6)

 Manufacturing technology
 for compound HA fertilizer with high density (NPK 51%); and

 (7)

 Manufacturing technology
 for the sustained release of blending and compound fertilizer.

 While we believe our greenhouse facilities provide
us with a competitive advantage over the competitors, some of them may still have better understanding in certain local markets where
they have successfully marketed products over a period and have developed specifically formulated fertilizers for local plants, soil,
and climate conditions. To enhance our competitiveness, we will seek to diversify our fertilizers to benefit a wider range of plants and
soil conditions.

 Well-known Brands. We believe customers
have strong brand recognition and make purchase decisions accordingly. "Jinong," "KEBA" and "T.J.Y."
are registered trademarks and are well recognized by end users; in addition, certain large national fertilizer traders, such as Sinoagri
Holding Company Limited, one of the largest domestic fertilizer traders in China, had strong brand preference for Gufeng's fertilizer
products. Gufeng sells its products under four brands, namely "KEBA," "Mei Er An," "Huangchenggen"
and "SPR HOP." Tianjuyuan's products are marketed under the brands "AGR GFJ" and "T.J.Y." The
primary products sold under the Gufeng and Tianjuyuan brands include organic/inorganic compound fertilizer (humic acid) with NPK
40%, and organic /inorganic compound fertilizer (humic acid) with NPK 48%.

 Automated Production Line and Process.
All Jinong's major production procedures are controlled by a centralized computer system only accessible by authorized personnel.
Jinong's production lines are fully automated to ensure that content in each product is measured exactly according to its recipe
by linking the computer server with the electronic weights on each material input bin. In addition, spectral analysis is used to accurately
check the composition of materials. During the fiscal year 2025, Jinong's highly advanced production lines can manufacture a multi-tiered
line of 70 fertilizer products, and we believe that Jinong's production lines are among the few advanced lines in the Chinese industry.
As mentioned above, we have patent protection for Jinong's two proprietary production lines, one of which has medical grade production
equipment with precise quality control, and the other can produce liquid, powder, and granular fertilizers. We currently have an annual
production capacity of 555,000 metric tons.

 Competition

 Based
on our internal estimates, there are approximately 2,000 organic fertilizer manufacturers in China, with no discernible market leaders
in the sector. We believe our competitors are currently comprised of approximately 90% small-sized local manufacturers and 10% large
national manufacturers. We believe we are among the large national fertilizer manufacturers.

 Gufeng's primary competitor is Stanley Fertilizer
Co., Ltd. ("Stanley"), a compound fertilizer manufacturer based in Linyi, Shandong Province, which was listed on Shenzhen
Stock Exchange (China) in June 2011. Stanley manufactures various kinds of compound fertilizers and tailored fertilizers which compete
directly with Gufeng.

 The
smaller competitors are generally producers of amino acid compound fertilizers, which are very price competitive.

 However,
lacking adequate quality or process control technologies, these companies often sell products with inconsistent quality.

 The
Chinese fertilizer market has been fully opened to foreign companies since China's entry into the World Trade Organization in December
2006. Accordingly, the PRC government has increased its fertilizer import quota and, since January 2007, has reduced the import tariffs
on foreign fertilizer to 1%. However, foreign fertilizers are generally more expensive than PRC manufactured fertilizers and are not
customized to soil conditions influenced by China's diverse climate and terrains.

 Agricultural

 The
competitive market of our agriculture products varies among our three main products: Top-grade flowers, green vegetables and fruits,
multi-colored seedlings.

 Top-grade Flowers: The growers in the flower
and flower seedlings businesses are largely locally based. We believe that our flower products have comparative advantages in terms of
the advanced technologies we apply, the superior species of the seedlings we select and the efficiency and stability due to strict quality
control. In addition, our greenhouse facilities enable us to produce flower seedlings year-round.

 Green
Vegetables and Fruits: Our competitors are primarily the vegetable planting centers and planters in Shaanxi, Shandong and Gansu provinces
that produce vegetables such as cucumbers and peppers. With the aid from our green fertilizers that improve soil conditions and limit
bacterial growth, our competitive advantage lies in the advanced greenhouse facilities which contribute to the pollution-free end products.

 Multi-colored
Seedlings: In the market of Multi-colored seedlings, our competitors are from nationwide. Some of our products, such as red photinia
serrulata, are also imported from other countries with high survival rates.

 Government
Regulation

 Our business operations are subject to various
laws, including environmental, health and workplace safety laws issued by governmental agencies on provincial and state levels. Business
and company registrations, along with the products, are monitored through the issuance of licenses and certificates including the following:

 "Green" Certification. Except
for those manufactured by Gufeng and Tianjuyuan, all our fertilizer products are certified by the CGFDC as "Green Food Production
Material." Currently, the CGFDC provides two different certifications within the green food industry: "Green Food Certification"
granted to edible foods, and "Green Food Production Material Certification" granted to production materials such as our fertilizers.
A "Green Food Production Material Certification" was issued to Jinong in March 2015 and renewed in 2018, 2021 and 2024. The
certificate is renewable with an application within 90 days prior to the expiration.

 Operating license. Our operating license
enables us to (1) undertake research and development, production, sales, and services of humic-acid liquid fertilizer, (2) sell pesticides,
and (3) export and import products, technology, and equipment. Jinong's license (Registration No. 91610000719728326A) is valid until
August 8, 2057, and the license is renewable. Gufeng and Tianjuyuan maintain valid operating licenses with expiration dates of August
1, 2043 (for the license with Registration No. 911101171029177688) and no-fixed term (for the license with Registration No.91110117802949525L),
respectively.

 Fertilizer Registration. Fertilizer registration
is issued by the Ministry of Agriculture of the PRC and is required for producing fertilizers. There are two kinds of registration: interim
registration and formal registration. The interim registration is valid for one year and applies to fertilizers in the stages of in-the-field
testing and test selling; fertilizers that have completed in-the-field testing and test selling must obtain formal registration, which,
if granted, is valid for five years, and thereafter must be renewed every five years. Jinong currently holds 16 formal fertilizer registration
certificates. Gufeng and Tianjuyuan hold 11 interim fertilizer certificates and 259 formal certificates.

 Permits
and Licenses Required from the PRC Authorities for Our Operations

 The
operations of the businesses that we own and operate are subject to PRC laws and regulations. The laws and regulations governing relevant
industries in China are relatively new and quickly evolving, thus bringing uncertainties to their interpretation and enforcement.

 We conduct our operations primarily through our
subsidiaries in China, and one subsidiary in the United States of America. Our operations in China are governed by PRC laws and regulations.
We and the affiliated entities are required to obtain certain licenses, permits or filing from relevant governmental authorities in China
in order to operate our business. As of the date of this report, our subsidiaries in China and the United States of America have obtained
business licenses from the PRC and U.S. government authorities necessary for our business operations in China and the United States. Given
the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government
authorities, and the promulgation of new laws and regulations and amendment to the existing ones, we may be required to obtain additional
licenses, permits, registrations, filings, or approvals for our business operations in the future. Any lack of or failure to maintain
requisite approvals, licenses or permits applicable to us or our subsidiaries may have a material adverse impact on our business, results
of operations, financial condition and prospects and cause the value of any securities we offer to significantly decline or become worthless.

 On December 28, 2021, the Cyberspace Administration
of China (the "CAC") and other PRC regulatory authorities jointly revised and promulgated the Measures for Cybersecurity Review
(the "Cybersecurity Review Measures"), which became effective on February 15, 2022. Under the current Cybersecurity Review
Measures, subject to any further interpretation of the CAC and other relevant authorities, we believe we are not subject to the cybersecurity
review by the CAC, as we are primarily engaged in the production of fertilizer and similar products and do not process any data in our
business for others. Under current PRC laws, regulations, and regulatory rules, as of the date of this report, including the final new
measures that became effective on February 15, 2022. we believe that we and our PRC subsidiaries, (i) are not required to obtain permissions
from the CSRC, (ii) are not required to go through cybersecurity review by the CAC and (iii) have not received or were denied such requisite
permissions by any PRC authority.

 However, we cannot guarantee that the regulators
will agree with us. As of the date hereof, there remains uncertainty as to how the Cybersecurity Review Measures will be interpreted or
implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation
and interpretation related to the draft measures. We have not been involved in any investigations on cybersecurity reviews made by the
CAC, and we have not received any inquiry, notice, warning, or sanctions in such respect. However, as these are new regulations, there
remain uncertainties as to how they will be interpreted or implemented in the context of an overseas offering.

 In addition, we do not believe we are subject
to the China Securities Regulation Commission as we are not a "domestic" company and do not offer securities in China. Of
course, we cannot guarantee that CRSC will agree with us, and there remains uncertainty as to how the China Securities Regulatory Commission
will interpret or implement its rules. It may adopt new laws, regulations or rules, and we may not be able to comply with any such laws,
regulations, or rules. If we are found to be in violation of current or future rules and regulations, we could be subject to fines, sanctions,
penalties, or regulatory orders.

 As
of the date of this Report, we believe we are in material compliance with all registrations and requirements for the issuance and maintenance
of all licenses required to conduct our businesses and operations.

of Bitcoin

is a decentralized digital asset that operates on a peer-to-peer network, allowing users to send and receive payments without the need
for intermediaries such as banks. This is made possible through the use of blockchain technology, which is a distributed ledger that
records and verifies all transactions on the network.

 The Bitcoin blockchain
is a public, transparent, and immutable record of all transactions that have ever occurred on the network. This ledger is maintained by
a network of computers, known as nodes, which work together to verify and validate new transactions. Each transaction is cryptographically
signed and added to the blockchain as a new block, which is then permanently recorded and cannot be altered or deleted.

 One of the key advantages
of the Bitcoin blockchain is that it allows for trustless, secure transactions without the need of central authority. Because the blockchain
is decentralized and transparent, all users can verify the legitimacy of a transaction without having to rely on a third party. This eliminates
the need for intermediaries, which can be slow and expensive, and it also makes the network resistant to censorship and fraud.

 Bitcoin's decentralized
and transparent nature makes it secure, efficient, and accessible, and gives it the potential to enable new forms of value exchange and
innovation.

of Bitcoin "Halving" Events

halving is a phenomenon that occurs approximately every four years on the Bitcoin network. Halving is a key part of the Bitcoin protocol,
and it serves to control the overall supply and reduce the risk of inflation in digital assets using a Proof-of-Work consensus algorithm.
At a predetermined block, the mining reward is cut in half, hence the term "halving." For Bitcoin, the reward was initially
set at 50 bitcoin currency rewards per block. The Bitcoin blockchain has undergone halving three times since its inception as follows:
(1) on November 28, 2012 at block height 210,000; (2) on July 9, 2016 at block height 420,000; (3) on May 11, 2020 at block height 630,000;
(4) on April 9, 2024 at block height 840,000, when the reward was reduced by half, from 6.25 bitcoin per block to its current level of
3.125 bitcoin per block. The next halving for the Bitcoin blockchain is anticipated to occur in or around March 2028 at block height 1,050,000.
This process will reoccur until the total amount of Bitcoin currency rewards issued reaches 21,000 thousand and the theoretical supply
of new Bitcoin is exhausted, which is expected to occur around 2140.

of Bitcoin Mining

mining is the process by which new Bitcoin are created and transactions on the Bitcoin network are verified. In order to mine Bitcoin,
mining rigs use specialized computer hardware to win a lottery, which allows them to add new blocks to the Bitcoin blockchain and receive
a reward in the form of newly mined Bitcoin. The Bitcoin mining process serves several important functions in the Bitcoin ecosystem.

 First,
Bitcoin mining helps to secure the Bitcoin network by verifying transactions and preventing fraud. When a user sends a transaction on
the Bitcoin network, it is broadcast to the network and added to the pool of unconfirmed transactions known as the "mempool."
Mining rigs then compete in a sort of lottery required to add these transactions to the blockchain, which is the decentralized ledger
that records all Bitcoin transactions. When a mining rig successfully adds a new block to the blockchain, the transactions included in
that block are considered confirmed, and the mining rig receives a reward in the form of newly mined Bitcoin.

 Second,
Bitcoin mining helps to decentralize the Bitcoin network and distribute new Bitcoin in a fair and transparent manner. Unlike traditional
currencies, which are issued and controlled by central banks, Bitcoin is a decentralized digital asset that is not controlled by any
government or institution. Instead, new Bitcoin is created and distributed through the mining process, which allows anyone with the necessary
hardware and expertise to participate in the mining process and potentially earn rewards. This decentralized distribution of new Bitcoin
helps to ensure that the supply of the digital assets is controlled in a fair and transparent manner.

 Third,
Bitcoin mining plays a key role in the maintenance and growth of the Bitcoin network. The mining process helps to support the infrastructure
of the network by providing the computational power needed to verify transactions and add new blocks to the blockchain. As more people
become interested in mining Bitcoin, the network becomes more secure and efficient.

 Factors
Affecting Profitability of Bitcoin

 Market
Price of Bitcoin: Our business is heavily dependent on the price of Bitcoin. The prices of digital assets, including Bitcoin, have
experienced substantial volatility, meaning that high or low prices may be based on speculation and incomplete information, may be subject
to rapidly changing investor sentiment, and may be influenced by factors such as technology, regulatory void or changes, fraudulent actors,
manipulation, and media reporting. Bitcoin (as well as other digital assets) may have value based on various factors, including their
acceptance as a means of exchange by consumers and producers, scarcity, and market demand which are beyond our control.

 Halving: Halving
is an important part of the Bitcoin ecosystem, and it is closely watched by miners, investors, and other participants in the digital assets
market. Each halving event has historically been associated with significant price movements in the value of Bitcoin.

 Network Hash Rate
and Difficulty: Generally, a Bitcoin mining rig's chance of solving a block on the Bitcoin blockchain and earning a Bitcoin
reward is a function of the mining rig's hash rate, relative to the global network hash rate (i.e., the aggregate amount of computing
power devoted to supporting the Bitcoin blockchain at a given time). As demand for Bitcoin has increased, the global network hash rate
has increased rapidly, and as more adoption of Bitcoin occurs, we expect the demand for new Bitcoin will likewise increase as more mining
companies are drawn into the industry by this increased demand. Further, as more and increasingly powerful mining rigs are deployed, the
network difficulty for Bitcoin has increased. Network difficulty is a measure of how difficult it is to solve a block on the Bitcoin blockchain,
which is adjusted every 2016 blocks (every 2 weeks approximately) so that the average time between each block remains ten minutes. A high
difficulty means that it will take more computing power to solve a block and earn a new Bitcoin reward, which, in turn, makes the Bitcoin
network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new, and existing
miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner's share of the global
network hash rate (and therefore its chance of earning Bitcoin rewards) will decline if it fails to deploy additional hash rate at pace
with the industry.

 Research
and Development for Bitcoin

 We
place a strong emphasis on research and development ("R&D") as a key driver of innovation and growth. Our R&D process
is designed to support the creation and development of new tools and processes that are an integral part of our overall business strategy
and enhance our productivity as an advanced and sustainable Bitcoin miner.

 The first step in our
R&D process is ideation, which is the process of generating and evaluating new ideas. We encourage our team members to produce creative
and innovative ideas, and we provide them with the resources and support they need to explore these ideas further.

 Once
we have identified a promising idea, the next step is to develop a prototype. This typically involves creating a small-scale version
of the product or service, which can be tested and evaluated in order to identify potential issues and improve the design. We also conduct
market research to understand the potential market for the product or service.

 The
final step in our R&D process is testing and validation. This involves conducting thorough testing of the prototype to identify any
issues or flaws, and to ensure that it meets our quality standards. We also conduct market testing to gather feedback from real-world
users, and we use this feedback to refine and improve the product or service.

 Overall, our R&D
process is designed to support the creation and development of innovative technology advancements that ensure we maintain our competitive
advantages and improve our position as a leading Bitcoin miner. We believe that this process is essential for driving growth and staying
ahead of the competition, and we are committed to continuously improving and refining it to support our success.

 Competition
for Bitcoin

 In
digital assets mining, companies and individuals use computing power to solve cryptographic algorithms to record and publish transactions
to blockchain ledgers or provide transaction verification services to the Bitcoin network in exchange for digital assets rewards. The
current reward for verifying a block on the Bitcoin blockchain is 6.25 bitcoin. Miners can range from individual enthusiasts to professional
mining operations with dedicated data centers. Miners may organize themselves in mining pools. The Company competes or may in the future
compete with other companies that focus all or a portion of their activities on owning or operating digital assets exchanges, developing
programming for the blockchain, and mining activities. At present, the information concerning the activities of these enterprises is
not readily available as the vast majority of the participants in this sector do not publish information publicly or the information
may be unreliable.

 Several
public companies (traded in the U.S. and Internationally), such as the following, may be considered to compete with us:

 Argo Blockchain plc

 Bit Digital, Inc.

 Bitdeer Technologies Group

 Bitfarms, Ltd.

 Cipher Mining Inc.

 Cleanspark, Inc.

 Greenidge Generation Holdings
 Inc.

 Hive Blockchain Technologies
 Ltd.

 Hut 8 Mining Corp.

 Iris Energy Limited

 Marathon Digital Holdings

 Riot Platforms, Inc.

 Stronghold Digital Mining,
 Inc.

 TeraWulf Inc.

 While there is limited
available information regarding our non-public competitors, we believe that our recent acquisition and ongoing deployment of miners positions
us well among the publicly traded companies involved in the digital assets mining industry. The digital assets mining industry is a highly
competitive and evolving industry, and new competitors and/or emerging technologies could enter the market and affect our competitiveness
in the future.

 Intellectual
Property

 We do not currently own
any patents, trade secrets, trademarks, service marks, trade names, copyrights, and other intellectual property rights in connection with
our existing and planned Bitcoin mining related operations.

 Seasonality
for Bitcoin

 Our
business is not generally subject to seasonality. However, coin generation from our mining operations may vary depending on our total
hash rate at a given point in time relative to the total hash rate of Bitcoin. Our power revenue may vary due to external factors impacting
supply and demand of electricity in the region including demand due to seasonal weather.

 Item
1A. Risk Factors

 The
Company is a holding company incorporated in Nevada, the United States, with no material operations of its own. We conduct our business
through our operating subsidiary in China. This structure involves unique risks to investors, and you may never directly hold equity
interests in the operating entities. Investment in our Common Stock involves significant risks. You should carefully consider all of
the information in this report before making an investment in our Common Stock. Below please find a summary of the principal risks we
face, organized under relevant headings

 Investing
in our securities involves a high degree of risk. The following is a summary of significant risk factors and uncertainties that may affect
our business:

 The Company's NYSE listing status is uncertain. On October 13, 2025, the NYSE Regulation
 commenced proceedings to delist the Company's common stock (ticker: ENFY) due to failure to meet the NYSE continued listing
 standards, and trading in the Company's stock was suspended on NYSE. If delisting is completed, ENFY may trade on an over-the-counter
 market (e.g., OTCQB or Pink Sheets), and we may not be able to regain a listing on a national or major exchange.

 The Chinese government may intervene or influence our operations in
China at any time or may exert more control over offerings conducted outside China by and/or foreign investment in China-based issuers,
which could result in a material change in our operations and in the value of our securities. Any actions by the Chinese government to
exert more oversight and control over offerings that are conducted outside China by and/or foreign investment in China-based issuers could
significantly limit or completely hinder our ability to offer securities to investors and cause the value of such securities to significantly
decline or be worthless.

 Changes in U.S. and Chinese regulations or in relations between the
United States and China may adversely impact our business, our operating results, our ability to raise capital and the value of our securities.
Any such changes may take place quickly and with little notice.

 There are uncertainties regarding the interpretation and enforcement
of PRC laws, rules, and regulations.

 Enlightify Inc., as a holding
company incorporated in Nevada, the United States, without material operations of its own, relies on dividends and other distributions
on equity paid by its PRC operating subsidiaries for its cash needs.

 The fact that we operate through a VIE poses certain risks. We do not
control VIE or have any equity interest in it but rely solely on contractual arrangements with VIE. These contractual relationships are
not equivalent to an equity position; their principal purpose is to allow the Company to consolidate the VIE results for US GAAP purposes.
These contracts have not been tested in a court of law; the other parties to them could violate them, and we cannot be sure the courts
will allow us any recourse in the case of such violations.

 Investors may experience
 difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in China based upon
 U.S. laws, including the federal securities laws or other foreign laws against us or our management.

 The approval of the CSRC
 or other Chinese regulatory agencies may be required in connection with our future capital-raising activities outside China under
 Chinese law.

 Our independent auditors have expressed doubt about our ability to
continue as a going concern.

 Numerous factors, many
 of which are beyond our control, may cause the market price of our Common Stock to fluctuate significantly.

 Risks
Related to Our Business

 The
industry in which we do business is highly fragmented and competitive and we face competition from numerous fertilizer manufacturers
in China and elsewhere.

 We compete with numerous local Chinese fertilizer
manufacturers. Although we may have greater resources than many of our competitors, most of which are small local fertilizer companies,
it is possible that these competitors will have better access to certain local markets, an enhanced ability to customize products to certain
regions and better-established local distribution channels. We also compete with large national competitors in the PRC. Although we have
advanced automated humic acid-based fertilizer production lines and greenhouse supported research and development centers, we cannot assure
that such large competitors will not develop their own similar production or research and development facilities. Further, China's
access into the World Trade Organization has led to increased foreign competition for us. International producers and traders import products
into China that generally are of higher quality than those produced by the local Chinese manufacturers. If they are localized and become
familiar with fertilizers we produce, we may face additional competition. If we are not successful in our research, development, and production
of new products and/or in our marketing and advertising efforts to increase awareness of our brands, our revenues could decline, which
might have a material adverse effect on our business, financial condition, results of operations and share price.

 Our major competitors may be able to endure downturn
in our industrial sector more than we are. When facing reduced demand for our products, we can either choose to maintain market share
by reducing selling prices to meet competition, or to maintain the prices while sacrificing a portion of market share. Our overall profitability
likely would be reduced in either case. In addition, we cannot assure you that additional competitors will not enter our existing markets,
or that we will be able to compete successfully against existing or new competitors.

 If
we are unable to design, manufacture, and market fertilizer products in a timely and efficient manner, we may not remain as competitive.

 Many of our fertilizer products are characterized
by short product development cycles as they target the unique climate and soil conditions where our customers are located. Accordingly,
we devote a substantial number of resources to product development. To compete successfully, we must develop new and/or improved fertilizer
products that cater to customer needs. New fertilizers may not be easily developed. As a result, we may experience performance difficulties,
which may result in delays, setbacks, and cost overruns. Our inability to develop and offer new and/or improved fertilizer products or
to achieve customer acceptance of these products could limit our ability to compete in the market or to grow revenues at the desired rate.

 Our
proprietary fertilizer formula may become obsolete or be unintentionally disclosed to competitors, which could materially adversely affect
the competitiveness of our future fertilizer products.

 Our proprietary fertilizer formula is the
base for producing our fertilizer. Our future success will depend upon our ability to address the increasingly sophisticated needs
of our customers by supplying existing humic acid fertilizer products and by developing new products on a timely basis that keep
pace with the evolving industry standards and changing customer requests. If our proprietary formula becomes obsolete because our
competitors develop better products, our future business and financial results could be adversely affected. In addition, although we
have entered into confidentiality agreements with key employees, we cannot be sure that if there was a breach of such agreement by
an employee, we would not lose any competitive advantage that we currently have with respect to our proprietary fertilizer formula.
If we are forced to take legal action to protect our proprietary formula, we will incur significant expense, and a favorable outcome
cannot be guaranteed.

 If our warehouse selling and credit sales of
certain fertilizer products continue to increase and we fail to collect the accounts receivable that are due in a timely manner, our financial
condition and results of operation may be materially adversely affected.

 We had accounts receivable of $19,345,061 as of
June 30, 2025, as compared to $16,493,068 as of June 30, 2024, increases of $2,851,993, or 17.3%. We offer a tentative credit period of
up to 180 days to our customers. Although we perform routine assessment of our customers' creditworthiness, evaluate the structure
and collectability of accounts receivable and provide an allowance for doubtful accounts, when necessary, we may not be able to receive
or collect payment for our products on time or at all if our customers encounter difficulties in their businesses. Any such failure may
have a material adverse impact on our financial condition and results of operation.

 If we fail to adequately protect or enforce
our intellectual property rights, we may be exposed to intellectual property infringement, and the value of our intellectual property
rights could diminish.

 Our success, competitive position and future revenues
will depend in part on our ability to obtain and maintain patent protection for our products, methods, processes, and other technologies,
to preserve our trade secrets, to prevent third parties from infringing on our proprietary rights and to operate without infringing the
proprietary rights of third parties.

 Jinong is the holder of four registered patents.
The first patent is a fertilizer formulation named "Method and Recipe of the Water-Soluble Humic Acid Fertilizers." The second
patent, "Production Facility of Humic Acid Products," relates to our proprietary production line and manufacturing processes
in the PRC. The third patent is "Production Method of Organic Fertilizer." The fourth patent is "Production method of
Multifunctional liquid calcium fertilizer." Gufeng and Tianjuyuan do not have patents but currently possess seven proprietary technologies.
However, we cannot predict the degree and range of protection patents and confidentiality agreements with respect to proprietary technologies
will defend us against competitors. Third parties may find ways to invalidate or otherwise circumvent our patents and proprietary technologies.
Third parties may attempt to obtain patents claiming aspects like our patent applications. We cannot assure you that our current or potential
competitors do not have, and will not have, and will not obtain, patents that will prevent, limit, or interfere with our ability to make,
use, or sell our products in the PRC.

 If we need to initiate litigation or administrative
proceedings, such actions may be costly and may divert management attention as well as consume other resources which could otherwise have
been devoted to our business. An adverse determination in any such litigation will impair our intellectual property rights and may harm
our business, prospects, and reputation. In addition, historically, implementation of PRC intellectual property-related laws has been
lacking, primarily because of ambiguities in the PRC laws and difficulties in enforcement. Accordingly, intellectual property rights and
confidentiality protections in China may not be as effective as those in the United States or other countries, which increases the risk
that we may not be able to adequately protect our intellectual property. Moreover, litigation may be necessary in the future to enforce
our intellectual property rights. Future litigation could result in substantial costs and diversion of our management's attention
and resources, and could disrupt our business, as well as have a material adverse effect on our financial condition and results of operations.
Given the relative unpredictability of China's legal system and potential difficulties enforcing court judgments in China, there
is no guarantee that we would be able to halt any unauthorized use of our intellectual property through litigation.

 If
we infringe on the intellectual property rights of third parties, we could be prevented from selling products, forced to pay damages
and compelled to defend against claims by third parties, which, if successful, could cause us to pay significant damage awards and incur
other costs.

 Our success also depends in large part on our
ability to use and develop our technology and know-how without infringing the intellectual property rights of third parties. As litigation
becomes more common in the PRC in resolving commercial disputes, we face a higher risk of being the subject of intellectual property infringement
claims. The validity and scope of claims relating to humic acid fertilizer production technology and related devices and machine patents
involve complex technical, legal, and factual questions and analysis and, therefore, may be highly uncertain. Also, the defense and prosecution
of intellectual property suits, patent opposition proceedings and related legal and administrative proceedings can be both costly and
time consuming and may significantly divert the efforts and resources of our technical and management personnel. An adverse determination
in any such litigation or proceedings to which we may become a party could subject us to significant liability, including damage awards
to third parties, require us to seek licenses from third parties (which may not be available on commercially reasonable terms, if at all),
to pay ongoing royalties, or to redesign our products or subject us to injunctions preventing the manufacture and sale of our products.
Protracted litigation could also result in our customers or potential customers deferring or limiting their purchase or use of our products
until resolution of such litigation.

 Disruptions
in the supply of raw materials used in our products could cause us to be unable to meet customer demand in a timely manner, which could
result in the loss of customers and net sales or could result in a lower profit margin for us.

is supplied with approximately fifty different types of raw materials, of which weathered coal is the primary one as it is the raw material
from which humic acid is extracted and applied to the manufacturing of our products. Although there are numerous weathered coal suppliers
available in the market, we have been using major suppliers of weathered coal in northern China. If suppliers do not intend to supply
us the raw material for any reason, or if there are any business interruptions at the suppliers and we are unable to source alternative
supplies in a timely manner or on the same terms, we may not be able to meet customer demand for humic acid-based fertilizers in a timely
manner or maintain our standards of quality for humic acid-based fertilizers during the transitional period, which may result in the
loss of customers and net sales or we may not be able to keep our profit margin as before for our humic acid-based fertilizers.

and Tianjuyuan are supplied with over fifty types of raw materials from a diversified pool of suppliers. Neither Gufeng nor Tianjuyuan
are dependent on any single supplier for its raw materials; however, if we experience a significant increase in demand or if we need
to replace any of these suppliers, we cannot be assured that the adequate supply of raw materials or a replacement supplier will be acquired
in a timely manner to avoid any material adverse effect on our business operations and financial condition.

 Any
significant fluctuation in our production costs may have a material adverse effect on our operating results.

 The prices for the raw materials and other inputs
to manufacture our fertilizer products are subject to market forces largely beyond our control, including the price of weathered coal,
energy costs, mineral and non-mineral elements, and freight costs. The costs for these inputs may fluctuate significantly based upon changes
in the economy and markets. Although we may pass on any increase in such costs to our customers, in the event we are unable to do so,
we could incur significant losses and a diminution of our share price.

 We
do not presently maintain business disruption insurance. Any disruption of the operations in our factories would damage our business.

 Our operations could be interrupted by fire, flood, earthquake, and
other events beyond our control for which we do not carry adequate insurance. While we have property damage insurance and automobile insurance,
we do not carry business disruption insurance, which is not readily available in China. Any disruption of the operations in our factories
would have a significant negative impact on our ability to manufacture and deliver products, which would cause a potential diminution
in sales, the cancellation of orders, damage to our reputation and potential lawsuits.

 We
do not presently maintain product liability insurance, and our property and equipment insurance does not cover the full value of our
property and equipment, which leaves us with exposure in the event of loss or damage to our properties or claims filed against us.

 We
currently do not carry any product liability or other similar insurance. We cannot assure that we would not face liability in the event
of the failure of any of our products. We also cannot assure you that, especially as China's domestic consumer economy and industrial
economy continues to expand, product liability exposure and litigation will not become more commonplace in the PRC, or that we will not
face product liability exposure or actual liability as we expand our sales into international markets where product liability claims
could be more prevalent.

 The occurrence of any acts of God, war, terrorist
attacks, and other emergencies which are beyond our control may have a material adverse effect on our business operations and financial
condition.

 Acts of God, war, terrorist attacks, and other
emergencies which are beyond our control may have a material adverse effect on the economy and infrastructure in the PRC and on the livelihood
of the Chinese population. Our business operations and financial condition may be materially and adversely affected should such events
occur. We cannot give assurance that any acts of God such as floods, earthquakes, drought or any war, terrorist attack, or other hostilities
in any part of the PRC or even the world, potential or threatened, will not, directly or indirectly, have a material adverse effect on
our business, financial condition and operating results.

 If
we cannot renew our fertilizer registration certificates, we will be unable to sell some or all our products. If we do not receive the
formal fertilizer registration certificates for our new products, upon the expiration of the temporary registration certificates, we
cannot continue to produce such new products.

 All fertilizers produced in China must be registered
with the PRC Ministry of Agriculture. No fertilizer can be manufactured without such registration. There are two kinds of registration:
interim registration and formal registration. The interim registration is valid for one year and applies to fertilizers in the stages
of in-the-field testing and test selling. Fertilizers that have completed in-the-field testing and test selling must obtain formal registration,
which is valid for five years, and thereafter must be renewed each five years. Jinong has 16 formal registration certificates. Gufeng
and Tianjuyuan have 19 interim fertilizer certificates and 259 formal certificates. We plan to apply for formal certificates for each
of our interim certificates before the applicable expiration dates.

 Our
belief is that the PRC Ministry of Agriculture generally grants an application for renewal in the absence of illegal activity by the
applicant. However, there is no assurance that the PRC Ministry of Agriculture will grant renewal of our formal Fertilizer Registration
Certificates. If we cannot obtain the necessary renewal, we will not be able to manufacture and sell such fertilizer products without
certificates, which will cause the termination of commercial operations for such fertilizer products. With respect to the transformation
of the interim fertilizer registration certificates to formal fertilizer registration certificates, we believe that we can receive formal
fertilizer registration certificates for our 19 interim fertilizer registration certificates in due course; however, if the government
imposes additional burden on the application procedure or put temporary suspension on its certificate granting process due to any unexpected
incidents in China, we cannot assure that our formal fertilizer registration certificates can be obtained without delay or can be obtained
at all, in which case our production could be adversely affected.

 We
may not possess all the licenses required to operate our business or may fail to maintain the licenses we currently hold. This could
subject us to fines and other penalties, which could have a material adverse effect on our results of operations.

 In addition to a fertilizer registration certificate,
we are required to hold a variety of other permits, licenses, and certificates to conduct our business in China. We may not possess or
receive all the permits, licenses and certificates required for our business or for which application has been made. In addition, there
may be circumstances under which the approvals, permits, licenses or certificates granted by the governmental agencies are subject to
change without substantial notice in advance. If we fail to obtain or to maintain such permits, licenses or certificates or renewals are
granted with onerous conditions, we could be subject to fines and other penalties and be limited in the number or the quality of the products
that we would be able to offer. As a result, our business, result of operations and financial condition could be materially and adversely
affected.

 Potential
environmental liability could have a material adverse effect on our operations and financial condition.

