UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~WASHINGTON,~~Washington D.C. 20549

FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDED ~~December~~June 3130, ~~2023~~2024

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER: 000-56277

~~Dr. FOODS~~Japan Food Tech Holdings, Inc.

(Exact name of registrant as specified in its charter)

	Nevada	00-0000000
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

	3F K’s Minamiaoyama 6-6-20 Minamiaoyama, Minato-ku, Tokyo 107-0062, Japan	107-0062
	(Address of Principal Executive Offices)	(Zip Code)

81-90-6002-4978

(registrant’s telephone number, including area code)

N/A

(former name or former mailing address, if changed since last report)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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. [X] 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 (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [ ] No

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

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

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

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

[ ] Yes [X] No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of ~~February~~October 121, 2024, there were 1395,708,699 shares of Common Stock and 109,~~000~~918 shares of Series Z Preferred Stock issued and outstanding.

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INDEX

		Page
PART I - FINANCIAL INFORMATION

ITEM 1	FINANCIAL STATEMENTS - UNAUDITED	F1
CONSOLIDATED Balance SheetS - UNAUDITED		F1
CONSOLIDATED StatementS of Operations- UNAUDITED		F2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) - UNAUDITED		F3
CONSOLIDATED StatementS of Cash Flows - unaudited		F4
Notes to THE CONSOLIDATED Financial Statements - unaudited		F5

ITEM 2	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS	3
ITEM 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	4
ITEM 4	CONTROLS AND PROCEDURES	5

PART II - OTHER INFORMATION

ITEM 1	LEGAL PROCEEDINGS	6
ITEM 1A	RISK FACTORS
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	6
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	6
ITEM 4	MINE SAFETY DISCLOSURES	6
ITEM 5	OTHER INFORMATION	6
ITEM 6	EXHIBITS	6

SIGNATURES		7

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Table of Contents

PART I - FINANCIAL INFORMATION

~~Dr. Foods~~Japan Food Tech Holdings, Inc.

Consolidated Balance Sheets

		December 31, 2023 (Unaudited)		March 31, 2023
		June 30, 2024 (Unaudited)		March 31, 2024 (Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	98,~~436~~116	$	18,~~365~~741
Accounts receivable - trade		95,~~649~~786		~~384~~11,333
Advance payments		~~684~~3,422		~~567~~1,532
Loan to related party		542,551		535,460
TOTAL CURRENT ASSETS		17,324		21,606
Interest Receivable - related party		8,269		4,402
TOTAL ASSETS	$	17,324	$	21,606
TOTAL CURRENT ASSETS		570,589		542,178
TOTAL ASSETS	$	570,589	$	542,178
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable	$	114,~~241~~668	$	71,~~396~~017
Accounts payable - related party		4034,~~068~~649		2948,~~524~~142
Deferred revenue		~~149~~-		-328
Accrued Expenses		-		2,705
Other current liabilities		30		532
Other current liabilities		219		497
TOTAL LIABILITIES	$	49,347	$	50,019
TOTAL LIABILITIES	$	41,677	$	40,122
Stockholders’ Equity (Deficit)
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; 10,000 issued and outstanding as of December 31, 2023 and March 31, 2023)		1		1
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; 9,918 and 10,000 issued and outstanding as of June 30, 2024 and March 31, 2024, respectively)		1		1
Common stock ($0.0001 par value, 4,800,000,000 shares authorized, 13,708,699 and 13,114,888 issued and outstanding as of December 31, 2023 and March 31, 2023, respectively)		1,371		1,312
Common stock ($0.0001 par value, 4,800,000,000 shares authorized, 95,708,699 and 13,708,699 issued and outstanding as of June 30, 2024 and March 31, 2024, respectively)		9,571		1,371
Foreign currency translation adjustment		(5867,~~138~~795)		(2369,~~683~~245)
Additional paid-in capital		2,~~152~~640,~~214~~396		12,~~899~~175,~~114~~985
Accumulated deficit		(12,~~566~~614,~~536~~ 196)		(12,~~374~~136,~~688~~525)
Total Stockholders’ Equity (Deficit)		~~528~~(32,~~912~~023)		~~502~~(28,~~056~~413)
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)	$	~~570~~17,~~589~~324	$	~~542~~21,~~178~~606

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

F-1

Table of Contents

~~Dr.~~Japan ~~Foods~~Food Tech Holdings, Inc.

Consolidated Statements of Operations

(Unaudited)

		Three Months Ended December 31, 2023		Three Months Ended December 31, 2022		Nine Months Ended December 31, 2023		Nine Months Ended December 31, 2022
		Three Months June 30, 2024		Three Months June 30, 2023
Revenues
Revenues, net	$	65,~~967~~276	$	~~154~~616	$	~~12,730~~	$	~~154~~
Revenues - related party	$	-	$	13	$	-	$	13
Revenues, net - related party		248		-
Total Revenues		65,~~967~~524		~~167~~616		~~12,730~~		~~167~~
Gross Profit	$	6,967	$	167	$	12,730	$	167
Cost of revenues		-		-
Operating Expenses
Gross Profit	$	5,524	$	616
General and administrative expenses	$	58,602	$	82,900	$	206,951	$	238,763
Operating Expenses
Total operating expenses		58,602		82,900		206,951		238,763
General and administrative expenses	$	88,008	$	70,293
Income (loss) from operations		(51,635)		(82,733)		(194,221)		(238,596)
Total operating expenses		88,008		70,293
Other income (expense)
Income (loss) from operations		(82,484)		(69,677)
Interest income	$	1,342	$	2,987	$	4,081	$	6,078
Other income (expense)
Other expense		(1,381)		-		(1,280)		-
Interest income - related party		-		1,315
Total other income (expense)		(39)		2,987		2,801		6,078
Other income (expense)		1,173		-
Net income (loss) before tax		(51,674)		(79,746)		(191,420)		(232,518)
Total other income (expense)		1,173		1,315
Income tax expense		(7)		(8)		428		470
Net income (loss) before tax		(81,311 )		(68,362)
NET INCOME (LOSS)	$	(51,667)	$	(79,738)	$	(191,848)	$	(232,988)
Income tax expense		-		-
OTHER COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS)	$	(81,311 )	$	(68,362)
Foreign currency translation adjustment	$	27,881	$	46,820	$	(34,455)	$	(21,485)
Deemed dividend to preferred shareholders - related party		(396,360)		-
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(23,786)	$	(32,918)	$	(226,303)	$	(254,473)
Net Income attributable to common shareholder	$	(477,671)	$	(68,362)
Income per common share
OTHER COMPREHENSIVE INCOME (LOSS)
Basic	$	(0.00)	$	(0.01)	$	(0.01)	$	(0.02)
Foreign currency translation adjustment	$	1,450	$	(45,112)
Diluted	$	-	$	-	$	-	$	-
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(79,861 )	$	(113,474)
Weighted average common shares outstanding
Income per common share
Basic		13,708,699		13,114,888		13,556,184		12,771,516
Basic and diluted	$	(0.02)	$	(0.01)
Diluted		-		-		-		-
Weighted average common shares outstanding
Basic and diluted		26,324,084		13,278,023

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

F-2

Table of Contents

~~Dr.~~Japan ~~Foods~~Food Tech Holdings, Inc.

Consolidated Statement of Changes in Stockholders’ Equity (Deficit)

For the Period Ending ~~December~~June 3130, ~~2023~~2024

(Unaudited)

	Common Shares		Par Value Common Shares	Series Z Preferred Shares		Par Value Series Z Preferred Shares		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total
Balances, March 31, 2023	13,114,888	$	1,312	10,000	$	1	$	1,899,114	$	(23,683)	$	(1,374,688)	$	502,056
Balances, March 31, 2024	13,708,699	$	1,371	10,000	$	1	$	2,175,985	$	(69,245)	$	(2,136,525)	$	(28,413)
Common shares sold	593,811		59	-		-		186,991		-		-		187,050
Series Z preferred shares converted to common shares - related party	82,000,000		8,200	(82)		-		(8,200)		-		-		-
Expenses paid on behalf of the Company and contributed to capital	-		-	-		-		22,496		-		-		22,496
Expenses paid on behalf of the company and contributed to capital	-		-	-		-		76,251		-		-		76,251
Net loss	-		-	-		-		-		-		(68,362)		(68,362)
Deemed dividend on preferred stock amendment - related party	-		-	-		-		396,360		-		(396,360)		-
Foreign currency translation	-		-	-		-		-		(45,112)		-		(45,112)
Net loss	-		-	-		-		-		-		(81,311)		(81,311)
Balances, June 30, 2023	13,708,699	$	1,371	10,000	$	1	$	2,108,601	$	(68,795)	$	(1,443,050)	$	598,128
Foreign currency translation	-		-	-		-		-		1,450		-		1,450
Expenses paid on behalf of the Company and contributed to capital	-		-	-		-		31,613		-		-		31,613
Balances, June 30, 2024	95,708,699	$	9,571	9,918	$	1	$	2,640,396	$	(67,795)	$	(2,614,196)	$	(32,023)
Net loss	-		-	-		-		-		-		(71,819)		(71,819)
Foreign currency translation	-		-	-		-		-		(17,224)		-		(17,224)
Balances, September 30, 2023	13,708,699	$	1,371	10,000	$	1	$	2,140,214	$	(86,019)	$	(1,514,869)	$	540,698
Expenses paid on behalf of the Company and contributed to capital	-		-	-		-		12,000		-		-		12,000
Net loss	-		-	-		-		-		-		(51,667)		(51,667)
Foreign currency translation	-		-	-		-		-		27,881		-		27,881
Balances, December 31, 2023	13,708,699	$	1,371	10,000	$	1	$	2,152,214	$	(58,138)	$	(1,566,536)	$	528,912

~~Dr.~~Japan ~~Foods~~Food Tech Holdings, Inc.

