Quarterly Report for Quarter Ending December 31, 2025 (Form 10-Q)

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

The following information should be read in conjunction with (i) the financial statements of Sino Green Land Corporation, a Nevada corporation, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the June 30, 2025 audited financial statements and related notes included in the Company's most recent Annual Report on Form 10-KT for the twelve months ended June 30, 2025 filed with the SEC on October 14, 2025. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute "forward-looking" statements.

Overview

Sino Green Land Corporation (the "Company" or "we" or "our") was incorporated under the laws of the State of Nevada on March 6, 2008, under the name of Henry County Plywood Corporation, as successor by merger to a Virginia corporation incorporated in May 1948 under the same name. On March 17, 2009, we changed our name from "Henry County Plywood Corporation" to "Sino Green Land Corporation". On January 7, 2020, we renamed from "Sino Green Land Corporation" to "Go Silver Toprich, Inc.". On August 31, 2020, we changed the name from "Go Silver Toprich, Inc." back to "Sino Green Land Corporation".

Results of Operations

Revenues and Cost of Revenues

Net revenues were $278,161 for the three months ended December 31, 2025, reflecting an increase of $161,225, or 58%, from $116,936 for the three months ended December 31, 2024. The growth in net revenues was primarily driven by increased sales of third-party sourced plastic recycled products. Notably, this expansion was achieved alongside a consolidation of the customer base from 24 to 18 clients, reflecting a substantial rise in average purchase volume per custom.

Net revenues were $725,205 for the six months ended December 31, 2025, reflecting an increase of $150,975, or 26%, from $574,230 for the six months ended December 31, 2024. The increase in net revenues was mainly due to an increase in sales of plastic recycle products from the third parties. This growth occurred despite a reduction in the customer base from 31 to 28, indicating a significant increase in per-customer purchase volumes.

Cost of revenues was $367,796 for the three months ended December 31, 2025, which was relatively flat compared to $373,575 in the same period of 2024.

Cost of revenues was $850,166 for the six months ended December 31, 2025, reflecting a decrease of $ 184,358, or 18%, from $1,034,524 for the six months ended December 31, 2024. This decline was primarily driven by a reduction in impurities within our purchased raw materials, and, more significantly, by the prior period inventory write-down of $119,886 being credited to the cost of sales in the current period..

Gross Loss

Gross loss was $89,635 for the three months ended December 31, 2025 and gross loss was $4,259,821, for the three months ended December 31, 2024, reflecting a significant decrease of $170,186 or 190%. The decrease in gross loss was mainly due to the increase in sales.

Gross loss was $124,961 for the six months ended December 31, 2025 and gross loss was $460,294 for the six months ended December 31, 2024, reflecting a significantly decrease of $ 335,333 or 73%. This improvement was primarily driven by a reduction in cost of revenues, also increase in the sales.

General and Administrative Expenses

General and administrative expenses were $111,453 for the three months ended December 31, 2025, reflecting an increase of $43,142, or 39%, from $68,311 for the three months ended December 31, 2024. The general and administrative expenses was increased significantly due to the increase of travelling expenses and service fee.

General and administrative expenses were $232,276 for the six months ended December 31, 2025, reflecting an increase of $56,993, or 33%, from $175,283 for the six months ended December 31, 2024. The increase was primarily driven by higher business travel expenses and service fee.

Net Loss

Net loss totaled $226,701 for the three months ended December 31, 2025, a decrease of $131,943 of 58%, as compared to the net loss of $358,644 for the three months ended December 31, 2024. The decrease was primarily due to the increase of sales.

Net loss totaled $412,951 for the six months ended December 31, 2025, a decrease of $279,024 of 40%, as compared to the net loss of $691,975 for the six months ended December 31, 2024. The decrease was primarily due to the decrease of cost of revenue and increase of sales.

Liquidity and Capital Resources

Going concern.

For the six months ended December 31, 2025, Sino Green Land Corporation had an accumulated deficit of $5,113,504, incurred a net loss of $412,951 and the stockholder deficit of $2,870,017. These factors raise substantial doubt about the Sino Green Land Corporation's ability to continue as a going concern within one year after the date the financial statements are issued. In addition, Sino Green Land Corporation's independent registered public accounting firm, in their report on Sino Green Land Corporation's June 30, 2025, audited financial statements, raised substantial doubt about the Sino Green Land Corporation's ability to continue as a going concern. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

Working Capital

		As of December 31, 2025				As of June 30, 2025				Change
Total current assets		$	795,041			$	279,622			$	515,419
Total current liabilities			(5,689,934	)			(4,722,571	)			(967,363	)
Working capital deficit		$	(4,894,893	)		$	(4,442,949	)		$	(451,944	)

As of December 31, 2025, we had total current assets of $795,041 consisting of cash on hand of $172,985, accounts receivables of $11,535, inventory of $449,567, and prepaid expenses and other current assets of $160,954, compared to total current assets of $279,622 as of June 30, 2025. The increase was mainly due to the increase in inventory, cash and other receivable. We had current liabilities of $5,689,934 consisting of accounts payable of $1,307,301, accrued expenses and other payable of $375,234, loan form third party of $750,000, current portion of bank loan of $85,162, short-tern borrowing of $133,949, advances due to related parties of $3,019,858 and financing lease obligation of $18,430, compared to total current liabilities of $4,722,571 as of June 30, 2025.

The Company's net loss was $412,951 and $691,975 for the six months ended December 31, 2025 and 2024, respectively.

Cash Flows

		Six months Ended December 31,
		2025				2024				Change
Cash flows provided by (used in) operating activities		$	817,693			$	(188,039	)		$	1,005,732
Cash flows used in investing activities			(71,617	)			(31,321	)			(40,296	)
Cash flows (used in) provided by financing activities			(501,812	)			249,357				(751,169	)
Effect of exchange rate changes on cash and cash equivalents			(96,551	)			(40,563	)			(55,988	)
Net changes in cash and cash equivalents		$	147,713			$	(10,566	)		$	158,279

Cash Flow from Operating Activities

Cash flow provided by operating activities for the six months ended December 31, 2025 was $817,693 as compared to the amount of $188,039 used in operating activities for the six months ended December 31, 2024, reflecting a significant increment of $1,005,732. The increase in net cash provided by operating activities was primarily attributable to an increase in trade payable, mainly to related parties for material purchase and financial support provided by investor funding.

Cash Flow from Investing Activities

Net cash used in investing activities was $71,617 for the six months ended December 31, 2025, primarily due to purchases of property, plant and equipment. This compares to net cash provided by investing activities of $31,321 in the prior year period, which was driven by the disposal of fixed assets.

Cash Flow from Financing Activities

Cash flow used in financing activities was $501,812 for the six months ended December 31, 2025 and provided by $249,357 for the six months ended December 31, 2024, respectively. The decrease in net cash provided by financing activities was mainly due to the decrease in loan proceeds and reduced financial support from related parties.

Critical Accounting Policies and Estimates

Use of Estimates

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and expenses during the periods reported. Actual results may differ from these estimates.

Off-Balance Sheet Arrangements

As of December 31, 2025, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.