{"url_path":"/sec/rajaf/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1885680/0001213900-26-057774-index.html","accession_number":"0001213900-26-057774","cik":"0001885680","ticker":"RAJAF","issuer_name":"Cordyceps Sunshine Biotech Holdings Co., Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1885680/0001213900-26-057774-index.html","primary_entity_key":"0001885680","primary_entity_name":"Cordyceps Sunshine Biotech Holdings Co., Ltd."},"word_count":10605,"has_tables":true,"body_markdown":"**Item\n19. Exhibits**\n\n \n\n**Exhibit No.**\n \n**Description of Exhibit**\n\n \n \n \n\n1.1\n \n[Memorandum and Articles of Association of Cordyceps Sunshine Biotech Holdings Co., Ltd. (incorporated by reference to Exhibit 3.1 to our registration statement on Form F-1 (File No. 333-269315), as amended, initially filed with the SEC on January 20, 2023)](http://www.sec.gov/Archives/edgar/data/1885680/000121390023004029/ff12023ex3-1_cordyceps.htm)\n\n \n \n \n\n2.1\n \n[Description of Securities (incorporated by reference to Exhibit 2.1 to our annual report on Form 20-F (File No.333-269315), filed with the SEC on June 13, 2025)](https://www.sec.gov/Archives/edgar/data/1885680/000121390025054317/ea024435201ex2-1_cordyceps.htm)\n\n \n \n \n\n4.1\n \n[Form of Private Placement Subscription Agreement for Regulation S investors (incorporated by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-269315), as amended, initially filed with the SEC on January 20, 2023)](http://www.sec.gov/Archives/edgar/data/1885680/000121390023004029/ff12023ex10-1_cordyceps.htm)\n\n \n \n \n\n4.2\n \n[Employment Agreement by and between the Registrant and Szu Hao Huang dated May 6, 2020 (incorporated by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-269315), as amended, initially filed with the SEC on January 20, 2023)](http://www.sec.gov/Archives/edgar/data/1885680/000121390023004029/ff12023ex10-2_cordyceps.htm)\n\n \n \n \n\n4.3\n \n[Director Offer Letter with Yenhung Liu (incorporated by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-269315), as amended, initially filed with the SEC on January 20, 2023)](http://www.sec.gov/Archives/edgar/data/1885680/000121390023004029/ff12023ex10-4_cordyceps.htm)\n\n \n \n \n\n4.4\n \n[Translation of Patent Exclusive Licensing Agreement (incorporated by reference to Exhibit 4.4 to our annual report on Form 20-F (File No. 333-269315), filed with the SEC on July 5, 2024)](https://www.sec.gov/Archives/edgar/data/1885680/000121390024059406/ea020788001ex4-4_cordyceps.htm)\n\n \n \n \n\n4.5\n \n[Translation of Purchase Agreement for Cattle Camphor Mushroom Carrier Assets (incorporated by reference to Exhibit 4.5 to our annual report on Form 20-F (File No. 333-269315), filed with the SEC on July 5, 2024)](https://www.sec.gov/Archives/edgar/data/1885680/000121390024059406/ea020788001ex4-5_cordyceps.htm)\n\n \n \n \n\n4.6\n \n[Translation\nof Office Lease Agreement (6F, No. 15, Lane 548, Ruiguang Road, Neihu District, Taipei City) (incorporated by reference to Exhibit 4.6 to our annual report on\nForm 20-F (File No.333-269315), filed with the SEC on June 13, 2025)](https://www.sec.gov/Archives/edgar/data/1885680/000121390025054317/ea024435201ex4-6_cordyceps.htm)\n\n \n \n \n\n4.7\n \n[Translation of Office Lease Agreement (1st and 2nd Floor, No. 276, Section 1, Dihua Street, Datong District, Taipei City) (incorporated by reference to Exhibit 4.7 to our annual report on Form 20-F (File No. 333-269315), filed with the SEC on July 5, 2024)](https://www.sec.gov/Archives/edgar/data/1885680/000121390024059406/ea020788001ex4-7_cordyceps.htm)\n\n \n \n \n\n4.8\n \n[Translation of Office Lease Agreement (No. 118, Sanfeng Central St, Sanmin District, Kaohsiung City, Taiwan) (incorporated by reference to Exhibit 4.8 to our annual report on Form 20-F (File No. 333-269315) filed with the SEC on June 13, 2025)](https://www.sec.gov/Archives/edgar/data/1885680/000121390025054317/ea024435201ex4-8_cordyceps.htm)\n\n \n \n \n\n8.1\n \n[List of Subsidiaries (incorporated by reference to Exhibit 8.1 to our annual report on Form 20-F (File No. 333-269315), filed with the SEC on July 5, 2024)](https://www.sec.gov/Archives/edgar/data/1885680/000121390024059406/ea020788001ex8-1_cordyceps.htm)\n\n \n \n \n\n11.1\n \n[Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to our registration statement on Form F-1 (File No. 333-269315), as amended, initially filed with the SEC on January 20, 2023)](http://www.sec.gov/Archives/edgar/data/1885680/000121390023004029/ff12023ex14-1_cordyceps.htm)\n\n \n \n \n\n11.2\n \n[Insider Trading Policies (incorporated by reference to Exhibit 11.2 to our annual report on Form 20-F (File No. 333-269315), filed with the SEC on July 5, 2024)](https://www.sec.gov/Archives/edgar/data/1885680/000121390024059406/ea020788001ex11-2_cordyceps.htm)\n\n \n\n48\n\n \n\n \n\n12.1+\n \n[Certification of Chief Executive Officer Required by Rule 13a-14(a)](ea029048701ex12-1.htm)\n\n \n \n \n\n12.2+\n \n[Certification of Chief Financial Officer Required by Rule 13a-14(a)](ea029048701ex12-2.htm)\n\n \n \n \n\n13.1+\n \n[Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea029048701ex13-1.htm)\n\n \n \n \n\n13.2+\n \n[Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea029048701ex13-2.htm)\n\n \n \n \n\n97.1\n \n[Executive Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to our annual report on Form 20-F (File No. 333-269315), filed with the SEC on July 5, 2024)](https://www.sec.gov/Archives/edgar/data/1885680/000121390024059406/ea020788001ex97-1_cordyceps.htm)\n\n \n \n \n\n101.INS+\n \nInline XBRL Instance Document.\n\n \n \n \n\n101.SCH+\n \nInline XBRL Taxonomy Extension Schema Document.\n\n \n \n \n\n101.CAL+\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n \n \n \n\n101.DEF+\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n \n \n \n\n101.LAB+\n \nInline XBRL Taxonomy Extension Labels Linkbase Document.\n\n \n \n \n\n101.PRE+\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n \n \n \n\n104+\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*\nPreviously filed\n\n \n \n\n**\nFurnished with this annual report on Form 20-F\n\n \n \n\n+\nFiled herewith\n\n \n\n49\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies\nthat it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this\nannual report on its behalf.\n\n \n\n**Cordyceps Sunshine Biotech Holdings Co., Ltd.**\n\n \n \n\n*By: *\n*/s/ Szu Hao Huang*\n \n\n \nName: \nSzu Hao Huang\n \n\n \nTitle:\nChief Executive Officer\n \n\n \n\nDate: May\n15, 2026\n\n \n\n50\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD\nAND SUBSIDIARIES**\n\n \n\n \n\n \n\n \n\n** **\n\n**FINANCIAL REPORT**\n\n \n\n \n\n** **\n\n**As of and for the years\nended December 31, 2025, 2024, and 2023**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n** **\n\n**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD\nAND SUBSIDIARIES**\n\n \n\n**INDEX**\n\n \n\n \n \n**PAGE**\n\n \n \n \n\n[**REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS (PCAOB ID 6871 and PCAOB ID 2851)**](#a_035)\n \nF-2\n\n \n \n \n\n[**CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2025 AND 2024**](#a_036)\n \nF-5\n\n \n \n \n\n[**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 2023**](#a_037)\n \nF-6\n\n \n \n \n\n[**CONSOLIDATED\nSTATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 202****3**](#a_038)\n \nF-7\n\n \n \n \n\n[**CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 2023**](#a_039)\n \nF-8\n\n \n \n \n\n[**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**](#a_040)\n \nF-9 - F-22\n\n \n\nF-1\n\n \n\n  \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo the Board of Directors and Shareholders of\nCordyceps Sunshine Biotech Holdings Co., Ltd.\n\n** **\n\n**Opinion on the Financial Statements**\n\n** **\n\nWe have audited the accompanying consolidated\nbalance sheet of Cordyceps Sunshine Biotech Holdings Co., Ltd. and its subsidiaries (the “Company”) as of December 31, 2025,\nthe related statements of operations and comprehensive loss, shareholders’ deficit, and cash flows for the year then ended, and\nthe related notes (collectively referred to as the “consolidated financial statements”).\n\n \n\nIn our opinion, the consolidated financial statements\npresent fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations\nand its cash flows for the years then ended, in conformity with the U.S. generally accepted accounting principles.\n\n** **\n\n**Consideration of the Company’s Ability\nto Continue as a Going Concern**\n\n** **\n\nThe accompanying consolidated financial statements\nhave been prepared assuming the Company will continue as a going concern. As described in Note 2 to the consolidated financial statements,\nthe Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability\nto continue as a going concern. Management’s plans with regard to these matters are described in Note 2. The accompanying consolidated\nfinancial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n** **\n\n**Basis for Opinion**\n\n** **\n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n** **\n\n/s/\nYCM CPA INC.\n\n \n\nWe have served as the Company’s auditor\nsince 2025.\n\nPCAOB ID 6781\n\nIrvine, California\n\nMay 15, 2026\n\n \n\nF-2\n\n \n\n  \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n** **\n\nTo the Board of Directors and Stockholders of\n\nCordyceps Sunshine Biotech Holding Co., Ltd.