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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 December 31, 2025

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

Commission file number 000-56198

VIVIC CORP.

(Exact name of registrant as specified in its charter)

Nevada

98-1353606

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

No. 19, Jianping 3rd St

Anping District

Tainan City, Taiwan 70844

(Address of principal executive offices)

702 899 0818

(Issuer’s telephone number)

Securities Registered Pursuant to Section 12(g) of the Act:

Title of Each Class		Trading Symbol(s)		Name of each Exchange on which Registered
Common Stock, $0.001 Par Value		VIVC		OTCQB

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

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 7(a)(2)(B) ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date: As of February 10, 2026, there were 27,678,419 shares of the registrant’s common stock outstanding.

VIVIC CORP.

FORM 10-Q

For the Quarter Ended December 31, 2025

INDEX

		Page

Note Regarding Forward Looking Statements		3

Part I - Financial Information		4

Item 1.	Financial Statements (unaudited)	4

	Condensed Consolidated Balance Sheets as of December 31, 2025 (Unaudited) and June 30, 2025	4

	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended December 31, 2025 and 2024	5

	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three and Six Months Ended December 31, 2025 and 2024	6

	Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2025 and 2024	7

	Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4.	Controls and Procedures	32

Part II - Other Information		33

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3.	Defaults Upon Senior Securities	33

Item 4.	Mine Safety Disclosures.	33

Item 5.	Other Information	33

Item 6.	Exhibits	34

	Signatures	35

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on forward-looking statements. Forward-looking statements include, among other things, statements relating to:

●	our goals and strategies;

●	our future business development, financial condition and results of operations;

●	our expectations regarding demand for, and market acceptance of, our products;

●	our expectations regarding keeping and strengthening our relationships with merchants, manufacturers and end-users; and

●	general economic and business conditions in the regions where we provide our services.

Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report and the documents that we reference and filed as exhibits to the report completely and with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

Use of Certain Defined Terms

Except where the context otherwise requires and for the purposes of this report only:

“Vivic,” the “Company,” “we,” “us,” and “our” refer to Vivic Corp. and its subsidiaries;

“Exchange Act” refers to the Securities Exchange Act of 1934, as amended;

“Hong Kong” refers to the Hong Kong Special Administrative Region of the People’s Republic of China;

“PRC,” “China,” and “Chinese,” refer to the People’s Republic of China (excluding Hong Kong and Taiwan);

“Renminbi” and “RMB” refer to the legal currency of China;

“Securities Act” refers to the Securities Act of 1933, as amended;

“Taiwan” refers to the Republic of China;

“TWD” refers to the Taiwanese dollar, the legal currency of Taiwan; and

“US dollars,” “dollars” and “$” refer to the legal currency of the United States.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VIVIC CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2025 (Unaudited)			June 30, 2025

ASSETS
Current assets
Cash and cash equivalents	$	17,906		$	41,903
Prepayments		269,468			354,705
Prepayments - related party		759,494			936,146
Prepayments		759,494			936,146
Other receivables		-			9,319
Inventory		-			4,249
Total current assets		1,046,868			1,346,322

Non-current assets
Due from related parties		1,707,724			2,512,934
Property and equipment, net		-			302
Total non-current assets		1,707,724			2,513,236

TOTAL ASSETS	$	2,754,592		$	3,859,558

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accrued liabilities and other payables	$	287,828		$	277,566
Deferred revenue		540,748			698,691
Tax payable		-			84,100
Due to related parties		365,171			339,054
Short-term loan		-			565,456
Total current liabilities		1,193,747			1,964,867

Non-current liabilities
SBA loan payable		87,500			87,500
Total non-current liabilities		87,500			87,500

TOTAL LIABILITIES		1,281,247			2,052,367

Commitments and contingencies		-			-

STOCKHOLDERS’ EQUITY
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 832,000 shares issued and outstanding as of December 31, 2025 and June 30, 2025		832			832
Common stock, $0.001 par value; 70,000,000 shares authorized; 27,678,419 shares issued and outstanding as of December 31, 2025 and 27,410,921 shares issued and outstanding as of June 30, 2025		27,715			27,540
Additional paid-in capital		7,693,464			7,533,648
Accumulated other comprehensive loss		(2,116	)		(9,229	)
Accumulated deficit		(6,246,550	)		(5,745,600	)
Total stockholders’ equity		1,473,345			1,807,191

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,754,592		$	3,859,558

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

VIVIC CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	2025			2024			2025			2024
	For the Three Months Ended December 31,						For the Six Months Ended December 31,
	2025			2024			2025			2024

Revenue	$	-		$	-		$	-		$	-
Revenue - related party		-			-			-			44,243
Total revenue		-			-			-			44,243

Cost of revenue		-			-			-			128,584

Gross loss		-			-			-			(84,341	)

Operating expenses
Share-based compensation		73,622			514,775			335,161			847,367
General and administrative		52,930			329,402			163,947			488,564
Total operating expenses		126,552			844,177			499,108			1,335,931

Loss from operations		(126,552	)		(844,177	)		(499,108	)		(1,420,272	)

Other income (expenses)
Interest expense, net		(1,281	)		(7,316	)		(4,569	)		(15,274	)
Other income (expenses), net		1,686			(110,454	)		2,727			(110,909	)
Total other income (expenses), net		405			(117,770	)		(1,842	)		(126,183	)

Loss before income taxes		(126,147	)		(961,947	)		(500,950	)		(1,546,455	)

Income tax provision		-			738			-			738

Net loss	$	(126,147	)	$	(962,685	)	$	(500,950	)	$	(1,547,193	)

Other comprehensive item
Foreign currency translation gain (loss)		(101	)		1,871			7,113			4,230

COMPREHENSIVE LOSS	$	(126,248	)	$	(960,814	)	$	(493,837	)	$	(1,542,963	)

Weighted average common stock outstanding
Basic		27,673,829			27,406,313			27,622,332			27,035,921
Diluted		27,673,829			27,406,313			27,622,332			27,035,921

Net loss per share of common stock – Basic	$	(0.005	)	$	(0.04	)	$	(0.02	)	$	(0.06	)
Net loss per share of common stock – Diluted	$	(0.005	)	$	(0.04	)	$	(0.02	)	$	(0.06	)

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

VIVIC CORP.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2025

(UNAUDITED)

	No. of shares		Amount		No. of shares		Amount		capital		income (loss)			loss			equity
	Preferred stock				Common stock				Additional paid-in		Accumulated other comprehensive			Accumulated			Total shareholders’
	No. of shares		Amount		No. of shares		Amount		capital		income (loss)			loss			equity
Balance as of June 30, 2025		832,000	$	832		27,539,330	$	27,540	$	7,533,648	$	(9,229	)	$	(5,745,600	)	$	1,807,191
Foreign currency translation adjustment		-		-		-		-		-		7,214			-			7,214
Share-based compensation		-		-		106,591		107		83,350		-			-			83,457
Net loss for the period		-		-		-		-		-		-			(374,803	)		(374,803	)
Balance as of September 30, 2025		832,000		832		27,645,921		27,647		7,616,998		(2,015	)		(6,120,403	)		1,523,059
Foreign currency translation adjustment		-		-								(101	)					(101	)
Share-based compensation		-		-		68,197		68		76,466								76,534
Net loss for the period		-		-											(126,147	)		(126,147	)
Balance as of December 31, 2025		832,000	$	832		27,714,118	$	27,715	$	7,693,464	$	(2,116	)	$	(6,246,550	)	$	1,473,345

FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2024

(UNAUDITED)

	Preferred stock				Common stock				Additional paid-in		Accumulated other comprehensive		Accumulated			Total shareholders’
	No. of shares		Amount		No. of shares		Amount		capital		income		Loss			equity
Balance as of June 30, 2024		832,000	$	832		26,657,921	$	26,658	$	4,847,664	$	16,862	$	(2,298,849	)	$	2,593,167
Foreign currency translation adjustment		-		-		-		-		-		2,359		-			2,359
Share-based compensation		-		-		700,000		700		1,941,892		-		-			1,942,592
Net income for the period		-		-		-		-		-		-		(584,508	)		(584,508	)
Balance as of September 30, 2024		832,000	$	832		27,357,921	$	27,358	$	6,789,556	$	19,221	$	(2,883,357	)	$	3,953,610
Balance		832,000	$	832		27,357,921	$	27,358	$	6,789,556	$	19,221	$	(2,883,357	)	$	3,953,610
Foreign currency translation adjustment		-		-		-		-		-		1,871		-			1,871
Share-based compensation		-		-		53,000		53		100,055		-					100,108
Net income for the period		-		-		-		-		-		-		(962,685	)		(962,685	)
Net income (loss)		-		-		-		-		-		-		(962,685	)		(962,685	)
Balance as of December 31, 2024		832,000	$	832		27,410,921	$	27,411	$	6,889,611	$	21,092	$	(3,846,042	)	$	3,092,904
Balance		832,000	$	832		27,410,921	$	27,411	$	6,889,611	$	21,092	$	(3,846,042	)	$	3,092,904

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

VIVIC CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	2025			2024
	For the Six Months Ended December 31,
	2025			2024

