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 March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41278 EON Resources, Inc. (Exact name of registrant as specified in its charter) Delaware 85-4359124 (State or other jurisdiction o ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from __________ to __________ Commission File Number: 001-37513 GD CULTURE GROUP LIMITED (Exact name of registrant as specified in its charter) | Nevada | 47-3709051 | | --- | - ...

Financial Performance - Sales for the three months ended March 31, 2025, increased by 52.4% to $28.694 million compared to $18.781 million for the same period in 2024[130] - Gross profit for the three months ended March 31, 2025, was $8.482 million, representing 29.6% of total sales, compared to $5.614 million or 29.8% in 2024[138] - Total operating expenses increased to $9.017 million, accounting for 31.4% of total sales, compared to $6.279 million or 33.4% in 2024[138] - The net loss for the three months ended March 31, 2025, was $393,000, or 1.4% of total sales, compared to a net loss of $487,000, or 2.6% in 2024[138] - Total sales increased by 52.4% to approximately $28.7 million for the three months ended March 31, 2025, compared to approximately $18.8 million for the same period in 2024[140] - Cost of sales rose by 53.0% to approximately $20.2 million for the three months ended March 31, 2025, from approximately $13.2 million for the same period in 2024[141] - Gross profit increased by 51.1% to approximately $8.5 million, representing 29.6% of sales for the three months ended March 31, 2025, compared to approximately $5.6 million, or 29.8% of sales, for the same period in 2024[143] - Operating expenses increased by 43.6% to approximately $9.0 million for the three months ended March 31, 2025, from approximately $6.3 million for the same period in 2024[144] - Net loss for the three months ended March 31, 2025, was approximately $0.4 million, compared to approximately $0.5 million for the same period in 2024[149] Revenue Sources - Program clients accounted for 83.8% of total revenue for the three months ended March 31, 2025, down from 86.0% in the same period of 2024[128] - The majority of revenue is derived from program business, with fewer than 350 of over 2,000 active customers classified as program clients[128] - The increase in sales for the Stran segment was primarily due to higher spending from existing clients and new customers[140] - The SLS segment's sales increase was attributed to the acquisition of the Gander Group Assets in August 2024[140] Assets and Equity - As of March 31, 2025, total assets were approximately $52.2 million, with total stockholders' equity of approximately $31.3 million[131] - Cash and cash equivalents as of March 31, 2025, were approximately $4.2 million, down from $9.5 million at the end of March 2024[150] - The Company had net deposits from reward card programs totaling approximately $0.9 million as of March 31, 2025[178] Operating Challenges - The company is facing challenges due to U.S. tariffs, particularly a reduction of tariffs on imports from China from 145% to 30% for 90 days, which may impact pricing and customer retention[129] Financing and Credit - The Revolving Line of Credit was capped at $7.0 million or 80% of Eligible Accounts plus 50% of Eligible Inventory, with a maximum of $2.0 million for advances based on Eligible Inventory[157] - The interest rate on the Revolving Line of Credit was set at the prime rate plus 0.5% per annum, with late payments incurring a 5.0% charge and a 10.0% increase in interest rate upon default[158][159] - The Company was required to maintain a minimum net worth of $2.0 million by December 31, 2021, increasing to $3.5 million by December 31, 2023[163] - As of the Termination Date on August 26, 2024, the Company had no funds drawn on the Revolving Line of Credit, which was subsequently terminated[168][169] - The Company acquired Gander Group assets for approximately $1.1 million in cash and assumed liabilities totaling approximately $5.5 million[171] - The Company must maintain a minimum liquidity of $7.5 million at all times, defined as cash and short-term investments[165] - The Company is required to maintain a "Minimum Interest Coverage" of 1.25:1 for the fiscal year ending December 31, 2024[165] Lease Obligations - The new office lease in North Quincy, Massachusetts, starting June 1, 2025, has an initial base rent of approximately $21,000 per month with annual escalations of 2.2% to 2.5%[175] - Future minimum lease payments total approximately $1.31 million, with $398,000 due in the remainder of 2025[177] Goodwill and Asset Impairment - The company conducts an annual impairment review of goodwill in the fourth fiscal quarter, assessing qualitative factors to determine potential impairment[182] - The impairment test for goodwill utilizes both the income approach and market approach, relying on significant estimates and assumptions regarding future financial performance[183] - Long-lived assets are assessed for impairment whenever events