\n\n** **\n\n**Opinion on the Financial Statements**\n\n** **\n\nWe have audited the accompanying consolidated\nbalance sheet of Cordyceps Sunshine Biotech Holding Co., Ltd. (the “Company”) as of December 31, 2024, the related statements\nof operations and comprehensive loss, changes in stockholders’ deficit, and cash flows for each of the two years ended December\n31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the\nconsolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024,\nand the results of its operations and its cash flows for each of the two years ended December 31, 2024, in conformity with accounting\nprinciples generally accepted in the United States of America. \n\n \n\n**Consideration of the\nCompany’s Ability to Continue as a Going Concern**\n\n** **\n\nThe accompanying consolidated\nfinancial statements have been prepared assuming the Company will continue as a going concern. As described in Note 3 to the financial\nstatements, the Company incurred losses from operations and has an accumulated deficit and significant working capital deficit, which\nraises substantial doubt about its ability to continue as a going concern. Management’s plans with regard to these matters are described\nin Note 3. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this\nuncertainty.\n\n** **\n\n**Basis for Opinion**\n\n** **\n\nThese consolidated financial statements are the\nresponsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements\nbased on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n** **\n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated\nfinancial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we\nengaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n** **\n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by\nmanagement, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide\na reasonable basis for our opinion.\n\n** **\n\nF-3\n\n \n\n** **\n\n**Critical Audit Matter**\n\n** **\n\nThe critical audit matter communicated below is\na matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated\nto the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and\n(2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matter does not alter in\nany way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter\nbelow, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.\n\n** **\n\nValuation of Long-lived Assets for impairment – Cultivation Facilities\n\n** **\n\nAs discussed in Note 2 and 8 to the consolidated\nfinancial statements, the Company assessed $4.3 million of long-lived assets associated with its cultivation facilities for recoverability.\nThe Company performed a recoverability assessment in which the carrying value was compared to estimated undiscounted cash flows over the\nremaining useful life of the primary assets. Key assumptions in the analysis include revenue projections, including the estimated quantity\nof production of taiwanofungus products and the market price.\n\n** **\n\nWe identified the valuation of long-lived assets\nfor the cultivation facilities as a critical audit matter because of the significant assumptions management makes in determining the estimate,\nincluding revenue and cash flow projections. Auditing management’s assumptions of revenue and cash flow projections involved a high\ndegree of auditor judgment and increased audit effort, and changes in these assumptions could have a significant impact on the Company’s\nprimary assets and potential impairment charge.\n\n** **\n\nOur audit procedures related to the Company’s valuation of long-lived\nassets associated with the cultivation facilities included the following, among others:\n\n** **\n\n \n●\nWe obtained an understanding of management’s process for developing the future undiscounted cash flows and the significant assumptions.\n\n** **\n\n \n●\nWe evaluated management’s application of the relevant accounting guidance.\n\n** **\n\n \n●\nWe tested the reasonableness of the significant assumptions used by management to develop the forecasted results for cultivation facilities and the underlying data supporting the significant assumptions and estimates.\n\n** **\n\n/s/ KCCW Accountancy Corp.\n\n** **\n\nWe have served as the Company’s auditor\nsince 2024.\n\nDiamond Bar, California\n\nJune 13, 2025\n\n \n\nF-4\n\n \n\n \n\n**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD\nAND SUBSIDIARIES**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n(Expressed in U.S. Dollars, except for the number\nof shares)\n\n \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nAssets \n   \n  \n\nCurrent assets \n   \n  \n\nCash and cash equivalents \n$3,199  \n$37,284 \n\nAccounts receivable \n \n-\n  \n 305 \n\nConsumptive biological assets \n \n-\n  \n 304,971 \n\nInventories \n 674,196  \n \n-\n \n\nOther receivables \n 5,068  \n \n-\n \n\nPrepaid taxes \n 214,944  \n 201,232 \n\nOther current assets \n 100,335  \n 57,810 \n\nTotal current assets \n 997,742  \n 601,602 \n\nProperty and equipment, net \n 3,632,901  \n 3,909,599 \n\nOperating lease right-of-use assets \n 13,097  \n 99,328 \n\nOther assets \n 13,771  \n 13,175 \n\nTotal assets \n$4,657,511  \n$4,623,704 \n\n  \n    \n   \n\nLiabilities and stockholders’ deficit \n    \n   \n\nCurrent liabilities \n    \n   \n\nAccounts payable \n$365,140  \n$276,125 \n\nAccrued expenses \n 85, 074  \n 32,410 \n\nIncome tax payable \n \n-\n  \n 24,006 \n\nOther payable \n 4,010,523  \n 3,893,843 \n\nDue to related parties \n 240,115  \n 219,864 \n\nAdvance receipts \n 4,912  \n \n-\n \n\nOther current liabilities \n 7,892  \n 5,226 \n\nOperating lease liabilities – current portion \n 13,173  \n 87,016 \n\nLong-term loans payable – current portion \n 465,233  \n 448,155 \n\nTotal current liabilities \n 5,192,062  \n 4,986,645 \n\nLong-term loans payable \n \n-\n  \n \n-\n \n\nOperating lease liabilities – noncurrent portion \n \n-\n  \n 12,602 \n\nTotal liabilities \n 5,192,062  \n 4,999,247 \n\n  \n    \n   \n\nCommitments and contingencies \n \n \n  \n   \n\n  \n    \n   \n\nStockholders’ deficit \n    \n   \n\nOrdinary shares, $0.0001 par value, 500,000,000 shares authorized, 111,120,000 shares issued and outstanding as of December 31, 2025 and 2024 \n 11,112  \n 11,112 \n\nAdditional paid-in capital \n 221,288  \n 221,288 \n\nAccumulated deficit \n (854,046) \n (699,224)\n\nAccumulated other comprehensive income \n 87,095  \n 91,281 \n\nTotal stockholders’ deficit \n (534,551) \n (375,543)\n\n  \n    \n   \n\nTotal liabilities and stockholders’ deficit \n$4,657,511  \n$4,623,704 \n\n  \n\n**The accompanying notes are an integral part\nof these consolidated financial statements. **\n\n** **\n\nF-5\n\n \n\n** **\n\n**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD\nAND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE\nLOSS**\n\n(Expressed in U.S. Dollars, except for the number\nof shares)\n\n \n\n  \nYear Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nRevenue \n   \n   \n  \n\nRevenue - products sales \n$1,069,943  \n$1,200,541  \n$601,570 \n\nRevenue - training \n \n-\n  \n \n-\n  \n 154,107 \n\nRevenue - related parties \n 175,405  \n 52,943  \n 126,856 \n\nTotal revenue \n 1,245,348  \n 1,253,484  \n 882,533 \n\n  \n    \n    \n   \n\nCost of revenue - third parties \n 484,607  \n 347,004  \n 116,146 \n\nTotal cost of revenue \n 484,607  \n 347,004  \n 116,146 \n\n  \n    \n    \n   \n\nGross profit \n 760,741  \n 906,480  \n 766,387 \n\n  \n    \n    \n   \n\nOperating expenses \n    \n    \n   \n\nGeneral and administrative \n 901,869  \n 1,090,393  \n 538,554 \n\nTotal operating expenses \n 901,869  \n 1,090,393  \n 538,554 \n\n  \n    \n    \n   \n\n(Loss) income from operations \n (141,128) \n (183,913) \n 227,833 \n\n  \n    \n    \n   \n\nNon-operating income (expense) \n    \n    \n   \n\nInterest income (expense), net \n (19,179) \n (17,055) \n (39,770)\n\nGain on disposal of fixed assets \n \n-\n  \n 4,328  \n \n-\n \n\nOther income \n 5,485  \n 5,339  \n 2,752 \n\nTotal non-operating expense, net \n (13,694) \n (7,388) \n (37,018)\n\n(Loss) income before income taxes \n (154,822) \n (191,301) \n 190,815 \n\nIncome tax expense \n \n-\n  \n 34,957  \n 21,530 \n\nNet (loss) income from continuing operations \n (154,822) \n (226,258) \n 169,285 \n\n  \n    \n    \n   \n\nDiscontinued Operation \n    \n    \n   \n\nLoss from discontinued operation, net of income tax \n \n-\n  \n \n-\n  \n (282,761)\n\nGain from sale of discontinued operation, net of income tax \n \n-\n  \n \n-\n  \n 865,085 \n\nGain (loss) from discontinued operation, net of income tax \n \n-\n  \n \n-\n  \n 582,324 \n\n  \n    \n    \n   \n\nNet (loss) income \n (154,822) \n (226,258) \n 751,609 \n\nForeign currency translation \n (4,186) \n 2,511  \n 47,929 \n\nComprehensive (loss) income \n$(159,008) \n$(223,747) \n$799,538 \n\n  \n    \n    \n   \n\nEarnings (loss) per common share \n    \n    \n   \n\nContinuing operations - basic and diluted \n (0.00) \n (0.00) \n 0.00 \n\nDiscontinued operations - basic and diluted \n \n\n-\n\n  \n \n\n-\n\n  \n 0.01 \n\nNet (loss) income per common share - basic and diluted \n$(0.00) \n$(0.00) \n$0.01 \n\n  \n    \n    \n   \n\nWeighted average number of common shares outstanding: \n    \n    \n   \n\nBasic and diluted \n 111,120,000  \n 111,120,000  \n 111,120,000 \n\n \n\n**The accompanying notes are an integral part\nof these consolidated financial statements.