 Our manufacturing operations are subject to numerous
laws, regulations, rules, and specifications relating to the environment, including, among others, the Integrated Emission Standard of
Air Pollutants GB 16297-1996 and the Standard of Environmental Noise of Urban Area GB 3096-93. Failure to comply with any laws and regulations
and future changes to them may result in significant consequences for us, including civil and criminal penalties, liability for damages
and negative publicity. Our business and operating results may be materially and adversely affected if we were to be held liable for violating
existing environmental regulations or if we were to incur significant expenditures to comply with environmental regulations affecting
our operations.

 Our
success depends on our management team and other key personnel, the loss of any of whom could disrupt our business operations.

 We
depend, to a large extent, on the abilities and participation of our current management team, with a reliance upon Mr. Zhuoyu Li, our
Chief Executive Officer and Chairman of the Board of Directors. The loss of the services of Mr. Li, for any reason, may have a material
adverse effect on our business and prospects. We do not carry key man life insurance for our key personnel.

 The agricultural chemicals business is specialized
and requires the employment of personnel with significant scientific and operational experience in the industry. Accordingly, we must
attract, recruit, and retain a sizeable workforce of technical and scientifically competent employees. Our ability to effectively implement
our business strategy will depend upon, among other factors, the successful recruitment and retention of additional management and other
key personnel that have the necessary scientific, technical, and operational skills and experience with the fertilizer industry. These
individuals are difficult to find in the PRC, and we may not be able to retain such skilled employees. If we are unable to hire individuals
with the requisite experience, we may not be able to produce enough products to optimize profits, and the research and development initiatives
may be delayed which will negatively impact on our financial condition, results of operations and share price.

 Mr.
Zhuoyu Li, our Chairman and CEO may not devote all his time to our business.

 Our
Chairman and CEO, Mr. Zhuoyu Li, also serves as Chairman of Xi'an TechTeam Science & Technology Industry (Group) Co. Ltd.,
a company engaged in hi-tech application fields in China, and Chairman and CEO of Xi'an TechTeam Investment Holding (Group) Co.,
Ltd, a holding company for certain entities such as Gem Grain. This may give rise to further allocation of Mr. Li's time to each
business. While Mr. Li anticipates having sufficient time to devote to our business, a lack of adequate time spent by him on our business
may adversely affect our business, financial condition, results of operations and share price.

 If
we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial
results. As a result, current and potential investors could lose confidence in our financial reporting, which could harm our business
and have an adverse effect on our stock price.

 Pursuant to Section 404 of the Sarbanes-Oxley
Act of 2002, we are required to annually furnish a report by our management on our internal control over financial reporting. Such report
must contain, among other matters, an assessment by our principal executive officer and our principal financial officer on the effectiveness
of our internal control over financial reporting, including a statement as to whether our internal control over financial reporting is
effective as of the end of our fiscal year. This assessment must include disclosure of any material weakness in our internal control over
financial reporting identified by management. Performing the system and processing documentation and evaluation needed to comply with
Section 404 is both costly and challenging. If we fail to maintain the adequacy of our internal controls, as such standards are modified,
supplemented or amended from time to time, we may not be able to ensure that we can conclude on an ongoing basis that we have effective
internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. We cannot provide assurance
that we will not fail to achieve and maintain an effective internal control environment on an ongoing basis, which may cause investors
to lose confidence in our reported financial information and have a material adverse effect on the price of our common stock.

 We
are responsible for the indemnification of our officers and directors.

 Our
Bylaws provide for the indemnification of our directors, officers, employees, and agents, under certain circumstances, against costs
and expenses incurred by them in any litigation to which they become a party arising from their association with or activities on our
behalf. Consequently, we may be required to expend substantial funds to satisfy these indemnity obligations.

 Our inability to effectively improve the financial
performance of Gufeng may have a material adverse effect on our business, financial condition, and results of operations.

 While
Gufeng had sales revenues of $36,549,551, for its fiscal year ended June 30, 2025, Gufeng's net loss for such period was $(3,462,990).
This was primarily due to the lower profit margins on Gufeng's products, inefficiencies in production and daily operations and
negative working capital. In addition, rising transportation costs passed on by Gufeng's distributors may further erode margins
on Gufeng's products. As Gufeng is based in Beijing, it is susceptible to rising costs of labor common in large cities such as
Beijing, which may make it difficult for us to expand the workforce of Gufeng and Tianjuyuan to meet our strategic goals.

 Although we have continued making progress in
terms of integrating Gufeng's employees, products and distribution network into our business, there is no assurance that we will
be able to continue effectively to do so, which may result in a material adverse effect on our business, financial condition, and results
of operations.

 We have not obtained the land use right over
the premises on which certain facilities of Gufeng, our indirect, wholly owned subsidiary, are located. As a result, the lack of a proper
title certificate may jeopardize our right to use the premises and our possession of the buildings we built on such premises.

 Through Tianjuyuan, we rent approximately 47,333
square meters (509,488 square feet) of land in the Ping Gu District of Beijing (the "Premises"). The rental agreement was
dated on February 16, 2004 with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District
(the "rental agreement"). The term of the rental agreement is from February 1, 2004 to January 31, 2054. We were informed
by our PRC counsel that the rental agreement is invalid and unenforceable pursuant to the PRC Land Administration Law and related regulations.
Therefore, we have been in the process of applying for the proper land use right certificate from the relevant government authorities
to legitimize our right over the Premises. As of the date of this report, we were informed by the local government that our application
materials for land use right in issue have been moved up from the department in charge of general matters to the land administrative department
of the local government and are under their review. However, there can be no assurance that such land use right certificate will be granted
to us. Until we obtain the land use right certificate, there is a risk that the PRC government may declare the rental agreement invalid,
evict our personnel from the Premises and tear down the buildings we built on the Premises. As of the date of this Report, we have no
knowledge of any pending or threatened governmental actions relating to the Premises.

 A
severe or prolonged slowdown in the Chinese or global economy could materially and adversely affect our business and financial condition.

 COVID-19 had a severe and negative impact on the
Chinese and the global economy from 2020 through 2025, and the global macroeconomic environment still faces numerous challenges. The growth
rate of the Chinese economy has been slowing since 2010, and the Chinese population began to decline in 2022. The Federal Reserve and
other central banks outside of China have raised interest rates. The Russia-Ukraine conflict, the Hamas-Israel conflict, and the attacks
on shipping in the Red Sea have heightened geopolitical tensions across the world. The impact of the Russia-Ukraine conflict on Ukraine
food exports has contributed to increases in food prices and thus to inflation more generally. There have also been concerns about the
relationship between China and other countries which may potentially have economic effects. In particular, there is significant uncertainty
about the future relationship between the United States and China with respect to a wide range of issues including trade policies, treaties,
government regulations, and tariffs. Economic conditions in China are sensitive to global economic conditions, as well as changes in domestic
economic and political policies and the expected or perceived overall economic growth rate in China. Any severe or prolonged slowdown
in the global or Chinese economy may materially and adversely affect our business, results of operations and financial condition.

 Enforceability
of Civil Liabilities of the Company and its Officers and Directors in China and Hong Kong

 It
may be difficult to serve the Company with legal process or enforce judgments against the Company or its management. It may be difficult
to serve the Company with legal process or enforce judgments against the Company or its management.

 Most
of the Company's assets are located in China, and all its directors and officers are residents of China. All or substantial portions
of the assets of such non-residents are located outside the United States. As a result, it may not be possible to effect service of process
within the United States upon such persons to originate an action in the United States. Moreover, there is uncertainty that the courts
of China would enforce judgments of U.S. courts against the Company, its directors or officers based on the civil liability provisions
of the securities laws of the United States or any state, or an original action brought in China based upon the securities laws of the
United States or any state. Even if an investor were successful in such an action, the costs and time involved in enforcement of
the judgment in China may make it impracticable.

 The recognition and enforcement of foreign judgments
are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements
of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of
reciprocity between jurisdictions. China does not have any treaties or other forms of reciprocity with the United States that provide
for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, the PRC
courts will not enforce a foreign judgment against us or our director and officers if they decide that the judgment violates the basic
principles of PRC laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis
a PRC court would enforce a judgment rendered by a court in the United States.

 Risks
Related to Bitcoin Mining

prices are highly volatile, which may affect our ability to effectively manage growth plans and our profitability.

 The
price of Bitcoin is extremely volatile and in fiscal 2025 the price range of Bitcoin was between approximately $54,000 and $111,700.
The cost to mine a Bitcoin is independent of the current price of Bitcoin, so when prices are low, the cost per coin to mine may consume
much of our available cash, which means that there is less capital with which to invest in future company growth. Similarly, when prices
are low, our profitability is decreased on a dollar-for-dollar basis correlated to the then price of Bitcoin. Given the volatility of
Bitcoin, these factors render us unable to accurately predict in advance what our growth plans may be and accurately forecast any revenue
and profitability projections for any reporting period.

 The
price of Bitcoin may be influenced by regulatory, commercial, and technical factors that are highly uncertain.

 Bitcoin and other digital assets are relatively
novel and are subject to various risks and uncertainties that may adversely impact their price. For example, the application of securities
laws and other regulations to such assets is unclear in certain respects, and it is possible that regulators in the United States or foreign
countries may create new regulations or interpret laws in a manner that adversely affects the price of Bitcoin. The growth of the digital
assets industry in general, and the use and acceptance of Bitcoin in particular, may also impact on the price of Bitcoin and is subject
to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of Bitcoin could depend on the following:

 public
 familiarity with digital assets;

 ease
 of buying and accessing Bitcoin;

 institutional
 demand for Bitcoin as an investment asset;

 consumer
 demand for Bitcoin as a means of payment; and

 the
 availability and popularity of alternatives to Bitcoin.

 Even if growth in Bitcoin adoption occurs in the
near or medium-term, there is no assurance that Bitcoin usage will continue to grow over the long-term. Because Bitcoin has no physical
existence beyond the record of transactions on the Bitcoin blockchain, a variety of technical factors related to the Bitcoin blockchain
could also impact the price of Bitcoin. For example, malicious attacks by "miners" who validate Bitcoin transactions, inadequate
mining fees to incentivize validating of Bitcoin transactions, "hard forks" of the Bitcoin blockchain, and advances in quantum
computing could undercut the integrity of the Bitcoin blockchain and negatively affect the price of Bitcoin. The liquidity of Bitcoin
may also be reduced and damage to the public perception of Bitcoin may occur, if financial institutions were to deny banking services
to businesses that hold Bitcoin, provide Bitcoin-related services, or accept Bitcoin as payment, which could also decrease the price of
Bitcoin.

 Fluctuations
in the price of Bitcoin may significantly influence the market price of our Bitcoin holdings and therefore, the price of our common stock.

 To
the extent investors view the value of our common stock as linked to the value or change in the value of our Bitcoin, fluctuations in
the price of Bitcoin may significantly influence the market price of our common stock.

 If
we fail to grow our hash rate, we may be unable to compete, and our results of operations could suffer.

 Generally,
a Bitcoin miner's chance of solving a block on the Bitcoin blockchain and earning a Bitcoin reward is a function of the miner's
hash rate (i.e., the amount of computing power devoted to supporting the Bitcoin blockchain), relative to the global network hash rate.
As greater adoption of Bitcoin occurs, we expect the demand for Bitcoin will increase further, drawing more mining companies into the
industry and thereby increasing the global network hash rate. As new and more powerful miners are deployed, the global network hash rate
will continue to increase, meaning a miner's chance of earning Bitcoin rewards will decline unless it deploys additional hash rate
at pace with the industry.

 Accordingly, to maintain our chances of earning
new Bitcoin rewards and remaining competitive in our industry, we must seek to continually add new miners to grow our hash rate at pace
with the growth in the Bitcoin global network hash rate. However, as demand has increased and scarcity in the supply of new miners has
resulted, the price of new miners has increased sharply, and we expect this process to continue in the future as demand for Bitcoin increases.
Therefore, if the price of Bitcoin is not sufficiently high to allow us to fund our hash rate growth through new miner acquisitions and
if we are otherwise unable to access additional capital to acquire these miners, our hash rate may stagnate, and we may fall behind our
competitors. If this happens, our chances of earning new Bitcoin rewards will decline and, as such, our results of operations and financial
condition may suffer.

 Geopolitical
or economic crises may create increased uncertainty and price changes, or motivate large-scale sales of digital assets, which could result
in a reduction in some or all digital assets' values and adversely affect an investment in us.

 As an alternative to fiat currencies that are
backed by central governments, digital assets such as Bitcoin, which are relatively new, are subject to supply and demand forces based
upon the desirability of an alternative, decentralized means of buying and selling goods and services. It is unclear how such supply and
demand will be impacted by geopolitical events. Nevertheless, geopolitical, or economic crises may motivate large-scale acquisitions or
sales of digital assets either globally or locally. Large-scale sales of digital assets would result in a reduction in their value and
could adversely affect an investment in us.

 In
addition, we are subject to price volatility and uncertainty due to geopolitical crises and economic downturns. Such geopolitical crises
and global economic downturns may be a result of invasion, or possible invasion, by one nation of another, leading to increased inflation
and supply chain volatility. Such crises, as well as inflation, will likely continue to have an effect on our ability to do business
in a cost-effective manner.

 The
development and acceptance of digital asset networks and other digital assets, which represent a new and rapidly changing industry, are
subject to a variety of factors that are difficult to evaluate. The slowing or stopping of the development or acceptance of digital asset
systems may adversely affect our business.

 Digital assets such as Bitcoin, which may be used,
among other things, to buy and sell goods and services are a new and rapidly evolving industry. The growth of the digital asset industry
in general, and the digital asset networks of Bitcoin in particular, is highly uncertain. The factors affecting the further development
of the digital asset industry, as well as the digital asset networks, include:

 continued
 worldwide growth in the adoption and use of Bitcoins and other digital assets; government
 and quasi-government regulation of Bitcoins and other digital assets and their use, or restrictions
 on or regulation of access to and operation of the digital asset network or similar digital
 assets systems;

 the
 maintenance and development of the open-source software protocol of the Bitcoin network;

 changes
 in consumer demographics and public tastes and preferences;

 the
 availability and popularity of other forms or methods of buying and selling goods and services,
 including new means of using fiat currencies;

 general
 economic conditions and the regulatory environment relating to digital assets;

 the
 impact of regulators focusing on digital assets and digital securities and the costs associated
 with such regulatory oversight; and

 a
 decline in the popularity or acceptance of the digital asset networks of Bitcoin, or similar
 digital asset systems, could adversely affect our business.

 The
open-source structure of the Bitcoin network protocol means the contributors to the protocol are generally not directly compensated for
their contributions in maintaining and developing the protocol. A failure to properly monitor and upgrade the protocol could damage the
Bitcoin network and an investment in us.

 Digital asset networks are open-source projects
and, although there is an influential group of leaders in, for example, the Bitcoin network community known as the "Core Developers,"
there is no official developer or group of developers that formally controls the Bitcoin network. As an open-source project, Bitcoin is
not represented by an official organization or authority. The Bitcoin network protocol is not sold, and contributors are generally not
compensated for maintaining and updating the Bitcoin network protocol. The lack of guaranteed financial incentives for contributors to
maintain or develop the Bitcoin network and the lack of guaranteed resources to adequately address emerging issues with the Bitcoin network
may reduce incentives to address the issues adequately or in a timely manner. Changes to a digital asset network in which we are directing
our mining efforts may adversely affect an investment in us.

 The
acceptance of digital asset network software patches or upgrades by a significant, but not overwhelming, percentage of the users and
miners in any digital asset network could result in a "fork" in the respective blockchain, resulting in the operation of
two separate networks until such time as the forked blockchains are merged. The temporary or permanent existence of forked blockchains
could adversely impact an investment in us.

 Due
to Bitcoin's open-source project, any individual can download the Bitcoin network software and make any desired modifications,
which are proposed to users and miners on the Bitcoin network through software downloads and upgrades, and typically posted to the Bitcoin
development forum on GitHub.com. A substantial majority of miners and Bitcoin users must consent to those software modifications by downloading
the altered software or upgrade that implements the changes. If not, the changes do not become a part of the Bitcoin network.

 Since
the Bitcoin network's inception, changes to the Bitcoin network have been accepted by the vast majority of users and miners, ensuring
that the Bitcoin network remains a coherent economic system. However, a developer or group of developers could potentially propose a
modification to the Bitcoin network that is not accepted by a vast majority of miners and users, but that is nonetheless accepted by
a substantial population of participants in the Bitcoin network. In such a case, and if the modification is material and/or not backwards
compatible with the prior version of Bitcoin network software, a fork in the blockchain could develop and two separate Bitcoin networks
could result with one running the pre-modification software program and the other running the modified version (i.e., a second "Bitcoin"
network).

 Such
a fork in the blockchain is typically addressed by community-led efforts to merge the forked blockchains, and several prior forks have
been so merged. This kind of split in the Bitcoin network could materially and adversely impact an investment in us and harm the sustainability
of the Bitcoin network's economy.

is subject to halving, and as such the reward for successfully solving a block will halve several times in the future and its value may
not adjust to compensate us for the reduction in the rewards we receive from our mining efforts, which could cause us to cease our mining
operations altogether and investors could suffer a complete loss of their investment.

 Halving is a process designed to control the overall
supply and reduce the risk of inflation in digital assets using a Proof-of-Work consensus algorithm. In an event referred to as Bitcoin
"halving," the Bitcoin reward for mining any block is cut in half. For example, the mining reward for Bitcoin declined from
6.25 to 3.125 Bitcoin on April 9, 2024. This process is scheduled to occur once every 210,000 blocks. It is estimated that Bitcoin will
be next half in or around March 2028 and then approximately every four years thereafter, until the total amount of Bitcoin rewards issued
reaches 21.0 million, and the theoretical supply of new Bitcoin is exhausted, which is expected to occur around 2140. Once 21.0 million
Bitcoin are generated, the network will stop producing more. While Bitcoin prices have had a history of price fluctuations around halving
events, there is no guarantee that any such price change will be favorable or would compensate for the reduction in mining reward. If
a corresponding and proportionate increase in the price of Bitcoin does not follow these anticipated halving events, the revenue from
our mining operations would decrease, and we may not have an adequate incentive to continue mining and may cease mining operations altogether,
which may adversely affect an investment in our stock and investors could suffer a complete loss of their investment.

 Furthermore,
such reductions in Bitcoin rewards for uncovering blocks may result in a reduction in the aggregate hash rate of the Bitcoin network
as the incentive for miners decreases. Miners ceasing operations would reduce the collective processing power on the network, which would
adversely affect the confirmation process for transactions and make the Bitcoin network more vulnerable to malicious actors or botnets
obtaining control in excess of 50% of the processing power active on the blockchain. Such events may adversely affect our activities
and an investment in us.

 Security
threats to our business could result in, a loss of our digital assets, or damage to our reputation and our brand, each of which could
adversely affect an investment in us.

 Security breaches, computer malware, and computer
hacking attacks have been a prevalent concern in the digital asset exchange markets. A security breach caused by hacking, could include,
but is not limited to:

 efforts to gain unauthorized
 access to information or systems;

 efforts to cause intentional malfunctions or loss or corruption of
data, software, hardware, or other computer equipment; and

 the inadvertent transmission
 of computer viruses.

 A
security breach by hacking could harm our operations or result in loss of our digital assets. Any breach of our and our partners'
infrastructure could result in reputational harm and erode the trust of our partners and stockholders, which could adversely affect an
investment in us. Furthermore, as our assets grow, we may become a more appealing target for security threats such as hackers and malware.

 The security system and operational infrastructure
may be breached due to the actions of outside parties, error, or malfeasance of an employee, or otherwise, and, as a result, an unauthorized
party may obtain access to our private keys, data, or Bitcoins. Additionally, outside parties may attempt to fraudulently induce our employees
to disclose sensitive information in order to gain access to our infrastructure.

 Despite
our efforts, we may be unable to anticipate these techniques or implement adequate preventative measures since the hacking techniques
used are often not recognized until launched against a target. If an actual or perceived breach of our security system occurs, the market
perception of the effectiveness of our controls could be harmed, which could adversely affect an investment in us.

 Further,
in the event of a security breach, we may be subject to litigation forced to cease operations, or suffer a reduction in assets, the occurrence
of each of which could adversely affect an investment in us.

 Risks
Related to Doing Business in the PRC

 Substantially most of our assets and operations
are in the PRC, and substantially most of our revenue is sourced from the PRC. Accordingly, our results of operations and financial position
are subject to a significant degree to economic, political, and legal developments in the PRC, including the following risks:

 Uncertainties
with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in
policies, laws and regulations in China could adversely affect us.

 As a business operating in China, we are subject
to the laws and regulations of the PRC, which can be complex, and which evolve rapidly. We are organized not as a Chinese operating company
but as a Nevada holding company with operations conducted by our subsidiaries and through contractual arrangements with a variable interest
entity (VIE) based in China. This structure (a Nevada corporation with operations conducted by a Chinese VIE) involves unique risks to
investors. To our knowledge, this structure, and the contracts with VIE have not been tested in court. The VIE structure is used to provide
investors with exposure to foreign investment in China-based companies where Chinese law generally prohibits direct foreign investment
in local operating companies. Our shareholders may never hold equity interests in the Chinese operating companies. It is possible that
those Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our operations and
a material change in the value of our Common Stock, including a potentially significant decline (or, in some cases, becoming worthless).
As noted, these risks could result in a material change in our operations and the value of our securities and could significantly limit
or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly
decline or be worthless.

 The PRC government has the power to exercise significant
oversight and discretion over the conduct of our business, and the regulations to which we are subject may change rapidly and with little
notice for us or our shareholders. As a result, there remain uncertainties regarding the application, interpretation, and enforcement
of new and existing laws and regulations in the PRC. Compliance with the complex and evolving PRC laws, regulations, and regulatory statements
may be costly, and such compliance or any associated inquiries or investigations or any other government actions may:

 Delay or impede our development,

 Results in negative publicity or increase our operating costs,

 Require significant management time and attention,
 and

 Subject us to remedies,
 administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical
 operations, or demands or orders that we modify or even cease our business practices.

 The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, that restrict or otherwise unfavorably
impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business to ensure
compliance, could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals
or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented,
our business, financial condition and results of operations could be adversely affected as well as materially decrease the value of our
securities.

 The
PRC government may intervene or influence our operations in China, which may potentially result in a material adverse effect
on our operations. For example, the government of the PRC has recently published new policies that significantly affect certain industries
such as the education and internet industries, and we cannot rule out the possibility that it will in the future release regulations
or policies regarding our industry that could adversely affect our business, financial condition and results of operations.

 Recently,
the Chinese government initiated a series of regulatory actions and statements to regulate business operations in China, including enhanced
supervision over China-based companies listed outside of China using the variable interest entity structure, adopting new measures to
extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the
relevant PRC government authorities made public the Opinions on Intensifying Crack-Down on Illegal Securities Activities. These opinions
emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based
companies and proposed to take measures, such as promoting the construction of relevant regulatory systems to deal with the risks and
incidents faced by China-based overseas-listed companies. On November 14, 2021, the Cyberspace Administration of China (the "CAC")
released the draft Administrative Regulations on Cyber Data Security (the "Draft Cyber Data Security Regulations") for public
comments, which requires, among others, that a prior cybersecurity review should be required for listing abroad of data processors which
process over one million users' personal information, and the listing of data processors in Hong Kong which affects or may affect
national security.

 While the Company has not engaged in securities
offerings outside China, has no present intention to do so, and is not in the data processing business, it is possible that similar initiatives
in the future could adversely affect the Company's business The Chinese government may further promulgate relevant laws, rules
and regulations that may impose additional and significant obligations and liabilities on overseas listed Chinese companies regarding
data security, cross-border data flow, anti-monopoly and unfair competition, and compliance with China's securities laws. It is
uncertain whether or not these new laws, rules and regulations and the interpretation and implementation thereof may affect us.

 The Uyghur
Forced Labor Prevention Act prohibits the import of certain goods from the Xinjiang Uyghur Autonomous Region of China. While the Company
has operations in the Xinjiang Uyghur Autonomous Region, none of its products are imported into the United States, so that law should
have no effect on the Company.

 At
present, these statements and regulatory actions have had no impact on our daily business operations. Since these statements
and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and
what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and
the potential impact such modified or new laws and regulations will have on our business operations.

 Although the majority of our operations in China, our outside auditors,
GAO CPA Firm, is based in Frisco, Texas. The Holding Foreign Companies Accountable Act requires the Securities and Exchange Commission
(the "SEC") to identify public companies that have retained a registered public accounting firm to issue an audit report where
the firm has a branch or office that: (1) is located in a foreign jurisdiction, and (2) the Public Company Accounting Oversight Board
("PCAOB") has determined that it is unable to inspect or investigate completely because of a position taken by an authority
in the foreign jurisdiction. Since our auditors are located in Texas, and we are not owned or controlled by the Chinese government,
we do not believe that the Holding Foreign Companies Accountable Act is applicable to us.

 Risks
Relating to Contractual Arrangements with the VIE

 It
is possible that the government of the PRC might determine that the contractual arrangements underlying the VIE structure are not in
compliance with PRC laws, regulations, or interpretations either in their current form or if these laws or regulations change or are
interpreted differently in the future. If such determinations, changes, or interpretations result in our inability to assert contractual
control over the assets of our PRC subsidiaries or the VIE that conduct all or substantially all of our operations, our Common Stock
could become worthless."

 Changes
in the policies of the PRC government could have a significant impact upon the business we may be able to conduct in the PRC and the
profitability of such business.

 The Chinese government may intervene or influence
our operations in China at any time or may exert more control over offerings conducted outside China by and/or foreign investment in China-based
issuers, which could result in a material change in our operations and in the value of our securities. Any actions by the Chinese government
to exert more oversight and control over offerings that are conducted outside China by and/or foreign investment in China-based issuers
could significantly limit or completely hinder our ability to offer securities to investors and cause the value of such securities to
significantly decline or be worthless.

 The
PRC's economy is in a transition from a planned economy to a market-oriented economy, subject to five-year and annual plans adopted
by the government that set national economic development goals. Policies of the PRC government can have significant effects on economic
conditions in China. Our interests may be adversely affected by changes in policies by the PRC government, including:

 changes in laws, regulations, or their interpretation;

 confiscatory taxation;

 restrictions on currency conversion, imports or sources
 of supplies and export tariff;

 expropriation or nationalization of private enterprises.

 Although
the PRC government has been pursuing economic reform policies for more than two decades, we cannot assure you that the government will
continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership,
social or political disruption, or other circumstances affecting political, economic and social life in China.

 The
PRC laws and regulations governing our current business operations are sometimes vague and uncertain. Any changes in such PRC laws and
regulations may have a material and adverse effect on our business.

 There are uncertainties regarding the interpretation
and enforcement of PRC laws, rules, and regulations. We and any future subsidiaries are considered foreign persons or foreign funded enterprises
under PRC laws, and we are subject to PRC laws and regulations. These laws and regulations are sometimes vague and may be subject to future
changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness of newly enacted laws,
regulations or amendments may be delayed, resulting in detrimental reliance from foreign investors. New laws and regulations that affect
existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing
or new PRC laws or regulations may have on our business.

 Also, changes in U.S. and Chinese regulations
or in relations between the United States and China may adversely impact our business, our operating results, our ability to raise capital
and the value of our securities. Any such changes may take place quickly and with little notice.

 We
derive a substantial portion of our revenues from sales in the PRC and any downturn in the Chinese economy could have a material adverse
effect on our business and financial condition.

 Substantially
most of our operations are conducted in the PRC and substantially most of our revenues are generated from sales in the PRC. We anticipate
that revenues from sales of our products in the PRC will continue to represent a substantial proportion of our total revenues soon. Any
significant decline in the condition of the PRC economy could, among other things, adversely affect the consumption of our products,
which in turn would have a material adverse effect on our revenues and profitability.

 Inflation
in the PRC could negatively affect our profitability and growth.

 While
the PRC economy has experienced rapid growth, it has been uneven among various sectors of the economy and in different geographical areas
of the country. Rapid economic growth can lead to growth in the money supply and rising inflation. If prices for our products do not
rise at a rate that is sufficient to fully absorb inflation-driven increases in our costs of supplies, our profitability can be adversely
affected.

 According
to the National Bureau of Statistics of China, the year-over-year percent changes in the consumer price index for December 2022, 2023
and 2024 were increases of 2.0%, 0.2% and 0.2%, respectively. These fluctuations and economic factors have led to the adoption by the
Chinese government, from time to time, of various corrective measures designed to restrict the availability of credit or regulate growth
and contain inflation. To control inflation in the past, the PRC government has imposed controls on bank credits, limits on loans for
fixed assets and restrictions on state bank lending. The implementation of these and other similar policies can impede economic growth
and thereby harm the market for our products.

 Restrictions
on investigations by overseas securities regulators.

 Under
Article 177 of the PRC Securities Law, which became effective in March 2020, no overseas securities regulator can directly conduct investigations
or evidence collection activities within the PRC and no entity or individual in China may provide documents and information relating
to securities business activities to overseas regulators without Chinese government approval. As a result, our shareholders may not benefit
from a regulatory environment that fosters effective enforcement of U.S. and other securities laws. This could adversely affect investor
and shareholder protection, and it could cause securities exchanges and overseas regulators to impose additional requirements on us.

 Recent
regulatory developments in China may subject us to additional regulatory review and disclosure requirements, expose us to government
interference, or otherwise restrict our ability to offer securities and raise capital outside China, all of which could materially and
adversely affect our business and the value of our securities.

 As
the Chinese government has the ability to exercise significant oversight over the conduct of our business operations, any intervention,
influence, or control by the Chinese government could have material adverse effects on our business and the value of our Common Stock.
Such intervention could happen at any time, without warning, which could result in a material change in our operations and/or the value
of our Common Stock. The Chinese government has recently issued statements indicating an intent to exert more oversight and control over
offerings that are conducted overseas and/or foreign investment in China-based issuers; although the Company has no present intention
of raising capital in China, any such action by the Chinese government could significantly limit or completely hinder our ability to
offer securities to investors and cause the value of our Common Stock to significantly decline or become worthless.

 As
our operations in China increasingly involve the provision of administrative support as well as information technology services to our
operating entities within China, we may be subject to PRC laws relating to, among others, data security and restrictions over foreign
investments in value-added telecommunications services and other industry sectors set out in the Special Administrative Measures (Negative
List) for the Access of Foreign Investment (2020 Edition). Specifically, we may be subject to PRC laws relating to the collection, use,
sharing, retention, security, and transfer of confidential and private information, such as personal information and other data. These
PRC laws apply not only to third-party transactions, but also to transfers of information between us and our wholly foreign-owned enterprises
in China, and other parties with which we have commercial relations. These PRC laws and their interpretations and enforcement continue
to develop and are subject to change, and the PRC government may adopt other rules and restrictions in the future.

 The
recent regulatory developments in China, with respect to restrictions on China-based companies raising capital offshore, and the government-led
cybersecurity reviews of certain companies with VIE structures, may lead to additional regulatory review in China over our financing
and capital raising activities in the United States. The approval of the CSRC or other Chinese regulatory agencies may be required in
connection with our future capital-raising activities outside China under Chinese law.

 Pursuant to the PRC Cybersecurity Law, which was
promulgated by the Standing Committee of the National People's Congress on November 7, 2016 and took effect on June 1, 2017, personal
information and important data collected and generated by a critical information infrastructure operator in the course of its operations
in China must be stored in China, and if a critical information infrastructure operator purchases internet products and services that
affect or may affect national security, it should be subject to cybersecurity review by the CAC. The PRC Cybersecurity Law also establishes
more stringent requirements applicable to operators of computer networks, especially to operators of networks which involve critical information
infrastructure. The PRC Cybersecurity Law contains an overarching framework for regulating Internet security, protection of private and
sensitive information, and safeguards for national cyberspace security and provisions for the continued government regulation of the Internet
and content available in China. The PRC Cybersecurity Law emphasizes requirements for network products, services, operations, and information
security, as well as monitoring, early detection, emergency response, and reporting. Due to the lack of further interpretations, the exact
scope of "critical information infrastructure operator" remains unclear. On July 10, 2021, the CAC publicly issued the Cybersecurity
Review Measures (the "Draft Measures") for public comments until July 25, 2021. According to the Draft Measures, the scope
of cybersecurity reviews is extended to data processing operators engaging in data processing activities that affect or may affect national
security. The Draft Measures further requires that any operator applying for listing on a foreign exchange must go through cybersecurity
review if it possesses personal information of more than one million users. According to the Draft Measures, a cybersecurity review assesses
potential national security risks that may be brought about by any procurement, data processing, or overseas listing. The review focuses
on several factors, including, among others, (1) the risk of theft, leakage, corruption, illegal use or export of any core or important
data, or a large amount of personal information, and (2) the risk of any critical information infrastructure, core or important data,
or a large amount of personal information being affected, controlled or maliciously exploited by a foreign government after a company
is listed overseas. While the Draft Measures had been released for consultation purpose, there is still uncertainty regarding the Draft
Measures as to its final content, its adoption timeline or effective date, its final interpretation and implementation, and other aspects.
Furthermore, the Standing Committee of the National People's Congress passed the Personal Information Protection Law of the PRC
("PIPL"), which will become effective from November 1, 2021, and requires general network operators to obtain a personal information
protection certification issued by recognized institutions in accordance with the CAC regulation before such information can be transferred
out of China.

 On
July 30, 2021, in response to the recent regulatory developments in China and actions adopted by the PRC government, the Chairman of
the SEC issued a statement requesting additional disclosures from offshore issuers with China-based operating companies before their
registration statements will be declared effective, including detailed disclosure related to VIE structures and whether the VIE and the
issuer, when applicable, received or were denied permission from the PRC authorities to list on U.S. exchanges and the risks that such
approval could be denied or rescinded. On August 1, 2021, the CSRC issued a statement that it had taken note of the new disclosure requirements
announced by the SEC regarding the listings of Chinese companies and the recent regulatory developments in China, and that the securities
regulators in both countries should strengthen communications on regulating China-related issuers.

