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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 September 30, 2025

☐ 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. 000-56060

BlueOne Card, Inc.

(Exact name of small business issuer as specified in its charter)

nevada

26-0478989

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

4695 MacArthur Court, Suite 1100

Newport Beach, CA 92660

(Address of principal executive offices)

(800) 210-9755

(Registrant’s telephone number, including area code)

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such 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 such files). Yes ☒ No ☐

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

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

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

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

The number of shares of Common Stock, $0.001 par value, of the registrant outstanding at November 19, 2025 was 14,297,295 shares.

TABLE OF CONTENTS

	Page No.
PART I.	1

Item 1. Financial Statements	1

Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and March 31, 2025	1

Condensed Consolidated Statements of Operations for the Three Months and Six Months ended September 30, 2025 and 2024 (Unaudited)	2

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months and Six Months ended September 30, 2025 and 2024 (Unaudited)	3

Condensed Consolidated Statements of Cash Flows for the Six Months ended September 30, 2025 and 2024 (Unaudited)	4

Notes to Condensed Consolidated Financial Statements (Unaudited)	5

Item 2. Management’s Discussion and Analysis or Plan of Operation	17

Item 3. Quantitative and Qualitative Disclosures About Market Risks.	26

Item 4. Controls and Procedures	26

PART II.	27

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 5. Other Information	27

Item 6. Exhibits.	27

SIGNATURES	28

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties.

Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect,” “desire,” “goal,” “should,” “objective,” “seek,” “plan,” “strive” or “anticipate,” as well as variations of such words or similar expressions, or the negatives of these words. These forward-looking statements present our estimates and assumptions only as of the date of this Form 10-Q. Except for our ongoing obligation to disclose material information as required by the federal securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement. We caution readers not to place undue reliance on any such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes will likely vary materially from those indicated.

PART I.

Item 1. Financial Statements.

BLUEONE CARD, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2025			March 31, 2025
	(Unaudited)
ASSETS
Current Assets
Cash	$	496		$	46,018
Accounts receivable, net		18,986			9,720
Prepaid deposits and other current assets		10,068			10,068
Total Current Assets		29,550			65,806

Property and equipment, net		93,631			145,041
Internal-use software, net		4,297,821			4,501,321
Goodwill		10,782,814			10,782,814
Right-of-use asset		73,319			35,219
Deposits		4,391			4,391
Total Assets	$	15,281,526		$	15,534,592

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	340,773		$	278,343
Compensation payable to officer		890,765			780,958
Deferred revenue		149,205			55,252
Related party payables		842,945			623,828
Lease liabilities - current portion		37,590			30,781
Total Current Liabilities		2,261,278			1,769,162

Lease liabilities - net of current portion		38,226			4,591
Total Liabilities		2,299,504			1,773,753

Commitments and Contingencies (See Note 7)		-			-

Stockholders’ Equity
Preferred stock, $0.001 par value; 25,000,000 shares authorized, Series A Preferred Stock, 1,000,000 shares designated, 292,000 shares issued and outstanding at September 30, 2025 and March 31, 2025, respectively		292			292
Common stock, $0.001 par value; 500,000,000 shares authorized, 14,275,072 shares and 14,273,260 shares issued and outstanding at September 30, 2025 and March 31, 2025, respectively		14,276			14,274
Additional paid in capital		12,868,386			12,860,238
Accumulated deficit		(5,561,032	)		(4,922,995	)
Total BlueOne Card Inc. Stockholders’ Equity		7,321,922			7,951,809

Non-controlling interest in subsidiary		5,660,100			5,809,030

Total Equity		12,982,022			13,760,839

Total Liabilities and Equity	$	15,281,526		$	15,534,592

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

BLUEONE CARD, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	For the Three Months Ended September 30,						For the Six Months Ended September 30,
	2025			2024			2025			2024

Revenues	$	29,650		$	-		$	125,206		$	-

Operating Expenses
Cost of revenues (excluding software amortization included in G&A)		24,624			-			59,684			-
Legal and filing fees		2,859			4,308			3,536			7,394
Rent		42,469			37,568			80,258			75,357
General and administrative		397,530			187,940			757,483			404,670
Total Operating Expenses		467,482			229,816			900,961			487,421

Loss from Operations		(437,832	)		(229,816	)		(775,755	)		(487,421	)

Other Income (Expense)
Interest expense		(5,622	)		(4,245	)		(11,212	)		(5,999	)
Total Other Income (Expense)		(5,622	)		(4,245	)		(11,212	)		(5,999	)

Loss before Income Taxes		(443,454	)		(234,061	)		(786,967	)		(493,420	)

Provision for Income Tax		-			-			-			-

Net Loss	$	(443,454	)	$	(234,061	)	$	(786,967	)	$	(493,420	)

Net loss of subsidiary attributable to non-controlling interest		79,447			-			148,930			-

Net loss attributable to common shareholders	$	(364,007	)	$	(234,061	)	$	(638,037	)	$	(493,420	)

Basic and Diluted Net Loss Attributable to Common Shareholders Per Share	$	(0.03	)	$	(0.02	)	$	(0.04	)	$	(0.04	)

Weighted Average Number of Shares Outstanding - Basic and Diluted		14,274,724			12,123,758			14,274,042			12,106,996

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

BLUEONE CARD, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

For the Three Months Ended September 30, 2025


	Preferred Stock				Common Stock				Additional Paid-in		Subscriptions		Accumulated			Non-controlling			Total
	Shares		Amount		Shares		Amount		Capital		Received		Deficit			Interest			Equity
Balance - June 30, 2025		292,000	$	292		14,274,672	$	14,275	$	12,866,587	$	-	$	(5,197,025	)	$	5,739,547		$	13,423,676
Sale of common stock		-		-		400		1		1,799		-		-			-			1,800
Net loss		-		-		-		-		-		-		(364,007	)		(79,447	)		(443,454	)
Balance - September 30, 2025		292,000	$	292		14,275,072	$	14,276	$	12,868,386	$	-	$	(5,561,032	)	$	5,660,100		$	12,982,022

For the Six Months Ended September 30, 2025

	Preferred Stock				Common Stock				Additional Paid-in		Subscriptions		Accumulated			Non-controlling			Total
	Shares		Amount		Shares		Amount		Capital		Received		Deficit			Interest			Equity
Balance - March 31, 2025		292,000	$	292		14,273,260	$	14,274	$	12,860,238	$	-	$	(4,922,995	)	$	5,809,030		$	13,760,839
Sale of common stock		-		-		1,812		2		8,148		-		-			-			8,150
Net loss		-		-		-		-		-		-		(638,037	)		(148,930	)		(786,967	)
Balance - September 30, 2025		292,000	$	292		14,275,072	$	14,276	$	12,868,386	$	-	$	(5,561,032	)	$	5,660,100		$	12,982,022

For the Three Months Ended September 30, 2024

	Preferred Stock				Common Stock				Additional Paid-in		Subscriptions		Accumulated			Non-controlling		Total Equity
	Shares		Amount		Shares		Amount		Capital		Received		Deficit			Interest		(Deficit)
Balance - June 30, 2024		292,000	$	292		12,106,204	$	12,106	$	4,179,156	$	-	$	(4,131,111	)	$	-	$	60,443
Sale of common stock		-		-		21,250		21		84,979		-		-			-		85,000
Net loss		-		-		-		-		-		-		(234,061	)		-		(234,061	)
Balance - September 30, 2024		292,000	$	292		12,127,454	$	12,127	$	4,264,135	$	-	$	(4,365,172	)	$	-	$	(88,618	)

For the Six Months Ended September 30, 2024

	Preferred Stock				Common Stock				Additional Paid-in		Subscriptions			Accumulated			Non-controlling		Total
	Shares		Amount		Shares		Amount		Capital		Received			Deficit			Interest		Equity
Balance - March 31, 2024		292,000	$	292		12,072,454	$	12,072	$	4,044,190	$	60,000		$	(3,871,752	)	$	-	$	244,802
Balance		292,000	$	292		12,072,454	$	12,072	$	4,044,190	$	60,000		$	(3,871,752	)	$	-	$	244,802
Sale of common stock		-		-		55,000		55		219,945		(60,000	)		-			-		160,000
Net loss		-		-		-		-		-		-			(493,420	)		-		(493,420	)
Balance - September 30, 2024		292,000	$	292		12,127,454	$	12,127	$	4,264,135	$	-		$	(4,365,172	)	$	-	$	(88,618	)
Balance		292,000	$	292		12,127,454	$	12,127	$	4,264,135	$	-		$	(4,365,172	)	$	-	$	(88,618	)