indicate that their carrying value may not be recoverable, considering factors such as significant underperformance and negative industry trends[184] - The fair value estimation for long-lived assets requires assumptions about future business prospects and market demand, which are subjective and complex[184] - Changes in assumptions and estimates regarding goodwill and long-lived assets could materially impact the company's reported financial results[184] - The company emphasizes the importance of judgment in evaluating impairment of both goodwill and long-lived assets, highlighting the subjective nature of these assessments[184] - The company’s carrying value for reporting units excludes certain corporate assets and liabilities, such as cash and debt, during fair value assessments[183] - The impairment review process is triggered by various factors, including significant changes in asset usage or overall business strategy[184] - The company’s financial statements include significant accounting policies and estimates that impact the valuation of goodwill and intangible assets[181] Compliance and Accounting Standards - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to rely on certain exemptions from disclosure requirements[132] - Recent accounting pronouncements are discussed in Note A.18 of the financial statements, indicating ongoing compliance with new accounting standards[185]

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 March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 001-41254 HWH INTERNATIONAL INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Financial Performance - Total revenue for the three months ended March 31, 2025, was $295,197, an increase from $286,110 in the same period of 2024, reflecting a growth of approximately 3.8%[166] - The net loss decreased significantly from $1,336,519 in Q1 2024 to $574,103 in Q1 2025, representing a reduction of about 57.0%[181] - Operating expenses decreased from $1,495,383 in Q1 2024 to $741,722 in Q1 2025, a decline of approximately 50.5%[179] - The cost of revenue increased from $122,813 in Q1 2024 to $147,603 in Q1 2025, resulting in a gross margin decrease from $163,297 to $147,594[178] Revenue Sources - Revenue from food and beverage sales accounted for approximately 100% of total revenue in both Q1 2025 and Q1 2024[166] - The geographical revenue distribution shifted, with 11% of total revenue coming from South Korea and 89% from Singapore in Q1 2025, compared to 4% and 96% in Q1 2024, respectively[167] Business Expansion - The company plans to expand its Hapi Marketplace, initially launching in the United States with over 47 product categories, and aims to expand to South Korea and Hong Kong soon[160] - Hapi Cafés are being developed as community-focused locations to enhance customer engagement and awareness of HWH products, with proof-of-concept locations opened in Seoul and Singapore[162] Financial Position - Cash decreased from $4,341,746 as of December 31, 2024, to $4,176,546 as of March 31, 2025, while total assets increased from $6,408,722 to $6,531,330 during the same period[182] - The Company reported no long-term debt obligations or liabilities as of March 31, 2025[199] Compliance and Regulatory Matters - The Company was notified by Nasdaq that its market value of publicly held shares was below the minimum $15,000,000 for 30 consecutive trading days, requiring compliance by August 20, 2024[194] - The Company received a notice from Nasdaq indicating that its bid price was below the minimum $1 required for continued listing, with a compliance deadline of March 3, 2025[196] - A 1-for-5 reverse stock split was filed on February 18, 2025, effective February 24, 2025[197] - The Company regained compliance with Nasdaq Listing Rule 5550(a)(2) as the closing bid price was $1.00 or greater from February 24, 2025 to March 7, 2025[198] Administrative and Financial Agreements - The Company agreed to pay $10,000 per month for administrative services, which ceased after the initial Business Combination[200] - The underwriters were entitled to a deferred fee of $3,018,750, which was settled with a combination of cash, shares, and a promissory note[202] Corporate Changes - The Business Combination was approved on August 1, 2023, and closed on January 9, 2024, resulting in the Company changing its name to "HWH International Inc."[204] - The Company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions[211] Internal Controls - Management assessed the effectiveness of internal controls over financial reporting as of March 31, 2025, identifying material weaknesses[216]