 As of the date of this report, we have taken preliminary
steps to expand our business into that of blockchain applications and cryptocurrency mining in international markets. Our remaining operations
in China do not involve the processing of any significant amount of personal information. However, if the enacted version of the Draft
Measures mandates clearance of cybersecurity review and other specific actions to be completed by companies aiming to offer securities
outside China, we cannot assure you that the PRC regulatory authorities will not subsequently require us to undergo the approval procedures
and subject us to penalties for non-compliance, or that if we are required to obtain such clearance, such clearance can be timely obtained,
or at all. If we become subject to cybersecurity inspection and/or review by the CAC or other PRC authorities or are required by them
to take any specific actions, it could cause suspension or termination of the future offering of our securities, disruptions to our operations,
result in negative publicity regarding our company, and divert our managerial and financial resources. We may also be subject to significant
fines or other penalties, which could materially and adversely affect our business, financial condition, and results of operations.

 Our
subsidiaries are subject to restrictions on paying dividends and making other payments to our subsidiary, Green New Jersey; as a result,
we might therefore be unable to pay dividends to you.

 We are a holding company incorporated in the State
of Nevada and do not have any assets or conduct any business operations other than our investments in our subsidiaries, Green New Jersey,
Jinong, Gufeng, and the VIE company. Because of our holding company structure, we rely entirely on dividends payments from our subsidiaries
in the PRC. PRC regulations currently permit payment of dividends only out of accumulated profits, as determined in with PRC accounting
standards and regulations. Under PRC accounting standards and regulations, our subsidiaries are also required to set aside a portion of
their after-tax profits to fund certain reserves. We may experience difficulties such as lengthy processing time from the foreign exchange
administrative bureau's side and administrative formalities in completing the procedures necessary to obtain and remit foreign currency.
Furthermore, if any of our subsidiaries incurs debt on their own in the future, the instruments governing the debt may restrict their
ability to pay dividends or make other payments. If we or Green New Jersey are unable to receive any profits from the operations of our
subsidiaries in the PRC, we may be unable to pay dividends to our common stockholders.

 Governmental
control of currency conversion may affect the value of our common stock.

 The PRC government imposes controls on the convertibility
of Renminbi ("RMB") into foreign currencies and, in certain cases, the remittance of currency out of the PRC. We receive substantially
all our revenues in RMB, which is currently not a freely convertible currency. Shortages in the availability of foreign currency may restrict
our ability to remit sufficient foreign currency to pay dividends or otherwise satisfy foreign currency denominated obligations. Under
existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures
from the transaction, can be made in foreign currencies without prior approval from the PRC State Administration of Foreign Exchange ("SAFE")
by complying with certain procedural requirements. However, approval from appropriate governmental authorities is required where RMB is
to be converted into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of bank loans denominated
in foreign currencies.

 The
PRC government also may at its discretion restrict access in the future to foreign currencies for current account transactions. If the
foreign exchange control system prevents us from obtaining sufficient foreign currency to satisfy our currency demands, we may not be
able to pay certain of our expenses as they come due.

 The
fluctuation of RMB may materially and adversely affect our common stock.

 The value of the RMB against the U.S. dollar and
other currencies may fluctuate and is affected by, among other things, changes in the PRC's political and economic conditions. As
we rely entirely on revenues earned in the PRC, any significant revaluation of RMB may materially and adversely affect our cash flows,
revenues, and financial condition. For example, to the extent that we need to convert U.S. dollars we receive from an offering of our
securities into RMB for our operations, appreciation of the RMB against the U.S. dollar could lead the RMB equivalent of the U.S. dollars
to be reduced and could have a material adverse effect on our business, financial condition and results of operations. Conversely, if
we decide to convert our RMB into U.S. dollars for making dividend payments on our common stock or for other business purposes and the
U.S. dollar appreciates against the RMB, the U.S. dollar equivalent of the RMB we convert would be reduced. In the fiscal year 2025, China's
currency increased by a cumulative 1.5% against the U.S. dollar on hopes of boosting the domestic economy, making Chinese exports cheaper
and imports into China more expensive by that amount. The effect on trade can be substantial. In addition, the depreciation of significant
U.S. dollar denominated assets could result in a charge to our income statement and a reduction in the value of these assets.

 PRC regulations relating to the establishment
of offshore special purpose companies by PRC domestic residents may subject our PRC resident beneficial owners to personal liability,
limit our ability to inject capital into our PRC subsidiaries, limit our subsidiaries' ability to increase their registered capital,
or distribute profits to us, or may otherwise adversely affect us.

 SAFE promulgated the Circular on Relevant Issues
Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment and Financing and Roundtrip Investment through Special
Purpose Vehicles, or SAFE Circular 37, on July 4, 2014, which replaced the former circular commonly known as "SAFE Circular 75"
promulgated by SAFE on October 21, 2005. SAFE Circular 37 (the "SAFE Notice") requires PRC residents to register with local
branches of SAFE regarding their direct establishment or indirect control of an offshore entity, for overseas investment and financing,
with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or interests, referred
to in SAFE Circular 37 as a "special purpose vehicle" (the "SPV"). SAFE Circular 37 further requires amendment
to the registration in the event of any significant changes with respect to the special purpose vehicle, such as increase or decrease
of capital contributed by PRC individuals, share transfer or exchange, merger, division, or other material event. Under the SAFE Notice,
failure to comply with the registration procedures set forth above could result in liability under Chinese law for foreign exchange evasion
and may result in penalties and legal sanctions, including fines, the imposition of restrictions on a Chinese subsidiary's foreign
exchange activities and its ability to distribute dividends to the SPV, its ability to pay the SPV proceeds from any reduction in capital,
share transfer or liquidation in respect of the Chinese subsidiary and the SPV's ability to contribute additional capital into or
provide loans to the Chinese subsidiary. After consultation with China counsel, we do not believe that any of our PRC domestic resident
stockholders are subject to the SAFE registration requirement. However, we cannot provide any assurances that all our stockholders who
are PRC residents will not be required to make or obtain any applicable registrations or approvals required by these SAFE regulations
in the future. The failure or inability of our PRC resident stockholders to comply with the registration procedures set forth may subject
us to fines and legal sanctions, restrict our cross-border investment activities, or limit our PRC subsidiaries' ability to distribute
dividends or obtain foreign-exchange-dominated loans to our company.

 As
it is uncertain how the SAFE regulations will be interpreted or implemented, we cannot predict how these regulations will affect our
business operations or future strategy. For example, we may be subject to more stringent review and approval process with respect to
our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings, which may adversely affect
our results of operations and financial condition. In addition, if we decide to acquire a PRC domestic company, we cannot assure you
that we or the owners of such company will be able to obtain the necessary approvals or complete the necessary filings and registrations
required by the SAFE regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect our
business and prospects.

 We
may be subject to fines and legal sanctions by SAFE or other PRC government authorities if we or our employees who are PRC citizens fail
to comply with PRC regulations relating to employee stock options granted by offshore listed companies to PRC citizens.

 On
March 28, 2007, SAFE promulgated the Operating Procedures for Foreign Exchange Administration of Domestic Individuals Participating in
Employee Stock Ownership Plans and Stock Option Plans of Offshore Listed Companies, or Circular 78. Under Circular 78, Chinese citizens
who are granted share options by an offshore listed company are required, through a Chinese agent or Chinese subsidiary of the offshore
listed company, to register with SAFE and complete certain other procedures, including applications for foreign exchange purchase quotas
and opening special bank accounts. We and our Chinese employees who have been granted share options are subject to Circular 78. Failure
to comply with these regulations may subject us or our Chinese employees to fines and legal sanctions imposed by SAFE or other PRC government
authorities and may prevent us from further granting options under our share incentive plans to our employees. Such events could adversely
affect our business operations.

 Our
business and financial performance may be materially adversely affected if the PRC regulatory authorities determine that our acquisition
of Jinong constitutes a Round-trip Investment without the PRC Ministry of Commerce ("MOFCOM") approval.

 On August 8, 2006, six PRC regulatory agencies
promulgated the Regulation on Merger and Acquisition of Domestic Companies by Foreign Investors (the "2006 M&A Rules"),
which became effective on September 8, 2006. According to the 2006 M&A Rules, a "Round-trip Investment" is defined as
having taken place when a PRC business that is owned, directly or indirectly, by PRC individual(s) is sold to a non-PRC entity that is
established or controlled, directly or indirectly, by those same PRC individual(s) and their PRC affiliates. Under the 2006 M&A Rules,
any Round-trip Investment must be approved by the MOFCOM. The application of the 2006 M&A Rules with respect to the definition of
Round-trip Investment remains unclear, with no consensus currently existing among the leading PRC law firms regarding the definition and
scope of the applicability of MOFCOM approval.

 We,
through Green New Jersey, acquired 100% of the capital stock of Jinong (the "Jinong Acquisition.") Jinong is a PRC business
whose stockholders were two PRC individuals and a PRC entity, of which Mr. Tao Li, our former Chairman and CEO, was the controlling stockholder,
holding 31% of its shares. The PRC regulatory authorities could take the view that the Jinong Acquisition may be part of a Round-trip
Investment. The PRC legal counsel of Jinong has opined that the Jinong Acquisition did not violate any PRC law, which would include the
2006 M&A Rules. We, however, cannot assure you that the PRC regulatory authority, MOFCOM, will take the same view as the PRC legal
counsel. If the PRC regulatory authorities take the view that the Jinong Acquisition constitutes a Round-trip Investment under the 2006
M&A Rules, we cannot be assured that we may be able to obtain the approval required from MOFCOM.

 If the PRC regulatory authorities take the view
that the Jinong Acquisition constitutes a Round-trip Investment without MOFCOM approval, they could invalidate our acquisition and ownership
of Jinong. Additionally, the PRC regulatory authorities may take the view that the Jinong Acquisition constitutes a transaction which
requires the prior approval of the China Securities Regulatory Commission, or CSRC, before MOFCOM approval is obtained. We believe that
if this takes place, we may be able to find a way to re-establish control of Jinong's business operations through a series of contractual
arrangements rather than an outright purchase of Jinong. We cannot assure you that such contractual arrangements will be protected by
PRC law or that we can receive complete or effective economic benefit and overall control of Jinong's business than if the Company
had direct ownership of Jinong. In addition, we cannot assure you that such contractual arrangements can be successfully affected under
PRC law. If we cannot obtain MOFCOM or CSRC approval if required by the PRC regulatory authorities to do so, and if we cannot put in place
or enforce relevant contractual arrangements as an alternative and equivalent means of control of Jinong, our corporate structure could
be materially adversely affected.

 Jinong's contractual arrangements with Yuxing may result in
adverse tax consequences for us.

 We
could face material and adverse tax consequences if the PRC tax authorities determine that Jinong's contractual arrangements with
Yuxing were not made on an arm's length basis and adjust our income and expenses for PRC tax purposes in the form of a transfer
pricing adjustment. A transfer pricing adjustment could result in a reduction, for PRC tax purposes, of adjustments recorded by Yuxing,
which could adversely affect us by increasing Yuxing's tax liability without reducing Jinong's tax liability, which could
further result in late payment fees and other penalties to Yuxing for underpaid taxes.

 We
control Yuxing through contractual arrangements which may not be as effective in providing control over Yuxing as direct ownership, and
if Yuxing or its shareholders breach the contractual arrangements, we would have to rely on legal remedies under PRC law, which may not
be available or effective, to enforce or protect our rights.

 Effective June 16, 2013, we substantially conduct
all our operations on agriculture products, and generate substantially all our revenues from agriculture products, through contractual
arrangements with VIE, Yuxing, that provide us, through our ownership of Green New Jersey and its ownership of Jinong, with effective
control over Yuxing. We have no direct ownership interest in Yuxing. We depend on Yuxing to hold and maintain agriculture products contracts
with our customers. Yuxing also owns substantially all our property, facilities and other assets relating to the operation of our agriculture
products business and employs personnel for substantially all our agriculture products business. Neither we nor Jinong has any direct
ownership interest in Yuxing. Although we believe that that each contract under Jinong's contractual arrangements with Yuxing is
valid, binding, and enforceable under current PRC laws and regulations in effect, these contractual arrangements may not be as effective
in providing us with control over Yuxing as direct ownership of Yuxing would be. In addition, Yuxing may breach the contractual arrangements.
For example, Yuxing may decide not to make contractual payments to Jinong, and consequently to us, in accordance with the existing contractual
arrangements. In the event of any such breach, we would have to rely on legal remedies under PRC law. These remedies may not always be
available or effective, particularly considering uncertainties in the PRC legal system.

may also seek to renew its agreements on terms that are disadvantageous to us. Although we have entered into a series of agreements that
provide us with substantial ability to control Yuxing, we may not succeed in enforcing our rights under them insofar as our contractual
rights and legal remedies under PRC law are inadequate. If we are unable to renew these agreements on favorable terms when these agreements
expire or enter into similar agreements with other parties, our business may not be able to operate or expand, and our operating expenses
may significantly increase.

 In
addition, although we do not rely on Yuxing's revenue, Yuxing's VIE structure is subject to uncertainty amid the PRC's
changing legislative practice. In January 2015, China's Ministry of Commerce unveiled draft legislation that could change how the
government regulates corporate structures, especially for VIEs controlled by foreign investments. Instead of looking at "ownership,"
the draft law focuses on the entities or individuals who control a VIE. If a VIE is deemed to be controlled by foreign investors, it
may be barred from operating in restricted sectors or the prohibited sectors listed on a "negative list," where only companies
controlled by Chinese nationals could operate, even if structured as VIEs.

 If
the draft law is implemented in any form, and the Company's business is characterized as one of the "restricted" or
"prohibited" sectors, Yuxing may be barred from operation, which would materially adversely affect our business.

 PRC
laws and regulations governing our businesses and the validity of certain of our contractual arrangements are uncertain. If we are found
to be in violation of such PRC laws and regulations, we could be subject to sanctions. In addition, changes in such PRC laws and regulations
may materially and adversely affect our business.

 There
are substantial uncertainties regarding the interpretation and application of PRC laws and regulations, including, but not limited to,
the laws and regulations governing our business, or the enforcement and performance of Yuxing's contractual arrangements with Jinong.
Jinong is considered a foreign invested enterprise under PRC law. As a result, Jinong is subject to PRC law limitations on its businesses
and foreign ownership of Chinese companies. These laws and regulations are relatively new and may be subject to change, and their official
interpretation and enforcement may involve substantial uncertainty. The effectiveness of newly enacted laws, regulations or amendments
may be delayed, resulting in detrimental reliance by foreign investors. New laws and regulations that affect existing and proposed future
businesses may also be applied retroactively.

 The PRC government has broad discretion in dealing
with violations of laws and regulations, including levying fines, revoking business and other licenses, and requiring actions necessary
for compliance. Licenses and permits issued or granted to us by relevant governmental bodies may be revoked later by higher regulatory
bodies. We cannot predict the effect of the interpretation of existing or new PRC laws or regulations on our businesses. We cannot assure
you that our current ownership and operating structure will not be found in violation of any current or future PRC laws or regulations.
As a result, we may be subject to sanctions, including fines, and could be required to restructure our operations or cease to provide
certain services. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and
management attention. Any of these or similar actions could significantly disrupt our business operations or restrict us from conducting
a substantial portion of our business operations, which could materially and adversely affect our business, financial condition, and results
of operations.

 The
PRC environmental laws and regulations may adversely impact on our business.

 Our manufacturing operations are subject to numerous
environmental laws, ordinances, and regulations. These laws, ordinances and regulations address and regulate, among other matters, wastewater
discharge, air quality and the generation, handling, storage, treatment, disposal, and transportation of solid and hazardous waste. It
is possible that compliance with a new regulatory requirement could impose significant compliance costs on us. Such costs could have a
materially adverse effect on our business, financial condition, and results of operations. The increased global focus on environmental
and social issues could result in the adoption of more stringent standards in these areas by the PRC.

 We believe that we have obtained all permits,
licenses, and approvals, and filed all registrations required for the conduct of our business, except where the failure to obtain such
permit, license or approval, or file any registration would not have a material adverse effect on our business, financial condition and
results of operations. We have not been notified by any governmental authority of any continuing noncompliance, liability or other claim
relating to any of our properties or business operations, nor are we aware of any other material environmental condition with respect
to any of our properties or arising out of our business operations at any other location.

 However,
no assurance can be given that all potential environmental liabilities have been identified or properly quantified or that any prior
owner, operator, or tenant has not created an environmental condition unknown to us. Moreover, no assurance can be given that (i) future
laws, ordinances or regulations will not impose any material environmental liability or (ii) the current environmental condition of the
properties will not be affected by the condition of land or operations near the properties (such as the presence of underground storage
tanks), or by third parties unrelated to us.

 PRC
regulation of loans and direct investment by offshore holding companies to PRC entities may delay or prevent us from using the proceeds
we receive from any offerings to make loans to our PRC subsidiaries or to make additional capital contributions to our PRC subsidiaries,
which could materially and adversely affect our liquidity and our ability to fund and expand our business.

 We
are a holding company in the United States conducting our operations in China through our PRC subsidiaries. In utilizing the proceeds,
we may receive from any offerings, we may make loans to our PRC subsidiaries, whether currently in existence or to be formed in the future,
or we may make additional capital contributions to our PRC subsidiaries.

 Any
loans we make to our PRC subsidiaries cannot exceed statutory limits and must be registered with SAFE, or its local counterparts. Under
applicable PRC law, the government authorities must approve a foreign-invested enterprise's registered capital amount, which represents
the total amount of capital contributions made by the stockholders that have registered with the registration authorities. In addition,
the authorities must also approve the foreign-invested enterprise's total investment, which is equal to the company's registered
capital plus the amount of stockholder loans it is permitted to borrow under the law. The ratio of registered capital to total investment
cannot be lower than the minimum statutory requirement. If we make loans to our operating subsidiaries in China that do not exceed the
current maximum amount of borrowings, we will have to register each loan with SAFE or its local counterpart for the issuance of a registration
certificate of foreign debts. In practice, it could be time-consuming to complete such SAFE registration process. Alternatively, or concurrently
with the loans, we might make capital contributions to our operating subsidiaries in China and such capital contributions involve uncertainties
of their own. Further, SAFE promulgated a new circular (known as Circular 142) in August 2008 with respect to the administration of conversion
of foreign exchange capital contributions of a foreign-invested enterprise. The circular clarifies that RMB converted from foreign exchange
capital contributions can only be used for the activities within the approved business scope of such foreign-invested enterprise and
cannot be used for domestic equity investments unless otherwise permitted.

 While
we do not foresee this to happen soon, with respect to future loans by us to our PRC subsidiaries or with respect to future capital contributions
by us to our PRC subsidiaries, we cannot be assured that we will be able to complete the necessary government registrations or obtain
the necessary government approvals on a timely basis, if at all, when the need arises. If circumstances call and if we fail to complete
such registrations or obtain such approvals, our ability to use the proceeds we receive from this offering and to capitalize or otherwise
fund our PRC operations may be negatively affected, which could adversely and materially affect our ability to fund and expand our business.

 The
PRC government has significant influence over companies with China-based operations by enforcing existing rules and regulation, adopting
new ones, or changing relevant industrial policies in a manner that may materially increase our compliance cost, change the relevant
industry landscape or otherwise cause significant changes to our remaining business operations in China, which could result in material
and adverse changes in our operations and cause the value of our securities to significantly decline or be worthless.

 The PRC government has significant influence over
China-based operations of any company by allocating resources, providing preferential treatment to industries or companies, or imposing
industry-wide policies on certain industries. The PRC government may also amend or enforce existing rules and regulation, or adopt ones,
which could materially increase our compliance cost, change the relevant industry landscape, or cause significant changes to our business
operations in China. In addition, the PRC regulatory system is based in part on government policies and internal guidance, some of which
are not published on a timely basis or at all, and some of which may even have a retroactive effect. We may not always be aware of all
non-compliance incidents, and may face regulatory investigation, fines, and other penalties as a result. As a result of the changes in
the industrial policies of the PRC government, including the amendment to and/or enforcement of the related laws and regulations, companies
with China-based operations face significant compliance and operational risks and uncertainties. For example, on July 24, 2021, Chinese
state media, including Xinhua News Agency and China Central Television, announced a broad set of reforms targeting private education companies
providing after-school tutoring services and prohibiting foreign investments in institutions providing such after-school tutoring services.
As a result, the market value of certain U.S. listed companies with China-based operations in the affected sectors declined substantially.
On August 30, 2021, the PRC government-imposed restrictions over the provision of online gaming services to minors, aiming at curbing
excessive indulgence in online gaming and protecting minors' mental and physical health, which could adversely affect the development
of the online gaming industry in China. The PRC government has also imposed severe restrictions over the operations of cryptocurrency
business, which changed the entire industry landscape in China. In addition, the National Development and Reform Commission of China may
classify cryptocurrency mining operations as an industry to be eliminated. We have adopted a development strategy to focus on the development
and expansion of our blockchain and cryptocurrency mining operations into international markets. As of the date of this report, we are
not aware of any similar regulations that may be adopted to significantly curtail our existing business operations in China. However,
if such other adverse regulations or policies are adopted in China, our existing operations in China will be materially and adversely
affected, and we may have to relocate our offices and certain assets to international markets outside China, which may significantly disrupt
our international operations and adversely affect our business, financial condition and results of operations.

 If
we were to be deemed as a "resident enterprise" by PRC tax authorities, we could be subject to tax on our global income at
the rate of 25% under the Enterprise Income Tax Law ("2008 EIT Law") in the PRC and our non-PRC shareholders could be subject
to certain PRC taxes.

 Under the 2008 EIT Law and the implementing rules,
both of which became effective January 1, 2008, an enterprise established outside of the PRC with "de facto management bodies"
within the PRC may be considered a PRC "resident enterprise" and will be subject to the enterprise income tax at the rate
of 25% on its global income as well as PRC enterprise income tax reporting obligations. The implementing rules of the 2008 EIT Law define
"de facto management" as "substantial and overall management and control over the production and operations, personnel,
accounting, and properties" of the enterprise. If we were to be considered a "resident enterprise" by the PRC tax authorities,
our global income would be taxable under the 2008 EIT Law at the rate of 25% and, to the extent we were to generate a substantial amount
of income outside of PRC in the future, we would be subject to additional taxes. In addition, the dividends we pay to our non-PRC enterprise
shareholders and gains derived by such shareholders from the transfer of our shares may also be subject to PRC withholding tax at the
rate up to 10% if such income were regarded as China-sourced income. In addition, the circular mentioned above details that certain Chinese-invested
enterprises controlled by Chinese enterprises or Chinese group enterprises will be classified as "resident enterprises" if
the following are located or resident in China: senior management personnel and departments that are responsible for daily production,
operation and management; financial and personnel decision making bodies; key properties, accounting books, company seal, and minutes
of board meetings and stockholders' meetings; and half or more of the directors with voting rights or senior management. However,
as of the date hereof, no final interpretation on the implementation of the "resident enterprise" designation is available.
Moreover, any such designation, when made by PRC tax authorities, will be determined based on the facts and circumstances of individual
cases. As a result, we cannot determine the likelihood or consequences of our being designated a "resident enterprise" as
of the date hereof.

 If
the PRC tax authorities determine that we are a "resident enterprise," we may be subject to enterprise income tax at a rate
of 25% on our worldwide income and dividends paid by us to our non-PRC stockholders as well as capital gains recognized by them with
respect to the sale of our stock may be subject to a PRC withholding tax. This will have an impact on our effective tax rate, a material
adverse effect on our net income and results of operations, and it may require us to withhold tax on our non-PRC stockholders.

 Because
most of our assets are located outside of the United States and because almost all our directors and officers reside outside of the United
States, it may be difficult for you to use the United States Federal securities laws to enforce your rights against us and our officers
and most of our directors or to enforce judgments of United States courts against us or most of our directors and officers in the PRC.

 Almost all our present officers and directors
reside outside of the United States; accordingly, it may be difficult to serve them with process in case of a legal action against them.
In addition, our operating subsidiaries are in the PRC and substantially all their assets are located outside of the United States. It
may therefore be difficult for investors in the United States to enforce their legal rights based on the civil liability provisions of
the United States Federal securities laws against us or our officers and directors in the courts of either the United States or the PRC
and, even if civil judgments are obtained in courts of the United States, to enforce such judgments in PRC courts. It is unclear if extradition
treaties now in effect between the United States and the PRC would permit effective enforcement against us or most of our directors and
officers of criminal penalties, under the United States Federal securities laws or otherwise. In addition, enforcement of a foreign judgment
in the PRC may be limited or otherwise affected by applicable bankruptcy, insolvency, liquidation, arrangement, moratorium, or similar
laws relating to or affecting creditors' rights generally and will be subject to a statutory limitation of time within which proceedings
may be brought.

 Failure
to comply with the U.S. Foreign Corrupt Practices Act could subject us to penalties and other adverse consequences.

 We are required to comply with the United States
Foreign Corrupt Practices Act, which generally prohibits United States companies from engaging in bribery or other prohibited payments
to foreign officials for obtaining or retaining business. Foreign companies, including some that may compete with us, are not subject
to these prohibitions, and therefore may have a competitive advantage over us. Corruption, extortion, bribery, pay-offs, theft, and other
fraudulent practices may occur in the PRC. If our competitors engage in these practices, they may receive preferential treatment, giving
our competitors an advantage in securing business, which would put us at a disadvantage. We can make no assurance that our employees or
other agents will not engage in such conduct for which we might be held responsible. If our employees or other agents are found to have
engaged in such practices, we could suffer severe penalties and other consequences that may have a material adverse effect on our business,
financial condition, and results of operations.

 We
may have difficulty managing the risk associated with doing business in the Chinese fertilizer and agricultural products sectors.

 In general, the fertilizer and agricultural products
sectors in China are affected by a series of factors, including, but not limited to, natural, economic, and social such as climate, market,
technology, regulation, and globalization, which makes risk management difficult. Fertilizer and agricultural products operations in China
face similar risks as present in other countries; however, in the PRC these can either be mitigated or exacerbated due to governmental
intervention through policy promulgation and implementation either in the fertilizer and agricultural products or sectors which provide
critical inputs to fertilizer and agricultural products such as energy or outputs such as transportation. While not an exhaustive list,
the following factors could significantly affect our ability to do business:

 food, feed, and energy demand including liquid fuels
 and crude oil;

 agricultural, financial, energy and renewable energy
 and trade policies;

 input and output pricing due to market factors and
 regulatory policies;

 production and crop progress
 due to adverse weather conditions, equipment deliveries, and water and irrigation conditions; and

 infrastructure conditions and policies.

 Currently,
we do not hold and do not intend to purchase insurance policies to protect revenue in the case that the above conditions cause losses
of revenue.

 Risks
Related to an Investment in our Stock.

 Numerous
factors, many of which are beyond our control, may cause the market price of our Common Stock to fluctuate significantly.

 We have received a notice of delisting from
the NYSE, which, if finalized, would materially and adversely affect the trading price and liquidity of our common stock and our ability
to raise capital.

 On October 13, 2025, we received a determination
notice from the staff of NYSE Regulation stating their decision to commence proceedings to delist our common stock from the NYSE for failure
to meet the minimum average global market capitalization standard. Trading in our common stock on the NYSE was suspended immediately.
While we are evaluating our options, including a potential appeal of this determination, there can be no assurance that any appeal would
be successful. The delisting of our common stock would have numerous significant and adverse consequences, including:

 Reduced
 Liquidity and Market Price. If our common stock is delisted, we may seek to have it quoted
 on an OTC market, such as the OTCQB or Pink Sheets. These alternative markets are generally
 considered to be less liquid and more volatile than the NYSE. Delisting could result in a
 significant decline in the trading price of our common stock, a reduction in the number of
 market makers for our stock, and wider bid-ask spreads, making it more difficult and expensive
 for investors to trade their shares. Furthermore, many institutional investors have policies
 that prevent them from holding unlisted securities, which could lead to forced sales and
 further downward pressure on our stock price.

 Severely
 Impaired Access to Capital. A delisting would severely limit or eliminate our access to public
 equity capital markets. This would make it substantially more difficult to raise the funds
 necessary to finance our operations, execute our business plan, or pursue strategic opportunities.
 A lack of access to capital could materially harm our business, financial condition, and
 ability to continue as a going concern.

 Negative
 Impact on Business and Reputation. The delisting of our common stock could harm our business
 relationships and reputation. It may be more difficult to attract and retain qualified employees,
 particularly those who receive equity-based compensation. Similarly, our customers, vendors,
 and other strategic partners may view a delisting as a sign of financial instability, which
 could negatively impact their willingness to do business with us.

 Given these factors, the delisting of our common
stock from the NYSE would have a material and adverse effect on our company and the value of your investment.

 We may not pay any cash dividends in the near future.

 We paid a cash dividend on January 30, 2015 to
stockholders of record as of the close of business on the record date of October 31, 2014. However, we may not anticipate paying cash
dividends on our common stock in the near future and we may not have sufficient funds legally available to pay dividends. Even if the
funds are legally available for distribution, we may nevertheless decide not to pay, or may be unable to pay, any dividends. At present
we intend to retain all earnings for our company's operations.

 The
market price for our common stock may be volatile and subject to wide fluctuations, which may adversely affect the price at which you
can sell our shares.

 The
market price for our common stock may be volatile and subject to wide fluctuations in response to factors including the following:

 actual or anticipated fluctuations in our quarterly
 operations results;

 filing of a class action lawsuit against us and certain
 of our current and former officers;

 changes in financial estimates by securities research
 analysts;

 conditions in foreign or domestic fertilizer and agricultural
 markets;

 changes in the economic performance or market valuations
 of other companies in the same industry;

 announcements by us or our competitors of new products, acquisitions,
strategic partnerships, joint ventures, or capital commitments;

 addition or departure of key personnel;

 fluctuations of exchange rates between the RMB and
 the U.S. dollar;

 intellectual property litigation;

 general economic or political conditions in the PRC;
 and

 Other events or factors, many of which are beyond our
 control.

 In addition, the securities market has experienced significant price
and volume fluctuations that are not related to the operating performance of companies. These market fluctuations may also materially
and adversely affect the market price of our stock, regardless of our actual operating performance.

 We
may require additional financing in the future and our operations could be curtailed if we are unable to obtain required additional financing
when needed.

 We may need to obtain additional equity or debt
financing to fund future capital expenditures. Additional equity may result in dilution for the holders of our outstanding shares of capital
stock. Additional debt financing may include conditions that would restrict our freedom to operate our business, such as conditions that:

 limit our ability to pay
 dividends or require us to seek consent for the payment of dividends;

 increase our vulnerability
 to general adverse economic and industry conditions;

 require us to dedicate
 a portion of our cash flow from operations to payments on our debt, thereby reducing the availability of our cash flow to fund capital
 expenditures, working capital and other general corporate purposes; and

 limit our flexibility in
 planning for, or reacting to, changes in our business and our industry.

 We
cannot guarantee that we will be able to obtain any additional financing on terms that are acceptable to us, or at all.

 SEC investor bulletin regarding reverse mergers
may drive down the market price of our common stock.

 On
June 9, 2011, the SEC issued an investor bulletin in which it explained the process by which a company becomes a public company by means
of a reverse merger, described the potential risks of investing in a reverse merger company and detailed recent enforcement actions taken
by it against certain reverse merger companies. The investor bulletin raised specific concerns with respect to foreign companies that
access the U.S. markets through the reverse merger process, as we did. The SEC investor bulletin could lead investors in our common stock
to sell their shares and may cause other investors not to invest in us, thus driving down the market price of our common stock or making
it more difficult for us to raise funds in the future.

 Stockholders
should have no expectation of any dividends in the future.

 We paid a cash dividend on January 30, 2015 to
stockholders of record as of the close of business on the record date of October 31, 2014. However, the Board of Directors may not intend
to declare any dividends on our common stock soon, but instead it currently intends to retain all earnings, if any, for use in the operation
and expansion of our business. If we decide to pay dividends, foreign exchange and other regulations in China may restrict our ability
to distribute retained earnings from China or convert those payments from Renminbi into foreign currencies.

 If
our common stock were delisted and determined to be a "penny stock," a broker-dealer may find it more difficult to trade
our common stock and an investor may find it more difficult to acquire or dispose of our common stock in the secondary market.

 If
our common stock were removed from listing with the New York Stock Exchange, it may be subject to the so-called "penny stock"
rules. The SEC has adopted regulations that define a "penny stock" to be any equity security that has a market price per
share of less than $5.00, subject to certain exceptions, such as any securities listed on a national securities exchange. For any transaction
involving a "penny stock," unless exempt, the rules impose additional sales practice requirements on broker-dealers, subject
to certain exceptions. If our common stock were delisted and determined to be a "penny stock," a broker-dealer may find it
more difficult to trade our common stock and an investor may find it more difficult to acquire or dispose of our common stock on the
secondary market. Investors in penny stocks should be prepared for the possibility that they may lose their whole investment.

 The
fact that we operate through a VIE poses certain risks.

 Enlightify Inc., as a holding company incorporated
in Nevada, the United States, without material operations of its own, relies on dividends and other distributions on equity paid by its
PRC operating subsidiaries for its cash needs. We do not control VIE or have any equity interest in it but rely solely on contractual
arrangements with VIE. These contractual relationships are not equivalent to an equity position; their principal purpose is to allow the
Company to consolidate the VIE results for US GAAP purposes. These contracts have not been tested in a court of law; the other parties
to them could violate them, and we cannot be sure the courts will allow us any recourse in the case of such violations. Investors may
experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in China based
upon U.S. laws, including the federal securities laws or other foreign laws against us or our management.

