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 June 30, 2026 and September 30, 2025, $26,185,827 and $10,130,942 respectively, were deposited with various major financial institutions in the United States and in Hong Kong. Accounts at each institution in the United States are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. As of June 30, 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 $520,197 and $8,806,910 uninsured, respectively. Accounts at each institution in Hong Kong are insured by the Hong Kong Deposit Protection Board (HKDPB) for up to HKD800,000. As of June 30, 2026 and September 30, 2025, the Company had deposits in excess of the HKDPB insurance limit with three and one financial institutions in Hong Kong with $24,391,312 and $429,580 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 nine months ended June 30, 2026, four customers accounted for 95% of the Company’s total revenues and four customers accounted for 98% of the Company’s total revenues, respectively. For the three and nine months ended June 30, 2025, two customers accounted for 100% and 76% of the Company’s total revenues, respectively. As of June 30, 2026 and September 30, 2025, $935,666 and $Nil outstanding of accounts receivable.

For the three and nine months ended June 30, 2026, three suppliers accounted for 82% of the Company’s total purchases and three suppliers accounted for 83% of the Company’s total purchases. For the three and nine months ended June 30, 2025, three suppliers accounted for 100% of the Company’s total purchases. As of June 30, 2026 and September 30, 2025, $Nil outstanding of accounts payable.