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美国

证券交易委员会

华盛顿特区 20549

表格 10-Q/A

(第1次修正)

☒ 按照《1934年证券交易法》第13条或第15(d)条的季度报告

截至 2026年6月30日的季度

或

☐ 根据《1934年证券交易法》第13条或第15(d)条的过渡报告

《1934年证券交易法》

从 _______ 到 __________ 的过渡期

委员会文件编号： 001-41434

NOCEA公司

(注册人章程中规定的准确名称)

\n \n \n \n \n \n \n \n \n

内华达州		16-1626611
(注册地或其它司法管辖区)		(美国国税局雇主识别号码)

台湾新北市汐止区大同路一段185号B栋3F

(主要执行办公室地址和邮政编码)

(886)-910-163-358

(注册人的电话号码，包括区号)

根据《法案》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n

每类证券的名称	交易代码	每种证券在交易所上市的名称 \n
面值为每股0.001美元的普通股	NCRA	纳斯达克资本市场

通过勾选方框表明注册人(1)在前12个月内(或注册人需要提交此类报告的较短期间)已提交所有根据《1934年证券交易法》第13条或第15(d)条应提交的报告，并且(2)在过去90天内一直受此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否在前12个月内(或注册人需要提交此类文件的较短期间)已提交根据S-T条例第405条(本章第232.405条)应提交的每个交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是否为大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n

大型加速提交者 ☐		加速提交者 ☐
非加速提交者 ☒		较小报告公司 ☒
		新兴成长公司 ☒

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易法》第13(a)条规定的任何新修订的财务会计标准的延长过渡期 ☐

通过勾选方框表明注册人是否为壳公司(根据《法案》第12b-2条的定义)。是 ☐ 否 ☒

截至2026年10月2日，注册人已发行并流通的普通股为 2,421,612 股。

说明性备注

本对季度报告10-Q的修正案（以下简称\"修正案\"）由Nocera公司（以下简称\"公司\"）于2026年8月5日向证券交易委员会（以下简称\"SEC\"）最初提交，现提交此修正案以修正和重述季度报告中的某些披露内容。本修正案反映了对中期合并损益表和综合损失表中2025年比较金额的修订，以及相关的管理层讨论与分析，包括将餐饮业务段作为终止经营披露、对优先股股息、归属于Nocera股东的净损失和每股损失披露的修订、对公司战略转型的扩展披露，以及关于2026年7月27日违约通知及其对流动性影响的披露。本修正案不修改或更新季度报告的其他内容。

关于前瞻性声明的警示	ii

第一部分	财务信息	1

第1项。	中期合并财务报表（未审计）	1
第2项。	管理层讨论与分析财务状况和经营成果	23
第3项。	关于市场风险的定量和定性披露	30
第4项。	内部控制和程序	30

第二部分	其他信息	32

第1项。	法律诉讼	32
第1A项。	风险因素	32
第2项	未注册的股权证券销售和资金使用	32
第3项	高级证券违约	32
第4项	矿山安全披露	32
第5项	其他信息	33
第6项	附件	33

签名	34

关于前瞻性声明的警示

本季度报告10-Q包含根据《1995年私人证券诉讼改革法案》、《1933年证券法》第27A条以及《1934年证券交易法》第21E条（以下简称\"证券交易法\"）修订的\"前瞻性声明\"。前瞻性声明讨论的事项并非历史事实。由于它们涉及未来事件或条件，前瞻性声明可能包括诸如\"预期\"、\"相信\"、\"估计\"、\"打算\"、\"可能\"、\"应该\"、\"将\"、\"寻求\"、\"计划\"、\"可能\"、\"将\"、\"预期\"、\"预期\"、\"预测\"、\"预测\"、\"潜在\"和\"继续\"等词语或其否定形式或类似表达。前瞻性声明仅在作出之日有效，基于各种基础假设和对未来情况的当前预期，且不是对未来表现的保证。此类声明涉及已知和未知的风险、不确定性和其他因素，可能导致我们的实际结果、活动水平、表现或成就与前瞻性声明中明示或暗示的经营结果或计划有重大差异。

我们无法预测所有可能影响我们业务、财务状况或经营成果的风险和不确定性。因此，本季度报告10-Q中的前瞻性声明不应被视为对这些声明中所描述的结果或状况将发生的承诺，也不应被视为对我们目标和计划将得以实现的承诺。我们不对这些前瞻性声明的准确性或完整性承担任何责任。这些前瞻性声明出现在本季度报告10-Q的各个部分，包括有关我们运营可能或预计未来结果的信息，包括关于潜在收购或合并目标、策略或计划；业务策略；前景；未来现金流；融资计划；管理层的计划和目标；任何其他关于未来收购、未来现金需求、未来运营、业务计划和未来财务结果的声明；以及任何其他非历史事实的声明。

这些前瞻性声明代表了我们对未来事件的意图、计划、期望、假设和信念，并受各种因素和风险的影响，包括但不限于我们在截至2025年12月31日的财年年度报告10-K的第I部分第1A项“风险因素”中所述的内容，该报告于2026年4月15日提交给证券交易委员会（“SEC”），并于2026年4月21日进行了修订。

我们无法控制其中许多风险因素，这些因素可能导致实际结果与前瞻性声明中表达或暗示的结果有重大差异。考虑到这些风险、不确定性和假设，前瞻性声明中描述的事件可能不会发生，或者可能以不同的程度或在不同的时间发生。我们提醒您不要过度依赖这些前瞻性声明，这些声明仅反映本季度报告10-Q的日期。所有随后关于本季度报告10-Q中涉及的其他事项的书面和口头前瞻性声明，如果归因于我们或代表我们行事的任何人士，均受本季度报告10-Q中包含或提及的警示性声明的全面限制。

除非法律要求，我们不承担更新或修订任何前瞻性声明的义务，无论是否由于新信息、未来事件、导致此类声明的基础事件、条件、情况或假设发生变化，或其他原因。

第一部分财务信息

第1项合并财务报表

诺塞拉公司

合并简要合并资产负债表

（除股份总数外，以美元表示）


	6月30日 \n 2026		12月31日 \n 2025
	（未经审计）		（经重述）
	$			$
资产
流动资产
现金及现金等价物		4,792,297			7,952,180
应收账款		–			–
预付供应商款项		1,732			1,732
预付费用和其他流动资产		312,500			315,430
以公允价值通过损益计量的金融资产		–			–
流动资产合计		5,106,529			8,269,342
权益法投资		784,435			924,152
固定资产，净值		881,090			882,783
使用权资产		30,436			34,942
数字资产		1,377,574			–
总资产		8,180,064			10,111,219
负债和权益
负债
流动负债
应交所得税		312,293			336,936
应计费用和其他负债		126,729			121,961
应付股息		70,312			177,326
应付关联方		24,902			23,565
流动融资租赁负债		7,832			7,398
认股权证负债		–			25,859
总流动负债		542,068			693,045
以公允价值计量且其变动计入当期损益的金融负债		2,188,158			7,205,666
租赁负债		14,808			18,243
总负债		2,745,034			7,916,954
承诺和或有事项（注19）		–			–
夹层权益
9.00% 可转换优先股（面值$0.001；\n B系列优先股，1,000,000股已授权。截至2026年6月30日和2025年12月31日，分别发行和流通了0股和3,500股）		–			2,635,000
夹层权益总额		–			2,635,000
权益
普通股（面值$0.001；已授权200,000,000\n 股；截至2026年6月30日和2025年12月31日，分别发行和流通了1,560,210股和481,121股，经2026年7月6日实施的1比30反向股票分割调整；见注21）		1,560			481
优先股（面值$0.001；已授权10,000,000\n 股；A系列优先股，2,000,000股已授权，截至2026年6月30日和2025年12月31日，分别发行和流通了80,000股）		80			80
额外支付资本		34,150,832			25,465,037
法定和其他储备金		191,219			191,219
累计亏损		(29,003,520	)		(26,188,471	)
其他综合收益累计额		94,859			90,919
Nocera, Inc.股东权益总额		5,435,030			(440,735	)
非控制性权益		–			–
总权益		5,435,030			(440,735	)
总负债、夹层权益和权益		8,180,064			10,111,219

查看附注，这些附注是这些未经审计的中期财务报表不可分割的一部分。

NOCERA, INC.

中期合并损益表和综合损失

（除股份数量外，以美元表示）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	截至 \n6月30日的三个月		截至 \n6月30日的六个月
	2026		2025		2026		2025
	（未经审计）		（经重述）		（未经审计）		（经重述）
	$			$			$	$
净销售额		2,139,564				3,026,690		4,417,348		6,019,966
销售成本		(2,121,566	)			(2,996,642	)	(4,357,370	)	(5,942,597	)
毛利		17,998				30,048		59,978		77,369

运营费用
一般及行政费用		(591,629	)			(178,742	)	(1,210,691	)	(460,651	)
基于股份的薪酬		(601,090	)			–		(601,090	)	–
总运营费用		(1,192,719	)			(178,742	)	(1,811,781	)	(460,651	)

运营亏损		(1,174,721	)			(148,694	)	(1,751,803	)	(383,282	)

其他（费用）收入，净额		(366,587	)			16,577		(1,063,246	)	42,220
税前净亏损		(1,541,308	)			(132,117	)	(2,815,049	)	(341,062	)

所得税费用		–				(140,561	)	–		(140,561	)
持续经营的净亏损		(1,541,308	)			(272,678	)	(2,815,049	)	(481,623	)
\n
终止经营的净亏损
处置损失		–				–		–		–
终止经营的亏损		–				(54,684	)	–		(102,688	)
终止经营的（亏损）收益		–				(54,684	)	–		(102,688	)

净亏损		(1,541,308	)			(327,362	)	(2,815,049	)	(584,311	)
优先股股息		–				–		(70,126	)	–
减：归属于非控制性权益的净亏损		–				(10,937	)	–		20,537
归属于Nocera股东的净亏损		(1,541,308	)			(316,425	)	(2,885,175	)	(563,774	)

综合损益
净亏损		(1,541,308	)			(327,362	)	(2,815,049	)	(584,311	)
外币折算收益（亏损）		2,561				48,463		3,940		45,872
综合损益总额		(1,538,747	)			(278,899	)	(2,811,109	)	(538,439	)

减：归属于非控制权益的净亏损		–				(10,937	)	–		(20,537	)
减：归属于非控制权益的外币折算损失收益		–				3,443		–		3,020
归属于Nocera股东的综合亏损		(1,538,747	)			(271,405	)	(2,811,109	)	(520,922	)

*每股亏损 - 基本和稀释**		(0.9879	)			(0.6607	)	(1.8492	)	(1.1772	)
持续经营的每股净亏损 – 基本和稀释		(0.9879	)			(0.5465	)	(1.8492	)	(0.9628	)
终止经营的每股净亏损 – 基本和稀释		–				(0.1142	)	–		(0.2144	)

加权平均流通普通股数量*
基本		1,560,210				478,918		1,560,210		478,918
稀释		1,560,210				478,918		1,560,210		478,918

请参阅附注中的简明合并财务报表，这些报表是这些未经审计的简明财务报表不可分割的一部分。

\n\n \n \n

*	所有期间的加权平均流通股数和每股净亏损已追溯调整，以反映于2026年7月6日实施的1股换30股的反向股票分割。2025年的股份和每股金额已重新表述。请参见第21号附注。

NOCERA, INC.