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(500,950	)	$	(1,547,193	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expenses		294			1,409
Loss on disposal of fixed assets		-			-
Stock compensation expenses		335,161			847,367
Changes in operating assets and liabilities:
Accounts receivable		-			15,474
Accounts receivable - related party		-			1,226,980
Note receivable		-			160,391
Deposit and prepayments		72,581			181,052
Deposit and prepayments- related party		2,833			-
Other receivables		9,103			(463	)
Inventory		4,150			-
Accounts payable		-			(141,320	)
Accounts payable - related party		-			(1,215,728	)
Accrued liabilities and other payables		10,435			57,751
Deferred revenue		(154,257	)		(29,007	)
Tax payables		(82,137	)		-
Net cash used in operating activities		(302,787	)		(443,287	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related parties		1,531,210			512,630
Repayment to related parties		(699,373	)		(279,944	)
Repayment to loans		(552,257	)		(139,268	)
Proceeds from loans		-			92,845
Net cash provided by financing activities		279,580			186,263

Effect of exchange rate change on cash and cash equivalents		(790	)		(219	)

NET DECREASE IN CASH & CASH EQUIVALENTS		(23,997	)		(257,243	)

CASH & CASH EQUIVALENTS, BEGINNING OF THE PERIOD		41,903			310,859

CASH & CASH EQUIVALENTS, END OF THE PERIOD	$	17,906		$	53,616

Supplemental Cash Flows Information:
Cash paid for income tax	$	-		$	-
Cash paid for interest	$	4,569		$	15,369

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

VIVIC CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND

VIVIC CORP. (the “Company”) was established under the corporate laws of the State of Nevada on February 16, 2017. Beginning with a change in management resulting from a change in control of the Company which occurred at the end of 2018, the Company has explored and initiated operations in a number of business areas related to the pleasure boat industry. These included yacht sales, marine tourism, development of electric powered yachts, development and operation of yacht marinas in Asia and the development of a yacht rental and time share service. The Company previously determined to focus its efforts on yacht sales in Taiwan and other selected regions throughout the world. The Company is the exclusive distributor of Monte-Fino yachts in Asia and the Middle East and is the non-exclusive distributor in other territories throughout the world for which Monte-Fino has not appointed an exclusive distributor. Monte Fino is a well-known brand owned by Taiwan Kha Shing Yacht Company, one of the leading yacht manufacturers in the world.

The Company’s headquarter was maintained at its branch in the Republic of China (“ROC” or “Taiwan”), Vivic Corp. Taiwan Branch (“Vivic Taiwan”). It is mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. In August 2025, the Company determined to concentrate its operations in the United States and Southeast Asia and to discontinue pursuing the Taiwan market. In connection with this decision, the Company commenced the wind-down and deregistration of Vivic Taiwan, which is expected to be completed by June 30, 2026. Going forward, our business activities will be conducted primarily through our U.S. entity.

On July 12, 2023, Vivic Corporation (Hong Kong) Co. Limited (“Vivic Hong Kong”), a wholly-owned subsidiary of the Company, entered into a Stock Purchase Agreement with Yun-Kuang Kung (Mr. “Kung”, son of Shang-Chiai Kung, who was then the Company’s principal shareholder, President and Chief Executive Officer), pursuant to which, Mr. Kung acquired all of the shares of the Company’s wholly owned subsidiary Guangdong Weiguan Ship Tech Co., Ltd (“Weiguan Ship”). In consideration for its interest in Weiguan Ship, the Company received RMB 1,000 ($137) and the agreement of Mr. Kung to indemnify the Company and its affiliates and hold them harmless from, against and in respect of any and all claims arising out of or related to the business of Weiguan Ship whether arising before or after the date of the Stock Purchase Agreement, whether currently known or unknown, including, without limitation any claims for taxes.

Description of subsidiaries as of December 31, 2025 is as follows:

SCHEDULE OF DESCRIPTION OF SUBSIDIARIES

Name		Place of incorporation and kind of legal entity		Principal activities and place of operation		Particulars of issued/ registered share capital		Effective interest held
Vivic Corporation (Hong Kong) Co., Limited		Hong Kong		Holding company and tourism consultancy service		52,000,000 ordinary shares for HK$2,159,440			100	%

On October 9, 2024, the Board of Directors of the Company adopted a resolution changing the fiscal year end of the Company to June 30, effective June 30, 2024. Management believes the change will cause the Company’s annual financial statements to more accurately reflect the Company’s performance and facilitate the timely preparation of its periodic reports required to be filed with the Securities and Exchange Commission.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes.

● Basis of presentation

These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).

● Use of estimates

Preparing these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s 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 consolidated financial statements and the reported amounts of revenues and expenses during the periods reported. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Such estimates may be subject to change as more current information becomes available. Actual results may differ from these estimates.

● Principles of consolidation

The unaudited condensed consolidated financial statements include the financial statements of VIVC and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

● Cash and cash equivalents

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.

● Credit losses

On January 1, 2023, the Company adopted Accounting Standards Update 2016-13 “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The adoption of the credit loss accounting standard has no material impact on the Company’s consolidated financial statements as of January 1, 2023.

The Company’s accounts receivable and other receivables in the balance sheet are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluate the expected credit losses. When establishing the loss rate, the Company makes the assessment based on various factors, including historical experience, credit-worthiness of customers and debtors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers and debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that a receivable is unlikely to be collected.

Expected credit losses are recorded as allowance for credit losses on the consolidated statements of operations. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. In the event the Company recovers an amount that it previously reserved for, the Company will reduce the specific allowance for credit losses.

● Accounts receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest and are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on an evaluation of a customer’s financial condition, the customer’s credit-worthiness and payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Under the current expected credit loss model, at the end of each period, the Company specifically evaluates each individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivable. The Company considers the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For receivables that are past due or not being paid according to payment terms, appropriate actions are taken to collect the amounts due, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of December 31, 2025 and June 30, 2025, the Company had no allowance for doubtful accounts.

● Prepayments

The Company makes advances to certain vendors to purchase finished goods and service. The advances are interest-free and unsecured. As of December 31, 2025 and June 30, 2025, the Company had prepayment to vendors of $263,298 and $336,736, respectively.

● Inventories

Inventories are stated at the lower of cost or net realizable value with cost determined on a weighted-average basis. Management compares the cost of inventories with the net realizable value and an allowance is made to write down inventories to market value, if lower.

● Property and equipment

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the following expected useful lives from the date on which assets become fully operational and after taking into account their estimated residual values:

		Expected useful life
Office equipment		5 years

Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

● Intangible assets

Intangible assets are stated at cost less accumulated amortization. Intangible assets represent the trademark registered in the PRC and purchased software which are amortized on a straight-line basis over a useful life of 10 years.

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. During the six months ended December 31, 2025 and 2024, there were no intangible asset impairments to be recorded.

● Deferred revenue

Deferred revenue represents advance payments made by a customer for goods and services the Company will provide in the future. Due to its short-term nature, deferred revenue is usually satisfied within the 12 months.

● Revenue recognition

In accordance with Accounting Standard Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, the Company recognizes revenues when goods or services are transferred to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. In determining when and how revenues are recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations, and (v) recognition of revenues when (or as) the Company satisfies each performance obligation. The Company derives revenues from processing, distribution, and sales of its products, mainly yachts. The Company recognizes its revenue at a point in time when the control of the products has been transferred to customers.

● Comprehensive income (loss)

ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income, its components, and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statements of stockholders’ equity deficit, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income (loss) is not included in the computation of income tax expense or benefit.

● Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company is subject to tax in local and foreign jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

● Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of transactions. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations.

The reporting currency of the Company is the United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company and its subsidiaries operating or which operated in the PRC, Taiwan and Hong Kong, maintain their books and records in their local currency, Renminbi (“RMB”), New Taiwan Dollar (“TWD”) and Hong Kong dollars (“HK$”), each of which is a functional currency, being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the consolidated statements of changes in stockholder’s equity (deficit).

Translation of amounts from HK$ into US$ has been made at the following exchange rates as of December 31, 2025 and June 30, 2025 and for the six months ended December 31, 2025 and 2024. Translation of amounts from TWD and HK$ into US$ has been made at the following exchange rates as of December 31, 2025 and June 30, 2025 and for the six months ended December 31, 2025 and 2024.

	September 16, 2025 *		December 31, 2025		December 31, 2024		June 30, 2025
Period/year-end HK$:US$ exchange rate		-		7.7833		7.7677		7.8499
Period/annual average HK$:US$ exchange rate		-		7.7994		7.7870		7.7893
Period/year-end TWD:US$ exchange rate		30.1000		-		32.7900		29.1800
Period/annual average TWD:US$ exchange rate		29.8774		-		32.3119		32.0919

date of closing up Vivic TW’s accounting records due to its closure

● Lease

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component.

● Net income (loss) per share

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share of common stock is computed similar to basic loss per share of common stock except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional common stock were dilutive (see Note 12).

● Related parties

Parties, which can be an entity or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

● Concentrations and credit risk

(a) Major customers

	Percentage of Revenue
	Three Months Ended December 31,
	2025			2024
A		-	%		-	%

	Percentage of Revenue
	Six Months Ended December 31,
	2025			2024
A		-	%		100.00	%

(b) Major vendors

	Percentage of Purchase
	Three Months Ended December 31,
	2025			2024
A		-	%		-	%

	Percentage of Purchase
	Six Months Ended December 31,
	2025			2024
A		-	%		92.0	%

The Company’s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents, including amounts held in money market accounts. The Company places cash deposits with a federally insured financial institution. The Company maintains its cash at banks and financial institutions it considers to be of high credit quality; however, the Company’s domestic cash deposits may at times exceed the insured limit. Balances in excess of insured limitations may not be insured. The Company has not experienced losses on these accounts, and management believes that the Company is not exposed to significant risks on such accounts.

