PUBLIC CO MANAGEMENT CORP

ITEM 1A. RISK FACTORS.

Forward-Looking Statements

This Annual Report on Form 10-K contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about us, our future performance, the market in which we operate, our beliefs and our managements assumptions. In addition, other written or oral statements that constitute forward-looking statements may be made by us or on our behalf. Words such as expects, anticipates, goals, intends, plans, believes, seeks, estimates, variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict or assess. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements.

Any investment in our shares of common stock involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information contained in this Annual Report before you decide to invest in our common stock. Each of the following risks may materially and adversely affect our business objective, plan of operation and financial condition. These risks may cause the market price of our common stock to decline, which may cause you to lose all or a part of the money you invested in our common stock. We provide the following cautionary discussion of risks, uncertainties, and possible assumptions relevant to our business plan. In addition to other information included in this Annual Report, the following factors should be considered in evaluating the Companys business and future prospects.

Risks Related to the Company

The Company has not clearly identified a target business.

The Companys effort in identifying a prospective target business willhas not beeen limited to a particular industry and the Company may acquire a business in any industry management deems appropriate. To date, the Company actively began researching business entities that specialize in the conceptualization, planning, financing, construction, and management of commercial, industrial, or mixed-use properties. Currently, the Company has only selected one targetentered preliminary discussions regarding a potential business on whiccombination transaction with tohe concenttrolling shareholder of Physicians Capital Management Corporate our search for a business combination. While the Comion, a Maryland Corporation, a business that acquires and develops healthcare facilities and leases the facilities to healthcare operating companies, entities and individuals under long-term net leases. Physicians Capital Management Corporation focuses on building and expanding a diversified portfolio of medical and healthcare-related properties, providing stable, long-term occupany intends to focy solutions to industry operators while maintaining a robust asset management strategy. These discus on target sions are exploratory in nature and are part of our ongoing efforts to evaluate strategic opportunities that align with our businesses in the United States, we are not limited to U.S. entities and may consummate objectives. No definitive agreement has been reached, and there is no assurance that a transaction will be completed. While we are actively engaged in negotiations which include Specialty Capital Lenders LLC, various other factors, including due diligence, regulatory considerations, and final terms, remain subject to further review and discussion.

With the Companys current negotiations involving real estate development companies, this represents a material shift in our strategic direction. Accordingly, although the Companys prior disclosures noted a broad and non-exclusiness combinationve search for opportunities, including potential targets outside the United State, the current focus on real estate development companies provide investors with a target business outside of tn initial framework to assess the potential merits and risks of a transaction within the real estate sector. Nonetheless, until a definitive agreement is reached, the Company remains subject to the United Stateuncertainties inherent in early-stage negotiations. Accordingly, there is no basis for investors in the Companys common stock to evaluate the possible merits or risks of theany target business or the particular industry in which we may operate.

To the extent we effect a business combination with a financially unstable company or an entity in its early stage of development or growth, including entities without established records of sales or earnings, we may be affected by numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, to the extent that we effect a business combination with an entity in an industry characterized by an elevated level of risk, we may be affected by the currently unascertainable risks of that industry. An extremely high level of risk frequently characterizes many industries which experience rapid growth. In addition, although the Companys management will endeavor to evaluate the risks inherent in a particular industry or target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.

Preliminary Negotiations with a real estate development company.

A real estate development company is a business entity that specializes in the conceptualization, planning, financing, construction, and management of residential, commercial, industrial, or mixed-use properties. The companys core activities typically encompass identifying and acquiring suitable land or existing properties, securing regulatory approvals and entitlements, designing projects in collaboration with architects and engineers, coordinating construction with contractors and subcontractors, and overseeing the successful marketing, leasing, or sale of completed assets. A real estate development company may act as a principal investor, undertaking projects on its own behalf, or as a fee-based developer providing professional development services to landowners or institutional clients. Throughout the development process, such companies must manage complex relationships with a wide range of stakeholders, including municipal authorities, financial institutions, contractors, neighborhood interest groups, and end-users. They are responsible for raising project capital, often sourcing both debt and equity financing, and for mitigating various project risks related to market cycles, construction cost fluctuations, and regulatory compliance. Upon completion, a real estate development company may retain property ownership and manage its operation for long-term income generation, or it may sell or lease the asset to realize value.