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

BLUEONE CARD, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	For the Six Months Ended September 30,
	2025			2024
Cash Flows From Operating Activities:
Net loss	$	(786,967	)	$	(493,420	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		53,434			65,603
Non-cash rent expense		2,344			1,527
Amortization of internal-use software		203,500			-
Changes in operating assets and liabilities:
(Increase) in accounts receivable		(9,266	)		-
Increase in accounts payable and accrued liabilities		62,430			110,339
Increase in compensation payable to officer		109,807			99,825
Increase in deferred revenue		93,953			-
Increase (decrease) in related party payables		219,117			(6,962	)
Net Cash Used In Operating Activities		(51,648	)		(223,088	)

Cash Flows From Investing Activities:
Cash paid for purchase of property and equipment		(2,024	)		-
Net Cash Used In Investing Activities		(2,024	)		-

Cash Flows From Financing Activities:
Cash proceeds from sale of common stock		8,150			160,000
Net Cash Provided By Financing Activities		8,150			160,000

Net (Decrease) in Cash		(45,522	)		(63,088	)

Cash - Beginning of the Period		46,018			75,063

Cash - End of the Period	$	496		$	11,975

Supplemental Disclosures of Cash Flows
Cash paid for interest	$	11,212		$	5,999
Cash paid for income taxes	$	-		$	-

Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Present value of initial lease liability and right-of-use asset	$	77,350		$	70,844

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

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

NOTE 1 – NATURE OF OPERATIONS, GOING CONCERN AND BASIS OF PRESENTATION

General

BlueOne Card, Inc. was incorporated on July 6, 2007 under the laws of the state of Nevada. The Company and its subsidiary (the “Company”) provides innovative payout solutions and prepaid debit card and gift card solutions to consumers and corporations transforming card-to-card cross border real time global money transfers.

On October 25, 2024, the Company entered into a Stock Exchange and Acquisition Agreement (the “Agreement”) with Millennium EBS, Inc., a New Jersey corporation (“MEI”), and Shinto Matthew, a shareholder owning 6,000,000 shares of common stock of MEI (the “Shareholder”). Pursuant to the Agreement, the Company acquired 3,600,000 shares of common stock of MEI (constituting 60% of the outstanding issued securities of MEI) owned by the Shareholder (the “MEI Shares”) in exchange (the “Exchange”) for 2,100,000 shares of the common stock of the Company (the “BCI Shares”). Subject to a 30-day grace period, the Company was obligated to pay to the Shareholder $500,000 within 90 days of closing, which was subsequently extended to December 31, 2025 (the “Cash Consideration”). Closing was conditioned upon the filing of Articles of Exchange with the Nevada Secretary of State. On December 13, 2024, the Articles of Exchange were filed pursuant to approval of the Company’s Board of Directors, the Exchange closed, and the BCI shares were issued to the Shareholder of MEI. MEI is now a majority owned subsidiary of the Company. This acquisition positions the Company to emerge as a prominent payment hub and prepaid debit card provider, significantly expanding its reach and capabilities globally in the fintech sector. The acquisition includes ownership of the MEI Payment Hub, an advanced payment orchestration and modernization platform that efficiently manages payments across multiple networks. This strategic move will enhance the Company’s ability to deliver a unified payment hub platform for small and medium-sized financial institutions worldwide.

Going Concern

These condensed consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has not yet generated any significant revenues and has suffered operating losses since July 6, 2007 (Inception Date) to date. The Company has recorded for the six months ended September 30, 2025, a net loss attributable to common stockholders of $638,037, net cash flows used in operating activities of $51,648, and has an accumulated deficit and working capital deficit of $5,561,032 and $2,231,728 as of September 30, 2025. These factors, among others, raise a substantial doubt regarding the Company’s ability to continue as a going concern operation for a period of 12 months from the issuance date of these condensed consolidated financial statements. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitability. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Basis of Presentation

The interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its subsidiary. The preparation of interim condensed financial statements requires management to make assumptions and estimates that impact the amounts reported. The interim condensed consolidated financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. These interim condensed consolidated financial statements, reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended September 30, 2025 and 2024; however, certain information and footnote disclosures normally included in our audited annual financial statements, as included in the Company’s interim condensed consolidated financial statements, have been condensed or omitted pursuant to such SEC rules and regulations and accounting principles applicable for interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025, filed with the SEC on August 27, 2025. It is important to note that the Company’s results of operations and cash flows for interim periods are not necessarily indicative of the results of operations and cash flows to be expected for a full fiscal year or any other interim period.

The Company accounts for its non-controlling interest in Millenium EBS, Inc. in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total stockholders’ equity on the consolidated balance sheets and the consolidated net loss attributable to its non-controlling interest be clearly identified and presented on the face of the consolidated statements of operations.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

Principles of Consolidation

The Company’s condensed consolidated financial statements include the financial statements of its majority-owned subsidiary Millenium EBS, Inc. In the preparation of unaudited consolidated financial statements of the Company, intercompany transactions and balances have been eliminated and net earnings (losses) are reduced by the portion of the net loss of subsidiary applicable to non-controlling interests.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following summary of the significant accounting policies of the Company is presented to assist in the understanding of the Company’s financial statements. These accounting policies conform to US GAAP in all material respects and have been consistently applied in preparing the accompanying financial statements.

Use of Estimates

The preparation of financial statements in conformity with US 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 amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets, liabilities, equity and operations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about its estimates that are not readily apparent from other sources. Significant estimates in the accompanying financial statements include the valuation of note receivable and accounts receivable, valuation of internal-use software, valuation of fair value of assets acquired and liabilities assumed in a business combination, valuation of common stock consideration in a business combination, valuation of acquired intangible assets and goodwill, valuation of lease liabilities and right-of-use assets, valuation of stock-based compensation and valuation of deferred tax assets. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2025 and March 31, 2025, respectively.

Concentration

Cash Concentration

Cash is maintained at one financial institution and at times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of September 30, 2025 and March 31, 2025, the Company did not have any cash balances in a financial institution which exceeded federally insured limits. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operation and cash flow.

Significant Vendor and Concentration

The Company relied solely on one vendor for key components and processing services related to the manufacturing, distribution and servicing of its prepaid debit cards and gift cards. The same vendor was also the sole developer and provider of the software for the Company’s operations. The Company terminated its relationship with this vendor on or around December 18, 2023, and entered into an agreement with a new vendor on February 27, 2024. The Company has paused its agreement with the new vendor, awaiting the vendor to engage a bank to service the Company’s prepaid debit cards and gift cards. The Company will resume its agreement with the vendor as soon as the vendor engages a bank.

Accounts Receivable

The Company recognizes an allowance for losses on accounts receivable and notes receivable in an amount equal to the estimated probable losses net of recoveries under the current expected credit loss method. The allowance is based on an analysis of historical bad debt experience, current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts and notes receivable considered at risk or uncollectible.

The Company has adopted ASC 326, “Financial Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined principally on the basis of past collection experience and known financial factors regarding specific customers. The expense associated with the allowance for credit losses on accounts receivable is recognized in general and administrative expenses.

The Company has recorded $18,986 and $9,720 in net accounts receivable and $0 and $0 in loans receivable as of September 30, 2025 and March 31, 2025, respectively. The Company has assessed the collectability of loans receivables of $102,305 and provided a 100% allowance for uncollectable as of September 30, 2025 and March 31, 2025, respectively. The Company recorded an allowance for credit losses of $106,629 and $85,020 on accounts receivable at September 30, 2025 and March 31, 2025, respectively. Credit loss expense recorded for the six months ended September 30, 2025 and 2024 recorded was $21,609 and $0, respectively.

The Company recorded allowance for credit losses as follows:

SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES


Balance - March 31, 2025	$	85,020
Credit losses expense		21,609
Less Credit losses written off		-
Balance - September 30, 2025	$	106,629

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets which range from 3 three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets when they are placed into service. The Company evaluates property and equipment for impairment periodically to determine if changes in circumstances or the occurrence of events suggest the carrying value of the asset or asset group may not be recoverable. Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

Internal-Use Software

Costs incurred to develop internal-use software during the preliminary project stage are expensed as incurred. Internal-use software development costs are capitalized during the application development stage, which is after: (i) the preliminary project stage is completed; and (ii) management authorizes and commits to funding the project and it is probable the project will be completed and used to perform the intended function. Capitalization ceases at the point where the software project is substantially complete and ready for its intended use, and after all substantial testing is completed. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected useful life of the internal-use software development costs and related upgrades and enhancements. When the existing software is replaced with new software, the unamortized costs of the old software are expensed when the new software is ready for its intended use.

The Company conducts a qualitative assessment of internal-use software impairment using the guidelines of ASC 350-40-35-1 Internal-Use Software. If impairment is indicated, then the Company conducts a quantitative impairment test under ASC 360 for long lived assets.