● Fair value of financial instruments

The carrying value of the Company’s financial instruments (excluding short-term bank borrowing and notes payable): cash and cash equivalents, accounts receivable, prepayments and other receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximates their fair values because of the short-term nature of these financial instruments.

Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of notes payable approximates the carrying amount.

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

● Level 1 : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

● Level 2 : Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and

● Level 3 : Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

● Value-Added Tax (“VAT”)

Sellers and service providers are generally obligated to pay business tax for sales of goods or services within Taiwan unless the law provides otherwise. For imported goods, the business tax will be paid by the goods receivers or buyers via customs. For imported services sold by foreign companies to Taiwanese buyers, business tax shall be paid by the service buyers. However, the service buyer (corporate entity) will not be required to pay business tax if it is exclusively engaged in taxable transactions subject to either 5% or 0% VAT.

VAT is applicable to general industries, and the VAT rate is 5%. Under the VAT system, each seller collects output VAT from the buyer at the time of sale, deducts input VAT paid on purchases from output VAT, and remits the balance to the tax authority.

● Recent accounting pronouncements

In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements — Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” The ASU amends the disclosure or presentation requirements related to various subtopics in the FASB ASC. The ASU was issued in response to the SEC’s August 2018 final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated. The guidance in ASU 2023-06 is intended to align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. The amendments introduced by ASU 2023-06 are effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. If, by June 30, 2027, the SEC has not removed the applicable requirements from its existing regulations, the pending content of the associated amendment will be removed from the ASC and will not become effective for any entities. Early adoption is permitted. The adoption of ASU 2023-06 is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the consolidated financial statements to provide enhanced transparency into the expense captions presented on the face of the statement of income and comprehensive income. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted, and may be applied either prospectively or retrospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. On January 6, 2025, FASB issued ASU 2025-01 that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Public business entities are required to adopt the guidance in Update 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its related disclosures.

In January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) to clarify the effective date guidance introduced in ASU 2024 – 03. The FASB issued ASU 2024-03 on November 4, 2024, which states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in annual reporting period. The FASB’s intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027.

In May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation (Topic 18) and Revenue from contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments provide guidance on identifying the accounting acquirer in transactions involving a variable interest entity. The amendments clarify the accounting for share-based consideration payable to a customer under Topic 718 and Topic 606. The amendments are effective for annual reporting periods, including interim reporting period within those annual periods, beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact of this amendment and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations, or cash flows.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not been issued or made available for issuance.

The Company’s management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, will have a material impact on the Company’s consolidated financial statement presentation or disclosures.

NOTE 3 – GOING CONCERN UNCERTAINTIES

The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company had $17,906 of cash and cash equivalents and working capital deficit of approximately $0.15 million as of December 31, 2025, which included prepayments to related parties of $0.76 million, and the Company generated a net loss of $0.13 million and $0.50 million, respectively, during the three and six months ended December 31, 2025. The Company had an accumulated deficit of approximately $6.25 million as of December 31, 2025 and $0.30 million negative cash flow from operating activities during the period. The Company does not have sustained and stable income, and there is also significant uncertainty regarding its income for the next 12 months.

The continuation of the Company as a going concern through the one-year period from the date on which this report is filed is dependent upon continued financial support from its related parties or loans or investments by third parties, increasing its sales and the diversity of its customer base. The Company is actively pursuing additional financing for its operations via potential loans and equity issuances. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain its operations.

Management has determined that the above conditions indicate that it may be probable that the Company would not be able to meet its obligations within one year after the date that this report is issued. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements contained in this report do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result if the Company is unable to continue as a going concern. To date the Company has financed its operations primarily through equity investments and loans made by related parties and their affiliates in addition to loans from commercial banks and third parties. The Company may also seek funding through public or private financings, collaborative arrangements, and other possible means of financing.

In addition, the Company will seek to expand the yacht brands the Company can offer for sale, the territories in which the Company markets its yachts, and, if appropriate based on the Company’s capabilities and what the Company can offer, seek to become the exclusive distributor for yacht manufacturers in Taiwan and other territories. The Company will also seek to enter other areas related to the marine industry where the Company believes it can be profitable.

NOTE 4 – INVENTORY

Inventory consisted of the following:

SCHEDULE OF INVENTORY

	December 31, 2025		June 30, 2025
Finished goods, mainly parts	$	-	$	4,249
Total inventory		-		4,249
Less: Inventory impairment		-		-
Inventory, net	$	-	$	4,249

NOTE 5 – PREPAYMENTS

Prepayments consisted of the following:

SCHEDULE OF PREPAYMENTS

	December 31, 2025		June 30, 2025

Prepayments to vendors	$	263,298	$	336,736
Prepaid service fee		6,170		17,969
Total prepayments	$	269,468	$	354,705

Prepayments mainly consisted of prepaid expenses to vendors. The prepaid service fee consisted of prepaid OTC listing fee and annual filling fee.

NOTE 6 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	December 31, 2025		June 30, 2025

Office equipment	$	-	$	2,810
Subtotal		-		2,810
Property, plant and equipment, gross		-		2,810
Less: Accumulated depreciation		-		(2,508	)
Property, plant and equipment, net	$	-	$	302

Depreciation expenses for the three months ended December 31, 2025 and 2024 were nil and $112, respectively.

Depreciation expenses for the six months ended December 31, 2025 and 2024 were nil and $223, respectively.

NOTE 7 – INTANGIBLE ASSETS

Intangible assets consisted of the following:

SCHEDULE OF INTANGIBLE ASSETS

	December 31, 2025		June 30, 2025

Software	$	-	$	7,882
Total intangible assets		-		7,882
Less: Accumulated amortization		-		(7,882	)

Intangible assets, net	$	-	$	-

Amortization expense for the three months ended December 31, 2025 and 2024 were nil and $592, respectively.

Amortization expense for the six months ended December 31, 2025 and 2024 were nil and $1,186, respectively.

NOTE 8 – ACCRUED LIABILITIES AND OTHER PAYABLES

Accrued liabilities and other payables consisted of the following:

	December 31, 2025		June 30, 2025

Accrued salaries		-		9,348
Accrued consulting fee	$	240,000	$	210,000
Accrued legal fee		28,631		28,631
Other payables		19,197		29,587
Total accrued liabilities and other payable	$	287,828	$	277,566

Accrued liabilities and other payables are the expenses that will be settled in next twelve months.

NOTE 9 – LOAN PAYABLE

On March 13, 2023, Vivic Taiwan entered a loan agreement with a third-party individual. Vivic Taiwan borrowed TWD 5,000,000 ($0.16 million) from this individual for a term of one year, with annual interest of 10%, the interest is to be paid monthly. Vivic Taiwan was required to pay the interest for the first and second months on the 15^thof the month in which the Company received the loan proceeds. During the three months ended December 31, 2025 and 2024, the Company recorded and paid interest expenses of nil and $3,866, respectively. During the six months ended December 31, 2025 and 2024, the Company recorded and paid interest expenses of $1,395 and $7,737, respectively. The loan is collateralized by 162,391 shares of the Company’s common stock owned by the son of the Company’s Chairman (Mr. Yun-Kuang Kung). The fair value of 162,391 shares was $82,836 on March 13, 2023. When the loan matures, the lender has the option to ask for cash repayment from the Company or keep the 162,391 shares of the Company’s stock as repayment in full. If the lender decides to keep the 162,391 shares at maturity of the loan, the Company will repay TWD 5,000,000 ($164,042) to Yun-Kuang Kung without any interest. If the Company is not able to repay Yun-Kuang Kung by March 15, 2024, the Company is required to issue a number of shares equivalent to the loan amount based upon the fair market value of the shares at such date, plus 10% more of the equivalent shares. On March 13, 2024, the Company and the lender agreed to extend the term of this loan for an additional year. The Company is currently working with the lender for additional extension of the loan. On July 31, 2025, this loan was repaid in full. As of December 31, 2025, the outstanding balance of this loan was nil.

On May 18, 2023, Vivic Taiwan entered a loan agreement with Taiwan Hua Nan Bank. Vivic Taiwan borrowed TWD 12,000,000 ($0.38 million) from the bank for a term of one year, with an annual interest rate of approximately 3%, the interest is to be paid monthly. On November 1, 2024, the Company repaid TWD 4.5 million ($0.14 million) to the bank, and the bank issued a new note for the remaining balance of TWD 7.5 million ($0.23 million) with same interest rate for the term from November 14, 2024 to May 14, 2025. This Loan was extended to November 14, 2025. During the three months ended September 30, 2025, the Company recorded and paid interest expenses of $314. On July 2, 2025, this loan was repaid in full, and as of December 31, 2025, the outstanding balance of this note was nil.

