Financial Analysis

17. COMMITMENTS AND CONTINGENCIES Purchase commitments As of March 31, 2026, the Company did not have any significant capital and other commitments. Contingent liability of Jinkailong Pursuant to the Regulations of the State Council on Implementing the Management System for Registered Capital Registration in the Company Law of the Peoples Republic of China issued on July 1, 2024 (the Registered Capital Registration Implementing Rules), as Jinkailong was registered and established before June 30, 2024, its shareholders should fully pay their unpaid subscribed capital before June 30, 2032. As of March 31, 2026, Hunan Ruixi holds 35% of equity interest of Jinkailong and has not made any payments towards the investment amounted to RMB3.5 million (approximately $507,000). According to the Registered Capital Registration Implementing Rules, Hunan Ruixi shall pay the subscribed capital of Jinkailong before June 30, 2032. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

10. EMPLOYEE BENEFIT PLAN The Company has made employee benefit plan in accordance with relevant PRC regulations, including retirement insurance, unemployment insurance, medical insurance, housing fund, work injury insurance and maternity insurance. The contributions made by the Company were $69,304 and $72,888 for the years ended March 31, 2026 and 2025, respectively, from operations of the Company.

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Disaggregated information of revenues recorded by continuing operations by business lines are as follows: For the Years Ended March 31, 2026 2025 Automobile Transaction and Related Services - Operating lease revenues from automobile rentals $ 1,348,542 $ 1,685,112 - Financing revenues 68,011 93,473 - Service fees from NEVs leasing 64,833 - Default revenue 26,025 33,050 - Monthly services commissions 17,485 25,799 - Service fees from automobile purchase services 10,046 38,696 - Other service fees 11,185 20,041 Total Revenues $ 1,546,127 $ 1,896,171 …

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12. INCOME TAXES The United States of America The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income taxes with tax rate of 21%. The State of Nevada does not impose any state corporate income tax. Green Energy Capital Asset Inc. (Green Energy) is incorporated in the State of Wyoming in the U.S., and is subject to U.S. federal corporate income taxes with tax rate of 21%. The State of Wyoming does not impose any state corporate income tax. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Tax Act). The Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The Tax Act also established the Global Intangible Low-Taxed Income (GILTI), a new inclusion rule affecting non-routine income earned by foreign subsidiaries. For the years ended March 31, 2026 and 2025, the Companys foreign subsidiary in China was operating at loss and as such, did not record a liability for GILTI tax. On July 4, 2025, the One Big Beautiful Act (OBBBA) was signed into law. The OBBBA made several key provisions of the Tax Cuts and Jobs Act of 2017 permanent, including 100% bonus depreciation, the immediate expensing of domestic research costs, and the introduction of a favorable modification to the business interest expense limitation. Together, these chan …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

15. LEASES Lessor The Companys operating leases for automobile rentals have rental periods that are typically short term, generally is twelve months or less. In the revenue recognition section of Note 3 (q), the Company discloses that revenue earned from automobile rentals, wherein an identified asset is transferred to the customer and the customer has the ability to control that asset, is accounted for under Topic 842 upon adoption for the years ended March 31, 2026 and 2025. Lessee As of March 31, 2026 and 2025, the Company has engaged in offices and showroom leases which were classified as operating leases. Payments under the Companys lease arrangement are fixed. The Companys lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognized lease expense on a straight-line basis over the lease term for operating lease. Interest expense on the lease liability is determined each period during the lease term as the amount that results in a constant periodic interest rate applied to the remaining balance of the liability. As of March 31, 2026, the weighted-average remaining operating lease term of its existing leases is approximately 1.17 years. Operating lease expense for office and showroom leases totaled $41,067 and $73,736 for the years ended March 31, 2026 and 2025 respectively, of which $38,508 and $53,272 were amortization of leased asset for operating leases for the years ended March 31, 2026 and 2025, resp …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

(y) Recently adopted accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities (PBEs), the ASU is effective for annual periods beginning after December 15, 2024. For all other entities (i.e. non-PBEs), the ASU is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. As a PBE, the Company adopted ASU 2023-09 for its annual period beginning April 1, 2024, on a retrospective basis. …

