UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

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

For the quarterly period ended ~~June~~September 30, 2024

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

For the transition period from ____________ to ___________

Commission File No. 000-56275

GOLDENWELL BIOTECH, INC.

(Exact name of registrant as specified in its charter)

Nevada		84-2896086
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

581 Boston Mills Road, Suite 300

Hudson, Ohio 44087

(Address of principal executive offices, zip code)

(440) 666-7999

(Registrant’s telephone number, including area code)

___________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

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

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

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

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

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

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ o No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

As of ~~August~~November 1517, 2024, there were 99,000,000 shares of common stock, $0.001 par value per share, outstanding.

GOLDENWELL BIOTECH, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED ~~JUNE~~SEPTEMBER 30, 2024

INDEX

Index		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements.	4
	Balance Sheet as of June 30, 2024 (unaudited) and December 31, 2023.	4
	Balance Sheet as of September 30, 2024 (unaudited) and December 31, 2023.		4
	Statement of Operations for the Three and Six Months ended June 30, 2024 and 2023 (unaudited)	5
	Statement of Operations for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited)		5
	Statements of Changes Stockholders’ Equity for the Six Months ended June 30, 2024 and the year ended December 31, 2023 (unaudited).	6
	Statements of Changes Stockholders’ Equity for the Nine Months ended September 30, 2024 and the year ended December 31, 2023 (unaudited).		6
	Statement of Cash Flows for the Three and Six Months ended June 30, 2024 and 2023 (unaudited).	7
	Statement of Cash Flows for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited).		7
	Notes to Condensed Financial Statements (unaudited).	8	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	12	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	15	14
Item 4.	Controls and Procedures.	15	14
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings.	16	15
Item 1A.	Risk Factors.	16	15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	16	15
Item 3.	Defaults Upon Senior Securities.	16	15
Item 4.	Mine Safety Disclosures.	16	15
Item 5.	Other Information.	16	15
Item 6.	Exhibits.	17	16
Signatures		18	17

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Goldenwell Biotech, Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things to product demand, market and customer acceptance, competition, pricing, climate change, pandemics, political changes, and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions; and other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

GOLDENWELL BIOTECH INC
BALANCE SHEET
(Unaudited)
	June 30, 2024			December 31, 2023
ASSETS
CURRENT ASSETS
Cash		25,720			53,231
Accounts Receivable		0
Inventory (related party transaction)		174,677			174,825
NONCURRENT ASSETS
Right of Use Assets		0			0
TOTAL ASSETS		200,398			228,057
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable		0			0
Lease Liability		0			0
Unearned Revenue		1,198			1,410
LONG-TERM LIABILITIES		214,838			165,588
Less Discount on Long-term Liabilities		(19,465	)		(23,665	)
TOTAL LIABILITIES		196,571			143,334
STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value, 300,000,000 shares authorized, 99,000,000 issued and outstanding at December 31, 2023 99,000,000 issued and outstanding at June 30, 2024		9,900			9,900
Additional paid-in capital		1,302,504			1,302,504
Retained earnings		(1,308,578	)		(1,227,681	)
Total stockholders' equity		3,826			84,723
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		200,398			228,057
The accompanying notes are an integral part of these financial statements.

GOLDENWELL BIOTECH INC

BALANCE SHEET

(Unaudited)

ASSETS	September 30, 2024			December 31, 2023

CURRENT ASSETS
Cash		4,755			53,231
Accounts Receivable		0
Inventory (related party transaction)		174,677			174,825

NONCURRENT ASSETS
Right of Use Assets		0			0
TOTAL ASSETS		179,432			228,057

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts Payable		0			0
Lease Liability		0			0
Unearned Revenue		1,198			1,410
LONG-TERM LIABILITIES		214,838			165,588
Less Discount on Long-term Liabilities		(17,365	)		(23,665	)
TOTAL LIABILITIES		198,671			143,334

STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value, 300,000,000 shares authorized,
99,000,000 issued and outstanding at December 31, 2023
99,000,000 issued and outstanding at September 30, 2024		9,900			9,900
Additional paid-in capital		1,302,504			1,302,504
Retained earnings		(1,331,643	)		(1,227,681	)
Total stockholders' equity		(19,239	)		84,723

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		179,432			228,057


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

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GOLDENWELL BIOTECH INC
STATEMENT OF OPERATIONS
(Unaudited)
	Three Months Ended on						Six Months Ended on
	30-Jun-24			30-Jun-23			30-Jun-24			30-Jun-23
REVENUE
Sales		139			276			297			1,698
COST OF REVENUES		(69	)		(138	)		(148	)		(849	)
GROSS PROFIT		70			138			149			849
OPERATING EXPENSES
General and administrative		(49,990	)		(27,222	)		(81,046	)		(61,539	)
Total operating expenses		(49,990	)		(27,222	)		(81,046	)		(61,539	)
Operation Income		(49,920	)		(27,084	)		(80,897	)		(60,690	)
Other Income and Expenses
Other income		0			0			0			0
Income tax provision		0			0			0			0
NET LOSS		(49,920	)		(27,084	)		(80,897	)		(60,690	)
Earning per share - basic and diluted
Weighted average number of shares outstanding - basic and diluted		96,433,333			96,433,333			96,433,333			96,433,333
The accompanying notes are an integral part of these financial statements.