 Risks
Related to Cybersecurity.

 We may be exposed to cybersecurity threats
and hacks, which could have a material adverse effect on our business, financial condition, and results of operations.

 The
threats to network and data security are increasingly diverse and sophisticated. Despite our efforts and processes to prevent breaches,
our computer servers and computer systems may be vulnerable to cybersecurity risks, including denial-of-service attacks, physical or
electronic break-ins, employee theft or misuse and similar disruptions from unauthorized tampering with our computer servers and computer
systems. The preventive actions we take to reduce the risk of cyber incidents and protect our information technology and networks may
be insufficient to repel a major cyber-attack in the future. To the extent that any disruption or security breach results in a loss or
damage to our network, in unauthorized disclosure of confidential information or in a loss of our cryptocurrencies, it could cause significant
damage to our reputation, lead to claims against us and ultimately have a material adverse effect on our business, financial condition
and results of operations. Additionally, we may be required to incur significant costs to protect against damage caused by these disruptions
or security breaches in the future.

 We
may experience cybersecurity incidents such as telecom fraud.

 Cyberattacks and security vulnerabilities could
lead to increased costs and harm to employees.

 Threats to IT security can take a variety of forms.
Individual and groups of hackers and sophisticated organizations undertake attacks that pose threats to our IT. These actors may use a
wide variety of methods. Some fraudsters may steal the communication information of corporate executives such as WeChat, QQ, Dingding,
and mail to trick corporate financial personnel to transfer money. They usually use "contract payment," "deposit,"
"business payment" and other reasons to induce the company's financial personnel to transfer money from the company's
account. Financial personnel may not ask the relevant personnel for instructions and approval before the transfer of funds, and when the
criminal suspects send instructions through QQ, they do not communicate and verify with the relevant person in charge of the company,
and transfer the money to others' accounts without authorization, resulting in the loss of the company's property. Some fraudsters
pose as national public security personnel, on the grounds of involvement, anti-money laundering, etc., to induce the click of unknown
network links, by installing Trojan viruses in electronic products tools, steal online banking or mobile banking information, and directly
steal funds. Telecom network fraud cases show a trend of multiple, and the amount of money involved is huge. These risks, if realized,
may increase our costs, damage our reputation, or negatively impact on our revenues or margins.

 We
actively improve the corresponding rules and regulations, clear job responsibilities, strengthen vocational skills training, strengthen
anti-fraud publicity, popularize anti-fraud knowledge, enhance prevention awareness, and strengthen the ability to prevent telecom fraud.
In addition, in order to defend against security threats to our IT systems, we need to constantly update security tools such as more
secure firewalls and anti-virus software.

 We
may experience cybersecurity incidents such as intellectual property theft.

 Intellectual property theft can cause organizations
to suffer significant financial losses, and not only that, but it can also raise compliance and legal issues, affecting our operations
and growth.

 Common
forms of intellectual property theft include hacking, abuse of access by employees and subcontractors, and human error. Cybercriminals
can gain unauthorized access to sensitive data and intellectual property through techniques such as phishing and malware infiltration.
Dealing with stolen intellectual property is a lengthy and expensive process that can take years of legal proceedings.

 Protecting
intellectual property involves taking steps to ensure the security of confidential information in a company's digital systems and
physical environment, which includes the following practices: identifying the most valuable data, identifying security vulnerabilities
in systems, regularly reviewing access to all IP, establishing a data security policy, establishing a baseline of normal activities,
and employee education.

 Item
1B. Unresolved Staff Comments

 Not
applicable.

 Item
1C. Cybersecurity

 Cybersecurity risk management is an integral part
of our overall enterprise risk management program. The Company manages cybersecurity and data protection through a continuously evolving
program. Our cybersecurity risk management program is designed to provide a framework for assessing, identifying, and managing cybersecurity
threats and incidents, including threats and incidents associated with the use of services provided by third-party service providers,
and to facilitate coordination across different departments of our Company. Our processes include steps for assessing the severity of
a cybersecurity threat, identifying the source of a cybersecurity threat, including whether the cybersecurity threat is associated with
a third-party service provider, and implementing cybersecurity countermeasures and mitigation strategies and informing management and
the board of directors of material cybersecurity threats and incidents.

 The Board of Directors has oversight into the
most significant risks facing us and our processes to identify, prioritize, assess, manage, and mitigate those risks. The Audit Committee
of the Board of Directors (the "Audit Committee") has been designated to oversee cybersecurity risks. The Audit Committee
receives regular updates on cybersecurity and information technology matters and related risk exposures from our management. The Board
of Directors also receives periodic updates from management and the Audit Committee on cybersecurity risks. Management is responsible
for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes designed to ensure
that such potential cybersecurity risk exposures are monitored, putting in place mitigation measures and maintaining cybersecurity programs.
 Our cybersecurity programs are under the direction of our Chief Executive Officer. Management regularly updates the Audit Committee on
our cybersecurity programs, which includes cybersecurity risks and mitigation strategies, vulnerability management, and on-going cybersecurity
projects.

 During the past fiscal year, based on our
current detection and monitoring capabilities, we did not identify any cybersecurity incidents that materially affected or are
reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our
efforts, we cannot eliminate all risks from cybersecurity threats or provide assurances that we have not experienced an undetected
cybersecurity incident. It is possible that we may not implement appropriate controls if we do not detect a particular risk. In
addition, security controls, no matter how well designed or implemented, may only mitigate, and not fully eliminate the risks. Even
when a risk is detected, disruptive events may not always be immediately and thoroughly interpreted and acted upon.

 Item
2. Properties

 There
is no private ownership of land in China. All land is owned by the PRC government on behalf of all Chinese citizens or collectively owned
by farmers. Land use rights can be granted or transferred with or without consideration upon approval by the PRC State Land Administration
Bureau or its authorized branches.

 Our
principal executive offices are located at Third floor, Borough A, Block A. No. 181, South Taibai Road, Xi'an, Shaanxi Province,
PRC 710065. The office space is approximately 360 square meters (3,875 square feet). It is rented from Xi'an Kingtone Information
Technology Co., Ltd. ("Kingtone Information"), for a term of two years from July 1, 2022 at monthly rent of RMB28,000 (approximately
$3,909) for 612 square meters (approximately 6,588 square feet) of office space.

 Through Jinong, we own an approximately 6,495
square meters (69,911 square feet) production facility that manufactures liquid fertilizer products and a 13,803-square meter (148,576
square feet) production facility that produces liquid and highly concentrated (powdered) fertilizers, located in the Yang Ling Agriculture
High-Tech Demonstration Zone, on No. 6 Guhua 5 Road, Yangling, Xi'an, Shaanxi province, PRC 712100. The production facilities occupy
approximately 30,947 square meters (333,111 square feet) of land, which contain office buildings, warehouses, and research laboratories.
The production lines have a total annual production capacity of 55,000 metric tons. We own the land use rights for the land Jinong's
manufacturing facilities are situated for a term of 50 years from 2001.

 Yuxing,
Jinong's wholly owned subsidiary, has land use rights to over 353,000 square meters (3,799,660 square feet) of land located in
Hu County, Xi'an, Shaanxi Province on which we have built 98 sunlight greenhouses and 6 intelligent greenhouses as part of a research
and development center currently under construction. Yuxing owns the land use rights to the property for a term of 50 years from 2009.

 Through Gufeng and Tianjuyuan, we own an additional
17,930 square meters (approximately 192,997 square feet) of manufacturing, office, and warehouse space and 47,110 square meters (approximately
507,088 square feet) of auxiliary facilities of the building located on approximately 42,726 square meters (459,898 square feet) of land
located in No. 6 Mafang Logistics Park, Pinggu, Beijing. In addition, the eight manufacturing facilities of Gufeng and Tianjuyuan collectively
increased our total annual production capacity by another 500,000 metric tons.

 Tianjuyuan
rents approximately 47,333 square meters (509,488 square feet) of land in the Ping Gu District of Beijing. Under the rental agreement
dated February 16, 2004 with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District.
The rental term is from February 1, 2004 to January 31, 2054. While the rental agreement was recognized previously by our PRC counsel
as invalid and unenforceable due to its permitted use, we have since obtained the proper land use right certificate from the relevant
government entity.

rents approximately 404 square meters (4,348 square feet) of office in Austin, Texas. The rental term is from April 1, 2025 to March
31, 2026.

 The
details on our properties and manufacturing facilities are described in the table below:

 Facility
 Location and

 Production Segment

 Address

 Area
 (square meters/

 square feet)

 Ownership
 Status and

 Term

 Xi'an
 – Fertilizers (Jinong)

 Yang Ling Agriculture High-
 tech Demonstration Zone, No. 6 Guhua 5 Road, Yangling, Xi'an, Shaanxi province

 30,947 sq. m.

 (333,111 sq. ft.)

 Land use right (Certificate
 #006012633) expires in January 2051* (1)

 Xi'an
 – Fertilizers (Jinong)

 Yang Ling Agriculture High-
 tech Demonstration Zone, Guhua 5 Road, Yangling, Xi'an, Shaanxi province

 6,495 sq. m. No. 6

 (69,911 sq. ft.)

 Building Ownership Certificate
 (Certificate # 20050722) * (1)

 Xi'an
 – Research and development center (Yuxing)

 North Xin'an Village,
 Weifeng, Hu County, Shaanxi Province

 353,000 sq. m.

 (3,799,660 sq. ft.)

 Land use right (Certificate
 #006001700) expires in August 2059

 Beijing
 – Fertilizers (Tianjuyuan & Gufeng)

 South of Nanzhangdai Village,
 Donggaocun Town, Ping Gu District, Beijing

 42,726 sq. m.

 (459,898 sq. ft.)

 Land use right (Certificate
 #2003189) expires in August

 2053 * (1)

 Beijing
 – Fertilizers (Tianjuyuan & Gufeng)

 South of Nanzhangdai Village,
 Donggaocun Town, Ping Gu District, Beijing

 17,930 sq. m.

 (192,997 sq. ft.)

 Building Ownership Certificate#
 33142 * (1)

 Beijing
 – Fertilizers (Tianjuyuan & Gufeng)

 South of Nanzhangdai Village,
 Donggaocun Town, Ping Gu District, Beijing

 47,333 sq. m.

 (509,488 sq. ft.)

 Rent from February 2004
 to January 2054

 Austin – Bitcoin
 (Antaeus)

 3415 Greystone Dr, Suite
 205, Austin, TX 78731

 404 sq. m.

 (4,348 sq. ft.)

 Rent from April 2025 to
 March 2026

 * (1)

 As of June 30, 2025, the
 encumbrances over our land use right and building ownership are summarized as below:

 No.

 Loan

 Amount

 Lending
 Institution

 Contract

 Period

 Type
 of

 Guarantee

 Interest

 Rate

 (Per Annum)

 Property
 under

 RMB 10 million

 ($1,395,900)

 Beijing
 Bank -Pinggu Branch

 June
 16, 2025-June 16, 2026

 3.20

 %

 Tianjuyuan's
 land

 RMB 3.04 million

 ($424,354)

 Industrial
 Bank Co. Ltd

 July
 5, 2024-July 4, 2026

 3.55

 %

 Office
 Building

 RMB 6.8 million

 ($949,212)

 Industrial
 Bank Co. Ltd

 April
 17, 2025-April 16, 2027

 3.00

 %

 Jinong's
 land

 RMB 10 million

 ($1,395,900)

 Xi'an
 Bank Co. Ltd

 September
 26, 2024-September 25, 2026

 3.70

 %

 Jinong's
 land

 RMB 10 million

 ($1,395,900)

 Xi'an
 Bank Co. Ltd

 September
 26, 2024-September 25, 2026

 3.70

 %

 Jinong's
 land

 RMB 13.5 million

 ($1,884,465)

 Chang'An
 Bank

 June
 14, 2024-

 June 13, 2027

 4.00

 %

 Office
 Building

 RMB 20 million

 ($2,791,800)

 Qinnong
 Bank

 August
 5, 2024-August 4, 2026

 3.80

 %

 Office
 Building

 Item
3. Legal Proceedings

 On May 28, 2024, an individual commenced a lawsuit
in Texas state court against the Company and its former co-CEO, Mr. Zhibiao Pan. The individual alleges that the Company used funds he
stored in cryptocurrency wallets operated by entities related to Mr. Pan to purchase cryptocurrency mining sites. The Company has moved
to dismiss the lawsuit in which motion is pending.

 There
are no other actions, suits, proceedings, inquiries or investigations before or by any court, public board, government agency, self-regulatory
organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against
or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries' officers or directors
in their capacities as such, in which an adverse decision could have a material adverse effect.

 From
time to time, the Company is a party to various legal actions or disputes that arise in the ordinary course of our business that we believe
will not have a material effect on our business or financial condition, including claims and lawsuits alleging breaches of our contractual
obligations. See Note 16, "Commitments and Contingencies" to the Consolidated Financial Statements.

 Item
4. Mine Safety Disclosures.

 This
item is not applicable to us.

 Item 5. Market For Registrant's Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Market Information

 We have two authorized classes of equity securities: (i) common stock,
par value $0.001 per share, 15,769,434 shares of which were outstanding as of October 21, 2025, and (ii) preferred stock, par value $0.001
per share, of which no shares were outstanding as of October 21, 2025. Since December 7, 2009, our common stock was listed and traded
on the NYSE under the symbol "ENFY".

 Holders

 As of June 30, 2025, there were approximately
320 shareholders of record of our common stock. This does not reflect the number of persons or entities who held stock in nominee or "street"
name through various brokerage firms.

 Securities Authorized for Issuance Under Equity Compensation Plans

 On October 27, 2009, our Board of Directors (the "Board")
adopted the Company's 2009 Equity Incentive Plan (the "Incentive Plan"). On December 11, 2009, our stockholders approved
of the Incentive Plan. The Incentive Plan gives us the ability to grant stock options, stock appreciation rights (SARs), restricted stock
and other stock-based awards to our employees, consultants and to non-employee members of our advisory board or our Board or the board
of directors of any of our subsidiaries. On October 3, 2012, October 25, 2013 and May 15, 2015, our Board approved the amendment to increase
the shares covered by the Incentive Plan by three million shares. On April 23, 2019, our Board approved the fourth amendment to increase
the shares covered by the Incentive Plan by 3.9 million shares and an extension of the Plan for an additional ten years. All four amendments
were approved by our stockholders at the annual meetings held on December 15, 2012, December 22, 2013, June 30, 2015, and June 22, 2019,
respectively.

 On August 10, 2023, the Board adopted the Company's
2023 Plan, which is subject to the approval by our stockholders under Proposal No. 2 in the annual meeting held on November 7, 2023. On
April 25, 2025, the Board of Directors adopted and approved the Amendment to the 2023 Plan, subject to stockholder approval. The
purpose of the Amendment is to increase the number of shares of the Company's common stock available for issuance thereunder
by another 3 million shares, to 5.7 million shares.

 As of October 21, 2025, there were no outstanding options to purchase
any shares of common stock granted under the Plans. Options granted in the future under the Plans are within the discretion of our Board
or our compensation committee. The following table summarizes the number of shares of our common stock authorized for issuance under the
Plans as of October 21, 2025.

 Equity Compensation Plan Information

 securities to
 be issued
 upon
 exercise of
 outstanding
 options,
 warrants and
 rights

 Weighted-
 average
 exercise
 price of
 outstanding
 options,
 warrants
 and rights

 securities
 under equity
 compensation
 plans (excluding
 securities
 reflected in
 column (a))

 Plan category

 (a)

 (b)

 (c)

 Equity compensation plans approved by security holders

 —

 $
 —

 —

 Equity compensation plans to be approved by security holders

 —

 —

 3,000,000

 Total

 —

 $
 —

 3,000,000

 Performance Graph

 The following graph compares the cumulative total
return on our common stock, the NYSE Composite Index and a peer group index consisting of companies reporting under the S&P 500 Fertilizers
& Agricultural Chemicals Sub Industry Index over the period commencing on June 30, 2019 and ending on June 30, 2025.

 The performance graph in this Item 5 is not deemed
to be "soliciting material" or to be "filed" with the Commission or subject to Regulation 14A or 14C under the
Exchange Act or to the liabilities of Section 18 of the Exchange Act, and will not be deemed to be incorporated by reference into any
filings under the Securities Act or the Exchange Act, whether made before or after the date of this Report and irrespective of any general
incorporation language in such filings.

 Recent Sales of Unregistered Securities; Use of Proceeds from Unregistered
Securities.

 There was no unregistered sale of the Company's
equity securities during the fiscal year ended June 30, 2025, that were not otherwise disclosed in a Quarterly Report on Form 10-Q or
a Current Report on Form 8-K.

 Issuer Purchases of Equity Securities

 On January 21, 2025, the Board of Directors of
the Company approved a share repurchase program authorizing up to 2,000,000 shares of its common stock, at a price not exceeding $3.00
per share. The Plan is designed to enhance shareholder value, optimize the Company's capital structure, utilize excess cash in a
tax-efficient manner, and signal management's confidence in the Company's long-term prospects. Under the plan, the Company
may repurchase shares from time to time through open market purchases, privately negotiated transactions, or other methods, in compliance
with applicable securities laws.

 During the fiscal year 2025, the Company repurchased 345,980 shares
of its common stock under an authorized share repurchase program for $398,526. All repurchases were made using cash resources. All shares
repurchased were under the share repurchase program approved on January 21, 2025.

 Item 6. [Reserved]

 The Company has elected to early adopt the amendment
to Item 301 of Regulation S-K and is no longer required to provide five years of selected financial data.

 Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations.

 Recent Developments — NYSE Delisting and Going Concern Uncertainty

 On October 13, 2025, the Company received a determination
notice from the NYSE stating its intent to commence proceedings to delist our common stock. Trading was suspended immediately. This event
has a material impact on our financial condition and raises substantial doubt about our ability to continue as a going concern. The following
discussion and analysis should be read with this critical uncertainty in mind. Further details regarding this matter and our plans are
provided in the "Liquidity and Capital Resources" section of this MD&A, "Item 1A. Risk Factors," and in Notes
3 and 18 to our consolidated financial statements.

 We are engaged in the research, development, production, and sale of
various types of fertilizers, agricultural products and Bitcoin in the PRC and United State through our wholly owned Chinese subsidiaries,
Jinong and Gufeng (including Gufeng's subsidiary Tianjuyuan), Yuxing, a VIE associated with Jinong, and our wholly owned U.S. subsidiary
Antaeus. Our primary business is fertilizer products, specifically humic-acid based compound fertilizer produced by Jinong and compound
fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizer, highly concentrated water-soluble fertilizer, and
mixed organic-inorganic compound fertilizer produced by Gufeng. In addition, through Yuxing, we develop and produce various agricultural
products, such as top-grade fruits, vegetables, flowers, and colored seedlings. Besides, we engaged in the mining of digital assets Bitcoin
through Antaeus. For financial reporting purposes, our operations are organized into four business segments: fertilizer products (Jinong),
fertilizer products (Gufeng), agricultural products (Yuxing), and Bitcoin (Antaeus).

 The fertilizer business conducted by Jinong and Gufeng
generated approximately 86.8% and 88.8% of our total revenues for the years ended June 30, 2025 and 2024, respectively. Yuxing generated
13.0% and 9.8% of our revenues for the years ended June 30, 2025 and 2024, respectively. Yuxing serves as a research and development base
for our fertilizer products. Antaeus generated 0.2% and 1.3% of our revenues for the years ended June 30, 2025 and 2024, respectively.

 Fertilizer Products

 As of June 30, 2025, we had developed, produced, and
sold a total of 111 different fertilizer products in use, of which 73 were developed and produced by Jinong and 38 by Gufeng.

 Below is a table that shows the metric tons of fertilizer
sold by Jinong and Gufeng and the revenue per ton for the periods indicated:

 Year Ended June 30,

 Change 2024 to 2025

 2025

 2024

 Amount

 %

 (Metric tons)

 39,304

 33,474

 5,831

 17.4
 %

 74,197

 105,597

 (31,399
)

 -29.7
 %

 113,501

 139,070

 (25,569
)

 -18.4
 %

 Year Ended June 30,

 2025

 2024

 (Revenue per tons)

 $

 $

 For the fiscal year ended June 30, 2025, we sold approximately
113,501 metric tons of fertilizer products, as compared to 139,070 metric tons for the fiscal year ended June 30, 2024. For the fiscal
year ended June 30, 2025, Jinong sold approximately 39,304 metric tons of fertilizer products, as compared to 33,474 metric tons for the
fiscal year ended June 30, 2024. For the fiscal year ended June 30, 2025, Gufeng sold approximately 74,197 metric tons of fertilizer products,
as compared to 105,597 metric tons for the fiscal year ended June 30, 2024.

 Our sales of fertilizer products to five provinces accounted for approximately
65.2% of our manufactured fertilizer revenue for year ended June 30, 2025. Specifically, the provinces and their respective percentage
contributed to our fertilizer revenues were Hebei (26.9%), Heilongjiang (11.9%), Liaoning (9.5%), Shaanxi (8.7%), and Inner Mongolia (8.2%).

 As of June 30, 2025, we had a total of 639 distributors covering 22
provinces, 4 autonomous regions and 4 central government-controlled municipalities in China. Jinong had 611 distributors in China. Jinong's
sales are not dependent on any single distributor or any group of distributors. Jinong's top five distributors accounted for 21.4%
of its fertilizer revenues for the fiscal year ended June 30, 2025. Gufeng had 28 distributors, including some large state-owned enterprises.
Gufeng's top five distributors accounted for 45.4% of their revenues for the fiscal year ended June 30, 2025.

 Agricultural Products

 Through Yuxing, we develop, produce, and sell high-quality flowers,
green vegetables and fruits to local marketplaces and various horticulture and planting companies. We also use certain of Yuxing's
greenhouse facilities to conduct research and development activities for our fertilizer products. The three PRC provinces that accounted
for 89.1% of our agricultural products revenue for the fiscal year ended June 30, 2025 were Shaanxi (81.9%), Beijing (4.7%), and Shanghai
(2.5%).

 Digital Assets Bitcoin

 In March 2023, we purchased digital assets mining
machines and established Antaeus Tech Inc. ("Antaeus") in the State of Texas to mine digital assets Bitcoin. Through Antaeus,
we expanded our activities in the mining of digital assets Bitcoin.

 Recent Developments

 New products and distributors

 During the three months ending June 30, 2025, Jinong
discontinued 8 obsolete products and terminated 2 unqualified distributors. Meanwhile, Gufeng did not introduce any new fertilizer products
or onboard new distributors.

 Results of Operations

 Fiscal Year ended June 30, 2025 Compared to the Year ended June 30,
2024.

 FOR THE YEARS ENDED JUNE 30

 2025

 2024

 Change
 $

 Change
 %

 Sales

 $
 28,803,021

 $
 32,954,490

 (4,151,469
)

 -12.6
 %

 36,549,551

 52,189,666

 (15,640,115
)

 -30.0
 %

 9,750,553

 9,416,451

 334,102

 3.5
 %

 181,746

 1,285,181

 (1,103,435
)

 -85.9
 %

 Net sales

 75,284,871

 95,845,788

 (20,560,917
)

 -21.5
 %

 Cost of goods sold

 17,934,458

 21,778,141

 (3,843,683
)

 -17.6
 %

 31,967,249

 45,600,383

 (13,633,134
)

 -29.9
 %

 8,057,609

 7,816,566

 241,043

 3.1
 %

 215,773

 928,718

 (712,945
)

 -76.8
 %

 Cost of goods sold

 58,175,089

 76,123,808

 (17,948,719
)

 -23.6
 %

 Gross profit

 17,109,782

 19,721,980

 (2,612,198
)

 -13.2
 %

 Operating expenses

 Selling expenses

 7,434,325

 7,790,881

 (356,556
)

 -4.6
 %

 General and administrative expenses

 24,430,435

 40,779,553

 (16,349,119
)

 -40.1
 %

 Change in fair value of Bitcoin

 -

 2,701

 (2,701
)

 -100
 %

 Total operating expenses

 31,864,760

 48,573,135

 (16,708,376
)

 -34.4
 %

 Loss from operations

 (14,754,978
)

 (28,851,155
)

 14,096,178

 -48.9
 %

 Other income (expense)

 Other income (expense)

 (553,312
)

 132,974

 (686,286
)

 -516.1
 %

 Interest income

 126,918

 194,401

 (67,483
)

 -34.7
 %

 Interest expense

 (470,623
)

 (292,186
)

 (178,437
)

 61.1
 %

 Total other income (expense)

 (897,017
)

 35,189

 (932,206
)

 -2649.1
 %

 Loss before income taxes

 (15,651,995
)

 (28,815,966
)

 13,163,971

 -45.7
 %

 Provision for income taxes

 (49,835
)

 (410,651
)

 360,816

 -87.9
 %

 (15,602,160
)

 (28,405,315
)

 12,803,155

 -45.1
 %

 Other comprehensive (loss) income

 Foreign currency translation (loss) gain

 (1,461,004
)

 399,957

 (1,860,961
)

 -465.3
 %

 Comprehensive loss

 $
 (17,063,164
)

 $
 (28,005,358
)

 10,942,194

 -39.1
 %

 Basic weighted average shares outstanding

 960,311

 6.9
 %

 Basic net loss per share

 $
 (1.05
)

 $
 (2.04
)

 0.99

 -48.6
 %

 Diluted weighted average shares outstanding

 960,311

 6.9
 %

 Diluted net loss per share

 $
 (1.05
)

 $
 (2.04
)

 0.99

 -48.6
 %

 Net Sales

 Total net sales for the fiscal year ended June
30, 2025 were $75,284,871, a decrease of $20,560,917 or 21.5%, from $95,845,788 for the fiscal year ended June 30, 2024. This
decrease was principally due to Gufeng's lower sales.

 For the fiscal year ended June 30, 2025, Jinong's
net sales decreased by $4,151,469, or 12.6%, to $28,803,021 from $32,954,490 for the fiscal year ended June 30, 2024. This decrease was
mainly due to the reduction in unit price during the last fiscal year. Jinong sold 39,304 tons of product during the fiscal year 2025,
an increase of 5,831 tons or 17.4% comparing with 33,474 tons in fiscal year 2024. However, the revenue per ton was only $746, a decrease
of $237 or 24.1% compared to $983 for the fiscal year ended June 30, 2024.

 For the fiscal year ended June 30, 2025, Gufeng's
net sales were $36,549,551, a decrease of $15,640,115, or 30.0% from $52,189,666, for the fiscal year ended June 30, 2024. The decline
in net sales was primarily due to reduced sales volume for Gufeng during the last fiscal year. Gufeng sold 74,197 tons of product during
the fiscal year 2025, a decrease of 31,399 tons or 29.7% compared to 105,597 tons for fiscal year 2024.

 For the fiscal year ended June 30, 2025, Yuxing's
net sales were $9,750,553, an increase of $334,102, or 3.5%, from $9,416,451 for the fiscal year ended June 30, 2024. The increase
was mainly attributable to the increase in market demand during the fiscal year 2025.

 For the fiscal year ended June 30,2025, Antaeus's
net sales were $181,746, a decrease of $1,103,435, or 85.9%, from $1,285,181 for the fiscal year ended June 30, 2024. The decrease stemmed
from the Company's strategic shift.

 Cost of Goods Sold

 The total cost of goods sold for the fiscal year ended June 30, 2025
was $58,175,089, a decrease of $17,948,719, or 23.6%, from $76,123,808 for the fiscal year ended June 30, 2024. This decrease was primarily
due to lower net sales.

 Cost of goods sold by Jinong for the fiscal year ended June 30, 2025
was $17,934,458, a decrease of $3,843,683, or 17.6%, from $21,778,141, for the fiscal year ended June 30, 2024. The decrease in cost of
goods was mainly due to the 12.6% decrease in Jinong's net sales during the fiscal year 2025.

 Cost of goods sold by Gufeng for the fiscal year ended
June 30, 2025 was $31,967,249, a decrease of $13,633,134, or 29.9%, from $45,600,383, for the fiscal year ended June 30, 2024. The decrease
in cost of goods was mainly due to the 30.0% decrease in Gufeng's net sales during the fiscal year 2025.

 For year ended June 30, 2025, the cost of goods sold
by Yuxing was $8,057,609, an increase of $241,043, or 3.1%, from $7,816,566 for the fiscal year ended June 30, 2024. This increase was
mainly due to the 3.5% increase in Yuxing's net sales during the fiscal year 2025.

 For year ended June 30,2025, the cost of goods sold
by Antaeus was $215,773, a decrease of $712,945, or 76.8%, from $928,718 for the fiscal year ended June 30, 2024. This decrease was mainly
due to the 85.9% decrease in Antaeus's net sales during the fiscal year 2025.

 Gross Profit

 Total gross profit for the fiscal year ended June
30, 2025 decreased by $2,612,198 to $17,109,782, as compared to $19,721,980 for the fiscal year ended June 30, 2024. Gross profit margin
was 22.7% and 20.6% for the fiscal years ended June 30, 2025 and 2024, respectively.

 Gross profit generated by Jinong decreased by $307,786,
or 2.8%, to $10,868,563 for the fiscal year ended June 30, 2025 from $11,176,349 for the fiscal year ended June 30, 2024. Gross profit
margin from Jinong's sales was approximately 37.7% and 33.9% for the fiscal years ended June 30, 2025 and 2024, respectively. The
increase in gross profit percentage was mainly due to lower product cost.

 For the fiscal year ended June 30, 2025, gross profit
generated by Gufeng was $4,582,302, a decrease of $2,006,981, or 30.5%, from $6,589,283 for the fiscal year ended June 30, 2024. Gross
profit margin from Gufeng's sales was approximately 12.5% and 12.6% for the fiscal years ended June 30, 2025 and 2024, respectively.

 For the fiscal year ended June 30, 2025, gross profit
generated by Yuxing was $1,692,944, a decrease of $93,059, or 5.8% from $1,599,885 for the fiscal year ended June 30, 2024. The gross
profit margin was approximately 17.4% and 17.0% for the fiscal years ended June 30, 2025 and 2024, respectively.

 For the fiscal year ended June 30,2025, gross profit
generated by Antaeus was $(34,027), a decrease of $390,490, or 109.5%, from $356,463 for the fiscal year ended June 30, 2024.The gross
profit margin was approximately -18.7% and 27.7% for the fiscal year ended June 30,2025 and 2024, respectively.

 Selling Expenses

 Our selling expenses consisted primarily of salaries of sales personnel,
advertising, and promotion expenses, freight-out costs, and related compensation. Selling expenses were $7,434,325, or 9.9%, of net sales
for the fiscal year ended June 30, 2025, as compared to $7,790,881, or 8.1%, of net sales, for the fiscal year ended June 30, 2024, a
decrease of $356,556, or 4.6%. The selling expenses of Jinong for the fiscal year ended June 30, 2025 were $7,007,021 or 24.3% of Jinong's
net sales, as compared to selling expenses of $7,404,487 or 22.5% of Jinong's net sales for the fiscal year ended June 30, 2024,
a decrease of $397,466, or 5.4%. The selling expenses of Yuxing were $84,817, or 0.9% of Yuxing's net sales for the fiscal year
ended June 30, 2025, as compared to $102,059, or 1.1% of Yuxing's net sales for the fiscal year ended June 30, 2024. The selling
expenses of Gufeng were $342,487, or 0.9% of Gufeng's net sales for the fiscal year ended June 30, 2025, as compared to $284,335,
or 0.5% of Gufeng's net sales for the fiscal year ended June 30, 2024.

 General and Administrative Expenses

 General and administrative expenses consist primarily
of related salaries, rental expenses, business development, depreciation, and travel expenses incurred by our general and administrative
departments and legal and professional expenses, including expenses incurred and accrued for certain litigation. General and administrative
expenses were $24,430,435, or 32.5% of net sales for the fiscal year ended June 30, 2025, as compared to $40,779,553, or 42.5%, of net
sales for the fiscal year ended June 30, 2024, a decrease of $16,349,119, or 40.1%. The decrease in general and administrative expenses
was mainly due to lower bad debts expense.

 Total Other Income (Expenses)

 Total other income consisted of income from subsidies received from
the PRC government, interest income, interest expenses, and bank charges. The total other expense for the fiscal year ended June 30, 2025
was $897,017, as compared to the total other income of $35,189 for the fiscal year ended June 30, 2024, a decrease of $932,206, or 2649.1%.
The decrease in total other income mainly resulted from higher non-operating expense and higher bank charge in fiscal year 2025.

 Income Taxes

 Jinong is subject to a preferred tax rate of 15% because
of its business being classified as a High-Tech project under the PRC Enterprise Income Tax Law ("EIT") that became effective
on January 1, 2008. Jinong has no income tax expense for the fiscal year ended June 30, 2025 and 2024.

 Gufeng is subject to a tax rate of 25% and has no
income tax expense for the fiscal year ended June 30, 2025 and 2024.

 Yuxing has no income tax for the years ended June
30, 2025 and 2024 because it is exempted from paying income tax due to its products falling into the tax exemption list set out in the
EIT.

 Antaeus is subject to a tax rate of 21% and has income
tax expense of $(49,835) and $(410,651) for the fiscal year ended June 30, 2025 and 2024, respectively.

 Net loss for the fiscal year ended June 30, 2025 was
$(15,602,160), a decrease of loss with amount of $12,803,155, or 45.1%, compared to $(28,405,315), for the fiscal year ended June 30,
2024. The decrease was mainly due to lower General and administrative expenses. Net loss as a percentage of total net sales was approximately
-20.7% and -29.6% for the fiscal years ended June 30, 2025 and 2024, respectively.