中期简明合并现金流量表

（除股份数量外，以美元列示）


	截至6月30日的六个月
	2026		2025
	（未经审计）		（已重新表述）
	$			$
经营活动产生的现金流量：
净亏损		(2,815,049	)		(584,311	)
调整项目以将净亏损调节为经营活动产生的净现金：
折旧费用		7,261			199,344
摊销		–			8,152
数字资产未实现损失		622,426			45,700
联营公司利润份额		139,717			–
处置SY Media的损失		–			(87,603	)
交易性金融资产公允价值变动收益		–			(3	)
可转换票据产生的非现金利息费用		326,263			–
租赁负债的非现金利息费用		118			302
基于股份的薪酬费用		601,090			–
营运资产和负债的变化：
应收账款，净额		–			35,043
存货		–			(20,774	)
预付供应商款项		–			6,672
预付费用和其他资产，净额		2,180			64,037
其他非流动资产		–			949
应付账款		–			–
客户预收款		–			(29,418	)
其他应付款和应计负债		7,405			(105,540	)
应交所得税		(24,643	)		127,355
减：认股权证负债的非现金收益		(25,859	)		31,005
预收账款		(134	)		445
经营活动使用的净现金		(1,159,225	)		(308,645	)

投资活动产生的现金流量：
处置固定资产和设备所得		–			–
处置以公允价值计量且其变动计入当期损益的金融资产所得		–			213
处置子公司		–			363,845
收购联营公司		–			(500,000	)
购买数字资产		(2,000,000	)		–
投资活动产生的（使用）或提供的净现金		(2,000,000	)		(135,942	)

融资活动产生的现金流量：
发行普通股所得		–			240,000
从担保其他借款所得		–			(2,316	)
支付租赁负债		(3,817	)		–
融资活动产生的（使用）或提供的净现金		(3,817	)		237,684

汇率变动对现金及现金等价物的净影响		3,159			(127,128	)
现金及现金等价物的净（减少）/增加		(3,159,883	)		(334,031	)
期初现金及现金等价物		7,952,180			484,161
期末现金及现金等价物		4,792,297			150,130

请参阅附注中的简明合并财务报表，这些报表是这些未经审计的简明财务报表不可分割的一部分。

NOCELA，公司

中期合并股东权益变动表

（以美元表示，除股份数量外）

（未经审计）


	夹层股权		股东权益
	可转换优先股		普通股*	优先股		额外已付金额	法定及其他		累计储备金	累计其他综合收益		总 NOCELA公司股东权益	非控制性权益		总股东权益
	股票		金额	股票		金额	股票		金额	资本		储备金	损失		收入	权益		利益	权益
			$			$			$	$		$	$		$	$		$	$
2025年1月1日余额		–			–			468,251			468			80,000			80			25,213,844		191,219	(23,335,453	)	24,018	2,094,176		40,434		2,134,610
普通股发行		–			–			10,667			11			–			–			239,989		–	–		–	240,000		–		240,000
外币折算调整		–			–			–			–			–			–			–		–	–		42,852	42,852		3,020		45,872
优先股股息		–			–			–			–			–			–			–		–	–		–	–		–		–
净损失		–			–			–			–			–			–			–		–	(563,774	)	–	(563,774	)	(20,537	)	(584,311	)
2025年6月30日余额		–			–			474,918			479			80,000			80			25,453,833		191,219	(23,899,227	)	66,870	1,813,254		22,917		1,836,171



2026年1月1日余额		3,500			2,635,000			481,121			481			80,000			80			25,465,037		191,219	(26,188,471	)	90,919	(440,735	)	–		(440,735	)
可转换优先股转换为普通股		–			–			28,883			29			–			–			354,218		–	–		–	354,247		–		354,247
可转换优先股发行		(340	)		(340,000	)		–			–			–			–			–		–	–		–	–		–		–
外币折算调整		–			–			–			–			–			–			–		–	–		1,379	1,379		–		1,379
优先股股息		–			–			–			–			–			–			(70,126	)	–	–		–	(70,126	)	–		(70,126	)
净损失		–			–			–			–			–			–			–		–	(1,273,741	)	–	(1,273,741	)	–		(1,273,741	)
2026年3月31日余额		3,160			2,295,000			510,004			510			80,000			80			25,749,129		191,219	(27,462,212	)	92,298	(1,428,976	)	–		(1,428,976	)
可转换优先股发行		(3,160	)		(2,295,000	)		374,080			374			–			–			2,446,671		–	–		–	2,447,045		–		2,447,045
普通股发行								676,126			676									5,924,576						5,925,252				5,925,252
外币折算调整		–			–			–			–			–			–			–		–	–		2,561	2,561		–		2,561
优先股股息		–			–			–			–			–			–			–		–	–		–	–		–		–
净损失		–			–			–			–			–			–			–		–	(1,541,308	)	–	(1,541,308	)	–		(1,541,308	)
2026年6月30日余额		–			–			1,560,210			1,560			80,000			80			34,150,832		191,219	(29,003,520	)	94,859	5,435,030		–		5,435,030

查看中期合并财务报表的附注，这些附注是这些未经审计的中期财务报表不可分割的一部分。

\n\n \n \n

*	本报表中所有期间的普通股均已追溯调整，以反映2026年7月6日实施的1比30反向股票分割。参见第21号附注。

NOCELA，公司

中期合并财务报表的附注
（未经审计）

附注1 业务描述和
重要会计政策

业务描述

NOCELA是一家总部位于台湾新北市的内华达州公司。截至本10-Q季度报告日期，我们的业务运营主要由以下两个部门组成：(i) 鱼类贸易和(ii) 电子商务。我们的鱼类贸易业务由我们全资子公司NOCELA Inc. 台湾分公司（“NTB”）开展。NTB在台湾地区主要从事鱼类（主要是鳗鱼）的贸易。在电子商务部门中，我们通过公司未注册的部门浙江新灿互娱文化媒体有限公司（“新灿”）进行管理，我们作为代理商通过直播电商平台促成第三方产品的销售。此外，我们为鱼类养殖设计循环水养殖系统（“RAS”），并为客户在RAS的制造和安装方面提供咨询。

2026年1月，公司拨款200万美元用于购买比特币，作为公司储备金策略的一部分。公司于2026年1月25日完成了第一笔100万美元的购买，以约87,700美元的平均购买价格购买了约11.48比特币，2026年1月29日完成了剩余的100万美元购买，以约83,000美元的平均购买价格购买了约12.05比特币。公司打算继续其储备金策略，目前重点放在比特币上，预计在可预见的未来继续这样做。

持续经营

附带的未经审计的合并财务报表是按照持续经营基础编制的，该基础假设在正常业务过程中实现资产和结算负债及承诺。如附带的未经审计的合并财务报表所示，截至2026年6月30日的三个月和六个月期间，公司分别录得净亏损1,541,308美元和2,815,049美元，分别经营活动中使用的净现金为1,177,289美元和1,159,225美元。截至2026年6月30日，公司累计亏损为29,003,520美元，较2025年12月31日的26,188,471美元有所增加。这些因素引发了对公司能够在财务报表发布日后一年内继续作为持续经营实体的实质性怀疑。财务报表中未包含若公司无法继续作为持续经营实体可能需要的任何调整。

管理层为解决这些状况的计划包括但不限于：(i) 通过与现有股东和潜在新投资者的股权融资安排寻求额外资本，(ii) 探索战略融资方案，包括债务融资，以改善流动性，(iii) 实施成本控制措施以减少运营费用，以及(iv) 通过开发新业务机会和提升现有运营来扩大创收活动。

公司目前正在与潜在投资者和融资来源进行讨论；然而，除第12号注释中所述的股权购买设施协议外，截至这些财务报表发布之日，尚未达成任何最终协议。因此，无法保证公司能够成功获得足够的资金或实现其业务目标。

即使公司能够获得额外融资，此类融资可能无法以有利条件获得，并且在债务融资的情况下可能包含限制性条款，或在股权融资的情况下可能导致现有股东的重大稀释。因此，管理层认为，关于公司持续经营能力的实质性怀疑尚未消除。

列报基础

未经审计的合并财务报表是根据美国普遍接受的会计原则编制的，并根据美国证券交易委员会（“SEC”）关于中期财务信息的规则和法规。因此，这些财务报表未包含完整财务报表所需的全部信息和脚注，应与公司于2025年12月31日止年度的年度报告10-K表一起阅读，该报告已于2026年4月15日提交给SEC。

未经审计的合并财务报表及其附注是按照年度合并财务报表的相同基础编制的，在管理层看来，这些报表已反映了为公允列示所披露期间的经营成果所需的全部调整，这些调整仅包括正常的经常性调整。任何中期期间的合并经营成果不一定能说明全年或任何其他未来年度或中期期间的预期结果。

2026年7月6日，公司对其普通股进行了1比30的反向股票分割（“反向股票分割”）。这些未经审计的合并财务报表及其附注中包含的所有股份和每股金额，包括已发行和流通的普通股、加权平均流通股、每股净亏损、认股权证和待发行股份，均已根据反向股票分割对所有披露期间进行了追溯调整，除非另有说明。对于反向股票分割之前的期间，股份和每股金额已通过将历史金额除以30（反向股票分割的比例）并四舍五入到最近的整数股进行追溯重述；这种重述不涉及任何股份的实际发行、注销或现金结算，这些仅在2026年7月6日进行的反向股票分割中发生。有关更多信息，请参见第21号注释，后续事件。