GOLDENWELL BIOTECH INC

STATEMENT OF OPERATIONS

(Unaudited)

	Three Months Ended on						Nine Months Ended on
	30-Sep-24			30-Sep-23			30-Sep-24			30-Sep-23

REVENUE
Sales		0			382			297			2,080
COST OF REVENUES		0			(196	)		(148	)		(1,045	)

GROSS PROFIT		0			186			149			1,035

OPERATING EXPENSES
General and administrative		(23,065	)		(35,592	)		(104,111	)		(97,131	)

Total operating expenses		(23,065	)		(35,592	)		(104,111	)		(97,131	)

Operation Income		(23,065	)		(35,406	)		(103,962	)		(96,096	)

Other Income and Expenses
Other income		0			0			0			0

Income tax provision

NET LOSS		(23,065	)		(35,406	)		(103,962	)		(96,096	)

Earning per share - basic and diluted

Weighted average number of shares outstanding - basic and diluted		96,433,333			96,433,333			96,433,333			96,433,333

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

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GOLDENWELL BIOTECH INC
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE QUARTER ENDED June 30, 2024
FOR THE QUARTER ENDED September 30, 2024
(Unaudited)
					Additional
	Common Stock				AdditionalPaid-In		Subscription		Accumulated
	Common Stock				Paid-In		Subscription		Accumulated
	Shares		Amount		Capital		Receivable		Deficit			Total
Balance - June 30, 2023		99,000,000		9,900		1,302,504				(1,171,475	)		140,929
Cash receipt from stock subscription receivable								-
Shares issued for cash $0.001 stock price
Shares issued for cash $0.01 stock price
Net loss for the period										(35,406	)		(35,406	)
Balance - September 30, 2023		99,000,000		9,900		1,302,504				(1,206,881	)		105,522
Cash receipt from stock subscription receivable								-
Shares issued for cash $0.001 stock price
Shares issued for cash $0.01 stock price
Net loss for the period										(20,799	)		(20,799	)
Balance - December 31, 2023		99,000,000		9,900		1,302,504				(1,227,681	)		84,723
Cash receipt from stock subscription receivable								-
Shares issued for cash $0.001 stock price
Shares issued for cash $0.01 stock price
Net loss for the period										(30,977	)		(30,977	)
Balance - March 31, 2024		99,000,000		9,900		1,302,504				(1,258,658	)		53,746
Cash receipt from stock subscription receivable								-
Shares issued for cash $0.001 stock price
Shares issued for cash $0.01 stock price
Net loss for the period										(49,920	)		(49,920	)
Balance - June 30, 2024		99,000,000		9,900		1,302,504	$			(1,308,578	)		3,826
The accompanying notes are an integral part of these financial statements.
Cash receipt from stock subscription receivable								-
Shares issued for cash $0.001 stock price
Shares issued for cash $0.01 stock price
Net loss for the period										(23,065	)		(23,065	)
Balance - September 30, 2024		99,000,000		9,900		1,302,504				(1,331,643	)		(19,239	)

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

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GOLDENWELL BIOTECH INC
STATEMENT OF CASH FLOWS
(unaudited)
	For the Three Months Ended on June 30						For the Six Months Ended on June 30
	2024			2023			2024			2023
Cash Flows from Operating Activities:
Net Loss		(49,920	)		(27,084	)		(80,897	)		(60,690	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets
Change in Accounts Receivable
Change in inventory deposit
Change in inventory		69			138			148			849
Change in right of use asset											26,346
Changed in operating liabilities
Change in Accounts Payable
Unearned Revenue								(212	)
Change in Lease liability					0						(25,372	)
Net Cash used in Operating Activities		(49,851	)		(26,946	)		(80,961	)		(58,867	)
Cash flows from Financing Activities:
Proceeds from long-term loan		49,250						49,250			30,000
Discount on Long-term loan		2,100						4,200
Proceeds from issuance of common stock
Additional paid-capital
Stock subscription receivable
Net Cash provided by Financing Activities		51,350						53,450			30,000
Net change in cash		1,499			(26,946	)		(27,511	)		(28,867	)
Cash at beginning of period		24,221			44,075			53,231			45,996
Cash at end of period		25,720			17,130			25,720			17,130
The accompanying notes are an integral part of these financial statements.

GOLDENWELL BIOTECH INC

STATEMENT OF CASH FLOWS

(unaudited)

	For the Nine Months Ended on September 30
	2024			2023
Cash Flows from Operating Activities:

Net Loss		(103,962	)		(96,096	)

Adjustments to reconcile net loss to net cash
used in operating activities:
Changes in operating assets
Change in Accounts Receivable
Change in inventory deposit
Change in inventory		148			1,045
Change in right of use asset					26,346
Changed in operating liabilities
Change in Accounts Payable
Unearned Revenue		(212	)
Change in Lease liability					(25,372	)
Net Cash used in Operating Activities		(104,026	)		(94,077	)

Cash flows from Financing Activities:
Proceeds from long-term loan		49,250			60,000
Discount on Long-term loan		6,300
Proceeds from issuance of common stock
Additional paid-capital
Stock subscription receivable
Net Cash provided by Financing Activities		55,550			60,000

Net change in cash		(48,476	)		(34,077	)
Cash at beginning of period		53,231			45,996
Cash at end of period		4,755			11,920

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

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GOLDENWELL BIOTECH INC

NOTES TO FINANCIAL STATEMENTS

~~June~~September 30, 2024

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

GOLDENWELL BIOTECH INC. (the “Company”) was incorporated in the State of Nevada on August 20, 2019. The company address is 581 Boston Mills Road, Suite 300, Hudson, Ohio ~~44236~~44087. The Company is in the development stage whose purpose is R&D, production and sales health cares and supplements products.