Consolidated Statement of Changes in Stockholders’ Equity (Deficit)

For the Period Ending ~~December~~June 3130, ~~2022~~2023

(Unaudited)

	Common Shares		Par Value Common Shares	Series Z Preferred Shares		Par Value Series Z Preferred Shares		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total
Balances, March 31, 2022	11,576,427	$	1,158	10,000	$	1	$	1,044,709	$	-	$	(1,052,868)	$	(7,000)
Balances, March 31, 2023	13,114,888	$	1,312	10,000	$	1	$	1,899,114	$	(23,683)	$	(1,374,688)	$	502,056
Common shares sold	1593,~~538,462~~811		~~154~~59	-		-		~~769~~186,~~077~~991		-		-		~~769~~187,~~231~~050
Expenses paid on behalf of the Company and contributed to capital	-		-	-		-		3422,~~505~~496		-		-		3422,~~505~~496
Net loss	-		-	-		-		-		-		(5268,~~531~~362 )		(5268,~~531~~362)
Foreign currency translation	-		-	-		-		-		(3545,~~282~~112)		-		(3545,~~282~~112)
Balances, June 30, 2022	13,114,888	$	1,312	10,000	$	1	$	1,848,291	$	(35,282)	$	(1,105,399)	$	708,923
Balances, June 30, 2023	13,708,699	$	1,371	10,000	$	1	$	2,108,601	$	(68,795)	$	(1,443,050)	$	598,128
Expenses paid on behalf of the Company and contributed to capital	-		-	-		-		19,713		-		-		19,713
Net loss	-		-	-		-		-		-		(100,719)		(100,719)
Foreign currency translation	-		-	-		-		-		(33,023)		-		(33,023)
Balances, September 30, 2022	13,114,888	$	1,312	10,000	$	1	$	1,868,004	$	(68,305)	$	(1,206,118)	$	594,894
Expenses paid on behalf of the Company and contributed to capital	-		-	-		-		8,000		-		-		8,000
Net loss	-		-	-		-		-		-		(79,738)		(79,738)
Foreign currency translation	-		-	-		-		-		46,820		-		46,820
Balances, December 31, 2022	13,114,888	$	1,312	10,000		1	$	1,876,004	$	(21,485)	$	(1,285,856)	$	569,976

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

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Table of Contents

~~Dr. Foods~~Japan Food Tech Holdings, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months December 31, 2023			Nine Months December 31, 2022
	Three Months June 30, 2024			Three Months June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(~~191~~81,~~848~~311)	$	(~~232~~68,~~988~~362)
Adjustment to reconcile net loss to net cash used in operating activities:
Changes in current assets and liabilities:
Accounts receivable		(95,~~190)~~031		-(1,914)
Advance payments		(~~149~~2,048)		-550
Accounts payable		(5,662)		4,996
Accounts payable, other		14,171		(2,013)
Accounts payable, related party		2(10,~~376~~961)		1357,~~024~~707
Interest receivable		(4,082)		(6,164)
Interest receivable - related party		-		(1,315)
Deferred revenue		147		-
Accrued expenses		-		(2,705)
Accrued expenses		(2,705)		(7,210)
Deferred revenue		(318)		-
Other current liabilities		(~~247~~485)		~~566~~(278)
Net cash used in operating activities		(~~211~~75,~~360~~921)		(~~227~~18,~~776~~330)
CASH FLOWS FROM INVESTING ACTIVITIES
Loan to related party		~~(122,096)~~-		(~~572~~109,~~720~~099)
Payments received from related party loan		84,072		-
Net cash used in investing activities		-		(109,099)
Net cash used in investing activities		(38,024)		(572,720)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash received for common shares		~~187,050~~-		~~769~~187,~~231~~050
Borrowings on debt - related party		9,768		-
Contributed capital		76,251		22,496
Contributed capital		66,109		62,218
Net cash provided by financing activities		76,251		209,546
Net cash provided by financing activities		262,927		831,449
Net effect of exchange rate changes on cash		(955)		(1,187)
Net effect of exchange rate changes on cash		(5,472)		(21,275)
Net change in cash		(625)		80,930
Net change in cash		8,071		9,678
Beginning cash balance		8,741		1,365
Beginning cash balance		1,365		-
Ending cash balance	$	8,116	$	82,295
Ending cash balance	$	9,436	$	9,678
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	$	-	$	-
Income taxes paid	$	~~428~~-	$	-
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Preferred stock conversion – related party	$	8,200	$	-
Deemed dividend on preferred stock amendment - related party	$	396,360	$	-

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

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Table of Contents

~~Dr. Foods~~Japan Food Tech Holdings, Inc.

Notes to the Unaudited Consolidated Financial Statements

Note 1 - Organization and Description of Business

Japan Food Tech Holdings, Inc., formerly known as, “Dr. Foods, Inc.”, and “Catapult Solutions, Inc.” (referred to as “we,” “us, ” “our,” the " “Company"” and or the "“Registrant"”), ~~formerly known as Catapult Solutions, Inc.,~~ was incorporated in the State of Nevada on February 26, 2021.

On August 24, 2021, the Company changed its name with the Nevada Secretary of State to Dr. Foods, Inc.

On or about September 17, 2021, we incorporated Dr. Foods Co., Ltd., a Japan Company, as a wholly owned subsidiary of the Company. We intend to utilize Dr. Foods Co., Ltd. to, amongst other things, act as an importer, reseller, developer, and manufacturer of various food products that we may develop in the future.

On ~~October~~January 1112, ~~2021~~2022, weJapan Food Tech Holdings, ~~through~~Inc., formerly ~~our~~known ~~wholly~~as, ~~owned~~“Dr. ~~subsidiary~~Foods, DrInc.,” a Nevada Company, Mama Foods Co., Ltd., ~~entered into and consummated~~ a ~~“Collaboration~~Japan ~~Agreement”~~Company, ~~with~~and ~~Next~~White ~~Meats~~ Knight Co., Ltd., a Japan Company ~~company~~entered ~~that~~into ~~shares~~a ~~common~~non-definitive ~~management~~agreement, ~~with~~a ~~the~~“Letter ~~Company~~of Intent”, towhereas ~~co-develop~~it ~~new~~was ~~food~~proposed ~~products~~that ~~and~~Dr. ~~subsequently~~Foods, ~~offer~~Inc., ~~them~~would ~~for~~acquire ~~sale.~~100% ~~Next~~of ~~Meats~~the controlling interest of Mama Foods Co., Ltd. ~~operates~~from inrelated ~~the~~party, ~~“alternative~~White ~~meat”~~Knight ~~industry~~Co., ~~It currently offers~~Ltd., ~~and~~in ~~plans~~exchange tofor ~~continue to offer~~$500,000 coupled ~~amongst~~with ~~other~~the ~~things~~issuance of 19,500,000 ~~artificial~~shares ~~chicken~~of ~~and~~restricted ~~beef~~Preferred ~~products~~Stock ~~made~~to ~~from~~White ~~meat~~Knight ~~substitutes~~Co. , Ltd.

~~The~~To ~~Collaboration~~proceed ~~Agreement~~with isthe ~~for a~~transaction ~~period of two years and may be renewed thereafter under~~ the ~~same~~Issuer ~~terms for additional one year terms unless terminated in writing~~required, ~~with three months’ notice, by either party. The Collaboration Agreement, amongst other things, details the terms~~ and ~~conditions by which~~ ~~Next~~continues ~~Meats~~to ~~Co.~~require, ~~Ltd.~~an ~~and~~audit ~~Dr.~~of Mama Foods Co., Ltd. ~~may~~for ~~co-develop,~~its ~~cooperate~~last ~~and~~two ~~contribute~~completed ~~towards~~fiscal ~~the~~years ~~development of new products~~ and ~~technologies. The~~a ~~specific~~review ~~allotment~~ of ~~tasks~~any ~~per~~interim ~~project~~periods ~~will be determined in writing by each party at~~ following the ~~outset~~most ofrecent ~~collaborative~~fiscal ~~efforts~~year-end. ~~Dr.~~It ~~Foods Co.,~~has ~~Ltd.~~been ~~will~~mandated ~~primarily,~~that ~~although~~this ~~not~~requirement ~~exclusively,~~must contribute to research and development, and Next Meats Co., Ltd. will primarily, although not exclusively, contribute to distribution of new products/technologies. Costs pursuant to the collaborative efforts of the partners, will be ~~the~~met ~~respective~~before ~~responsibility of~~ the ~~party~~transaction ~~responsible~~can ~~for~~move ~~fulfilling~~forward ~~such~~in ~~tasks~~any capacity.

~~Dr.~~White ~~Foods~~Knight Co., Ltd. ~~intends~~is toa ~~conduct research~~Japanese ~~and~~entity ~~development~~owned ~~of new food products pursuant to the Collaboration Agreement via its three new executive officers, all of whom~~and ~~were~~controlled ~~appointed~~by onKoichi ~~October 11th of 2021~~Ishizuka.