**\n\n \n\nF-6\n\n \n\n \n\n**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD\nAND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’\nDEFICIT**\n\n(Expressed in U.S. Dollars, except for the number\nof shares)\n\n** **\n\n  \nOrdinary shares  \nAdditional  \n   \nAccumulated Other  \n  \n\n  \nNumber of  \n   \npaid-in  \nAccumulated  \nComprehensive  \n  \n\n  \nshares  \nAmount  \ncapital  \nDeficit  \nincome (loss)  \nTotal \n\n  \n   \n   \n   \n   \n   \n  \n\nBalance, December 31, 2022 \n 111,120,000  \n$11,112  \n$221,288  \n$(1,224,575) \n$40,841  \n$(951,334)\n\nNet income \n -  \n \n-\n  \n \n-\n  \n 751,609  \n \n-\n  \n 751,609 \n\nForeign currency translation \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n 47,929  \n 47,929 \n\nBalance, December 31, 2023 \n 111,120,000  \n 11,112  \n 221,288  \n (472,966) \n 88,770  \n (151,796)\n\nNet loss \n -  \n \n-\n  \n \n-\n  \n (226,258) \n \n-\n  \n (226,258)\n\nForeign currency translation \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,511  \n 2,511 \n\nBalance, December 31, 2024 \n 111,120,000  \n 11,112  \n 221,288  \n (699,224) \n 91,281  \n (375,543)\n\nNet loss \n -  \n \n-\n  \n \n-\n  \n (154,822) \n \n-\n  \n (154,822)\n\nForeign currency translation \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (4,186) \n (4,186)\n\nBalance, December 31, 2025 \n 111,120,000  \n$11,112  \n$221,288  \n$(854,046) \n$87,095  \n$(534,551)\n\n \n\n**The accompanying notes are an integral part\nof these consolidated financial statements.**\n\n \n\nF-7\n\n \n\n \n\n**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD\nAND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n** **\n\n  \nYear Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCash Flows from Operating Activities \n   \n   \n  \n\nNet (loss) income \n$(154,822) \n (226,258) \n 169,285 \n\nAdjustments to reconcile net (loss) income to net cash used in operating activities: \n    \n    \n   \n\nDepreciation \n 135,243  \n 407,265  \n 56,757 \n\nAmortization \n 74,017  \n 16,793  \n \n-\n \n\nOperating lease expense \n 91,310  \n 90,609  \n 81,203 \n\nGain on disposal of assets \n \n-\n  \n (4,328) \n \n-\n \n\nNon-cash interest expense \n 17,078  \n 17,078  \n 33,241 \n\nNet changes in operating assets and liabilities: \n    \n    \n   \n\n(Increase) decrease in other receivables \n (5,100) \n 2,336  \n (2,408)\n\nIncrease in inventories \n (358,549) \n \n-\n  \n \n-\n \n\nDecrease (increase) in consumptive biological assets \n 320,821  \n (124,572) \n (192,634)\n\nDecrease (increase) in prepaid expenses \n 20,360  \n (27,182) \n \n-\n \n\nIncrease in prepaid taxes \n (4,633) \n (103,847) \n (104,788)\n\nIncrease in other current assets \n (134,541) \n (48,646) \n (449)\n\nIncrease in accounts payable \n 77,007  \n 104,608  \n 182,849 \n\nIncrease in accrued expenses \n 51,526  \n 7,377  \n 26,514 \n\nIncrease in due to related parties \n 3,802  \n 193,434  \n \n-\n \n\nIncrease in advance receipts \n 4,944  \n \n-\n  \n \n-\n \n\n(Decrease) increase in other payable \n (59,962) \n 89,329  \n 131,273 \n\n(Decrease) increase in income taxes payable \n (25,254) \n 3,629  \n 21,530 \n\nIncrease in other current liabilities \n 2,446  \n 5,336  \n \n-\n \n\nRepayment for operating lease liabilities \n (91,539) \n (90,955) \n (80,540)\n\nNet cash provided by (used in) operating activities from continuing operations \n (35,845) \n 312,006  \n 321,833 \n\nNet cash provided by operating activities from discontinued operations \n \n-\n  \n \n-\n  \n 37,891 \n\nNet cash provided by (used in) operating activities \n (35,845) \n 312,006  \n 359,724 \n\n  \n    \n    \n   \n\nCash Flows from Investing Activities \n    \n    \n   \n\nPurchase of property and equipment \n \n-\n  \n (349,237) \n (319,487)\n\nProceeds from disposal of fixed asset \n \n-\n  \n 43,600  \n \n-\n \n\nNet cash used in investing activities from continuing operations \n \n-\n  \n (305,637) \n (319,487)\n\nNet cash used in investing activities from discontinued operations \n \n-\n  \n \n-\n  \n (333)\n\nNet cash used in investing activities \n \n-\n  \n (305,637) \n (319,820)\n\n  \n    \n    \n   \n\nCash Flows from Financing Activities \n -  \n -  \n - \n\nProceeds from related parties \n \n-\n  \n \n-\n  \n 14,643 \n\nNet cash provided by financing activities from continuing operations \n \n-\n  \n \n-\n  \n 14,643 \n\nNet cash used in financing activities from discontinued operations \n \n-\n  \n \n-\n  \n (46,851)\n\nNet cash provided by (used in) financing activities \n \n-\n  \n \n-\n  \n (32,208)\n\n  \n    \n    \n   \n\nEffect of exchange rate changes on cash and cash equivalents \n 1,760  \n 7,811  \n (692)\n\n  \n    \n    \n   \n\nNet increase (decrease) in cash and cash equivalents \n (34,085) \n 14,180  \n 7,004 \n\n  \n    \n    \n   \n\nCash and Cash Equivalents \n    \n    \n   \n\nBeginning of period \n 37,284  \n 23,104  \n 16,100 \n\nEnding of period \n 3,199  \n 37,284  \n 23,104 \n\nLess: Cash from discontinued operation \n \n-\n  \n \n-\n  \n \n-\n \n\nCash from continuing operation, end of period \n$3,199  \n$37,284  \n$23,104 \n\n  \n    \n    \n   \n\nSupplemental Disclosure of Cash Flows \n    \n    \n   \n\nCash paid during the period for: \n    \n    \n   \n\nInterest \n$2,185  \n$150  \n$\n-\n \n\nIncome taxes \n$\n-\n  \n$20,885  \n$\n-\n \n\n  \n    \n    \n   \n\nNon-cash investing and financing activities: \n    \n    \n   \n\nRecognition of lease assets and liabilities \n$\n-\n  \n$\n-\n  \n$114,712 \n\nTermination of lease assets and liabilities \n$\n-\n  \n$\n-\n  \n$\n-\n \n\nAccrued liability for property and equipment \n$\n-\n  \n$1,394,768  \n$2,437,980 \n\nSale of subsidiaries in exchange for debt cancellation \n$\n-\n  \n$\n-\n  \n$1,152,329 \n\n \n\n**The accompanying notes are an integral part\nof these consolidated financial statements. **\n\n \n\nF-8\n\n \n\n \n\n**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD\nAND SUBSIDIARIES**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n(Dollar amounts expressed in U.S. Dollars, unless\nstated otherwise)\n\n** **\n\n**Note 1 - ORGANIZATION**\n\n \n\nCordyceps Sunshine Biotech Holdings\nCo., Ltd. (“Cordyceps Sunshine Cayman”) was incorporated on May 4, 2020 under the laws of the Cayman Islands. On June 5, 2020,\nCordyceps Sunshine Cayman established a wholly owned subsidiary, Cordyceps Sunshine Biotec Co., Ltd (“Cordyceps Sunshine HK”)\nin Hong Kong. On June 5, 2020, Cordyceps Sunshine HK established a wholly owned subsidiary, Chengdu Skyherb Biotechnology Co., Ltd (“Chengdu\nSkyherb” or “Cordyceps Sunshine WFOE”) in the People’s Republic of China (“PRC”). On November 3, 2021,\nCordyceps Sunshine Cayman established a branch (“Cordyceps Sunshine Taiwan Branch”) in Taiwan, Republic of China (“Taiwan”).\nOn August 17, 2023, Cordyceps Sunshine Cayman established a 100% owned subsidiary, Taiwanofungus Biotech Company Limited (“Taiwanofungus\nHK”) in Hong Kong. Taiwanofungus HK has not actively engaged in any business so far.\n\n** **\n\n**Discontinued Operations:**\nOn September 28, 2023, the Company entered into a share purchase agreement with Mr. Xusheng Niu, Cordyceps Sunshine HK, and Chengdu\nSkyherb. Pursuant to the Agreement, the Company agreed to sell, and Mr. Niu agreed to purchase, 100% equity interest in the Cordyceps\nSunshine HK, in exchange for cancelling the debt (the “Debt”) in a total amount of $1,152,328.50 (RMB8,411,156.95). The Debt\nresulted from several loan agreements entered into by the Company and Mr. Niu since June 29, 2020. Upon the closing of the Transaction,\nSunshine HK and Chengdu Skyherb were spun off from the Company, and Mr. Niu agreed to release the Company from the obligation to repay\nthe Debt, which shall be deemed paid in full.\n\n \n\nThe Company realized a gain of $865,085\nfrom the disposal of 100% equity of Cordyceps Sunshine HK, including its subsidiary, Chengdu Skyherb, offset by loss from discontinued\noperations of $282,761 in the year ended December 31, 2023. As a result, total gain from discontinued operation for the year ended December\n31, 2023 amounted to $582,324. The Company reclassified Cordyceps Sunshine HK and its subsidiary as discontinued operation and recorded\na net gain of $582,324 from discontinued operation in the year ended December 31, 2023.\n\n \n\nThe following diagram illustrates the\ncorporate structure of the Company after giving effect to the Transaction:\n\n \n\n \n\n \n\nCordyceps Sunshine Cayman, its Taiwan\nbranch, and its subsidiary, Taiwanofungus HK, are collectively referred to herein as the “Company”, “we”\nand “us”, unless specific reference is made to an entity.\n\n \n\nThe Company specializes in cultivating\nChinese rare medicinal herb, particularly Cattle camphor mushroom, and processing them into a wide range of finished products for sale.\n\n \n\nCattle camphor mushroom, also known\nas Antrodia Cinnamomum or Taiwanofungus, is referred to as Taiwanofungus on product packaging for easier recognition.\n\n \n\nF-9\n\n \n\n \n\n**Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING\nPOLICIES**\n\n** **\n\n**Basis of Presentation and Principles\nof Consolidation**\n\n \n\nThe accompanying consolidated financial\nstatements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.\nGAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated\nfinancial statements include the accounts of the Company, its Taiwan branch and its subsidiary, Taiwanofungus HK. All significant intercompany\naccounts and transactions have been eliminated.\n\n** **\n\n**Prior Year Reclassification**\n\n \n\nCertain items in the financial statements\nof the comparative period have been reclassified to conform to the financial statements for the current period. The reclassification has\nno impact on the total assets, liabilities and ending shareholders’ deficit for the financial years ended December 31, 2025 and\n2024. Refer to Note 16 for more details.