NOTE 2 - GOING CONCERN

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has sustained an accumulated net loss of $1,~~308~~331,~~578~~643 since its inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company’s continuation as a going concern is dependent upon, among other things, its ability to generate revenues and its ability to obtain capital from third parties. No assurance can be given that the Company will be successful in these efforts.

The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Preparation

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP).

The results for the three months ended September 30, 2024 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2024 and for the related periods presented.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Start-Up Costs

In accordance with ASC 720, “Start-up Costs”, the Company expenses all costs incurred in connection with the start-up and organization of the Company.

Cash

Cash includes cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.

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Inventories

The Company’s inventories include Goldenwell DNA Repair, which are stated at average cost, subject to the lower of cost or market value.

Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of June 30, 2024, the Company did not have any amounts recorded pertaining to uncertain tax positions.

Fair Value Measurements

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

The Company has no assets or liabilities valued at fair value on a recurring basis.

NOTE 4 – LEASE ACCOUNTING

Effective January 15, 2021, the Company entered into a 3-year lease for corporate office which requires 36 monthly payments of $1,949.25, payable at the beginning of each monthly rental period. The lease is classified as an operating lease as the lease does not transfer ownership of the underlying asset at the end of the lease term, there is no purchase option, the lease terms is not for the major part of the remaining economic life of the asset, and the present value of future lease payments does not exceed substantially all of the fair value of the underlying asset. Accordingly, at commencement, the Company recognized a right of use asset and a lease liability based upon the present value of lease payments not yet paid, discounted using the discount rate for the lease at lease commencement.

The company classifies the right-of-use asset as non-current for the entire lease term. The company classifies the portion of the liability due within one year or the operating cycle, whichever is longer, with current liability, and the rest with noncurrent liability.

The interest rate implicit in the lease is not readily determinable and management estimated its incremental borrowing rate to be 2% by referencing the information from the current lending market and the costs of borrowing disclosed by some guideline public companies.

On December 31, 2022, the company reached an agreement with the lessor to terminate the lease. No early termination fee was charged. Undiscounted cash flows on an annual basis related to this lease was $25,372 by December 31, 2022.

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NOTE 5 – RELATED PARTY TRANSACTION

On June 7, 2021, the Company purchased inventory of $103,125 from Australian Trefoil Heath Technology, which is owned by Li, Yang, the Treasurer of the Company. The treasurer also owns 1,000,000 shares of the Company. This transaction is a related party transaction. On December 21, 2022, the Company borrowed a long-term loan from Shuang Liu, the Chief Executive Officer of the Company. On March 16, 2023, the Company borrowed a long-term loan from Shuang Liu. On July 17, 2023, the Company borrowed a long-term loan from Shuang Liu. On November 1 and November 14, 2023, the Company borrowed a long-term loan from Shuang Liu. The amount of loans from the related party was totaled $95,599 as of December 31, 2023 and September 30, 2024.

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NOTE 6 - INCOME TAXES

The reconciliation of income tax benefit at the U.S. statutory rate of 21% as of ~~June~~September 30, 2024 to the Company’s effective tax rate is as follows:

	June 30, 2024			December 31, 2023
	September 30, 2024			December 31, 2023
Income tax benefit at statutory rate	$	(1021,~~483~~832	)		(2420,~~548~~180	)
Change in valuation allowance		1021,~~483~~832			2420,~~548~~180
Income tax expense		—-			—-

The tax effects of temporary differences that give rise to the Company’s net deferred tax assets as of ~~June~~September 30, 2024 is as follows:

	March 31, 2024			December 31, 2023
	September 30, 2024			December 31, 2023
Net operating loss carry forward	$	~~274~~279,~~801~~645			257,813
Valuation allowance		(~~274~~279,~~801~~645	)		(257,813	)
Net deferred tax assets		—-			—-

The Company has approximately $1,~~308~~331,~~578~~643 of net operating losses (“NOL”) carried forward to offset taxable income, if any, in future years which expire commencing in fiscal 2040. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.

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NOTE 7 – STOCKHOLDERS’ EQUITY

Authorized Stock

The Company has authorized 300,000,000 common shares with a par value of $0.0001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

On August 20, 2019 the Company issued 41,000,000 shares of common stock to its founders for a subscription amount of $41,000. As of December 31, 2019, the subscription amount of $41,000 has been paid. On August 20, 2019, the Company issued 39,000,000 shares of common stock for a subscription amount of $209,204.

On December 1, 2020, the Company issued 11,500,000 shares of common stock for a subscription amount of $79,000.

On January 11, 2021, the Company issued 2,400,000 shares of common stock for a subscription amount of $11,400. The Company also issued 50,000 shares of common stock for noncash bonus. On February 22, 2021, the Company issued 1,600,000 shares of common stock for a subscription amount of $80,000. There is no remaining balance of the stock subscription receivable on the accompanying financial statements.

On November 9, 2022, the Company issued 3,000,000 shares of common stock for noncash bonus at the market value of $0.295 per share.

As of September 30, 2024, the Company had a total of 99,000,000 shares issued and outstanding.

NOTE 8 – SUBSEQUENT EVENTS

Management has evaluated subsequent events ~~through~~occurring ~~the~~from ~~date~~September ~~these~~30, ~~financial statements were available to be issued. Based on managements’ evaluation~~2024, nothrough ~~events~~the ~~have~~date ~~occurred~~of ~~that~~this ~~require disclosure or adjustments to the financial statement~~filing.

11On ~~Table~~October 1, 2024, the Company incurred a loan of ~~Contents~~$30,000. On October 10, 2024, the Company incurred a loan of $20,000. On October 24, 2024, the Company incurred a loan of $20,000. All three loans are unsecured, payable upon demand and carry no interest.