 Discussion of Segment Profitability Measures

 As of June 30, 2025, we were engaged in the following businesses: the
production and sale of fertilizers through Jinong and Gufeng, the production and sale of high-quality agricultural products by Yuxing
and the production and sale of Bitcoin by Antaeus. For financial reporting purposes, our operations were organized into four main business
segments based on locations and products: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products
production) and Antaeus (Bitcoin). Each of the segments has its own annual budget for development, production, and sales.

 Each of the four operating segments referenced
above has separate and distinct general ledgers. The chief operating decision maker ("CODM") makes decisions with respect
to resources allocation and performance assessment upon receiving financial information, including revenue, gross margin, operating income,
and net income produced from the various general ledger systems; however, net income by segment is the principal benchmark to measure
profit or loss adopted by the CODM.

 For Jinong, net loss increased by $5,627,748 or 188.6%
to $(8,611,147) for the year ended June 30, 2025, from $(2,983,399) for the fiscal year ended June 30, 2024. The difference was due to
higher general and administrative expenses.

 For Gufeng, net loss decreased by $15,756,585 or 82.0%
to $(3,462,990) for the year ended June 30, 2025 from $(19,219,575) for year ended June 30, 2024. The difference was primarily due to
the decrease in general and administrative expenses.

 For Yuxing, net loss decreased 174.9%, by $1,403,770,
to net income of $601,195 for the year ended June 30, 2025 from $(802,575) for year ended June 30, 2024. The decrease in net loss was
mainly due to lower general and administrative expenses.

 For Antaeus, the net loss decreased by $1,357,357
or 87.9% to $(187,474) for the year ended June 30, 2025 from $(1,544,831) for year ended June 30, 2024.

 Liquidity and Capital Resources

 The Company has historically funded operations through cash flows from
operations and financing activities. On October 13, 2025, the NYSE Regulation commenced delisting proceedings for the Company's
common stock (ENFY) and trading was suspended. Management is currently evaluating options to mitigate the potential negative effects of
the delisting on liquidity and access to capital, including the potential need for additional financing and the possibility of debt covenant
waivers. There can be no assurance that any plan will be implemented or successful. See Notes 18 and 3 for additional context.

 Our principal sources of liquidity include cash from
operations, borrowings from local commercial banks and net proceeds of offerings of our securities.

 As of June 30, 2025, cash and cash equivalents were
$52,519,418, a decrease of $6,253,169, or 10.6%, from $58,772,587 as of June 30, 2024.

 We intend to use the net proceeds from our securities offerings, as
well as other working capital if required, to acquire new businesses, upgrade production lines and complete Yuxing's new greenhouse
facilities for agriculture products located on 88 acres of land in Hu County, 18 kilometers southeast of Xi'an city. We believe
that we have sufficient cash on hand and positive projected cash flow from operations to support our business growth for the next twelve
months to the extent we do not have further significant acquisitions or expansions. However, if events or circumstances occur and we do
not meet our operating plan as expected, we may be required to seek additional capital and/or to reduce certain discretionary spending,
which could have a material adverse effect on our ability to achieve our business objectives. Notwithstanding the foregoing, we may seek
additional financing as necessary for expansion purposes and when we believe market conditions are most advantageous, which may include
additional debt and/or equity financing. There can be no assurance that any additional financing will be available on acceptable terms,
if at all. Any equity financing may result in dilution to existing stockholders, and any debt financing may include restrictive covenants.

 The following table sets forth a summary of our cash
flow for the periods indicated:

 Year Ended June 30,

 2025

 2024

 Net cash used in operating activities

 $
 (2,561,222
)

 $
 (9,872,781
)

 Net cash used in investing activities

 (5,754,622
)

 (6,102,903
)

 Net cash provided by financing activities

 3,185,474

 3,274,064

 Effect of exchange rate change on cash and cash equivalents

 (1,122,799
)

 332,020

 Net decrease in cash and cash equivalents

 (6,253,169
)

 (12,369,600
)

 Cash and cash equivalents, beginning balance

 71,142,188

 Cash and cash equivalents, ending balance

 $
 52,519,418

 $

 Operating Activities

 Net cash used in operating activities was $2,561,222
for the fiscal year ended June 30, 2025, a decrease of $7,311,559 or 74.1% from cash used in operating activities of $9,872,781 for the
fiscal year ended June 30, 2024. The decrease was mainly due to lower net loss for fiscal year 2025 and lower account receivables for
the fiscal year ended June 30, 2025.

 Investing Activities

 Net cash used for investing activities for the
fiscal year ended June 30, 2025 was $5,754,622, a decrease of $348,281, or 5.7%, from cash provided by investing activities of $6,102,903
for the fiscal year ended June 30, 2024. This decrease was mainly attributed to lower purchasing of plant, property, and equipment.

 Financing Activities

 Net cash provided by financing activities for the
fiscal year ended June 30, 2025 was $3,185,474, a decrease of $88,590, or 2.7% from cash provided by financing activities of $3,274,064
for the fiscal year ended June 30, 2024.

 As of June 30, our loans payable was as follows:

 2025

 2024

 Short term loans payable:

 4,720,934

 7,466,250

 Long term loans payable:

 $
 7,889,627

 $

 Total

 $
 12,610,561

 $
 9,322,500

 Accounts Receivable

 We had accounts receivable of $19,345,061 as of June
30, 2025, as compared to $16,493,068 as of June 30, 2024, an increase of $2,851,993 or 17.3%. The principal reason for the increase is
due to the increase in Jinong's accounts receivable. As of June 30, 2025, Jinong had accounts receivable of $13,322,203, an increase
of $1,547,909, or 13.1%, compared to $11,774,294 as of June 30, 2024. As of June 30, 2025, allowance for doubtful accounts in accounts
receivable for the fiscal year ended June 30, 2025 was $30,266,093, an increase of $7,524,397 or 33.1% from $22,741,696 as of June 30,
2024. And the allowance for doubtful accounts as a percentage of accounts receivable was 61.0% as of June 30, 2025 and 58.0% as of June
30, 2024.

 Deferred assets

 We had no deferred assets as of June 30, 2025 and
2024. During the twelve months, we assisted the distributors in certain marketing efforts and developing standard stores to expand
our competitive advantage and market share. Based on the distributor agreements, the amount owed by the distributors in certain marketing
efforts and store development will be expensed over three years if the distributors are actively selling our products. If a distributor
defaults, breaches, or terminates the agreement with us earlier than the contractual terms, the unamortized portion of the amount owed
by the distributor is payable to us immediately. The deferred assets had been fully amortized as of June 30, 2025.

 Income Taxes

 The Company accounts for income taxes in accordance
with ASC 740, Income Taxes, which requires the Company to use the assets and liability method of accounting for income taxes. Under the
assets and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted
statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing
assets and liabilities and operating loss and tax credit carry forward. Under this accounting standard, the effect on deferred income
taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized
if it is more likely than not that some portion, or all, a deferred tax asset will not be realized.

 ASC 740-10, Accounting for Uncertainty in Income Taxes
defines uncertainty in income taxes and the evaluation of a tax position is a two-step process. The first step is to determine whether
it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or
litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not
threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount
of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed
to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met.
Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent
financial reporting period in which the threshold is no longer met.

 Inventories

 We had inventories of $36,975,287 as of June 30, 2025,
compared to $37,826,456 as of June 30, 2024, a decrease of $851,169, or 2.3%. The principal reason for the decrease is due to the decrease
in Gufeng's inventory. As of June 30, 2025, Gufeng's inventory was $9,458,569, compared to $11,225,115 as of June 30, 2024,
a decrease of $1,766,546, or 15.7%.

 Advances to Suppliers

 We had advances to suppliers of $12,367,419 as of
June 30, 2025, comparing to $12,110,034 as of June 30, 2024, representing an increase of $257,385, or 2.1%. Our inventory level may fluctuate
from time to time, depending how fast the raw material is consumed and replenished during the production process, and how fast the finished
goods are sold. The replenishment of raw material relies on the management's estimate of numerous factors, including but not
limited to, the future price of raw material, and spot price along with their volatility, as well as the seasonal demand and future
price of finished fertilizer products. Such an estimate may not be accurate, and the purchase decision of raw materials based on the estimate
can cause excessive inventories in slow sales and insufficient inventories in peak times.

 Accounts Payable

 We had accounts payable of $1,736,031 as of June 30,
2025 as compared to $1,685,725 as of June 30, 2024, representing an increase of $50,307, or 3.0%.

 Unearned Revenue (Customer Deposit)

 We had unearned revenue of $4,526,024 as of June 30,
2025, comparing to $4,937,207 as of June 30, 2024, representing a decrease of $411,183, or 8.3%. The decrease was mainly due to Gufeng.
Gufeng has $2,388,515 unearned revenue as of June 30, 2025, comparing to $4,391,668 unearned revenue as of June 30, 2024, representing
a decrease of $2,003,153, or 45.6%. We expect to deliver products to our customers during the next three months at which time we will
recognize the revenue.

 Off-Balance Sheet Arrangements

 We do not have any off-balance sheet arrangements.

 Critical Accounting Policies and Estimates

 Management's discussion and analysis of its
financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance
with United States generally accepted accounting principles. Our financial statements reflect the selection and application of accounting
policies which require management to make significant estimates and judgments. See Note 2 to our consolidated financial statements, "Basis
of Presentation and Summary of Significant Accounting Policies." We believe that the following paragraphs reflect the most critical
accounting policies that currently affect our financial condition and results of operations:

 Use of estimates

 The preparation of consolidated 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 disclosure of contingent assets and liabilities at the date
of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these
estimates using the best information available at the time the estimates are made. However, actual results and outcomes may differ from
management's estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment.

 Going Concern Evaluation

 The evaluation of our ability to continue as a going concern is a critical
accounting estimate due to the significant judgment required in assessing the impact of current and future events on our operations. As
described in Note 3 to the consolidated financial statements, our recurring operating losses, negative cash flows from operations, and
the recent determination by the NYSE to delist our common stock raise substantial doubt about our ability to continue as a going concern.

 In making our assessment, we must make significant estimates regarding
the feasibility and potential success of our mitigation plans, including the outcome of a potential appeal of the NYSE's decision
and our capacity to obtain alternative financing. The consolidated financial statements have been prepared assuming we will continue as
a going concern and do not include any adjustments that might result from the outcome of this uncertainty. If we are unable to continue
as a going concern, we may be unable to realize our assets and discharge our liabilities in the normal course of business, which could
have a material adverse effect on our financial position.

 Revenue recognition

 Sales revenue is recognized at the date of shipment
to customers when a formal arrangement exists, the price is fixed or determined, the delivery is completed, we have no other significant
obligations and collectability is reasonably assured. Payments received before all the relevant criteria for revenue recognition are satisfied
are recorded as unearned revenue.

 Our revenue consists of invoiced value of goods, net
of a value-added tax (VAT). No product return or sales discount allowance is made as products delivered and accepted by customers are
normally not returnable and sales discounts are normally not granted after products are delivered.

 Cash and cash equivalents

 For statements of cash flows purposes, we consider
all cash on hand and in banks, certificates of deposit and other highly liquid investments with maturities of three months or less, when
purchased, to be cash and cash equivalents.

 Accounts receivable

 Our policy is to maintain reserves for potential credit
losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration,
customer credit worthiness, current economic trends, and changes in customer payment patterns to evaluate the adequacy of these reserves.
Any accounts receivable of Jinong and Gufeng that are outstanding for more than 180 days will be accounted as an allowance for bad debts,
and any accounts receivable of Yuxing that are outstanding for more than 90 days will be accounted as an allowance for bad debts.

 Assets held for sale

 There were no assets held for sale as of June 30,
2025.

 Deferred assets

 Deferred assets represent amounts the Company advanced
to the distributors in their marketing and stores development to expand our competitive advantage and market shares. Based on the
distributor agreements, the amount owed by the distributors in certain marketing efforts and store development will be expensed over three
years if the distributors are actively selling our products. If a distributor defaults, breaches, or terminates the agreement with us
earlier than the realization of the contractual terms, the unamortized portion of the amount owed by the distributor is to be refunded
to us immediately. The deferred assets had been fully amortized as of June 30, 2025.

 Segment reporting

 FASB ASC 280 requires use of the "management
approach" model for segment reporting. The management approach model is based on the way a company's management organizes
segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services,
geography, legal structure, management structure, or any other way management disaggregates a company.

 As of June 30, 2025, we were organized into four
main business units: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production)
and Antaeus (Bitcoin). For financial reporting purposes, our operations were organized into four main business segments based on
locations and products: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production)
and Antaeus (Bitcoin). Each of the segments has its own annual budget regarding development, production, and sales.

 Item 7a. Quantitative and Qualitative Disclosures
About Market Risks

 Disclosures about Market Risk

 We may be exposed to changes in financial market conditions
in the normal course of business. Market risk generally represents the risk that losses may occur because of movements in interest rates
and equity prices. We currently do not, in the normal course of business, use financial instruments that are subject to changes in financial
market conditions.

 Currency Fluctuations and Foreign Currency Risk

 Substantially all our revenues and expenses are denominated
in RMB. However, we use the U.S. dollar for financial reporting purposes. Conversion of RMB into foreign currencies is regulated by the
People's Bank of China through a unified floating exchange rate system. Although the PRC government has stated its intention to
support the value of RMB, there can be no assurance that such exchange rate will not again become volatile or that RMB will not devalue
significantly against U.S. dollar. Exchange rate fluctuations may adversely affect the value, in U.S. dollar terms, of our net assets
and income derived from our operations in the PRC.

 Our reporting currency is the U.S. dollar. Except
for U.S. holding companies, all our consolidated revenues, consolidated costs and expenses, and our assets are denominated in RMB. As
a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange
rate between U.S. dollars and RMB. If RMB depreciates against the U.S. dollar, the value of our RMB revenues, earnings and assets as expressed
in our U.S. dollar financial statements will decline. Assets and liabilities are translated at the exchange rates as of the balance sheet
dates, revenues and expenses are translated at the average exchange rates, and shareholders' equity is translated at historical
exchange rates. Any resulting translation adjustments are not included in determining net income but are included in determining other
comprehensive income, a component of shareholders' equity. As of June 30, 2025, our accumulated other comprehensive loss was $28.0
million. We have not entered into any hedging transactions to reduce our exposure to foreign exchange risk. The value of RMB against the
U.S. dollar and other currencies is affected by, among other things, changes in the PRC's political and economic conditions. Between
July 1, 2024 and June 30, 2025, China's currency increased by a cumulative 1.5% against the U.S. dollar, making Chinese exports
more expensive and imports into China cheaper by that percentage. The effect on trade can be substantial. Moreover, it is possible that,
in the future, PRC authorities may lift restrictions on fluctuations in RMB exchange rate and lessen intervention in the foreign exchange
market.

 Interest Rate Risk

 We deposit surplus funds with Chinese banks earning
daily interest. We do not invest in any instruments for trading purposes. All our outstanding debt instruments carry fixed rates of interests.
The amount of short-term debt outstanding as of June 30, 2025 and June 30, 2024 was $4.7 million and $7.5 million, respectively. We are
exposed to interest rate risk primarily with respect to our short-term bank loans. Although the interest rates, which are based on the
banks' prime rates with respect to our short-term loans, are fixed for the terms of the loans, the terms are typically three to
twelve months for short-term bank loans and interest rates are subject to change upon renewal. There were no material changes in interest
rates for short-term bank loans renewed during the fiscal year ended June 30, 2025. The original loan term on average is one year, and
the remaining average life of the short term-loans is one year.

 Management monitors the banks' prime rates
in conjunction with our cash requirements to determine the appropriate level of debt balances relative to other sources of funds. We have
not entered into any hedging transactions to reduce our exposure to interest rate risk.

 Credit Risk

 We have experienced higher credit risk than usual
since 2020. With the impact of COVID-19 pandemic, the overdue outstanding accounts receivable increased significantly compared with the
years prior to the pandemic. Our accounts receivables are typically unsecured and are mainly derived from revenues earned from customers
in the PRC. Most of our customers are individuals and small and medium-sized enterprises ("SMEs"), which may not have strong
cash flows or be well capitalized. They may be vulnerable to an epidemic outbreak and slowing macroeconomic conditions. Many of the SMEs
that we work with cannot weather COVID-19 and the resulting economic impact, or they cannot resume business as usual after a prolonged
outbreak. Numerous distributors encountered significant difficulties and/or hardships in their businesses amid the pandemic. Even through
our receivables are monitored regularly by our credit managers, the bad debts expenses have been higher in the recent five years comparing
with the years before 2020.

 Inflation Risk

 Inflationary factors such as increases in the cost
of our products and overhead costs may adversely affect our operating results. Notwithstanding the measures taken by the PRC government
to control inflation, China still experienced an increase in inflation, and our operating cost became higher than anticipated. The
high rate of inflation had an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative
expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs.

 Risk of epidemics, pandemics, or other outbreaks

 The outbreak of COVID-19 had adversely affected, and
in the future it or other epidemics, pandemics or outbreaks may adversely affect our operations. This is or may be due to closures or
restrictions requested or mandated by governmental authorities, disruption to supply chains and workforce, reduction of demand for our
products and services, and credit losses when customers and other counterparties fail to satisfy their obligations to us. We share most
of these risks with all businesses.

 In addition, the COVID-19 outbreak had significantly
increased economic and demand uncertainty. The outbreak and spread of COVID-19 may have a further adverse impact on our financial condition
and operations, and this impact could exist for an extensive period.

 The Company is continuing to monitor the situation
and take appropriate actions in accordance with the recommendations and requirements of relevant authorities.

 Additional future impacts on the Company may include,
but are not limited to, material adverse effects on demand for the Company's products and services; the Company's supply chain
and sales and distribution channels; the Company's ability to execute its strategic plans; and the Company's profitability
and cost structure. To the extent pandemic adversely affects the Company's business, results of operations, financial condition,
and stock price, it may also have the effect of heightening many of the other risks described above.

 Item 8. Financial Statements and Supplementary
Data

 Balance sheets, as of June 30, 2025 and 2024, and
statements of operations, stockholders' equity, and cash flows for each of the two years in the period ended June 30, 2025 and 2024,
together with the related notes and the reports of our independent registered public accounting firms, are set forth on the "F"
pages of this report.

 Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure

 Not applicable.

 Item 9A. Controls and Procedures

 Evaluation of disclosure controls and procedures

 Pursuant to Rule 13a-15(b) under the Securities Exchange
Act of 1934 ("Exchange Act"), at the conclusion of the period ended June 30, 2023 we carried out an evaluation, under the
supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under
the Securities Exchange Act of 1934 (the "Exchange Act")). Based upon that evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that as of the end of the period covered by this Report, our disclosure controls and procedures were effective
and adequately designed to ensure that the information required to be disclosed by us in the reports we submit under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and that such information
was accumulated and communicated to our Chief Executive Officer and Chief Financial Officer, in a manner that allowed for timely decisions
regarding required disclosure.

 Management Report on Internal Control Over Financial
Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting to provide
reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes
in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and
dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company
are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have
a material effect on the financial statements.

 Any system of internal control, no matter how well designed, has inherent
limitations, including the possibility that control can be circumvented or overridden and misstatements due to error or fraud may occur
and not be detected in a timely manner. Also, because of changes in conditions, internal control effectiveness may vary over time. Accordingly,
even an effective system of internal control will provide only reasonable assurance with respect to financial statement preparation. In
addition, the design of any system of controls is based in part 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. Over time, controls
may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Therefore,
any current evaluation of controls cannot and should not be projected to future periods.

 Management assessed our internal control over financial
reporting as of the year ended June 30, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission 2013 framework (COSO) in the report entitled "Internal Control-Integrated Framework."
The COSO framework summarizes each of the components of a company's internal control system, including (i) the control environment,
(ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring.

 Based on management's assessment using the COSO
criteria, management has concluded that the Company's internal control over financial reporting was effective as of June 30, 2025
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
reporting purposes in accordance with U.S. generally accepted accounting principles.

 We are not required to have our internal control over
financial reporting as of June 30, 2025 audited by our auditors because we are a smaller reporting company.

 Changes in internal controls

 There were no changes in our internal control over
financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that
occurred during our last fiscal quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.

 Item 9B. Other Information

 There is no other information required to be disclosed under this item
which was not previously disclosed.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 None.

 Item 10. Directors, Executive Officers and Corporate
Governance

 Set forth below are the names of our directors, executive
officers and significant employees of our company as of the date of this Form 10-K, their ages, all positions and offices that they hold
with us, the periods during which they have served as such, and their business experience during at least the last five years.

 Term
 as

 of

 Name

 Position
 with the Company

 Age

 Company

 Chairman of
 the Board of Directors, Chief Executive Officer, President

 2017

 Co- Chief Executive Officer,

 2021

 Chief Financial Officer

 2017

 Xiaolai Li

 2021

 Cui Song

 2023

 Compensation Committee
 Member

 Audit Committee Member

 Nominating Committee Member

 Tianping Cai

 2025

 Chairman of the Audit Committee

 Compensation Committee
 Member

 Nominating Committee Member

 Lianfu Liu

 2007

 Chairman of the Nominating
 Committee

 Audit Committee Member

 Compensation Committee
 Member

 Jinjun Lu

 2017

 Chairman of the Compensation
 Committee

 Audit Committee Member

 Nominating Committee Member

 Name

 Position with the Company and Principal Occupations

 Chairman of the Board of Directors and Chief Executive Officer since 2017. Mr. Li was President of the Company until the death of his father, Tao Li, in December 2017, at which time he was appointed to serve as Chairman of the Board of Directors and Chief Executive Officer. Mr. Li has six years of experience in agricultural industry. Prior to joining the Company, Mr. Li has served as Chief Operating Officer at the Company's affiliate, 900LH.com Food Co., Ltd. ("900LH.com") since January 2016. From January 2015 to January 2016, Mr. Li served as a senior manager at the international department of 900LH.com, where he helped to develop the international market. Mr. Li served as a senior manager at the customer center of 900LH.com from March 2013 through January 2015. He studied business at the University of Auckland in 2012. We believe Mr. Li's practical experience from serving as President of the Company and with 900LH.com qualify him to serve as Chairman of the Board of Directors of the Company.

 Co-Chief Executive Officer since 2025. Mr. Huang has served as
the director of our company since August 30, 2021. Mr. Huang is an experienced investor in blockchains and crypto currencies. In 2017,
he founded ChainVC, a digital asset fund focusing on the blockchain industry, and invested in a series of blockchain companies and digital
asset funds including BitFund. Mr. Huang received an EMBA degree from Guanghua School of Management of Peking University in 2018.

 Chief Financial Officer. Mr. Yang has served as the Chief Financial Officer of our company since 2017. He served as Senior Vice President of Finance since January 2016. Before that, Mr. Yang served as the chief financial officer of the Company's wholly-owned subsidiary, Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng") since July 2010. Earlier, Mr. Yang had served various senior, and executive level positions in finance for the Company and the Company's affiliate, Xi'an TechTeam Investment Holding (Group) Co., Ltd, since 2002. Mr. Yang started his career in accounting and finance at Shaanxi Weidong Chemistry Co., Ltd from 1989 to 2002. Mr. Yang graduated from Xi'an Jiaotong University in 1989 with his bachelor's degree in accounting.

 Xiaolai Li

 Director. Mr. Li has served as a director of our company since August 30, 2021. Mr. Li is the founding partner of INBlockchain Inc., a venture capital company based in Beijing, China with a focus on blockchain assets. He has invested in numerous early-stage blockchain projects, including Invictus Capital, Sia, ZCash, Steemit, EOS.io, and MoibileCoin. Mr. Li has managed multiple digital assets funds, including BitFund from 2013 to 2015. Mr. Li holds a Bachelor of Arts degree in accounting from Changchun University.

 Cui Song

 Director, Audit Committee Member, Compensation Committee Member, and
Nominating Committee Member. Ms. Song is an experienced marketing professional and entrepreneur. She previously held the position of Regional
Manager for the Chongqing area at Peking University Resources Company in Beijing. Additionally, Ms. Song is a co-founder of the Chinese
children's amusement brand — Wonderland. Ms. Song is an alumna of Zhejiang University of Media and Communications,
where she graduated with a bachelor's degree in journalism and communication.

 Tianping Cai

 Director, Chairman of the Audit Committee, Compensation Committee Member
and Nominating Committee Member. Mr. Cai is a seasoned financial executive with experience in corporate finance, audit oversight,
and regulatory compliance. Mr. Cai currently serves as the Financial Director of Hong Kong Haoming
International Group Limited, a company in the medical device industry based in Hong Kong, since 2024. From 2019 to 2023, he served as
Director of Risk Management & Control at Sanya East Coast Real Estate Development Co., Ltd., a real estate development firm. Prior
to that, from 2015 to 2019, he was employed as Internal Auditor at the same company. From 2013 to 2016, Mr. Cai also held the role of
Financial Accountant at Sanya Huali Real Estate Development Co., Ltd., another real estate company. As Chairman of the Audit Committee,
he is committed to upholding the highest standards of financial integrity, transparency, and corporate governance.

 Lianfu Liu

 Director, Chairman of Nominating Committee, Audit Committee Member
and Compensation Committee Member. Mr. Liu has served as the director of our company since December 26, 2007. Mr. Liu has served as the
Chairman of the China Green Food Association since 1998. From 1992 to 1998, Mr. Liu was a Director and Senior Engineer for the China Green
Food Development Center. Prior to that, Mr. Liu was a Vice Director of the PRC Ministry of Agriculture. Mr. Liu graduated from Beijing
Forestry University and studied soil conservation. We believe Mr. Liu's experience in the agricultural industry in the PRC allows
him to bring a unique perspective as an independent director of our company.

 Jinjun Lu

 Director, Chairman of Compensation Committee, Audit Committee Member and Nominating Committee Member. Mr. Lu is the co-founder of Shaanxi Jinfenghui Technology Co. Ltd ("Jinfenghui") since he started in 2014. Drawing on years of entrepreneurial experience, Mr. Lu plans to grow Jinfenghui into one of the largest mobile terminal device manufacturers in northwestern China. At Jinfenghui, Mr. Lu oversees corporate growth plans, budgets capital expenditures, seeks investment funds, and designs marketing strategies for Jinfenghui products to penetrate target markets. Before founding Jinfenghui, in 1998 he founded Xinjiang Yongan Engineering Co. Ltd in Xinjiang Uyghur Autonomous Region, a provincial-level autonomous region of China in the northwest of the country. Earlier in the 1990s, Mr. Lu began his entrepreneurship career as a distributor for Lining-branded garment products in Henan Province, which he grew into the largest wholesale venture for Lining in the region. As a founder of several enterprises and a seasoned entrepreneur, Mr. Lu not only has executive experience in strategic management, marketing and sales, and technology, but also brings his experience as a founder from different industries.

 All directors of our company hold office until the
next annual meeting of our shareholders or until their successors have been elected and qualified. The executive officers of our company
are appointed by our board of directors and hold office until their death, resignation, or removal from office.

 Family Relationships

 There is no family relationship
among any of our officers or directors

 Involvement in Certain Legal Proceedings

 To the best of our knowledge, none of our directors
or executive officers was involved in any legal proceedings during the last 10 years as described in Item 401(f) of Regulation S-K.

 Code of Ethics

 We have adopted a Code of Ethics that applies to all
of our employees and officers, and the members of our Board of Directors, which was amended and restated in 2010. The Amended and Restated
Code of Ethics (the "Code of Ethics") is available on our website at www.cgagri.com. Printed copies are available upon
request without charge. Any amendment to or waiver of the Code of Ethics will be disclosed on our website promptly following the date
of such amendment or waiver.

 Audit Committee

 The Audit Committee is responsible for: (i) overseeing
the corporate accounting and financial reporting practices; (ii) recommending the selection of our independent registered public accounting
firm; (iii) reviewing the extent of non-audit services to be performed by the auditors; and (iv) reviewing the disclosures made in our
periodic financial reports. The members of the Audit Committee are currently Mr. Tianping Cai, Mr. Jinjun Lu, Mr. Lianfu Liu, and Ms.
Cui Song, each of whom is an independent director within the meaning of the rules of the NYSE and Rule 10A-3 promulgated by the SEC under
the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In addition, the Board has determined that Mr. Cai qualifies
as an Audit Committee Financial Expert under applicable SEC Rules. The Chairman of the Audit Committee is Mr. Cai. The Audit Committee
held three meetings during the fiscal year ended June 30, 2025. The Audit Committee carries out its responsibilities in accordance with
the terms of its Audit Committee Charter, a copy of which was attached as Annex A to our Definitive Proxy Statement on Schedule 14A for
our 2010 Annual Meeting, filed with the SEC on October 28, 2010, and is also available on our website at www.cgagri.com.

 Compensation Committee

 The Compensation Committee determines matters
pertaining to the compensation of executive officers and other significant employees and administers our stock and incentive plans. The
members of the Compensation Committee are Mr. Jinjun Lu, Mr. Lianfu Liu, Mr. Tianping Cai, and Ms. Cui Song. The Chairman of the Compensation
Committee is Mr. Lu. The Compensation Committee held three meetings during the fiscal year ended June 30, 2025. Each of the members of
the Compensation Committee is a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act, and an "outside
director" within the meaning of Section 162(m) under the Internal Revenue Code. The Compensation Committee carries out its responsibilities
pursuant to a written charter, a copy of which was attached as Annex C to our Definitive Proxy Statement on Schedule 14A for our 2009
annual meeting, filed with the SEC on October 28, 2009, and is also available on our website at www.cgagri.com.

 Nominating Committee

 The Nominating Committee identifies and nominates
candidates to serve on our Board. The members of the Nominating Committee are Mr. Jinjun Lu, Mr. Lianfu Liu, Mr. Tianping Cai, and Ms.
Cui Song. The Chairman of the Nominating Committee is Mr. Liu. The Nominating Committee held two meetings during the fiscal year ended
June 30, 2025. A copy of our Nominating Committee Charter was attached as Annex B to our Definitive Proxy Statement on Schedule 14A for
our 2010 annual meeting, filed with the SEC on October 28, 2010, and is also available on our website at www.cgagri.com. See "Director
Nominations" below for the procedures for the nomination of directors.

 Board Leadership Structure and Board's Role
in the Oversight of Risk Management

 Our Board believes it is important to select our Chairman
and our Chief Executive Officer in the manner it considers in the best interests of our company at any given point in time. Due to Mr.
Li and his family's influence in the industry, our Board has determined that the most effective leadership structure for our company
is for Mr. Li to serve as both our Chairman and Chief Executive Officer. Our Board benefits from the Chairman having direct knowledge
of the operations of, and opportunities and challenges facing, our business on a regular and company-wide basis. Mr. Li's combined
role as Chairman and Chief Executive Officer fosters greater communication between the Board and management and provides unified leadership
for carrying out our company's strategic initiatives and business plans.

 To counterbalance the potential for ineffective Board
oversight, we have adopted a governance structure that includes: (i) a designated lead independent director; (ii) annual elections of
directors by most votes cast at the annual meeting of shareholders; (iii) committees composed entirely of independent directors; and (iv)
established corporate governance and ethics guidelines. Our Board appointed Mr. Daqing Zhu to serve as the Board's lead independent
director. The lead independent director acts as an intermediary between the Board and senior management. Among other things, the lead
independent director is responsible for facilitating communication among directors and between the Board and the Chief Executive Officer,
working with the Chief Executive Officer to provide an appropriate information flow to the Board, and chairing executive sessions of the
independent directors. Executive sessions of our independent directors occur following regularly scheduled quarterly audit committee meetings,
and at such other times as the independent directors deem appropriate. However, the Board recognizes that circumstances may change over
time and as they do, changes to the leadership structure may be warranted.

 The Board has an active role, directly and through
its committees, in the oversight of our risk management efforts. The Board carries out this oversight role through several levels of review.
The Board regularly reviews and discusses with members management information regarding the management of risks inherent in the operations
of our businesses and the implementation of our strategic plan, including our risk mitigation efforts.

 In accordance with corporate governance standards
of the NYSE, the Audit Committee charter assigns to that committee the responsibility to review our policies and practices with respect
to risk assessment and risk management, including major financial risk exposures, and the steps management has taken to monitor and control
such exposures. Additionally, each of the Board's committees also oversees the management of our risks that are under each committee's
areas of responsibility. For example, the Audit Committee oversees management of accounting, auditing, external reporting, internal controls,
and cash investment risks. The Nominating Committee oversees our compliance policies, Code of Conduct, conflicts of interests, director
independence, and corporate governance policies. The Compensation Committee oversees risks arising from compensation practices and policies.
In this manner, the Board can coordinate its risk oversight.

 Director Nominations

 The Nominating Committee recommends director candidates
and will consider for such recommendation director candidates proposed by management, other directors, and stockholders. All director
candidates will be evaluated based on the criteria identified below, regardless of the identity of the individual or the entity or person
who proposed the director candidate.

 The selection of director nominees includes consideration
of factors deemed appropriate by the Corporate Governance and Nominating Committee and the Board. We may engage a firm to assist in identifying,
evaluating, and conducting due diligence on potential board nominees. Factors will include integrity, achievements, judgment, intelligence,
personal character, any prior contact or relationship between a candidate and a current or former director or officer of our company,
the interplay of the candidate's relevant experience with the experience of other Board members, the willingness of the candidate
to devote adequate time to Board duties and the likelihood that he or she will be willing and able to serve on the Board for a sustained
period. The Corporate Governance and Nominating Committee will consider the candidate's independence, as defined by the rules of
the SEC and the NYSE. In connection with the selection, consideration will be given to the Board's overall balance of diversity
of perspectives, backgrounds, and experiences. Experience, knowledge, and skills to be represented on the Board include, among other considerations,
financial expertise (including an "audit committee financial expert" within the meaning of the SEC's rules), financing
experience, related industry experience, strategic planning, business development, and community leadership.