\n\n \n\n**Foreign Currency Translation**\n\n \n\nThe accompanying consolidated financial\nstatements are presented in the United States Dollar (“USD”), which is the reporting currency of the Company. The functional\ncurrency of Cordyceps Sunshine HK is the Hong Kong Dollar (“HKD”). The functional currency of Chengdu Skyherb is the Renminbi\n(“RMB”). The functional currency of Cordyceps Sunshine Taiwan Branch is the New Taiwan Dollar (“TWD”).\n\n \n\nThe Company maintains\nits books and records in its functional currencies. Transactions denominated in currencies other than the functional currencies are translated\ninto the functional currencies at the exchange rates prevailing at the dates of the transactions. At the period end, transactions denominated\nin currencies other than the functional currencies are translated into the functional currencies at the exchange rates prevailing at the\nbalance sheet date. The resulting exchange differences are recorded in the statements of operations.\n\n \n\nThe reporting currency\nof the Company is the United States Dollars (“USD”), and the accompanying consolidated financial statements have been expressed\nin USD. In accordance with ASC Topic 830- 30, “Translation of Financial Statements”, assets and liabilities of the Company\nwhose functional currency is not USD are translated into USD, using the exchange rate on the balance sheet date. Capital accounts are\ntranslated at their historical exchange rates when the capital transactions occurred. Revenues and expenses are translated at average\nrates prevailing during the period. The gains and losses resulting from the translation of financial statements are recorded as a separate\ncomponent of accumulated other comprehensive gain (loss) within the statements of changes in shareholders’ deficit.\n\n \n\nThe exchange rates used for foreign\ncurrency translation were as follows:\n\n \n\n(1) USD$1 = HKD\n\n \n\nPeriod Covered \nSpot Rate  \nAverage\n\nRate \n\n  \n   \n  \n\nNine months ended September 30, 2023 \n 7.8308  \n 7.8348 \n\n \n\n(2) USD$1 = RMB\n\n \n\nPeriod Covered \nSpot Rates  \nAverage\n\nRate \n\n  \n    \n   \n\nNine months ended September 30, 2023 \n 7.2755  \n 7.0272 \n\n \n\nThe RMB is not freely convertible into\nforeign currency and all foreign exchange transactions must take place through local authorized institutions. No representation is made\nthat the RMB amounts could have been, or could be, converted into USD at the rates used in translation.\n\n \n\nF-10\n\n \n\n \n\n(3) USD$1 = TWD\n\n \n\nPeriod Covered \nSpot Rate  \nAverage\n\nRate \n\n  \n   \n  \n\nYear ended December 31, 2025 \n 31.3700  \n 31.1700 \n\nYear ended December 31, 2024 \n 32.7900  \n 32.1100 \n\nYear ended December 31, 2023 \n 30.7127  \n 31.1471 \n\n \n\n**Statements of Cash Flows**\n\n \n\nIn accordance with FASB ASC 830-230,\n“Statement of Cash Flows”, cash flows from the Company’s operations are calculated based upon the functional currencies.\nAs a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes\nin the corresponding balances on the balance sheets.\n\n** **\n\n**Use of Estimates**\n\n \n\nThe preparation of financial statements\nin conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities,\ndisclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses\nduring the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and\ninformation that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot\nbe perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional\ninformation is obtained and as operating environment changes. Significant estimates and assumptions by management include, among others,\nestimated life and impairment of long-lived assets, contingencies, valuation of inventories and income taxes including the valuation allowance\nfor deferred tax assets.\n\n \n\nWhile the Company believes that\nthe estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from\nthose estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial\nstatements in the period they are determined to be necessary.\n\n**  **\n\n**Fair Value of Financial Instruments**\n\n \n\nThe Company adopted ASC 820 “Fair\nValue Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement\nand enhances disclosures requirements for fair value measures. Current assets and current liabilities qualified as financial instruments\nand management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the\norigination of such instruments and their expected realization and if applicable, their current interest rate is equivalent to interest\nrates currently available. The three levels are defined as follows:\n\n** **\n\n \n**Level 1:**\nInputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.** **\n\n** **\n\nF-11\n\n \n\n** **\n\n \n**Level 2:**\nInputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.\n\n** **\n\n \n**Level 3:**\nInputs to the valuation methodology are unobservable and significant to the fair value.\n\n \n\nAs of the balance sheet date, the estimated\nfair values of the financial instruments approximated their fair values due to the short-term nature of these instruments. For certain\nof the Company’s financial instruments, including cash and cash equivalents, accounts payable, long-term loan and other payables,\nthe carrying amounts approximate their fair values due to the short maturities.\n\n \n\n**Cash and Cash Equivalents**\n\n \n\nCash and cash equivalents include cash\non hand, cash in banks, and all other highly liquid instruments with original maturities of three months or less.\n\n** **\n\n**Accounts Receivable and allowance\nfor Credit Losses**\n\n \n\nAccounts receivable are stated at the historical carrying amount net\nof allowance for expected credit losses. The Company adopted ASU No. 2016-13, “Financial Instruments — Credit\nLosses (Topic 326), Measurement of Credit Losses on Financial Instruments” on January 1, 2021 using a modified retrospective\napproach. The Company also adopted this guidance to other receivables. To estimate expected credit losses, the Company has identified\nthe relevant risk characteristics of its customers and the related receivables. The Company considers the past collection experience,\ncurrent economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Company’s customer\ncollection trends. The allowance for credit losses and corresponding receivables was written off when they are determined to be uncollectible.\nIn circumstances in which the Company receives payment for accounts receivable that have previously been written off, the Company reverses\nthe allowance and bad debt. The allowance for doubtful accounts receivable was $0 as of December 31, 2025 and 2024.\n\n \n\n**Consumptive Biological Assets**\n\n \n\nThe consumptive biological assets refer to the Taiwanofungus held for\nsale or Taiwanofungus cultivate medium to be harvested as Taiwanofungus products in the future.\n\n \n\nThe prepared Taiwanofungus cultivate\nmedium is enclosed in a cultivation carrier at the beginning of the cultivation process. No materials need to be added until the Taiwanofungus\ngrows and matures in the cultivate medium. The inventory cost amounts mainly consist of the Taiwanofungus cultivation medium that was\nprepared by the suppliers and cost absorbed from the depreciation of cultivation facilities.\n\n \n\nThe consumptive biological assets, consisting\nof raw materials, are stated at the lower of cost or net realizable value utilizing the weighted average method.\n\n \n\nThe determination of net realizable\nvalue of long-term Taiwanofungus cultivation costs is based upon quarterly reviews of costs incurred and estimated costs to complete the\ncultivating process. When costs incurred and the estimate to complete exceed the net realizable value of Taiwanofungus cultivated, a loss\nprovision is recorded.\n\n \n\nThe Company reviews and identifies impaired\ninventory quarterly, including excess or obsolete inventory, based on expected production usage and abnormal production cycle. Impaired\ninventories are charged to cost of revenues in the period the impairment occurs. The allowance for inventory impairment is removed from\nthe accounts when the relevant inventory is sold or disposed.\n\n \n\n**Inventories**\n\n \n\nThe Company’s inventories primarily\nconsist of Cordyceps-based products, including pills, oral liquids, Cordyceps powder, and other related products. Inventories are stated\nat the lower of cost or net realizable value. Cost is determined using the weighted-average method.\n\n \n\nCosts include all costs of purchase,\nconversion, and other costs incurred in bringing the inventories to their present location and condition. For finished products, conversion\ncosts include direct labor, manufacturing overhead, including absorbed overhead (depreciation of the cultivation facilities) and any other\ncosts necessary to bring the product to a saleable condition.\n\n \n\nNet realizable value is the estimated\nselling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.\nThe Company regularly reviews inventories for excess, obsolete, or slow-moving items and records an allowance for inventory write-downs\nwhen necessary. Write-downs are recognized in the period they occur. When previously written-down inventories are sold, the write-down\nis reversed and recognized in cost of revenues.