OnMama ~~November 3~~Foods, ~~2021~~Co., weLtd. ~~began~~(“Mama ~~trading under~~Foods”) ~~the~~is ~~symbol~~a food ~~DRFS.~~company ~~The~~founded ~~new~~in ~~CUSIP~~Japan ~~number~~in ~~associated~~1958, ~~with~~currently ~~our~~offering ~~common~~customers ~~stock,~~in asJapan ofwholesale ~~the~~and ~~market~~retail products ~~effective~~centering ~~date~~on ofJapanese ~~November~~side 3dishes, ~~2021,~~from ~~is 26140D107~~chilled foods to packed and sterilized food.

OnIn ~~or about July 1~~2021, ~~2022, NXMH, sold~~ ~~5,000~~White ~~shares~~Knight ~~of Series Z Preferred Stock of DRFS~~Co., toLtd. ~~WKC,~~acquired at100% ~~a price~~ of ~~approximately~~Mama ~~$147,624~~Foods ~~USD~~from ~~(20,000,000~~its ~~Japanese~~prior ~~Yen) (“The Share Purchase Agreement”). WKC is owned and controlled by our Chief Executive Officer~~controller, ~~Koichi~~in ~~Ishizuka.~~exchange ~~WKC.~~for isapproximately ~~deemed~~1 tomillion ~~be an accredited investor~~USD. The ~~purchase~~current website ~~of shares was made~~ for ~~investment~~Mama ~~purposes.~~Foods, ~~The~~which ~~consummation~~includes ofadditional ~~the~~information, ~~transaction~~can ~~contemplated~~be byfound ~~the Share~~here: ~~Purchase Agreement resulted in NXMH no longer having an equity position in DRFS and with WKC becoming the largest controlling shareholder of DRFS~~mama-foods. com/en/

~~On September 13, 2022, the Company~~The ~~filed~~non-definitive aagreement ~~certificate~~described ofabove ~~change~~expired ~~(the~~without ~~“certificate”) with~~ the ~~Nevada~~proposed ~~Secretary~~terms of ~~State to effect a reverse stock split (~~the ~~“stock~~ ~~split”),~~non-definitive ~~whereas~~agreement ~~every~~being ~~200~~met ~~shares of the Company’s issued~~ and ~~outstanding common stock would be automatically converted into one issued and outstanding share of common stock,~~ without ~~any change in~~ the transaction ~~par~~moving ~~value per share~~forward. ~~The~~Mama ~~effective~~Foods ~~date of the certificate was September 21~~Co., ~~2022~~Ltd. ~~Fractional~~did ~~shares~~not asprovide ~~a result of~~ the ~~stock~~requested ~~split~~audited ~~were~~financials ~~rounded~~or uprelated materials to the ~~nearest whole number~~Issuer. ~~The~~However, ~~stock~~common ~~split~~management ~~affected all shares~~ of ~~the~~both ~~Company’s~~Mama ~~common~~Foods ~~stock~~Co., ~~outstanding immediately prior to the effective time of the stock split~~Ltd. ~~The authorized shares prior~~ and ~~following~~Japan ~~the~~Food ~~stock~~Tech ~~split remain the same at 4~~Holdings,~~800,000,000~~ ~~shares of common stock, par value $0~~Inc.~~0001 per share. Immediately prior to the stock split~~, weformerly ~~had~~known 2as,~~622,968,890~~ ~~shares of common stock issued and outstanding~~“Dr. ~~Immediately following the September 21~~Foods, ~~2022 effective date of the stock split, we have 13,114,888 shares of common stock issued and outstanding~~Inc. ~~These financial~~,” ~~reports~~has ~~reflect~~verbally ~~the~~agreed ~~200~~ to 1consider ~~reverse~~moving ~~stock~~forward ~~split~~with ~~for~~the ~~all~~transaction ~~periods~~if ~~for~~Mama ~~comparative~~Foods ~~purposes~~Co. ~~The effective date listed on the Certificate of September 21~~, ~~2022~~Ltd. ~~differs~~can ~~from~~eventually ~~the~~provide ~~Market Effective Date of~~ the ~~Reverse~~required ~~Stock Split~~financial documentation, which ~~was~~it onhas ~~September~~not ~~28,~~done ~~2022.~~so ~~The~~to ~~FINRA Daily List Announcement Date was on September 27, 2022~~date.

The preparation ~~FINRA~~of ~~corporate~~Mama ~~action~~Foods toCo., ~~affect the~~Ltd.’s ~~Reverse~~financial ~~Stock~~records ~~Split~~ is ~~now~~being ~~completed~~led by Koichi Ishizuka, who has other business commitments and limited availability. ~~Our~~Additionally, ~~new~~he ~~CUSIP~~lacks ~~number~~accounting ~~for~~expertise, ~~our~~so ~~shares~~the ofCompany ~~Common~~has ~~Stock~~hired isan ~~26140D206~~external accountant, with limited knowledge themselves, to assist with this process.

~~On or about October 17, 2022, we~~Given ~~incorporated~~the DRcurrent ~~FOODS (S) PTE. LTD.~~circumstances, ait ~~Singapore~~is ~~Private~~highly ~~Company~~improbable ~~limited~~that bythe ~~shares.~~acquisition DRof ~~FOODS~~Mama ~~(S)~~Foods ~~PTE~~Co., ~~LTD~~Ltd., ~~which~~will ~~may~~proceed bein ~~referred~~the toforeseeable ~~herein~~future ~~as,~~unless ~~“DRFS~~Koichi ~~Singapore”~~Ishizuka isengages ~~now~~additional astaff ~~wholly~~or ~~owned~~third ~~subsidiary~~parties ofto expedite the ~~Company.~~preparation ~~The Directors~~ of ~~DRFS~~the ~~Singapore~~audited ~~are~~financials ~~Mr.~~and ~~Koichi~~related ~~Ishizuka~~financial ~~and~~information ~~Ms.~~for ~~Chan~~Mama SuFood ~~Lee~~Co., ~~The~~Ltd. ~~Officers~~Even ofwith ~~DRFS~~such ~~Singapore~~measures ~~are~~in ~~comprised~~place, the success of ~~Mr.~~the ~~Akira~~audit ~~Yasuda,~~still ~~serving~~depends ason ~~Chief~~Koichi ~~Operating~~Ishizuka ~~Officer~~providing the ~~and~~necessary ~~Ms.~~documentation ~~Tee Siew~~and ~~Yun~~supporting information, ~~serving~~which asremains ~~Secretary~~uncertain.

~~The~~On ~~intended~~June ~~business~~13, 2024, ~~purpose~~we filed Restated Articles of ~~DRFS~~ ~~Singapore~~Incorporation iswith ~~primarily,~~the ~~but~~Nevada ~~not~~Secretary ~~limited~~of ~~to,~~State. ~~further~~With ~~researching,~~this ~~developing~~filing, ~~and,~~we inhave ~~the~~changed ~~future~~our company name from Dr. Foods, ~~selling~~Inc. ~~food~~to ~~products~~Japan inFood ~~Singapore~~Tech Holdings, ~~some~~ ofInc. ~~which~~Additionally, ~~may~~we beamended ~~plant~~the ~~based~~rights orand ~~cultured~~privileges ~~meats~~for holders of Series Z Preferred Stock, amongst other updates.

~~The~~Currently, ~~Company’s~~we operate ~~main~~through ~~office~~Dr. ~~is located~~Foods atCo., 3FLtd. ~~K’s~~and ~~Minamiaoyama 6-6-20~~DRFS ~~Minamiaoyama,~~Singapore ~~Minato-ku,~~and ~~Tokyo~~share ~~107-0062~~the same business plan as that of Dr. Foods Co., ~~Japan~~Ltd. and DRFS Singapore.

At present, our principal focus is on the creation of plant-based food products to replace traditional animal products, while retaining the taste and texture of the original.

At this time, we neither rent nor own any properties. We utilize the office space and equipment of related party, Next Meats Co., Ltd., as well as office space of our management, at no cost. Management estimates such amounts to be immaterial.

The Company has elected March 31st as its year end.

Note 2 - Summary of Significant Accounting Policies

Principles of Consolidations

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Dr. Foods Japan Co., Ltd. and Dr. Foods Singapore Co., Ltd. All significant intercompany accounts and transactions have been eliminated.

Basis of Presentation

This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary to make the financial statements not misleading have been included. Actual results could differ from those estimates.

Advertising and Promotion

All advertising, promotion and marketing expenses, including commissions, are expensed when incurred. Advertising expenses totaled $12,808 and $14,081 for the periods ended June 30, 2024 and 2023, respectively.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents on ~~December~~June 3130, ~~2023~~2024, and March 31, ~~2023~~2024, were $98,~~436~~116 and $18,~~365~~741, respectively.

Accounts Receivable and Credit Policies

Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. Accounts receivable totaled $95,~~649~~ 786 and $~~384~~11,333 as of ~~December~~June 3130, ~~2023~~2024 and March 31, ~~2023~~2024, respectively . ~~The~~Allowances ~~current~~for ~~amount~~doubtful ofaccounts were $~~9,649~~0 isfor ~~offset~~both ~~by a liability to related party Mama Foods of $5,593~~periods.

Concentration of Credit Risk

Accounts receivable from customers accounting for 10% or more of total accounts receivable are as follows:

For the period ended June 30, 2024, 95% of total accounts receivable was owed by five customers in the amount of $5,514.

For the year ended March 31, 2024, 84% of total accounts receivable was owed by one customer in the amount of $9,467.