~~ITEM~~On 2.October ~~MANAGEMENT’S~~1, ~~DISCUSSION~~2024, ~~AND~~the ~~ANALYSIS~~Company OFincurred ~~FINANCIAL~~a ~~CONDITION~~loan ~~AND~~of ~~RESULTS~~$5,500. The OFloan ~~OPERATIONS~~is unsecured, payable upon demand and carries no interest.

The following information should be read in conjunction with (i) the financial statements of Goldenwell Biotech, Inc., a Nevada corporation (the “Company”), and the notes thereto appearing elsewhere in this Form 10-Q ~~together~~Table with (ii) the more detailed business information and the December 31, 2023 audited financial statements and related notes included in the Company’s Form 10-K (File No. 000-56275; the “Form 10-K”), as filed with the Securities and Exchange Commission on April 12, 2024. Statements in this section and elsewhere in this Form 10-Q that are not statements of ~~historical or current fact constitute “forward-looking” statements.~~Contents

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

The ~~Company~~following ~~was~~information ~~incorporated~~should be read in conjunction with (i) the ~~State~~financial statements of Goldenwell Biotech, Inc., a Nevada oncorporation ~~August~~(the 20“Company”), ~~2019~~and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the December 31, 2023 audited financial statements and ~~established~~related anotes ~~fiscal~~included ~~year~~in ~~end~~the Company’s Form 10-K (File No. 000-56275; the “Form 10-K”), as filed with the Securities and Exchange Commission on April 12, 2024. Statements in this section and elsewhere in this Form 10-Q that are not statements of ~~December~~historical 31or current fact constitute “forward-looking” statements.

~~Going Concern~~OVERVIEW

ToThe ~~date the~~ Company ~~has~~was ~~little~~incorporated ~~operations~~in ~~or revenues and consequently has incurred recurring losses from operations. Substantially greater revenues are not anticipated until we complete~~ the ~~financing~~State weof ~~endeavor~~Nevada toon ~~obtain~~August 20, ~~as described in this Form 10-K~~2019, and ~~implement~~established ~~our~~a ~~initial~~fiscal ~~business~~year ~~plan.~~end ~~The ability~~ of ~~the~~December ~~Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations~~31. ~~Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.~~

~~Our~~Going activities have been financed from the proceeds of share subscriptions. On August 20, 2019 the Company sold 41,000,000 shares of common stock to its founders for a subscription amount of $41,000. On August 20, 2019, the Company sold 39,000,000 shares of common stock for a subscription amount of $215,504.Concern

WeTo ~~have~~date anthe ~~outstanding~~Company ~~related~~has little operations or revenues and consequently has incurred recurring losses from operations. Substantially greater revenues are not anticipated until we complete the financing we endeavor to obtain, as described in this Form 10-~~party~~K, ~~loan~~and implement our initial business plan. The ability of ~~$55~~the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly,~~588~~ these factors raise substantial doubt as to the Company’s ability to continue as a going concern.

~~The~~Our activities have been financed from the proceeds of share subscriptions. On August 20, 2019 the Company ~~plans~~sold 41,000,000 shares of common stock to ~~raise~~its ~~additional~~founders ~~funds~~for ~~through~~a ~~debt~~subscription oramount ~~equity~~of ~~offerings~~$41,000. ~~There~~On isAugust no20, ~~guarantee~~2019, ~~that~~ the Company ~~will~~sold be39,000,000 ~~able~~shares toof ~~raise~~common ~~any~~stock ~~capital~~for ~~through~~a ~~this~~subscription oramount ~~any~~of ~~other offerings~~$215,504.

~~CRITICAL~~At ~~ACCOUNTING~~September ~~POLICIES~~30, 2024, we had an outstanding related-party loan of $95,558 and an unrelated party loan of $119,250.

The ~~discussion~~Company ~~and~~plans ~~analysis~~to ofraise ~~our~~additional ~~financial~~funds ~~condition~~through ~~and~~debt ~~results~~or ofequity ~~operations are based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”)~~offerings. ~~The~~There ~~preparation~~is ofno ~~these~~guarantee ~~condensed consolidated financial statements requires us to make estimates and judgments~~ that ~~affect~~ the ~~reported~~Company ~~amounts~~will ofbe ~~assets,~~able liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to beraise ~~reasonable~~any ~~under~~capital ~~the~~through ~~circumstances,~~this ~~the~~or ~~results~~any ~~of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from~~ other ~~sources~~offerings. Actual results may differ from these estimates under different assumptions or conditions. We have identified the policies below as critical to our business operations and to the understanding of our financial results:

~~Basis~~CRITICAL ofACCOUNTING ~~Accounting~~POLICIES

The ~~Company’s~~discussion and analysis of our financial ~~statements~~condition and results of operations are based on our condensed consolidated financial statements, which have been prepared ~~using~~in accordance with accounting principles generally accepted in the ~~accrual~~United ~~method~~States (“US GAAP”). The preparation of ~~accounting~~these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are ~~presented~~believed into ~~United~~be ~~States~~reasonable ~~Dollars~~under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We have identified the policies below as critical to our business operations and to the understanding of our financial results:

12Basis ~~Table~~ of ~~Contents~~Accounting

~~Basic~~The ~~Earnings~~Company’s ~~(loss)~~financial ~~per~~statements ~~Share~~are prepared using the accrual method of accounting and are presented in United States Dollars.

