Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our results of operations and financial condition should be read together with our consolidated financial statements and the notes thereto and other financial information, which are included elsewhere in this Report. Our financial statements have been prepared in accordance with U.S. GAAP. In addition, our financial statements and the financial information included in this Report reflect our organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.

Overview

We were incorporated in the State of Delaware on January 7, 2019. We are a travel service provider that provides car services to individual and group travelers. We currently offer carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. We collaborate with car fleet companies and charge a service fee by matching the traveler and the driver. We officially launched our online service through our "Let's Go" mobile application in December 2019 to provide multi-language services to international travelers coming to visit China. Redefining the user experience, we aim to provide our users with comprehensive and convenient service offerings and become a one-stop travel booking resource for travelers. While network scale is important, we recognize that transportation happens locally. We currently operate in two markets - Guangdong Province and Hong Kong and we plan to expand our offering in more oversea markets.

Plan of Operations

In January 2019, we started our Research and Development ("R&D") project mobile Let's Go App ("App") designed to have multi-language interface to attract users from around the world, focusing on providing one-stop travel services to foreigners traveling in China, for both leisure and business.

In April 2019, we rolled out basic version which supports carpooling, car rental, airport pick-up and/or drop-off, etc., ready for download at Apple App store; the basic version has an interface in Chinese language only. In May 2019, we rolled out the second version which has an enhanced interface in both Chinese and English language which supports payment through PayPal.

We intend to attract users from outside of China to use our App and expand our offerings on the App to serve as a one-stop shop to book tickets, reserve hotels, rent a car and hire drivers.

Our goal is to grow to an international player in the travel services market. To accomplish such goal, we will cooperate with other businesses which have capital, marketing and technology resources or products. We expect to recruit more workforce and talent to develop new technologies and products.

Results of Operations

For the three and nine months ended September 30, 2026 compared to the same periods ended September 30, 2025

Revenue

For the three months ended September 30, 2026 and 2025, revenues were $42,696 and $29,314, respectively, with an increase of $13,382 over the same period in 2025. The increase in revenue was primarily due to an increase in new customers attributable to Pony HK's sales strategy and customer relationships in this quarter ended September 30, 2026.

For the nine months ended September 30, 2026 and 2025, revenues were $97,880 and $104,137 respectively, with a decrease of $6,257 over the same period in 2025. The decrease in revenue was primarily due to softened customer demand for car transportation services in 2026. The reduction in market demand drove a decline in order volume which accordingly reduced overall revenue and performance.

Cost of Revenue

Cost of Revenue for the three months ended September 30, 2026 and 2025 were $33,581 and $20,121, respectively, with an increase of $13,460 over the same period in 2025. The increase in costs is due to the increase in revenue with a corresponding increase in car-hailing services.

Cost of Revenue for the nine months ended September 30, 2026 and 2025 were $68,046 and $66,826 respectively, with an increase of $1,220 over the same period in 2025. The increase in costs is due to the increase in revenue with a corresponding increase in car-hailing services.

Gross Profit

Gross profits were $9,115 and $9,193 for the three months ended September 30, 2026 and 2025, respectively. The gross profit margin as a percentage of sales were 21.3% and 31.4% for the three months ended September 30, 2026 and 2025, respectively. The decline in gross profit margin is due to the current decrease in car-hailing users overall and the Company had set lower prices to acquire more customers.

Gross profits were $29,834 and $37,311 for the nine months ended September 30, 2026 and 2025, respectively. The gross profit margin as a percentage of sales for the nine months ending September 30, 2026 and 2025 were 30.5% and 35.8%, respectively. The decline in gross profit is due to the current decrease in car-hailing users overall and the Company had set lower prices to acquire more customers.

Operating Expenses

Operating expenses for the three months ended September 30, 2026 and 2025 were $48,137 and $36,299, respectively. for an increase of $11,838. Compared with the same period last year, the increase in operating expenses was due to the increase in consulting service fees.

Operating expenses for the nine months ended September 30, 2026 and 2025 were $176,507 and $151,811, respectively, an increase of $24,696 from the same period in 2025. The increase in operating expenses was due to the increase in consulting service fees.

Other (Expense) Income

Other (Expense) income consists of interest income and exchange gain (loss). For the three months ended September 30, 2026 and 2025, the net other expenses were $294 and $154. The change of other income (expenses) was mainly due to the change of exchange rate.

For the nine months ended September 30, 2026 and 2025, the net other expenses were $881 and $600. This was mainly due to the change of exchange rate and the increase of average cash balances.

Liquidity and Capital Resources

We have suffered recurring losses from operations and have an accumulated deficit of $1,282,477 as of September 30, 2026. We had a cash balance of $9,156 and negative working capital of $1,104,313 as of September 30, 2026. We have incurred losses of $147,554 for the nine months ended September 30, 2026. Our financial statements have been prepared assuming we will continue as a going concern; however, the above condition raises substantial doubt about our ability to do so. We have not continually generated significant gross profits. Unless our operations generate a significant increase in gross profit and cash flows from operating activities, our continued operations will depend on whether we are able to raise additional funds through various sources, such as equity and debt financing, other collaborative agreements and/or strategic alliances. Our management is actively engaged in seeking additional capital to fund our operations in the short to medium term. Such additional funds may not become available on acceptable terms and there can be no assurance that any additional funding that we do obtain will be sufficient to meet our needs in the long term.

Net cash used in operating activities for the nine months ended September 30, 2026, amounted to $111,939, compared to $82,261 net cash used in operating activities for the nine months ended September 30, 2025.

Net cash provided by financing activities for the nine months ended September 30, 2026, amounted to $111,576, compared to net cash provided by financing activities of $111,469 in the same period of 2025. The net cash provided by financing activities was from shareholders who paid certain expenses on behalf of the Company.

Going Concern

The accompanying consolidated financial statements have been prepared assuming we will continue as a going concern; however, the above condition raises substantial doubt about our ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should we be unable to continue as a going concern.

In order to continue as a going concern, we will need, among other things, additional capital resources. Management's plans to obtain such resources include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company's services, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party (ies) when needed. However, management cannot provide any assurance that we will be successful in accomplishing any of its plans. The ability of us to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. We continually evaluate our estimates, including those related to bad debts, the useful life of property and equipment and intangible assets, and the valuation of equity transactions. We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.

See Note 2 to our unaudited condensed consolidated financial statements for a discussion of our significant accounting policies.

Off-Balance Sheet Arrangements

As of September 30, 2026, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.