\n\n \n\nF-12\n\n \n\n \n\n**Property, Plant and Equipment**\n\n \n\nProperty and equipment primarily consist of cultivation facilities,\noffice equipment, and furniture. Cultivation facilities, office equipment, and furniture are stated at cost less accumulated depreciation\nand any provision required for impairment in value. Depreciation is computed using the straight-line method with a residual value rate\nof 5% based on the estimated useful lives as follows:\n\n \n\nCultivation facilities\n  10 years\n\nOffice equipment and furniture \nThe less of 5 years or lease term\n\n \n\nCosts of repairs and maintenance are\nexpensed as incurred, and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired\nare removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of operations.\n\n \n\n**Impairment of Long-lived Assets**\n\n \n\nThe Company reviews long-lived assets\nfor impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability\nof assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected\nto be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which\nthe carrying amount of the assets exceeds the fair value of the assets. No impairment of long-lived assets was recognized for the years\nended December 31, 2025, 2024, and 2023.\n\n** **\n\n**Operating Lease**\n\n \n\nThe Company leases are classified as\noperating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with the\nexception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments\narising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s\nright to use, or control the use of, a specified asset for the lease term.\n\n \n\nAt the commencement date, the Company\nrecognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in\nthe lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying\nlease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus\nany initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets\nare reviewed for impairment. No impairment for right-of-use lease assets incurred for the years ended December 31, 2025, 2024, and 2023.\n\n ** **\n\n**Comprehensive Income (Loss)**\n\n \n\nASC 220, “Comprehensive Income”\nestablished standards for reporting and display of comprehensive income/loss, its components and accumulated balances. Components of comprehensive\nincome/loss include net income/loss and foreign currency translation adjustments. The component of accumulated other comprehensive income\n(loss) consisted of foreign currency translation adjustments. The accumulated other comprehensive income was $87,095 and $91,281 as of\nDecember 31, 2025 and 2024, respectively.\n\n** **\n\nF-13\n\n \n\n** **\n\n**Revenue Recognition**\n\n \n\nThe Company adopted ASC 606 upon inception.\nUnder ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration\nwhich the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an\nentity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a\ncustomer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction\nprice to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.\n\n \n\nRevenue for the sale of products, primarily\nincludes the sale of Taiwanofungus products. The Company’s sales arrangements do not contain variable consideration. The Company\nrecognizes revenue at a point in time based on management’s evaluation of when performance obligations under the terms of a contract\nwith the customer are satisfied, and control of the products has been transferred to the customer. For the vast majority of the Company’s\nproduct sales, the performance obligations and control of the products transfer to the customer when products are delivered and customer\nacceptance is made.\n\n \n\nThe Company’s return policy allows\nfor the return of damaged or defective products, and the Company absorbs the shipping fee for the return. The Management believes the\nreturn is immaterial because the customers inspect and accept the goods upon delivery or pick up. There were no returns for the years\nended December 31, 2025, 2024, and 2023.\n\n \n\n**Income Taxes**\n\n \n\nThe Company is subject to the Provisional\nRegulations on Income Tax of Taiwan. The Company’s operations in producing and selling Taiwanofungus are subject to the 20%\nenterprise income tax.\n\n \n\nThe Company accounts for income taxes\nunder the provision of FASB ASC 740-10, which requires the recognition of deferred tax assets and liabilities for the expected future\ntax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes\nare recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial\nreporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences\nare expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount\nexpected to be realized.\n\n \n\n**Earnings per share**\n\n \n\nBasic earnings per ordinary share is\ncomputed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding\nduring the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the\nweighted average number of ordinary share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have\nan anti- dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of\ndiluted earnings per share. For the years ended December 31, 2025, 2024, and 2023, the Company had no dilutive stocks.\n\n \n\n**Concentration of Credit Risk**\n\n \n\nFinancial instruments the Company holds that are subject to concentrations\nof credit risk are cash, notes receivable and accounts receivable arising from its normal business activities. The Company places\nits cash with what it believes to be credit-worthy financial institutions. The Company routinely assesses the credit status of its customers\nand, based upon factors surrounding the credit risks, establishes an allowance, if required, for uncollectible accounts. The company believes\nits accounts receivable and others receivable credit risk exposure beyond such allowance is limited.\n\n \n\n**Related Parties Transactions**\n\n \n\nA related party is generally defined as (i) any person that holds 10%\nor more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly\nor indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the\nfinancial and operating decisions of the Company. A transaction is considered as a related party transaction when there is a transfer\nof resources or obligations between related parties. Related parties may be individuals or corporate entities.\n\n \n\nF-14\n\n \n\n \n\nTransactions involving related parties\ncannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings\nmay not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were\nconsummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.\nIt is not, however, practical to determine the fair value of amounts of related party transactions due to their related party nature.\n\n \n\n**Segment Reporting**\n\n \n\nASC 280, “Segment Reporting”\nrequires use of the “management approach” model for segment reporting. The management approach model is based on the way a\ncompany’s chief operating decision maker organizes segments within the Company for making operating decisions assessing performance\nand allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or\nany other manner in which management disaggregates a company.\n\n \n\nManagement determined the Company’s\noperations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business and industry\nsegment: cultivation and sale of Chinese rare medicinal herb, Taiwanofungus raw material and its finished products.\n\n \n\nThe Company's chief operating decision\nmaker (CODM) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated\nnet income (loss) to assess financial performance and allocate resources.\n\n \n\n**Recently Issued Accounting Pronouncements**\n\n \n\nIn November\n2023, the FASB issued ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (“ASU\n2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements through enhanced disclosures about significant\nsegment expenses that are regularly provided to the chief operating decision maker (CODM). In addition, the amendments enhance interim\ndisclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new\nsegment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07\nwill be effective for annual reporting periods beginning after December 15, 2023, and interim periods within annual reporting periods\nbeginning after December 15, 2024. Early adoption is permitted. The Company adopted the ASU for the fiscal year ended December 31, 2025\non a retrospective basis for all prior periods presented in the financial statements. See Segment Reporting for details.\n\n \n\nIn December\n2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (“ASU 2023-09”),\nwhich requires disclosures of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes\npaid, among other disclosure requirements. This ASU will be effective for annual reporting periods beginning after December 15, 2024.\nEarly adoption is permitted. ASU 2023-09 will be applied on a prospective basis with the option to apply the standard retrospectively.\nThe Company adopted the ASU for the fiscal year ended December 31, 2025 on a retrospective basis for all prior periods presented in the\nfinancial statements. See Note 14 for details.\n\n \n\nIn\nNovember 2024, the FASB issued ASU No. 2024-03, *Income Statement—Reporting\nComprehensive Income—Expense Disaggregation Disclosures**(Subtopic 220-40): Disaggregation of Income Statement\nExpenses* (“ASU 2024-03”), which requires entities, in the notes to financial\nstatements, with specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods\nbeginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027.\nEarly adoption is permitted. The Company is assessing the impact of adopting this guidance on its consolidated financial\nstatements.