 The Company has an insider trading policy
governing the purchase, sale and other dispositions of the Company's securities that applies to all Company personnel, including
directors, officers, employees, and other covered persons. The Company also follows procedures for the purchasing of its securities. The
Company believes that its insider trading policy and repurchase procedures are reasonably designed to promote compliance with insider
trading laws, rules and regulations, and listing standards applicable to the Company. A copy of the Company's insider trading policy
is filed as Exhibit 19.1 to this Form 10-K.

 Item 11. Executive Compensation

 Compensation Discussion and Analysis

 This section contains a discussion of the material
elements of compensation awarded to, earned by, or paid to our principal executive officer, our principal financial officer, and our other
executive officers whose total compensation exceeded $100,000 during the fiscal year ended June 30, 2025. Accordingly, our "Named
Executive Officers" are Mr. Zhuoyu Li, our Chairman and Chief Executive Officer, and Mr. Yongcheng Yang, our Chief Financial Officer.

 Our Board established the Compensation Committee
to assist with the analysis and determination of the compensation structure for our executive officers. Our Compensation Committee, consisting
of three independent directors, reviews, and approvals, or in some cases recommends for the approval of the full Board, annual compensation
for our executive officers. Typically, management recommends compensation package proposals based on prevailing compensation standards
in our industry, which in turn Compensation Committee reviews and approves such proposals. Our Compensation Committee may consult with
the executive officers to form consensus on such packages. Our executive officers may discuss any disagreements and need amendment to
such proposals with our Compensation Committee before such proposals are finalized and approved by the Compensation Committee.

 Compensation Objectives

 Our compensation objectives are as follows:

 We strive to provide competitive executive compensation programs that will help to attract highly qualified individual's necessary for our continued growth. Once an executive is hired, our goal is to retain and motivate them to achieve higher levels of performance and be appropriately rewarded for that effort.

 Compensation and benefits are competitive with the local labor markets in which we compete and focus also will be given to companies that operate in the agriculture, feed, and fertilizer industries. Peer companies will typically have annual revenues that are one-half to double that of us, for the purposes of compensation benchmarking.

 We provide an executive compensation package consisting of base salary, incentives (short term & long term), and benefits that are consistent with similar positions at our recognized competitors. Each component addresses individual and company performance with a focus on long-term profitable growth and stockholder return, competitive conditions, and our overall financial performance.

 All compensation programs are administered without regard to race, religion, national origin, color, sex, age, or disability, and adhere to all local laws and regulations.

 Elements of Compensation

 Base Salary

 Our approach is to pay our executives a base salary
that is competitive with those of other executive officers in similar positions and with similar responsibilities in our peer group of
competitive companies. We believe that a competitive base salary is a necessary element of any compensation program that is designed to
attract and retain talented and experienced executives. We also believe that attractive base salaries can motivate and reward executives
for their overall performance.

 Stock-Based Awards under the Equity Incentive Plan

 In addition to base salary, the other key component
of executive compensation we provide to our Named Executive Officers is equity-based compensation. In October 2009, our Board adopted
our 2009 Equity Incentive Plan (the "2009 Equity Incentive Plan", "2009 Incentive Plan", or "2009 Plan"),
which was approved by our shareholders at our annual shareholders meeting in December 2009. In August 2023, our Board adopted our 2023
Equity Incentive Plan (the "2023 Equity Incentive Plan", "2023 Incentive Plan", or "2023 Plan"), which
is subject the approval by our shareholders at our annual shareholders meeting in November 2023. The 2009 Plan and 2023 Plan (collectively,
the "Plans", "Incentive Plans", or "Equity Incentive Plans") gives us the ability to grant stock options,
stock appreciation rights (SARs), restricted stock and other stock-based awards to employees or consultants of our company or of any subsidiary
of our company and to non-employee members of our advisory board or our Board or the board of directors of any of our subsidiaries. The
Board and the Compensation Committee believe the ability to grant restricted stock, stock options and make other stock-based awards under
the Plan is an important factor in attracting, stimulating and retaining qualified and distinguished personnel with proven ability and
vision to serve as employees, officers, consultants or members of the Board or advisory board of our company and our subsidiaries, and
to chart our course towards continued growth and financial success.

 Employee Stock Purchase Plan

 On August 9, 2012, the Board adopted the Company's
2012 Employee Stock Purchase Plan (the "ESPP"), which became effective as of such date. The Board adopted the Company's
Third Amended and Restated Employee Stock Purchase Plan (the "Restated ESPP") on May 15, 2015. The Restated ESPP reserved
a total of 3,750,000 shares of Common Stock, including 1,250,000 shares of Common Stock that was increased the third time. Stockholder
approval is not required with respect to the issuance under the ESPP pursuant to Sections 303A.08 or 312.03 of the NYSE Listed Company
Manuel. The ESPP has been delegated to be administered by the Compensation Committee since October 19, 2012. Any employee of the Company
or any parent (if any) and subsidiary corporation of the Company (the "Affiliate"), who is not a natural person resident in
the United States, who has been in the employ of the Company or any Affiliate for such continuous period as required by the Board preceding
the grant of rights under the ESPP is eligible to participate in the ESPP during the applicable offering period, subject to administrative
rules established by the Compensation Committee.

 The ESPP is implemented by sequential offerings,
the commencement and duration of which are determined by the Compensation Committee. The purchase price at which each share of Common
Stock may be acquired in an offering period upon the exercise of all or any portion of a purchase right is established by the Compensation
Committee. However, the purchase price on each purchase date shall not be less than the fair market value of a share of Common Stock on
the purchase date.

 Retirement or Pension Benefits

 Currently, we do not provide any company sponsored
retirement benefits to any employee, including the Named Executive Officers.

 Deferred Compensation

 We do not have any qualified or nonqualified deferred
compensation plans.

 Perquisites

 Historically, we have provided our Named
Executive Officers with minimal perquisites and other personal benefits that we believe are reasonable. We do not view perquisites
as a significant component of compensation, but do believe they can be useful in attracting, motivating and retaining the executive
talent for which we compete. We believe that these additional benefits assist our Named Executive Officers in performing their
duties and provide time efficiencies for them. Our practices regarding perquisites will be subject to periodic review by our
Board.

 Summary Compensation Table — Fiscal Years
Ended June 30, 2025 and 2024

 The following table sets forth information concerning
cash and non-cash compensation we and/or Jinong paid to our principal executive officer and our other most highly paid executive officer
(the "named executive officers") for services rendered in all capacities during the noted periods. No other executive officers
received total annual salary and bonus compensation of more than $100,000 during each of the two fiscal years ended June 30, 2025 and
2024.

 SUMMARY COMPENSATION TABLE

 Non-Equity

 Nonqualified

 Deferred

 Stock

 Plan

 All Other

 Salary

 Bonus

 Awards (1)

 Earnings

 Total

 Name and Principal Position

 Year Ended

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 Chief Executive

 $

 $
 96,000

 —

 —

 —

 —

 —

 $
 396,000

 Officer, and Chairman of the Board

 June 30, 2024

 $

 $
 96,000

 —

 —

 —

 —

 —

 $
 396,000

 $
 180,000

 $
 50,400

 —

 —

 —

 —

 —

 $
 230,400

 Chief Financial Officer

 June 30, 2024

 $
 180,000

 $
 50,400

 —

 —

 —

 —

 —

 $
 230,400

 (1)

 The amounts reported in this column reflect the fair value on the grant date of the restricted stock awards granted to our Named Executive Officers. These values are determined by multiplying the number of shares granted by the closing price of our common stock on the trading day immediately preceding the grant date. The dollar amounts do not necessarily reflect the dollar amounts of compensation realized or that may be realized by our Named Executive Officers.

 The Company has not used a compensation consultant
to determine or recommend the amount or form of executive or director compensation, but its management believes that its executive officer's
compensation package is comparable to similar businesses in our location of operations.

 Grants of Plan-Based Awards

 There were no grants of Plan-Based Awards to
Named Executive Officers during the year ended June 30, 2025.

 Employment Agreements

 Zhuoyu Li. Pursuant to an Employment agreement
between the Company and Zhuoyu Li when he was appointed by the Board of Directors effective May 19, 2016, Mr. Li received an annual base
salary of $100,000 and a bonus up to 40% for serving as the Company's President. In addition, Mr. Li receives stock awards to be
determined when the Company grants the awards to directors and officers under the Company's 2009 Plan, as amended. The initial term
of the employment agreement is one year, which is automatically extended for additional one-year terms unless either party provides written
notice of termination sixty (60) days prior to the end of the prior term. On December 18, 2017, following the death of Tao Li, the Company's
Board of Directors appointed the Company's President, Mr. Zhuoyu Li, as its new Chairman and CEO. For serving as the Company's
Chairman and CEO, Mr. Zhuoyu Li receives the same compensation of Mr. Tao Li. In total, Mr. Zhuoyu Li receives an annual base salary of
$300,000 with a bonus of up to 40% and stock awards under the Company's 2009 Plan.

 Yongcheng Yang. After the periods
covered by this Report, on December 19, 2017, the Company entered into an Employment Agreement with Mr. Yongcheng Yang effective as of
December 19, 2017. Pursuant to the terms of the Employment Agreement, Mr. Yang will serve as our Chief Financial Officer for a term of
one year at an annual salary of $180,000. Mr. Yang is eligible for a yearly bonus at the discretion of our Board of Directors. The Employment
Agreement will be automatically extended for additional one-year terms unless either party provides a written notice of termination sixty
(60) days prior to the end of the prior term. Either party may terminate the Employment Agreement upon thirty (30) days' written
notice, or, at our discretion, we may terminate the Employment Agreement immediately and substitute thirty (30) days' salary in
lieu of written notice. In the event of a breach of the Employment Agreement by Mr. Yang, or in the event Mr. Yang is terminated for "cause"
(as defined therein), the Employment Agreement may be terminated immediately without notice and without further payments.

 Description of Plan Based Awards

 The equity incentive awards reported in the above
table entitled "Grants of Plan Based Awards" were granted under, and are subject to, the terms of our 2009 Equity Incentive
Plan, as amended. The Plan is administered by the Compensation Committee. The Compensation Committee has authority to interpret the plan
provisions and make all required determinations under the Plan.

 With respect to all restricted stock grants disclosed
herein, if we terminate the grantee's employment or affiliation with us for any reason, all unvested portions of such restricted
stock grants are forfeited. Any shares of restricted stock that do not vest for failure to meet the requisite performance targets will
also be forfeited.

 With respect to all non-qualified stock option grants
disclosed herein, if we terminate the grantee's employment or affiliation with us for any reason, all unvested options are forfeited.
If the grantee's employment or affiliation with us is terminated voluntarily by the grantee or by us for cause, all vested options
are also terminated. In the event we terminate the grantee's employment or affiliation with us without cause, the grantee has the
lesser of ninety (90) days or the remaining term of the option to exercise any vested options. If we terminate the grantee's employment
or affiliation with us due to death or disability, the grantee has the lesser of twelve (12) months or the remaining term of the option
to exercise any vested options. In the case of non-qualified options subject to performance-based vesting, any options which do not vest
for failure to meet the requisite performance targets will be forfeited.

 Outstanding Equity Awards at Fiscal Year End

 The following table provides information on all restricted
stock and stock option awards held by our Named Executive Officers as of June 30, 2025.

 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

 Option Awards

 Stock Awards

 Underlying
 Unexercised
 Options
 (#)

 Underlying
 Unexercised
 Options
 (#)

 Plan
 Awards:
 Underlying
 Unexercised
 Unearned
 Options

 Exercise
 Price

 Expiration

 Shares or
 Units of
 Stock That Have Not
 Vested

 Market
 Value of
 Shares or
 Units of
 Stock That
 Have Not
 Vested

 Plan
 Awards:
 Unearned
 Shares,
 Units or
 Other
 Rights That
 Have Not
 Vested

 Plan
 Awards:
 Market Or
 Payout
 Value of
 Unearned
 Shares,
 Units or
 Other
 Rights That
 Have Not
 Vested

 Name

 Exercisable

 Unexercisable

 (#)

 ($)

 Date

 (#)

 ($)

 (#)

 ($)

 —

 —

 —

 —

 —

 —

 $
 —

 —

 $
 —

 —

 —

 —

 —

 —

 —

 $
 —

 —

 $
 —

Exercises and Stock Vested During the Fiscal Year

 OPTION
EXERCISES AND STOCK VESTED DURING THE FISCAL YEAR

 Stock

 Number
 of

 Value

 Value

 Acquired

 Realized

 Acquired

 Realized

 on
 Exercise

 on
 Exercise

 on
 Vesting

 on
 Vesting

 Name

 (#)

 ($)

 (#)

 ($)

 —

 —

 —

 —

 —

 —

 —

 —

 The
following table sets forth information concerning cash and non-cash compensation we paid to our directors during the fiscal year ended
June 30, 2025.

 Fees
 Earned or
 Paid in
 Cash

 Stock

 Non-Equity
 Deferred
 Plan

 Non- Qualified
 Earnings

 Other

 All Total

 Name

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 Daqingz Zhu/Tianping Cai

 $
 26,000

 —

 —

 —

 —

 —

 $
 26,000

 Lianfu Liu

 $
 26,000

 —

 —

 —

 —

 —

 $
 26,000

 Jinjun Lu

 $
 18,000

 —

 —

 —

 —

 —

 $
 18,000

 Cui Song

 $
 18,000

 —

 —

 —

 —

 —

 $
 18,000

 $

 —

 —

 —

 —

 —

 $

 Xiaolai Li

 $

 —

 —

 —

 —

 —

 $

 The directors will also be reimbursed for all
their out-of-pocket expenses in traveling to and attending meetings of the Board and committees on which they serve.

Committee Interlocks and Insider Participation

 The members of the Compensation Committee during
the fiscal year ended June 30, 2025 were Mr. Jinjun Lu, Mr. Tianping Cai, Mr. Lianfu Liu, and Ms. Cui Song. During the fiscal year ended
June 30, 2025:

 none of the members of the Compensation Committee were an officer (or
former officer) or employee of our company or any of its subsidiaries;

 none of the members of
 the Compensation Committee had a direct or indirect material interest in any transaction in which we were a participant and the amount
 involved exceeded $120,000;

 none of our executive officers
 served on the compensation committee (or another board committee with similar functions or, if none, the entire board of directors)
 of another entity where one of that entity's executive officers served on our Compensation Committee;

 none of our executive officers was the director of another entity where
one of that entity's executive officers served on our Compensation Committee; and

 none of our executive officers
 served on the compensation committee (or another board committee with similar functions or, if none, the entire board of directors)
 of another entity where one of that entity's executive officers served as a director on our Board.

 Payments
upon Termination or Change-in-Control

 The
following table reflects amounts payable to our Named Executive Officers (1) assuming their employment was terminated without cause on
June 30, 2025, and (2) assuming a change in control on June 30, 2025.

 Termination

 Without

 Change
 in

 Name

 Cause (1)

 Control (2)

 $
 25,000

 —

 (1)

 Represents the payment
 made pursuant to contractual agreements with the Named Executive Officer as described below in this subsection.

 (2)

 Amounts in this column
 reflect the value of unvested restricted stock that would be accelerated upon a change of control. The amounts are calculated based
 on the closing market price of a share of our common stock on June 30, 2025, i.e., $1.10 per share, multiplied by the number of unvested
 shares.

 Termination
Clauses in Employment Agreements

 Zhuoyu
Li. Pursuant to the terms of Mr. Li's employment agreement with Jinong, Jinong may terminate Mr. Li's employment
for any reason upon 30 days prior written notice, in which case no termination payment is due. Alternatively, Jinong may terminate his
employment immediately upon the payment of one month's salary. In the case of termination for cause as defined therein, we may
terminate Mr. Li's employment immediately without pay.

 2009
and 2023 Plans Change in Control Provisions

 In the event of a change in control of our company,
and except as otherwise set forth in the applicable award agreement, all unvested portions of awards shall be vest immediately. Awards,
whether then vested, shall be continued, assumed, or have new rights as determined by our Compensation Committee or a committee of the
Board designated to administer the Plan, and restrictions to which any shares of restricted stock or any other award granted prior to
the change in control are subject shall not lapse. Awards shall, where appropriate at the discretion of the Committee, receive the same
distribution of our common stock on such terms as determined by the Compensation Committee. Upon a change in control, the Committee may
also provide for the purchase of any awards for an amount of cash per share of common stock issuable under the award equal to the excess
of the highest price per share of our common stock paid in any transaction related to a change in control of our company over the exercise
price of such award.

 Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

 The following table sets forth certain information as of October 21,
2025, the Record Date, with respect to the beneficial ownership of our common stock, the sole outstanding class of our voting securities,
by (i) any person or group owning more than 5% of each class of voting securities, (ii) each director, (iii) each executive officer and
(iv) all executive officers and directors as a group.

 As of October 21, 2025, an aggregate of 15,769,434 shares of our common
stock were outstanding.

 Title of Class

 Name and Address of Beneficial Owners (1)

 Amount and

 Nature of
 Beneficial
 Ownership

 Percent of

 Class (2)

 Greater Than 5% Stockholders

 Zhibiao Pan

 3,403,999
 (3)

 21.6
 %

 1,314,286
 (4)

 8.3
 %

 Jiao Shen

 971,000

 6.2
 %

 937,033
 (5)

 5.9
 %

 Directors
 and Executive Officers

 Chief Executive
 Officer and Chairman of the Board

 937,033
 (5)

 5.9
 %

 Co-Chief Executive
 Officer, Director

 1,314,286
 (4)

 8.3
 %

 Xiaolai Li

 —

 —

 Cui Song

 —

 —

 Daqing Zhu

 —

 —

 Jinjun Lu

 —

 —

 Lianfu Liu

 10,083

 *

 All executive
 officers and directors as a group

 2,261,402

 14.3
 %

 *

 Represents a percentage
 that is less than 1%.

 (1)

 Unless otherwise stated, each beneficial owner has sole power to vote
and dispose of the shares and the address of such person is c/o Enlightify Inc., 3rd Floor, Borough A, Block A. No. 181, South Taibai
Road, Xian, Shaanxi Province, People's Republic of China 710065.

 (2)

 In determining the percent
of common stock owned by the beneficial owners, (a) the numerator is the number of shares of common stock beneficially owned by such
owner, including shares the beneficial ownership of which may be acquired, within 60 days upon the exercise of the options, if any, held
by the owner; and (b) the denominator is the sum of (i) the total 15,769,434 shares of common stock outstanding as of October 21, 2025,
and (ii) the number of shares underlying the options, which such owner has the right to acquire upon the exercise of the options within
60 days (for those who have options), if any.

 (3)

 Held By Mr. Pan and his
 mother as sole trustees for Django Creek Trust.

 (4)

 Held By Mr. Huang and his
 mother as sole trustees for Golden Peak Trust.

 (5)

 Includes 880,442 shares
 that Mr. Zhuoyu Li inherited from the estate of his parents.

Authorized for Issuance Under Equity Compensation Plans

 On
October 27, 2009, our Board of Directors (the "Board") adopted the Company's 2009 Plan. On December 11, 2009, our stockholders
approved the 2009 Plan. The Incentive Plan gives us the ability to grant stock options, stock appreciation rights (SARs), restricted
stock and other stock-based awards to our employees, consultants and to non-employee members of our advisory board or our Board or the
board of directors of any of our subsidiaries. On October 3, 2012, October 25, 2013, and May 15, 2015, our Board approved the amendment
to increase the shares covered by the 2009 Plan by three million shares. On April 23, 2019, our Board approved the fourth amendment to
increase the shares covered by the 2009 Plan by 3.9 million shares and an extension of the Plan for an additional ten years. All four
amendments were approved by our stockholders on the annual meetings held on December 15, 2012, December 22, 2013, June 30, 2015, and
June 22, 2019, respectively.

 On August 10, 2023, the Board adopted the Company's 2023 Plan.
On November 7, 2023, our stockholders approved the 2023 Plan. On April 25, 2025, the Board of Directors adopted and approved
the Amendment to the 2023 Plan, subject to stockholder approval. The purpose of the Amendment is to increase the number of shares of the
Company's common stock available for issuance thereunder by another 3 million shares, to 5.7 million shares.

 As of October 21, 2025, there were no outstanding options to purchase
any shares of common stock granted under the Plans. Options granted in the future under the Plans are within the discretion of our Board
or our compensation committee. The following table summarizes the number of shares of our common stock authorized for issuance under the
Plans as of October 21, 2025.

 Number
 of
 securities to
 be issued
 upon
 exercise of
 outstanding
 options,
 warrants
 and rights

 Weighted-

 average
 exercise
 price of
 outstanding
 options,
 warrants
 and rights

 Number
 of
 Remaining
 available for
 Future
 Issuance
 Under Equity
 compensation
 Plans
 (excluding

 securities
 reflected in
 column (a))

 Plan
 category

 (a)

 (b)

 (c)

 compensation plans approved by security holders

 —

 $
 —

 —

 compensation plans to be approved by security holders

 —

 —

 3,000,000

 Total

 —

 $
 —

 3,000,000

 Item
13. Certain Relationships and Related Transactions, and Director Independence

 Certain
Relationships and Related Transactions

 As
of June 30, 2025, and June 30, 2024, the amount due to related parties was $5,886,036 and $5,511,053, respectively. As of June 30,
2025, and June 30, 2024, $977,130 and $962,500, respectively were amounts that Gufeng borrowed from a related party, Xi'an TechTeam
Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Zhuoyu Li, Chairman and CEO of the Company, representing
unsecured, non-interest-bearing loans that are due on demand. These loans are not subject to written agreements. As of June 30,
2025, and June 30, 2024, $2,386,619 and $2,336,693, respectively were advances from Mr. Zhuoyu Li, Chairman and CEO of the Company. The
advances were unsecured and non-interest-bearing.

 On
July 1, 2024, Jinong renewed the office rental agreement with Kingtone Information Technology Co., Ltd. ("Kingtone Information"),
of which Mr. Zhuoyu Li, Chairman and CEO of the Company, served as Chairman. Pursuant to the rental agreement, Jinong rented 612 square
meters (approximately 6,588 square feet) of office space from Kingtone Information. The rental agreement provides for a two-year term
effective as of July 1, 2024 with monthly rent of RMB28,000 (approximately $3,909).

 Procedures
for Approval of Related Party Transactions

 In
November 2010, we adopted a written Related Party Transactions Policy (the "Policy"). According to the Policy, a "Related
Party Transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships)
in which we (including any of our subsidiaries) are, were or will be a participant and the amount involved exceeds $120,000, and in which
any related party had, has or will have a direct or indirect "material" interest. The Policy's definition of a "Related
Party" is in line with the definition set forth in the instructions to Item 404(a) of Regulation S-K promulgated by the SEC.

 Under the Policy, our
Chief Financial Officer is responsible for determining whether a proposed transaction, as submitted by a Related Party is a Related Party
Transaction that requires the consideration and discussion of the Audit Committee. The Audit Committee is responsible for evaluating and
assessing a proposed transaction based on the facts and circumstances including those listed in the Policy, including comparing the terms
of the proposed transaction and the terms available to unrelated third parties or to employees. The Policy states that the Audit Committee
shall approve only those Related Party Transactions that are in or are consistent with, the best interests of our company and our stockholders.
No member of the Audit Committee shall participate in any review, consideration, or approval of any Related Party Transaction in which
he or she or any immediate family member directly or indirectly is involved.

 If
we become aware of a Related Party Transaction that has not been previously approved under the Policy, such transaction will be presented
to the Audit Committee. A Related Party Transaction entered without pre-approval of the Audit Committee shall not be deemed to violate
the Policy, or be invalid or unenforceable, so long as the transaction is brought to the Audit Committee as promptly as reasonably practical
after it is entered and is subsequently ratified by the Audit Committee.

 Communications
with the Board

 Interested parties may communicate with any of our directors, our Board
as a group, our independent directors as a group or any committees of the Board by sending an e-mail to the Board of Directors, at nonmgtdirectors@cgagri.com and
indicating the intended recipient in the subject line, or by writing to Board of Directors, Enlightify Inc., 3rd Floor, Borough A, Block
A. No. 181, South Taibai Road, Xian, Shaanxi Province, People's Republic of China 710065. The Board has given secretary to the Board
of Directors the discretion to distribute communications to the director or directors, after ascertaining whether the communications are
appropriate to the duties and responsibilities of the Board. Communications that relate to ordinary business matters that are not within
the scope of the Board's responsibilities will be forwarded to the appropriate employee within our company. Solicitations, junk
email and obviously frivolous or inappropriate communications will not be forwarded. You will receive a written acknowledgement from the
Secretary to the Board upon receipt of your communication.

 Independence
of the Board of Directors

 Our Board is currently composed of seven (7) members. Jinjun Lu, Daqing
Zhu, Lianfu Liu and Cui Song qualify as independent directors in accordance with the published listing requirements of the NYSE. The NYSE
independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years,
one of our employees and that neither the director nor any of his or her family members has engaged in various types of business dealings
with us. In addition, as further required by NYSE rules, our Board has made an affirmative determination as to each independent director
that no relationships exist which, in the opinion of our Board, would interfere with the exercise of independent judgment in fulfilling
the responsibilities of a director. In making these determinations, our directors reviewed and discussed information provided by the directors
and us regarding each director's business and personal activities as they may relate to us and our management. Our directors hold
office until their successors have been elected and qualified or their earlier death, resignation, or removal.

 Board
Meetings

 The
Board held seven meetings, by telephone, in the fiscal year ended June 30, 2025. In addition, the Board unanimously approved three written
consents on matters between meetings. During the fiscal year ended June 30, 2025, each incumbent director attended at least 75% of the
aggregate number of meetings of the Board and applicable committee meetings (held during the period for which he or she was a director)
on which he or she served. We do not have a formal policy regarding attendance by members of the Board at the annual meeting of stockholders,
but we encourage all members of the Board to attend the meetings.

 Promoters
and Certain Control Persons

 We
did not have any promoters at any time during the past five fiscal years.

 Except as set forth in our discussion above, none
of our directors or executive officers has been involved in any transactions with us or any of our directors, executive officers, affiliates,
or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

 Item
14. Principal Accountant Fees and Services

 The
following are the fees billed to us by our auditors during fiscal years ended June 30, 2025 and 2024:

 Years
 Ended

 June
 30,

 June
 30,

 2025

 2024

 Audit Fees

 $

 $
 270,000

 Audit related fees

 80,000

 -

 Tax fees

 -

 -

 All
 Other Fees

 -

 -

 Total

 $
 380,000

 $
 270,000

 Audit
Fees

 The
aggregate fees billed by GAO CPA Firm for professional services rendered for the audit of our annual financial statements included in
our Annual Reports on Form 10-K, for the reviews of the financial statements included in our Quarterly Reports on Form 10-Q, for our
Sarbanes-Oxley Act of 2002 compliance audit, and for services regarding statutory and regulatory filings or engagements were $300,000
and $270,000 for the fiscal year ended June 30, 2025 and 2024, respectively.

 Audit-Related
Fees

 The aggregate fees billed by our principal accountants for audit-related
services were $80,000 and $0 for the fiscal years ended June 30, 2025 and 2024, respectively.

 Tax
Fees

 We
did not engage our principal accountants to provide tax or related services during the last two fiscal years.

 All
Other Fees

 We
did not engage our principal accountants to render services to us during the last two fiscal years, other than as reported above.

 Pre-Approval
Policies and Procedures

 Under the Sarbanes-Oxley
Act of 2002, all audit and non-audit services performed by our auditors must be approved in advance by our Audit Committee to ensure that
such services do not impair the auditors' independence from us. In accordance with its policies and procedures, the Audit Committee
pre-approved the audit service performed by GAO CPA Firm for our consolidated financial statements as of and for the year ended June 30,
2025.

 PART
IV

 Item
15. Exhibits, Financial Statement Schedules

 (a)

 The following documents
 are filed as part of this report:

 (1)

 Financial Statements

 The
following financial statements of Enlightify Inc. and Report of Independent Registered Public Accounting Firm are presented in the "F"
pages of this Report:

 Report of Independent Registered Public Accounting Firm

 Consolidated Balance Sheets as of June 30, 2025 and 2024

 Consolidated Statements of Operations and Other Comprehensive Loss for the Years ended June 30, 2025 and 2024

 Consolidated Statements of Shareholders' Equity for the Years ended June 30, 2025 and 2024

 Consolidated Statements of Cash Flows for the Years ended June 30, 2025 and 2024

 Notes to Consolidated Financial Statements

 (2)

 Financial Schedules

 None.

 Financial
statement schedules have been omitted because they are either not applicable, or the required information is included in the financial
statements or notes hereto.

 (3)

 Exhibits

 The
exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Report.

 (b)

 Exhibits

 See
the Exhibit Index following the signature page of this report, which Index is incorporated herein by reference.

 Item
16. Form 10-K Summary

 Not
applicable

 SIGNATURES

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

 Enlightify Inc.

 Date: October 21, 2025

 By:

 /s/ Zhuoyu Li

 Zhuoyu Li, CEO

 Date: October 21, 2025

 By:

 /s/ Jian Huang

 Jian Huang, Co-CEO

 Pursuant
to the requirements of Section 13 or 15(d) 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.

 /s/ Zhuoyu Li

 Zhuoyu Li, Chairman of the Board of Directors and CEO (principal executive officer)

 /s/ Yongcheng Yang

 Yongcheng Yang, Chief Financial Officer

 (principal financial officer and

 principal accounting officer)

 /s/ Jian Huang

 Jian Huang, Director and Co-CEO

 /s/ Cui Song

 Cui Song, Director

 /s/ Xiaolai Li

 Xiaolai Li, Director

 /s/ Lianfu Liu

 Lianfu Liu, Director

 /s/ Daqing Zhu

 Daqing Zhu, Director

 /s/ Jinjun Lu

 Jinjun Lu, Director

 Enlightify Inc.

 Exhibit
Index to Annual Report on Form 10-K

 For
the Year Ended June 30, 2025

 3.1

 Articles of Incorporation (incorporated herein by reference to the Company's Quarterly Report on Form 10-QSB, for the quarter ended September 30, 2007, filed with the SEC on November 9, 2007, Exhibit 3.1).

 3.2

 Certificate of Change filed with the Secretary of State of the State of Nevada on December 18, 2007 (incorporated herein by reference to the Company's Current Report on Form 8-K filed with the SEC on January 2, 2008, Exhibit 4.2).

 3.3

 Certificate of Correction (incorporated herein by reference to the Company's Registration Statement on Form S-1 filed with the SEC on February 8, 2008, Exhibit 4.1).

 3.4

 Articles of Merger (incorporated herein by reference to the Company's Current Report on Form 8-K, filed February 5, 2008, Exhibit 3.1).

 3.5

 Bylaws (incorporated herein by reference to the Company's Quarterly Report on Form 10-QSB, for the quarter ended September 30, 2007, filed with the SEC on November 9, 2007, Exhibit 3.2).

 3.6

 Amended and Restated Bylaws (incorporated herein by reference to the Company's Current Report on Form 8-K filed with the SEC on October 17, 2011, Exhibit 3.1).

 3.7

 Amended and Restated Bylaws (incorporated herein by reference to the Company's Current Report on Form 8-K filed with the SEC on August 25, 2022, Exhibit 3.1).

 4.1

 Specimen Common Stock Certificate (incorporated herein by reference to the Company's Registration Statement on Form S-3 filed with the SEC on June 8, 2009, Exhibit 4.1).

 4.2

 Form Convertible Note issued by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 4.3

 Description of Registrant's Securities

 10.3

 Share Transfer Agreement, dated July 1, 2010, by and between Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., Qing Xin Jiang, and Qiong Jia (Incorporated herein by reference to the Current Report on Form 8-K filed with the SEC on July 7, 2010).

 10.4

 Supplementary Agreement, dated July 1, 2010, by and between Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., Qing Xin Jiang and Qiong Jia (Incorporated herein by reference to the Current Report on Form 8-K filed with the SEC on July 7, 2010).

 10.6

 Form of Non-Competition Agreement by and between Beijing Gufeng Chemical Products Co., Ltd. and its two major former shareholders. (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on September 12, 2011).

 10.7

 Form of Restricted Stock Grant Agreement (Incorporated herein by reference to the Current Report on Form 8-K filed with the SEC on January 11, 2010).

 10.8

 Form of Non-Qualified Stock Option Grant Agreement (Incorporated herein by reference to the Current Report on Form 8- K filed with the SEC on January 11, 2010).

 10.10

 Offer Letter dated March 28, 2011 between Enlightify Inc. and Lianfu Liu. (Incorporated herein by reference to the Quarterly Report on Form 10-Q filed with the SEC on May 10, 2011).

 10.11

 Offer Letter dated October 25, 2011 between Enlightify Inc. and Yiru Shi (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on September 13, 2012).

 10.13

 Entrusted Management Agreement dated June 16, 2013 among Xi'an Hu County Yuxing Agriculture Science & Technology Co., Ltd., Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., and Ms. Chen Lixiang (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on September 17, 2015).

 10.14

 Exclusive Product Supply Agreement dated June 16, 2013 between Xi'an Hu County Yuxing Agriculture Science & Technology Co., Ltd. and Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on September 17, 2015).

 10.15

 Shareholder's Voting Proxy Agreement dated June 16, 2013 between Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., and Ms. Chen Lixiang (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on September 17, 2015).

 10.16

 Option Agreement dated June 16, 2013 among Xi'an Hu County Yuxing Agriculture Science & Technology Co., Ltd., Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., and Ms. Chen Lixiang (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on September 17, 2015).