~~The~~11 ~~Company~~Table ~~computes~~of net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.Contents

Basic ~~net~~Earnings ~~earnings~~ (loss) per share amounts are computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.Share

~~Use~~The ofCompany ~~Estimates~~computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 specifies the computation, presentation and ~~Assumptions~~disclosure requirements for earnings (loss) per share for entities with publicly held common stock.

~~The~~Basic ~~preparation~~net ofearnings ~~financial~~(loss) ~~statements~~per inshare ~~conformity~~amounts ~~with~~are ~~generally~~computed ~~accepted~~by ~~accounting~~dividing ~~principles~~the ~~requires~~net ~~management~~earnings to(loss) ~~make~~by ~~estimates and assumptions that affect~~ the ~~reported~~weighted ~~amounts~~average number of ~~assets~~common ~~and~~shares ~~liabilities~~outstanding. ~~and~~Diluted ~~disclosure~~earnings of(loss) ~~contingent~~per ~~assets~~share ~~and~~are ~~liabilities~~the atsame ~~the~~as ~~date~~basic ofearnings ~~the~~(loss) ~~financial~~per ~~statements~~share ~~and~~due to the ~~reported~~lack ~~amounts~~ of ~~revenues~~dilutive ~~and~~items ~~expenses~~in ~~during~~ the ~~reporting period~~Company. ~~Actual results could differ from those estimates.~~

~~Due~~Use ~~to the limited level~~ of ~~operations,~~Estimates ~~the~~and ~~Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.~~Assumptions

~~Income~~The ~~Taxes~~preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

~~Income~~Due ~~taxes~~to ~~are~~the ~~provided~~limited inlevel ~~accordance~~of ~~with ASC 740~~operations, ~~Income~~ ~~Taxes.~~the ACompany ~~deferred~~has ~~tax~~not ~~asset~~had orto ~~liability~~make ismaterial ~~recorded~~assumptions ~~for~~or ~~all~~estimates ~~temporary~~other ~~differences~~than ~~between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from~~ the ~~net~~assumption ~~change~~that ~~during~~ the ~~year~~Company ofis ~~deferred~~a ~~tax~~going ~~assets and liabilities~~concern.

~~Deferred~~Income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.Taxes

~~Foreign~~Income ~~Currency~~taxes ~~Translation~~are provided in accordance with ASC 740, Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.

~~The~~Deferred ~~Company’s~~tax ~~functional~~assets ~~and~~are ~~reporting~~reduced ~~currency~~by isa ~~the~~valuation ~~United~~allowance ~~States~~when, ~~dollar. Occasional transactions may occur~~ in ~~Chinese~~the ~~Renminbi~~opinion orof ~~Australian~~management, ~~Dollars.~~it ~~Monetary~~is ~~assets~~more ~~and~~likely ~~liabilities~~than ~~denominated~~not inthat ~~foreign~~some ~~currencies~~portion ~~are~~or ~~translated~~all ~~using~~of the ~~exchange~~deferred ~~rate~~tax ~~prevailing~~assets atwill ~~the~~not ~~balance~~be ~~sheet date~~realized. ~~Non-monetary~~Deferred tax assets and liabilities ~~denominated in foreign currencies~~ are ~~translated~~adjusted atfor ~~rates of exchange in effect at~~ the ~~date~~effects of ~~the~~changes ~~transaction.~~in ~~Average~~tax ~~monthly~~laws ~~rates are used to translate expenses. Gains~~ and ~~losses~~rates ~~arising~~ on ~~translation or settlement of foreign currency denominated transactions or balances are included in~~ the ~~determination~~date of ~~net income (loss)~~enactment.

~~Fair~~Foreign ~~Value~~Currency ~~of Financial Instruments~~Translation

The ~~carrying~~Company’s ~~amount~~functional ofand ~~cash~~reporting ~~and~~currency ~~current~~is ~~liabilities~~the ~~approximates~~United ~~fair~~States ~~value~~dollar. ~~due~~Occasional totransactions ~~the~~may ~~short~~occur ~~maturity~~in ofChinese ~~these~~Renminbi ~~instruments~~or Australian Dollars. ~~These~~Monetary ~~fair~~assets ~~value~~and ~~estimates~~liabilities denominated in foreign currencies are ~~subjective~~translated inusing ~~nature~~the ~~and~~exchange ~~involve~~rate ~~uncertainties~~prevailing ~~and~~at ~~matters~~the ofbalance ~~significant~~sheet ~~judgment~~date. Non-monetary assets and ~~therefore~~liabilities ~~cannot~~denominated bein ~~determined~~foreign ~~with~~currencies ~~precision.~~are ~~Unless~~translated ~~otherwise~~at ~~noted,~~rates itof isexchange ~~management’s~~in ~~opinion~~effect at the ~~Company~~date isof ~~not~~the ~~exposed~~transaction. Average monthly rates are used to ~~significant~~translate ~~interest,~~expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or ~~credit~~balances ~~risks~~are ~~arising~~included ~~from~~in ~~these~~the ~~financial~~determination ~~instruments~~of net income (loss).

~~Start-Up~~Fair ~~expenses~~Value of Financial Instruments

AsThe acarrying ~~start-up~~amount ~~company,~~of cash and current liabilities approximates fair value due to the ~~costs~~short ~~associated~~maturity ~~with~~of ~~start-up~~these ~~activities~~instruments. These fair value estimates are ~~expensed~~subjective asin ~~incurred~~nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. ~~Accordingly~~Unless otherwise noted, ~~start-up~~it ~~costs~~is ~~associated~~management’s ~~with~~opinion the Company’s ~~formation~~is ~~have~~not ~~been~~exposed ~~included~~to insignificant ~~the~~interest, ~~Company’s~~currency ~~general~~or ~~and~~credit ~~administrative~~risks ~~expenses~~arising from these financial instruments.