Long-lived Assets

In accordance with Accounting Standards Codification (“ASC”) ASC 360, “Property, Plant, and Equipment”, the Company tests long-lived assets including internal-use software and intangible assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the estimated future undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss equal to the excess of the carrying value over the assets fair market value is recognized when the carrying amount exceeds the undiscounted cash flows. The impairment loss is recorded as an expense and a direct write-down of the asset. No impairment loss was recorded during the three months and six months ended September 30, 2025 and 2024, respectively.

Business Combination

The Company accounts for business acquisitions using the acquisition method of accounting where the assets acquired, and liabilities assumed are recognized based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain acquired assets and liabilities is subjective in nature and often involves the use of significant estimates and assumptions, including, but not limited to, the selection of appropriate valuation methodology, projected revenue, expenses, and cash flows, weighted average cost of capital, discount rates, and estimates of terminal values. Business acquisitions are included in the Company’s consolidated financial statements as of the date of the acquisition. The Company evaluates acquisitions pursuant to ASC 805, “Business Combinations,” to determine whether the acquisition should be classified as either an asset acquisition or a business combination.

Goodwill

Goodwill arising on a business combination represents the difference between the cost of acquisition and the Company’s consolidated interest in the fair value of the identifiable assets and liabilities of a subsidiary as at the date of acquisition. Goodwill is recognized as an asset and is not amortized but is reviewed for impairment at least annually. Any impairment is recognized immediately in the statement of operations and is not subsequently reversed.

Leases

The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company with the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company considers it to be, or contain, a lease.

The Company accounts for its vehicle leases under ASC 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the balance sheet as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate which is consummate with the respective lease term. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term.

In calculating the right of use asset and lease liability, the Company elects to include only the lease components as permitted under ASC 842. The Company expenses non-lease components as incurred. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

Fair value of Financial Instruments and Fair Value Measurements

ASC 820, “Fair Value Measurements and Disclosures”, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company has established a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of accounts receivable, prepaid assets, accounts payable and accrued liabilities, related party payable, and lease liability. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

Revenue Recognition

The Company’s revenue recognition policy is based on the revenue recognition criteria established under the Financial Accounting Standards Board – Accounting Standards Codification 606 “Revenue from Contracts with Customers” which has established a five-step process to govern contract revenue and satisfy each element is as follows:

(1) Identify the contract(s) with a customer.

(2) identify the performance obligations in the contract.

(3) determine the transaction price.

(4) allocate the transaction price to the performance obligations in the contract; and

(5) recognize revenue when or as you satisfy a performance obligation.

The Company records the revenue once all the above steps are completed.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the contract. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

The Company’s parent recognizes revenues from card sales when the product is deemed delivered to the customer, and the ownership/control is transferred. The Company’s parent will recognize revenue from card service fees and card transactions once the service or transaction is completed, respectively. The Company’s parent recognizes implementation fees, which are considered as distinct services and a separate performance obligation, at a point in time once the implementation services are completed or if the Company receives non-refundable fees and the contract is subsequently terminated.

Subscription and licensing revenues are derived from contracts with customers for use of its subsidiary’s Millenium Payment Hub platform, which is available as a standalone product, but it can also be customized. Subscription revenues are recognized over time on a pro-rata basis over the applicable subscription contractual periods, ranging from one month to five years, and licensing revenues may be recognized at a point in time or over time depending upon the provisions in the customer contract.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

Implementation revenues, which are considered as distinct services and a separate performance obligation, are derived from implementing our majority-owned subsidiary’s Millenium Payment Hub platform, as a SaaS for customers requiring and/or requesting customization and includes: (i) assessing the scope; and (ii) providing services associated with designing, building, deploying and modifying the Customer Instance (including all other Customer Solutions). Such customization may include implementation of additional connectors, integration with other card issuing platforms, implementation of compliance features, development of a mobile application for end users, and enablement of international remittance capabilities. This includes all activities related to configuring, installing, and ensuring that the system is fully operational. Implementation revenues are recognized at the point in time when the implementation is finished, and the customer is able to use the system. Costs of each implementation are accumulated and capitalized until such time the implementation project has been completed, at which time the related implementation revenue is recognized and the costs of implementation are reclassified to cost of revenues.

Payments received from customers are recorded as deferred revenues until the revenue recognition criterias are met.

Revenue Disaggregation and Deferred Revenues

The Company records revenues from the implementation of services, licensing fees and subscription services, respectively. Revenues for the three months and six months ended September 30, 2025 and 2024, are as follows:

SCHEDULE OF REVENUE DISAGGREGATION


	For The Three Months Ended September 30,				For The Six Months Ended September 30,
	2025		2024		2025		2024
Implementation fees – services - point in time	$	14,250	$	-	$	74,250	$	-
License fees – at a point in time		10,000		-		10,000		-
Subscription fees – over time		5,400		-		40,956		-
Total revenues	$	29,650	$	-	$	125,206	$	-

The Company recorded deferred revenues as follows:

SCHEDULE OF DEFERRED REVENUE


Balance - March 31, 2025	$	55,252
Additions to deferred revenues		149,665
Revenue recognized during the six months ended September 30, 2025		(55,712)
Balance - September 30, 2025	$	149,205

Deferred revenue at September 30, 2025 is expected to be recognized as revenues over the six months ending March 31, 2026.

Cost of Revenues

Cost of revenues include (i) labor costs associated with the implementation of services and subscription revenues of internal-use software, and (ii) product costs incurred from the sale of prepaid debit/gift cards.

Stock-based Compensation

The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). The Company has established that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Under the Accounting Standards Update (“ASU”) 2018-07 which aligns the measurement date criteria for non-employees with ASC 718 for employees, the fair value of common stock issued for payments to non-employees is measured on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.

The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation—Stock Compensation. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized ratably over the requisite service period.

Research and Development Costs

Costs incurred for research and development are expensed as incurred. The salaries, benefits, and overhead costs of personnel conducting research and development of the Company’s products comprise research and development expenses. Purchased materials that do not have an alternative future use are also expensed. The Company recorded in general and administrative expenses, research and development costs of $0 for the three months and six months ended September 30, 2025 and 2024, respectively.

Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis 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. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

The Company follows the provisions of ASC 740-10, “Accounting for Uncertain Income Tax Positions.” When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Non-controlling interests

The Company follows ASC Topic 810, “Consolidation”, governing the accounting for and reporting of non-controlling interests (“NCI”) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCI be treated as a separate component of equity, not as a liability, that increases and decreases in the parent’s ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially-owned consolidated subsidiary be allocated to noncontrolling interests even when such allocation might result in a deficit balance. The net loss attributed to NCI was separately designated in the accompanying unaudited condensed consolidated statements of operations. Losses attributable to NCI in a subsidiary may exceed a NCI’s interests in the subsidiary’s equity. The excess attributable to NCI is attributed to those interests. NCI shall continue to be attributed to their share of losses even if that attribution results in a deficit NCI balance.

SCHEDULE OF NON-CONTROLLING INTEREST

Fair market value of Millenium EBS assets at acquisition date	$	14,833,333
Allocation of non-controlling interest		40	%
Initial non-controlling interest at acquisition		5,933,333
Loss allocated to non-controlling interest for the period from December 14, 2024 to March 31, 2025		(124,303	)
Non-controlling interest – March 31, 2025	$	5,809,030
Loss allocated to non-controlling interest for the period from April 1, 2025 to September 30, 2025		(148,930	)
Non-controlling interest – September 30, 2025	$	5,660,100

Earnings (Loss) Per Common Share

The Company computes earnings (loss) per share in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. The Company computes Basic EPS by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all diluted potential common shares outstanding during the period using the treasury stock method and convertible note and preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options, warrants and convertible preferred stock. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.


	For the Three Months Ended September 30,						For the Six Months Ended September 30,
	2025			2024			2025			2024
Net loss computation of basic and diluted net loss per common share:
Net loss attributable to common stockholders	$	(364,007	)	$	(234,061	)	$	(638,037	)	$	(493,420	)

Basic and diluted net loss per share:
Basic and diluted net loss per common share	$	(0.03	)	$	(0.02	)	$	(0.04	)	$	(0.04	)
Basic and diluted weighted average common shares outstanding		14,274,724			12,123,758			14,274,042			12,106,996

Potential dilutive securities that are not included in the calculations of diluted net loss per share because their effect is anti-dilutive, are as follows as of September 30, 2025 and 2024, respectively, (in common equivalent shares):

	September 30, 2025		September 30, 2024
Preferred stock		292,000,000		292,000,000
Total anti-dilutive weighted average shares		292,000,000		292,000,000

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

NOTE 3 – PROPERTY AND EQUIPMENT

Property and equipment, stated at cost, consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	Estimated Life	September 30, 2025			March 31, 2025
Furniture and fixtures	5 years	$	182,302		$	180,278
Leasehold Improvements	3.2 years		273,490			273,490
Office equipment	3 years		5,500			5,500
Property and equipment, gross			461,292			459,268
Less: Accumulated depreciation and amortization			(367,661	)		(314,227	)
Total		$	93,631		$	145,041

Depreciation and amortization expense for the three months and six months ended September 30, 2025 totaled $26,718 and $53,434, and for three months and six months ended September 30, 2024 totaled $32,801 and $65,603, respectively.

