BON NATURAL LIFE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | ||||||||
| March 31, 2026 | September 30, 2025 | |||||||
| (UNAUDITED) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | $ | ||||||
| Restricted cash | ||||||||
| Accounts receivable, net | ||||||||
| Inventories, net | ||||||||
| Advances to suppliers, net | ||||||||
| Due from related parties | ||||||||
| Prepaid expenses and other current assets | ||||||||
| TOTAL CURRENT ASSETS | $ | $ | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and equipment, net | $ | $ | ||||||
| Intangible assets, net | ||||||||
| Right-of-use leased assets, net | ||||||||
| Non-current other receivables | ||||||||
| TOTAL NON-CURRENT ASSETS | $ | $ | ||||||
| TOTAL ASSETS | $ | $ | ||||||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Short-term loans | $ | $ | ||||||
| Current portion of long-term loans | ||||||||
| Accounts payable | ||||||||
| Due to related parties | ||||||||
| Taxes payable | ||||||||
| Deferred revenue | ||||||||
| Accrued expenses and other current liabilities | ||||||||
| Operating lease liabilities, current | ||||||||
| TOTAL CURRENT LIABILITIES | $ | $ | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Long-term loans | ||||||||
| Operating lease liabilities, non-current | ||||||||
| TOTAL NON-CURRENT LIABILITIES | $ | $ | ||||||
| TOTAL LIABILITIES | $ | $ | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Class A Ordinary shares ($ par value, shares authorized, and shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively) | $ | $ | ||||||
| Class B Ordinary shares ($ par value, shares authorized, shares issued and outstanding as of March 31, 2026 and September 30, 2025) | ||||||||
| Additional paid-in capital | ||||||||
| Statutory reserve | ||||||||
| Retained earnings | ||||||||
| Accumulated other comprehensive (loss) | ( | ) | ( | ) | ||||
| TOTAL BON NATURAL LIFE LIMITED SHAREHOLDERS’ EQUITY | $ | $ | ||||||
| NON-CONTROLLING INTEREST | $ | $ | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | $ | $ | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ | ||||||
BON NATURAL LIFE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| REVENUE | $ | $ | ||||||
| Cost of revenue | ( | ) | ( | ) | ||||
| GROSS PROFIT | ||||||||
| OPERATING EXPENSES | ||||||||
| Selling expenses | ( | ) | ( | ) | ||||
| General and administrative expenses | ( | ) | ( | ) | ||||
| Provision for credit losses | ( | ) | ||||||
| Impairment losses on advances to suppliers | ( | ) | ||||||
| Research and development expenses | ( | ) | ( | ) | ||||
| TOTAL OPERATING EXPENSES | ( | ) | ( | ) | ||||
| (LOSS) INCOME FROM OPERATIONS | ( | ) | ||||||
| OTHER INCOME (EXPENSES) | ||||||||
| Interest income | ||||||||
| Interest expenses | ( | ) | ( | ) | ||||
| Gain from disposal of subsidiary | ||||||||
| Other (losses) income | ( | ) | ||||||
| TOTAL OTHER EXPENSES, NET | ( | ) | ||||||
| (LOSS) INCOME BEFORE INCOME TAX PROVISION | ( | ) | ||||||
| INCOME TAX PROVISION | ( | ) | ||||||
| NET (LOSS) INCOME | ( | ) | ||||||
| Less: net (loss) attributable to non-controlling interest | ( | ) | ( | ) | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED | $ | ( | ) | $ | ||||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
| Total foreign currency transaction adjustment | ( | ) | ||||||
| TOTAL COMPREHENSIVE (LOSS) | ( | ) | ( | ) | ||||
| Less: comprehensive (loss) attributable to non-controlling interest | ( | ) | ( | ) | ||||
| COMPREHENSIVE (LOSS) ATTRIBUTABLE TO BON NATURAL LIFE LIMITED | $ | ( | ) | $ | ( | ) | ||
| (LOSS) EARNINGS PER SHARE | ||||||||
| Basic | $ | ( | ) | $ | ||||
| Diluted | $ | ( | ) | $ | ||||
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | ||||||||
| Basic | ||||||||
| Diluted | ||||||||
BON NATURAL LIFE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED MARCH 31, 2026 AND 2025
(UNAUDITED)
| Class A Ordinary Shares | Class B Ordinary Shares | Additional paid-in | Statutory | Retained | Accumulated other comprehensive | Total Bon Natural Life Limited shareholders’ | Non-controlling | Total | ||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | capital | reserve | earnings | (loss) | equity | interest | equity | ||||||||||||||||||||||||||||||||||
| Balance as of September 30, 2024 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | | $ | ||||||||||||||||||||||||||||||||
| Issuance of Class A Ordinary Shares for a public offering, net | - | |||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | - | |||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | - | - | ( | ) | ||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2025 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||||||||||||||||||||
| Balance as of September 30, 2025 | ( | ) | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | - | |||||||||||||||||||||||||||||||||||||||||||
| Net (loss) | - | - | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
| Acquisition of the remaining | - | - | ( | ) | ||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | ( | ) | ||||||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2026 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||||||||||||||||||||
BON NATURAL LIFE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS
(UNAUDITED)
| For the six months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net (loss) income | $ | ( | ) | $ | ||||
| Adjustments to reconcile net loss (income) to cash provided by operating activities: | ||||||||
| Gain from disposal of subsidiary | ( | ) | ||||||
| Loss from disposal of property, plant and equipment | ||||||||
| Provision for credit losses | ||||||||
| Impairment losses on advances to suppliers | ||||||||
| Depreciation and amortization | ||||||||
| Amortization of operating lease right-of-use assets | ||||||||
| Share-based compensation | ||||||||
Amortization of deferred share-based compensation | ||||||||
| Unrealized foreign currency exchange (loss) | ( | ) | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | ||||||||
| Inventories | ( | ) | ||||||
| Advances to suppliers, net | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Long-term other receivable | ( | ) | ||||||
| Accounts payable | ( | ) | ||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||
| Taxes payable | ( | ) | ||||||
| Deferred revenue | ( | ) | ||||||
| Accrued expenses and other current liabilities | ( | ) | ||||||
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | $ | ( | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Capital expenditure on construction-in-progress | ( | ) | ||||||
| Proceeds from disposal of property and equipment | ||||||||
| Net cash disposed of on disposal of subsidiary | ( | ) | ||||||
| NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | $ | ( | ) | $ | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Net proceeds from issuance of Class A Ordinary shares | ||||||||
| Proceeds from short-term loans | ||||||||
| Proceeds from long-term loans | ||||||||
| Repayment of short-term loans | ( | ) | ( | ) | ||||
| Repayment of long-term loans | ( | ) | ( | ) | ||||
| Proceeds (repayment) of borrowings from related parties | ( | ) | ||||||
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | $ | $ | ||||||
| Effect of changes of foreign exchange rates on cash | $ | $ | ||||||
| Net increase in cash and restricted cash | $ | $ | ||||||
| Cash and restricted cash, beginning of period | $ | $ | ||||||
| Cash and restricted cash, end of period | $ | $ | ||||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest expenses | $ | $ | ||||||
| Cash paid for income taxes | $ | $ | ||||||
| Supplemental disclosure of non-cash investing and financing activities | ||||||||
| Property and equipment additions through advances to suppliers and accounts payable | $ | $ | ||||||
| Right-of-use assets obtained in exchange for operating lease obligations | $ | $ | ||||||
| Acquisition of non-controlling interest settled through payable | $ | $ | ||||||