On December 6, 2024, Vivic Taiwan entered into a new loan agreement with Taiwan Hua Nan Bank for loan amount of TWD 3,000,000 ($92,845). The loan is due on April 2, 2025, with an annual interest rate of approximately 3%, to be paid monthly. This Loan was extended to July 01, 2025. During the three months ended September 30, 2025, the Company recorded and paid interest expense of $298. The loan is collateralized by a piece of land and real property. In addition, the loan is guaranteed by Yun-Kuang Kung (son of Shang-Chiai Kung CEO of Vivic Corp) and Kung Hwang Liu Shiang (spouse of Shang-Chiai Kung CEO of Vivic Corp). On July 1, 2025, this loan was repaid in full, and as of December 31, 2025, the outstanding balance of this loan was nil.

On January 20, 2025, Vivic Taiwan entered into loan agreement with a third-party company. Vivic Taiwan borrowed TWD 1,000,000 ($34,270) from this third-party company. The loan was due on April 20, 2025, with an annual interest rate of 8%, the principal and interest are due at maturity. This loan was extended to December 20, 2025. During the three and six months ended December 31, 2025, the Company recorded and paid interest expenses of nil. On July 31, 2025, this loan was repaid in full, and as of December 31, 2025, the outstanding balance of this loan was nil.

NOTE 10 – SBA LOAN PAYABLE

On June 23, 2020, Vivic Corp. received an $87,500 Economic Injury Disaster Loan (“EIDL loan”) from the Small Business Administration (“SBA”). This is a low-interest federal disaster loan for working capital to small businesses and non-profit organizations of any size suffering substantial economic injury as a result of the Coronavirus (COVID-19) epidemic, to help businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. This loan has an annual interest rate of 3.75% and is not forgivable. The maturity of the loan is 30 years, installment payments including interest of $427 monthly will begin 30 months from the loan disbursement date. For the three months ended December 31, 2025 and 2024, the Company made payments of interest of $1,281 and $1,281 on the EIDL loan, respectively. For the six months ended December 31, 2025 and 2024, the Company made interest payments of $2,562 and $2,899, respectively, on the EIDL loan.

As of December 31, 2025, the future minimum EIDL loan payments for the Company to be paid by year are as follows:

SCHEDULE OF EIDL LOAN PAYMENTS

Year Ending June 30,	Amount
2026	$	2,562
2027		5,124
2028		5,124
2029		5,124
2030		5,124
Thereafter		64,442
Total	$	87,500

NOTE 11 – STOCKHOLDERS’ EQUITY

Authorized Shares

The Company is authorized to issue 5,000,000 shares of preferred stock and 70,000,000 shares of common stock each with a par value of $0.001 per share.

Preferred Stock

As of December 31, 2025 and June 30, 2025, the Company had 832,000 shares of its Series A preferred stock issued and outstanding, with a par value of $0.001 per share; each Series A preferred share can be converted into 10 shares of the Company’s common stock. The holders of Series A preferred stock have voting rights equal to 50 votes per share of Series A preferred stock and shall be entitled to the dividend equal to the aggregate dividends for 10 shares of common stock for every one share of Series A preferred stock.

Common Stock

The Company issued an aggregate of 700,000 shares of the Company’s common stock on September 30, 2024 with fair value of $1,932,000 to its chairman and the five new directors in consideration of their agreements to serve for the one-year beginning from August 1, 2024. During the three months ended December 31, 2025 and 2024, the Company recorded nil and $483,000, respectively, from the prepayment as stock compensation expense. During the six months ended December 31, 2025 and 2024, the Company recorded $161,000 and $805,000, respectively, from the prepayment as stock compensation expense.

On September 1, 2024, the Company entered an employment agreement with Mr. Hong Hsin Lai to serve as the Company’s Chief Technology Officer (“CTO”). The agreement was approved by the Board on October 8, 2024. The Company will pay Mr. Lai 50,000 shares of the Company’s common stock in the first year of employment. The shares are to be paid in full within four months from September 1, 2024. If the employment agreement is renewed after one year, the Company will pay Mr. Lai 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. On September 1, 2025, the Company entered a one-year renewed agreement with Mr. Hong Hsin Lai. During the three months ended December 31, 2025 and 2024, the Company recorded nil and $25,625, respectively, of stock compensation expense for shares issued to Mr. Lai. During the six months ended December 31, 2025 and 2024, the Company recorded $17,083 and $34,167, respectively, of stock compensation expense for shares issued to Mr. Lai. On October 17, 2025, Mr. Hong Hsin Lai resigned from his position as Chief Technology Officer of the Company and agreed to forgo the issuance of any stock for the period from September 1, 2025 to October 17, 2025.

On September 6, 2024, the Company entered an engagement agreement with an Investor Relation (“IR”) firm, approved by the Board on October 8, 2024. The Company will pay the IR firm $500 cash per month and 1,000 shares of the Company’s common stock per month to be paid quarterly. The Company terminated the service with this IR firm during the three months ended March 31, 2025. During the three months ended December 31, 2024, the Company issued 3,000 shares of the Company’s common stock and recorded $6,150 stock compensation expense in respect of this agreement. During the six months ended December 31, 2024, the Company issued 3,000 shares of the Company’s common stock and recorded $8,200 stock compensation expense in respect of this agreement.

On October 1, 2024, the Company entered into an employment agreement with Mr. Kun-Teng Liao to serve as the Company’s director and Secretary. On January 25, 2025, the Board appointed Mr. Liao as the Company’s Chief Operating Officer (“COO”) for an initial term expiring September 20, 2025. The agreement was approved by the Board on January 25, 2025. The Company will pay Mr. Liao 50,000 shares of the Company’s common stock in the first year of employment. If the employment agreement is renewed after one year, the Company will pay Mr. Liao 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. During the three months ended December 31, 2025 and 2024, the Company recorded $8,500 and nil stock compensation expense for shares to be issued to Mr. Liao. During the six months ended December 31, 2025 and 2024, the Company recorded $17,000 and nil, respectively, of stock compensation expense for shares to be issued to Mr. Liao.

On January 7, 2025, the Company entered an employment agreement with Mr. Andy F. Wong to serve as the Company’s Chief Financial Officer (“CFO”) for an initial term expiring December 31, 2025. The agreement was approved by the Board on January 7, 2025. The Company will issue 100,000 restricted stock units which shall be deemed earned in equal monthly instalments of 8,333 shares. During the three and six months ended December 31, 2025, the Company recorded $30,000 and $120,000 stock compensation expense for shares to be issued to Mr. Wong. On October 17, 2025, Andy F. Wong resigned from his position as Chief Financial Officer of the Company.

On January 7, 2025, the Company entered an employment agreement with Mr. Tse-Ling Wang to serve as the Company’s Chief Executive Officer (“CEO”) for an initial term expiring December 31, 2025. The agreement was approved by the Board on January 7, 2025. The Company will issue 250,000 restricted stock units which shall be deemed earned in equal monthly instalments of 20,833 shares. During the three and six months ended December 31, 2025, the Company recorded $30,000 and $220,500 stock compensation expense for shares to be issued to Mr. Wang. On October 17, 2025, Mr. Tse-Ling Wang resigned from his positions as President, Chief Executive Officer, and Secretary of the Company. At the same time, Mr. Tse-Ling Wang agreed to forgo the 87,500 shares that were to be granted for the service period from January 1, 2025, to July 31, 2025. During the period from January 7, 2025 to October 17, 2025, Mr. Tse-Ling Wang was entitled to 208,333 restricted stock units under the agreement. After deducting the 87,500 shares forgone as mentioned above, the remaining number of shares to be issued was 120,833 shares.

On August 1, 2025, the Company entered into renewed one-year agreements with Shang-Chiai Kuang and Kung Hwang Liu Shiang to serve as the Company’s independent directors. Under the terms of the agreements, each director is entitled to receive 30,000 shares of the Company’s common stock as compensation. For the three and six months ended December 31, 2025, the Company recorded $1,092 and $1,820, respectively, in stock-based compensation expense related to these agreements.

On August 1, 2025, the Company entered into renewed one-year agreements with Chuen-Huei Lee, Hui-Ming Pao, and Yin-Zhen Huang to serve as independent directors. Under the terms of these agreements, each director was to receive 20,000 shares of the Company’s common stock as compensation. On October 17, 2025, all three individuals resigned from their positions as directors of the Company. For the three and six months ended December 31, 2025, the Company recorded $243 and $971, respectively, in stock-based compensation expense related to these agreements.

As of December 31, 2025 and June 30, 2025, the Company had 27,678,419 and 27,410,921 shares, respectively, of its common stock issued.

NOTE 12 – NET LOSS PER SHARE OF COMMON STOCK

Basic net loss per share is computed using the weighted average number of shares of common stock outstanding during the periods. The dilutive effect of potential common stock outstanding is included in diluted net loss per share of common stock. The following table sets forth the computation of basic and diluted net loss per share for the three months ended December 31, 2025 and 2024:

SCHEDULE OF NET LOSS PER SHARE

	2025		2024
	Three Months ended December 31,
	2025		2024

Dilutive impact of preferred stock		8,320,000		-

	2025		2024
	Six Months ended December 31,
	2025		2024

Dilutive impact of preferred stock		8,320,000		-

*	Net loss per share was the same for the basic and diluted weighted average shares outstanding for the three and six months ended December 31, 2025 and 2024 due to anti-dilution feature resulting from the net loss.