To summarize some of our risk factors appliable to a real estate development company:

Development and Construction Risks. Real estate development projects are subject to a variety of risks, including unexpected delays, cost overruns, design defects, labor shortages, adverse weather, and the availability of necessary construction materials. Any of these factors could materially impact project timelines and profitability.

Market Volatility and Economic Conditions. The value and demand for developed properties are influenced by local and national economic conditions, interest rates, supply and demand dynamics, and market cycles. Economic downturns, rising interest rates, or unfavorable market trends may reduce occupancy rates, impair lease renewals, and decrease property values, adversely affecting the companys financial performance.

Financing and Liquidity Risks. Real estate development companies often rely on external debt and equity financing to fund projects. Negative shifts in capital markets or the companys inability to secure adequate funding may result in project delays, cancellations, or distressed asset sales, and could materially affect growth prospects and liquidity.

Regulatory, Zoning, and Environmental Risks. The development process is subject to numerous government approvals, zoning restrictions, land use regulations, and environmental laws. Changes in regulations, unexpected compliance obligations, or the discovery of environmental liabilities may lead to significant additional expenses or project setbacks.

Dependence on Third Parties. Sourcuccessful development depends on the performance of contractors, architects, engineers, and other vendors. Disputes, failures, or insolvencies of target businesses.

involving third-party providers may result in project interruptions, increased costs, or reduced quality of completed assets.

Property-Specific and Geographic Risks. Projects may be concentrated in particular geographic regions or property types exposing the company to risks associated with local economies, weather events, or tenant industries. Lack of diversification may magnify the impact of adverse conditions in specific areas.

Legal and Litigation Risks. Real estate development often involves complex contracts, land use disputes, and potential litigation arising from construction defects, property rights issues, or stakeholder claims. Such legal matters could result in substantial costs or reputational harm.

Although the Companys management intends to evaluate the risks inherent in the real estate sector, the Company cannot assure you that we will properly ascertain or assess all of the significant risk factors. There can be no assurance that any prospective business combination with a real estate development company will benefit shareholders or prove to be more favorable to shareholders than any other investment that may be made by shareholders and investors.

Sources of target businesses.

Management anticipates that target business candidates will be brought to our attention from various unaffiliated sources, including securities broker-dealers, investment bankers, venture capitalists, bankers, and other members of the financial community, who may present solicited or unsolicited proposals. Our management may also bring to our attention target business candidates. While we do not presently anticipate engaging the services of professional firms that specialize in business acquisitions on any formal basis, we may engage these firms in the future, in which event we may pay a finders fee or other compensation in connection with a business combination. In no event, however, will we pay management any finders fee or other compensation for services rendered to us prior to or in connection with the consummation of a business combination.

Selection of a target business and structuring of a business combination.

Repository Services LLC owns 70.3% of the issued and outstanding shares of common stock of the Company and will have broad flexibility in identifying and selecting a prospective target business. In evaluating a prospective target business, our management will consider, among other factors, the following:

These criteria are not intended to be exhaustive. Any evaluation relating to the merits of a particular business combination will be based, to the extent relevant, on the above factors as well as other considerations deemed relevant by our management in effecting a business combination consistent with our business objective. In evaluating a prospective target business, we will conduct a due diligence review which will encompass, among other things, meetings with incumbent management and inspection of facilities, as well as review of financial and other information which will be made available to us.

We will endeavor to structure a business combination so as to achieve the most favorable tax treatment to us, the target business and both companies stockholders. However, there can be no assurance that the Internal Revenue Service or applicable state tax authorities will necessarily agree with the tax treatment of any business combination we consummate.