Revenue Recognition

The Company adopted ASC 606, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), in the third quarter of fiscal year 2023, as this was the first quarter that the Company generated revenues. Under ASC 606, the Company recognizes revenue when a customer obtains control of promised goods, in an amount that reflects the consideration that the Company expects to receive in exchange for the goods. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contracts with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when or as the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods it transfers to the customer. Under ASC 606, disaggregated revenue from contracts with customers depicts the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors.

Revenue from product sales

We recognize revenue upon transfer of control of our promised goods in an amount that reflects the consideration we expect to be entitled to in exchange for those goods.

For our primary transaction-based revenue source we have determined we are acting as an agent in the transactions and, therefore, a net presentation (that is, the amount billed to a customer less the amount paid to a supplier). Net presentation is appropriate for the majority of our revenue transactions as the supplier is primarily responsible for providing the underlying goods and services and we do not control the goods provided by the supplier to the customer.

Revenue ~~for~~ for products is recognized when the products are delivered to the customer and the customer completes the product inspection. Cash receipts for undelivered products are recorded as deferred revenues. As of ~~December~~June 3130, ~~2023~~2024 and March 31, ~~2023~~2024, the Company had deferred ~~revenues~~ revenues related to product sales of $~~149~~0 and $0328, respectively.

The Company’s revenue consists of food product sales through its subsidiary, Dr. Foods Co., Ltd.

Revenue - related party

During the periods ended June 30, 2024 and June 30, 2023, revenue totaling approximately $248 and $0, respectively, was recognized from sales to related party WB Burgers Japan Co. Ltd. (hereinafter referred to as “WBBJ”). WBBJ is considered to be a related party due to the fact that Koichi Ishizuka, CEO of the Company, indirectly controls WBBJ through his share ownership of WB Burgers Asia, Inc. The terms and conditions applied to the above transactions were the same as those applied to sales to customers not related to the Company.

The Company’s revenue consists of food product sales through its subsidiary, Dr. Foods Co., Ltd.

Concentration of Revenues

Gross revenues from customers accounting for 10% or more of total revenues are as follows:

For the period ended June 30, 2024, 83% of total revenue was generated from three customers in the amount of $4,379.

Research and Development Expense

Research and development expense consists of costs incurred in performing research and development activities, including compensation and benefits for related employees, outside services and consulting costs, and related facilities, information technology and overhead expenses. Research and development costs are expensed as incurred. Research and development expenses totaled $0 in the periods ended June 30, 2024 and 2023.

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized on ~~December~~June 3130, ~~2023~~2024 and March 31, ~~2023~~2024.

Basic Earnings (Loss) Per Share

The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company.

~~The~~During the ~~Company~~periods ~~does~~ended June ~~not~~30, ~~have~~2024 ~~any~~and ~~potentially dilutive~~June ~~instruments~~30, as2023, ofthe ~~December~~number ~~31,~~of ~~2023~~diluted ~~and,~~shares ~~thus,~~that ~~anti-dilution~~have ~~issues~~been excluded are ~~not~~9,918,000 ~~applicable~~and 0, respectively.

Fair Value of Financial Instruments

The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.

ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

- Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

- Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

- Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of ~~December~~June 3130, ~~2023~~2024. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses.

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Table of Contents

Related Parties

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

Share-Based Compensation

ASC 718, “Compensation – Stock Compensation”, prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “Equity – Based Payments to Non-Employees.” Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date.

The Company had no stock-based compensation plans as of ~~December~~June 3130, ~~2023~~2024, and March 31, ~~2023~~2024.

The Company’s stock-based compensation for the periods ended ~~December~~June 3130, ~~2023~~2024 and ~~December~~June 3130, ~~2022~~2023 was $0 for both periods.

Recently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Note 3 - Going Concern

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business.

The Company demonstrates ~~adverse~~ adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the ~~issuance~~ issuance of these financial statements. These adverse conditions are negative financial trends, specifically ~~operating~~negative ~~loss,~~cash ~~working~~flow ~~capital~~from ~~deficiency~~operations, ~~and~~minimal ~~other~~revenues, ~~adverse~~reoccurring ~~key~~net ~~financial~~losses, ~~ratios~~and significant stockholders’ deficiency.

The Company has not established sufficient revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

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Table of Contents

Note 4 - Income Taxes

The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to ~~generate~~ generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such ~~amounts~~ amounts to be more likely than not. As of ~~December~~March 31, ~~2023~~2024, the Company has incurred a net loss of approximately $12,~~566~~217,~~536~~ 836 which resulted in a net operating loss for income tax purposes. The loss results in a deferred tax asset of approximately $~~328~~465,~~973~~ 746 at the effective statutory rate of 21%. The deferred tax asset has been offset by an equal valuation allowance. Given our inception on ~~February~~ February 26, 2021, and our fiscal year end of March 31, ~~2023~~2024, we have completed ~~three~~four taxable fiscal years.

~~Due~~Potential benefits toof ~~the~~income ~~change~~tax losses are not recognized in ~~ownership~~the ~~provisions~~accounts until realization is more likely than not. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the ~~Tax~~deferred ~~Reform~~tax ~~Act~~assets will be realized. The ultimate realization of ~~1986,~~deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company has incurred a net operating loss ~~carryforwards~~carryforward of $2,217,836 which begins expiring in 2036. The Company has adopted ASC 740, “Accounting for ~~Federal~~Income ~~income~~Taxes”, as of its inception. Pursuant to ASC 740 the Company is required to compute tax ~~reporting~~asset ~~purposes~~benefits ~~are~~for ~~subject~~non-capital tolosses ~~annual~~carried ~~limitations~~forward. ~~Should~~The apotential ~~change~~benefit inof ~~ownership~~the ~~occur,~~ net operating loss ~~carryforwards~~has ~~may~~not bebeen ~~limited~~recognized asin tothese ~~use~~financial instatements because the Company cannot be assured it is more likely than not it will utilize the loss carried forward in future years.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years

Note 5 - Commitments and Contingencies

The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of ~~December 31~~June 30, ~~2023~~2024 other than the below:

On October 11, 2021, we, through our wholly owned subsidiary Dr. Foods Co., Ltd., entered into and consummated a “Collaboration Agreement” with Next Meats Co., Ltd., a Japan company that shares common management with the Company, to co-develop new food products and subsequently offer them for sale. Next Meats Co., Ltd. operates in the “alternative meat” industry. It currently offers, and plans to continue to offer, amongst other things, artificial chicken and beef products made from meat substitutes.

The Collaboration Agreement is for a period of two years and may be renewed thereafter under the same terms for additional one-year terms unless terminated in writing, with three months’ notice, by either party. The Collaboration Agreement, amongst other things, details the terms and conditions by which Next Meats Co., Ltd. and Dr. Foods Co., Ltd. may co-develop, collaborate and contribute towards the development of new products and technologies. The specific allotment of tasks per project will be determined in writing by each party at the outset of collaborative efforts. Dr. Foods Co., Ltd. will primarily, although not exclusively, contribute to research and development, and Next Meats Co., Ltd. will primarily, although not exclusively, contribute to distribution of new products and technologies. Costs pursuant to the collaborative efforts of the partners, will be the respective responsibility of the party responsible for fulfilling such tasks.

Dr. Foods Co., Ltd. intends to conduct research and development of new food products pursuant to the Collaboration Agreement ~~via its three new executive officers, all of whom were appointed to Dr~~. ~~Foods Co., Ltd. on October 11th of 2021.~~

On January 12, 2022, Japan Food Tech Holdings, Inc., formerly known as, “Dr. Foods, Inc., ” a Nevada Company, Mama Foods Co., Ltd. ~~(“Mama Foods”)~~, a Japan Company, and White Knight Co., Ltd., ~~(“WKC”)~~a Japan Company entered into a non-definitive agreement, a “Letter of Intent”, whereas it iswas proposed that Dr. Foods, Inc., ~~will~~ would acquire 100% of the controlling interest of Mama Foods Co., Ltd. from ~~WKC~~related party, White Knight Co., Ltd., in exchange for $500,000 coupled with the issuance of 19,500,000 shares of restricted Preferred Stock to ~~WKC.~~White ~~The issuance~~Knight of shares shall be subject to the rules and limitations set forth by the Securities Act Rule 144. The exact terms of the aforementioned transaction may also change as the agreement is “non definitive” in nature. Mama Foods is a food company founded in Japan in 1958, currently offering customers in Japan wholesale and retail products centering on Japanese side dishes, from chilled foods to packed and sterilized food. Mama Foods uses ingredients carefully taken from natural kelp and bonito without adding any chemical seasonings, preservatives, coloring agents, etc. Mama Foods has two existing “in house” production facilities and produces 100% of its current product offerings. From time to time, it also produces products of other third parties, including certain products offered for sale by Next Meats Co., Ltd., such as “Next Kalbi 2.0”, a boneless short rib made from meat substitutes. Currently, Mama Foods employs approximately 43 individuals. In 2021, WKC acquired 100% of Mama Foods from its prior controller, in exchange for approximately 1 million USD.

~~The~~To ~~sole~~proceed ~~shareholder~~with ofthe ~~Mama~~transaction ~~Foods~~the Issuer required, and iscontinues ~~WKC~~to ~~which~~require, isan ~~owned~~audit ~~and~~of ~~controlled~~Mama byFoods ~~Koichi~~Co., ~~Ishizuka~~Ltd. ~~Koichi~~for ~~Ishizuka~~its islast ~~Chief~~two ~~Executive~~completed ~~Officer,~~fiscal ~~Chief~~years ~~Financial~~and ~~Officer,~~a ~~and~~review ~~Director~~ of ~~Dr.~~any ~~Foods,~~interim ~~Inc.,~~periods ~~Mama~~following the ~~Foods~~most ~~Co.,~~recent ~~Ltd~~fiscal year-end. ~~and~~It ~~White~~has ~~Knight~~been ~~Co.,~~mandated ~~Ltd~~that this requirement must be met before the transaction can move forward in any capacity.