NOTE 13 – RELATED PARTY TRANSACTIONS

a. Related parties

SCHEDULE OF RELATED PARTIES

Name of Related Party		Relationship to the Company
Yun-Kuang Kung		Son of Shang-Chiai Kung, who is the Chairman of Vivic Corp.
Kung Hwang Liu Shiang		Director and Spouse of Shang-Chiai Kung, who is the Chairman of Vivic Corp.
Shang-Chiai Kung		Chairman of Vivic Corp.
Kun-Teng Liao*		COO
Tse-Ling Wang		CEO
Weiguan Ship		Yun-Kuang Kung acquired 100% ownership of this entity from Vivic Corp. in July 2023
Jiazhou Yacht Company Limited		Yun-Kuang Kung has 100% ownership of this entity
Fujian Jiaxin Yacht Company Limited		Yun-Kuang Kung has 100% ownership of this entity
Anhua Tu		Shareholder of Vivic Corp.
Chengwei Kung		Grandson of the Chairman of Vivic Corp.
Huilan Chen		Shareholder

On October 9, 2024, Kun-Teng Liao resigned from his positions with the Company and ceased to be Secretary and a Board Member. Mr. Kun-Teng Liao began to function in the capacity of the Company’s Chief Operating Officer and was officially appointed as the Company’s Chief Operating Officer effective January 25, 2025.

b. Prepayments - related party

As of December 31, 2025 and June 30, 2025, the Company had prepayments to Weiguan Ship of $312,169 and $312,169, respectively.

As of December 31, 2025 and June 30, 2025, the Company had prepayments to Fujian Jiaxin Company Limited of $444,492 and $445,894, respectively.

In addition, on and effective August 1, 2024, the Board of Directors (the “Board”) of the Company appointed Mr. Tse-Ling Wang, Ms. Liu-Shiang Kung Hwang, Mr. Richard Pao, Mr. Kevin Lee and Ms. Amy Huang to the Board of Directors of the Company. Ms. Hwang, Mr. Wang and Mr. Kevin Lee will each be issued 150,000 shares of the Company’s common stock in consideration of his or her agreement to serve as a director of the Company for a period of one-year, and each of Ms. Huang and Mr. Pao will receive 50,000 shares of the Company’s common stock in consideration of his or her agreement to serve as a director of the Company for a period of one-year. The Board also approved the issuance of 150,000 shares of the Company’s common stock to Mr. Shang-Chiai Kung, the Chairman of the Board, in consideration of his service for a period of one-year. The Company issued an aggregate of 700,000 shares of the Company’s common stock during the year ended June 30, 2025 with a fair value of 1,932,000 as prepaid stock compensation expense. During the three months ended December 31, 2025 and 2024, the Company recorded nil and $483,000, respectively, from prepayment as stock compensation expense. During the six months ended December 31, 2025 and 2024, the Company recorded $161,000 and $805,000, respectively, from prepayment as stock compensation expense. As of December 31, 2025 and June 30, 2025, the Company had prepaid Chairman and Directors’ compensation of nil and $161,000, respectively, as reflected in ‘Prepayments - related party’ on the consolidated balance sheets.

Moreover, on September 1, 2024, the Company entered an employment agreement with Mr. Hong Hsin Lai to serve as the Company’s Chief Technology Officer (“CTO”). The agreement was approved by the Board on October 8, 2024. The Company will pay Mr. Lai 50,000 shares of the Company’s common stock in the first year of employment. If the employment agreement is renewed after one-year, the Company will pay Mr. Lai 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. During the three months ended December 31, 2025 and 2024, the Company recorded nil and $8,542 stock compensation expense for shares issued to Mr. Lai. During the six months ended December 31, 2025 and 2024, the Company recorded $17,083 and $8,542, respectively, of stock compensation expense for shares issued to Mr. Lai. As of December 31, 2025 and June 30, 2025, the Company had prepaid Chairman and Directors’ compensation of nil and $17,083, respectively, as reflected in ‘Prepayments - related party, on the consolidated balance sheets.

On January 25, 2025, the Board appointed Mr. Liao as the Company’s Chief Operating Officer (“COO”) for an initial term expiring September 20, 2025. The agreement was approved by the Board on January 25, 2025. The Company will pay Mr. Liao 50,000 shares of the Company’s common stock in the first year of employment. If the employment agreement is renewed after one year, the Company will pay Mr. Liao 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. During the three months ended December 31, 2025 and 2024, the Company recorded $8,500 and nil stock compensation expense for shares to be issued to Mr. Liao. During the six months ended December 31, 2025 and 2024, the Company recorded $17,000 and nil stock compensation expense, respectively, for shares to be issued to Mr. Liao. As of December 31, 2025 and June 30, 2025, the Company had prepaid Chairman and Directors’ compensation of $2,833 and nil, respectively, as reflected in ‘Prepayments - related party’ on the consolidated balance sheets.

c. Due from related parties

Due from related parties consisted of the following:

SCHEDULE OF DUE FROM RELATED PARTY

Name	December 31, 2025		June 30, 2025
Weiguan Ship ⁽¹⁾	$	1,707,724	$	2,512,934

Total	$	1,707,724	$	2,512,934

As of December 31, 2025, the due from related parties consisted of the following:

(1)

The Company had a receivable from Weiguan Ship for $1,707,724 as of December 31, 2025. Weiguan Ship was owned by the Company prior to June 30, 2023; any amount due was eliminated upon consolidation prior to June 30, 2023.

On September 30, 2025, Vivic Corp. (“Party A”) entered into a Debt and Obligation Transfer Agreement with Yun-Kuang Kung (“Party B”), Kung Hwang Liu Shiang (“Party C”), and Weiguan Ship (“Party D”). Pursuant to the agreement, Party C transferred its creditor rights, with an outstanding balance of approximately $0.35 million, to Party B, and Party B agreed to accept such creditor rights.

As the legal representative of Party D, Party B also agreed to offset the transferred creditor rights against the debt owed by Party D to Party A. Subsequently, Party B agreed to offset $0.30 million of its creditor rights against the debt owed by Party D to Party A. Upon this settlement, the corresponding portion of the creditor–debtor relationship was fully resolved, and neither party shall have any further claims or liabilities related to that portion.

After the completion of this Debt and Obligation Transfer Agreement, the total outstanding amount due from Weiguan Ship is $1.7 million.

d. Due to related parties

Due to related parties consisted of the following:

SCHEDULE OF DUE TO RELATED PARTIES

Name	December 31, 2025		June 30, 2025

Kung Hwang Liu Shiang	$	2,822	$	54,205
Yun-Kuang Kung		106,198		106,198
Shang-Chiai Kung		190,651		178,651
Chengwei Kung		60,000		-
Huilan Chen		5,500		-
Total	$	365,171	$	339,054

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or stockholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

Due to related parties represented temporary advances to the Company by the stockholders or senior management of the Company, which were unsecured, interest-free and had no fixed terms of repayments. Imputed interests from related parties’ loan are not significant.

Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.

NOTE 14 – COMMITMENTS AND CONTINGENCIES

As of December 31, 2025 and June 30, 2025, the Company has no material commitments or contingencies.

NOTE 15 – SUBSEQUENT EVENTS

The Company follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated subsequent events through the date the consolidated financial statements were issued and determined the Company has no subsequent events that need to be disclosed.

ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

FORWARD-LOOKING STATEMENTS

Statements made in this Report that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act “) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s commercially reasonable judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

Overview

We are a global yacht sales and service provider based in Taiwan focused on offering yachts, ancillary products, technical support, service solutions and systematic management solutions to yacht marinas, yacht clubs, yacht operators and marine tourism providers. In August 2025, the Company determined to concentrate its operations in the United States and Southeast Asia. Our mission is to offer our clients, which we refer to as yacht operators, more profitable products and comprehensive service solutions. We differentiate ourselves from other yacht manufacturers by offering yachts specifically designed for marine tourism, group tours, business meetings, yacht clubs and fractional ownership as opposed to individual owners. In addition to our products, we seek to support our customers by providing maintenance and other yacht management services, yacht activity scenarios, business solutions and marketing strategies to enhance yacht tourism and operational efficiencies to enable them to grow their businesses and improve their bottom lines.

We design and offer various yachts models which differ in their sizes, performance, and functions and are sold under our brand name, “VIVIC.” Our yachts are designed to be more suitable for multiple user group scenarios, emphasizing open deck and cabin space suitable for group tours and business meetings, with improved operational economies and energy efficiencies. We collaborate with our marketing agents, encouraging them to develop yacht marinas and seek out yacht operators interested in developing their own businesses based upon yacht sharing.

Our yachts are manufactured by third parties selected by us on the basis of their production capabilities, technical ability and financial wherewithal. Once a customer places an order, we negotiate and sign an original equipment manufacturer (“OEM”) contract with a selected local manufacturer. Upon completion, we deliver the boat to the location designated by our customer. Our principal supplier and distributor in mainland China is Weiguan Ship, which utilizes the mainland’s production and supply chain advantages to provide us with yacht production, delivery, and after-sales services based on our designs. Weiguan Ship is responsible for providing the required products and after-sales services for all sales orders in mainland China and remits 15% of the order amount of each yacht to us as a “VIVIC” brand usage fee.