The time and costs required to select and evaluate a target business and to structure and complete the business combination cannot presently be ascertained with any degree of certainty. Any costs incurred with respect to the identification and evaluation of a prospective target business with which a business combination is not completed will result in a loss to us.

Probable lack of business diversification.

While we may seek to effect business combinations with more than one target business, it is more probable that we will only have the ability to effect a single business combination, if at all. Accordingly, the prospects for our success may be entirely dependent upon the future performance of a single business. Unlike other entities which may have the resources to complete several business combinations with entities operating in multiple industries or multiple areas of a single industry, it is probable that we will lack the resources to diversify our operations or benefit from the possible spreading of risks or offsetting of losses. By consummating a business combination with only a single entity, our lack of diversification may subject us to numerous economic, competitive, and regulatory developments, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to a business combination, and result in our dependency upon the development or market acceptance of a single or limited number of products, processes, or services.

Limited ability to evaluate the target business management.

We cannot assure you that our assessment of the target business management will prove to be correct. In addition, we cannot assure you that the future management will have the necessary skills, qualifications, or abilities to manage a public company intending to embark on a program of business development. Furthermore, the future role of our director, if any, in the target business cannot presently be stated with any certainty.

While it is possible that our director will remain associated in some capacity with us following a business combination, it is unlikely that she will devote heris full efforts to our affairs subsequent to a business combination. Moreover, we cannot assure you that our director will have experience or knowledge relating to the operations of the particularselected target business.

Following a business combination, we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you that we will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge, or experience necessary to enhance the incumbent management.

Our auditors have expressed substantial doubt about our ability to continue as a going concern.

Our audited financial statements for the years ended September 30, 2024, and 2023 were prepared using the assumption that we will continue our operations as a going concern. Our independent accountants in their audit report have expressed substantial doubt about our ability to continue as a going concern. Our operations are dependent on our ability to raise sufficient capital or complete business combination as a result of which we become profitable. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. There is not enough cash on hand to fund our administrative expenses and operating expenses for the next twelve months. Therefore, we may be unable to continue operations in the future as a going concern. If we cannot continue as a viable entity, our stockholders may lose some or all of their investment in the Companys shares of common stock.

Competetition.

In identifying, evaluating, and selecting a target business, we expect to encounter intense competition from other entities having a business objective similar to ours. Many of these entities are well established and have extensive experience identifying and effecting business combinations, either directly or through affiliates. Many if not virtually most of these competitors possess far greater financial, human, and other resources compared to our resources. While we believe that there are numerous potential target businesses that we may identify, our ability to compete in acquiring certain of the more desirable target businesses will be limited by our limited financial and human resources. Our inherent competitive limitations are expected by management to give others an advantage in pursuing the acquisition of a target business that we may identify and seek to pursue. Further, any of these limitations may place us at a competitive disadvantage in successfully negotiating a business combination. Our management believes, however, that our status as a reporting public entity with potential access to the United States public equity markets may give us a competitive advantage over certain privately held entities having a similar business objective in acquiring a desirable target business with growth potential on favorable terms.

If we succeed in effecting a business combination, there will be, in awe will likelihood,y face intense competition from existing competitors of the business we acquire. In particular, certain industries which experience rapid growth frequently attract an increasingly larger number of competitors, including those with far greater financial, marketing, technical and other resources than the initial competitors in the industry in which we seek to operate. The degree of competition characterizing the industry of any prospective target business cannot presently be ascertained. We cannot assure you that, subsequent to a business combination, we will have the resources to compete effectively, especially to the extent that the target business is in a high-growth industry.

Employee.

Quynh Hoa T. Tran, our Chief Executive Officer, is our sole executive officer. Quynh Hoa T. Tran is not obligated to devote any specific number of hours per week and, in fact, intends to devote only as much time as she deems necessary to administer the Companys affairs until such time as a business combination is consummated. The amount of time she will devote in any time period will vary based on the availability of suitable target businesses to investigate. We do not intend to have any full-time employees prior to the consummation of the business combination.