 10.17

 Equity Pledge Agreement dated June 16, 2013 between Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., and Ms. Chen Lixiang (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on September 17, 2015).

 10.18

 Form Entrust Management Agreement (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 10.19

 Form Exclusive Option Agreement (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 10.20

 Form Exclusive Product Supply Agreement (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 10.21

 Form Non-Competition Agreement (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 10.22

 Form Pledge of Equity Agreement (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 10.23

 Form Shareholder's Voting Proxy Agreement (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 10.24

 Form Strategic Acquisition Contract (Incorporated herein by reference to the Annual Report on Form 10-K filed with the SEC on October 7, 2016).

 10.25

 Employment Agreement between the Company and Mr. Zhibiao Pan (incorporated herein by reference to the Company's Current Report on Form 8-K filed with the SEC on August 23, 2022, Exhibit 10.1).

 14.1

 Amended and Restated Code of Ethics. (Incorporated herein by reference to the Quarterly Report on Form 10-Q filed with the SEC on November 12, 2010)

 19.1*

 Insider Trading Policy

 21.1*

 List of Subsidiaries of the Company.

 31.1*

 Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2*

 Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.3*

 Certification of Principal Financial Officer and Principal Accounting Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1+

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

 32.2+

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

 32.3+

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

 97.1*

 Clawback Policy.

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 *

 Filed herewith

 +

 In accordance with SEC
 Release 33-8238, Exhibit 32.1 and 32.2 are being furnished and not filed.

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To
the Board of Directors and Stockholders of Enlightify Inc.

 Opinion
on the Financial Statements

 We
have audited the accompanying consolidated balance sheets of Enlightify Inc., and subsidiaries (the "Company") as of June
30, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders' equity, and cash flows
for each of the two years in the period ended June 30, 2025, 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 June 30, 2025 and 2024, and the results of its operations and its cash flows for two years in the period ended June 30,
2025, in conformity with accounting principles generally accepted in the United States of America.

 Going
Concern

 The Company's financial statements are prepared using the accepted
accounting principles applicable to a going concern. As described in Note 3 to the financial statements, The Company has incurred operating
losses and has negative operating cash flows in the fiscal year 2025. In addition, subsequent to the balance sheet date, on October 13,
2025, the New York Stock Exchange announced its determination to commence proceedings to delist the Company's common stock due to
the Company's failure to meet the New York Stock Exchange's continued listing standards. This subsequent event is more fully
described in Note 18, Subsequent Events. These events and conditions, when considered in the aggregate, raise substantial doubt about
the Company's ability to continue as a going concern. The delisting, if finalized, will severely constrain the Company's ability
to raise capital through equity markets. The financial statements do not include any adjustments that might result from the outcome of
this uncertainty.

 Change
in Accounting Principle

 As
discussed in Note 2 in the accompanying the financial statements, the Company has changed its method of accounting for Bitcoin to fair
value, with changes in fair value recognized in net income, effective as of July 1, 2023 due to the adoption of Accounting Standards
Update ("ASU") No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure
of Crypto Assets ("ASU 2023-08"). The financial statements for two years in the period ended June 30, 2025 have been prepared applying this new accounting principle.

 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 audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (the "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 SEC and
the PCAOB.

 We
conducted our audits 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 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
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 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.

 Critical
Audit Matters

 Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements, and
(2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below,
providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Mining Revenue Recognition

 Critical
Audit Matter Description

 The Company started mining Bitcoin in March 2023. Mining Bitcoin entails
creating new Bitcoin by using mining equipment and systems to solve complicated math problems that verify transactions in the currency
to receive Bitcoin.

 We
identified the auditing of Bitcoin mining revenue as a critical audit matter due to the nature of cryptocurrency and extent of audit
effort required to perform audit procedures over the completeness, accuracy and occurrence of Bitcoin mining revenue recognized. It should be noted that the Company began gradually ceasing its mining activities in October 2024 in response to sustained losses. This
led to a sharp decline in Bitcoin Mining Revenue to $181,746 for the year ended June 30, 2025, down from $1,285,181 for the year ended
June 30, 2024. Our audit procedures for Bitcoin mining revenue focused on the revenue recognized during the period the operations were
active and the subsequent valuation of Bitcoin holdings.

 F- 1

 How
the Critical Audit Matter was Addressed in the Audit

 Our
audit procedures related to the Company's process for recording Bitcoin mining revenue included the following, among others:

 We performed site visits
 at the Company's facilities where the mining hardware is located, which included observations of the physical controls and
 mining equipment inventory.

 We evaluated the reasonableness
 of the prices utilized by the Company to value Bitcoin by obtaining independent Bitcoin prices and comparing those to the prices
 selected by the Company

 We tested the effectiveness
 of controls over the Company's mining revenue calculation.

 We performed certain analytical
 procedures over the completeness and accuracy of revenue recognized by the Company.

 We confirmed the year-end
 digital asset balances directly with the custodians of the Company's wallets.

 Intangible
Assets Impairment Assessment

 Critical
Audit Matter Description

 The
Company has intangible assets with amount of $ 13,279,462 as of June 30, 2025. These intangible assets include Land Use Rights and Trademarks.
The Company performed the impairment assessment of these Intangible assets subject to amortization on its elected assessment date of
June 30, 2025, by assessing the recoverability and whether the asset's carrying amount exceeds its fair value. The determination
of the fair value requires management to make significant estimates and assumptions that affect the reporting unit's expected future
cash flows. These estimates and assumptions primarily include, but are not limited to, market multiples, the discount rate, operating
income before depreciation and amortization, cashflows and capital expenditures forecasts for next five years.

 We
identified the impairment testing of these intangible assets subject to amortization as a critical audit matter because of significant
estimates and assumptions made by the management for the assessment.

 How
the Critical Audit Matter was Addressed in the Audit

 We tested if the management meets the timing requirement of the impairment
test

 We collected both external
 and internal source of information to evaluate if there is any significant negative change

 We tested management's
 process for developing the fair value of the intangible assets subject to amortization.

 We evaluated management's
 ability to accurately forecast future revenues by comparing actual results to management's forecast.

 We evaluated the reasonableness
 of the qualitative adjustments for factors such as Company-specific risks, changes in current economic conditions that may not be
 captured in the quantitatively derived results, and other relevant factors.

 We tested the mathematical
 accuracy of the model used by management.

 We evaluated the reasonableness
 and consistency of the selected valuation methodology and assumptions utilized by the Company.

 We tested the completeness
 and accuracy of underlying data used in the fair value estimate.

 We evaluated the significant
 assumptions provided by management including discount rate by considering (i) current and past performance of the entity; (ii) their
 consistency with external market and industry data; and (iii) whether these assumptions were consistent with evidence obtained in
 other areas of the audit.

 /s/
 GAO CPA FIRM

 We
have served as the Company's auditor since 2023

 Frisco,
Texas

 October
21, 2025

 PCAOB
Firm ID: 6437

 F- 2

 CONSOLIDATED
BALANCE SHEETS

 As
of June 30, 2025, and 2024

 2025

 2024

 ASSETS

 Current assets

 Cash and cash equivalents

 $
 52,519,418

 $

 Digital assets

 -

 53,693

 Accounts receivable, net

 19,345,061

 16,493,068

 Inventories, net

 36,975,287

 37,826,456

 Advances to suppliers, net

 12,367,419

 12,110,034

 Other current assets

 10,395,335

 2,430,052

 Total current assets

 131,602,520

 127,685,890

 Non-current assets:

 Plant, property and equipment, net

 12,224,583

 14,021,292

 Intangible assets, net

 13,279,462

 13,313,157

 Other non-current assets

 590,483

 8,226,344

 Total non-current assets

 26,094,528

 35,560,793

 Total assets

 $
 157,697,048

 $
 163,246,683

 LIABILITIES AND SHAREEHOLDER' EQUITY

 Current liabilities

 Accounts payable

 $
 1,736,031

 $
 1,685,725

 Customer deposits

 4,526,024

 4,937,207

 Accrued expenses and other payables

 22,289,890

 14,909,843

 Amount due to related parties

 5,886,036

 5,511,053

 Taxes payable

 26,528,836

 26,781,175

 Short term loans

 4,720,934

 7,466,250

 Total Current liabilities

 65,687,751

 61,291,253

 Long-term loans

 7,889,627

 Total non-current liabilities

 7,889,627

 Total liabilities

 $
 73,577,378

 $
 63,147,503

 Commitments and Contingencies

 -

 -

 Shareholders' equity

 Preferred Stock, $.001 par value, 20,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2025 and June 30, 2024, respectively

 -

 -

 Common stock, $.001 par value, 115,197,165 shares authorized, 16,116,914 and 14,793,538 shares issued as of June 30, 2025 and June 30, 2024, respectively; 15,770,934 and 14,793,538 shares outstanding as of June 30, 2025 and June 30, 2024, respectively

 16,117

 14,794

 Additional paid-in capital

 246,306,702

 244,825,844

 Statutory reserve

 26,787,507

 26,728,079

 Retained earnings

 ( 160,580,590
)

 ( 144,919,001
)

 Less: Treasury Stock

)

 -

 Accumulated other comprehensive loss

 ( 28,011,540
)

 ( 26,550,536
)

 Total Shareholders' Equity

 84,119,670

 100,099,180

 Total Liabilities and Stockholders' Equity

 $
 157,697,048

 $
 163,246,683

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

 F- 3

 CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 FOR
THE YEARS ENDED JUNE 30, 2025 AND 2024

 2025

 2024

 Sales

 $
 28,803,021

 $
 32,954,490

 36,549,551

 52,189,666

 9,750,553

 9,416,451

 181,746

 1,285,181

 Net sales

 75,284,871

 95,845,788

 Cost of goods sold

 17,934,458

 21,778,141

 31,967,249

 45,600,383

 8,057,609

 7,816,566

 215,773

 928,718

 Cost of goods sold

 58,175,089

 76,123,808

 Gross profit

 17,109,782

 19,721,980

 Operating expenses

 Selling expenses

 7,434,325

 7,790,881

 General and administrative expenses

 24,430,435

 40,779,553

 Change in fair value of Bitcoin

 -

 2,701

 Total operating expenses

 31,864,760

 48,573,135

 Loss from operations

 ( 14,754,978
)

 ( 28,851,155
)

 Other (expense) income

 Other (expense) income

 ( 553,312
)

 132,974

 Interest income

 126,918

 194,401

 Interest expense

 ( 470,623
)

 ( 292,186
)

 Total other (expense) income

 ( 897,017
)

 35,189

 Loss before income taxes

 ( 15,651,995
)

 ( 28,815,966
)

 Provision for income taxes

)

)

 $
)

 $
)

 Other comprehensive (loss) income

 Foreign currency translation gain (loss)

 ( 1,461,004
)

 399,957

 Comprehensive loss

 $
 ( 17,063,164
)

 $
 ( 28,005,358
)

 Basic weighted average shares outstanding

 Basic net loss per share

 $
 ( 1.05
)

 $
 ( 2.04
)

 Diluted weighted average shares outstanding

 Diluted net loss per share

 $
 ( 1.05
)

 $
 ( 2.04
)

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

 F- 4

 CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY

 FOR
THE YEARS ENDED JUNE 30, 2025 AND 2024

 Additional

 Accumulated
 Other

 Total

 Number Of

 Common

 Paid In

 Statutory

 Retained

 Treasury

 Comprehensive

 Stockholders'

 Stock

 Capital

 Reserve

 Earnings

 Stock

 Loss

 BALANCE, June 30, 2024

 14,793,538

 $
 14,794

 $
 244,825,844

 $
 26,728,079

 $
 ( 144,919,001
)

 $
 -

 $
 ( 26,550,536
)

 $
 100,099,180

)

)

 Issuance of stock for equity incentive plan

 1,323,376

 1,323

 1,480,858

 1,482,181

 Issuance of stock for convertible notes

 -

 Common stock repurchased

)

)

 Transfer to statutory reserve

 59,428

 ( 59,428
)

 -

 Other comprehensive loss

 ( 1,461,004
)

 ( 1,461,004
)

 BALANCE, June 30, 2025

 16,116,914

 $
 16,117

 $
 246,306,702

 $
 26,787,507

 $
 ( 160,580,590
)

 $
)

 $
 ( 28,011,540
)

 $
 84,119,670

 Additional

 Accumulated
 Other

 Total

 Number Of

 Common

 Paid In

 Statutory

 Retained

 Comprehensive

 Stockholders'

 Stock

 Capital

 Reserve

 Earnings

 Loss

 BALANCE, June 30, 2023

 13,380,914

 $
 13,381

 $
 242,090,576

 $
 26,728,079

 $
 ( 116,513,686
)

 $
 ( 26,950,493
)

 $
 125,367,857

)

)

 Issuance of stock

 973,515

 1,848,707

 1,849,681

 Issuance of stock for convertible notes

 -

 Issuance of stock for consulting services

 439,109

 886,561

 887,000

 Transfer to statutory reserve

 -

 Other comprehensive loss

 399,957

 399,957

 BALANCE, June 30, 2024

 14,793,538

 $
 14,794

 $
 244,825,844

 $
 26,728,079

 $
 ( 144,919,001
)

 $
 ( 26,550,536
)

 $
 100,099,180

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

 F- 5

 CONSOLIDATED
STATEMENTS OF CASH FLOWS

 FOR
THE YEARS ENDED June 30, 2025 and 2024

 2025

 2024

 Cash Flows from Operating Activities

 $
)

 $
)

 Adjustments to reconcile net loss to net cash used in operating activities

 Depreciation and amortization

 2,444,392

 2,721,154

 Provision for losses on accounts receivable

 8,755,672

 17,739,516

 Gain (Loss) on disposal of property, plant, and equipment

 67,685

 -

 Inventories impairment

 2,347,291

 13,539,221

 Fixed assets impairment

 -

 1,817,991

 Change in fair value of Bitcoin

 -

 2,701

 Changes in operating assets

 Digital assets

 53,693

 153,948

 Accounts receivable

 ( 11,339,277
)

 ( 17,813,409
)

 Amount due from related parties

 -

 27,560

 Other current assets

 ( 7,965,284
)

 169,821

 Inventories

 ( 930,859
)

 ( 4,926,296
)

 Advances to suppliers

 ( 76,840
)

 2,216,094

 Other assets

 13,211,004

 1,831,922

 Deferred tax assets

)

)

 Changes in operating liabilities

 Accounts payable

 30,257

 ( 411,430
)

 Customer deposits

 ( 482,922
)

 ( 546,035
)

 Amount due to related parties

 -

 ( 1,003
)

 Tax payables

 ( 216,967
)

 ( 296,952
)

 Accrued expenses and other payables

 7,190,305

 2,718,381

 Interest payable

 2,623

 -

 Net cash used in operating activities

 ( 2,561,222
)

 ( 9,872,781
)

 Cash Flows from Investing Activities

 Purchase of plant, property, and equipment

 ( 256,641
)

 ( 1,662,763
)

 Change in construction in process

 -

 9,860

 Long-term equity investment

 ( 5,497,981
)

 ( 4,450,000
)

 Net cash used in investing activities

 ( 5,754,622
)

 ( 6,102,903
)

 Cash Flows from Financing Activities

 Proceeds from loans

 11,756,720

 8,471,483

 Repayment of loans

 ( 8,631,763
)

 ( 5,388,419
)

 Other payables

 99,117

 -

 Advance from related party

 359,926

 191,000

 Repurchases of common stock

)

 -

 Net cash provided by financing activities

 3,185,474

 3,274,064

 Effect of exchange rate change on cash and cash equivalents

 ( 1,122,799
)

 332,020

 Net decrease in cash and cash equivalents

 ( 6,253,169
)

 ( 12,369,600
)

 Cash and cash equivalents, beginning balance

 71,142,188

 Cash and cash equivalents, ending balance

 $
 52,519,418

 $

 Supplement disclosure of cash flow information

 Interest expense paid

 $
 468,000

 $
 292,186

 Income taxes paid

 212,932

 426,079

 Supplement Non-Cash Activities

 Common stock issued to repay accrued expense

 $
 -

 $
 2,736,680

 Nonmonetary sales and purchases

 30,124,309

 34,074,750

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

 F- 6

 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

 June
30, 2025

 NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 Enlightify Inc. a Nevada corporation (the "Company", "Parent Company" or "Green Nevada"), formerly known as
"China Green Agriculture Inc.", through its subsidiaries, is engaged in the research, development, production, distribution
and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release
fertilizers, highly concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production,
and distribution of agricultural products.

 Unless
the context indicates otherwise, as used in this Report, the following are the references herein of all the subsidiaries of the Company
(i) Green Agriculture Holding Corporation ("Green New Jersey"), a wholly-owned subsidiary of Green Nevada, incorporated in
the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), a wholly-owned subsidiary
of Green New Jersey organized under the laws of the PRC; (iii) Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd.
("Yuxing"), a Variable Interest Entity ("VIE") in the in the PRC controlled by Jinong through a series of contractual
agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC ("Gufeng"), (v)
Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng's wholly-owned subsidiary in the PRC ("Tianjuyuan"), and (vi)Antaeus
Tech, Inc. ("Antaeus"), a wholly-owned subsidiary of Green Nevada incorporated in the State of Delaware.

 On
June 30, 2016 the Company, through its wholly-owned subsidiary Jinong, entered into strategic acquisition agreements and a series of
contractual agreements with the shareholders of the following six companies that are organized under the laws of the PRC and would be
deemed VIEs: Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. ("Jinyangguang"),
Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai"), Weinan City Linwei District Wangtian Agricultural Materials Co.,
Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. ("Xindeguo"), and Xinjiang Xinyulei Eco-agriculture
Science and Technology co., Ltd. ("Xinyulei"). On January 1, 2017, the Company, through its wholly owned subsidiary Jinong,
entered into strategic acquisition agreements and a series of contractual agreements with the shareholders of the following two companies
that are organized under the laws of the PRC and would be deemed VIEs, Sunwu County Xiangrong Agricultural Materials Co., Ltd. ("Xiangrong"),
and Anhui Fengnong Seed Co., Ltd. ("Fengnong").

 On
November 30, 2017, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the
series of contractual agreements with the shareholders of Zhenbai.

 On
June 2, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series
of contractual agreements with the shareholders of Xindeguo, Xinyulei and Xiangrong.

 On
December 1, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the
series of contractual agreements with the shareholders of Lishijie.

 On
December 31, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the
series of contractual agreements with the shareholders of Fengnong.

 On
March 31, 2022, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series
of contractual agreements with the shareholders of Jinyangguang and Wangtian.

 On
March 13, 2023, the Company established Antaeus Tech Inc. ("Antaeus") in the State of Delaware. In April 2023, Antaeus started
to purchase digital assets mining machines and to mine Bitcoin in West Texas.

 On December
27, 2023, the Company entered into a Stock Purchase Agreement with Mr. Zhibiao Pan for the purchase by the Company from Mr. Zhibiao Pan
of all the outstanding stock of Lonestar Dream, Inc., a Delaware corporation ("Lonestar"). Mr. Zhibiao Pan served as the
Co-Chief Executive Officer of the Company from August 2022 to November 2024 and is the sole shareholder of Lonestar. On June 13, 2025,
the Company and Mr. Pan entered into a Mutual Rescission Agreement terminating the Stock Purchase Agreement. Consequently, the acquisition
of Lonestar was terminated.

 F- 7

 The Company's current corporate structure is set forth in the
diagram below:

 F- 8

 NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

 Principle of consolidation

 The accompanying consolidated financial statements
include the accounts of the Company and its wholly owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan, Yuxing and Antaeus.
All significant inter-company accounts and transactions have been eliminated in consolidation.

 Effective June 16, 2013, Yuxing was converted
from being a wholly owned foreign enterprise 100 % owned by Jinong to a domestic enterprise 100 % owned one natural person, who is not affiliated
to the Company ("Yuxing's Owner"). Effective the same day, Yuxing's Owner entered into a series of contractual
agreements with Jinong pursuant to which Yuxing became a VIE associated with Jinong.

 VIE assessment

 A VIE is an entity (1) that has total equity at
risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where
the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity's
economic performance, or the obligation to absorb the entity's expected losses or the right to receive the entity's expected
residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected
losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity's
activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. In order to determine
if an entity is considered a VIE, the Company first performs a qualitative analysis, which requires certain subjective decisions regarding
its assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass
along to its interest holders, the rights of the parties, and the purpose of the arrangement. If the Company cannot conclude after a qualitative
analysis whether an entity is a VIE, it performs a quantitative analysis. The qualitative analysis considered the design of the entity,
the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass
along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal
cash flow models to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the
relative contractual rights and preferences of each interest holder in the VIE's capital structure.

 Use of estimates

 The preparation of consolidated 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 disclosure of contingent assets and liabilities at the date
of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these
estimates using the best information available at the time the estimates are made. However, actual results and outcomes may differ from
management's estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment.

 Leases

 The Company determines if an arrangement is a
lease or contains a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized at commencement based
on the present value of lease payments over the lease term. As the implicit rate is typically not readily determinable in the Company's
lease agreements, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of
the lease payments. The incremental borrowing rate is based on the Company's specific rate of interest to borrow on a collateralized
basis, over a similar term and in a similar economic environment as the lease. Lease expense is recognized on a straight-line basis over
the lease term. Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease
expense for these leases on a straight-line basis over the lease term. Additionally, the Company accounts for lease and non-lease components
as a single lease component for its identified asset classes. As of June 30, 2025, the Company does not have any material leases for the
implementation of ASC 842.

 F- 9

 Cash and cash equivalents and concentration of cash

 For statement of cash flows purposes, the Company considers all cash
on hand and in banks, certificates of deposit with state owned banks in the PRC and banks in the United States, and other highly liquid
investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums
of cash in three major banks in China. The aggregate cash in such accounts and on hand as of June 30, 2025 and 2024 were $ 52,503,126 and
$ 58,433,626, respectively. There is no insurance securing these deposits in China. In addition, the Company had $ 16,292 in cash as of
June 30, 2025, in three banks in the United States, and $ 338,961 as of June 30, 2024, in four banks in the United States, respectively.
Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses
in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.

 Digital Assets

 Digital assets are included
in current assets in the condensed consolidated balance sheets. Digital assets are accounted for as indefinite-lived intangible assets
and are initially measured in accordance with FASB Accounting Standards Codification ("ASC") Topic 350 – Intangibles-Goodwill
and Other. The Company measures gains or losses on the disposition of digital assets in accordance with the first-in-first-out ("FIFO")
method of accounting.

 Digital assets are not amortized, but are assessed for impairment annually,
or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived
intangible asset is impaired. Whenever the exchange-traded price of digital assets declines below the carrying value, the Company has
determined that impairment exists and records an impairment equal to the amount by which the carrying value exceeds the fair value.

 As of June
30, 2025, and 2024, the Company held Bitcoin as digital assets with amount of $0 and $ 53,693, respectively. Bitcoin is classified on our
balance sheet as a current asset due to the Company's ability to sell it in a highly liquid marketplace and its intent to liquidate
its Bitcoin to support operations when needed. As of June 30, 2025, the Company determined that there were no impairments of its
digital assets.

 Accounts receivable

 Management regularly reviews the composition of accounts receivable
and analyzes customer credit worthiness, current economic trends, and changes in customer payment patterns to evaluate the collectability
of accounts receivable at each year-end. Accounts considered uncollectible are provisioned for written off based upon management's
assessment. As of June 30, 2025, and 2024, the Company had accounts receivable of $ 19,345,061 and $ 16,493,068, net of allowance for doubtful
accounts of $ 30,266,093 and $ 22,741,696, respectively. The Company recorded bad debt expense in the amount of $ 8.8 million and $ 17.7 million
for the fiscal year ended June 30, 2025 and the fiscal year ended June 30, 2024, respectively. The Company adopts no policy to accept
product returns post to the sales delivery.

 Inventories

 Inventory is valued at a lower cost (determined
on a weighted average basis) or market. Inventories consist of raw materials, work in process, finished goods and packaging materials.
The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. As of June
30, 2025, and 2024, the Company had no reserve for obsolete goods. The Company confirmed the loss of $ 2.3 million and $ 13.5 million of
inventories for fiscal year ended June 30, 2025 and 2024, respectively.

 Property, plant, and equipment

 Property, plant, and equipment are recorded at
cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life
of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures.
All ordinary repair and maintenance costs are expensed as incurred.

 F- 10

 Depreciation for financial reporting purposes
is provided using the straight-line method over the estimated useful lives of the assets:

 Estimated
 Useful Life

 Building

 10 - 25 years

 Agricultural assets

 8 years

 Machinery and equipment

 5 - 15 years

 Vehicles

 3 - 5 years

 Mining machines

 5 years

 Construction in Progress

 Construction in progress represents the costs
incurred relating to the construction of buildings or new additions to the Company's plant facilities. Costs classified to construction
in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No
depreciation is provided for construction in progress until the assets are completed and are placed into service. Interest incurred during
construction is capitalized into construction in progress.

 Long-Lived Assets

 The Company tests long-lived assets for impairment whenever events
or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash
flows expected to result from the use and eventual disposition of the assets. Whenever such impairment exists, an impairment loss will
be recognized for the amount by which the carrying value exceeds the fair value. The Company confirmed the impairment of $0 and $ 1,817,991
of long-lived assets for fiscal year ended June 30, 2025 and 2024, respectively.

 Intangible Assets

 The Company records intangible assets acquired
individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible
asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity's future cash flows.
The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate
that the carrying value may not be recoverable. Whenever such impairment exists, an impairment loss will be recognized for the amount
by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2025
and 2024, respectively.

 Fair Value Measurement and Disclosures

 Our accounting for Fair Value Measurement and
Disclosures defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price)
in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement
date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when
measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity's
own assumptions (unobservable inputs). The hierarchy consists of three levels:

 Level one

 —

 Quoted market prices in active markets for identical assets or liabilities;

 Level two

 —

 Inputs other than level one inputs that are either directly or indirectly observable; and

 Level three

 —

 Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

 F- 11

 Determining which category an asset or liability
falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter.

 The carrying values of cash and cash equivalents,
trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments.

 Revenue recognition

 The Company adopted Accounting Standards Codification
("ASC") 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature,
amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers.
The core principle requires an entity to recognize revenue to depict the transfer of services to customers in an amount that reflects
the consideration that it expects to be entitled to receive in exchange for those services recognized as performance obligations are satisfied.

 The Company has assessed the impact of the guidance by performing the
following five steps of analysis:

 Step 1:

 Identify the contract

 Step 2:

 Identify the performance obligations

 Step 3:

 Determine the transaction price

 Step 4:

 Allocate the transaction price

 Step 5:

 Recognize revenue

 Based on the assessment, the Company concluded
that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore
there were no material changes to the Company's consolidated financial statements upon adoption of ASC 606.

 Sales revenue is recognized on the date of shipment
to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations
of the Company exist, and collectability is reasonably assured.

 The Company's revenue consists of invoiced
value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted
by customers are not returnable and sales discounts are not granted after products are delivered.

 Customer deposits

 Payments received before all the relevant criteria
for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits
are recognized as revenue. As of June 30, 2025, and 2024, the Company had customer deposits of $ 4,526,024 and $ 4,937,207, respectively.

 Stock-Based Compensation

 The costs of all employee stock option, as well
as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value
of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange
for the award—the requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is
determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably
measured.

 Income taxes

 We account for uncertain tax positions in accordance
with Accounting Standards Codification, or ASC, 740, "Income Taxes." The application of income tax law is inherently
complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make various subjective
assumptions and judgments regarding our income tax exposures. Interpretations of, and guidance surrounding, income tax laws and regulations
change over time. Changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance
sheets and statements of income. See Note 11, "Taxes Payable," of the Notes to Consolidated Financial Statements for
additional detail on our uncertain tax positions and further information regarding ASC 740.

 F- 12

 Foreign currency translation

 The reporting currency of the Company is the US
dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries
is the Chinese Yuan or Renminbi ("RMB"). For the subsidiaries, whose functional currencies are other than the US dollar, all
asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders' equity is translated
at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable
period. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss) in the statement
of shareholders' equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated
in a currency other than the functional currency are included in the results of operations as incurred.

 Segment reporting

 The Company utilizes the "management approach"
model for segment reporting. The management approach model is based on the way a company's management organizes segments within
the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other way management disaggregates a company.

 As of June 30, 2025, the Company, through its
subsidiaries is engaged into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer
production), Yuxing (agricultural products production), and Antaeus (Bitcoin). As of June 30, 2025, the Company maintained four main business
segments.

 Fair values of financial instruments

 Fair value is 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. Assets
and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the
inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest
level of input that is significant to the fair value measurement.

 The Company's financial instruments primarily
consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables,
tax payable, and related party advances and borrowings.

 As of the balance sheet dates, the estimated fair
values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This
is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been
available for loans of similar remaining maturity and risk profile at respective balance sheet dates.

 Statement of cash flows

 The Company's cash flows from operations
are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash
flows may not necessarily agree with changes in the corresponding balances on the balance sheets.

 Earnings per share

 Basic earnings per share are computed based on
the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed based on
the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period
using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.

 The components of basic and diluted earnings per
share consist of the following:

 Years Ended June 30,

 2025

 2024

 Loss for Basic Earnings Per Share

 $
)

 $
)

 Basic Weighted Average Number of Shares

 Net loss Per Share – Basic

 $
 ( 1.05
)

 $
 ( 2.04
)

 Loss for Diluted Earnings Per Share

 $
)

 $
)

 Diluted Weighted Average Number of Shares

 Net loss Per Share – Diluted

 $
 ( 1.05
)

 $
 ( 2.04
)

 F- 13

 Reclassification

 Certain reclassifications have been made to the
prior year consolidated financial statements to conform to the 2025 consolidated financial statement presentation. Such reclassifications
did not affect total revenues, operating income or net income or cash flows as previously reported.

 Recent accounting pronouncements

 The Company continually assesses any new accounting
pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's
financial reporting, the Company undertakes a study to determine the consequences of the change to its Consolidated Financial Statements
and assures that there are proper controls in place to ascertain that the Company's Consolidated Financial Statements accurately
reflect the change.

 In August 2020, the FASB issued 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): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies accounting
for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions
that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation
in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although
early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements.

 In December 2023, the FASB issued ASU 2023-08,
 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which establishes
accounting guidance for crypto assets meeting certain criteria. Bitcoin meets these criteria. The amendments require crypto assets meeting
the criteria to be recognized at fair value with changes recognized in net income for each reporting period. Upon adoption, a cumulative-effect
adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08
is effective for fiscal years beginning after December 14, 2025, including interim periods within those fiscal years. Early adoption is
permitted. The Company does not expect the updated guidance to have a material impact on its disclosures.

 NOTE 3 – GOING CERCERN

 The Company's financial statements are prepared assuming that
the Company will continue as a going concern. The Company has incurred operating losses and had negative operating cash flows in the fiscal
year 2025. In addition, as more fully described in Note 18, Subsequent Events, on October 13, 2025, the Company was notified by NYSE of
its determination to commence proceedings to delist the Company's common stock. These conditions raise substantial doubt about the
Company's ability to continue as a going concern for a period of at least one year from the date these financial statements are
issued.

 The ability of the Company to continue as a going concern is dependent
upon its ability to successfully appeal the NYSE's determination, or, failing that, to secure alternative sources of financing and
ultimately achieve profitable operations. The delisting, if finalized, will severely impair our ability to raise capital through public
equity markets.

 Management's plans to mitigate these adverse conditions include
appealing to the NYSE's delisting determination, implementing cost-reduction measures, and exploring alternative financing arrangements.
However, there can be no assurance that the Company's plans will be successful.

 The accompanying financial statements do not include any adjustments
to reflect the carrying values and classification of assets and liabilities that might be necessary should the Company be unable to continue
as a going concern.

 F- 14

 NOTE 4 – INVENTORIES

 Inventories consisted of the following:

 2025

 2024

 Raw materials

 $
 5,531,766

 $
 8,127,043

 Supplies and packing materials

 $
 382,175

 $
 995,692

 Work in progress

 $
 170,847

 $
 170,345

 Finished goods

 $
 30,890,499

 $
 28,533,376

 Total

 $
 36,975,287

 $
 37,826,456

 During the year ended June 30, 2025, the Company sold compound fertilizers
(finished goods) to certain parties at market price and purchased equivalent amount of simple fertilizers (raw material) from the same
parties also at market price. The simple fertilizers purchased, along with other materials were used in the Company's production
facility to manufacture compound fertilizers. While nonmonetary, the sales and purchase transactions were consummated independently under
separate agreements at different times and measured at the prevailing market value. The total amount of nonmonetary sales and purchases
amounted to $ 30,124,309 during the year ended June 30, 2025. No gain or loss incurred as a result of the nonmonetary transactions.

 For the fiscal year ended June 30, 2025, total
inventories decreased $ 851,169, or 2.3 %, to $ 36,975,287 from $ 37,826,456 for the fiscal year ended June 30, 2024.

 NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

 Property, plant, and equipment consisted of the following for the continuing
entities:

 2025

 2024

 Building and improvements

 $
 37,487,544

 $
 36,999,854

 Auto

 2,800,186

 2,711,245

 Machinery and equipment

 18,490,280

 18,713,182

 Others

 -

 1,502,600

 Total property, plant, and equipment

 58,778,009

 59,926,881

 Less: accumulated depreciation

 ( 46,553,426
)

 ( 44,087,598
)

 Less: Impairment

 -

 ( 1,817,991
)

 Total

 $
 12,224,583

 $
 14,021,292

 For the fiscal year ended June 30, 2025, total
depreciation expense for the continuing entities was $ 2,065,824, decreased $ 321,369, or 13.5 %, from $ 2,387,194 for the fiscal year ended
June 30, 2024.