NOTE 4 – ACQUISITION OF MILLENIUM EBS, INC. AND NON-CONTROLLING INTEREST

On October 25, 2024, the Company entered into a Stock Exchange and Acquisition Agreement (the “Agreement”) with Millenium EBS, Inc. whereby the principal owner of EBS agreed to sell 3,600,000 shares of EBS (constituting 60% of the issued and outstanding shares of MEI), to the Company in exchange for (i) 2,100,000 shares of the Company valued at $4.00 per share based on the last sale of common shares in the last capital raises totaling $8,400,000 (due on the Closing Date of Agreement), and (ii) $500,000 cash (due within 90 days of the Closing Date of Agreement). The acquisition transaction closed on December 13, 2024. On March 1, 2025, the Company and the sole stockholder of Millenium EBS mutually agreed to extend the payment of cash consideration to December 31, 2025 after $70,000 was paid on January 31, 2025. The Company has the purchase option and right of first refusal to purchase the remaining 40% of MEI. The acquisition was treated as a business combination under ASC 805 “Business Combination”. This acquisition positions the Company to emerge as a prominent payment hub and prepaid debit card provider, significantly expanding its reach and capabilities globally in the fintech sector. The acquisition includes ownership of the MEI Payment Hub, an advanced payment orchestration and modernization platform that efficiently manages payments across multiple networks. This strategic move will enhance the Company’s ability to deliver a unified payment hub platform for small and medium-sized financial institutions worldwide.

Millenium EBS Inc. owns a comprehensive payment orchestration and modernization platform, designed to streamline and manage financial transactions across various channels such as Swift, RTGS, ACH, FedNow, and Fedwire. By integrating diverse payment systems into a unified framework, the platform allows financial institutions to enhance operational efficiency and flexibility while adhering to regulatory requirements. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization shall be provided for on a straight-line basis over the expected useful lives of the software cost and related upgrades and enhancements. The cost of the MPH is being amortized over its estimated useful life of 10 years. (See Note 5).

SCHEDULE OF BUSINESS ACQUISITIONS

Acquisition of Millenium EBS, Inc. on December 13, 2024
Consideration paid for acquisition	$	8,900,000
% of Millennium EBS acquired		60	%
Total fair market value of Millennium EBS net assets	$	14,833,333

Assets Acquired:
Deferred Costs	$	31,948
Intangible assets		4,070,000
Goodwill		10,782,815

Liabilities Assumed:
Accounts payable	$	(51,430	)
Non-controlling interest		(5,933,333	)
Purchase price	$	8,900,000

Non-controlling Interest
Fair market value of Millenium EBS assets	$	14,833,333
Allocation of non-controlling interest		40	%
Initial non-controlling interest acquired	$	5,933,333

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

Goodwill is expected to be deductible for income tax purposes over 15 years.

NOTE 5 – INTERNAL-USE SOFTWARE

As of September 30, 2025, the Company had capitalized costs of $4,070,000 relating to the acquisition of MEI’s Millenium Payment Hub platform (“MPH”). The Company also had capitalized costs of $551,683 relating to the Parent internal-use software. The parent internal-use software was developed by a third party and passed the preliminary project stage prior to capitalization. For the three months and six months ended September 30, 2025, the Company did not incur any internal-use software development costs on the parent company software. Amortization of the internal-use software of the Parent will begin once the software is placed in service, which management has determined will start once service revenues begin.

SCHEDULE OF SOFTWARE DEVELOPMENT COSTS

	Useful Life (Years)	September 30, 2025			March 31, 2025
Prepaid Debit/Credit Card software	-	$	551,683		$	551,683
Millenium Payment Hub platform	10		4,070,000			4,070,000
	10		4,070,000			4,070,000
Less: Accumulated amortization			(323,862	)		(120,362	)
Total		$	4,297,821		$	4,501,321

The carrying value of the MPH software and related accumulated amortization is summarized in the table below:

	Millenium Payment Hub
Carrying value of MPH software - date of acquisition December 13, 2024 (Subject to measurement period revaluation – See Note 4)	$	4,070,000
Additions		-
Less: Accumulated amortization		(323,862	)
Carrying value of MPH software at September 30, 2025	$	3,746,138

Amortization expense for the three months and six months ended September 30, 2025 totaled $101,750 and $203,500, and is included in general and administrative expense.

Total estimated future amortization expense for the intangible asset is as follows:

Fiscal Year ending March 31,
2026	$	203,500
2027		407,000
2028		407,000
2029		407,000
2030		407,000
Thereafter		1,914,638
Total	$	3,746,138

NOTE 6 – RELATED PARTY TRANSACTIONS

SCHEDULE OF RELATED PARTY TRANSACTION

Related Party Payables:

	September 30, 2025		March 31, 2025
Payable to Chief Executive Officer	$	31,072	$	6,593
Payable to sole stockholder of Millenium EBS Inc., Director		602,802		508,302
Payable to Millenium Consultants, Inc.		209,071		108,933
Total	$	842,945	$	623,828

The Company’s Chief Executive Officer (“CEO”), from time to time, has provided advances to the Company for its working capital purposes. The CEO had advanced funds to the Company totaling $31,072 and $6,593 as of September 30, 2025 and March 31, 2025, respectively, which is included in related party payables on the condensed consolidated balance sheet. The funds advanced are unsecured, non-interest bearing, and due on demand.

On December 1, 2020, the Company entered into an employment agreement with its CEO for a three-year term, for an annual compensation of $150,000 with a 10% annual increase in compensation effective October 1 of each year. The initial term of the employment agreement is automatically renewed for successive one-year periods unless either party gives 90 calendar days written notice of nonrenewal prior to the expiration of the then-current term. The Company has recorded in general and administrative expenses compensation expense of $54,905 and $109,808 for the three months and six months ended September 30, 2025, and $49,912 and $99,825 for the three months and six months ended September 30, 2024, respectively. The total compensation payable to the CEO was $890,765 and $780,958 as of September 30, 2025 and March 31, 2025, respectively (Note 7).

Pursuant to the terms of MEI acquisition, the Company is obligated to pay to the sole stockholder of MEI cash consideration of $500,000 on or before December 31, 2025 (Note 4). In addition, the Company entered into a consulting agreement with the sole stockholder, agreeing to pay monthly consulting fee of $16,000 for ongoing services upon close of MEI acquisition. The Company has recorded a consulting expense of $96,000 payable to the sole stockholder for the six months ended September 30, 2025, which is included in related party payables on the condensed consolidated balance sheet. The total amount payable to the sole shareholder amounted to $602,802 and $508,302 as of September 30, 2025 and March 31, 2025, respectively, which included $430,000 of the acquisition payable and $172,802 payable in consulting fees. The sole shareholder of MEI was appointed as a member of the Board of Directors of the Company upon consummation of the acquisition of MEI.

The Company is obligated to pay for services to Millenium Consultants, Inc., an entity owned by the sole selling stockholder of MEI and director, totaling $209,071 and $108,933 as of September 30, 2025 and March 31, 2025, respectively.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Leases

The Company reported the following summary of non-cancellable operating leases in accordance with the provisions of ASC 842 Topic 842 “Leases” as follows:

Summary of Non-Cancellable Operating Leases as of September 30, 2025:

	Vehicle		Office Lease		Total
Right-of-use asset, net	$	56,085	$	17,234	$	73,319

Current lease liabilities	$	19,762	$	17,828	$	37,590
Non-current lease liabilities		38,226		-		38,226
Total operating lease liabilities	$	57,988	$	17,828	$	75,816

Vehicle

On May 17, 2025, the Company executed a non-cancellable operating lease for a vehicle with the lease commencing on May 17, 2025 for a 3 three-year term. The Company paid $7,578 at the execution of the lease which included $2,210 as first month payment, and $5,368 as vehicle registration, capitalized cost reduction and other handling fees. The Company recorded rent expenses for this vehicle lease of $10,743 and $16,806 for the three months and six months ended September 30, 2025, and $0 and $0 for the three months and six months ended September 30, 2024 respectively. The lease expires on May 16, 2028.