Conflicts of Interest.

Specialty Capital Lenders LLC (and its managers and members) is not required to commit its full-time efforts to the Companys affairs; accordingly, they will have conflicts of interest in allocating management time among their various business activities, including identifying potential business combinations and monitoring the related due diligence. As a result, pursuing new business opportunities may require a longer period of time than if management would devote full time to the Companys affairs.

Repository Services LLC has no fiduciary duties or contractual obligations, other than to its members and as a majority shareholder in the Company, to any third-party entities. Quynh Hoa T. Trans business activities do not create any fiduciary duties to any third parties, and she has no contractual obligation that may be deemed to be or give rise to a conflict of interest. To avoid future conflict of interests, management and the related third-party entities have determined that they will not be associated with or be affiliated with entities engaged in business activities similar to those which Quynh Hoa T. Tran is active. Future business activities of the Companys management, which may include business activities similar to those of a potential business combination, may result in potential or perceived conflicts of interest.

Specialty Capital Lenders LLC (and its managers and members) is not required to commit its full-time efforts to the Companys affairs; accordingly, they will have conflicts of interest in allocating management time among their various business activities, including identifying potential business combinations and monitoring the related due diligence. As a result, pursuing new business opportunities may require a longer period of time than if management would devote full time to the Companys affairs. Management has not identified and is not currently negotiating a new business opportunity for us.

In the event that more than one business opportunity is presented to the Company, management may have differences of opinion in determining which particular business opportunity should be first presented or considered. In the event that the Companys management has future business affiliations (coupled with a fiduciary duty to the business affiliation), management may have legal obligations to present certain business opportunities to multiple entities. In the event that a conflict of interest shall arise, management will consider factors such as reporting status, availability of audited financial statements, current capitalization, and the laws of jurisdiction.

The personal and financial interests of management may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, managements discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in the best interests of our shareholders. If this were the case, it would be a breach of their fiduciary duties to us, and we might have a claim against the participating member of management. However, we might not ultimately be successful in any claim we may make against them for such reasons.

Company's management intends to be proactive in identifying and eliminating any conflicts of interest. However, the Company believes its management will act in what we believe will be in the best interests of the shareholders. The Company will not enter into a transaction with a target business that is affiliated with management or where there is an actual conflict of interest.

The Company has a limited operating history and limited resources.

The Companys operations have been limited to seeking a potential business combination and has had no revenues from operations. Investors will have no basis upon which to evaluate the Companys ability to achieve the Companys business objective, which is to effect a merger, capital stock exchange and/or acquire an operating business. The Company will not generate any revenues until, at the earliest, after the consummation of a business combination or acquiring an operating business.

Our auditors have expressed substantial doubt about our ability to continue as a going concern.

As of September 30, 20245, we had $58,766 234,405 in cash and an accumulated deficit of $5,550,843 5,736,177. Our audited financial statements for the years ended September 30, 20245 and September 30, 20234 were prepared using the assumption that we will continue our operations as a going concern. Our independent accountants in their audit report have expressed substantial doubt about our ability to continue as a going concern. Our operations are dependent on our ability to raise sufficient capital or complete business combination as a result of which we become profitable. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty.

There may not be enough cash on hand to fund our administrative expenses and operating expenses for the next twelve months. Therefore, we may be unable to continue operations in the future as a going concern. If we cannot continue as a viable entity, our stockholders may lose some or all of their investment in the Companys shares of common stock.

Since the We have identified material weaknesses in our internal control over financial reporting. If our remediation of the material weaknesses are not effective, or if we experience additional material weaknesses or significant deficiencies in the future or otherwise fail to maintain an effective system of internal controls in the future, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our Common Stock.