White Knight Co., Ltd. is a Japanese entity owned and controlled by Koichi Ishizuka.

Mama Foods, Co., Ltd. (“Mama Foods”) is a food company founded in Japan in 1958, currently offering customers in Japan wholesale and retail products centering on Japanese side dishes, from chilled foods to packed and sterilized food.

In 2021, White Knight Co., Ltd. acquired 100% of Mama Foods from its prior controller, in exchange for approximately 1 million USD. The current website for Mama Foods, which includes additional information, can be found here: mama-foods.com/en/

The non-definitive agreement described above expired without the proposed terms of the non-definitive agreement being met and without the transaction moving forward. Mama Foods Co., Ltd. did not provide the requested audited financials or related materials to the Issuer. However, common management of both Mama Foods Co., Ltd. and Japan Food Tech Holdings, Inc., formerly known as, “Dr. Foods, Inc.,” has verbally agreed to consider moving forward with the transaction if Mama Foods Co., Ltd. can eventually provide the required financial documentation, which it has not done so to date.

The preparation of Mama Foods Co., Ltd.’s financial records is being led by Koichi Ishizuka, who has other business commitments and limited availability. Additionally, he lacks accounting expertise, so the Company has hired an external accountant, with limited knowledge themselves, to assist with this process.

Given the current circumstances, it is highly improbable that the acquisition of Mama Foods Co., Ltd. will proceed in the foreseeable future unless Koichi Ishizuka engages additional staff or third parties to expedite the preparation of the audited financials and related financial information for Mama Food Co., Ltd. Even with such measures in place, the success of the audit still depends on Koichi Ishizuka providing the necessary documentation and supporting information, which remains uncertain.

The sole shareholder of Mama Foods is WKC, which is owned and controlled by Koichi Ishizuka. Koichi Ishizuka is Chief Executive Officer, Chief Financial Officer, and Director of Dr. Foods, Inc., Mama Foods Co., Ltd. and White Knight Co., Ltd. He is also an officer and director of Next Meats Co., Ltd. Next Meats Co., Ltd. is a wholly owned subsidiary of Next Meats Holdings, Inc., a Nevada Corporation. Through his direct and indirect ownership, Koichi Ishizuka is the controlling shareholder of Next Meats Holdings, Inc.

Note 6 - Shareholder Equity

Preferred Stock

The authorized preferred stock of the Company consists of 20,000,000 shares with a par value of $0.0001. There were 109,~~000 Series~~918 ~~Z Preferred Stock~~ and 10,000 shares of ~~preferred~~ ~~stock~~Series Z Preferred Stock issued and outstanding as of ~~December~~June 3130, ~~2023,~~2024 and March 31, ~~2023~~2024, respectively. ~~Series Z Preferred Stock has no conversion rights to any other class, and every vote of Series Z Preferred Stock has voting rights equal to 1,000,000 votes of Common Stock.~~

AtAs ~~the time~~ of ~~the~~March ~~reorganization~~31, ~~April~~ 282024, Series ~~2021,~~Z 10Preferred Stock had no conversion rights to any other class,~~000~~ ~~shares~~and every vote of Series Z Preferred Stock ~~were~~had, ~~issued~~and continues to have, ~~CRS~~voting ~~Consulting,~~rights ~~LLC,~~equal ~~for~~to ~~services~~1,000,000 ~~rendered~~votes toof ~~the Company~~Common Stock.

On June ~~July 20~~13, ~~2021~~2024, ~~the~~we ~~Company~~filed ~~entered into~~Restated aArticles ~~Share~~of ~~Purchase~~Incorporation ~~Agreement~~with (the ~~“Agreement”)~~Nevada bySecretary ~~and~~of ~~among~~State. ~~CRS,~~With ~~White~~this ~~Knight Co.~~filing, ~~Ltd.,~~we ahave ~~Japan~~changed ~~Company (“WKC”),~~our ~~and~~company ~~Next~~name ~~Meats~~from ~~Holdings~~Dr. Foods, Inc., ato ~~Nevada~~Japan ~~Company~~Food ~~(“NXMH”),~~Tech ~~pursuant to which~~Holdings, ~~CRS~~Inc. ~~sold 10~~Additionally,~~000~~ ~~shares~~we ofamended the ~~Company’s Series~~rights Zand ~~Preferred~~privileges ~~Stock,~~for ~~representing~~holders ~~approximately 81.20% voting control~~ of ~~the Company; 5,000 shares of~~ Series Z Preferred Stock ~~were transferred to WKC and 5~~,~~000~~ ~~shares~~amongst ofother ~~Series~~updates as detailed ~~Z Preferred Stock were transferred to NXMH (see Note 1).~~below:

OnDesignation of orPreferred ~~about~~Series ~~July~~Z 1,stock. ~~2022~~Ten Thousand (10,000) ~~Next~~shares ~~Meats Holdings~~of the Company’s preferred stock shall be designated as Series Z Preferred Stock, ~~Inc~~$0.0001 ~~(“NXMH”),~~par ~~sold~~value 5per share. Initially,~~000~~ ~~shares~~there ofwill ~~our~~be no dividends due or payable on the Series Z Preferred Stock. toHolders ~~White~~of ~~Knight~~Series atZ aPreferred ~~price~~Stock shall have the right to convert every one share of ~~approximately~~Series ~~$147,624 USD~~Z Preferred into One Million (201,000,000) ~~Japanese~~Common ~~Yen).~~Shares ~~WKC~~of isthe ~~deemed~~Corporation. toSeries Z Stock may be anconverted ~~accredited~~at ~~investor.~~any ~~The~~time, ~~purchase~~at the sole discretion of ~~shares~~the ~~was~~holder ~~made~~of ~~for~~Series ~~investment~~Z ~~purposes~~Preferred Stock. ~~The~~Converting Series Z Preferred Stock into ~~consummation~~Common ofStock ~~the~~cannot ~~transaction~~be ~~contemplated~~done byif ~~the~~it ~~share~~necessitates ~~purchase~~an ~~agreement~~increase ~~resulted~~to inour aauthorized ~~change~~shares. inEach ~~control~~one share of the ~~Company,~~Series ~~with~~Z ~~WKC~~Preferred Stock shall ~~becoming~~have ~~the~~voting ~~Company’s~~rights ~~largest~~equal ~~controlling~~to ~~shareholder~~one million (1,000,000) votes of Common Stock. ~~Previous~~With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the ~~consummation~~holders of the ~~Share~~outstanding ~~Purchase~~shares ~~Agreement,~~of ~~the~~Series ~~majority~~Z Preferred Stock shall ~~shareholders~~vote ~~were~~together ~~comprised~~with ~~jointly~~the holders of ~~WKC~~Common Stock without regard to class, ~~and~~except ~~NXMH~~as ~~(see~~to ~~Note~~those 1)matters on which separate class voting is required by applicable law or the Corporation’s Certificate of Incorporation or by-laws.

During the period ended June 30, 2024, the Company recorded a deemed dividend of $396,360 on a preferred stock amendment after authorizing a preferred shares valuation from a third party consultant.

On June 17, 2024, our majority shareholder, White Knight Co., Ltd., a Japanese Company, owned and controlled by our sole Officer and Director, Koichi Ishizuka, elected to convert 82 shares of its Series Z Preferred Stock of Japan Food Tech Holdings, Inc. into a total of 82,000,000 shares of Common Stock. This conversion has been approved by the Company and its Board of Directors, and the conversion became effective on June 17, 2024.

For clarity, every 1 share of Series Z Preferred Stock in the above transaction was converted into 1,000,000 shares of Common Stock, for a total of 82,000,000 shares of Common Stock. Converting Series Z Preferred Stock into Common Stock cannot be done if it necessitates an increase to our authorized shares. In this case, the conversion does not require an increase to the authorized shares.

Common Stock

The authorized common stock of the Company consists of 4,800,000,000 shares with a par value of $0.0001. There were 1395,708,699 and 13,~~114~~708,~~888~~699 shares of common stock issued and outstanding as of ~~December~~June 3130, ~~2023~~2024, and March 31, ~~2023~~2024, respectively.

At the time of reorganization, April 28, 2021, former shareholders of Ambient Water Corporation became shareholders of Catapult Solutions, Inc., representing all the common and preferred shares outstanding at that time.

On or about May 31, 2022, we sold 1,538,462 shares of restricted Common Stock to SJ Capital Co., Ltd., a Japanese Company, for proceeds totaling approximately $769,231.

On September 21, 2022, the Company completed a reverse stock split whereas every 200 shares of the Company’s issued and outstanding common stock were automatically converted into one issued and outstanding share of common stock, without any change in the par value per share. Immediately prior to the Stock Split, we had 2,622,968,890 shares of Common Stock issued and outstanding. Immediately following September 21, 2022, we had 13,114,888 shares of Common Stock issued and outstanding (see Note 1). These financial reports reflect the 200 to 1 reverse stock split for all periods for comparative purposes.