Supplemental balance sheet information related to the vehicle lease is as follows as of September 30, 2025:

Operating Lease
Right-of-use asset, net	$	56,085

Current lease liabilities	$	19,762
Non-current lease liabilities		38,226
Total operating lease liabilities	$	57,988

Weighted average remaining lease term (years)		2.5

Weighted average discount rate per annum		12	%

As the lease does not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payment, which is reflective of the specific term of the lease.

Anticipated future minimum lease payments are as follows:

For the years ending	Vehicle
March 31, 2026 (remaining)	$	13,260
March 31, 2027		26,520
March 31, 2028		26,520
March 31, 2029		2,210
Total lease payments		68,510
Less: imputed interest		(10,522	)
Present value of lease liabilities	$	57,988

Office Lease – J Plaza

On April 13, 2023, the Company executed a non-cancellable office space in a retail shopping center, for a monthly base rent of $2,196 and monthly common area maintenance charges of $1,531. The lease commenced on April 13, 2023 and extends for a term of three years and two months. The Company has an option to extend the lease for a period of 36 months after completion of the initial lease term. The Company has not included the extension period in calculating the present value of the lease. The rent is payable on the first day of each month, commencing either (1) opening of the business after tenant improvements, or (2) sixty days after the lease execution date. The Company made a payment of $8,119 of one-month rent and a security deposit of two months base rent of $4,391.

The Company recorded rent expense including common area maintenance for this office lease of $11,359 and $22,718 for the three months and six months ended September 30, 2025, and $11,359 and $22,718 for the three months and six months ended September 30, 2024, respectively.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

Supplemental balance sheet information related to the office lease is as follows as of September 30, 2025:

Operating Lease
Right-of-use asset, net	$	17,234

Current lease liabilities	$	17,828
Non-current lease liabilities		-
Total operating lease liabilities	$	17,828

Weighted average remaining lease term (years)		0.58

Weighted average discount rate per annum		12	%

Anticipated future minimum lease payments are as follows:

For the years ending	Office Lease
March 31, 2026 (remaining)	$	13,979
March 31, 2027		4,660
Total lease payments		18,639
Less: imputed interest		(811	)
Present value of lease liabilities	$	17,828

Office Leases - Others

On August 27, 2020, the Company formally executed a month-to-month cancellable operating lease for leasing office space in an executive suite, commencing on September 1, 2020 for $259 per month. The Company paid a security deposit of $259 on September 7, 2020. The monthly rent increased to $279 effective January 1, 2021 and then to $289 effective October 1, 2022. The Company has recorded rent expenses of $867 and $1,734 for the three months and six months ended September 30, 2025 and $867 and $1,734 for the three months and six months ended September 30, 2024, respectively.

On October 26, 2020, the Company executed a non-cancellable operating lease agreement for its principal office for a monthly rent of $5,500, with the lease commencing on November 1, 2020 for a period of 12 months. The Company paid a security deposit of $5,500 on October 28, 2020. On November 25, 2021, the Company executed a month-to-month lease for this office facility at a monthly rental of $6,500. The Company has recorded rent expenses of $19,500 and $39,000 for the three months and six months ended September 30, 2025, and $19,500 and $39,000 for the three months and six months ended September 30, 2024, respectively.

The Company has recorded total rent expense for all above leases of $39,469 and $77,258 for the three months and six months ended September 30, 2025, and $37,568 and $75,357 for the three months and six months ended September 30, 2024, respectively.

The Company has considered the provisions of ASC 842 Topic 842 “Leases”. The Company has elected not to recognize lease assets and lease liabilities for leases with a term of 12 months or less, as it is permitted to make an accounting policy election. The Company records the rent expense on a straight-line basis ratable over the term of the lease.

Employment Agreement

On December 1, 2020, the Company entered into an Employment Agreement (the “Agreement”) with its President, CEO, Secretary, and Chairman (the “Officer”). The initial term of the Agreement is for three years and, if written notice is not provided within 90 days of the termination of each term, the term is automatically extended for an additional one-year term. The Agreement may be terminated by either party upon 90 days’ prior written notice. Whether the Agreement is terminated without “Cause,” for “Good Reason,” or for “Cause,” as defined in the Agreement, determines what compensation is owed and when. There is also a 30-day cure period for any termination for “Cause,” as defined in the Agreement. The Agreement contains confidentiality, non-compete, and non-solicitation provisions. Pursuant to the terms of Agreement, Mr. Koh is entitled to bonuses, reimbursement of expenses, a vehicle allowance, four weeks of paid vacation, and other incentives. The Agreement does provide for payments to be made as a result of any “Change in Control,” as defined in the agreement.

Pursuant to the Agreement, the Officer is entitled to an annual base salary of $150,000 and that amount is subject to an automatic 10% annual increase on the anniversary date (See Note 6).

Legal Costs and Contingencies

In the normal course of business, the Company incurs costs to hiring and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received.

If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of September 30, 2025.

Acquisition Payable

As discussed in Note 4, the acquisition payable of $500,000 was due to be paid 90 days from the acquisition closing date which was March 13, 2025. As of September 30, 2025 and March 31, 2025, $430,000 of this acquisition payable remained unpaid. On March 1, 2025, the Company and the sole selling stockholder of Millenium EBS mutually agreed to extend the payment of cash consideration to December 31, 2025.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

NOTE 8 – STOCKHOLDERS’ EQUITY

The Company’s capitalization at September 30, 2025 and March 31, 2025 was 500,000,000 authorized common shares with a par value of $0.001 per share, and 25,000,000 authorized preferred shares with a par value of $0.001 per share.

Common Stock

During the six months ended September 30, 2025 and 2024, the Company sold 1,812 shares and 55,000 shares of its common stock and received cash consideration of $8,150 and $220,000, respectively.

The Company had received from six investors cash proceeds of $60,000 in stock subscriptions as of March 31, 2024, which were recorded as stock subscriptions received with credit to equity. On April 8, 2024, the Company issued 15,000 shares of common stock to these six investors to settle the $60,000 in stock subscriptions received.

Preferred Stock

The Board of Directors, without further approval of its stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preference and other rights and restrictions relating to any series. Issuance of shares of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of our Common Stock and other series of Preferred Stock then outstanding.

Series A Preferred Stock

There are 1,000,000 shares of Series A Preferred Stock designated, and 292,000 shares issued and outstanding as of September 30, 2025 and March 31, 2025, respectively.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, after setting apart or paying in full the preferential amounts due to Holders of senior capital stock, if any, the Holders of Series A Preferred Stock and parity capital stock, if any, shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Company to the Holders of junior capital stock, including Common Stock, an amount equal to $0.001 per share [the “Liquidation Preference”]. If upon such liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to the Holders of the Series A Preferred Stock and parity capital stock, if any, shall be insufficient to permit in full the payment of the Liquidation Preference, then all such assets of the Company shall be distributed ratably among the holders of the Series A Preferred Stock and parity capital stock, if any. Neither the consolidation or merger of the Company nor the sale, lease or transfer by the Company of all or a part of its assets shall be deemed liquidation, dissolution or winding up of the Company for purposes of these Liquidation Rights.

Stock Splits, Dividends and Distributions

If the Company, at any time while any Series A Convertible Preferred Stock is outstanding, (a) shall pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock payable in shares of its capital stock (whether payable in shares of its Common Stock or of capital stock of any class), (b) subdivide outstanding shares of Common Stock into a larger number of shares, (c) combine outstanding shares of Common Stock into a smaller number of shares, or (d) issue reclassification of shares of Common Stock for any shares of capital stock of the Company, the conversion ratio, as defined, shall be adjusted by multiplying the number of shares of Common Stock issuable by a fraction of which the numerator shall be the number of shares of Common Stock of the Company outstanding after such event and of which the denominator shall be the number of shares of Common Stock outstanding before such event. Any adjustment made pursuant to this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification.

BLUEONE CARD, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024

(Unaudited)

Conversion Rights

Each share of Series A Preferred Stock is convertible, at the option of the holder, into 1,000 shares of Common Stock.

Voting Rights

The holders of shares of Series A Convertible Preferred Stock shall be entitled to vote on any and all matters considered and voted upon by the Company’s Common Stock. The holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock.

As a result of all preferred stock issuances, the total issued and outstanding shares of preferred stock were 292,000 shares as of September 30, 2025 and March 31, 2025, respectively.

2022 Stock Incentive Plan

On March 11, 2022, the Board of Directors adopted the 2022 Stock Incentive Plan (the “2022 Plan”). The purposes of the 2022 Plan are (a) to enhance our ability to attract and retain the services of qualified employees, officers, directors, consultants, and other service providers upon whose judgment, initiative and efforts the successful conduct and development of our business largely depends, and (b) to provide additional incentives to such persons or entities to devote their utmost effort and skill to the advancement and betterment of our company, by providing them an opportunity to participate in the ownership of our Company and thereby have an interest in the success and increased value of our Company.