In addition to our own yachts, we are the exclusive distributor of Monte Fino yachts in the People’s Republic of China, the Philippines and the Middle East pursuant to our agreement with Kha Shing Enterprise Co., Ltd. (Taiwan) (“Kha Shing”). While seeking to develop the market for sales to tour operators, we will also seek to increase sales of Monte Fino luxury yachts in the territories where we are the exclusive distributor, particularly in the 70 to 150 foot range, which are generally purchased by individual private yacht owners.

As our Company grows, we will seek to expand the yacht brands we offer for sale, the territories in which we market yachts and, if appropriate based on our capabilities and what we can offer, seek to become the exclusive distributor for yacht manufacturers in the United States, Southeast Asia and other territories. We will also seek to enter other areas related to the marine industry where we believe we can be profitable. As part of our efforts, we recently entered into an Electric Catamaran Yacht Co-Development Agreement with Acel Power Inc. to collaborate on the development of an electric yacht.

Results of Operations

In 2023, we determined to focus our efforts on yacht sales in Taiwan and other selected regions throughout the world, and since that time have disposed of all of our business operations in mainland China. On July 12, 2023, our subsidiary, Vivic Corporation (Hong Kong) Co. Limited (“Vivic Hong Kong”), entered into a Stock Purchase Agreement with Yun-Kuang Kung pursuant to which Mr. Kung acquired all of the shares of our wholly-owned subsidiary, Weiguan Ship. The divestiture of Weiguan Ship completed our plan to divest of all activities other than our ongoing yacht business in Taiwan. However, we ceased Vivic Taiwan operation on August 21, 2025 due to Taiwan government’s policy of prohibiting importing ships from China, where our main suppliers are. We commenced the wind-down and deregistration of Vivic Taiwan, which, subject to customary procedures and approvals, is expected to be completed by June 30, 2026. In August 2025, the Company determined to concentrate its operations in the United States and Southeast Asia and to discontinue pursuing the Taiwan market. In connection with this decision, we will focus on promoting the sales in Vivic, our U.S. entity.

As a result of the sale of our interest in Weiguan Ship and its subsidiaries, the assets and related liabilities and the results of operations of such entities are included in our financial statements as discontinued operations. The following table sets forth the results of our operations for the periods indicated as a percentage of net sales. Certain columns may not be added due to rounding.

Comparison of results of operations for the three months ended December 31, 2025, and 2024

	2025			% of sales			2024			% of sales			Dollar Increase (Decrease)			Percent Increase (Decrease)
Revenue	$	-			-	%	$	-			-	%	$	-			-	%
Revenue-related party, net		-			-	%		-			-	%		-			-	%
Total revenue		-			-	%		-			-	%		-			-	%
Cost of revenue		-			-	%		-			-	%		-			-	%
Gross loss		-			-	%		-			-	%		-			-	%
Selling expense		-			-	%		-			-	%		-			-	%
General and administrative expenses		52,930			-	%		329,402			-	%		(276,472	)		(83.93	)%
Stock based compensation		73,622			-	%		514,775			-	%		(441,153	)		(85.70	)%
Total operating expenses		126,552			-	%		844,177			-	%		(717,625	)		(85.01	)%
Loss from operations		(126,552	)		-	%		(844,177	)		-	%		717,625			(85.01	)%
Interest expenses, net		(1,281	)		-	%		(7,316	)		-	%		6,035			(82.49	)%
Other income (expenses), net		1,686			-	%		(110,454	)		-	%		112,140			(101.53	)%
Loss before income taxes		(126,147	)		-	%		(961,947	)		-	%		835,800			(86.89	)%
Income tax expense		-			-	%		738			-	%		(738	)		(100.00	)%
Net loss		(126,147	)		-	%		(962,685	)		-	%		836,538			(86.90	)%

Revenue

There were no revenue for the three months ended December 31, 2025 and 2024, respectively.

Cost of revenue

Cost of revenue was nil for the three months ended December 31, 2025 and 2024.

Gross profit (loss)

There was no gross profit (loss) for the three months ended December 31, 2025 and 2024 as we had no sales.

Operating expenses

Selling expenses consisted mainly of advertising, employee salaries and welfare, entertainment, and transportation expenses of the marketing department. Selling expenses were nil for the three months ended December 31, 2025 and 2024.

General and administrative expenses consisted mainly of employee salaries and welfare, expenses for business meetings, utilities, accounting, consulting, and legal services. General and administrative expenses were $52,930 for the three months ended December 31, 2025, compared to $329,402 for the three months ended December 31, 2024, a decrease of $276,472 or 83.93%. The decrease of general and administrative (“G&A”) expenses mainly reflected decreased professional fees by $163,064, decreased travel expenses by $6,062, decreased meal and entertainment expense by $3,454, decreased insurance expense by $3,333, and decreased payroll expense by $92,332.

In addition, on and effective August 1, 2024, the board of directors (the “Board”) appointed Mr. Tse-Ling Wang, Ms. Liu-Shiang Kung Hwang, Mr. Richard Pao, Mr. Kevin Lee, and Ms. Amy Huang to the Board of Directors of the Company. Ms. Hwang, Mr. Wang, and Mr. Kevin Lee were each issued 150,000 shares of the Company’s common stock in consideration of his or her agreement to serve as a director of the Company for a period of one year, and each of Ms. Huang and Mr. Pao received 50,000 shares of the Company’s common stock in consideration of his or her agreement to serve as a director of the Company for a period of one year. We also issued 150,000 shares of the Company’s common stock to Mr. Shang-Chiai Kung, the Chairman of the Board, in consideration of his service for a period of one year. The 700,000 shares of the Company’s common stock were issued on September 30, 2024 with fair value of $1,932,000. During the three months ended December 31, 2025 and 2024, the Company recorded nil and $483,000, respectively, from the prepayment as stock compensation expense.

On August 1, 2025, the Company entered into renewed one-year agreements with Shang-Chiai Kuang and Kung Hwang Liu Shiang to serve as the Company’s independent directors. Under the terms of the agreements, each director is entitled to receive 30,000 shares of the Company’s common stock as compensation. For the three months ended December 31, 2025, the Company recorded $1,092 in stock-based compensation expense related to these agreements.

On August 1, 2025, the Company entered into renewed one-year agreements with Chuen-Huei Lee, Hui-Ming Pao, and Yin-Zhen Huang to serve as independent directors. Under the terms of these agreements, each director was to receive 20,000 shares of the Company’s common stock as compensation. On October 17, 2025, all three individuals resigned from their positions as directors of the Company. For the three months ended December 31, 2025, the Company recorded $243 in stock-based compensation expense related to these agreements.

On September 1, 2024, the Company entered an employment agreement with Mr. Hong Hsin Lai to serve as the Company’s Chief Technology Officer (“CTO”). The agreement was approved by the Board on October 8, 2024. The Company would pay Mr. Lai 50,000 shares of the Company’s common stock in the first year of employment. The shares were to be paid in full within four months from September 1, 2024. If the employment agreement were renewed after one year, the Company would pay Mr. Lai 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. On September 1, 2025, the Company entered a one-year renewed agreement with Mr. Hong Hsin Lai. During the three months ended December 31, 2025 and 2024, the Company recorded nil and $25,625 stock compensation expense, respectively, for shares issued to Mr. Lai. On October 17, 2025, Mr. Hong Hsin Lai resigned from his position as Chief Technology Officer of the Company and agreed to forgo the issuance of any stock for the period from September 1, 2025 to October 17, 2025.

On September 6, 2024, the Company entered an engagement agreement with an Investor Relation (“IR”) firm, approved by the Board on October 8, 2024. The Company paid the IR firm $500 cash per month and 1,000 shares of the Company’s common stock per month to be paid quarterly. The Company terminated the service with this IR firm during the three months ended March 31, 2025. During the three months ended December 31, 2024, the Company recorded $6,150 stock compensation expense in respect of this agreement.

On January 7, 2025, the Company entered an employment agreement with Mr. Andy F. Wong to serve as the Company’s Chief Financial Officer (“CFO”) for an initial term expiring December 31, 2025. The agreement was approved by the Board on January 7, 2025. The Company will issue 100,000 restricted stock units which shall be deemed earned in equal monthly instalments of 8,333 shares. During the three months ended December 31, 2025, the Company recorded $30,000 stock compensation expense for shares to be issued to Mr. Wong. On October 17, 2025, Andy F. Wong resigned from his position as Chief Financial Officer of the Company.

On January 7, 2025, the Company entered an employment agreement with Mr. Tse-Ling Wang to serve as the Company’s Chief Executive Officer (“CEO”) for an initial term expiring December 31, 2025. The agreement was approved by the Board on January 7, 2025. The Company would issue 250,000 restricted stock units which shall be deemed earned in equal monthly instalments of 20,833 shares. During the three months ended December 31, 2025, the Company recorded $30,000 stock compensation expense for shares to be issued to Mr. Wang. On October 17, 2025, Mr. Tse-Ling Wang resigned from his positions as President, Chief Executive Officer, and Secretary of the Company. At the same time, Mr. Tse-Ling Wang agreed to forgo the 87,500 shares that were to be granted for the service period from January 1, 2025 to July 31, 2025. During the period from January 7, 2025 to October 17, 2025, Mr. Tse-Ling Wang was entitled to 208,333 restricted stock units under the agreement. After deducting the 87,500 shares forgone as mentioned above, the remaining number of shares to be issued is 120,833 shares.