 F- 15

 NOTE 6 – INTANGIBLE ASSETS AND DIGITAL ASSETS

 Intangible assets consisted of the following:

 2025

 2024

 Land use rights, net

 $
 7,598,150

 $
 7,624,558

 Trademarks

 5,681,312

 5,688,599

 Total

 $
 13,279,462

 $
 13,313,157

 LAND USE RIGHT

 On September 25, 2009, Yuxing was granted a land
use right for approximately 88 acres ( 353,000 square meters or 3.8 million square feet) by the People's Government and Land &
Resources Bureau of Hu County, Xi'an, Shaanxi Province. The fair value of the related intangible asset was determined to be the
respective cost of RMB 73,184,895 (or $ 10,215,879). The intangible asset is being amortized over the grant period of 50 years using the
straight-line method.

 On August 13, 2003, Tianjuyuan was granted a certificate
of Land Use Right for a parcel of land of approximately 11 acres ( 42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing.
The purchase cost was recorded at RMB 1,045,950 (or $ 146,004). The intangible asset is being amortized over the grant period of 50 years.

 On August 16, 2001, Jinong received a land use
right as a contribution from a shareholder, which was granted by the People's Government and Land& Resources Bureau of Yangling
District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB 7,285,099
(or $ 1,016,927). The intangible asset is being amortized over the grant period of 50 years.

 The Land Use Rights consisted of the following:

 2024

 Foreign Currency
 Adjustment

 Amortization/
 Subtraction

 2025

 Land use rights

 $
 11,064,624

 314,186

 -

 $
 11,378,811

 Less: accumulated amortization

 ( 3,440,066
)

 -

 ( 340,595
)

 ( 3,780,661
)

 Total land use rights, net

 $
 7,624,558

 314,186

 ( 340,595
)

 $
 7,598,150

 TRADEMARKS

 On July 2, 2010, the Company acquired Gufeng and
its wholly owned subsidiary Tianjuyuan. The preliminary fair value on the acquired trademarks and brand names was estimated to be RMB 40,700,000
(or $ 5,681,312) and is subject to an annual impairment test.

 Foreign Currency

 2024

 Adjustment

 2025

 Trademarks

 $
 5,740,068

 ( 58,756
)

 $
 5,681,312

 Less: accumulated amortization

 ( 51,469
)

 ( 51,469
)

 -

 Total trademarks, net

 $
 5,688,599

 ( 7,287
)

 $
 5,681,312

 F- 16

 AMORTIZATION EXPENSE

 Estimated amortization expenses of intangible
assets for the next five twelve months periods ended June 30 are as follows:

 Years Ending June 30,

 Expense
 ($)

 2026

 242,932

 2027

 227,227

 2028

 227,227

 2029

 227,227

 2030

 227,227

 DIGITAL ASSETS

 On March 13, 2023, the
Company established Antaeus Tech Inc. ("Antaeus") in the State of Delaware. In April 2023, Antaeus started to purchase digital
assets mining machines and to mine Bitcoin in West Texas. As of June 30, 2025, and 2024, the Company held digital assets with the amount
of $0 and $ 53,693, respectively. The Company's digital assets include Bitcoin only. Digital
assets are classified on our balance sheet as current assets due to the Company's ability to sell them in a highly liquid marketplace
and its intent to liquidate its digital assets to support operations when needed.

 The Company adopted ASU
2023-08, which requires entities to measure crypto assets at fair value with changes recognized in the Condensed Consolidated Statements
of Operations each reporting period. The Company's digital assets were within the scope of ASU 2023-08 and a cumulative-effect adjustment
of $ 0 as of the ending of the fiscal year ended June 30, 2025 was recorded for the difference between the carrying amount of the Company's
digital assets and fair value.

 The following table presents
the Company's significant digital asset Bitcoin holdings as of June 30, 2025:

 Quantity

 Cost Basis

 Fair Value

 -

 -

 -

 Total Bitcoin held as of June 30, 2025

 -

 $
 -

 $
 -

 The following table presents a roll-forward of
total digital assets (including digital assets, restricted) for the year ended June 30, 2025, based on the fair value model under ASU
2023-08:

 Fair Value

 Beginning Balance: Digital assets at June 30, 2024

 $
 53,693

 Addition of digital assets, mining proceeds

 181,377

 Addition of digital assets, other

 -

 Disposition of digital assets

 ( 245,607
)

 Realized gain (loss) on digital assets

 10,536

 Unrealized gain (loss) on digital assets

 -

 Digital assets at June 30, 2025

 $
 -

 During the year ended June 30, 2025, the Company
acquired $ 181,377 of digital assets through mining activities and disposed of $ 245,607 digital assets through the sale of digital assets.
During the year ended June 30, 2025, the Company realized total gains on digital assets of $ 10,536.

 NOTE 7 – OTHER NON-CURRENT ASSETS

 Other non-current assets consist primarily of
deferred tax assets. As of June 30, 2025, the balance of other non-current assets was $ 590,483, of which $ 558,306 represented deferred
tax assets.

 F- 17

 NOTE 8 – ACCRUED EXPENSES AND OTHER PAYABLES

 Accrued expenses and other payables consisted of the following:

 2025

 2024

 Payroll and welfare payable

 166,742

 164,245

 Accrued expenses

 12,792,630

 10,312,491

 Other payables

 9,210,826

 4,317,791

 Other levy payable

 117,069

 115,316

 Interest payable

 2,623

 -

 Total

 $
 22,289,890

 $
 14,909,843

 NOTE 9 – AMOUNT DUE TO RELATED PARTIES

 At the end of December 2015, Yuxing entered into
a sales agreement with the Company's affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an
Gem Grain Co., Ltd) pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays
and year ends (the "Sales Agreement"). The contingent contracted value of the Sales Agreement is RMB 25,500,000 (approximately
$ 3,559,545). During the fiscal year ended June 30, 2025, Yuxing sold $ 128,211 to 900LH.com. During the fiscal year ended June 30, 2024,
Yuxing did not sell any products to 900LH.com.

 The amount due from 900LH.com to Yuxing was $ 0 as of June 30, 2025
and 2024.

 As of June 30, 2025, and June 30, 2024, the amount
due to related parties was $ 5,886,036 and $ 5,511,053, respectively. As of June 30, 2025, and June 30, 2024, $ 977,130 and $ 962,500,
respectively were amounts that Gufeng borrowed from a related party, Xi'an TechTeam Science & Technology Industry (Group) Co.
Ltd., a company controlled by Mr. Zhuoyu Li, Chairman and CEO of the Company, representing unsecured, non-interest-bearing loans that
are due on demand. These loans are not subject to written agreements. As of June 30, 2025, and June 30, 2024, $ 2,386,619 and $ 2,336,693,
respectively were advances from Mr. Zhuoyu Li, Chairman and CEO of the Company. The advances were unsecured and non-interest-bearing.
As of June 30, 2025, and June 30, 2024, $ 310,000 and $ 0, respectively were advances from Mr. Zhibiao Pan, the former Co-CEO of the Company.
The advances were unsecured and non-interest-bearing.

 As of June 30, 2025 and 2024, the Company's
subsidiary, Jinong, owed 900LH.com. $ 0.

 On July 1, 2024, Jinong renewed the office rental
agreement with Kingtone Information Technology Co., Ltd. ("Kingtone Information"), of which Mr. Zhuoyu Li, Chairman and CEO
of the Company, served as Chairman. Pursuant to the rental agreement, Jinong rented 612 square meters (approximately 6,588 square feet)
of office space from Kingtone Information. The rental agreement provides for a two-year term effective as of July 1, 2024 with monthly
rent of RMB 28,000 (approximately $ 3,909).

 F- 18

 NOTE 10 – LOAN PAYABLES

 As of June 30, 2025, the short-term and
long-term loan payables consisted of nine loans which mature on dates ranging from April 17, 2025 through June 13, 2027 with
interest rates ranging from 3.00 % to 5.00 %. No. 1 below was collateralized by Tianjuyuan's land use right and building
ownership right and guaranteed by the cash deposit. No. 2 was guaranteed by Beijing Huaixin Surety Co. Ltd ("Huaixin"). No. 3 was guaranteed by Huaixin and
Jinong. No.4 was collateralized by Kingtone Information's building ownership right. No. 5 to 7 below were collateralized by
Jinong's land use right and building ownership right. No. 8 to 9 were collateralized by Kingtone Information's building
ownership right and guaranteed by the legal representative of Yuxing.

 No.

 Payee

 Loan period per agreement

 Interest
 Rate

 2025

 Beijing Bank -Pinggu Branch

 June 16, 2025-June 16, 2026

 3.20
 %

 1,395,900

 Huaxia Bank -HuaiRou Branch

 June 20, 2025-June 20, 2026

 3.65
 %

 1,395,900

 Pinggu New Village Bank

 June 27, 2025-June 27, 2026

 5.00
 %

 977,130

 Industrial Bank Co. Ltd

 July 5, 2024-July 4, 2026

 3.55
 %

 424,354

 Industrial Bank Co. Ltd

 April 17, 2025-April 16, 2027

 3.00
 %

 949,212

 Xi'an Bank Co. Ltd

 September 26, 2024-September 25, 2026

 3.70
 %

 1,395,900

 Xi'an Bank Co. Ltd

 September 26, 2024-September 25, 2026

 3.70
 %

 1,395,900

 Chang'An Bank

 June 14, 2024-June 13, 2027

 4.00
 %

 1,884,465

 Qinnong Bank

 August 5, 2024-August 4, 2026

 3.80
 %

 2,791,800

 Total

 $
 12,610,561

 The interest expense from short-term loans was
$ 468,000 and $ 292,186 for the year ended June 30, 2025 and 2024, respectively.

 NOTE 11 – TAXES PAYABLE

 Enterprise Income Tax

 Effective January 1, 2008, the Enterprise Income
Tax ("EIT") law of the PRC replaced the tax laws for Domestic Enterprises ("DEs") and Foreign Invested Enterprises
("FIEs"). The EIT rate of 25 % replaced the 33 % rate that was applicable to both DEs and FIEs. The two-year tax exemption and
three-year 50 % tax reduction tax holiday for production oriented FIEs was eliminated. Since January 1, 2008, Jinong became subject to
income tax in China at a rate of 15 % as a high-tech company, because of the expiration of its tax exemption on December 31, 2007. Accordingly,
it made 0 provision for income taxes for the years ended June 30, 2025 and 2024.

 Value-Added Tax

 All the Company's fertilizer products that
are produced and sold in the PRC were subject to a Chinese Value-Added Tax (VAT) of 9 % of the gross sales price. On April 29, 2008, the
PRC State of Administration of Taxation (SAT) released Notice #56, " Exemption of VAT for Organic Fertilizer Products ",
which allows certain fertilizer products to be exempt from VAT beginning June 1, 2008. The Company submitted the application for exemption
in May 2009, which was granted effective September 1, 2009, continuing through December 31, 2015. On August 10, 2015 and August 28, 2015,
the SAT released Notice #90. " Reinstatement of VAT for Fertilizer Products," and Notice #97, " Supplementary
Reinstatement of VAT for Fertilizer Products ", which restore the VAT of 13% of the gross sales price on certain fertilizer products
includes non-organic fertilizer products starting from September 1, 2015, but granted taxpayers a reduced rate of 3% from September 1,
2015 through June 30, 2016.

 On April 28, 2017, the PRC State of Administration
of Taxation (SAT) released Notice 2017 #37, " Notice on Policy of Reduced Value Added Tax Rate, " under which, effective
July 1, 2017, all the Company's fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax
(VAT) of 11 % of the gross sales price. The tax rate was reduced by 2 % from 13 %.

 On April 4, 2018, the PRC State of Administration
of Taxation (SAT) released Notice 2018 #32, " Notice on Adjustment of VAT Tax Rate, " under which, effective May 1, 2018,
all the Company's fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 10 %
of the gross sales price. The tax rate was reduced by 1 % from 11 %.

 On March 20, 2019, the PRC State of Administration
of Taxation (SAT) released Notice 2019 #39, " Announcement on Policies Concerning Deepening the Reform of Value Added Tax, "
under which, Effective April 1, 2019, all the Company's fertilizer products that are produced and sold in the PRC are subject to
a Chinese Value-Added Tax (VAT) of 9 % of the gross sales price. The tax rate was reduced by 1 % from 10 %.

 F- 19

 Income Taxes and Related Payables

 Taxes payable consisted of the following:

 2025

 2024

 VAT provision

 $
 ( 918,464
)

 $
 ( 692,476
)

 Income tax payable

 ( 2,160,101
)

 ( 2,127,759
)

 Other levies

 596,866

 590,875

 Repatriation tax

 29,010,535

 29,010,535

 Total

 $
 26,528,836

 $
 26,781,175

 The provision for income taxes consists of the following:

 Years Ended

 2025

 2024

 Current tax – foreign

 $
)

 $
)

 Total

 $
)

 $
)

 Significant components of deferred tax assets were as follows:

 2025

 2024

 Deferred tax assets

 Deferred Tax Benefit

 33,344,920

 32,804,190

 Valuation allowance

 ( 32,786,614
)

 ( 32,295,718
)

 Total deferred tax assets

 $
 558,306

 $
 508,471

 The change in valuation allowance for the year ended June 30, 2025
was an increase of $ 490,896 which had mainly resulted from foreign exchange rates.

 The Company periodically evaluates the likelihood
of the realization of deferred tax assets and adjusts the carrying amount of the deferred tax assets by the valuation allowance to the
extent the future realization of the deferred tax assets is not judged to be more likely than not. The Company considers various factors
when assessing the likelihood of future realization of its deferred tax assets, including its recent cumulative earnings experience by
taxing jurisdiction, expectations of future taxable income or loss, the carry forward periods available to the Company for tax reporting
purposes, and other relevant factors.

 As of June 30, 2025, based on the weight of available
evidence, including cumulative losses in recent years and expectations of future taxable income, the Company determined that it was more
likely than not that its deferred tax assets would be realized with the total amount of $ 558,306.

 U.S. Tax Cuts and Jobs Act and Provisional Estimates

 On December 22, 2017, the TCJA was enacted into
law, which significantly changes existing U.S. tax law and includes numerous provisions that affect our business, such as imposing a one-time
transition tax on deemed repatriation of deferred foreign income, reducing the U.S. federal statutory tax rate, and adopting a territorial
tax system. The TCJA required us to incur a one-time transition tax on deferred foreign income not previously subject to U.S. income tax
at a rate of 15.5 % for foreign cash and certain other net current assets, and 8 % on the remaining income. The TCJA also reduced the U.S.
federal statutory tax rate from 35 % to 21 % effective January 1, 2018. For fiscal year 2018, our blended U.S. federal statutory tax rate
is 27.5 %. This is the result of using the tax rate of 34 % for the first and second quarter of fiscal year 2018 and the reduced tax rate
of 21 % for the third and fourth quarter of fiscal year 2018. For fiscal year 2019, 2020, 2021, 2022, 2023, 2024 and 2025, our U.S. federal
statutory tax rate is 21 %.

 F- 20

 Tax Rate Reconciliation

 Our effective tax rates were approximately 0.3 %
and 1.4 % for years ended June 30, 2025 and 2024, respectively. Substantially all the Company's income before income taxes and related
tax expense are from PRC sources. Actual income tax benefit reported in the consolidated statements of operations and comprehensive income
differ from the amounts computed by applying the US statutory income tax rate of 21.0 % and 21.0% to income before income taxes for the
years ended June 30, 2025 and 2024 for the following reasons:

 China
 15% - 25%

 United States
 21%

 Total

 Pretax loss

 $
 ( 11,710,251
)

 ( 3,941,744
)

 $
 ( 15,651,995
)

 Expected income tax expense (benefit)

 ( 2,927,563
)

 25.0
 %

 ( 827,766
)

 21.0
 %

 ( 3,755,329
)

 High-tech income benefits on Jinong

 -

 -

 -

 -

 -

 Loss from subsidiaries in which no benefit is recognized

 2,877,728

 ( 24.6
)%

 -

 -

 2,877,728

 Change in valuation allowance on deferred tax assets from US tax benefit

 -

 -

 827,766

 ( 21.0
)%

 827,766

 Actual tax expense

 $
)

 0.4
 %

 $
 -

 -

 %

 $
)

 0.3
 %

 June 30, 2024

 China
 15% - 25%

 United States
 21%

 Total

 Pretax loss

 $
 ( 24,961,034
)

 ( 3,854,932
)

 $
 ( 28,815,966
)

 Expected income tax expense (benefit)

 ( 6,240,258
)

 25.0
 %

 ( 809,536
)

 21.0
 %

 ( 7,049,794
)

 High-tech income benefits on Jinong

 -

 -

 -

 -

 -

 Loss from subsidiaries in which no benefit is recognized

 5,829,607

 ( 23.4
)%

 -

 -

 5,829,607

 Change in valuation allowance on deferred tax assets from US tax benefit

 -

 -

 809,536

 ( 21.0
)%

 809,536

 Actual tax expense

 $
)

 1.6
 %

 $
 -

 -

 %

 $
)

 1.4
 %

 F- 21

 NOTE 12 – STOCKHOLDERS' EQUITY

 On April 23, 2025, the Company issued 1,323,376
shares of common stock to certain key employees pursuant to the Company's 2023 Equity Incentive Plan.

 As of June 30, 2025, and June 30, 2024, there
were 16,116,914 shares issued and 15,770,934 shares outstanding, compared to 14,793,538 shares issued and 14,793,538 shares outstanding
as of June 30, 2024.

 Preferred Stock

 Under the Company's Articles of Incorporation,
the Board has the authority, without further action by stockholders, to designate up to 20,000,000 shares of preferred stock in one or
more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock,
including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms,
any or all of which may be greater than the rights of the common stock. If the Company sells preferred stock under its registration statement
on Form S-3, it will fix the rights, preferences, privileges, qualifications and restrictions of the preferred stock of each series in
the certificate of designation relating to that series and will file the certificate of designation that describes the terms of the series
of preferred stock the Company offers before the issuance of the related series of preferred stock.

 As of June 30, 2025, the Company has 20,000,000
shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding.

 Share Repurchase Program

 On January 21, 2025, the Board of Directors of
the Company approved a share repurchase program authorizing up to 2,000,000 shares of its common stock, at a price not exceeding $ 3.00
per share. The Plan is designed to enhance shareholder value, optimize the Company's capital structure, utilize excess cash in a
tax-efficient manner, and signal management's confidence in the Company's long-term prospects. Under the plan, the Company may repurchase shares from time to time through open market purchases,
privately negotiated transactions, or other methods, in compliance with applicable securities laws.

 We repurchased the following shares of common
stock under the share repurchase program:

 Period

 Total
 Purchased

 Average
 Price Paid
 Per Share

 Total
 Purchased as
 Part of
 Publicly
 Announced
 Plans

 Dollar Value

 January 1, 2025 to January 31, 2025

 $
 181,742

 $
 1.03

 $
 181,742

 $
 187,122

 February 1, 2025 to February 28, 2025

 164,238

 1.29

 164,238

 211,404

 Total

 $
 345,980

 $
 1.15

 $
 345,980

 $
 398,526

 During the fiscal year 2025, the Company repurchased 345,980 shares
of its common stock under an authorized share repurchase program for $ 398,526. All repurchases were made using cash resources. All shares
repurchased were under the share repurchase program approved on January 21, 2025.

 During the fiscal year 2024, the Company did not
repurchase any common stock.

 F- 22

 NOTE 13 – CONCENTRATIONS AND LITIGATION

 Market Concentration

 Most of the Company's revenue-generating operations are conducted
in the PRC. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political,
economic, and legal environments in the PRC, and by the general state of the PRC's economy.

 The Company's operations in the PRC are subject to specific considerations
and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with,
among other things, the political, economic, and legal environment and foreign currency exchange. The Company's results may be adversely
affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency
conversion, and remittance abroad, and rates and methods of taxation.

 Vendor and Customer Concentration

 There was no vendor that the Company purchased
over 10% of its raw materials during the year ended June 30, 2025 and 2024.

 There was no customer that account for over 10%
of the Company's manufactured fertilizer sales for the year ended June 30, 2025 and 2024.

 Litigation

 On May 28, 2024, an individual commenced a lawsuit in Texas state court
against the Company and its co-CEO, Mr. Zhibiao Pan. The individual alleges that the Company used funds he stored in cryptocurrency wallets
operated by entities related to Mr. Pan to purchase cryptocurrency mining sites. The Company has moved to dismiss the lawsuit in which
motion is pending.

 There are no other actions, suits, proceedings,
inquiries or investigations before or by any court, public board, government agency, self-regulatory organization or body pending or,
to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our
common stock, any of our subsidiaries or of our companies or our subsidiaries' officers or directors in their capacities as such,
in which an adverse decision could have a material adverse effect.

 NOTE 14 – SEGMENT REPORTING

 As
of June 30, 2025, the Company was organized into four primary business segments based on location and product: Jinong (fertilizer production),
Gufeng (fertilizer production), Yuxing (agricultural products production), and Antaeus (Bitcoin). Each of the four operating segments
referenced above has separate and distinct general ledgers. The chief operating decision maker ("CODM") receives financial
information, including revenue, gross margin, operating income, and net income produced from the various general ledger systems to make
decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used
by the CODM is net income by segment.

 Years Ended

 2025

 2024

 Revenues from unaffiliated customers:

 $
 28,803,021

 $
 32,954,490

 36,549,551

 52,189,666

 9,750,553

 9,416,450

 181,746

 1,285,181

 $
 75,284,871

 $
 95,845,788

 Operating income (expense):

 $
 ( 8,557,512
)

 $
 ( 3,038,010
)

 ( 2,813,134
)

 ( 19,059,750
)

 801,620

 ( 893,515
)

 ( 246,826
)

 ( 2,004,936
)

 Reconciling item (1)

 ( 3,939,126
)

 ( 3,854,945
)

 $
 ( 14,754,978
)

 $
 ( 28,851,155
)

 F- 23

 Net (loss) income:

 $
 ( 8,611,147
)

 $
 ( 2,983,399
)

 ( 3,462,990
)

 ( 19,219,575
)

 601,195

 ( 802,575
)

 ( 187,474
)

 ( 1,544,831
)

 Reconciling item (1)

 -

 Reconciling item (2)

 $
 ( 3,941,744
)

 $
 ( 3,854,947
)

 $
)

 $
)

 Depreciation and Amortization:

 $
 768,793

 $
 764,684

 724,976

 730,516

 758,157

 750,476

 192,466

 475,477

 $
 2,444,392

 $
 2,721,154

 Interest expense:

 149,403

 126,395

 150,819

 165,791

 167,778

 -

 -

 -

 $
 468,000

 $
 292,186

 Capital Expenditure:

 $
 63,610

 $
 53,702

 -

 193,031

 106,280

 -

 1,502,600

 $
 256,641

 $
 1,662,763

 As of

 2025

 2024

 Identifiable assets:

 $
 64,597,079

 $
 72,411,611

 35,318,620

 39,063,187

 44,139,019

 40,535,883

 1,572,816

 1,612,177

 Reconciling item (1)

 11,900,443

 9,454,754

 Reconciling item (2)

 169,071

 169,071

 $
 157,697,048

 $
 163,246,683

 (1)
 Reconciling amounts refers to the unallocated assets or expenses of Green New Jersey.

 (2)
 Reconciling amounts refers to the unallocated assets or expenses of the Parent Company.

 Total revenues from exported products currently
accounted for less than 1% of the Company's total fertilizer revenues for the years ended June 30, 2025 and 2024, respectively.

 F- 24

 NOTE 15 – COMMITMENTS AND CONTINGENCIES

 We are subject to various claims and contingencies related to lawsuits,
certain taxes, and environmental matters, as well as commitments under contractual and other commercial obligations. We recognize liabilities
for commitments and contingencies when a loss is probable and estimable.

 On July 1, 2024, Jinong renewed an office rental
agreement with Kingtone Information Technology Co., Ltd. ("Kingtone Information"), of which Mr. Zhuoyu Li, Chairman and CEO
of the Company, served as its Chairman. Pursuant to the rental agreement, Jinong rented 612 square meters (approximately 6,588 square
feet) of office space from Kingtone Information. The rental agreement provides for a two-year term effective as of July 1, 2024 with monthly
rent of RMB 28,000 (approximately $ 3,909).

 In February 2004, Tianjuyuan signed a fifty-year
rental agreement with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District.

 On April 1, 2025, Antaeus signed a one-year rental
agreement for an office in Austin, Texas for approximately 404 square meters ( 4,348 square feet) space.

 Accordingly, the Company recorded an aggregate of $ 56,057 and $ 55,281
as rent expenses for the years ended June 30, 2025 and 2024, respectively. The contingent rent expenses for the next five years ended
June 30 are as follows:

 Years ending June 30,

 $

 2026

 2027

 2028

 2029

 2030

 NOTE 16 – VARIABLE INTEREST ENTITIES

 In accordance with accounting standards regarding
consolidation of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities without
additional financial support from other parties or whose equity holders lack adequate decision-making ability. All VIEs with which a company
is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required
to consolidate the VIE for financial reporting purposes.

 Green Nevada through one of its subsidiaries,
Jinong, entered into a series of agreements (the "VIE Agreements") with Yuxing for it to qualify as a VIE, effective June
16, 2013.

 The Company has concluded, based on the contractual
arrangements, that Yuxing is a VIE and that the Company's wholly owned subsidiary, Jinong, absorbs most of the risk of loss from
the activities of Yuxing, thereby enabling the Company, through Jinong, to receive a majority of Yuxing expected residual returns.

 On June 30, 2016 and January 1, 2017, the Company,
through its wholly owned subsidiary Jinong, entered into strategic acquisition agreements and into a series of contractual agreements
to qualify as VIEs with the shareholders of the sales VIE Companies.

 Jinong, the sales VIE Companies, and the shareholders
of the sales VIE Companies also entered into a series of contractual agreements for the sales VIE Companies to qualify as VIEs (the "VIE
Agreements").

 On November 30, 2017, the Company, through its
wholly owned subsidiary Jinong, exit the VIE agreements with the shareholders of Zhenbai.

 On June 2, 2021, the Company, through its wholly
owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders
of Xindeguo, Xinyulei and Xiangrong.

 F- 25

 On December 1, 2021, the Company, through its
wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders
of Lishijie.

 On December 31, 2021, the Company, through its
wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders
of Fengnong.

 On March 31, 2022, the Company, through its wholly
owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders
of Jinyangguang and Wangtian.

 As a result of these contractual arrangements,
with Yuxing and the sales VIE Companies the Company is entitled to substantially all the economic benefits of Yuxing and the VIE Companies.
 The following financial statement amounts and balances of the VIE (Yuxing) were included in the accompanying consolidated financial statements
as of June 30, 2025 and June 30, 2024:

 2025

 2024

 ASSETS

 Current assets

 Cash and cash equivalents

 $
 486,536

 $
 668,213

 Accounts receivable, net

 563,465

 451,599

 Inventories

 26,163,756

 24,739,437

 Inter co trans

 4,746,409

 2,062,500

 Other current assets

 110,264

 98,636

 Total current assets

 32,070,430

 28,020,385

 Non-current assets

 Plant, property and equipment, net

 5,087,738

 5,437,909

 Intangible assets, net

 6,980,851

 7,077,589

 Total non-current assets

 12,068,589

 12,515,498

 Total assets

 $
 44,139,019

 $
 40,535,883

 LIABILITIES AND SHAREHOLDERS' EQUITY

 Current liabilities

 Accounts payable

 $
 12,675

 $
 12,485

 Customer deposits

 673,533

 19,609

 Accrued expenses and other payables

 214,657

 201,229

 Amount due to related parties

 40,262,687

 40,511,642

 Short-term loan

 488,565

 206,250

 Total current liabilities

 41,652,117

 40,951,215

 Non-current liabilities

 Long-term loan

 4,187,700

 Total non-current liabilities

 4,187,700

 Total liabilities

 $
 45,839,817

 $
 42,807,465

 Shareholders' equity

 ( 1,700,798
)

 ( 2,271,582
)

 Total liabilities and shareholders' equity

 $
 44,139,019

 $
 40,535,883

 Years Ended

 2025

 2024

 Revenue

 $
 9,750,552

 $
 9,416,450

 Expenses

 9,149,356

 10,219,025

 Net income (loss)

 $
 601,196

 $
 ( 802,575
)

 F- 26

 NOTE 17 – RESTRICTED NET ASSETS

 The Company's operations are primarily conducted
through its PRC subsidiaries, which can only pay dividends out of their retained earnings determined in accordance with the accounting
standards and regulations in the PRC and after it has met the PRC requirements for appropriation to statutory reserves. In addition, the
Company's businesses and assets are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign
exchange transactions take place either through the People's Bank of China or other banks authorized to buy and sell foreign currencies
at the exchange rates quoted by the People's Bank of China. Approval of foreign currency payments by the People's Bank of
China or other regulatory institutions requires submitting a payment application form together with suppliers' invoices, shipping
documents and signed contracts. These currency exchange control procedures imposed by the PRC government authorities may restrict the
ability of the Company's PRC subsidiaries to transfer their net assets to the Parent Company through loans, advances, or cash dividends.

 The Company's PRC subsidiaries' net
assets as of June 30, 2025 and 2024 exceeded 25 % of the Company's consolidated net assets. Accordingly, condensed Parent Company
financial statements have been prepared in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X, and they are as follows.

 Parent Company Financial Statements

 PARENT COMPANY FINANCIAL INFORMATION OF ENLIGHTIFY INC.

 Condensed Balance Sheets

 As of June 30,

 2025

 2024

 Assets

 Current assets:

 Cash and cash equivalents

 $
 3,156

 $
 2,721

 Other current assets

 10,117,052

 169,071

 Total current assets

 10,120,208

 171,791

 Long-term equity investment

 92,240,599

 114,953,290

 Total long-term assets

 92,240,599

 114,953,290

 Total assets

 $
 102,360,807

 $
 115,125,082

 Liabilities and shareholders' equity

 Current liabilities:

 Accounts payable

 $
 214,520

 $
 214,520

 Amount due to related parties

 4,880,375

 4,520,449

 Other payables and accrued expenses

 12,747,716

 10,290,932

 Total current liabilities

 17,842,611

 15,025,901

 Shareholders' equity

 Common stock, $.001 par value, 115,197,165 shares authorized, 16,116,914 and 14,793,538 shares issued as of June 30, 2025 and June 30, 2024, respectively; 15,770,934 and 14,793,538 shares outstanding as of June 30, 2025 and June 30, 2024, respectively

 16,117

 14,794

 Additional paid-in capital

 246,306,702

 244,825,844

 Accumulated other comprehensive loss

 ( 28,011,540
)

 ( 26,550,536
)

 Retained earnings

 ( 133,793,083
)

 ( 118,190,922
)

 Total shareholders' equity

 84,518,196

 100,099,180

 Total liabilities and shareholders' equity

 $
 102,360,807

 $
 115,125,082

 F- 27

 Condensed Statements of Operations

 Year ended

 2025

 2024

 Revenue

 $
 -

 $
 -

 General and administrative expenses

 3,939,125

 3,854,944

 Interest income

 Equity investment in subsidiaries

 ( 11,660,417
)

 ( 24,550,383
)

 $
 ( 15,599,537
)

 $
)

 Condensed Statements of Cash Flows

 Year Ended

 2025

 2024

 Net cash used in operating activities

 $
 ( 383,186
)

 $
 ( 399,789
)

 Net cash used in investing activities

 -

 ( 1,502,600
)

 Net cash provided by financing activities

 60,517

 191,000

 Cash and cash equivalents, beginning balance

 338,961

 2,050,350

 Cash and cash equivalents, ending balance

 $
 16,292

 $
 338,961

 Notes to Condensed Parent Company Financial Information

 As of June 30, 2025, and 2024, there were no material
contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Consolidated
Financial Statements, if any. Certain information and footnote disclosures normally included in financial statements prepared in accordance
with U.S. GAAP have been condensed or omitted.

 NOTE 18 – SUBSEQUENT EVENTS

 On October 13, 2025, subsequent to the balance sheet date of June 30,
2025, the Company received notice from the NYSE that the staff of NYSE Regulation has determined to commence proceedings to delist the
Company's common stock from the NYSE. In connection therewith, trading in the Company's common stock was suspended immediately
on the NYSE.

 NYSE Regulation reached its decision to delist the Company's
common stock pursuant to Section 802.01B of the NYSE's Listed Company Manual because the Company had fallen below the NYSE's
continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading
day period of at least $ 15,000,000.

 The Company has a right to a review of this determination by a Committee
of the Board of Directors of the NYSE. The NYSE will apply to the SEC to delist the Company's common stock upon completion of all
applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision. The Company is currently evaluating
its options, including whether to appeal the NYSE's determination.

 If the Company's common stock is ultimately delisted from the
NYSE, the Company would seek to have its shares quoted on an over-the-counter market, such as the OTCQX or OTCQB. However, there is no
guarantee that the Company will be successful in securing a listing on the OTC market. A delisting would likely result in a less liquid
market for our common stock, could adversely affect its market price, and would impair our ability to raise capital through equity financing.

 The Company has evaluated the effects of this matter in accordance
with Accounting Standards Codification ("ASC") Topic 855, Subsequent Events, and has determined that, other than the disclosures
herein, it does not represent an adjusting event. However, the potential delisting raises substantial doubt about the Company's ability
to continue as a going concern, as further discussed in Note 3 – Going Concern. See also "Item 1A. Risk Factors" and "Item
7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K for
additional information regarding risks associated with the Company's listing status and market capitalization.

 F- 28

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