\n\n \n\nIn\nSeptember 2025, the FASB issued ASU No. 2025-06, *Intangibles—Goodwill and\nOther—Internal-Use Software (Subtopic 350-40)**: Targeted Improvements to the Accounting for Internal-Use\nSoftware* (“ASU 2025-06”). ASU 2025-06 updates the accounting guidance for\ninternal-use software by eliminating references to software development project stages, thereby requiring companies to start\ncapitalizing software costs when (i) management has authorized and committed to funding the project, and (ii) it is probable the\nproject will be completed and the software will be used as intended. ASU 2025-06 is effective for annual periods beginning after\nDecember 15, 2027, with early adoption permitted. Amendments can be applied either (i) prospectively, (ii) through a modified\ntransition approach based on the status projects and whether software costs were capitalized before the date of adoption, or (iii)\nretrospectively. The Company is currently evaluating the impact of ASU 2025-06 on the Company’s financial condition and\nresults of operations.\n\n \n\nIn\nDecember 2025, the FASB issued ASU No. 2025-10*, Government Grants (Topic 832): Accounting for Government Grants Received by Business\nEntities* (“ASC 2025-10”) to provide specific authoritative guidance about the recognition, measurement, and presentation\nof a grant received by a business entity from a government. The amendments in this guidance require that a government grant received\nby a business entity should not be recognized until (1) it is probable that a business entity will comply with the conditions attached\nto the grant and the grant will be received and (2) a business entity meets the recognition guidance for a grant related to an asset\nor a grant related to income. Adoption of this standard is required using either a modified prospective, modified retrospective, or a\nretrospective approach. This standard is effective for the Company for both interim and annual reporting for the year ended December\n31, 2029. The Company is currently evaluating the impact of ASU 2025-06 on the Company’s financial condition and results of operations.\n\n \n\nThe Company does not believe other\nrecently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial\nposition, statements of operations and cash flows.\n\n \n\nF-15\n\n \n\n \n\n**Note 3 - GOING CONCERN**\n\n \n\nThe financial statements have been prepared\nassuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities and\ncommitments in the ordinary course of business.\n\n \n\nThe Company has not yet established\nan ongoing source of revenues and cash flows sufficient to cover the operating costs and allow it to continue as a going concern. The\nCompany incurred net loss of $154,822 for the year ended December 31, 2025. As of December 31, 2025, the Company had an accumulated deficit\nof $854,046. In addition, the Company has a relatively limited operating history. These factors among others raise substantial doubt about\nthe Company’s ability to continue as a going concern for a reasonable period of time.\n\n \n\nIn order to continue as a going concern,\nthe Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources by obtaining\ncapital from the senior management, principal stockholders, and private placement sufficient to meet its minimal operating expenses and\nseeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful\nin accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification\nof assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going\nconcern.\n\n \n\n**Note 4 - DISCONTINUED OPERATIONS**\n\n \n\nAs discussed in Note 1, on September\n28, 2023, Cordyceps Sunshine Biotech Holdings Co., Ltd. (the “Company”) entered into a share purchase agreement (the “Agreement”)\nwith Mr. Xusheng Niu (“Mr. Niu”), Cordyceps Sunshine Biotech Co., Ltd. (Hong Kong), a company incorporated under the laws\nof Hong Kong (the “Target”), and Chengdu Skyherb Biotechnology Co., Ltd. (China), a wholly foreign-owned enterprise formed\nunder the laws of the People’s Republic of China and a wholly-owned subsidiary of the Target. Pursuant to the Agreement, the Company\nagreed to sell, and Mr. Niu agreed to purchase, 100% equity interest in the Target in exchange for cancelling the debt (the “Transaction”)\nin a total amount of $1,152,328.50 (RMB8,411,156.95) (the “Debt”). The Debt resulted from several loan agreements entered\ninto by the Company and Mr. Niu since June 29, 2020. Pursuant to those loan agreements, Mr. Niu borrowed and made payments to fund the\nCompany. Upon the closing of the Transaction, Mr. Niu agreed to release the Company from the obligation to repay the Debt, which shall\nbe deemed paid in full.\n\n \n\nThe carrying amount of the major classes\nof assets and liabilities of discontinued operation as of December 31, 2023 consist of the following: \n\n \n\n  \nSeptember 30, \n\n  \n2023 \n\nAssets of discontinued operation: \n  \n\nCurrent assets: \n  \n\nCash and cash equivalents \n$63 \n\nAccounts receivable, net \n 2,790 \n\nOthers receivable \n 3,189 \n\nAdvances and prepayments to suppliers \n 3,860 \n\nInventory \n 45,803 \n\nSubtotal current assets from discontinued operation \n 55,705 \n\nProperty, plant and equipment, net \n 1,180,994 \n\nTotal assets from discontinued operation \n$1,236,699 \n\n  \n   \n\nLiabilities of discontinued operation: \n   \n\nCurrent liabilities: \n   \n\nAccounts payable \n$766,138 \n\nAccounts payable - related party \n \n-\n \n\nAccrued expenses \n 82,915 \n\nOther current liabilities \n 100,402 \n\nSubtotal current liabilities \n 949,455 \n\nTotal liabilities of discontinued operation \n$949,455 \n\n \n\nF-16\n\n \n\n \n\nThe summarized operating result of discontinued\noperations included in the Company’s consolidated statements of operations consist of the following:\n\n \n\n  \nFor the\nnine\nmonths ended \n\n  \nSeptember 30, \n\n  \n2023 \n\n  \n  \n\nSales \n$299,881 \n\nCosts of goods sold \n 349,810 \n\nGross profit (loss) \n (49,929)\n\nSelling expenses \n \n-\n \n\nGeneral and administrative expenses \n 232,890 \n\nTotal operating expenses \n 232,890 \n\nOther income (expenses) \n 58 \n\nLoss before income tax \n (282,761)\n\nIncome tax expense \n \n-\n \n\nLoss from discontinued operation \n$(282,761)\n\nGain from disposal, net of tax \n 865,085 \n\nTotal gain (loss) from discontinued operations, net of income taxes \n$582,324 \n\n \n\nThe Company realized a gain of $865,085 from the\ndisposal of 100% equity of Cordyceps Sunshine Biotech Co., Ltd. (Hong Kong), including its subsidiary, Chengdu Skyherb Biotechnology Co.,\nLtd. (China), offset by loss from discontinued operations of $282,761 in the year ended December 31, 2023. As a result, total gain from\ndiscontinued operation for the year ended December 31, 2023 amounted to $582,324. The Company reclassified Cordyceps Sunshine Biotech\nCo., Ltd. (Hong Kong) and its subsidiary as discontinued operation and recorded a net gain of $582,324 from discontinued operation in\nthe year ended December 31, 2023.\n\n \n\n**Note 5 - CONSUMPTIVE BIOLOGICAL ASSETS**\n\n** **\n\nThe following is the breakdown of consumptive\nbiological assets:\n\n \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nConsumptive biological assets \n$\n        -\n  \n$304,971 \n\n \n\nConsumptive biological assets consist\nof nutrient solutions for cultivating Taiwanofungus.\n\n \n\n**Note 6 - INVENTORIES**\n\n** **\n\nThe following is the breakdown of inventories:\n\n \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nInventories \n$674,196  \n$\n          -\n \n\n \n\nThe inventories primarily\nconsist of Antrodia camphorata whole fruiting body powder and TF15 Antrodia camphorata extract powder, which serve as the basic\nraw materials for various Taiwanofungus products.\n\n \n\n**Note 7 - PREPAID TAXES**\n\n** **\n\nPrepaid\ntaxes as of December 31, 2025 and 2024 consist of prepaid value added tax (“VAT”) in the amount of $214,944 and $201,232,\nrespectively, which can be used to offset VAT payable when the Company generates sales.\n\n \n\nF-17\n\n \n\n \n\n**Note 8 - PROPERTY, PLANT AND EQUIPMENT**\n\n \n\nThe following is a summary of property, plant\nand equipment:\n\n \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nCultivation facilities \n$4,462,208  \n$4,268,969 \n\nOffice equipment and furniture \n 113,312  \n 112,735 \n\nTotal \n 4,575,520  \n 4,381,704 \n\nLess: Accumulated depreciation \n (942,619) \n (472,105)\n\nTotal property, plant and equipment, net \n$3,632,901  \n$3,909,599 \n\n \n\nDepreciation expense charged to operations was\n$135,243, $407,265 and $56,757 for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\n**Note 9 - LEASE**\n\n** **\n\nThe Company has no finance leases. The Company’s\nleases primarily include office and retail store. The Company’s operating leases have remaining lease terms of up to approximately\n0.33 years.