On October 1, 2024, the Company entered into an employment agreement with Mr. Kun-Teng Liao to serve as the Company’s director and Secretary. On January 25, 2025, the Board appointed Mr. Liao as the Company’s Chief Operating Officer (“COO”) for an initial term expiring September 20, 2025. The agreement was approved by the Board on January 25, 2025. The Company paid Mr. Liao 50,000 shares of the Company’s common stock in the first year of employment. If the employment agreement is renewed after one year, the Company will pay Mr. Liao 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. During the three months ended December 31, 2025 and 2024, the Company recorded $8,500 and nil stock compensation expense, respectively, for shares to be issued to Mr. Liao.

Other income (expenses), net

Net other income was $405 for the three months ended December 31, 2025. Net other expenses was $117,770 for the three months ended December 31, 2024. For the three months ended December 31, 2025, net other income mainly consisted of other income of $1,686, which was partly offset by interest expense of $1,281. For the three months ended December 31, 2024, net other expenses mainly consisted of interest expense of $7,316 and other expenses of $110,454.

Net loss

We had a net loss of $126,147 for the three months ended December 31, 2025, compared to a net loss of $962,685 for the three months ended December 31, 2024, a decrease in our net loss of $836,538 or 86.90%. The decrease in our net loss from continuing operations was mainly due to decreased general and administrative expense and decreased share-based compensation as described above.

Comparison of results of operations for the six months ended December 31, 2025 and 2024

	2025			% of sales			2024			% of sales			Dollar Increase (Decrease)			Percent Increase (Decrease)
Revenue	$	-			-	%	$	-			-	%	$	-			-	%
Revenue-related party, net		-			-	%		44,243			100.00	%		(44,243	)		(100.00	)%
Total revenue		-			-	%		44,243			100.00	%		(44,243	)		(100.00	)%
Cost of revenue		-			-	%		128,584			290.63	%		(128,584	)		(100.00	)%
Gross loss		-			-	%		(84,341	)		(190.63	)%		84,341			(100.00	)%
Selling expense		-			-	%		-			-	%		-			-	%
General and administrative expenses		163,947			-	%		488,564			1,104.28	%		(324,617	)		(66.44	)%
Stock based compensation		335,161			-	%		847,367			1,915.26	%		(512,206	)		(60.45	)%
Total operating expenses		499,108			-	%		1,335,931			3,091.54	%		(836,823	)		(62.64	)%
Loss from operations		(499,108	)		-	%		(1,420,272	)		(3,210.16	)%		921,164			(64.86	)%
Interest expenses, net		(4,569	)		-	%		(15,274	)		(34.52	)%		10,705			(70.09	)%
Other income (expenses), net		2,727			-	%		(110,909	)		(250.68	)%		113,636			(102.46	)%
Loss before income taxes		(500,950	)		-	%		(1,546,455	)		(3,495.37	)%		1,045,505			(67.61	)%
Income tax expense		-			-	%		738			1.67	%		(738	)		(100.00	)%
Net loss		(500,950	)		-	%		(1,547,193	)		(3,497.03	)%		1,046,243			(67.62	)%

Revenue

There was no revenue for the six months ended December 31, 2025. Revenue was $44,243 for the six months ended December 31, 2024. The revenue for the six months ended December 31, 2024 was mainly from the sale of yacht models. We sold 100 yacht models to one of the Company’s directors below cost. We considered this as marketing and advertising because the director will give our yacht models to prospective purchasers to promote and market our yachts.

Cost of revenue

Cost of revenue was nil and $128,584 for the six months ended December 31, 2025 and 2024, respectively. The cost of revenues in the six months ended December 31, 2024 was mainly due to costs associated with yacht model sales. We sold 100 yacht models to one of the Company’s directors below cost. We considered this as marketing and advertising because the director will give our yacht models to prospective purchasers to promote and market our yachts.

Gross profit (loss)

There was no gross profit (loss) for the six months ended December 31, 2025 as we had no sales. Gross loss for the six months ended December 31, 2024 was $84,341 as we had no sales other than yacht model sales. The gross loss in the six months ended December 31, 2024 was the result of our decision to sell yacht models below cost for marketing.

Operating expenses

General and administrative expenses consisted mainly of employee salaries and welfare, expenses for business meetings, utilities, accounting, consulting, and legal services. General and administrative expenses were $163,947 for the six months ended December 31, 2025, compared to $488,564 for the six months ended December 31, 2024, a decrease of $324,617 or 66.44%. The decrease of general and administrative (“G&A”) expenses mainly reflected decreased professional fees by $215,815, decreased subcontract labor expenses by $71,344, decreased payroll expense by $24,861, and decreased other G&A expenses by $11,000.

In addition, on and effective August 1, 2024, the board of directors (the “Board”) appointed Mr. Tse-Ling Wang, Ms. Liu-Shiang Kung Hwang, Mr. Richard Pao, Mr. Kevin Lee, and Ms. Amy Huang to the Board of Directors of the Company. Ms. Hwang, Mr. Wang, and Mr. Kevin Lee were each issued 150,000 shares of the Company’s common stock in consideration of his or her agreement to serve as a director of the Company for a period of one year, and each of Ms. Huang and Mr. Pao received 50,000 shares of the Company’s common stock in consideration of his or her agreement to serve as a director of the Company for a period of one year. We also issued 150,000 shares of the Company’s common stock to Mr. Shang-Chiai Kung, the Chairman of the Board, in consideration of his service for a period of one year. The 700,000 shares of the Company’s common stock were issued on September 30, 2024 with fair value of $1,932,000. During the six months ended December 31, 2025 and 2024, the Company recorded $161,000 and $805,000, respectively, from the prepayment as stock compensation expense.

On August 1, 2025, the Company entered into renewed one-year agreements with Shang-Chiai Kuang and Kung Hwang Liu Shiang to serve as the Company’s independent directors. Under the terms of the agreements, each director is entitled to receive 30,000 shares of the Company’s common stock as compensation. For the six months ended December 31, 2025, the Company recorded $1,820 in stock-based compensation expense related to these agreements.

On August 1, 2025, the Company entered into renewed one-year agreements with Chuen-Huei Lee, Hui-Ming Pao, and Yin-Zhen Huang to serve as independent directors. Under the terms of these agreements, each director was to receive 20,000 shares of the Company’s common stock as compensation. On October 17, 2025, all three individuals resigned from their positions as directors of the Company. For the six months ended December 31, 2025, the Company recorded $971 in stock-based compensation expense related to these agreements.

On September 1, 2024, the Company entered an employment agreement with Mr. Hong Hsin Lai to serve as the Company’s Chief Technology Officer (“CTO”). The agreement was approved by the Board on October 8, 2024. The Company paid Mr. Lai 50,000 shares of the Company’s common stock in the first year of employment. The shares are to be paid in full within four months from September 1, 2024. If the employment agreement is renewed after one year, the Company will pay Mr. Lai 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. On September 1, 2025, the Company entered a one-year renewed agreement with Mr. Hong Hsin Lai. During the six months ended December 31, 2025 and 2024, the Company recorded $17,083 and $34,167 stock compensation expense, respectively, for shares issued to Mr. Lai. On October 17, 2025, Mr. Hong Hsin Lai resigned from his position as Chief Technology Officer of the Company and agreed to forgo the issuance of any stock for the period from September 1, 2025 to October 17, 2025.

On September 6, 2024, the Company entered an engagement agreement with an Investor Relation (“IR”) firm, approved by the Board on October 8, 2024. The Company paid the IR firm $500 cash per month and 1,000 shares of the Company’s common stock per month to be paid quarterly. The Company terminated the service with this IR firm during the three months ended March 31, 2025. During the six months ended December 31, 2024, the Company issued 3,000 shares of the Company’s common stock and recorded $8,200 stock compensation expense in respect of this agreement.

On January 7, 2025, the Company entered an employment agreement with Mr. Andy F. Wong to serve as the Company’s Chief Financial Officer (“CFO”) for an initial term expiring December 31, 2025. The agreement was approved by the Board on January 7, 2025. The Company issued 100,000 restricted stock units which shall be deemed earned in equal monthly instalments of 8,333 shares. During the six months ended December 31, 2025, the Company recorded $120,000 stock compensation expense for shares to Mr. Wong. On October 17, 2025, Andy F. Wong resigned from his position as Chief Financial Officer of the Company.

On January 7, 2025, the Company entered an employment agreement with Mr. Tse-Ling Wang to serve as the Company’s Chief Executive Officer (“CEO”) for an initial term expiring December 31, 2025. The agreement was approved by the Board on January 7, 2025. The Company will issue 250,000 restricted stock units which shall be deemed earned in equal monthly instalments of 20,833 shares. During the six months ended December 31, 2025, the Company recorded $220,500 stock compensation expense for shares to be issued to Mr. Wang. On October 17, 2025, Mr. Tse-Ling Wang resigned from his positions as President, Chief Executive Officer, and Secretary of the Company. At the same time, Mr. Tse-Ling Wang agreed to forgo the 87,500 shares that were to be granted for the service period from January 1, 2025 to July 31, 2025. During the period from January 7, 2025 to October 17, 2025, Mr. Tse-Ling Wang was entitled to 208,333 restricted stock units under the agreement. After deducting the 87,500 shares forgone as mentioned above, the remaining number of shares to be issued is 120,833 shares.