On or about June 26, 2023, the company consummated an agreement for the sale of 593,811 shares of restricted Common Stock to Ultimate One LLC, a Japanese Company, at a price of $0.315 per share of Common Stock. The transaction was completed, and recorded by the Company’s transfer agent, on September 30, 2023. The total subscription amount paid by Ultimate One LLC was approximately $187,050. Ultimate One LLC is not a related party to the Company.

Additional Paid-In Capital

The Company’s sole officer and Director, Koichi Ishizuka, paid expenses on behalf of the company and its wholly owned subsidiary totaling $6676,~~109~~251 during the period ended ~~December~~June 3130, ~~2023~~2024. These payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital.

The Company’s sole officer and Director, Koichi Ishizuka, paid expenses on behalf of the company and its wholly owned subsidiary totaling $6722,~~574~~496 during the period ended ~~March~~June 3130, 2023. These payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital.

The Company’s sole officer and Director, Koichi Ishizuka, paid expenses on behalf of the Company and its wholly owned subsidiary totaling $36,758 during the period ended March 31, 2022. These payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital.

The Company’s former sole officer and director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $7,100 during the period ended March 31, 2022. These payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital.

Note 7 - Related Party Transactions

~~Loans receivable~~Revenues

During the ~~period~~ periods ended ~~March~~June 3130, ~~2023,~~ ~~our~~2024 ~~wholly~~and ~~owned subsidiary~~2023, ~~Dr.~~the ~~Foods~~Company ~~Co.~~recorded ~~Ltd, loaned approximately~~ $~~710,700,~~248 ~~which~~and ~~includes~~ $~~4,402~~0 of ~~accrued~~sales, ~~interest~~respectively, to related party ~~White~~WB ~~Knight.~~Burgers ~~White~~Japan ~~Knight is owned and controlled by our Chief Executive Officer, Koichi Ishizuka~~Co. ~~During the period ended March 31~~, ~~2023, the Company received approximately $183,025 from White Knight as repayment for this loan~~Ltd. (“WBBJ”).

~~During~~WBBJ ~~the~~is ~~period~~considered ~~ended~~to ~~December~~be ~~31,~~a ~~2023,~~related ~~Dr.~~party ~~Foods~~due ~~Co. Ltd loaned additional funds~~ to ~~White~~the ~~Knight~~fact ~~totaling~~that ~~approximately~~Koichi ~~$122~~Ishizuka,~~096, received~~ ~~repayments~~CEO ~~totaling approximately $84,072 and accrued loan interest~~ of ~~approximately~~the $4Company,~~082.~~ ~~The~~indirectly ~~loan~~controls isWBBJ ~~related~~through tohis ~~the acquisition~~share ownership of ~~Mama~~WB ~~Foods~~Burgers ~~Co.~~Asia, ~~Ltd~~Inc. ~~(“Mama~~The ~~Foods”),~~terms ~~currently~~and aconditions ~~wholly~~applied ~~owned subsidiary of White Knight. The Company expects~~ to ~~acquire Mama~~the ~~Foods~~above ~~from~~transactions ~~White~~were ~~Knight during~~ the ~~next~~same ~~fiscal~~as ~~quarter~~those ~~and~~applied ~~these funds will be used~~ to ~~facilitate that acquisition. This loan accrues~~sales ~~interest~~to atcustomers ~~1%,~~not isrelated ~~non-secured~~to ~~and~~the ~~payable upon demand~~Company.

Accounts payable

During the period ended ~~December~~March 31, ~~2023~~2024, Dr. Foods Co. Ltd. received invoices from related party ~~Next~~Mama ~~Meats~~Foods Co., Ltd. totaling ~~approximately~~$8,984. These invoices were paid in full as of June 30, 2024. During the period ended June 30, 2024, Dr. Foods Co., Ltd. Received additional invoices from related party Mama Foods Co. Ltd. Totaling $74,~~650~~263.

During the period ended ~~December~~March 31, ~~2023~~2024, Dr. Foods Co. Ltd. received invoices from related party ~~Mama~~Next ~~Foods~~Meats ~~totaling approximately $5,593~~Co.

~~During the period ended December 31, 2023, Dr~~Ltd. ~~Foods~~totaling ~~Co. Ltd had increased borrowings of $9,768 from White Knight, bringing the total owed by the Company to~~ approximately $2614,~~825~~031.

During the period ended June 30, 2024, Dr. Foods Co. Ltd. received invoices from related party Next Meats Co. Ltd. totaling approximately $40,054 and made payments totaling approximately $47,319 bringing the total amount owed by the Company to Next Meats Co. Ltd. to approximately $6,766.

During the period ended March 31, 2024, White Knight Co., Ltd. invoiced the Company approximately $7,120, bringing the total owed by the Company to approximately $25,127 at March 31, 2024 and $23,620 at June 30, 2024, due to foreign currency translation(s).

Additional paid-in capital

The Company’s sole officer and Director, Koichi Ishizuka, paid expenses on behalf of the company and its wholly owned subsidiary totaling $76,251 during the period ended June 30, 2024. These payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital

The Company’s sole officer and director, Koichi Ishizuka, paid expenses on behalf of the Company and its wholly owned subsidiary totaling $22,496 during the period ended June 30, 2023 These payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital.

Preferred Stock

During the period ended June 30, 2024 the Company recorded a deemed dividend of $396,360 on a preferred stock amendment after authorizing a preferred shares valuation from a third party consultant.

Note 8 - Deferred Revenue

During the period ended ~~December~~March 31, ~~2023~~2024, the Company received payments from customers totaling approximately $~~149~~328 for orders the Company was unable to fulfill during the period. The Company ~~has~~ recorded those customer receipts as deferred revenue as of ~~December~~March 31, ~~2023~~2024, and ~~expects~~fulfilled ~~to fulfill~~ those orders during the subsequent fiscal quarter. Deferred revenue at June 30, 2024, was $0.

Note 9 - Subsequent Events

None.

F-7

Table of Contents

ITEM 2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.”

These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions.

Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Company Overview

We operate through our wholly owned subsidiaries, which, as of the date of this report, include Dr. Foods Co., Ltd., a Japan Corporation (“DRFS Japan”), and Dr. Foods Co., Ltd., a Dr. Foods (S) PTE. LTD. (“DRFS Singapore”). DRFS Singapore has no material transactions or operations to report as of the date of this report. Our operations have been primarily carried out through DRFS Japan.

At present, our principal focus is on the creation of plant-based food products to replace traditional animal products, while retaining the taste and texture of the original.

At present, we are researching and developing various food products for consumption. These include, but are not limited to, vegan caviar, cultured caviar, and vegan truffle butter.

~~Currently,~~We we have ~~one product that we have~~ developed and brought to market for sale. a Weproduct we refer to it as, “Dr. Foie Gras”. It is a replacement for the traditional, liver based product derived from a duck or goose. Our version is made predominantly from a mixture of nuts, beans, and other plant based materials, created through a method of fermentation. Dr. Foie Gras is manufactured by Mama Foods Co., Ltd., a Japanese Company, currently indirectly owned and controlled by our sole officer and director, Koichi Ishizuka.

At this time we offer Dr. Foie Gras to customer(s) in Japan, although we seek to expand our reach to customers globally in the future, although we cannot forecast with any level of specificity when that may be, or if it will be feasible.

We have only had nominal sales to date of Dr. Foie Gras, but we believe this is due to the limited period of time it has been made available to the public, and due to limited or no marketing efforts on behalf of the Company to promote or sell the product.

At this time, we have no marketing plan and we intend to rely on Next Meats Holdings, Inc., and or its subsidiaries (referred to herein collectively as “Next Meats”), to promote Dr. Foie Gras. We intend to compensate Next Meats for such services on a case by case basis. As described below under “Officers, Employees, and Compensation”, Next Meats may elect to provide us temporary staff to fulfill any marketing services we require, whereas we will reimburse Next Meats for any associated costs. Further, we cannot forecast with any level of specificity when we will have a definitive marketing plan if ever we do have one.

We have entered into a collaborative effort wherein we dedicate our staff, along with the staff of Mama Foods Co., Ltd., to develop and produce Next Kalbi Chips (this is a short-rib style alternative meat product) for Next Meats Co., Ltd. When this product is finalized, Mama Foods Co., Ltd. plans to sell the Next Kalbi Chips to Next Meats Co., Ltd., who plans to then sell the Next Kalbi Chips to their customers.

Although our staff is collaborating with the development of the Next Kalbi Chips, at this point in time ~~Dr.~~Japan ~~Foods~~Food Tech Holdings, Inc., and its subsidiaries, will not generate any revenue, and do not benefit in any material way, from this collaborative effort. We believe that the only circumstance in which we would benefit from this arrangement would be if we were to acquire Mama Foods Co., Ltd. ~~There is a risk that the audit of Mama Foods Co.~~, Ltd. is not completed at all, and/or that we never acquire Mama Foods Co., Ltd. Even if the acquisition of Mama Foods Co., Ltd. is completed, there is the possibility that the terms of this acquisition, which ~~is non-definitive~~ at this time, ~~may~~is ~~not~~speculative ~~be considered~~and ~~favorable~~unlikely ~~for~~in the ~~company~~foreseeable ~~and/or its shareholders~~future.

Our customers to date were garnered through personal relationships of our sole officer and director, Koichi Ishizuka.

Note: Our sole officer and director, Koichi Ishizuka, is the controlling shareholder of Next Meats Holdings, Inc., a Nevada Corporation. He is also the Chief Executive Officer and Chief Financial Officer of Next Meats Holdings, Inc. Next Meats Co., Ltd. is a wholly owned subsidiary of Next Meats Holdings, Inc.