13Start-Up ~~Table of Contents~~expenses

~~Property~~As a start-up company, the costs associated with start-up activities are expensed as incurred. Accordingly, start-up costs associated with the Company’s formation have been included in the Company’s general and ~~Equipment~~administrative expenses.

~~Property~~12 ~~and~~Table equipment are stated at cost. Major repairs and betterments are capitalized and normal maintenance and repairs are charged to expense as incurred. Depreciation is computed by the straight-line method over the estimated useful lives of ~~the related assets. Upon retirement or sale of an asset, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in operations.~~Contents

~~Recent~~Property ~~Accounting~~and ~~Pronouncements~~Equipment

~~The~~Property ~~Company~~and ~~has~~equipment ~~implemented~~are ~~all~~stated ~~new~~at ~~accounting~~cost. ~~pronouncements~~Major ~~that~~repairs and betterments are incapitalized ~~effect~~and normal maintenance and ~~that~~repairs ~~may~~are ~~impact~~charged ~~its~~to ~~financial~~expense ~~statements~~as ~~and~~incurred. ~~does~~Depreciation ~~not~~is ~~believe~~computed ~~that~~by ~~there~~the ~~are~~straight-line ~~any~~method ~~other~~over ~~new~~the ~~accounting~~estimated ~~pronouncements~~useful ~~that~~lives ~~have~~of ~~been~~the ~~issued~~related ~~that~~assets. ~~might~~Upon ~~have~~retirement aor ~~material~~sale ~~impact~~of onan ~~its~~asset, ~~financial~~the ~~position~~cost and accumulated depreciation are removed from the accounts and any gain or ~~results~~loss ofis reflected in operations.

~~PLAN~~Recent OFAccounting ~~OPERATION~~Pronouncements

WeThe ~~are~~Company anhas ~~early~~implemented ~~stage~~all ~~corporation~~new accounting pronouncements that are in effect and ~~have~~that ~~generated~~may ofimpact ~~only~~its ~~$382~~financial statements and ~~$2,080~~does ofnot ~~revenues~~believe ~~from~~that ~~sales~~there ofare ~~our~~any ~~nutraceutical~~other ~~and~~new ~~dietary~~accounting ~~supplements~~pronouncements ~~business~~that ~~during~~have ~~the~~been ~~three~~issued ~~and~~that ~~nine~~might ~~months~~have ~~periods~~a ~~ended~~material ~~June~~impact ~~30,~~on ~~2024~~its financial position or results of operations.

~~Our~~PLAN ~~plan~~OF ~~of operation for the 12 months following the filing of this Quarterly Report on Form 10-Q is to increase the sales of our products.~~OPERATION

~~The~~We ~~Company~~are ~~believes~~an itearly ~~can~~stage ~~satisfy~~corporation ~~its~~and ~~cash~~have ~~requirements~~generated ~~through~~revenues ~~the~~of ~~fiscal~~$0 ~~year~~and ~~end~~only $297 from sales of ~~December~~our ~~31,~~nutraceutical ~~2024,~~and ~~from~~dietary ~~its~~supplements ~~cash~~business ofduring ~~$25,720~~the asthree ofand ~~June~~nine months periods ended September 30, 2024. Accordingly, Asour plan of ~~June~~operation ~~30,~~for ~~2024,~~the we12 ~~had~~months afollowing ~~working~~the ~~capital~~filing ~~balance~~of this Quarterly Report on Form 10-Q is to increase the sales of ~~$3,827~~our products.

~~RESULTS~~The OFCompany ~~OPERATIONS~~believes it can satisfy its cash requirements through the fiscal year end of December 31, 2024, from its cash of $4,755 as of September 30, 2024. As of September 30, 2024, we had a working capital balance of $(19,239).

~~Three~~RESULTS ~~Months~~OF ~~Ended June 30, 2024 as compared to Three Months Ended June 30, 2023:~~OPERATIONS

WeThree ~~recorded~~Months ~~revenues~~Ended ofSeptember ~~$139 and $276~~30, ~~respectively,~~2024 ~~during~~as ~~the~~compared ~~three~~to ~~months~~Three ~~ended~~Months ~~June~~Ended September 30, ~~2024 and~~ 2023.:

~~For~~We ~~the~~recorded ~~three~~revenues ~~months~~of ~~ended~~$0 ~~June 30, 2024, general~~ and ~~administrative expenses were~~ $49382,~~990~~ ~~as compared to $27~~respectively,~~222~~ ~~for~~during the three months ended ~~June~~September 30, ~~2023.~~2024 ~~The increase was primarily related to an increase in interest expenses, auditing fees, stock issuance expenses,~~ and ~~legal expenses~~2023.

WeFor ~~recorded~~the ~~net~~three ~~losses~~months ofended ~~$49~~September 30,~~920~~ 2024, general and administrative expenses were $2723,~~084,~~065 ~~respectively~~as compared to $35,406 ~~during~~for the three months ended ~~June~~September 30, ~~2024~~2023. ~~and~~The ~~2023~~decrease was primarily related to a decrease in stock issuance expense.

~~Six~~We ~~Months~~recorded ~~Ended~~net ~~June~~losses 30of $23,065 ~~2024~~and as$35,406, ~~compared~~respectively, toduring ~~Six~~the ~~Months~~three ~~Ended~~months ~~June~~ended September 30, 2024: and 2023.

