AiRWA Inc 2025年季度报告

FORM 10-Q AiRWA, INC.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the SecuritiesExchange Act of 1934. Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The number of shares outstanding of the registrant’s Common Stock, $0.001 par value per share, as of December 19, 2025, was18,981,535 CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended (the “Exchange Act”). The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “should,” “could,” “will,”“plan,” “future,” “continue,” and other expressions that are predictions of or indicate future events and trends and that do not relate tohistorical matters identify forward-looking statements. These forward-looking statements are based largely on our expectations orforecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known andunknown uncertainties, a number of which are beyond our control. Therefore, actual results could differ materially from the forward-looking statements contained in this document, and readers are cautioned not to place undue reliance on such forward-lookingstatements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of newinformation, future events, or otherwise. A wide variety of factors could cause or contribute to such differences and could adversely Important factors that may cause the actual results to differ from the forward-looking statements, projections or other ●volatility related to the Company’s relatively low public float;●the effects of prior acquisitions and divestitures on current and future business operations;●strategic and operational uncertainties;●risks associated with potential litigation, financing transactions, or acquisitions;●macroeconomic, competitive, legal, regulatory, tax, and geopolitical factors; and●other risks and uncertainties related to our prospects, properties, and business strategy. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guaranteefuture results, levels of activity, performance or achievements. You should not place undue reliance on these forward-lookingstatements, which speak only as of the date of this report. Except as required by law, we do not undertake to update or revise any of the As used in this report, the terms “Connexa,” “Company,” “we,” “us,” and “our” refer to AiRWA, Inc., unless otherwiseindicated. TABLE OF CONTENTS PagePART I - FINANCIAL INFORMATION:F-1Item 1. Financial Statements (Unaudited)F-1Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations1Item 3. Quantitative and Qualitative Disclosures About Market Risk7Item 4. Controls and Procedures7PART II - OTHER INFORMATION:8Item 1. Legal Proceedings8Item 1A. Risk Factors8Item 2. Unregistered Sales of Equity Securities and Use of Proceeds8Item 6. Exhibits8SIGNATURES9ii AiRWA, INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Lazex Inc. (“Lazex”) was incorporated under the laws of the State of Nevada on October 12, 2015. From 2019 through 2021, Lazexacquired various entities related to the manufacture and distribution of the Slinger Bag Launcher, a portable tennis ball, padel tennisball, and pickleball launcher. In 2019, Lazex changed its name to Slinger Bag Inc.; in 2022 Slinger Bag Inc. changed its name to AiRWA, INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 1. ORGANIZATION AND NATURE OF BUSINESS(cont.) On March 18, 2024, the Company entered into a share purchase agreement (the “Purchase Agreement”) and a share exchangeagreement (the “Exchange Agreement”) to acquire 70% of Yuanyu Ente