Part I [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The company reported a net loss of $6.4 million for Q1 2025, with a $5.3 million working capital deficit and cash, raising going concern doubts [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $7.1 million, liabilities to $11.5 million, and stockholders' equity shifted to a $4.5 million deficit by March 31, 2025 Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 5,289,404 | 13,476,331 | | Total current assets | 6,257,325 | 14,683,367 | | Total Assets | 7,077,046 | 15,503,088 | | **Liabilities & Equity** | | | | Total current liabilities | 11,509,254 | 14,601,506 | | Total Liabilities | 11,537,070 | 14,690,516 | | Total stockholders' equity (deficit) | (4,460,024) | 812,572 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net loss for Q1 2025 was $6.4 million ($0.13/share), an improvement from $7.4 million in Q1 2024, driven by reduced R&D expenses Condensed Consolidated Statements of Operations (Unaudited) | Operating Item | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Research and development | 4,113,537 | 5,783,865 | | General and administrative | 2,424,630 | 2,138,241 | | Total operating expenses | 6,538,167 | 7,922,106 | | Loss from operations | (6,538,167) | (7,922,106) | | Net loss | (6,432,840) | (7,433,608) | | Net loss per share (Basic and diluted) | (0.13) | (0.25) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations decreased to $8.2 million in Q1 2025, with cash and cash equivalents falling to $5.3 million by quarter-end Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Item | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | (8,194,198) | (11,725,809) | | Net cash provided by financing activities | 7,271 | 332,000 | | Net decrease in cash and cash equivalents | (8,186,927) | (11,393,809) | | Cash and cash equivalents, end of period | 5,289,404 | 11,973,647 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a significant working capital deficit, accumulated deficit, and limited cash, raising substantial doubt about the company's going concern ability - The company is a late-stage pharmaceutical firm focused on developing therapies for central nervous system (CNS), inflammatory, and cardiometabolic diseases[20](index=20&type=chunk) - As of March 31, 2025, the company had a working capital deficit of **$5.3 million**, an accumulated deficit of **$170.7 million**, and cash of **$5.3 million**, raising substantial doubt about its ability to continue as a going concern for one year[25](index=25&type=chunk)[26](index=26&type=chunk) - The company's current cash is only sufficient to cover operations through the end of the **second quarter of 2025**, and it will need to raise additional funds during the **third quarter of 2025**[26](index=26&type=chunk) - For Q1 2025, three vendors accounted for **53%**, **18%**, and **12%** of total research and development expenses, indicating a high concentration of vendor risk[30](index=30&type=chunk) - Stock-based compensation expense increased to approximately **$0.9 million** in Q1 2025 from **$0.4 million** in Q1 2024, with **$2.7 million** of unrecognized stock-based compensation expense as of March 31, 2025[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses positive Phase 3 trial results for brilaroxazine, but highlights precarious financial condition with cash only through Q2 2025 and a $6.4 million net loss [Company Overview and Recent Developments](index=24&type=section&id=Company%20Overview%20and%20Recent%20Developments) Reviva, a late-stage pharma company, achieved positive Phase 3 results for brilaroxazine in schizophrenia and plans a second trial contingent on financing - The company's primary focus is completing the clinical development of brilaroxazine for the treatment of acute and maintenance schizophrenia[80](index=80&type=chunk) Phase 3 RECOVER-1 Trial Topline Results (Brilaroxazine 50mg vs. Placebo at Week 4) | Endpoint | Point Reduction/Improvement | Cohen's d Effect Size | P Value | | :--- | :--- | :--- | :--- | | PANSS Total Score (Primary) | **10.1** | **0.6** | **< 0.001** | | Positive Symptoms | **2.8** | **0.5** | **< 0.001** | | Negative Symptoms (NS) | **2.0** | **0.4** | **0.003** | | Personal & Social Performance | **6.3** | **0.5** | **< 0.001** | - The Open Label Extension (OLE) trial is complete, with the full data set expected in **Q2-2025**, showing sustained efficacy and good tolerability over one year[88](index=88&type=chunk)[89](index=89&type=chunk) - The company plans to initiate the registrational RECOVER-2 Trial in **mid-2025**, with a topline readout anticipated in **Q3 2026**, subject to receiving additional financing[86](index=86&type=chunk) [Financial Overview and Results of Operations](index=28&type=section&id=Financial%20Overview%20and%20Results%20of%20Operations) Q1 2025 net loss was $6.4 million, an improvement from $7.4 million in Q1 2024, primarily due to reduced R&D expenses, with a $5.3 million working capital deficit - As of March 31, 2025, the company had an accumulated deficit of **$170.7 million** and expects to incur significant operating losses for the next several years[101](index=101&type=chunk) Comparison of Results for the Three Months Ended March 31 | Item | 2025 ($) | 2024 ($) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | 4,113,537 | 5,783,865 | (1,670,328) | (28.9)% | | General and administrative | 2,424,630 | 2,138,241 | 286,389 | 13.4% | | Net loss | (6,432,840) | (7,433,608) | 1,000,768 | (13.5)% | - The decrease in R&D expenses