重分类

某些前期金额已重新分类，以符合本年度的披露方式。

信用风险集中

可能使公司面临信用风险集中的金融工具主要包括应收账款。公司对客户和供应商进行信用评估，并通常不要求他们提供担保或其他担保。公司根据其收账经验和长期未付余额来确定是否需要计提坏账准备。公司定期审查客户的财务状况和付款惯例，以最大限度地减少应收账款的收账风险。

下表总结了主要客户收入占总收入的百分比：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule of concentr ations of credit risk
	截至 6月30日的三个月		截至 6月30日的六个月
	2026		2025	2026		2025
收入
客户A		11.77%			9.16%		10.36%	16.12%
客户B		11.68%			21.46%		13.66%	23.46%
客户C		15.58%			5.14%		9.96%
客户D		15.15%			4.63%		13.18%
客户E		19.40%			19.95%		17.42%	19.24%
客户F		11.74%			19.30%		17.19%	18.65%
客户G		10.92%			15.64%		16.38%	13.23%
		96.24%			95.28%		98.15%	90.7%

截至2026年6月30日和2025年12月31日，公司没有应收账款 outstanding

最近的会计准则

在该期间，FASB发布了若干更新，但这些标准中没有一项适用于公司，也没有一项需要在未来日期采用，且在采用时预计不会对合并财务报表产生重大影响。

公允价值计量

公司遵循会计准则汇编（\"ASC\"）820，公允价值计量（\"ASC 820\"），该准则将公允价值定义为在计量日，市场参与者之间有序交易中出售资产所获得的价格或转让负债所支付的价格。ASC 820为用于计量公允价值的输入建立了三级分类：

\n \n \n \n \n \n \n \n \n \n \n \n \n

	·	第一级：相同资产或负债在活跃市场中的报价。
	·	第二级：除第一级以外的可观察输入，无论直接还是间接。
	·	第三级：不可观察输入，当不可观察输入不可用时使用。

公司定期以公允价值计量某些金融工具，包括认股权证负债和可转换票据。当有可观察的市场数据时，会使用这些输入来计量公允价值。当不可观察输入不可用时，公司会应用需要管理层制定重大估计和假设的估值技术。

某些非金融资产，包括商誉、无形资产和长期资产，在存在减值迹象时以公允价值进行非定期计量。

注释 2 可变利益实体（\"VIE\"）

公司合并了Xinca，这是一家根据ASC 810《合并》规定，公司被确定为主要受益人的VIE，如公司2025年12月31日年度报告10-K表格中包含的合并财务报表的注释2所述，该报告于2026年4月15日提交给证券交易委员会（SEC）。\n

公司对其合并的VIE没有任何股权所有权。公司与该VIE的合作是通过合同安排进行的，这些安排使公司拥有（i）对最显著影响VIE经济表现的活动的控制权，以及（ii）获得VIE大部分经济利益的权利，同时公司也承担了可能重大的损失。\n

合并的VIE的资产只能用于清偿各自VIE的义务，且不能用于满足公司的义务，除非相关合同安排另有规定。合并的VIE的债权人无权要求公司的一般信用来偿还债务。\n

以下表格展示了公司合并VIE在2026年6月30日和2025年12月31日未经审计的合并资产负债表中的账面金额。\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

合并资产负债表中包含的资产和负债明细表
	2026年6月30日		2025年12月31日
		(未经审核)			(经审核)
	$			$
现金及银行结余		168,897			112,551
预付费用及其他应收款		7,234			39,430
物业及设备，净值		36,138			47,216
应计费用及其他负债		(1,812	)		(78,875	)
长期担保其他借款		(24,102	)		(31,296	)
净资产价值		186,355			89,026

注3 应收账款

该公司每季度评估其应收款的可收回性。截至2026年6月30日止六个月及2025年同期，该公司未计提任何信用损失准备。

注4 预付费用及其他流动资产

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n

预付费用及其他资产明细表
	2026年6月30日		12月31日， 2025年
		（未经审计）			（经重述）
	$			$
预付费用和其他资产		312,500			315,430
其他		1,732			1,732
总计		314,232			317,162

其他包括预付给供应商的款项\n在2026年6月30日和2025年12月31日分别为$1,732和$1,732，这代表了预付给供应商的原材料款项。

注5 固定资产，净值

截至2026年6月30日和2025年12月31日，固定资产\n包括以下内容：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

固定资产明细表
	2026年6月30日		2025年12月31日
		（未经审计）			（经重述）
	$			$
土地		877,870			877,870
设备		12,290			11,940
减：累计折旧		(9,070	)		(7,027	)
固定资产，净值		881,090			882,783

截至2026年6月30日和2025年6月30日的三个月内，折旧费用分别为$3,647和$165,243。截至2026年6月30日和2025年6月30日的六个月内的折旧费用分别为\n$7,261和$199,344。

注6 使用权资产

公司于2019年1月1日（2019财年伊始）采用ASU（会计准则更新）第2016-02号《租赁》，采用修改后的追溯方法。公司在租赁开始时确定一项安排是否为租赁。这种判断通常取决于该安排是否在一段时间内明确或隐含地传达对指定固定资产的控制权以换取对价。\n如果我们可以获得对底层资产的使用进行直接控制，并且从使用底层资产中获得几乎全部的经济利益，则传达了对底层资产的控制权。我们的一些租赁包括租赁和非租赁组成部分，由于公司选择了实用方法，这些被作为单一的租赁组成部分进行核算。一些经营租赁协议包括可变租赁成本，主要是税款、保险、公共区域维护费用或与通货膨胀相关的租金成本增加。我们大部分设备租赁和部分房地产租赁的期限不足一年，因此我们选择了实用方法，将其作为短期租赁进行核算。

经营租赁包含在合并资产负债表中的使用权\n租赁资产、当前租赁负债和长期租赁负债中。使用权资产和租赁负债在每项租赁的开始日期根据其各自租赁期限内租赁付款的现值进行确认。当租赁没有明确的借款利率时，根据租赁开始日期可获得的信息使用增量借款利率来确定其租赁付款的现值。经营租赁付款在租赁期限内按直线法确认

使用权资产的账面价值按\n底层资产的类别如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

使用权资产明细表
	2026年6月30日		2025年12月31日
	$			$
按成本：
设备		34,942			43,453
减：累计折旧		(4,506	)		(8,511	)
使用权资产，净值		30,436			34,942

\n下表列示了资产负债表上记录的与租赁相关的资产和负债。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

与租赁相关的资产和负债明细表
	2026年6月30日		2025年12月31日
	$			$
资产
融资租赁，使用权资产，净值		30,436			34,942
使用权资产，净值		30,436			34,942

负债
当前
融资租赁负债		7,832			7,398

非当前
融资租赁负债		14,808			18,243

总融资租赁负债		22,640			25,641

租赁费用组成部分

我们在经营租赁的期限内按直线法确认租赁费用，如附注合并损益表中“一般及行政”费用所报告的那样。

注7 权益法投资

Tachyonext Inc.（“Tachyonext”）

2025年6月5日，公司以500,000美元的现金对价收购了Tachyonext 35%的股权，Tachyonext是一家美国电子商务公司。公司通过其股权持有和参与某些战略及运营决策，对Tachyonext具有重大影响，因此采用权益法核算该项投资。

截至2026年6月30日的三个月和六个月，公司分别确认了8,919美元的收益和139,717美元的损失，代表其对Tachyonext净损失的按比例份额。截至2026年6月30日和2025年12月31日，Tachyonext投资的账面价值分别为360,283美元和524,152美元。公司于2025年12月31日对该投资进行了减值测试，并确定未出现减值迹象。

LONGWOOL（“Longwool”）

2025年12月1日，公司与法国公司Longwool签订股票购买协议，以400,000美元的现金对价收购代表Longwool已发行股本35%的股权。交易于2026年1月1日完成。2025年12月支付的现金对价于2025年12月31日记录为预付投资。公司于2026年1月开始采用权益法核算该投资，因为此时公司获得了对Longwool的重大影响。

截至2026年6月30日的三个月和六个月，公司分别确认了0美元和0美元的损失，代表其对Longwool净收益的按比例份额。截至2026年6月30日，Longwool投资的账面价值为400,000美元。

Note 8 数字资产

2026年1月，公司开始投资数字资产，作为其公司资金管理策略的一部分，分配了200万美元的公司资金，以约84,998美元的平均购买价格购买了约23.53个比特币。公司计划继续这一资金管理策略，目前重点放在比特币上，预计在可预见的未来持续进行。

根据ASU 2023-08《无形资产-商誉和其他-加密资产》和ASC 820，这些数字资产在未经审计的合并资产负债表中被归类为非流动资产，并根据Coinbase交易所未经调整的报价确定公允价值，使用的是第1级输入值。

截至2026年6月30日，公司持有约23.53个比特币，成本基础为200万美元，公允价值为1,377,574美元。截至2026年6月30日的三个月和六个月期间，公司因数字资产公允价值变动确认了394,587美元和622,426美元的未实现损失，该损失包含在未经审计的合并运营表中的其他收入（支出），净额中。

注9 应计费用和其他负债

截至2026年6月30日和2025年12月31日，应计费用和其他负债包括以下内容：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n

应计费用和其他负债明细表
	2026年6月30日		2025年12月31日
	$			$
应计费用		34,776			28,833
其他负债		91,953			93,128
应计费用和其他负债		126,729			121,961

注10 可转换票据

2025年10月31日，公司与一家机构合格投资者（“SPA买方”）签订了证券购买协议（“原始SPA”），根据该协议，公司可在多次交割中发行和出售总额不超过3亿美金的高级担保可转换票据。在2025年11月3日的首次交割中，公司以728万美元的购买价格发行了800万美元本金的高级担保可转换票据（“票据”），反映了72万美元的原始发行折扣。\n该票据年利率为9.0%，按月支付，到期日为2027年11月3日。根据票据中定义的违约事件发生时，利率将提高至18.0%每年。

该票据由公司通过销售票据所得资金购买或获得的几乎所有资产的优先担保权益担保，根据2025年11月3日签署的质押和担保协议以及账户控制协议。该票据在公司所有现有和未来债务中具有优先地位，但受某些允许的债务例外情况的限制。