\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nASSETS \n   \n  \n\nOperating lease right-of-use assets \n$13,097  \n$99,328 \n\nLIABILITIES \n    \n   \n\nOperating lease liabilities - current \n 13,173  \n 87,016 \n\nOperating lease liabilities - noncurrent \n \n-\n  \n 12,602 \n\n  \n\n**Supplemental Information**\n\n \n\nThe following provides details of the Company’s\nlease expenses:\n\n \n\n  \nYear Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nOperating lease expenses \n$91,310  \n$90,609  \n$81,203 \n\n \n\nOther information related to leases is presented\nbelow:\n\n \n\n   Year Ended December 31, \n\n   2025   2024   2023 \n\nCash paid for amounts included in the measurement of operating lease liabilities            \n\nOperating cash flows from operating leases  $91,539   $90,955   $80,540 \n\nWeighted Average Remaining Lease Term:               \n\nOperating leases   0.33 years    1.17 years    2.17 years \n\n                \n\nWeighted Average Discount Rate:               \n\nOperating leases   3.22%   3.22%   3.22%\n\n \n\nThe minimum future annual payments under non-cancellable\nleases during the next five years and thereafter, at rates now in force, are as follows:\n\n \n\n  \nOperating\nleases \n\n2026 \n$13,261 \n\n2027 \n \n-\n \n\nTotal future minimum lease payments, undiscounted \n 13,261 \n\nLess: Imputed interest \n (88)\n\nPresent value of future minimum lease payments \n$13,173 \n\n \n\nF-18\n\n \n\n** **\n\n**Note 10 - ACCOUNTS PAYABLE**\n\n \n\nThe Company had accounts payable of $365,140 and\n$276,125 as of December 31, 2025 and 2024, respectively.\n\n \n\nAccounts payable are payable for the purchase\nof consumptive biological assets. \n\n** **\n\n**Note 11 - OTHER PAYABLE**\n\n** **\n\nOther payable consisted of the following as of December 31, 2025 and\n2024:\n\n** **\n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nPayable for cultivation facilities purchase \n$3,993,883  \n$3,865,755 \n\nOther \n 16,640  \n 28,088 \n\nTotal \n$4,010,523  \n$3,893,843 \n\n** **\n\n**Note 12 - RELATED PARTY TRANSACTIONS**\n\n \n\nThe Company had transactions with the following\nrelated parties:\n\n \n\n**Name of Related Party**   **Nature of Relationship**\n\nMr. Szu Hao Huang   Director, Chief Executive Officer (“CEO”)\n\nMr. Yenhung Liu   Director of the Company\n\nChengdu Zhonghe sunshine Biotechnology Co., Ltd (“Chengdu Zhonghe”)   A company whose legal representative is Mr. Yenhung Liu\n\nGasar Biotechnology Co., Ltd.   A company managed by Mr. Szu Hao Huang\n\nDalan Vincent Holdings Limited   A company managed by Mr. Szu Hao Huang\n\n \n\n**Due to related parties**\n\n \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nMr. Szu Hao Huang \n$140,140  \n$119,889 \n\nDalan Vincent Holdings Limited \n 99,975  \n 99,975 \n\nTotal \n$240,115  \n$219,864 \n\n \n\nThe amounts due to related parties described above\nwere for working capital purposes, are payable on demand, and bear no interest.\n\n \n\n**Sales to related parties** \n\n \n\n  \nYear Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nGasar Biotechnology Co., Ltd. \n$175,405  \n$52,943  \n$126,856 \n\n \n\n**Note 13 - LONG-TERM LOANS PAYABLE**\n\n \n\nFrom June through September 2020, Cordyceps Sunshine\nCayman entered into loan agreements to borrow a total of $414,000 from six individuals to finance its operations. These loans were non-interest\nbearing and non-secured, with a maturity date of December 31, 2026. In 2023, the Company and the six individuals entered into supplemental\nagreements, pursuant to which the interest rate was amended to 4.125% per annum for the period from January 1, 2023 through the maturity\ndate.\n\n \n\nThe outstanding balance of these loans, classified\nas the current portion, amounted to $465,232 and $448,155 as of December 31, 2025 and 2024, respectively.\n\n** **\n\nF-19\n\n \n\n** **\n\n**Note 14 - INCOME TAXES**\n\n** **\n\n**Cayman Islands**\n\n \n\nUnder the current laws of the Cayman Islands,\nCordyceps Sunshine Cayman is not subject to tax on income or capital gains. In addition, payments of dividends by the Company to its shareholders\nare not subject to withholding tax in the Cayman Islands.\n\n** **\n\n**Taiwan, Republic of China**\n\n \n\nCordyceps Sunshine Biotech Holdings Co., Ltd.\nis incorporated in the Cayman Islands and has established a branch in Taiwan. It is a branch office of a foreign company and is not an\nindependent legal entity, subject to the provisions of the Value-Added and Non-Value-Added Business Tax Act and Income Tax Act. The applicable\nvalue-added business tax rate is 5%, and the applicable income tax rate is 20%.\n\n \n\n**Hong Kong**\n\n** **\n\nThe subsidiary incorporated in Hong Kong is subject\nto a two-tiered income tax rate on its taxable income generated from operations in Hong Kong effective on April 1, 2018. The first HK$2\nmillion of assessable profits earned by its subsidiaries in Hong Kong can be elected to be taxed at half the current tax rate (i.e., 8.25%)\nwhile the remaining assessable profits will continue to be taxed at the existing 16.5% tax rate.\n\n \n\n**China, PRC**\n\n** **\n\nChengdu Skyherb was incorporated in\nthe PRC and are subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income\ntax laws. On March 16, 2007, the National People’s Congress enacted a new enterprise income tax law, which took effect on January\n1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.\n\n \n\nThe components of the provision for income taxes\nfor the years ended December 31, 2025, 2024, and 2023 consisted of the following:\n\n \n\n  \nFor the Year Ended December 31, \n\n  \n2025  \n2024  \n**2023** \n\nCurrent: \n   \n   \n  \n\nTaiwan \n$\n-\n  \n$34,957  \n$21,530 \n\nTotal current \n \n       -\n  \n 34,957  \n 21,530 \n\nDeferred: \n    \n    \n   \n\nTaiwan \n \n-\n  \n \n-\n  \n \n-\n \n\nTotal deferred \n \n-\n  \n \n-\n  \n \n-\n \n\nTotal income tax expense \n$\n-\n  \n$34,957  \n$21,530 \n\n \n\nF-20\n\n \n\n \n\nThe reconciliations of the statutory income tax\nrate and the Company’s effective income tax rate are as follows:\n\n \n\n  \n2025  \n2024  \n2023 \n\nStatutory income tax rate \n 20.00% \n (20.00)% \n 20.00%\n\nEffect on tax rates in different tax jurisdiction \n (5.53)% \n 4.48% \n 4.38%\n\nTemporary differences \n (6.83)% \n 33.78% \n (13.09)%\n\nValuation allowance \n (7.64)% \n 0.01% \n \n-\n%\n\nEffective income tax rate \n \n-\n% \n 18.27% \n 11.28%\n\n** **\n\nSignificant components of the Company’s\ndeferred tax assets at December 31, 2025, 2024 and 2023 are shown below:\n\n** **\n\n  \nFor the Year Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nDeferred tax assets: \n   \n   \n  \n\nNet operating loss carryforwards \n$11,820  \n$\n-\n  \n$\n-\n \n\nOperating lease liabilities \n 2,635  \n 19,924  \n 39,289 \n\nAccrued expenses \n 17,015  \n 6,482  \n 5,378 \n\nTotal deferred tax assets \n 31,470  \n 26,406  \n 44,667 \n\nLess: Valuation allowance \n (28,850) \n (6,540) \n (5,512)\n\nDeferred tax liabilities \n    \n    \n   \n\nOperating lease right-of-use assets \n (2,619) \n (19,866) \n (39,155)\n\n  \n    \n    \n   \n\nNet deferred tax assets \n \n-\n  \n \n-\n  \n \n-\n \n\n** **\n\nManagement believes that it is more\nlikely than not that certain deferred tax assets will not be realized; accordingly, a valuation allowance of $28,850, $6,540 and $5,512\nwere recorded as of December 31, 2025, 2024 and 2023, respectively.\n\n \n\nAs of December 31, 2025, the Company\nhad Taiwan net operating loss carryforwards of approximately $59,101, which may be carried forward for up to ten years and will begin\nto expire in 2035, if unused.\n\n** **\n\n**Accounting for Uncertainty in Income\nTaxes**\n\n** **\n\nThe tax authority of the PRC and Taiwan\ngovernment conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC and Taiwan after those enterprises\ncomplete their relevant tax filings. Therefore, the Company’s PRC and Taiwan entities’ tax filings results are subject to\nexamination. It is therefore uncertain as to whether the PRC and Taiwan tax authority may take different views about the Company’s\nPRC and Taiwan entities’ tax filings, which may lead to additional tax liabilities.\n\n \n\nASC 740 requires recognition and measurement\nof uncertain income tax positions using a “more-likely than-not” approach. The management evaluated the Company’s tax\npositions and concluded that no provision for uncertainty in income taxes was necessary as of December 31, 2025, 2024, and 2023.\n\n \n\n**Note 15 - CONCENTRATIONS, RISKS AND\nUNCERTAINTIES**\n\n \n\n**Concentration**\n\n \n\nThe Company offers for sale Taiwanofungus products,\nwhich depend on limited suppliers. Accordingly, the Company has a concentration risk related to its customers and suppliers. Failure to\nmaintain existing relationships with the customers and suppliers or to establish new relationships in the future could negatively affect\nthe Company’s ability to generate revenue and obtain materials in a timely manner.\n\n \n\nF-21\n\n \n\n \n\nThe concentration of customer sales is as follows:\n\n \n\n  \nFor the year ended  \nFor the year ended  \nFor the year ended \n\n  \nDecember 31,\n\n2025  \nDecember 31,\n\n2024  \nDecember 31,\n\n2023 \n\n  \nAmount  \n%  \nAmount  \n%  \nAmount  \n% \n\nCustomer A - related party \n$175,405  \n 14.08% \n$52,943  \n 4.22% \n$126,856  \n 14.37%\n\nCustomer B - third party \n 545,549  \n 43.81% \n 373,715  \n 29.81% \n 61,154  \n 6.93%\n\n \n\nThe concentration of supplier purchases is as follows:\n\n \n\n  \nFor the year ended  \nFor the year ended  \nFor the year ended \n\n  \nDecember 31,\n\n2025  \nDecember 31,\n\n2024  \nDecember 31,\n\n2023 \n\n  \nAmount  \n%  \nAmount  \n%  \nAmount  \n% \n\nSupplier A \n$469,644  \n 100.00% \n$347,004  \n 100.00% \n$116,146  \n 100.00%\n\n \n\n**Credit risk**\n\n \n\nAssets that potentially subject the Company to significant concentration\nof credit risk primarily consist of cash and cash equivalents. The maximum exposure of such assets to credit risk is their carrying amount\nas at the balance sheet date. The Company also holds cash and cash equivalents that are deposited in financial institutions\nlocated in Taiwan, and each bank account is insured by the local government authority up to a maximum limit of TWD 3,000,000 (equivalent\nto approximately $95,633).To limit exposure to credit risk relating to deposits, the Company primarily places cash and cash equivalents\n with large financial institutions that management believes are of high credit quality and the Company also continually monitors\ntheir creditworthiness. As of December 31, 2025 and 2024, the Company had no cash in excess of the insured amount. The Company has\nnot experienced any losses in such accounts.