The 2022 Plan is administered by our board of directors; however, the board of directors may designate administration of the 2022 Plan to a committee consisting of at least two independent directors. Awards may be made under the 2022 Plan for up to 5,000,000 shares of common stock of the Company. Only employees of our Company or of an “Affiliated Company”, as defined in the 2022 Plan, (including members of the board of directors if they are employees of our Company or of an Affiliated Company) are eligible to receive incentive stock options under the 2022 Plan. Employees of our Company or of an Affiliated Company, members of the board of directors (whether or not employed by our company or an Affiliated Company), and “Service Providers”, as defined in the 2022 Plan, are eligible to receive non-qualified options, restricted stock units, and stock appreciation rights under the 2022 Plan. All awards are subject to Section 162(m) of the Internal Revenue Code. As of September 30, 2025 and March 31, 2025, 4,750,000 shares of common stock awards remain available for issuances pursuant to 2022 Plan. As of September 30, 2025, there are no stock options outstanding under the 2022 Plan.

No option awards may be exercisable more than ten years after the date it is granted. In the event of termination of employment for cause, the options terminate on the date of employment is terminated. In the event of termination of employment for disability or death, the optionee or administrator of optionee’s estate or transferee has six months following the date of termination to exercise options received at the time of disability or death. In the event of termination for any other reason other than for cause, disability or death, the optionee has 30 days to exercise his or her options.

The 2022 Plan will continue in effect until all the stock available for grant or issuance has been acquired through the exercise of options or grants of shares, or until ten years after its adoption, whichever is earlier. Awards under the 2022 Plan may also be accelerated in the event of certain corporate transactions such as a merger or consolidation or the sale, transfer or other disposition of all or substantially all our assets. There were no new issuances of stock options or awards during the six months ended September 30, 2025.

NOTE 9 – SUBSEQUENT EVENTS

On October 14, 2025, the Company sold 22,223 shares of its common stock to an investor and received cash consideration of $100,000.

Item 2. Management’s Discussion and Analysis or Plan of Operation

This Quarterly Report Form 10-Q contains forward-looking statements. Our actual results could differ materially from those set forth as a result of general economic conditions and changes in the assumptions used in making such forward-looking statements. The following discussion and analysis of our financial condition and results of operations should be read together with the unaudited condensed financial statements and accompanying notes and the other financial information appearing elsewhere in this report. The analysis set forth below is provided pursuant to applicable Securities and Exchange Commission regulations and is not intended to serve as a basis for projections of future events.

Overview

BlueOne Card, Inc. is a publicly traded financial technology company undergoing a significant strategic transformation. Following our acquisition of Millennium EBS (“Millennium”), a sophisticated fintech platform provider, we have evolved from our foundational business in prepaid card program management to now a diversified, global provider of advanced payment infrastructure solutions for banks, financial institutions (FIs), and emerging fintech companies.

Our mission is to empower financial organizations worldwide to modernize their payment systems, accelerate innovation, and meet complex regulatory requirements with our agile, scalable, and compliant technology platforms. We operate at the intersection of regulatory compliance and payment innovation, positioning the Company to capitalize on major, non-discretionary shifts in the global financial landscape.

Strategic Transformation: The Millennium EBS Inc. Acquisition

The acquisition of Millennium EBS represents a pivotal event in the Company’s history, fundamentally complementing our business model and growth trajectory. Millennium brings a proprietary, state-of-the-art technology platform and deep domain expertise in critical areas of financial technology. This acquisition has immediately expanded our total addressable market and shifted our primary focus toward the high-growth, business-to-business (B2B) in the traditional banking, payments and the fintech sector. Our strategy is now centered on leveraging the Millennium EBS platform to deliver a comprehensive suite of “Payment Hub” related services.

Our Core Offerings and Solutions

Our operations are now organized around two principal service lines:

1. Fintech and Payment Hub Solutions (via Millennium EBS) This is our primary engine for growth and innovation. The Millennium platform provides the infrastructure that enables Banks, financial institutions, processors and fintechs to manage, process, and optimize payment flows efficiently. Key solutions include:

	●	Payment Hub and Orchestration Platform: A centralized solution that allows banks and FIs to streamline all payment types (e.g., ACH, wire, card, real-time payments) through a single, integrated hub. This reduces operational complexity, lowers costs, and enhances flexibility.

	●	ISO20022 Migration and Compliance: The global financial industry is undergoing a mandatory transition to ISO 20022, a new, data-rich messaging standard. This transition presents a significant technological challenge for most banks. Millennium’s platform is designed to act as an accelerator, helping institutions fast-track their ISO 20022 adoption, meet compliance deadlines, and unlock the value of enriched data which can be used within all platforms at financial institutions and other service providers.

	●	Remittance-as-a-Service (RaaS): We provide a turnkey platform for fintech companies and other businesses seeking to launch and operate cross-border remittance services, significantly lowering their barrier to entry and accelerating time-to-market.

2. Remittance Program via BlueOne Pay

BlueOne Card will now introduce BlueOne Pay, a platform which will enable a seamless, low-cost conversion of stablecoin USDT (Tether) into USD, delivering funds through bank transfers, prepaid cards, or cash pick up. After customers are verified under KYC in compliance with regulatory standards (one-time verification), they will be able to send USDT to a BlueOne Pay wallet address, where BlueOne will then convert the widely used USDT to USD using either our liquidity provider or exchange partner.

This is a cost-effective solution than traditional bank wires or SWIFT, considering many users and underserved groups receive crypto currency, but lack ways to convert it into USD. Moreover, BlueOne’s remittance program via BlueOne Pay, is designed to comply with U.S. financial institutions and regulations, and also under the current Trump administration endorsing pro-innovation regulatory environment, stablecoins such as USDT are becoming increasingly accepted as payment and for remittance. The Trump administration has expressed support for U.S. dollar backed stablecoins, provided it is fully backed and regulated which will allow stablecoin remittance and fintech growth. BlueOne Card’s remittance program is structured to meet these standards.

Market Opportunity and Growth Strategy

We are positioned to capitalize on powerful, long-term trends in the global financial services industry, including the mandatory transition to ISO 20022, the modernization of legacy banking systems, and the growth in digital remittances. Our growth strategy is focused on global expansion, targeting banks and financial institutions in North America, Europe, and Asia.

Regarding remittance, more than $150 billion outbound remittances are sent annually in the U.S., and over 500 million people are globally utilizing and own crypto assets including USDT. USDT is the most widely used stable coin, with a daily trading volume exceeding $70 billion.

The target demographic including the underbanked, freelancers, immigrants, and digital nomads prefer USDT compared to the timely and more costly SWIFT, and this will lead to global revenue generation with BlueOne Pay with FX cost and remittance fees.

Recent Developments and Key Partnerships

To execute our strategy, we have recently secured key commercial agreements that validate our technology and market approach:

	●	Abeam Consulting (Word’s Best Management Consulting Firms 2024, Selection by U.S. Forbes Magazine): We have formed a strategic partnership with a global business consulting firm, Abeam Consulting, to leverage their extensive network of banking clients to promote and implement our ISO 20022 and Payment Hub solutions.

	●	Ongoing ISO 20022 Implementations: We have secured an engagement with a large commercial bank in Nepal to facilitate its transition to the ISO 20022 standard, serving as a critical reference case in the South Asian market. This deal also expected bring more banks as Millennium’s customer. Other areas currently focused is Sri-Lanka, Middle East and Arica.

	●	Millennium EBS is in discussions to form a strategic partnership with a Fortune 500 company that serves over 600 financial institutions in more than 140 countries. The goal of this collaboration is to expand the global reach and implementation of our ISO 20022 compliant Payment Hub platform, enabling financial institutions to modernize their payment infrastructure, meet regulatory requirements, and streamline cross-border transactions.

Background

BlueOne Card, Inc. (formerly known as “Avenue South Ltd.,” “TBSS International, Inc.,” or “Manneking Inc.”) was incorporated on July 6, 2007, under the laws of the State of Nevada. We started our business as a retailer and importer of domestic home furnishings from Hong Kong. On September 30, 2011, we changed our name to TBSS International, Inc. and got engaged in gold mining and drilling and general construction. On April 26, 2019, Corporate Compliance, LLC filed a re-application for custodianship pursuant to NRS 78.347. The Eighth Judicial District Court of Clark County, Nevada granted custodianship over TBSS International, Inc. to Corporate Compliance, LLC. On October 15, 2019, we changed our name to “Manneking Inc.,” and then to “BlueOne Card, Inc.” on June 30, 2020.