该票据可在持有人选择时随时转换为公司面值为0.001美元的普通股（“普通股”）。转换价格等于以下较低者：(A) (i) 2.01美元，和(ii) 在收盘前五个交易日的普通股平均收盘价；和(B) 转换日前十个交易日内普通股最低每日成交量加权平均价格（“VWAP”）的93%。

转换价格受最低价格和常规调整的限制。如果转换会导致持有人实际拥有超过4.99%的已发行普通股，持有人将被限制转换该票据，但可在提前61天书面通知后将该限制提高至9.99%。

公司根据ASC 825《金融工具》选择了票据的公允价值选项。因此，票据在每个报告日按公允价值计量，并将公允价值变动记录在合并运营表和综合损失表中的其他费用中。

由于缺乏活跃市场并依赖不可观察输入，票据的公允价值被归类为公允价值层级中的第3级。公允价值是通过基于预期未来本金和利息支付的折现现金流模型估算的，并调整了预期转换和转换特征的最低价格。折现率基于管理层对类似债务工具利率的估计，并调整了公司的信用风险。关键假设的变动，包括折现率或预期转换，可能对可转换票据的估计公允价值产生重大影响。

发行成本为$643,500，在截至2025年12月31日的年度内作为发生时费用处理。

2025年12月，票据持有人将$45,319转换为2,0004,965,758转换为583,793

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

可转换票据明细表
2026年1月1日余额	$	7,205,666
发行		–
应计利息		136,850
转换		(5,154,358	)
公允价值变动		(–	)
2026年6月30日余额	$	2,188,158

2026年5月22日，公司与SPA买方签订了原始SPA的第一份修正案（“SPA修正案”），以扩大未来额外交割所得款项的允许用途，包括（i）一般公司用途和营运资金，（ii）收购、投资或其他战略交易，以及（iii）其他合法公司用途。SPA修正案继续禁止将所得款项用于偿还一般债务、回购公司证券、向关联方支付或解决诉讼事项（收购相关事项除外）。公司根据ASC 470-50，债务—修改和终止，评估了SPA修正案，并得出结论认为该修正案未导致重大修改，因为它未改变票据的利率、转换条款、本金金额或到期日；因此，未确认任何收益或损失，且修正案按前瞻性方式处理。

第11号注释认股权证

IPO认股权证

鉴于公司首次公开发行，公司发行了购买其普通股的认股权证（“IPO认股权证”）。IPO认股权证包含行权价格重置条款，根据普通股发行后的VWAP，行权价格可能会进行调整。此外，公司可在获得持有人同意的情况下，根据董事会的自由裁量权降低行权价格。IPO认股权证还赋予公司在满足某些基于市场的条件后，以等于行权价格倍数的价格赎回认股权证的权利。由于存在行权价格重置特征、自由裁量重定价条款和非名义赎回条款，IPO认股权证不符合权益分类的标准。因此，IPO认股权证被归类为认股权证负债，并在每个报告日按公允价值记录，公允价值的变动在收益中确认。

IPO认股权证在公允价值层级中被归类为第3级，因为它们不在活跃市场交易，其估值依赖于重要的不可观察输入值。\nIPO认股权证的公允价值是通过Black-Scholes期权定价模型估算的，该模型结合了关于公司普通股公允价值、预期期限、预期波动率、无风险利率、股息收益率的假设，以及对行权价格重置和赎回条款的调整。预期期限等于剩余合同期限，因为IPO认股权证已全部归属并可行使。预期波动率基于一组可比上市公司的历史波动率，时间跨度与预期期限一致。无风险利率基于与预期期限一致的美国国债收益率。假设股息收益率为零，因为公司历史上未支付股息，且短期内也不计划支付股息。关键假设的变化可能对IPO认股权证的估计公允价值产生重大影响。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

所使用假设的明细表
	6月30日， 2026年		12月31日， 2025年
行权价格		1.925		1.925
无风险利率		3.72%		3.47%
股息收益率		0%		0%
预期期限（年）		1.40		1.65
预期波动率		35.68%		36.67%

以下为使用第3级输入值定期计量的认股权证负债期初和期末余额的调节表：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n

保修负债活动明细表
	6月30日， 2026年		12月31日， 2025年
	$			$
期初公允价值		25,859			76,847
计入收益的认股权证公允价值变动		(25,859	)		(50,988	)
期末公允价值		–			25,859

所有尚未行权的认股权证，包括行权时可发行的股份数量和适用的行权价格，已根据相关认股权证协议中的反稀释条款，按比例调整以反映反向股票分割。截至2026年6月30日，按反向股票分割后计算，约有66,028股普通股的认股权证尚未行权，行权价格调整为每股57.9美元。以下为IPO认股权证活动的摘要：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

认股权证活动明细表

数量

认股权证

平均

行权价格

加权

平均

剩余

合同

期限（年）

年

2026年1月1日未行权和可行使

66,028

57.9

1.62

已行权

–

已授予

–

已到期

–

2026年6月30日未行权和可行使

66,028

57.9

1.12

注12 普通股

公司被授权发行200,000,000股普通股。截至2026年6月30日，公司已发行并流通1,560,210股普通股。此处显示的所有股份数字均反映了2026年7月6日实施的1比30反向股票分割，此次分割未改变授权股份数量或每股面值。\n参见注21。

股权购买设施协议

2026年5月22日，公司与一家机构投资者签订了股权购买设施协议（\"EPFA\"），根据该协议，公司在24个月的承诺期内，自EPFA签署日起，可自行决定并无需任何最低强制金额或未使用费用，有权但非义务向该投资者发行并出售最多1亿股新发行的普通股（\"预先发行股份\"）。

投资者的持股比例限制为不超过已发行股份的4.99%，并在61天通知后可增加至9.99%。根据纳斯达克规则，未经股东批准，根据EPFA可发行的股份总数不得超过EPFA签署日已发行股份的19.99%。在EPFA定义的额外发行限制期内，投资者对后续发行具有优先购买权，且公司禁止进入EPFA中定义的可变利率交易，但符合常规例外情况除外。

EPFA将在以下最早发生的情况时终止：(i) EPFA签署日后的24个月 anniversary；(ii) 投资者购买的预先发行股份达到1亿美元的全部承诺；或(iii) 公司财务报表因连续两个财季的重大重述而被修改。

作为EPFA的关联，公司签订了注册权协议，承诺向SEC提交注册声明，以涵盖预先发行股份的转售。截至2026年6月30日，公司尚未发出任何预先通知，也未根据EPFA发行任何股份或获得任何收益。2026年7月8日，公司向SEC提交了S-3表格的注册声明，以注册根据EPFA可转售的最多7,500,000股普通股（基于2026年7月7日的收盘价，约为1,500万美元）。

最近发行的普通股

\n \n \n \n \n \n \n \n \n \n \n \n \n

	·	2026年第一季度，一名优先股股东将340股B系列优先股（股息为14,241美元）转换为28,883股普通股。
	·	2026年第二季度，一名优先股股东将3,160股B系列优先股（股息为206,893美元）转换为374,080股普通股。
	·	2026年4月15日，公司根据2018年股票期权和奖励激励计划发行了92,333股普通股。

注13 优先股

注21中描述的反向股票分割仅适用于公司的普通股，不影响优先股的授权、发行或流通股数。

A系列优先股

2021年8月，公司以每股2.50美元的价格向某些投资者发行了80,000股A系列优先股，每股面值0.001美元（“A系列优先股”）。A系列优先股无投票权且不可赎回。在公司清算、清盘或解散时，A系列优先股的持有者将在公司资产和资金的分配中优先于公司普通股的持有者。

2026年7月6日，公司对已发行和流通的普通股实施了1比30的反向股票分割。由于此次反向股票分割，A系列优先股转换为普通股的股份数量从53,334股减少至1,778股。

截至2026年6月30日和2025年12月31日，已发行和流通的A系列优先股为80,000股。

A系列优先股

2025年8月28日，公司向内华达州州务卿提交了优先股设计章程，确定最多1,000,000股B系列优先股，每股面值为$0.001（“B系列优先股”）。B系列优先股每股的面值为$1,000。

2025年8月29日，公司与一家机构合格投资者签订证券购买协议，并以每股$910的价格发行了3,500股B系列优先股，每股面值为$0.001。公司收到的总购买价格为$2,635,000，扣除发行成本$550,000后的净额。

在2026年第一和第二季度，B系列优先股的持有者选择将所有流通的B系列优先股转换为公司普通股，平均转换价格为每股$0.33，从而发行了12,088,869股普通股。在公司于2026年7月6日实施的1比30的反向股票分割之后，转换相当于发行了402,963股普通股，调整后的转换价格为每股$9.90。转换时，B系列优先股的账面价值$2,501,893被重新分类为普通股和额外支付资本。截至2026年6月30日，B系列优先股已无任何流通股，所有相关权利和优先权均已终止。

注14 基于股票的薪酬

2018年，公司董事会和股东通过了2018年股票期权和奖励激励计划（“2018计划”）。2018计划为员工和非员工服务提供者提供了基于股权的奖励。截至2026年6月30日，2018计划下仍有89,654股普通股可用于未来发行。

认股权证

公司主要以认股权证的形式授予基于股权的奖励，以换取所提供的服务。截至2026年6月30日，公司已发行认股权证，授予高管、董事和员工购买普通股的权利。

非员工咨询薪酬

根据第18号注释中所述的战略咨询协议（“咨询协议”），公司有义务每季度向Phoenix MGMT & Consulting LLC（“Phoenix”）发行价值50,000美元的限制性普通股，股份数量根据公司普通股的五日成交量加权平均价格（“VWAP”）确定，并在每个季度结束后的10个营业日内发行。公司确定，根据ASC 718，股权激励计划（“ASC 718”），该奖励被归类为负债，因为该奖励以固定货币价值的可变股份数额结算。该奖励在每个报告日按公允价值重新计量，并在未审计的合并经营成果表中将公允价值的变化确认为一般及行政费用，直到通过发行股票完成该奖励的结算。每个季度奖励的履约服务期对应于该奖励相关的季度。

根据咨询协议，Phoenix还有权获得交易费用，该费用等于在协议期内完成的某些符合条件的战略交易价值的5%，其中50%以现金支付，50%以普通股支付，其价值基于相关交易关闭前五日的VWAP确定。与上述固定货币价值机制一致，如果此类费用被确认，其股票结算部分将在ASC 718下被归类为负债。截至2026年6月30日，尚未产生交易费用，因为在该期间内没有符合条件的交易被引入、结构化、实质性推进或完成。