\n\n \n\nThe Company’s operations are carried out in Taiwan. Accordingly,\nthe Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments\nin Taiwan as well as by the general state of the economy of PRC and Taiwan. In addition, the Company’s business may be influenced\nby changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance\nabroad, and rates and methods of taxation among other factors.\n\n** **\n\n**Liquidity risk**\n\n \n\nThe Company is also exposed to liquidity risk\nwhich is risk that it is unable to provide sufficient capital resources and liquidity to meet its commitments and business needs. Liquidity\nrisk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Company will turn\nto other financial institutions and the shareholders to obtain short-term funding to meet the liquidity shortage.\n\n** **\n\n**Other risk**\n\n \n\nThe Company’s business, financial condition\nand results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics\nand other catastrophic incidents, which could significantly disrupt the Company’s operations.\n\n \n\n**Note 16 - PRIOR YEAR RECLASSIFICATION**\n\n** **\n\nCertain prior year's figures in the Consolidated Statements of Comprehensive\nIncome have been reclassified to conform to the current year’s presentation for comparative purposes. Specifically, costs totaling\n$372,720 previously categorized as cost of revenue, were reclassified as operating expenses for the year ended December 31, 2024 due to\nno cultivation or sale activities relating to the consumptive biological assets, and the associated economic benefits were uncertain during\nthat period.** **\n\n \n\n**Note 17 - SUBSEQUENT EVENTS**\n\n \n\nThe Company follows the guidance in FASB ASC 855-10 for the disclosure\nof subsequent events. The Company evaluated subsequent events through May 15, 2026, the date the financial statements were issued, and\ndetermined the Company did not have any material subsequent events.\n\n \n\nF-22\n\n \n\nNONE\n\n85074\n\nhttp://fasb.org/us-gaap/2025#UsefulLifeTermOfLeaseMember\nhttp://fasb.org/srt/2025#ChiefExecutiveOfficerMember\n1\n\n0001885680\nfalse\nFY\n00000\n00000\n\n0001885680\n\n2025-01-01\n2025-12-31\n\n0001885680\n\ndei:BusinessContactMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\n2025-12-31\n\n0001885680\n\n2024-12-31\n\n0001885680\n\nus-gaap:RelatedPartyMember\n\n2025-12-31\n\n0001885680\n\nus-gaap:RelatedPartyMember\n\n2024-12-31\n\n0001885680\n\nrajaf:ProductSalesMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:ProductSalesMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nrajaf:ProductSalesMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nrajaf:TrainingMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:TrainingMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nrajaf:TrainingMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nrajaf:RevenueRelatedPartiesMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:RevenueRelatedPartiesMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nrajaf:RevenueRelatedPartiesMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\n2024-01-01\n2024-12-31\n\n0001885680\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:RelatedPartyMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nus-gaap:RelatedPartyMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nus-gaap:RelatedPartyMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:CommonStockMember\n\n2022-12-31\n\n0001885680\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2022-12-31\n\n0001885680\n\nus-gaap:RetainedEarningsMember\n\n2022-12-31\n\n0001885680\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2022-12-31\n\n0001885680\n\n2022-12-31\n\n0001885680\n\nus-gaap:CommonStockMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:RetainedEarningsMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:CommonStockMember\n\n2023-12-31\n\n0001885680\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2023-12-31\n\n0001885680\n\nus-gaap:RetainedEarningsMember\n\n2023-12-31\n\n0001885680\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2023-12-31\n\n0001885680\n\n2023-12-31\n\n0001885680\n\nus-gaap:CommonStockMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nus-gaap:RetainedEarningsMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nus-gaap:CommonStockMember\n\n2024-12-31\n\n0001885680\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2024-12-31\n\n0001885680\n\nus-gaap:RetainedEarningsMember\n\n2024-12-31\n\n0001885680\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2024-12-31\n\n0001885680\n\nus-gaap:CommonStockMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nus-gaap:RetainedEarningsMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nus-gaap:CommonStockMember\n\n2025-12-31\n\n0001885680\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2025-12-31\n\n0001885680\n\nus-gaap:RetainedEarningsMember\n\n2025-12-31\n\n0001885680\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2025-12-31\n\n0001885680\n\nrajaf:CordycepsSunshineCaymanMember\n\n2023-08-17\n\n0001885680\n\nrajaf:MrNiuMember\n\n2023-09-28\n\n0001885680\n\nrajaf:DebtTransactionMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:CordycepsSunshineHKMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nrajaf:ChengduSkyherbMember\n\n2023-12-31\n\n0001885680\n\nrajaf:CordycepsSunshineBiotechCoLtdMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\ncurrency:HKD\n\n2023-09-30\n\n0001885680\n\ncurrency:HKD\n\n2023-01-01\n2023-09-30\n\n0001885680\n\ncurrency:CNY\n\n2023-09-30\n\n0001885680\n\ncurrency:CNY\n\n2023-01-01\n2023-09-30\n\n0001885680\n\ncurrency:TWD\n\n2025-12-31\n\n0001885680\n\ncurrency:TWD\n\n2025-01-01\n2025-12-31\n\n0001885680\n\ncurrency:TWD\n\n2024-12-31\n\n0001885680\n\ncurrency:TWD\n\n2024-01-01\n2024-12-31\n\n0001885680\n\ncurrency:TWD\n\n2023-12-31\n\n0001885680\n\ncurrency:TWD\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:BuildingMember\n\n2025-12-31\n\n0001885680\n\nus-gaap:OfficeEquipmentMember\n\n2025-12-31\n\n0001885680\n\nrajaf:MrNiuMember\nrajaf:SharePurchaseAgreementMember\n\n2023-09-28\n\n0001885680\n\nrajaf:DebtTransactionMember\n\n2023-09-28\n2023-09-28\n\n0001885680\n\nrajaf:CordycepsSunshineBiotechCoLtdMember\nus-gaap:SegmentDiscontinuedOperationsMember\n\n2023-12-31\n\n0001885680\n\nus-gaap:SegmentDiscontinuedOperationsMember\n\n2023-09-30\n\n0001885680\n\nus-gaap:SegmentDiscontinuedOperationsMember\n\n2023-01-01\n2023-09-30\n\n0001885680\n\nrajaf:CultivationFacilitiesMember\n\n2025-12-31\n\n0001885680\n\nrajaf:CultivationFacilitiesMember\n\n2024-12-31\n\n0001885680\n\nus-gaap:OfficeEquipmentMember\n\n2024-12-31\n\n0001885680\n\nrajaf:MrSzuHaoHuangMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:MrYenhungLiuMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:ChengduZhongheSunshineBiotechnologyCoLtdChengduZhongheMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:GasarBiotechnologyCoLtdMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:DalanVincentHoldingsLimitedMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:MrSzuHaoHuangMember\n\n2025-12-31\n\n0001885680\n\nrajaf:MrSzuHaoHuangMember\n\n2024-12-31\n\n0001885680\n\nrajaf:DalanVincentHoldingsLimitedMember\n\n2025-12-31\n\n0001885680\n\nrajaf:DalanVincentHoldingsLimitedMember\n\n2024-12-31\n\n0001885680\n\nrajaf:GasarBiotechnologyCoLtdMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nrajaf:GasarBiotechnologyCoLtdMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nrajaf:CordycepsSunshineBiotechCoLtdMember\n\n2020-09-30\n\n0001885680\n\nrajaf:CordycepsSunshineBiotechCoLtdMember\n\n2023-01-01\n2023-01-01\n\n0001885680\n\nrajaf:TaiwanRepublicOfChinaMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\n2018-04-01\n\n0001885680\n\nrajaf:ChinaPRCMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\n2024-12-21\n2025-12-20\n\n0001885680\n\n2023-12-21\n2024-12-20\n\n0001885680\n\n2022-12-21\n2023-12-20\n\n0001885680\n\nrajaf:CustomerAMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:CustomerAMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nrajaf:CustomerAMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nrajaf:CustomerBMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nrajaf:CustomerBMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nrajaf:CustomerBMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nus-gaap:CostOfGoodsTotalMember\nus-gaap:SupplierConcentrationRiskMember\nrajaf:SupplierAMember\n\n2025-01-01\n2025-12-31\n\n0001885680\n\nus-gaap:CostOfGoodsTotalMember\nus-gaap:SupplierConcentrationRiskMember\nrajaf:SupplierAMember\n\n2024-01-01\n2024-12-31\n\n0001885680\n\nus-gaap:CostOfGoodsTotalMember\nus-gaap:SupplierConcentrationRiskMember\nrajaf:SupplierAMember\n\n2023-01-01\n2023-12-31\n\n0001885680\n\nsrt:ScenarioPreviouslyReportedMember\n\n2024-01-01\n2024-12-31\n\nxbrli:shares\n\niso4217:USD\n\niso4217:USD\n\nxbrli:shares\n\nxbrli:pure\n\niso4217:CNY\n\niso4217:HKD\n\niso4217:TWD"}