Patents

We have filed a patent application with the Japanese Patent Office pertaining to the production method we employ to create our product, referred to as, “Dr. Foie Gras”. The patent describes a new method of making an animal-free "foie gras" substitute in which nuts or beans are fermented by fungi to mimic the taste of liver without the need for miso, soy sauce, yeast extract, or other separately fermented materials. The application number is 2022-61974. It was filed on April 1, 2022 and is pending review.

Officers, Employees, and Compensation

At this time, we have one officer and director, Koichi Ishizuka. We do not have any contractual employees or staff. However, pursuant to an arrangement with Next Meats Co., Ltd., a Japan Corporation, Next Meats Co., Ltd. provides temporary employees (staff) to our Company as needed to further our business agenda. Regarding this arrangement, we are billed by Next Meats Co. Ltd. on a case by case basis depending on the amount of staff and hours allocated by each staff member to our business endeavors, primarily consisting of research and development.

Although under no contractual obligations, our wholly owned subsidiary, Dr. Foods Co., Ltd., has three executive officers, which currently are comprised of Koichi Ishizuka, Dr. Iaroslav Patuk and Hideo Fujioka. Dr. Iaroslav Patuk and Hideo Fujioka are contractual employees of Next Meats Co., Ltd. and provide services to our Company on a need be basis as described above. In the event that we utilize their services, we are billed directly by Next Meats Co., Ltd.

Mergers and Acquisitions

~~Mama Foods~~To isproceed awith ~~food~~the ~~company~~transaction ~~founded~~the inIssuer ~~Japan in 1958~~required, ~~currently offering customers in Japan wholesale~~ and ~~retail products centering on Japanese~~ ~~side~~continues ~~dishes, from chilled foods~~ to ~~packed~~require, ~~and~~an ~~sterilized~~audit ~~food.~~of Mama Foods ~~uses ingredients carefully taken from natural kelp and bonito without adding any chemical seasonings~~Co., ~~preservatives, coloring agents, etc~~Ltd. ~~Mama~~for ~~Foods~~its ~~has~~last two ~~existing~~completed ~~“in~~fiscal ~~house”~~years ~~production facilities~~ and ~~produces~~a ~~100%~~review of ~~its~~any ~~current~~interim ~~product~~periods ~~offerings. From time to time, it also produces products of other third parties, including~~following ~~certain~~the ~~products~~most ~~offered~~recent ~~for~~fiscal ~~sale by Next Meats Co~~year-end., ~~Ltd.,~~It ~~such~~has asbeen ~~“Next~~mandated ~~Kalbi~~that ~~2.0”,~~this arequirement ~~boneless~~must ~~short~~be ~~rib~~met ~~made~~before ~~from~~the ~~meat substitutes.~~transaction ~~Currently,~~can ~~Mama~~move ~~Foods~~forward ~~employs approximately 43 individuals. In 2021, WKC. acquired 100% of Mama Foods from its prior controller,~~ in ~~exchange for approximately 1 million USD~~any capacity.

~~On March~~White ~~31,~~Knight ~~2022, Dr. Foods, Inc. and Mama Foods mutually agreed to extend the terms of the non-definitive agreement 30 more days in order to provide more time to prepare the books and records of Mama Foods~~ Co., Ltd. ~~This~~ ~~extension~~is ~~period~~a ~~had~~Japanese ~~expired~~entity ~~without~~owned ~~the books~~ and ~~records of Mama Foods Co., Ltd. having been prepared or progressed in any meaningful capacity. On May 6, 2022 the parties again~~controlled ~~agreed to extend the terms of the non-definitive agreement, however this time with an expiration date of June 30, 2022, or until, if agreed upon~~ by ~~all~~Koichi ~~parties, further notice~~Ishizuka.

~~On June 30, 2022, the non-definitive agreement terminated without the books and records of~~ Mama Foods, Co., Ltd. ~~having~~(“Mama ~~been~~Foods”) ~~prepared~~is ora ~~progressed~~food tocompany ~~the~~founded ~~satisfaction~~in ofJapan ~~the~~in ~~Issuer. Upon termination~~1958, ~~common~~currently ~~management~~offering ofcustomers ~~both~~in ~~Mama~~Japan ~~Foods~~wholesale ~~Co., Ltd.~~ and ~~Dr.~~retail ~~Foods,~~products centering ~~Inc.~~on ~~verbally~~Japanese ~~agreed to~~side ~~extend~~dishes, ~~the~~from ~~letter~~chilled offoods ~~intent~~to ~~indefinitely~~packed ~~until~~and ~~further~~sterilized ~~notice~~food.

~~The~~In 2021, ~~Company~~White ~~does~~Knight ~~not intend to acquire Mama Foods~~ Co., Ltd., ~~under~~acquired ~~any~~100% ~~terms, prior to the completion~~ of Mama Foods ~~Co.~~from its prior controller, ~~Ltd.’s~~in ~~PCAOB audit~~exchange for ~~its~~approximately ~~past~~1 ~~two~~million ~~fiscal years~~USD. WeThe ~~require~~current website ~~that~~for Mama Foods ~~Co.~~, ~~Ltd.’s~~which ~~last~~includes ~~two~~additional ~~fiscal year ends~~information, atcan ~~minimum,~~ be ~~audited~~found ~~by a~~here: ~~PCAOB auditor~~mama-foods. com/en/

The ~~sole~~non-definitive ~~shareholder~~agreement described above expired without the proposed terms of the non-definitive agreement being met and without the transaction moving forward. Mama Foods isCo., ~~WKC~~Ltd. ~~which~~did isnot ~~owned~~provide ~~and~~the ~~controlled~~requested byaudited ~~Koichi~~financials ~~Ishizuka~~or related materials to the Issuer. However, ~~Koichi~~common ~~Ishizuka~~management isof ~~Chief~~both ~~Executive~~Mama ~~Officer~~Foods Co., ~~Chief Financial~~Ltd. ~~Officer~~and Japan Food Tech Holdings, ~~and~~Inc., ~~Director~~formerly ofknown as, “Dr. Foods, Inc.,” has verbally agreed to consider moving forward with the transaction if Mama Foods Co., Ltd. ~~and~~can ~~White~~eventually ~~Knight~~provide ~~Co.~~the required financial documentation, ~~Ltd~~which it has not done so to date.

The ~~efforts to spearhead~~ preparation of ~~the~~Mama ~~books~~Foods ~~and records had been~~Co., ~~and~~Ltd.’s ~~continues~~financial torecords ~~be,~~is being led by Koichi Ishizuka, who has ~~outside~~other business ~~interests~~ commitments and limited ~~other demands upon his time that limit his~~ availability. ItAdditionally, ~~should also be noted that~~ he ~~does~~lacks ~~not have expertise in~~ accounting ~~matters.~~ ~~As such~~expertise, so the Company has ~~engaged~~hired ~~outside~~an ~~accounting~~external ~~expertise to assist in this process. The Company cannot state~~accountant, with ~~any~~limited ~~level~~knowledge ~~of certainty~~themselves, ~~when, or if, the books and records will be prepared~~ to ~~the~~assist ~~satisfaction~~with ofthis ~~the Issuer, and as such, when the books and records of Mama Foods Co~~process.~~, Ltd. will be fully audited by a PCAOB auditor.~~

~~Currently,~~Given the ~~Company~~current iscircumstances, ~~pending~~it ~~moving~~is ~~forward~~highly ~~with~~improbable that the acquisition of Mama Foods Co., Ltd. ~~due~~will toproceed in the ~~fact~~foreseeable ~~that~~future unless ~~Mama~~Koichi ~~Foods~~Ishizuka ~~Co.,~~engages ~~Ltd.~~additional ~~has~~staff ~~yet~~or third parties to ~~complete,~~ aexpedite ~~PCAOB~~the ~~audit~~preparation of ~~its~~the ~~financial~~audited ~~statements~~financials ~~for~~and ~~the~~related ~~last~~financial information ~~two~~for ~~fiscal~~Mama ~~years~~Food Co., AtLtd. ~~this~~Even ~~time~~with such measures in place, the ~~audit~~success isof ~~actively~~the ~~taking~~audit ~~place~~still ~~by M&K~~depends ~~CPAS,~~on ~~PLLC~~Koichi ~~(“M&K”).~~Ishizuka ~~However,~~providing the wenecessary ~~understand~~documentation ~~that~~and ~~progress~~supporting ~~has~~information, ~~been~~which ~~minimal~~remains uncertain.

The Company cannot estimate with any level of certainty how long the aforementioned audit of Mama Foods Co., Ltd. may take to complete. The Company does not intend to acquire Mama Foods Co., Ltd., under any terms, prior to the completion of its PCAOB audit.

There is a risk that the audit of Mama Foods Co., Ltd. is not completed at all, and/or that we never acquire Mama Foods Co., Ltd. Even if the acquisition of Mama Foods Co., Ltd. is completed, there is the possibility that the terms of this acquisition, which is non-definitive at this time, may not be considered favorable for the company and/or its shareholders.

Any investment in our common stock is extremely high risk and should only be made by those who can afford the entire loss of their investment.

-3-

Table of Contents

Loan

During the period ended March 31, 2023, our wholly owned subsidiary, Dr. Foods Co. Ltd, loaned approximately $710,700, which includes $4,402 of accrued interest, to related party White Knight. White Knight is owned and controlled by our Chief Executive Officer, Koichi Ishizuka. During the period ended March 31, 2023, the Company received approximately $183,025 from White Knight as repayment for this loan.