On October 15, 2019, we executed a 1 for 100 reverse stock-split. On June 30, 2020, we also executed a 1 for 100 reverse stock-split with a Certificate of Change and changed our trading symbol to “BCRD.” We filed a FINRA corporate action pursuant to FINRA Rule 6490 which was announced on the Daily List as of July 23, 2020.

Acquisition of Millenium EBS, Inc.

The acquisition includes ownership of the Millennium EBS Payment Hub, an advanced payment orchestration and modernization platform that efficiently manages payments across multiple networks. This strategic move will enhance BlueOne Card’s ability to deliver a unified payment hub platform for small and medium-sized financial institutions worldwide.

	●	Revenue Growth: The combined Company anticipates potential revenue growth in revenue over the next year, driven by the new integrated Payment Hub platform.

	●	Stock Transaction: Millennium EBS shareholders received approximately 17% equity ownership stake in BlueOne Card, while BlueOne will own a 60% stake in Millennium EBS.

	●	Synergies: The acquisition is expected to create substantial synergies by integrating Millennium EBS’s advanced payment orchestration platform with BlueOne Card’s established international platform, accelerating both domestic and global growth.

	●	Future Outlook: The Company aims to work towards meeting NASDAQ listing requirements by Q4 2026, subject to market conditions and other factors.

Significance of the Acquisition

The Millennium EBS Payment Hub has successfully enabled a major banking institution in Sri Lanka and Gayana to transition to ISO20022 standards and is now in use, showcasing its role as the ultimate solution for banks seeking scalability, compliance, and secure financial messaging. The platform integrates diverse payment systems into a cohesive framework, offering seamless multi-channel payment processing. This acquisition shifts BlueOne Card’s position from a planned leasing agreement to full ownership, enabling us to provide payment services directly to banks and generate significant revenue from financial institutions that utilize our platform.

Strategic Goals

	1.	Empowering Financial Institutions: By acquiring Millennium EBS, BlueOne Card is positioned to support small and medium-sized banks worldwide in modernizing their payment operations. The platform will streamline payment processing across channels such as Swift, RTGS, ACH, FedNow, and Fedwire, offering banks an efficient path to meeting ISO 20022 compliance requirements.

	2.	Expanding Remittance Services: The acquisition enables BlueOne Card to establish a robust remittance platform, allowing users to send money globally without needing a traditional bank account. This new service will generate revenue on each transaction, with convenient options for loading money at locations such as Walmart and 7-Eleven.

	3.	Driving Operational Efficiency: Full ownership of the Millennium EBS Payment Hub allows BlueOne Card to integrate and optimize payment processes, enhancing operational efficiency for banks. By offering this comprehensive solution, the Company aims to meet the evolving demands of the financial sector while capitalizing on new revenue streams.

Critical Accounting Policies and Estimates

We apply the following critical accounting policies in the preparation of our financial statements:

Accounts Receivable

The Company recognizes an allowance for credit losses on accounts receivable and notes receivable in an amount equal to the estimated probable losses net of recoveries under the current expected credit loss method. The allowance is based on an analysis of historical bad debt experience, current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts and notes receivable considered at risk or uncollectible.

The Company has adopted ASC 326, “Financial Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined principally on the basis of past collection experience and known financial factors regarding specific customers. The expense associated with the allowance for doubtful accounts on accounts receivable is recognized in general and administrative expenses.

Internal-Use Software

Costs incurred to develop internal-use software during the preliminary project stage are expensed as incurred. Internal-use software development costs are capitalized during the application development stage, which is after: (i) the preliminary project stage is completed; and (ii) management authorizes and commits to funding the project and it is probable the project will be completed and used to perform the intended function. Capitalization ceases at the point where the software project is substantially complete and ready for its intended use, and after all substantial testing is completed. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected useful life of five years of the internal-use software development costs and related upgrades and enhancements. When the existing software is replaced with new software, the unamortized costs of the old software is expensed when the new software is ready for its intended use.

Business Combination

The Company accounts for business acquisitions using the acquisition method of accounting where the assets acquired and the liabilities assumed are recognized based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain acquired assets and liabilities is subjective in nature and often involves the use of significant estimates and assumptions, including, but not limited to, the selection of appropriate valuation methodology, projected revenue, expenses, and cash flows, weighted average cost of capital, discount rates, and estimates of terminal values. Business acquisitions are included in the Company’s consolidated financial statements as of the date of the acquisition. The Company evaluates acquisitions pursuant to ASC 805, “Business Combinations,” to determine whether the acquisition should be classified as either an asset acquisition or a business combination.

Goodwill

Stock-based Compensation

The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). The Company has established that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Under ASU 2018-07 which aligns the measurement date criteria for non-employees with ASC 718 for employees, the fair value of common stock issued for payments to non-employees is measured on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.

Revenue Recognition

(1) Identify the contract(s) with a customer.

(2) identify the performance obligations in the contract.

(3) determine the transaction price.

(4) allocate the transaction price to the performance obligations in the contract; and

(5) recognize revenue when or as you satisfy a performance obligation.

The Company records the revenue once all the above steps are completed.

The Company’s parent recognizes revenues from card sales when the product is deemed delivered to the customer, and the ownership/control is transferred. The Company’s parent will recognize revenue from card service fees and card transactions once the service or transaction is completed, respectively. The Company’s parent will recognize implementation fees which are considered as distinct services and a separate performance obligation, at a point in time once the implementation services are completed or if the Company receives non-refundable fees and the contract is subsequently terminated.

Subscription revenues are derived from contracts with customers for use of its subsidiary’s Millenium Payment Hub platform, which is available as a standalone product, but it can also be customized. Subscription revenue is recognized over time on a pro-rata basis over the applicable subscription contractual period, ranging from one month to five years.

Implementation revenues which are considered as distinct services and a separate performance obligation, are derived from implementing our majority-owned subsidiary’s Millenium Payment Hub platform, as a SaaS for customers requiring and/or requesting customization and includes: (i) assessing the scope; and (ii) providing services associated with designing, building, deploying and modifying the Customer Instance (including all other Customer Solutions). Such customization may include implementation of additional connectors, integration with other card issuing platforms, implementation of compliance features, development of a mobile application for end users, and enablement of international remittance capabilities. This includes all activities related to configuring, installing, and ensuring that the system is fully operational. Implementation revenues are recognized at the point in time when the implementation is finished, and the customer is able to use the system. Costs of each implementation are accumulated and capitalized until such time the implementation project has been completed, at which time the related implementation revenue is recognized, and the costs of implementation are reclassified to cost of revenues.

Payments received from customers are recorded as deferred revenues until the revenue recognition criteria are met.

Recent Accounting Pronouncements

See Note 2 of Notes to the Consolidated Financial Statements contained in this Form 10-Q for management’s discussion of recent accounting pronouncements.

Results of Operations for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024 (Unaudited)

Revenues and Cost of Revenues

We recorded $29,650 in revenues from the implementation of services, licensing fees, and subscription revenues of internal-use software under BlueOne Card and Millenium Payment Hub platform provided to the customers, for the three months ended September 30, 2025. We did not record any revenues from the implementation of services, licensing fees or subscriptions for the three months ended September 30, 2024. In addition, we did not sell any prepaid debit or gift cards to the customers during the three months ended September 30, 2025 and 2024, respectively.

Cost of revenues associated with the implementation of services, licensing fees and subscription revenues of internal-use software under Millenium Payment Hub for services excludes software amortization, which is included in general and administrative expense, totaled $24,624 and $0 for the three months ended September 30, 2025 and 2024. Cost of revenues from the sale of prepaid debit/gift cards for the three months ended September 30, 2025 and 2024 was $0, respectively.

Operating Expenses

Operating expenses incurred by the Company included legal, accounting and professional fees, all costs associated with marketing, advertising and promotion, research and development, rent, payroll, travel, software amortization and other general and administrative expenses. We recorded operating expenses of $467,482 and $229,816 for the three months ended September 30, 2025 and 2024, respectively. The net increase in operating expenses of $237,666 was primarily due to combined expenses of BlueOne Card Inc. and Millenium EBS Inc. (acquired on December 13, 2024) for the three months ended September 30, 2025, compared to only BlueOne Card, Inc. expenses for the three months ended September 30, 2024. The increase in expenses resulted due to increase in consulting expenses, marketing expenses, professional fees relating to legal accounting & audit fees, software amortization, and other general and administrative expenses.

Other Income (Expense)

Interest expense related to financing the purchase of Company vehicle and credit card interest totaled $5,622 and $4,245 for the three months ended September 30, 2025 and 2024, respectively. Interest expense increased primarily as a result of credit card interest for the three months ended September 30, 2025 as compared to the same period in 2024.