2026年4月15日，公司根据其2018计划向某些员工授予了92,333股普通股，作为对其所提供服务的补偿。

注15 所得税

公司及其子公司以及合并的VIE分别申报纳税。

美国

公司评估了对大于10%控股的外国受控公司当前收益和利润的全球无形低税收入（“GILTI”）包含情况。\n公司已评估是否因对外国受控公司当前收益和利润的GILTI包含而产生额外的准备金金额。该法律还规定，公司纳税人可从GILTI包含中获得50%的减免，这将有效将美国21%的公司税率对外国收入的影响降低至10.5%。GILTI包含还规定了与缴纳的外国税款相关的外国税款抵免。\n

中国

根据中国《企业所得税法》，一家外商独资企业和在中华人民共和国设立的合并VIE需按照25%的法定企业所得税税率纳税。中国企业的净经营亏损通常可结转不超过五年，从亏损发生的次年起计算。\n

台湾

公司的税前亏损主要来自台湾的业务，而所得税费用主要在台湾产生。台湾的法定所得税率为20%。对台湾实体未分配收益征收5%的附加税，但仅限于该收益在下一年结束前未被分配或作为法定储备金留存的情况。5%的附加税在收益实现的期间确认，而附加税负债的减少在下一年度向股东分配或设立法定储备金最终确定的期间确认。

所得税（收益）费用的组成部分为：

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

所得税组成部分明细表
	截至 6月30日的三个月		截至 6月30日的六个月
	2026		2025		2026	2025
	$		$		$	$
当期		–		(140,561	)	–	(140,561	)
递延		–		–		–	–
总所得税费用		–		(140,561	)	–	(140,561	)

按适用于所得税费用的台湾法定税率计算的所得税费用调节如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

所得税费用调节明细表
	截至6月30日的六个月
	2026			2025
	$			%		$	%
台湾所得税法定税率		(563,010	)		20.0		(88,750	)	20.0
不可抵扣费用的税影响		–			–		13,978		(3.15	)
以股票为基础的薪酬的税影响		–			–		19,569		(4.41	)
非应税收入的税影响		93,178			(3.31	)	–		–
其他司法管辖区不同税率的税影响		1,971			(0.07	)	666		(0.15	)
估值准备金的变化		329,924			(11.72	)	54,537		(12.29	)
其他		137,937			(4.90	)	–		–
有效税率		–			–		–		–

截至2026年6月30日和2025年12月31日的估值准备金主要是为递延所得税资产提供的，如果这些项目在公司能够实现其利益之前很可能到期，或者未来可抵扣性不确定。递延所得税资产的最终实现取决于在这些暂时性差异可抵扣或可利用的期间内产生未来应税收入。管理层在进行评估时会考虑预计的未来应税收入和税务规划策略。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

估值准备金变动明细表
	2026年6月30日		2025年12月31日
	$		$
年初余额		259,745		4,774,396
估值准备金的增加额		137,937		–
估值准备金的减少额		–		(4,678,552	)
期末余额		397,682		95,844

注16 关联方余额及交易

应付关联方的余额如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n

关联方交易明细表
	2026年 6月30日		2025年 12月31日
	$			$
Mountain Share Transfer, LLC (1)		7,681			7,681
程寅杰先生遗产 (2)		17,221			15,884
		24,902			23,565

___________________

注：

\n \n \n \n \n \n \n \n \n \n

(1)	Mountain Share Transfer, LLC is company 100% controlled by Erik S. Nelson, a former corporate secretary and director of the Company. The balances represented the amount previously paid on behalf of the Company for its daily operation purpose.

(2)	The amount due to Mr. Yin-Chieh Cheng’s estate relates to a prior arrangement with him while he served as a director and executive officer of the Company. Mr. Yin-Chieh Cheng was deceased as of July 8, 2023, and the Company is evaluating settlement with the estate.

Note 17 LOSS PER SHARE

Basic loss per share is computed by dividing net\nloss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Basic and diluted\nweighted average shares outstanding for the three and six months ended June 30, 2026 and 2025 have been retroactively adjusted to reflect\nthe 1-for-30 reverse stock split effected on July 6, 2026. The 2025 share and per-share amounts are as restated. See Note 21.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule of loss per share
	Three months ended June 30,
	2026		2025
	$			$
Net loss		(1,541,308	)		(327,362	)
Net loss attributable to non-controlling interest		–			10,937
Net loss attributable to Nocera shareholders		(1,541,308	)		(316,425	)

Net loss from continuing operations		(1,541,308	)		(272,678	)
Net (loss) gain from discontinued operations		–			(54,684	)

Weighted Average Shares Outstanding – Basic and Diluted		1,560,210			478,918

Net loss per share from continuing operations – basic and diluted		(0.9879	)		(0.5465	)
Net loss per share from discontinued operations – basic\nand diluted		–			(0.1142	)
Loss per share – basic and diluted		(0.9879	)		(0.6607	)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	Six months ended June 30,
	2026		2025
	$			$
Net loss		(2,815,049	)		(584,311	)
Preferred stock dividends		(70,126	)		–
Net loss attributable to non-controlling interest		–			20,537
Net loss attributable to Nocera shareholders		(2,885,175	)		(563,774	)

Net loss from continuing operations		(2,815,049	)		(481,623	)
Net (loss) gain from discontinued operations		–			(102,688	)

Weighted Average Shares Outstanding – Basic and Diluted		1,560,210			478,918

Net loss per share from continuing operations – basic and diluted		(1.8492	)		(0.9628	)
Net loss per share from discontinued operations – basic\nand diluted		–			(0.2144	)
Loss per share – basic and diluted		(1.8492	)		(1.1772	)

Note 18 COMMITMENTS AND CONTINGENCIES

Strategic Advisory Agreement

On May 18, 2026, the Company entered into the\nAdvisory Agreement with Phoenix, pursuant to which Phoenix provides non-exclusive strategic advisory and execution support services to\nthe Company. The initial term is 90 days, subject to extension by mutual written agreement. Either party may terminate the agreement upon\n15 days' written notice following an uncured material breach by the other party.

Under the Advisory Agreement, the Company is obligated\nto pay Phoenix an initial retainer of $150,000 for the first 30 days, followed by $50,000 per month thereafter, plus $50,000 of restricted\ncommon stock per quarter, valued based on the five-day volume-weighted average price prior to issuance. During the three and six months\nended June 30, 2026, the Company incurred $150,000 of cash advisory fees and issued 0 shares of restricted common stock. As of June 30,\n2026, the Company's remaining minimum unconditional cash commitment under the Advisory Agreement was approximately $10,000.

In addition, the Company has agreed to pay Phoenix\na transaction fee equal to 5% of the value of any merger, acquisition, joint venture, or similar transaction consummated during the term\nthat Phoenix introduces, structures, or materially advances, payable 50% in cash and 50% in common stock. No such transaction fee had\nbeen earned or was payable as of June 30, 2026, as no qualifying transaction had been introduced or consummated during the period.

Lease Commitment

The Company has two non-cancelable lease agreements\nfor certain office and accommodation as well as fish farming containers for research and develop advanced technology for water circulation\napplying in fishery. Future minimum lease payments under non-cancellable operating leases with initial terms within one year. The Company\nrecognizes lease expense on a straight-line basis over the lease term.

For the six months ended June 30, 2026 and 2025,\nthe Company recognized $6,508 lease expense in operating expenses. The total future minimum lease payment under non-cancellable short-term\nleases as of June 30, 2026 is $19,525.

Capital commitments

As of June 30, 2026, the Company’s capital\ncommitments contracted but not yet reflected in the consolidated financial statements amounted to $nil.

Contingencies

In the ordinary course of business, the Company\nmay be subject to legal proceeding regarding contractual and employment relationships and a variety of other matters. The Company records\ncontingent liabilities resulting from such claims when a loss is assessed to be probable and the amount of the loss is reasonably estimable.

The Company has no significant pending litigation\nas of June 30, 2026.

Note 19 \nSEGMENT INFORMATION

The Company’s Chief Operating Decision Maker\n(“CODM”) is its Executive Director, Song-Yuan Teng, who is responsible for reviewing the results of operations and allocating\nresources across the Company’s reportable segments. During the periods presented, the Company’s reportable segments consisted\nof Fish Trading and E-Commerce. These operating segments reflect the manner in which the CODM evaluates performance and allocates resources.

On December 31, 2025, the Company completed the\ndisposal of its Catering segment (Meixin). The results of the Catering segment have been classified as discontinued operations for all\nperiods presented. Accordingly, the segment information disclosed below excludes the results of the Catering segment. The Catering segment\nreported net sales of $2,418 and $4,507 for the three months and six months ended June 30, 2025, respectively.

\nSegment performance is evaluated based on segment revenue and operating profit, which includes direct costs and segment-specific general\nand administrative expenses, but excludes corporate overhead and interest. The CODM does not regularly review segment assets, and therefore\nsegment asset information is not presented.

Summary operating results for each of the Company’s\nreportable segments were as follows:

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule of segment information
	Three months ended June 30, 2026
	Fish Trading			E-Commerce		Total
	$			$		$
Revenue		2,095,869			43,695		2,139,564
Cost of revenue		(2,091,691	)		(29,875	)	(2,121,566	)
Gross profit		4,178			13,820		17,998
General and administrative expenses		(1,182,499	)		(10,220	)	(1,192,719	)
Segment operating losses		(1,178,321	)		3,600		(1,174,721	)
Income tax expenses		–			–		–
Segment losses		(1,178,321	)		3,600		(1,174,721	)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Three months ended June 30, 2025
	Fish Trading		E-Commerce		Total
	$			$			$
Revenue		2,987,262				39,428		3,026,690
Cost of revenue		(2,981,259	)			(15,383	)	(2,996,642	)
Gross profit		6,003				24,045		30,048
General and administrative expenses		(168,224	)			(10,518	)	(178,742	)
Segment operating losses		(162,221	)			13,527		(148,694	)
Income tax expenses		(140,561	)			–		(140,561	)
Segment losses		(302,782	)			13,527		(289,255	)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	Six months ended June 30, 2026
	Fish Trading		E-Commerce		Total
	$			$			$
Revenue		4,336,105				81,243		4,417,348
Cost of revenue		(4,327,489	)			(29,881	)	(4,357,370	)
Gross profit		8,615				51,363		59,978
General and administrative expenses		(1,188,108	)			(22,583	)	(1,210,691	)
Segment operating losses		(1,179,493	)			28,779		(1,150,713	)
Income tax expenses		–				–		–
Segment losses		(1,179,493	)			28,779		(1,150,713	)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	Six months ended June 30, 2025
	Fish Trading		E-Commerce		Total
	$			$			$
Revenue		5,922,705				97,261		6,019,966
Cost of revenue		(5,910,812	)			(31,785	)	(5,942,597	)
Gross profit		11,893				65,476		77,369
General and administrative expenses		(422,135	)			(38,516	)	(460,651	)
Segment operating losses		(410,242	)			26,960		(383,282	)
Income tax expenses		(140,561	)			–		(140,561	)
Segment losses		(550,803	)			26,960		(523,843	)

The following table summarizes revenue disaggregated\nby primary geographical market based on destination of shipment for products:

\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule of revenue disaggregated\nby primary geographical market
Geographic Information
		Revenue
		$
Taiwan		1,940,627
Japan		2,395,478
Other foreign countries		81,243
Total		4,417,348

Note 20 SUPPLEMENTAL DISCLOSURE OF\nNON-CASH INVESTING AND FINANCING ACTIVITIES

Preferred Stock Dividend Payable

During 2025 and 2024, the Company declared preferred\nstock dividends of $16,000 each year, which were not paid in cash but instead recorded as an increase in dividends payable. As of June\n30, 2026 and December 31, 2025, unpaid preferred dividends totaled $70,312 and $177,326, respectively.