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14. RELATED PARTY TRANSACTIONS AND BALANCES The following is a list of related parties which the Company has transactions with for the years end March 2026 and 2025: (a) Mr. Xi Wen, the former CEO and director of the Company. (b) Ms. Jie Gao, a director of the Company. (c) Mr. Trent Davis, a former director of the Company. (d) Ms. Sichun Wang, a former director of the Company. (e) Ms. Xiang Hu, a shareholder of the Company. (f) World Trade Technology Limited (World Trade Technology), a company where the Companys Chief Financial Officer serves as Financial Controller. (g) Hunan Dingchentai Investment Co., Ltd. (Dingchentai), a company where one of the Companys independent directors Ms. Xiaojuan Lin serves as the legal representative and general manager. 1. Related Party Balances 1) Due from related parties As of March 31, 2026 and 2025, balances due from related parties from the Companys operations were comprised of the following: March 31, March 31, 2026 2025 Total due from related parties (i)(ii) $ 2,532,049 $ 2,474,207 Less: Allowance for credit losses(i) (2,517,552 ) (1,971,045 ) Due from related parties, net $ 14,497 $ 503,162 Due from a related party, net, current (ii)(iii) $ 14,497 $ 81,098 Due from a related party, net, non-current(i) $ $ 422,064 (i) As of March 31, 2026 and 2025, balances due from Jinkailong, the Companys equity investee company, was $0 and $422,064, respectively, net of allowance for credit losses. The balances were a result of Jinkailongs deconsolid …

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18. SEGMENT INFORMATION The Company presents segment information after elimination of inter-company transactions. In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Companys long-lived assets are all located in the PRC and all of the Companys revenues are derived from the PRC. Therefore, no geographical segments are presented. The Company uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Companys chief operating decision maker (CODM) for making operating decisions and assessing performance as the source for determining the Companys reportable segments. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. By assessing the qualitative and quantitative criteria established by Accounting Standards Codification (ASC) 280, Segment Reporting, the Company considers itself to be operating in only one reportable segment of automobile transaction and related services after discontinued the online ride-hailing platform services on August 20, 2024. The Companys CODM relies upon the consolidated results of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. The Company has concluded that consolidated net (loss) income is the measure of segment profitability. Wit …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

20. SUBSEQUENT EVENTS On April 23, 2026, the Company entered into a certain securities purchase agreement with certain purchasers, pursuant to which the Company agreed to sell an aggregate of up to 10,000,000 units (the Units), each Unit consisting of one (1) share of its common stock, par value $0.0001 per share, and four (4) warrants, each to purchase one (1) share of common Stock (the April 2026 Units Private Placement), at a purchase price of $1.10 per Unit. The April 2026 Units Private Placement was closed on June 25, 2026. All Units were sold, and the aggregate gross proceeds to the Company from the April 2026 Units Private Placement were approximately $11.0 million. The Company evaluated all events and transactions that occurred after March 31, 2026 up through the date the Company issued these consolidated financial statements. Other than the event disclosed above, there was no other subsequent event occurred that would require recognition or disclosure in the Companys consolidated financial statements. …

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16. COMMITMENTS AND CONTINGENCIES Contingencies In measuring the credit risk of automobile purchasers, the Company primarily reflects the probability of default by the automobile purchasers on its contractual obligations and considers the current financial position of the automobile purchasers and its likely future development. The Company manages the credit risk of automobile purchasers by performing preliminary credit checks of each automobile purchaser and ongoing monitoring every month. By using the current credit loss model, management is of the opinion that the Company is bearing the credit risk to repay the principal and interests to the financial institutions if automobile purchasers default on their payments for more than three months. Management also periodically re-evaluates probability of default of automobile purchasers to make adjustments in the allowance, when necessary. Purchase commitments As of the filing date of these unaudited condensed consolidated financial statements, the Company has no purchase commitment. Contingent liability of Jinkailong Pursuant to the Regulations of the State Council on Implementing the Management System for Registered Capital Registration in the Company Law of the Peoples Republic of China issued on July 1, 2024 (the Registered Capital Registration Implementing Rules), as Jinkailong was registered and established before June 30, 2024, its shareholders should fully pay their unpaid subscribed capital before June 30, 2032. As of De …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

10. EMPLOYEE BENEFIT PLAN The Company has made employee benefit plan in accordance with relevant PRC regulations, including retirement insurance, unemployment insurance, medical insurance, housing fund, work injury insurance and maternity insurance. The contributions made by the Company were $22,454 and $53,759 for the three and nine months ended December 31, 2025, respectively, from Continuing operations of the Company. The contributions made by the Company were $16,863 and $52,858 for the three and nine months ended December 31, 2024, respectively, from Continuing operations of the Company. As of December 31, 2025 and March 31, 2025, the Company did not make adequate employee benefit contributions in the amount of $46,886 and $43,919, respectively.

