PAY VERSUS PERFORMANCE

Pay Versus Performance Table for the Three Completed Fiscal Years ended December 31, 2025

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for each of our principal executive officers (“PEOs”) and Non-PEO named executive officers (“NEOs”) and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

Year (a)	Summary Compensation Table Total For PEO		Compensation Actually Paid to PEO(4)		Average Summary Compensation Table Total for Non-PEO NEOs (d) ($)	Average Compensation Actually Paid to Non-PEO NEOs(5) (e) ($)	Value of Initial Fixed $100 Investment Based on Total Stockholder Return(3) (f) ($)	Net Income (g) ($)
Year (a)	Chen(1) (b) ($)	Li(2) (b) ($)	Chen(1) (c) ($)	Li(2) (c) ($)				Net Income (g) ($)
2025	255,000	400,000	449,587	407,349	285,000	289,800	37.30	(34,623,504	)
2024	1,579,200	—	1,465,201	—	312,034	308,262	75.24	(22,576,017	)
2023	421,607	—	417,693	—	220,963	215,763	100.95	(3,595,361	)

____________

(1) On February 18, 2022, the Board appointed Ms. Yinghua Chen as the President and Secretary of the Company. On September 6, 2022, Ms. Chen was promoted to the Company’s President and Chief Executive Officer with an increase in base salary from $275,000 to $300,000. Ms. Chen ceased to serve as the Company’s Chief Executive Officer on June 24, 2025, and accordingly served as a PEO for only a portion of the 2025 fiscal year. The amounts reported for Ms. Chen for 2025 reflect her total compensation for the full fiscal year, including compensation earned after she ceased to be a PEO.

(2) On April 30, 2024, the Board appointed Mr. Yangyang Li as the President of the Company. On June 24, 2025, Mr. Li was promoted to the Company’s Chief Executive Officer while continuing to serve as President and Chairman of the Board. The amounts reported for Mr. Li for 2025 reflect his total compensation for the full fiscal year, including compensation earned prior to his becoming a PEO in June 2025.

(3) Cumulative total stockholder return (“TSR”) assumes $100 was invested on the last trading day in the year ended December 31, 2022 and is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between our share price at the end and the beginning of the measurement period by our stock price at the beginning of the measurement period. On the last trading day in the years ended December 31, 2025, 2024, 2023 and 2022, the per share closing prices for our common stock were $0.39, $0.79, $1.06 and $1.05, respectively. No dividends were paid on share or option awards for all periods presented.

(4) The following table reflects the adjustment from the Summary Compensation Table (“SCT”) to “compensation actually paid” (“CAP”) for each of our PEOs:

PEO SCT Total to CAP Reconciliation

	2025				2024			2023
	Li		Chen		Chen			Chen
Summary Compensation Table Total	$	400,000	$	255,000	$	1,579,200		$	421,607
Deduction for SCT “Stock Awards” column value		—		—		(1,279,200	)		—
Deduction for SCT “Option Awards” column value		—		—		—			—
Total Deductions from SCT		—		—		(1,279,200	)		—
Change in fair value of equity awards granted in any prior fiscal year that vested at the end of or during the covered fiscal year		7,349		194,587		(2,430	)		(2,537	)
Change in fair value of equity awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year		—		—		(7,019	)		(1,377	)
Fair value of equity awards that are granted and vest during the covered fiscal year as of the vesting date		—		—		688,800			—
Fair value, as of the end of the covered fiscal year, of awards granted during the covered fiscal year that are outstanding and unvested as of the end of the year		—		—		485,850			—
Fair value at the end of the prior fiscal year of equity awards granted in a prior fiscal year that were forfeited during the covered fiscal year		—		—		—			—

	2025				2024		2023
	Li		Chen		Chen		Chen
Dollar value of dividends or other earnings paid on stock or option awards in the prior fiscal year that were forfeited during the covered fiscal year		—		—		—		—
Total Adjustments		7,349		194,587		1,165,201		(3,914	)
Compensation Actually Paid (SCT minus deductions plus total adjustments)	$	407,349	$	449,587	$	1,465,201	$	417,693

(5) The following table reflects the average adjustment from the Summary Compensation Table to “compensation actually paid” for our non-PEO NEOs:

Average Non-PEO NEO SCT Total to CAP Reconciliation

	2025		2024			2023
Summary Compensation Table Total	$	285,000	$	312,034		$	220,963
Deduction for SCT “Stock Awards” column value		—		(31,200	)		—
Deduction for SCT “Option Awards” column value		—		—			—
Total Deductions from SCT		—		(31,200	)		—
Change in fair value of equity awards granted in any prior fiscal year that vested at the end of or during the covered fiscal year		2,400		251			—
Change in fair value of equity awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year		—		(1,473	)		—
Fair value of equity awards that are granted and vest during the covered fiscal year as of the vesting date		—		—			—
Fair value, as of the end of the covered fiscal year, of awards granted during the covered fiscal year that are outstanding and unvested as of the end of the year		—		11,850			—
Fair value at the end of the prior fiscal year of equity awards granted in a prior fiscal year that were forfeited during the covered fiscal year		—		—			(5,200	)
Dollar value of dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date		—		—			—
Total Adjustments		2,400		27,429			(5,200	)
Compensation Actually Paid (SCT minus deductions plus total adjustments)	$	289,800	$	308,262		$	215,763

PEO Total Compensation Amount

^[1]

$ 37.3

$ 75.24

$ 100.95

Non-PEO NEO Average Total Compensation Amount

$ 285,000

312,034

220,963

Adjustment to Non-PEO NEO Compensation Footnote

(5) The following table reflects the average adjustment from the Summary Compensation Table to “compensation actually paid” for our non-PEO NEOs:

Average Non-PEO NEO SCT Total to CAP Reconciliation

	2025		2024			2023
Summary Compensation Table Total	$	285,000	$	312,034		$	220,963
Deduction for SCT “Stock Awards” column value		—		(31,200	)		—
Deduction for SCT “Option Awards” column value		—		—			—
Total Deductions from SCT		—		(31,200	)		—
Change in fair value of equity awards granted in any prior fiscal year that vested at the end of or during the covered fiscal year		2,400		251			—
Change in fair value of equity awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year		—		(1,473	)		—
Fair value of equity awards that are granted and vest during the covered fiscal year as of the vesting date		—		—			—
Fair value, as of the end of the covered fiscal year, of awards granted during the covered fiscal year that are outstanding and unvested as of the end of the year		—		11,850			—
Fair value at the end of the prior fiscal year of equity awards granted in a prior fiscal year that were forfeited during the covered fiscal year		—		—			(5,200	)
Dollar value of dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date		—		—			—
Total Adjustments		2,400		27,429			(5,200	)
Compensation Actually Paid (SCT minus deductions plus total adjustments)	$	289,800	$	308,262		$	215,763

Compensation Actually Paid vs. Net Income

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Specified Financial Measures

Relationship between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Non-PEO NEOs and the Company’s Net Income.

From 2023 to 2024, the compensation actually paid to our PEO increased by 251% and the average compensation actually paid to the Non-PEO NEOs increased by 43%, compared to a 528% increase in our net loss over the same time period.

From 2024 to 2025, the compensation actually paid to our PEO decreased by 69% (measured by payment to Ms. Chen) or 72% (measured by payment to Mr. Li) and the average compensation actually paid to the Non-PEO NEOs decreased by 6%, compared to a 53% increase in our net loss over the same time period. Net income or loss included in the Pay Versus Performance table is calculated in accordance with GAAP.

PEO Name

Ms. Chen