was primarily due to a reduction in external clinical research costs as the OLE Trial winds down[114](index=114&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is critically low with $5.3 million cash, sufficient only through Q2 2025, raising substantial doubt about going concern, necessitating Q3 2025 fundraising - The company's existing cash of approximately **$5.3 million** will not be sufficient to complete the development of its product candidates[122](index=122&type=chunk) - Management believes it has adequate cash to cover outlays only through the end of the **second quarter of 2025** and will need additional fundraising during the **third quarter of 2025**[122](index=122&type=chunk) - The company's financial condition and need for additional capital raise substantial doubt about its ability to continue as a going concern[122](index=122&type=chunk) Key Financial Position Data | Balance Sheet Data | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | 5,289,404 | 13,476,331 | | Working (deficit) capital | (5,251,929) | 81,861 | | Total stockholders' equity (deficit) | (4,460,024) | 812,572 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, Reviva is not required to provide the information called for by this item[131](index=131&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of March 31, 2025, due to material weaknesses in control environment, personnel, and IT general controls, with remediation underway - Management, including the CEO and CFO, concluded that as of **March 31, 2025**, the company's disclosure controls and procedures were **not effective** at the reasonable assurance level[133](index=133&type=chunk) - The company identified several **material weaknesses**, including an ineffective control environment due to an insufficient number of knowledgeable personnel[134](index=134&type=chunk) - Specific material weaknesses include ineffective **IT general controls** related to change management and access controls, and ineffective **process-level controls** affecting substantially all accounts[135](index=135&type=chunk) - The company has started remediation, including hiring a third-party consulting firm to enhance IT general controls and realigning personnel to strengthen financial reporting oversight[137](index=137&type=chunk) Part II [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings or aware of any significant pending claims - The company is currently not aware of any legal proceedings or claims that may be, individually or in the aggregate, material to the company[143](index=143&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) New risk factor highlights Nasdaq non-compliance due to minimum bid price, potentially leading to delisting if not resolved by November 10, 2025 - On **May 13, 2025**, the company received a notice from Nasdaq for non-compliance with the minimum bid price requirement of **$1.00 per share**[145](index=145&type=chunk) - The company has an initial period of **180 calendar days** (until **November 10, 2025**) to regain compliance, with failure potentially resulting in the delisting of its common stock from Nasdaq[145](index=145&type=chunk)[147](index=147&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the reporting period - There were no unregistered sales of equity securities during the quarter ended March 31, 2025[149](index=149&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) Discloses Nasdaq non-compliance notice for minimum bid price, with a November 10, 2025 deadline for compliance, and no Rule 10b5-1 trading plan changes - On **May 13, 2025**, the company received a written notice from Nasdaq because its common stock closing bid price was below **$1.00** for **30 consecutive business days**[152](index=152&type=chunk) - The company has **180 calendar days**, until **November 10, 2025**, to regain compliance with the Nasdaq minimum bid price requirement[153](index=153&type=chunk) - During the quarter ended March 31, 2025, no officers or directors adopted or terminated a Rule **10b5-1** trading arrangement[156](index=156&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO and CFO certifications and Inline XBRL data files

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission file number: 001-36259 Washington, D.C. 20549 NOVA LIFESTYLE, INC. FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Nevada 90-0746568 (State or other jurisdiction of incorporation or organization) 6565 E. W ...

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 March 31, 2025 or ☐ 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: 001-36268 TNF Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) | Delaware | 2 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ 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: 001-40458 SYNAPTOGENIX, INC. (Exact name of registrant as specified in its charter) (S ...

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 March 31, 2025 or ☐ 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: 001-36268 TNF Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) | Delaware | 2 ...