These transactions did not involve the use of\ncash and, therefore, are not reflected in the accompanying Consolidated Statement of Cash Flows.

Note 21 SUBSEQUENT EVENT

Reverse Stock Split

On June 25, 2026, the Company's Board of Directors\napproved the Reverse Stock Split, pursuant to stockholder authorization obtained at the Company's annual meeting held on January 12, 2026.\nThe Reverse Stock Split became effective on July 6, 2026, at which time every 30 shares of common stock issued and outstanding were automatically\ncombined into one share, without any change in par value. Immediately prior to the Reverse Stock Split, the Company had 46,806,289 shares\nof common stock issued and outstanding, which were reduced to 1,560,210 shares. No fractional shares were issued; holders otherwise entitled\nto a fractional share received a cash payment in lieu thereof. Proportionate adjustments were made to the exercise prices and number of\nshares issuable under all outstanding stock options, warrants, and restricted stock units, as well as shares reserved under the Company's\nequity incentive plans. The Reverse Stock Split was undertaken to enable the Company to satisfy the minimum bid price requirement for\ncontinued listing on The Nasdaq Capital Market.

In accordance with ASC 260, Earnings Per Share,\nall share and per-share amounts presented in these unaudited condensed consolidated financial statements and accompanying notes for all\nperiods presented have been retroactively adjusted to reflect the Reverse Stock Split.

Letter of Intent with INERGX Energy Optimisation\nLtd.

On July 6, 2026, the Company entered into a non-binding\nletter of intent (the \"LOI\") with INERGX Energy Optimisation Ltd (\"INERGX\"), a company incorporated in England and\nWales, regarding the Company's proposed acquisition of up to 9.99% of the issued and outstanding equity interests of INERGX (the \"Proposed\nTransaction\"). The Proposed Transaction may be structured as a stock purchase, share exchange, contribution, recapitalization, or\nother mutually agreed structure, with consideration consisting of a combination of cash and shares of the Company's common stock in proportions\nto be determined in definitive documentation. Valuation assumptions under the LOI remain preliminary and subject to the Company's due\ndiligence review, and no purchase price or other economic term will be final unless and until set forth in a definitive agreement. Consummation\nof the Proposed Transaction remains subject to, among other things, completion of due diligence, negotiation and execution of a definitive\nacquisition agreement, and receipt of any required board, regulatory, third-party, and stockholder approvals. The LOI does not obligate\neither party to consummate the Proposed Transaction and terminates upon the earliest of execution of a definitive agreement, mutual written\nagreement, 30 days' prior written notice by either party, or the 90th day following the date of the LOI. There can be no assurance that\nthe parties will enter into a definitive agreement or that the Proposed Transaction will be consummated on the terms described herein\nor at all. Because the LOI does not obligate the parties to consummate the transaction and its economic terms remain preliminary, the\nCompany has not recognized any financial statement impact related to the LOI as of the date these financial statements were available\nto be issued.

ITEM 2. MANAGEMENT’S\nDISCUSSION AND ANALYSIS OF OPERATING AND FINANCIAL RESULTS OF OPERATIONS

The following discussion and analysis of our financial\ncondition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the related\nnotes included elsewhere in this Quarterly Report on Form 10-Q. Our consolidated financial statements have been prepared in accordance\nwith generally accepted accounting principles in the United States (“GAAP”). In addition, our unaudited consolidated financial\nstatements and the financial data included in this Quarterly Report on Form 10-Q reflect our reorganization and have been prepared as\nif our current corporate structure had been in place throughout the relevant periods. Actual results could differ materially from those\nprojected in the forward-looking statements. For additional information regarding these and other risks and uncertainties, please see\nthe items listed under the section captioned “Cautionary Statement Regarding Forward-Looking Statements” herein as\nwell as any other cautionary language and risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025,\nfiled with the SEC on April 15, 2026, as amended on April 21, 2026. Except as may be required by law, we undertake no obligation to update\nany forward-looking statement to reflect events after the date of this Quarterly Report on Form 10-Q.

Operations Overview

Our business operations consist primarily of our\nFish Trading and E-Commerce segments, which are administered through NTB and Xinca, respectively. In addition, in 2025, the Company made\nsubstantial equity investments in two e-commerce companies, one based in the United States and the other in France, and we maintain a\nlegacy RAS design and consulting business. Beginning in January 2026, we embarked on a corporate treasury strategy, with a current emphasis\non Bitcoin, in which we have invested $2.0 million to date.

We are pursuing a strategic transformation to\nbecome a diversified, technology-focused holding company by identifying and pursuing strategic investments, acquisitions and other strategic\nopportunities in selected high-growth industries, including artificial intelligence (“AI”), AI infrastructure, data centers\nand edge computing, energy and energy storage. We evaluate potential opportunities based on their strategic fit, growth prospects, capital\nrequirements and potential contribution to our long-term value.

We have made initial progress toward this\nstrategy. As of the date of this filing, we have entered into a non-binding letter of intent (the “LOI”) with INERGX Energy\nOptimisation Ltd, a company incorporated in England and Wales (“INERGX”). The LOI remains subject to due diligence, further\nnegotiations and the execution of definitive agreements, and the transaction has not been completed. We have also completed an investment\nrepresenting a 30% ownership interest in QMAX Technology CO., LTD (“QMAX”) in exchange for 300,000 shares of our common stock.\nWe expect QMAX to begin contributing revenue to our consolidated operations in the third quarter of 2026, subject to successful implementation\nand integration.

We have also engaged two technology-expert\nconsultants to assist our management in evaluating and pursuing technology-related strategic opportunities. In addition, we are evaluating\napproximately three other potential strategic opportunities, including businesses involved in solar power and energy storage, AI edge-computing\ninfrastructure and generative AI software for healthcare. These opportunities remain in preliminary discussions and evaluation, and there\ncan be no assurance that any of these opportunities will result in definitive agreements or completed transactions.

Over the next one to two years, we expect\nto focus on completing selected collaborations, investments and acquisitions and expanding our portfolio of technology-related businesses.\nWe currently expect the broader transformation to be substantially implemented over approximately three years. The timing and scope of\nthese activities will depend on the availability of suitable opportunities, financing, market conditions and regulatory considerations,\nand on our ability to successfully integrate acquired or invested businesses.

We currently estimate that approximately $30\nmillion to $50 million of capital may be required over the anticipated three-year transformation period. This estimate represents a current\nplanning range and is not a committed financing requirement or firm capital budget. A substantial portion of the anticipated capital\nis expected to be used for investments in or acquisitions of small and medium-sized AI computing centers, data center or server facilities\nand AI edge-computing infrastructure. The actual amount and timing of capital required may differ materially from our current estimate\ndepending on the size, timing and structure of future transactions and prevailing market conditions.

As of the date of this filing, we do not have\ncommitted financing sufficient to fund the estimated $30 million to $50 million capital requirement. Our preferred approach is to use\ncash to fund investments and acquisitions to the extent that sufficient cash resources or financing are available. If sufficient cash\nfinancing cannot be obtained, we may consider equity-based transaction structures, including the issuance of common stock or other equity\nsecurities as consideration for investments or acquisitions. Our ability to obtain financing or use equity consideration will depend\non, among other factors, our financial condition, stock price, market conditions, applicable securities laws, Nasdaq requirements and\nthe willingness of potential counterparties to accept equity consideration. The issuance of equity securities could result in dilution\nto our existing stockholders.

Recent Developments

Strategic Advisory Agreement

Equity Purchase Facility Agreement

On May 22, 2026, the Company entered into an equity purchase facility\nagreement, or an EPFA, providing the Company the right, but not the obligation, to sell up to $100 million of common stock to an institutional\ninvestor over a 24-month period, subject to customary conditions, ownership limitations, and an exchange cap described in Note 12 to the\ncondensed consolidated financial statements. As of June 30, 2026, the Company had not issued any shares or received any proceeds under\nthe EPFA.

Reverse Stock Split

Letter of Intent with INERGX Energy Optimisation\nLtd.

On July 6, 2026, the Company entered into its\nLOI with INERGX, regarding the Proposed Transaction. The Proposed Transaction may be structured as a stock purchase, share exchange, contribution,\nrecapitalization, or other mutually agreed structure, with consideration consisting of a combination of cash and shares of the Company's\ncommon stock in proportions to be determined in definitive documentation. Valuation assumptions under the LOI remain preliminary and subject\nto the Company's due diligence review, and no purchase price or other economic term will be final unless and until set forth in a definitive\nagreement. Consummation of the Proposed Transaction remains subject to, among other things, completion of due diligence, negotiation and\nexecution of a definitive acquisition agreement, and receipt of any required board, regulatory, third-party, and stockholder approvals.\nThe LOI does not obligate either party to consummate the Proposed Transaction and terminates upon the earliest of execution of a definitive\nagreement, mutual written agreement, 30 days' prior written notice by either party, or the 90th day following the date of the LOI. There\ncan be no assurance that the parties will enter into a definitive agreement or that the Proposed Transaction will be consummated on the\nterms described herein or at all. Because the LOI does not obligate the parties to consummate the transaction and its economic terms remain\npreliminary, the Company has not recognized any financial statement impact related to the LOI as of the date these financial statements\nwere available to be issued.