WeNine ~~recorded~~Months ~~revenues~~Ended ofSeptember ~~$297 and $1~~30,~~698,~~ ~~respectively,~~2024 ~~during~~as ~~the~~compared ~~six~~to ~~months~~Nine ~~ended~~Months ~~June~~Ended September 30, 2024 ~~and 2023.~~:

~~For~~We ~~the~~recorded ~~six~~revenues ~~months~~of ~~ended~~$297 ~~June 30, 2024, general~~ and ~~administrative expenses were~~ $812,~~046~~080, ~~as compared to $27~~respectively,~~222~~ ~~for~~during the ~~six~~nine months ended ~~June~~September 30, ~~2023.~~2024 ~~The increase was primarily related to an increase in interest expense, auditing fees,~~ and ~~stock insurance expenses~~2023.

WeFor ~~recorded~~the ~~net~~nine ~~losses~~months ofended ~~$49~~September 30,~~920~~ 2024, general and administrative expenses were $61104,~~539,~~111 ~~respectively~~as compared to $97,131 ~~during~~for the ~~three~~nine months ended ~~June~~September 30, ~~2024~~2023. The increase was primarily related to increases in interest and ~~2023~~accounting and auditing expenses.

~~Liquidity~~We recorded net losses of $103,962 and ~~Capital~~$96,096, ~~Resources~~respectively, during the three months ended September 30, 2024 and 2023.

AtLiquidity ~~June 30, 2024, we had a cash balance of $25,720~~ and ~~total~~Capital ~~current liabilities of $1,198. Our working capital balance at June 30, 2024, was $3,827. We sufficient cash on hand to fund our ongoing operational expenses through December 31, 2024.~~ Resources

14At ~~Table~~September 30, 2024, we had a cash balance of ~~Contents~~$4,755 and total current liabilities of $1,198, consisting of unearned revenue. Our working capital balance at September 30, 2024, was $(19,239). We sufficient cash on hand to fund our ongoing operational expenses through December 31, 2024.

Material hurdles remain until we can increase sales of our products. First, we must construct manufacturing facilities, which includes locating a site, installing a workshop and setting up equipment. No special equipment needs to be engineered or produced. All needed equipment is presently available from existing manufacturers. Second, our workforce will need to be trained, however, no specialized education or experience is needed by labor we intend to hire. We estimate that we need approximately $5,000,000 to complete such activities and that it would take approximately one year to complete such activities. Additional funding will likely come from equity financing from the sale of our common stock, if we are able to sell such stock. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our activities. In the absence of such financing, our business will fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue the expansion of our business.

At13 ~~June~~Table ~~30, 2024, our total assets were $200,378 consisting~~ of ~~cash of $25,720, and inventory of $174,677.~~Contents

At ~~June~~September 30, 2024, our ~~current and~~ total ~~liabilities~~assets were $~~196~~179,~~571~~432 ~~and~~consisting ~~stockholders’~~of ~~equity~~cash ~~was~~of $34,~~826~~755, and inventory of $174,677.

~~Cash~~At ~~Flows~~September ~~from~~30, ~~Operating~~2024, ~~Activities~~our total liabilities were $198,671 and stockholders’ equity was $(19,239).

WeCash ~~have~~Flows ~~not generated positive cash flows~~ from ~~operating~~Operating activities. Net cash used in operations was $49,851 and $26,946 for the three months ended June 30, 2024 and 2023, respectively; and $80,961 and $58,867 for the six months ended June 30, 2024 and 2023, respectively. Activities

~~Cash~~We ~~Flows~~have not generated positive cash flows from ~~Financing~~operating ~~Activities~~activities. Net cash used in operations was $23,065 and $35,210 for the three months ended September 30, 2024 and 2023, respectively; and $104,026 and $94,077 for the nine months ended September 30, 2024 and 2023, respectively.

~~Net~~Cash ~~cash~~Flows ~~flows~~from ~~provided~~Financing byActivities ~~financing activities was $51,350 and $0, for the three months ended June 30, 2024 and 2023, respectively; and $53,450 and $30,000 for the six months ended June 30, 2024 and 2023, respectively.~~

~~Off-Balance~~Net ~~Sheet~~cash ~~Arrangements~~flows provided by financing activities was $2,100 and $30,000, for the three months ended September 30, 2024 and 2023, respectively; and $55,550 and $60,000 for the nine months ended September 30, 2024 and 2023, respectively.

~~We had no off~~Off-~~balance~~Balance ~~sheet~~Sheet ~~arrangements for the three months ended June 30, 2024.~~Arrangements

~~Subsequent~~We ~~Events~~had no off-balance sheet arrangements for the three months ended September 30, 2024.

~~None~~Subsequent ~~through date of this filing.~~ Events

~~ITEM~~None 3.through ~~QUANTITATIVE~~date ~~AND~~of ~~QUALITATIVE~~this ~~DISCLOSURES ABOUT MARKET RISK~~filing.

AsITEM a3. ~~smaller~~QUANTITATIVE ~~reporting~~AND ~~company~~QUALITATIVE ~~(as~~DISCLOSURES ~~defined~~ABOUT inMARKET ~~Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3~~RISK.

~~ITEM~~As 4.a ~~CONTROLS~~smaller ~~AND~~reporting ~~PROCEDURES~~company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

~~Evaluation~~ITEM of4. ~~disclosure~~CONTROLS ~~controls~~AND ~~and procedures~~PROCEDURES.

