Note 15 — Concentration of risk

Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

As of March 31, 2026 and September 30, 2025, $1,118,600 and $420,086 respectively, were deposited with various major financial institutions in the United States. Accounts at each institution in the United States are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. As of March 31, 2026 and September 30, 2025, the Company had deposits in excess of the FDIC insurance limit with two financial institutions in the United States with $855,187 and $156,849 uninsured, respectively. As of March 31, 2026 and September 30, 2025, $741,076 and $560,795 respectively, were deposited with various major financial institutions in Hong Kong. Accounts at each institution in Hong Kong are insured by the Deposit Protection Scheme (DPS) for up to HKD800,000. As of March 31, 2026 and September 30, 2025, the Company had deposits in excess of the DPS insurance limit with three financial institutions in Hong Kong with $409,698 and $327,428 uninsured, respectively.

Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposing the Company to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances. Other receivables are typically unsecured and derived from loans to other parties and other activities, thereby exposing the Company to credit risk. The risk is mitigated by the Company’s assessment of the counterparties’ creditworthiness and its ongoing monitoring of outstanding balances.

Customer and vendor concentration risk

For the three and six months ended March 31, 2026, three customers accounted for 100% of the Company’s total revenues and four customers accounted for 100% of the Company’s total revenues, respectively. For the three and six months ended March 31, 2025, two customers accounted for 100% of the Company’s total revenues and three customers accounted for 99.70% of the Company’s total revenues, respectively. As of March 31, 2026 and September 30, 2025, $Nil outstanding of accounts receivable.

For the three and six months ended March 31, 2026, two suppliers accounted for 100% of the Company’s total purchases. For the three and six months ended March 31, 2025, two suppliers accounted for 100% of the Company’s total purchases. As of March 31, 2026 and September 30, 2025, $Nil outstanding of accounts payable.