Key Factors Affecting our Performance

As a result of a number of factors, our historical\nresults of operations may not be comparable to our results of operations in future periods, and our results of operations may not be directly\ncomparable from period to period. Set forth below is a brief discussion of the key factors impacting our results of operations.

As part of our long-term growth strategy, we may\nallocate capital toward selective acquisitions or strategic investments that we believe could enhance our operating platform and diversify\nour revenue base. We intend to evaluate potential targets based on financial performance, scalability, regulatory considerations, and\nstrategic alignment with our core competencies. Any acquisition would be subject to due diligence, negotiation of definitive agreements,\navailability of financing, and applicable regulatory approvals. Acquisitions involve inherent risks, including integration challenges,\npotential dilution, assumption of liabilities, and diversion of management attention. There can be no assurance that any contemplated\ntransaction will be identified or consummated, or that any completed transaction will achieve the anticipated benefits.

Known Trends and Uncertainties

Inflation

Prices of certain commodity products, including\nraw materials, are historically volatile and are subject to fluctuations arising from changes in domestic and international supply and\ndemand, labor costs, competition, market speculation, government regulations, trade restrictions and tariffs. Increasing prices in the\ncomponent materials for our goods may impact the availability, the quality and the price of our products, as suppliers search for alternatives\nto existing materials and increase the prices they charge. Our suppliers may also fail to provide consistent quality of products as they\nmay substitute lower cost materials to maintain pricing levels. Nocera’s cost base also reflects significant elements for freight,\nincluding fuel, which has significantly increased due to the effects of the coronavirus (COVID-19) pandemic, the Russia-Ukraine war and\nthe conflicts in the Middle East. Rapid and significant changes in commodity prices such as fuel and plastic may negatively affect our\nprofit margins if Nocera is unable to mitigate any inflationary increases through various customer pricing actions and cost reduction\ninitiatives.

Geopolitical Conditions

Our operations could\nbe disrupted by geopolitical conditions, trade disputes, international boycotts and sanctions, political and social instability, acts\nof war, terrorist activity or other similar events. From time to time, we could have a large revenue stream associated with a particular\ncustomer or a large number of customers located in a particular geographic region. Decreased demand from a discrete event impacting a\nspecific customer, industry or region in which we have a concentrated exposure could negatively impact our results of operations.

In February 2022, Russia\ninitiated significant military action against Ukraine. In response, the U.S. and certain other countries imposed significant sanctions\nand export controls against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business\nand financial organizations, and the U.S. and certain other countries could impose further sanctions, trade restrictions and other retaliatory\nactions should the conflict continue or worsen. It is not possible to predict the broader consequences of the conflict, including related\ngeopolitical tensions and the measures and retaliatory actions taken by the U.S. and other countries in respect thereof as well as any\ncounter measures or retaliatory actions by Russia or Belarus in response, including, for example, potential cyberattacks or the disruption\nof energy exports, is likely to cause regional instability, geopolitical shifts and could materially adversely affect global trade, currency\nexchange rates, regional economies and the global economy. The situation remains uncertain, and while it is difficult to predict the impact\nof any of the foregoing, the conflict and actions taken in response to the conflict could increase our costs, reduce our sales and earnings,\nimpair our ability to raise additional capital when needed on acceptable terms, if at all, or otherwise adversely affect our business,\nfinancial condition and results of operations.

Foreign Currency

Our reporting currency is the U.S. dollar and\nour operations in Taiwan use their local currency as their functional currencies. Substantially all of our revenue and expenses are in\nNT dollars. We are subject to the effects of exchange rate fluctuations with respect to any of such currency. For example, the value of\nthe NT dollar depends to a large extent on Taiwan government policies and Taiwan’s domestic and international economic and political\ndevelopments, as well as supply and demand in the local market.

The income statements of our operations are translated\ninto U.S. dollars at the average exchange rates in each applicable period. To the extent the U.S. dollar strengthens against foreign currencies,\nthe translation of these foreign currencies denominated transactions results in reduced revenue, operating expenses and net income for\nour international operations. We are also exposed to foreign exchange rate fluctuations as we convert the financial statements of our\nforeign subsidiaries into U.S. dollars in consolidation.

Critical Accounting Policies, Estimates and Assumptions

We prepare our financial statements in conformity\nwith GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure\nof contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during\nthe financial reporting period. We continually evaluate these estimates and assumptions based on the most recently available information,\nour own historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Since the use\nof estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our\naccounting policies require higher degrees of judgment than others in their application.

Our critical accounting policies and estimates\nare described in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on April 15, 2026, as amended\non April 21, 2026. Except for the newly adopted accounting policy related to our investments in crypto assets during the first quarter\nof 2026, there have been no material changes to our critical accounting policies and estimates since December 31, 2025. For further information\nregarding our accounting policy for crypto assets and the related fair value measurements, please refer to Note 9—Digital Assets\nto our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Results of Operations

The following table sets forth the consolidated\nstatements of operations of the Company for the three and six months ended June 30, 2026 and 2025.

Consolidated Statements of Operations

	Three months ended \nJune 30,		Six months ended \nJune 30,
	2026		2025		2026		2025
	(Unaudited)		(As Restated)		(Unaudited)		(As Restated)
	$			$			$	$
Net sales		2,139,564				3,026,690		4,417,348		6,019,966
Cost of sales		(2,121,566	)			(2,996,642	)	(4,357,370	)	(5,942,597	)
Gross profit		17,998				30,048		59,978		77,369

Operating expenses
General and administrative expenses		(1,192,719	)			(178,742	)	(1,811,781	)	(460,651	)
Share based compensation
Total operating expenses		(1,192,719	)			(178,742	)	(1,811,781	)	(460,651	)

Loss from operations		(1,174,721	)			(148,694	)	(1,751,803	)	(383,282	)

Other (expenses) income, net		(366,587	)			16,577		(1,063,246	)	42,220
Net loss before income taxes		(1,541,308	)			(132,117	)	(2,815,049	)	(341,062	)

Income tax expense		–				(140,561	)	–		(140,561	)
Net loss from continuing operations		(1,541,308	)			(272,678	)	(2,815,049	)	(481,623	)
Net loss from discontinued operations		–				(54,684	)	–		(102,688	)
Net loss		(1,541,308	)			(327,362	)	(2,815,049	)	(584,311	)
Preferred stock dividends		–				–		(70,126	)	–
Net loss attributable to Nocera shareholders		(1,541,308	)			(316,425	)	(2,885,175	)	(563,774	)
Comprehensive loss
Net loss		(1,541,308	)			(327,362	)	(2,815,049	)	(584,311	)
Foreign currency translation gain		2,561				48,463		3,940		45,872
Total comprehensive loss		(1,538,747	)			(278,899	)	(2,811,109	)	(538,439	)

Less: Net loss attributable to non-controlling interest		–				(10,937	)	–		(20,537	)
Less: Foreign currency translation loss attributable to non-controlling interest		–				3,443		–		3,020
Comprehensive loss attributable to Nocera Shareholders		(1,538,747	)			(271,405	)	(2,811,109	)	(520,922	)

Loss per share*
Basic		(0.9879	)			(0.6607	)	(1.8492	)	(1.1772	)
Diluted		(0.9879	)			(0.6607	)	(1.8492	)	(1.1772	)

Weighted average number of common shares outstanding*
Basic		1,560,210				478,918		1,560,210		478,918
Diluted		1,560,210				478,918		1,560,210		478,918

*Weighted average shares outstanding and net loss\nper share for all periods presented have been retroactively adjusted to reflect the 1-for-30 reverse stock split effected on July 6,\n2026. The 2025 share and per-share amounts are as restated.

Comparison of Results of Operations for the three months and six\nmonths ended June 30, 2026 and 2025

Revenue

Revenue for the three months ended June 30,\n2026 and 2025 was approximately $2.1 million and $3.0 million, respectively. Revenue decreased by approximately $887 thousand, or 29.3%,\nprimarily attributable to a decline in revenue generated from the Company’s fish trading business.

Revenue for the six months ended June 30,\n2026 and 2025 was approximately $4.4 million and $6.0 million, respectively. Revenue decreased by approximately $1.6 million, or 26.6%,\nprimarily attributable to lower volume in the Company’s fish trading business.

\n \n \n \n \n

Fish Trading Business: For the six months ended June 30, 2026, the fish trading business decreased in volume, but the selling price increased, the volume decreased from 388 tons to 272 tons for the comparable period in 2025 and 2026. The average selling price of eels increased from $ 15.63 to $15.78 per kilogram for the comparable period in 2025 and 2026.

Gross profit

Gross profit for the three months ended June\n30, 2026 and 2025 was approximately $17 thousand and $30 thousand, respectively. Gross profit decreased by approximately $12 thousand,\nor 40.1%, primarily attributable to the disposal of SY Culture in the Company’s e-commerce business during the second quarter of\n2025.

Gross profit for the six months ended June\n30, 2026 and 2025 was approximately $60 thousand and $77 thousand, respectively. Gross profit decreased by approximately $17 thousand,\nor 22.5%, primarily attributable to the disposal of SY Culture in the Company’s e-commerce business during the second quarter of\n2025.

General and administrative expenses

General and administrative expenses for the\nthree months ended June 30, 2026 and 2025 were approximately $1,193 thousand and $179 thousand, respectively. General and administrative\nexpenses increased by approximately $1,014 thousand, or 567.3%, primarily attributable to costs of wages and reimbursement fees generated\nfrom employees.

General and administrative expenses for the\nsix months ended June 30, 2026 and 2025 were approximately $1,812 thousand and $461 thousand, respectively. General and administrative\nexpenses increased by approximately $1,351 thousand, or 293.3%, primarily attributable to costs of wages and reimbursement fees generated\nfrom employees.

Other (expenses) income, net

Other expense for the three months ended June\n30, 2026 was approximately $366 thousand, compared with other income of approximately $17 thousand for the same period in 2025. Net other\nincome (expense) deteriorated by approximately $383 thousand; a percentage change is not meaningful because the 2025 period reflected\nnet other income. The change was primarily attributable to losses on investments in Tachyonext and Bitcoin and a non-cash loss related\nto the fair value measurement of warrant liabilities.