During the period ended December 31, 2023, Dr. Foods Co. Ltd loaned additional funds to White Knight totaling approximately $122,096, received repayments totaling approximately $84,072 and accrued loan interest of approximately $4,082. The loan is related to the acquisition of Mama Foods Co., Ltd. (“Mama Foods”), currently a wholly owned subsidiary of White Knight. The Company expects to acquire Mama Foods from White Knight during the next fiscal quarter and these funds will be used to facilitate that acquisition. This loan accrues interest at 1%, is non-secured and payable upon demand.

Liquidity and Capital Resources

Our cash balance is $98,~~436~~116 as of ~~December~~June 3130, ~~2023~~2024. We have been utilizing funds from our Chief Executive Officer, Koichi Ishizuka to fund our operations and we intend to rely on Koichi Ishizuka, and or related parties for funding going forward.

Mr. Ishizuka has no formal commitment, arrangement or legal obligation to advance or loan funds to the company. In order to implement our plan of operations for the next twelve-month period, we may require further funding. Being a start-up stage company, we have very limited operating history. After a twelve-month period we may need additional financing but currently do not have any arrangements for such financing.

If we need additional cash and cannot raise it, we will either have to suspend operations until we do raise the cash we need, or cease operations entirely.

Revenues

We recorded revenue of $65,~~967~~524 for the three months ended ~~December~~June 3130, ~~2023~~2024. Comparatively, we recorded revenue of $~~167~~616 for the three ~~months~~ months ended ~~December~~June 3130, ~~2022~~2023. This variance is attributed to an increase in food product sales through our subsidiary, Dr. Foods Co., Ltd., ~~which~~ which occurred during the three months ended ~~December~~June 3130, ~~2023~~2024. The cost of revenues was $0 for the three months ended ~~December~~June 3130, ~~2023 and~~2024 and the gross profit was $65,~~967~~524. The cost of revenues was $0 for the three months ended ~~December~~June 3130, ~~2022~~2023 and the gross profit was $~~167~~616.

We recorded revenue of $12,730 for the nine months ended December 31, 2023. Comparatively, we recorded revenue of $167 for the nine months ended December 31, 2022. This variance is attributed to food product sales through our subsidiary, Dr. Foods Co., Ltd., which occurred during the nine months ended December 31, 2023. The cost of revenues was $0 for the nine months ended December 31, 2023 and the gross profit was $12,730. The cost of revenues was $0 for the nine months ended December 31, 2022 and the gross profit was $167.

Net Income

We recorded a net loss of $~~191~~81,~~848~~311 for the ~~nine~~three months ended ~~December~~June 3130, ~~2023~~2024, and $~~232~~68,~~988~~362 for the ~~nine~~three months ended ~~December~~June 3130, ~~2022~~ 2023.

The net loss for the above periods is primarily comprised of general and administrative expenses, which were in turn primarily attributed to professional fees, and fees billed by Next Meats Co., Ltd. ~~for~~and ~~research/development~~Mama ~~expenses~~Food Co., Ltd.

Cash flow

For the ~~nine~~three months ended ~~December~~June 3130, ~~2023~~2024, we had negative cash flows from operating activities in the amount of $~~211~~75,~~360~~921. Comparatively, for the ~~nine~~three months ended ~~December~~June 3130, ~~2022~~2023, we had negative cash flows from operating activities in the amount of $~~227~~18,~~776~~330. The variance is attributable to, amongst other things, accounts ~~receivable~~payable to a related party.

For the ~~nine~~three months ended ~~December~~June 3130, ~~2023~~2024, we ~~had~~did ~~negative~~not generate cash flows from investing activities ~~in the amount of $38,024~~. Comparatively, for the ~~nine~~ three months ended ~~December~~June 3130, ~~2022~~2023, we had negative cash flows from investing activities in the amount of $~~572~~109,~~720~~099. The variance is attributable to the fact that during the ~~nine~~three months ended ~~December~~June 3130, ~~2022~~2023, we loaned acash ~~greater amount~~ to a related party.

For the ~~nine~~three months ended ~~December~~June 3130, ~~2023~~2024, we had net cash flows from financing activities in the amount of $~~262~~76,~~927~~251. Comparatively, for the ~~nine~~three months ended ~~December~~June 3130, ~~2022~~2023, we had net cash flows from financing activities in the amount of $~~831~~209,~~449~~546. The variance is attributable to deceased sales of shares during the ~~nine~~three months ended ~~December~~June 3130, ~~2023~~2024, when compared to the ~~nine~~three months ended ~~December~~June 3130, ~~2022~~2023.

Going Concern

The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios.

ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

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ITEM 4

CONTROLS AND PROCEDURES

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer Koichi Ishizuka, who is also our chief financial officer (who is acting as our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of ~~December~~June 3130, ~~2023~~2024, we carried out an evaluation, under the supervision of our chief executive officer, who is also our chief financial officer, of the effectiveness of the design and the operation of our disclosure controls and procedures. The officers concluded that the disclosure controls and procedures were not effective as of the end of the period covered by this report due to material weaknesses identified below.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of ~~the~~ the Public Company Accounting Oversight Board were: ~~domination~~Due ofto ~~management~~our bysmall asize, ~~single~~we ~~individual~~did ~~without~~not ~~adequate~~have ~~compensating~~sufficient ~~controls,~~personnel in our accounting ~~lack~~and offinancial reporting functions. As a ~~majority~~result, we were not able to achieve adequate segregation of ~~outside~~duties ~~directors~~and onwere ~~board~~not able to provide for adequate review of ~~directors~~the financial statements. This control deficiency, ~~resulting~~which is pervasive in ~~ineffective~~nature, ~~oversight~~results in ~~the~~a reasonable ~~establishment~~possibility ~~and~~that ~~monitoring~~ material misstatements of ~~required~~the ~~internal~~consolidated ~~controls~~financial ~~and~~statements ~~procedures;~~will ~~inadequate~~not ~~segregation~~be ofprevented ~~duties~~or ~~consistent~~detected ~~with~~on ~~control~~a timely ~~objectives,~~basis; and ~~lack~~we oflacked ansufficient ~~audit committee.~~written ~~These~~policies ~~material~~and ~~weaknesses~~procedures ~~were~~for ~~identified~~accounting byand ~~our~~financial ~~Chief~~reporting ~~Executive~~with ~~Officer~~respect ~~who~~to ~~also~~the requirements ~~serves~~and asapplication ~~our~~of ~~Chief~~U.S. ~~Financial~~GAAP ~~Officer~~and ~~in connection~~SEC ~~with~~disclosure requirements and the ~~above~~identification ~~evaluation~~and approval of related party transactions.

Inherent limitations on effectiveness of controls

Internal control over financial reporting has inherent limitations which include but is not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, segregation of management duties, scale of organization, and personnel factors. Internal control over financial reporting is a process which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis, however these inherent limitations are known features of the financial reporting process and it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting that have occurred for the fiscal quarter ended ~~December~~June 3130, ~~2023~~2024, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II-OTHER INFORMATION

ITEM 1

LEGAL PROCEEDINGS

There are no legal proceedings against the Company and the Company is unaware of such proceedings contemplated against it.

ITEM 1A

RISK FACTORS

As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

ITEM 2

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On or about May 31, 2022, we sold 1,538,462 shares of restricted Common Stock to SJ Capital Co., Ltd., a Japanese Company, for proceeds totaling approximately $769,231.

The aforementioned sales of shares were conducted pursuant to Regulation S of the Securities Act of 1933, as amended ("Regulation S"). The sales of shares were made only to non-U.S. persons/entities (as defined under Rule 902 section (k)(2)(i) of Regulation S), pursuant to offshore transactions, and no directed selling efforts were made in the United States by the issuer, a distributor, any of their respective affiliates, or any person acting on behalf of any of the foregoing.

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 (i)		Certificate of Incorporation (1)
3.1 (ii)		Certificate of Amendment (2)
3.1 (iii)		Certificate of Amendment (3)
3.1 (iv)		Certificate of Change (4)
3.1 (v)		Amended and Restated Certificate of Incorporation (5)
3.2		By-laws (1)
31		Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (56)
32		Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (56)
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101)

(1)	Filed as an exhibit to the Company's Form 10-12G, as filed with the SEC on May 3, 2021, and incorporated herein by this reference.
(2)	Filed as an exhibit to the Company's Form 8-K, as filed with the SEC on August 25, 2021, and incorporated herein by this reference.
(3)	Filed as an exhibit to the Company's Form 8-K, as filed with the SEC on February 23, 2022, and incorporated herein by this reference.
(4)	Filed as an exhibit to the Company's Form 8-K, as filed with the SEC on September 14, 2022, and incorporated herein by this reference.
(5)	Filed ~~herewith~~as an exhibit to the Company's Form 8-K, as filed with the SEC on June 20, 2024, and incorporated herein by this reference.
(6)	Filed herewith.

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SIGNATURES

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

~~Dr. Foods~~Japan Food Tech Holdings, Inc.

(Registrant)

By: /s/ Koichi Ishizuka

Name: Koichi Ishizuka

Chief ~~Financial~~ ~~Officer and Chief~~ Executive Officer

Dated: ~~February~~ 12October 1, 2024

By: /s/ Koichi Ishizuka

Name: Koichi Ishizuka

Chief Financial Officer

Dated: October 1, 2024

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Filing Compare · Japan Food Tech Holdings, Inc.