~~Our~~Evaluation ~~management, with the participation~~ of our Chief Executive Officer (who acts as our principal executive officer) and our Secretary (who acts as our principal accounting officer and principal financial officer), evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

~~Based~~Our onmanagement, ~~that~~with ~~evaluation,~~the participation of our Chief Executive Officer (who acts as our principal executive officer) and our Secretary ~~concluded~~(who ~~that,~~acts as ofour ~~June~~principal ~~30,~~accounting ~~2024~~officer and principal financial officer), evaluated the effectiveness of our disclosure controls and procedures ~~were~~as ~~not~~defined ~~effective~~in toRule ~~provide~~13a-15(e) ~~reasonable~~under ~~assurance~~the ~~that~~Exchange ~~information~~Act weas ~~are~~of ~~required~~the toend ~~disclose~~of inthe ~~reports~~period ~~that~~covered weby ~~file~~this orQuarterly ~~submit~~Report ~~under~~on ~~the~~Form ~~Exchange~~10-Q. ~~Act~~In isdesigning ~~(i)~~and ~~recorded,~~evaluating ~~processed,~~the ~~summarized~~disclosure controls and ~~reported~~procedures, ~~within~~our ~~the~~management ~~time~~recognized ~~periods~~that ~~specified~~any incontrols ~~SEC~~and ~~rules~~procedures, ~~regulations~~no matter how well designed and ~~forms~~operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and ~~(ii)~~procedures must reflect the fact that ~~such~~there ~~information~~are isresource ~~accumulated~~constraints and ~~communicated~~that management is required to ~~our~~apply ~~management,~~its ~~including~~judgment ~~our~~in ~~President~~evaluating ~~and~~the ~~our~~benefits ~~Secretary,~~of aspossible ~~appropriate,~~controls and procedures relative to ~~allow~~their ~~timely~~costs. ~~decisions~~The ~~regarding~~design ~~required~~of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

~~Changes~~Based on that evaluation, our Chief Executive Officer and our Secretary concluded that, as of September 30, 2024, our disclosure controls and procedures were not effective to provide reasonable assurance that information we are required to disclose in ~~internal~~reports ~~control~~that ~~over~~we ~~financial~~file ~~reporting~~or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules, regulations and forms, and (ii) that such information is accumulated and communicated to our management, including our President and our Secretary, as appropriate, to allow timely decisions regarding required disclosure.

~~Our~~Changes ~~management, with the participation of our Chief Executive Officer and our Secretary, has concluded there were no significant changes~~ in ~~our~~ internal ~~controls over financial reporting that occurred during this quarter that have materially affected, or are reasonably likely to materially affect, our internal~~ control over financial reporting.

15Our ~~Table~~management, with the participation of ~~Contents~~our Chief Executive Officer and our Secretary, has concluded there were no significant changes in our internal controls over financial reporting that occurred during this quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

~~PART~~14 ~~II.~~Table ~~OTHER~~of ~~INFORMATION~~Contents

~~ITEM~~PART 1II. ~~LEGAL~~OTHER ~~PROCEEDINGS.~~INFORMATION

~~The~~ITEM ~~Company is not currently subject to any legal proceedings~~1. ~~From~~LEGAL ~~time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant~~PROCEEDINGS. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

~~ITEM~~The 1ACompany is not currently subject to any legal proceedings. ~~RISK~~From ~~FACTORS~~time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

AsITEM ~~a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item~~ 1A. RISK FACTORS

~~ITEM~~As a smaller reporting company (as defined in Rule 12b-2. ~~UNREGISTERED~~of ~~SALES~~the OFExchange ~~EQUITY~~Act), ~~SECURITIES~~we ~~AND~~are ~~USE~~not OFrequired ~~PROCEEDS~~to provide the information called for by this Item 1A.

~~None~~ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

~~ITEM 3~~None. ~~DEFAULTS UPON SENIOR SECURITIES.~~

~~None~~ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

~~ITEM 4~~None. ~~MINE SAFETY DISCLOSURES.~~

~~None~~ITEM 4. MINE SAFETY DISCLOSURES.

~~ITEM 5~~None. ~~OTHER INFORMATION.~~

~~None~~ITEM 5. OTHER INFORMATION.

~~16 Table of Contents~~None.

~~ITEM~~15 6.Table ~~EXHIBITS.~~of Contents

~~(a)~~ITEM ~~Exhibits~~6. ~~required by Item 601 of Regulation SK~~EXHIBITS.

Number		Description
3.1		Articles of Incorporation (1)
3.2		Bylaws (1)
31.1*		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.*+
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

(a) Exhibits required by Item 601 of Regulation SK.

_______________

Number		Description

3.1		Articles of Incorporation (1)
3.2		Bylaws (1)
31.1*		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.*+
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

*Furnished, not filed._______________

17*Furnished, ~~Table~~not ~~of Contents~~filed.

~~SIGNATURES~~16 Table of Contents

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

	GOLDENWELL BIOTECH, INC.
Date: August 20, 2024	By:	/s/ Shuang Liu
	Name:	Shuang Liu
	Title:	Chief Executive Officer(principal executive officer)

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

Date: August 20, 2024	By:	/s/ Hua Xie
	GOLDENWELL BIOTECH, INC.
	Name:	Hua Xie
Date: November 26, 2024	By:	/s/ Shuang Liu
	Title:	Secretary(principal financial officer and principal accounting officer)
	Name:	Shuang Liu
	Title:	Chief Executive Officer(principal executive officer)

Date: November 26, 2024

By:

/s/ Hua Xie

Name:

Hua Xie

Title:

Secretary

(principal financial officer and principal accounting officer)

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