Other expense for the six months ended June\n30, 2026 was approximately $1,063 thousand, compared with other income of approximately $42 thousand for the same period in 2025. Net\nother income (expense) deteriorated by approximately $1,105 thousand; a percentage change is not meaningful because the 2025 period reflected\nnet other income. The change was primarily attributable to losses on investments in Tachyonext and Bitcoin and a non-cash loss related\nto the fair value measurement of warrant liabilities.

Net loss from continuing operations increased\nby approximately $1.3 million, or 465.2%, to $1.5 million for the three months ended June 30, 2026 from $273 thousand for the same period\nin 2025, and increased by approximately $2.3 million, or 484.5%, to $2.8 million for the six months ended June 30, 2026 from $482 thousand\nfor the same period in 2025. Net loss from discontinued operations was zero for the 2026 periods, compared with approximately $55 thousand\nand $103 thousand for the three and six months ended June 30, 2025, respectively, representing a decrease of $55 thousand and $103 thousand,\nor 100%, in each period. Accordingly, net loss increased by approximately $1.2 million, or 370.8%, to $1.5 million for the three months\nended June 30, 2026 from $327 thousand for the same period in 2025, and increased by approximately $2.2 million, or 381.8%, to $2.8 million\nfor the six months ended June 30, 2026 from $584 thousand for the same period in 2025.

Summary of Consolidated Statements of Cash Flows

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Six months ended June 30,
	2026		2025
	(Unaudited)		(As Restated)
	$			$
Net cash used in operating activities		(1,159,225	)		(308,645	)
Net cash used in investing activities		(2,000,000	)		(135,942	)
Net cash provided by (used in) financing activities		(3,817	)		237,684
Effect of the exchange rate change on cash		3,159			(127,128	)
Increase (Decrease) in cash and cash equivalents		(3,159,883	)		(334,031	)

Net cash used in operating activities

Net cash used in operating activities was approximately\n$1,760 thousand for the six months ended June 30, 2026. This was primarily attributable to a net loss of approximately $2.8 million, adjusted\nfor non-cash items or non-operating activity, including a loss of approximately $622 thousand from unrealized losses on digital assets,\nand interest expense from convertible note of approximately $326 thousand.

Net cash used in operating activities was approximately\n$308 thousand for the six months ended June 30, 2025. This primarily reflected a net loss of approximately $584 thousand, adjusted\nfor non-cash items or non-operating activity, including depreciation expense of approximately $200 thousand, a loss of approximately\n$87 thousand from the disposal of a subsidiary, and income tax payable of approximately $127 thousand.

Net cash (used in) provided by investing\nactivities

Net cash used in investing activities was approximately\n$1,398 thousand for the six months ended June 30, 2026, which was primarily attributable to the investment of Bitcoin.

Net cash used in investing activities was approximately\n$135 thousand for the six months ended June 30, 2025, which was primarily attributable to the disposal of subsidiary and long-term investment.

Net cash provided by financing activities

Net cash used in financing activities was approximately\n$3,817 for the six months ended June 30, 2026. This was primarily attributable to the payment of lease liabilities.

Net cash provided by financing activities was\n$238 thousand for the six months ended June 30, 2025. This was primarily attributable to proceeds of approximately $240 thousand from\nthe issuance of common stock to converted Class A warrant.

Liquidity and Capital Resources; Going Concern

\n \n \n \n \n \n \n \n \n

	·	On May 22, 2026, the Company entered into an Equity Purchase Facility\nAgreement, or an EPFA, providing the Company the right, but not the obligation, to sell up to $100 million of common stock to an institutional\ninvestor over a 24-month period, subject to customary conditions, ownership limitations, and an exchange cap described in Note 12 to the\ncondensed consolidated financial statements. As of June 30, 2026, the Company had not issued any shares or received any proceeds under\nthe EPFA.
	·	On July 27, 2026, the Company received a notice of default from the holder\nof the Company’s senior secured convertible promissory note relating to the Company’s failure to pay certain alternate conversion\nfloor amounts due under the Note. Following the asserted event of default, the collateral agent exercised its rights under the applicable\nsecurity documents and applied approximately $4,658,686 of collateral maintained in the blocked custodial account toward the obligations\noutstanding under the Note. The application of this collateral reduced the collateral and cash resources available to the Company and\nadversely affected the Company’s liquidity and financial flexibility. Following the application, the investor asserted that approximately\n$1,370,809 remained outstanding under the Note. The Company is currently in discussions with the investor regarding the resolution of\nthe remaining amount, including a potential waiver of that amount. As of the date of this filing, no definitive agreement has been reached.\nAccordingly, the Company’s liquidity remains subject to the resolution of the remaining obligations under the Note and the Company’s\nability to obtain additional financing or other sources of capital, if necessary.

Recently Issued Accounting Pronouncements

Please refer to Note 1 to the financial\nstatements contained herein.

ITEM 3. QUANTITATIVE\nAND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company,”\nas defined by Rule 12b-2 of the Exchange Act, we are not required to provide the information in this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision of our Chief\nExecutive Officer and Chief Financial Officer performed an evaluation (the “Evaluation”) of the effectiveness of our disclosure\ncontrols and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly\nReport on Form 10-Q. Disclosure controls and procedures include, without limitation, controls and procedures designed to provide a reasonable\nlevel of assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded,\nprocessed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated\nto our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate\nto allow timely decisions regarding required disclosure. Based on that Evaluation, our Chief Executive Officer and Chief Financial Officer\nconcluded that, as of June 30, 2026, due to the presence of material weaknesses described below, our disclosure controls and procedures\nwere ineffective.

The following material weaknesses in our disclosure\ncontrols and procedures at June 30, 2026 were:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	·	we did not have written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act of 2002;

	·	there were insufficient monitoring and review controls over the financial reporting closing process, including the lack of individuals with current knowledge of GAAP that led to the restatement of our previously issued financial statements; and

	·	inadequate segregation of duties.

We believe that these material weaknesses primarily\nrelate, in part, to our lack of sufficient staff with appropriate training in GAAP and SEC rules and regulations with respect to financial\nreporting functions, and the lack of robust accounting systems, as well as the lack of sufficient resources to hire such staff and implement\nthese accounting systems.

We expect to remediate these material weaknesses\nin the second half of 2026. However, we may discover additional material weaknesses that may require additional time and resources to\nremediate. Our remediation process includes, but is not limited to:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	·	Investing in information technology systems to enhance our operational and financial reporting and internal controls.

	·	Enhancing the organizational structure to support financial reporting processes and internal controls.

	·	Providing guidance, education and training to employees relating to our accounting policies and procedures.

	·	Further developing and documenting detailed policies and procedures regarding business processes for significant accounts, critical accounting policies and critical accounting estimates.

	·	Establishing effective general controls over information technology systems to ensure that information produced can be relied upon by process level controls is relevant and reliable.

Notwithstanding the foregoing, there can be no\nassurance that our disclosure controls and procedures will detect or uncover all failures of persons within our Company and our consolidated\nsubsidiaries to disclose material information otherwise required to be set forth in our periodic reports. There are inherent limitations\nto the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention\nor overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable,\nnot absolute, assurance of achieving their control objectives.

Changes in Internal Control Over Financial\nReporting

During the quarter ended June 30, 2026, we took\nseveral actions to correct past material weaknesses, including, but not limited to, establishing an audit committee of our Board comprised\nof three independent directors, adding experienced accounting and financial personnel and retaining third-party consultants to review\nour internal controls and recommend improvements. However, we may need to take additional measures to fully mitigate these issues, and\nthe measures we have taken, and expect to take, to improve our internal controls may not be sufficient to (1) address the issues identified,\n(2) ensure that our internal controls are effective or (3) ensure that the identified material weakness or other material weaknesses will\nnot result in a material misstatement of our annual or interim financial statements.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We were not subject to any legal proceedings during\nthe three months ended June 30, 2026 and there are currently no legal proceedings, to which we are a party, which could have a material\nadverse effect on our business, financial condition or operating results.

ITEM 1A. RISK FACTORS

There have been no material changes in our risk\nfactors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on April 15,\n2026, as amended on April 21, 2026, except as set forth below.

We do not currently satisfy Nasdaq’s\ncontinued listing requirements, and our securities may be delisted if we are unable to regain compliance.

On April 17, 2026, we received a notification\nletter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that we do not meet the\nminimum stockholders’ equity requirement of $2.5 million for continued listing on The Nasdaq Capital Market under Nasdaq Listing\nRule 5550(b)(1). As of December 31, 2025, our stockholders’ equity was $(440,735), and we do not currently meet the alternative\ncontinued listing standards relating to the market value of listed securities or net income from continuing operations.

We intend to evaluate available options to regain\ncompliance with Nasdaq’s continued listing requirements; however, there can be no assurance that we will be able to regain compliance\nwithin the applicable grace period or otherwise maintain our listing. If our common stock is delisted, it could adversely affect the liquidity\nand market price of our securities, limit our ability to access capital markets, and negatively impact our business, financial condition,\nand results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES\nAND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Holding\nForeign Companies Accountable Act

During the quarter ended June 30, 2026, no director\nor officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in\nItem 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

\n \n \n \n

(a)	The following exhibits are filed herewith or incorporated by reference herein:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Exhibit No.		Description

31.1		Rule 13a-14(a)/15d-14(a) Certification of the President and Chief Executive Officer of Nocera, Inc.*
31.2		Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer of Nocera, Inc.*
32.1		Section 1350 Certification of the President and Chief Executive Officer of Nocera, Inc.**
32.2		Section 1350 Certification of the Chief Financial Officer of Nocera, Inc.**
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104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). *

___________________________

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Furnished herewith.

Exhibits 32.1 and 32.2 are being furnished and\n shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange\n Act”) or otherwise subject to the liability of that section, nor shall such exhibits be deemed to be incorporated by reference in\n any registration statement or other document filed under the Securities Act or the Exchange Act, except as otherwise specifically stated\n in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,\nthe Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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	NOCERA, INC.

Date: October 2, 2026	By:	/s/ Andy Ching-An Jin
	Name:	Andy Ching-An Jin
	Title:	Chief Executive Officer
		(Principal Executive Officer)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Date: October 2, 2026	By:	/s/ Shun-Chih Chuang
	Name:	Shun-Chih Chuang
	Title:	Chief Financial Officer
		(Principal Financial Officer)
		(Principal Accounting Officer)

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