In connection with the preparation of the Companys 2025 and 2024 financial statements, we and our independent auditors identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

These material weaknesses related to the following:

1. The Company does not has not yet selected a target business with which to complete a bve written documentation of their internal control system in accordance with the requirements of the Committee on Sponsoring Organizations (COSO) or some similarly appropriate internal control methodology.

2. The Company failed to properly classify contributed capital as additional paid-in-capital. An adjustment was made to correct the classification of these contributions, which resulted in a restatement of the 2024 financial statements.

We cannot assure you that measures we may take will significantly improve or remediate the material weaknesses described above. As of the date of this Annual Report, the material weaknesses have not been remediated.

We may discover additional weaknesses in our system of internal financial and accounting controls and procedures that could result in a material misstatement of our financial statements. Our internal control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control systems objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected.

Since the Company has not yet identified a definitive target business combinwith which to complete a business combination, the Company is unable to ascertain the merits or risks associated with any particular business or even the broader target industry.

Since the Company has not yet identified a particular industry or prospor entered into a definitive agreement with a selective target business, there is still no basis for investors to evaluate the possible merits or risks of the target business which the Company may acquire. If the Company completes a business combination with a financially unstable company or an entity in its development stage, the Company may be affected by numerous risks inherent in the operations of those entities. Although the Companys management intends to evaluate the risks inherent in a particular industry or target business, the Company cannot assure you that we will properly ascertain or assess all of the significant risk factors. There can be no assurance that any prospective business combination will benefit shareholders or prove to be more favorable to shareholders than any other investment that may be made by shareholders and investors.

Unspecified and unascertainable risks.

There is no basis for shareholders to evaluate the possible merits or risks of a potential business combination. To the extent that the Company effects a business combination with a financially unstable operating company or an entity that is in its early stage of development or growth, the Company will become subject to numerous risks. If the Company effects a business combination with an entity in a high-risk industry, the Company will become subject to the currently unascertainable risks of that industry. Although management will endeavor to evaluate the risks inherent in a particular business or industry, there can be no assurance that management will properly ascertain or assess all such risks that the Company perceived at the time of the consummation of a business combination.

It is likely that the Companys current sole officer and director will resign upon consummation of a business combination and the Company will have only limited ability to evaluate the management of the target business.

The Companys ability to successfully effect a business combination will be dependent upon the efforts of the Companys management. The future role of management in the target business cannot presently be ascertained. Although it is possible that management may remain associated with the target business following a business combination, it is likely that the management of the target business will remain in place. Although the Company intends to closely scrutinize the management of a target business in connection with evaluating the desirability of effecting a business combination, the Company cannot assure you that the Companys assessment of management will prove to be correct.

Dependence on key personnel.

The Company is dependent upon the continued services of management. To the extent that heris services become unavailable, the Company will be required to obtain other qualified personnel and there can be no assurance that we will be able to recruit qualified personsople upon acceptable terms.

The Companys sole officer and director may allocate her time to other businesses activities, thereby causing conflicts of interest as to how much time to devote to the Companys affairs. This could have a negative impact on the Companys ability to consummate a business combination in a timely manner, if at all.

The Companys officer and director is not required to commit heris full time to the Companys affairs, which may result in a conflict of interest in allocating heris time between the Companys business and other businesses. The Company does not intend to have any full-time employees prior to the consummation of a business combination. Management of the Company is and the principal shareholder is engaged in other business endeavors, and each is not obligated to contribute any specific number of heris hours per week to the Companys affairs.

If Quynh Hoa T. Trans other business affairs require her to devote more time to such affairs, it could limit her ability to devote time to the Companys affairs and could have a negative impact on the Companys ability to consummate a timely business combination. The Company does not believe that her other business affairs interfere with her duties as an officer and director, but remotely could disturb her immediate performance of assumed duties, if any. Furthermore, we do not have an employment agreement with Quynh Hoa T. Tran.

The Company may be unable to obtain additional financing, if and  when required, to complete a business combination or to fund the operations and growth of the business combination target, which could compel the Company to restructure a potential business combination transaction or to entirely abandon a particular business combination.