Non-controlling interest

We recorded the non-controlling interest of the loss in our majority-owned subsidiary Millenium EBS (acquired on December 13, 2024) allocated to the non-controlling interest owners of the subsidiary of $79,447 for the three months ended September 30, 2025. We did not have any subsidiary for the same comparable period in 2024.

Net Loss

We reported a net loss of $364,007 and $234,061 for the three months ended September 30, 2025 and 2024, respectively. The increase in net loss was primarily due to the increase in operating expenses incurred with the acquisition of Millenium EBS, Inc.

Results of Operations for the Six Months Ended September 30, 2025 Compared to the Six Months Ended September 30, 2024 (Unaudited)

Revenues and Cost of Revenues

We recorded $125,206 in revenues from the implementation of services, licensing fees, and subscription revenues of internal-use software under BlueOne Card and Millenium Payment Hub platform provided to the customers, for the six months ended September 30, 2025. We did not record any revenues from the implementation of services, licensing fees or subscriptions for the six months ended September 30, 2024. In addition, we did not sell any prepaid debit or gift cards to the customers during the six months ended September 30, 2025 and 2024, respectively.

Cost of revenues associated with the implementation of services and subscription revenues of internal-use software under Millenium Payment Hub for services excludes software amortization, which is included in general and administrative expense, totaled $59,684 and $0 for the six months ended September 30, 2025 and 2024. Cost of revenues from the sale of prepaid debit/gift cards for the six months ended September 30, 2025 and 2024 was $0, respectively.

Operating Expenses

Operating expenses incurred by the Company included legal, accounting and professional fees, all costs associated with marketing, advertising and promotion, research and development, rent, payroll, travel, software amortization and other general and administrative expenses. We recorded operating expenses of $900,961 and $487,421 for the six months ended September 30, 2025 and 2024, respectively. The net increase in operating expenses of $413,540 was primarily due to combined expenses of BlueOne Card Inc. and Millenium EBS Inc. (acquired on December 13, 2024) for the six months ended September 30, 2025, compared to only BlueOne Card, Inc. expenses for the six months ended September 30, 2024. The increase in expenses resulted due to increase in consulting expenses, marketing expenses, professional fees relating to legal accounting & audit fees, software amortization, and other general and administrative expenses.

Other Income (Expense)

Interest expense related to financing the purchase of Company vehicle and credit card interest totaled $11,212 and $5,999 for the six months ended September 30, 2025 and 2024, respectively. Interest expense increased primarily as a result of credit card interest for the six months ended September 30, 2025 as compared to the same period in 2024.

Non-controlling interest

We recorded the non-controlling interest of the loss in our majority-owned subsidiary Millenium EBS (acquired on December 13, 2024) allocated to the non-controlling interest owners of the subsidiary of $148,930 for the six months ended September 30, 2025. We did not have any subsidiary for the same comparable period in 2024.

Net Loss

We reported a net loss of $638,037 and $493,420 for the six months ended September 30, 2025 and 2024, respectively. The increase in net loss was primarily due to the increase in operating expenses incurred with the acquisition of Millenium EBS, Inc.

Liquidity and Capital Resources

Liquidity and Capital Resources for the six months ended September 30, 2025 and 2024, respectively:

	September 30, 2025			September 30, 2024
Summary of Cash Flows:
Net cash used in operating activities	$	(51,648	)	$	(223,088	)
Net cash used in investing activities		(2,024	)		-
Net cash provided by financing activities		8,150			160,000
Net (decrease) in cash		(45,522	)		(63,088	)
Cash – Beginning of the period		46,018			75,063
Cash – End of the period	$	496		$	11,975

Operating Activities

Cash used in operating activities for the six months September 30, 2025 was $51,648, primarily as a result of net loss of $786,967, depreciation and amortization of $53,434, non-cash rent expense of $2,344, amortization of internal-use software of $203,500, and a net increase in operating assets and liabilities of $476,041 due to increase in accounts receivable of $9,266, increase in accounts payable and accrued liabilities of $62,430, increase in compensation payable to officer of $109,807, increase in deferred revenue of $93,953, and an increase in related party payables of $219,117.

Cash used in operating activities for the six months September 30, 2024 was $223,088 primarily as a result of net loss of $493,420, depreciation and amortization of $65,603, non-cash rent expense of $1,527, and a net increase in operating assets and liabilities of $203,202 due to increase in accounts payable and accrued liabilities of $110,339, increase in compensation payable to officer of $99,825 and decrease in related party payables of $6,962.

Investing Activities

Net cash used in investing activities for the six months ended September 30, 2025, was $2,024, due to purchase of property and equipment. Net cash used in investing activities for the six months ended September 30, 2024, was $0.

Financing Activities

Net cash provided by financing activities for the six months ended September 30, 2025, was $8,150, consisting of cash received from sale of common stock of $8,150. Net cash provided by financing activities for the six months ended September 30, 2024 was $160,000 consisting of cash received from sale of common stock of $160,000.

Future Capital Requirements

Our current available cash may not be sufficient to satisfy our liquidity requirements. Our capital requirements for the next twelve months will depend on numerous factors, including management’s evaluation of the timing of projects to pursue. Subject to our ability to generate revenues and cash flow from operations and our ability to raise additional capital (including through possible joint ventures and/or partnerships), we expect to incur substantial expenditures to carry out our business plan, as well as costs associated with our capital raising efforts, and being a public company.

Our plans to finance our operations include seeking equity and debt financing, alliances or other partnership agreements, or other business transactions that would generate sufficient resources to ensure continuation of our operations.

The sale of additional equity or debt securities may result in additional dilution to our shareholders. If we raise additional funds through the issuance of debt securities or preferred stock, these securities could have rights senior to those of our common stock and could contain covenants that would restrict our operations. Any required additional capital may not be available on reasonable terms, if at all. If we were unable to obtain additional financing, we may be required to reduce the scope of, delay or eliminate some or all of our planned activities and limit our operations which could have a material adverse effect on our business, financial condition and results of operations.

Inflation

The amounts presented in our consolidated financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

Going Concern

These condensed consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has not yet generated any significant revenues and has suffered operating losses since July 6, 2007 (Inception Date) to date. The Company has recorded for the six months ended September 30, 2025, a net loss attributable to common stockholders of $638,037, net cash flows used in operating activities of $51,648 and has an accumulated deficit and working capital deficit of $5,561,032 and $2,231,728 as of September 30, 2025. These factors, among others, raise a substantial doubt regarding the Company’s ability to continue as a going concern operation for a period of 12 months from the issuance date of these condensed consolidated financial statements. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitability. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Development Stage and Capital Resources

We have devoted substantially all of our efforts to business planning since our inception on July 6, 2007. Accordingly, we are considered to be in the development stage. We have not generated any significant revenues from our operations on a commercial scale, and we will not commence generating revenues on a commercial scale until sometime during the first calendar quarter of 2026.

Off-Balance Sheet Arrangements

We have not engaged in any off-balance sheet arrangements as defined in Item 303(c) of SEC’s Regulation S-K. We did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special-purpose entities that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Recent Accounting Pronouncements

We have implemented all new accounting pronouncements that are in effect and that may impact our financial statements and do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations which have not been adopted.

Item 3. Quantitative and Qualitative Disclosures About Market Risks.

Not Applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934. Currently, there is only one officer and two independent directors, and as such is solely responsible for evaluating the Company’s disclosure controls and procedures. Based upon that evaluation, the principal executive officer (who also serves as the principal financial and accounting officer) believes that the Company’s disclosure controls and procedures are not effective as of September 30, 2025 due to the material weaknesses in internal control over financial reporting. We noted deficiencies involving lack of segregation of duties, lack of internal control documentation that we believe to be material weaknesses. Other material weaknesses include lack of monitoring controls over the evaluation of impairment of intangibles and long-lived assets.

Changes in Internal Control over Financial Reporting

Other than the deficiencies as disclosed above, there have been no changes in our internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the three months ended September 30, 2025, the Company sold 400 shares of common stock to four investors for a total cash consideration of $1,800.

The shares of common stock were issued and sold pursuant to exemptions from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) and/or Regulation D thereof. No sales commissions were paid in connection with the sales of these securities, and no general solicitation was used.

Item 5. Other Information.

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits.

(a) Exhibits.

Exhibit		Item

31.1*		Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*		Inline XBRL Instance 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 Label Linkbase Document
101 PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101)

*		Filed with this Report
**		Furnished with this Report

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BlueOne Card, Inc.

Date: November 19, 2025	/s/ James Koh
	James Koh
	(Principal Executive Officer and Principal Financial and Accounting Officer)

BlueOne Card, Inc. 10-Q