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Disaggregated information of revenues by business lines are as follows: For the Three Months Ended For the Nine Months Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Automobile Transaction and Related Services - Operating lease revenues from automobile rentals $ 317,153 $ 409,731 $ 1,076,175 $ 1,312,582 - Financing revenues 15,117 23,668 56,297 72,697 - Service fees from NEVs leasing 14,799 33,341 - Default revenue 5,831 7,711 23,320 27,294 - Monthly services commissions 3,427 3,828 14,422 16,353 - Service fees from automobile purchase services 2,959 8,936 29,862 - Other service fees 2,357 3,550 7,137 17,450 Total Revenues $ 358,684 $ 451,447 $ 1,219,628 $ 1,476,238 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

12. INCOME TAXES The United States of America The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income taxes with tax rate of 21%. The State of Nevada does not impose any state corporate income tax. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Tax Act). The Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The Tax Act also established the Global Intangible Low-Taxed Income (GILTI), a new inclusion rule affecting non-routine income earned by foreign subsidiaries. For the nine months ended December 31, 2025 and 2024, the Companys foreign subsidiaries in China were operating at loss and as such, did not record a liability for GILTI tax. The Companys net operating loss for U.S. income taxes from U.S. amounted to approximately $2.9 million and $3.5 million for the three and nine months ended December 31, 2025, respectively, and amounted to approximately $0.2 million and $0.8 million for the three and nine months ended December 31, 2024, respectively. As of December 31, 2025 and March 31, 2025, the Companys net operating loss carryforward for U.S. income taxes was approximately $8.9 million and $7.9 million, respectively. The net operating loss carryforward will not expire and is available to reduce future years taxable …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

15. LEASES Lessor The Companys operating leases for automobile rentals have rental periods that are typically short term, generally is twelve months or less. Revenue recognition section of Note 3 (o), the Company discloses that revenue earned from automobile rentals, wherein an identified asset is transferred to the customer and the customer has the ability to control that asset, is accounted for under Topic 842 upon adoption for the nine months ended December 31, 2025 and 2024. Lessee As of December 31, 2025 and March 31, 2025, the Company has engaged in offices and parking lot which were classified as operating leases. The Company leased automobiles under operating lease agreements with a term shorter than twelve months which it elected not to recognize lease assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. In addition, the Company had automobiles leases which were classified as finance lease before the disposal of Corenel on April 16, 2025. The Companys lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognized lease expense on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognized the finance leases ROU assets and interest on an amortized cost basis. The amor …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

(t) Recent accounting pronouncements not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (ASU 2025-01). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact of this accounting standard update on its unaudited condensed consolidated financial statements and related disclosures. Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the unaudited condensed consolidated statements and related disclosures. …

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14. RELATED PARTY TRANSACTIONS AND BALANCES 1. Related Party Balances 1) Due from related parties As of December 31, 2025 and March 31, 2025, balances due from related parties from the Companys continuing operations were comprised of the following: December 31, March 31, 2025 2025 (Unaudited) (Unaudited) Total due from related parties $ 2,483,315 $ 2,474,207 Less: Allowance for credit losses (2,483,315 ) (1,971,045 ) Due from related parties, net $ $ 503,162 Due from a related party, net, current $ $ 81,098 Due from a related party, net, non-current $ $ 422,064 As of December 31, 2025 and March 31, 2025, balances due from Jinkailong, the Companys equity investee company, was $0 and $422,064, respectively, net of allowance for credit losses. The balances were a result of Jinkailongs deconsolidation on March 31, 2022. Movement of allowance for credit losses due from Jinkailong for the nine months ended December 31, 2025 and for the year ended March 31, 2025 are as follows: December 31, March 31, 2025 2025 (Unaudited) (Unaudited) Beginning balance $ 1,971,045 $ 1,284,203 Addition 427,764 697,165 Translation adjustment 84,506 (10,323 ) Ending balance $ 2,483,315 $ 1,971,045 On January 3, 2024, Xiang Hu, a shareholder of the Company, entered into a loan agreement wherein the Company agreed to provide an interest-free special reserve loan of $150,000 for a period of 12 months, which was extended for 12 months since January 3, 2025. As of December 31, 2025 and March 31, 2025, the ou …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

17. SEGMENT INFORMATION The Company presents segment information after elimination of inter-company transactions. In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. By assessing the qualitative and quantitative criteria established by Accounting Standards Codification (ASC) 280, Segment Reporting, the Company considers it operates in a reportable segment for automobile transaction and related services, and operated in a reportable segment for online ride-hailing platform, which had been ceased on August 20, 2024. The segments were organized based on type of service offered. The following table presents the significant revenue, loss from operations, loss before income taxes and net loss in the Companys segments for the three and nine months ended December 31, 2025 and 2024: For the Three Months Ended December 31, 2025 2024 Automobile Automobile Transaction and Transaction and Online ride-hailing Related Related platform Services from continuing operations* Services from continu …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

18. SUBSEQUENT EVENTS The Company evaluated all events and transactions that occurred after December 31, 2025 up through the date the Company filed these unaudited condensed consolidated financial statements. No events require adjustment to or disclosure in the unaudited condensed consolidated financial statements.

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