If we require funds for a particular business combination, because of the size of the business combination or otherwise, we may be required to seek additional financing, which may or may not be available a terms and conditions satisfactory to the Company, if at all. To the extent that additional financing proves to be unavailable when and if needed to consummate a particular business combination, we would be compelled to restructure the transaction or abandon that particular business combination and seek an alternative target business candidate. In addition, if we consummate a business combination, we may require additional financing to fund the operations or growth of the target business. The failure to secure additional financing could have a material adverse effect on the continued development or growth of the target business. The Companys officer, director or stockholders are not required to provide any financing to us in connection with or after a business combination.

It is probable that the Company will only be able to enter into one business combination, which will cause us to be solely dependent on such a single business and a limited number of products or services.

It is probable that the Company will enter into a business combination with a single operating business. Accordingly, the prospects for the Companys success may be solely dependent upon the performance of a single operating business, or dependent upon the development or market acceptance of a single or limited number of products or services. If this occurs, the Company will not be able to diversify the Companys operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different industries or different areas of a single industry.

The Company has limited resources and there is significant competition for business combination opportunities. Therefore, the Company may not be able to enter into or consummate an attractive business combination.

The Company expects to encounter intense competition from other entities having a business objective similar to the Companys, including venture capital funds, leveraged buyout funds and operating businesses competing for acquisitions. Many of these entities are well established and have extensive experience in identifying and effecting business combinations directly or through affiliates. Many of these competitors possess greater technical, human, and other resources than the Company does, and the Companys financial resources are limited when contrasted with those of many of its competitors. While the Company believes that there are numerous potential target businesses that we could acquire, the Companys ability to compete in acquiring certain sizable target businesses will be limited by the Companys limited financial resources and the fact that the Company will use its common stock to acquire an operating business. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses.

The Company may be unable to obtain additional financing, if required, to complete a business combination or to fund the operations and growth of the target business, which could compel the Company to restructure a potential business transaction or abandon a particular business combination.

We may be required to seek additional financing. We cannot assure you that such financing would be available on acceptable terms, if at all. If additional financing proves to be unavailable, we would be compelled to restructure the transaction or abandon that particular business combination and seek an alternative target business. In addition, if we consummate a business combination, we may require additional financing to fund the operations or growth of the target business. The failure to secure additional financing could have a material adverse effect on the continued development or growth of the target business.

Our present management most likely will not remain after we complete a business combination.

A business combination involving the issuance of our common stock will, in all likelihood, result in the shareholders of the targeta private company obtaining a controlling interest in us. Any such business combination may require our management to sell or transfer all or a portion of the Company's common stock held and/or have Quynh Hoa T. Tran resign as a member of the Board of Directors. The resulting change in our control would result in a corresponding reduction in or elimination of any participation in our future affairs.

Financing requirements to fund operations associated with reporting obligations under the Exchange Act.

The Company has no revenues and is dependent upon the willingness of the Companys management to fund the costs associated with the reporting obligations under the Exchange Act, other administrative costs associated with the Companys corporate existence and expenses related to the Companys business objective. The Company is not likely to generate any revenues until the consummation of a business combination, at the earliest. The Company believes that we will have available sufficient financial resources available from its management to continue to pay accounting and other professional fees and other miscellaneous expenses that may be required until the Company commences business operations following a business combination.

The Company does not currently engage in any business activities that provide cash flow. The costs of investigating and analyzing potential business combination candidates and preparing and filing Exchange Act reports for what may be an unlimited period of time will be paid by our majority shareholder, notwithstanding the fact that there is no written agreement to pay such costs. Repository Services LLC has informally agreed to pay the Companys expenses in the form of advances that are unsecured, non-interest bearing. Specialty Capital Lenders LLC has agreed to provide financial accommodations to the Company in an amount equal to $20,000, at the prevailing interest rate. As of the date hereof, there hasve been no advances made by Specialty Capital Lenders LLC under the written agreement entered into on August 3, 2020. The Company intends to repay these advances when we have the cash resources to do so.