On October 1, 2024, the Company entered into an employment agreement with Mr. Kun-Teng Liao to serve as the Company’s director and Secretary. On January 25, 2025, the Board appointed Mr. Liao as the Company’s Chief Operating Officer (“COO”) for an initial term expiring September 20, 2025. The agreement was approved by the Board on January 25, 2025. The Company paid Mr. Liao 50,000 shares of the Company’s common stock in the first year of employment. If the employment agreement is renewed after one year, the Company will pay Mr. Liao 20,000 shares of the Company’s common stock each year in which he remains employed by the Company. During the six months ended December 31, 2025 and 2024, the Company recorded $17,000 and nil stock compensation expense for shares to be issued to Mr. Liao.

Other income (expenses), net

Net other loss was $1,842 and $126,183 for the six months ended December 31, 2025 and 2024, respectively. For the six months ended December 31, 2025, net other income mainly consisted of other income of $2,727, which was partly offset by interest expense of $4,569. For the six months ended December 31, 2024, net other expenses mainly consisted of interest expense of $15,274, and other expenses of $110,909.

Net loss

We had a net loss of $500,950 for the six months ended December 31, 2025, compared to a net loss of $1,547,193 for the six months ended December 31, 2024, a decrease in our net loss of $1,046,243 or 67.62%. The decrease in our net loss from continuing operations was mainly due to decreased general and administrative expense and decreased share-based compensation as described above.

LIQUIDITY AND GOING CONCERN

We had $17,906 cash and cash equivalents and working capital deficit of $0.15 million as of December 31, 2025 and generated a net loss of $0.50 million during the six months ended December 31, 2025. Of the assets included in working capital, prepayment to related parties amounted to $0.76 million. The following is a summary of cash provided by or used in each of the indicated types of activities during the six months ended December 31, 2025 and 2024.

	2025			2024
Net cash used in operating activities	$	(302,787	)	$	(443,287	)
Net cash used in investing activities		-			-
Net cash provided by financing activities	$	279,580		$	186,263

Net cash used in operating activities

Net cash used in operating activities was $302,787 for the six months ended December 31, 2025, compared to net cash used in operating activities of $443,287 for the six months ended December 31, 2024. The decrease in cash used in operating activities was principally attributable to 1) the decrease in our loss after adjustments to reconcile net loss to net cash used in operating activities by $532,922, 2) decreased cash outflow from accounts payable and accounts payable to related party by $1,357,048, 3) decreased cash outflow on other receivables of $9,566, and 4) increased cash inflow on inventory by $4,150, which was partly offset by 1) decreased cash inflow from accounts receivable and accounts receivable from related party by $1,242,454, 2) decreased cash inflow from note receivable by $160,391, 3) decreased cash inflow from deposit and prepayment by $108,471, 3) decreased cash inflow from accrued liabilities and other payables by $47,316, 4) increased cash outflow from deferred revenue by $125,250, and 5) increased cash outflow from tax payables by $82,137.

Net cash used in investing activities

Net cash used in investing activities was nil for the six months ended December 31, 2025 and 2024.

Net cash provided by financing activities

Net cash provided by financing activities was $279,580 for the six months ended December 31, 2025, compared to net cash provided by financing activities of $186,263 for the six months ended December 31, 2024. Net cash provided by financing activities for the six months ended December 31, 2025 consisted of proceeds from related party of $1,531,210, which was partly offset by repayments to related parties of $699,373 and repayment to third party loans of $552,257. Net cash provided by financing activities for the six months ended December 31, 2024 consisted of proceeds from related party advances of $512,630 and proceeds from a loan from a third party of $92,845, which was partly offset by repayments to related parties of $279,944 and repayment of loans of $139,268.

Going Concern

The accompanying consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

We had $17,906 cash and cash equivalents and working capital deficit of approximately $146,879 as of December 31, 2025, which included prepayments to related parties of $0.76 million and due to related parties of $0.37 million. We generated a net loss of $0.50 million during the six months ended December 31, 2025, and we had an accumulated deficit of approximately $6.25 million as of December 31, 2025 and generated negative cash flow from operating activities during the period of $0.30 million. We do not have sustained and stable income, and there is also significant uncertainty in regarding its income for the next 12 months.

The continuation of the Company as a going concern through the one-year anniversary of the date of this filing is dependent upon continued financial support from its related parties and loans or investments from third parties. The Company is actively pursuing additional financing for its operations through loans and the sale of equity. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain its operations.

Management has determined that the above conditions indicate that it may be probable that the Company would not be able to meet its obligations within one year after the date of issuance of this report. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements included in this report do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

PLAN OF OPERATION AND FUNDING

We expect that working capital requirements will continue to be funded through a combination of our existing funds, cash generated from operations, loans from and further issuances of securities to our principal shareholders. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and the issuance of debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements apart from amounts outstanding under our EIDL loan and our loan with Taiwan Hua Nan Bank. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments to our principal shareholders. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with our business and (ii) marketing expenses. We intend to finance these expenses with further issuances of equity securities and debt instruments. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current stockholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available on acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

MATERIAL COMMITMENTS

As of the date of this report, we do not have any material commitments.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

RECENT ACCOUNTING PRONOUNCEMENTS

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable for smaller reporting companies.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Management of our Company is responsible for maintaining disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. In addition, the disclosure controls and procedures must ensure that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required financial and other required disclosures.

An evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange Act) at December 31, 2025 was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer. Based on his evaluation of our disclosure controls and procedures, he concluded that at December 31, 2025, such disclosure controls and procedures were not effective. This was due to our limited resources, including the absence of a financial staff with accounting and financial expertise and deficiencies in the design or operation of our internal control over financial reporting that adversely affected our disclosure controls and that may be considered to be “material weaknesses.”

We plan to designate individuals responsible for identifying reportable developments and to implement procedures designed to remediate the material weakness by focusing additional attention and resources in our internal accounting functions at such time as such actions can be properly supported by the financial results of our operations. However, there is no assurance as to when we will undertake to hire the personnel and implement the procedures necessary to remediate the material weaknesses in our disclosure controls and procedures and the material weakness will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

Changes in Internal Control over Financial Reporting

There have not been any changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter which is the subject of this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently party to any material legal or administrative proceedings and are not aware of any claim which might lead to a material legal claim or proceeding being commenced us in the foreseeable future.

Item 1A. Risk Factors

Reference is made to the risks and uncertainties disclosed in Item 1A (“Risk Factors”) of our Annual Report on Form 10-K for the year ended June 30, 2025 (the “2025 Form 10-K”), which are incorporated by reference into this report. Prospective investors are encouraged to consider the risks described in the 2025 Form 10-K, Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and other information publicly disclosed or contained in documents we file with the Securities and Exchange Commission before purchasing our securities.

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

During the quarter ended December 31, 2025, we did not have any sales of equity securities in transactions that were not registered under the Securities Act of 1933, as amended, that have not been previously reported in a report filed pursuant to the Exchange Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information

None

Item 6. Exhibits

Exhibit No.		Description

3.1		Articles of Incorporation (incorporated by reference to the Company’s Registration Statement on Form S-1 filed February 17, 2021).

3.2		Certificate of Amendment to Articles of Incorporation filed April 8, 2019 (incorporated by reference to Exhibit 3.2 to the Company’s Report on Form 10-K as filed with the SEC on April 16, 2024).

3.3		Certificate of Designation filed April 9, 2019 (incorporated by reference to Exhibit 3.3 to the Company’s Report on Form 10-K as filed with the SEC on April 16, 2024).

3.4		Certificate of Amendment to Articles of Incorporation filed November 18, 2019. (incorporated by reference to Exhibit 3.4 to the Company’s Report on Form 10-K as filed with the SEC on April 16, 2024)

3.5		Certificate of Amendment to Articles of Incorporation filed January 16, 2020. (incorporated by reference to Exhibit 3.5 to the Company’s Report on Form 10-K as filed with the SEC on April 16, 2024)

3.6		Amended and Restated Certificate of Designation of Series A Convertible Preferred Stock filed December 9, 2020. (incorporated by reference to Exhibit 3.7 to the Company’s Report on Form 10-K as filed with the SEC on April 16, 2024)

3.7		Bylaws of the Registrant (incorporated by reference to the Company’s Registration Statement on Form S-1 filed July 5, 2017).

31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14 or Rule 15d-14 of Securities Exchange Act of 1934.

31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14 or Rule 15d-14 of Securities Exchange Act of 1934.

32.1**		Certification of Chief Executive Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).

32.2**		Certification of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).

101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation
101.DEF		Inline XBRL Taxonomy Extension Definition
101.LAB		Inline XBRL Taxonomy Extension Label
101.PRE		Inline XBRL Taxonomy Extension Presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Filed herewith

**Furnished herewith

SIGNATURES

Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VIVIC, CORP.

Dated: February 13, 2026	By:	/s/ Chen-Hon Chuang
		Chen-Hon Chuang
		Chief Executive Officer
		(Principal Executive Officer)

VIVIC CORP. 10-Q