Based on Repository Services LLC and Specialty Capital Lenders LLC commitment to fund our operations, we believe that we will be able to continue as a going concern until such time as we conclude a business combination. During the next 12 months, we anticipate incurring costs related to filing of Exchange Act reports, franchise fees, registered agent fees, legal fees, and accounting fees, and investigating, analyzing, and consummating an acquisition or business combination. We estimate that these costs will range from fifteen thousand dollars to twenty-five thousand dollars per year, and that we will be able to meet these costs as necessary through loans/advances Repository Services LLC or Specialty Capital Lenders LLC or until we enter into a business combination.

The Companys majority shareholders hasve a 70.30% common stock equity interest in the Company and thus is in a position tocan totally influence certain actions requiring stockholder vote.

Management has no present intention toof calling for an annual meeting of stockholders to elect new directors prior to the consummation of a business combination. As a result, our current director will continue in office at least until the consummation of the business combination, subject to the desires of the majority shareholder. If there is an annual meeting of stockholders for any reason, the Companys management has broad discretion regarding proposals submitted to a vote by shareholders as a consequence of the majority shareholders significant equity interest. Accordingly, the Companys management will continue to exert substantial control at least until the consummation of a business combination.

Broad discretion of management.

Any person who invests in the Companys common stock will do so without an opportunity to evaluate the specific merits or risks of any prospective business combination. As a result, investors will be entirely dependent on the broad discretion and judgment of management in connection with the selection of a prospective business combination. There can be no assurance that determinations made by the Companys management will permit us to achieve the Companys business objectives.

Reporting registration requirements may delay or preclude a business combination.

Issuers who are shells and effectuate a reverse merger or business combination between a reporting shell and a private company must be done through a Securities Act registration statement unless a clear exemption applies. A registration under the Securities Act may be requirements may delay or preclude a businessd in connection with any reverse merger or business combination. If we are required to file a registration statement and the Companys registration statement is not declared effective, we will be unable to complete the transaction, and our shareholders may not realize the anticipated benefits of any reverse merger or business combination. Failure to obtain SEC effectiveness could materially delay or permanently prevent the closing, result in increased costs, and could adversely affect the value of the Companys securities. There can be no assurance that the SEC will declare the Companys registration statement effective in a timely manner, or at all.

Reporting requirements may delay or preclude a business combination.

Sections 13 and 15(d) of the Exchange Act require companies subject thereto to provide certain information about significant acquisitions, including certified financial statements for the company acquired, covering one, two, or three years, depending on the relative size of the acquisition. The time and additional costs that may be incurred by some target entities to prepare such statements may significantly delay or essentially preclude consummation of an otherwise desirable acquisition by the Company. Acquisition prospects that do not have or are unable to obtain the required audited statements may not be appropriate for acquisition so long as the reporting requirements of the Exchange Act are applicable. With any reverse merger or business combination, we will be required to file a Form 8-K making a comprehensive disclosure equivalent to what would be required in a Form 10 registration statement.

The Company will continue to be required to file quarterly reports on Form 10-Q and annual reports on Form 10-K, which annual report must contain the Companys audited financial statements. As a reporting company under the Exchange Act, following any business combination, we will be required to file a report on Form 8-K, which report contains audited financial statements of the acquired entity. TheseWhile obtaining audited financial statements must be filed with is typically the responsibility of the SEC within five (5) days following the closing of a business combination. While obtaining acquired company, it is possible that a potential target company may be a non-reporting company with unaudited financial statements is typically th. We will be responsibilityquired to file two years of audited financial statements of the acquired company, it is possible that a potential target company may be a non-reportbusiness, unaudited interim financials if applicable, prepared in accordance with Regulation S-X, and financial pro formas showing company with unaudited  the effect of the transaction on the Companys financial statements. The time and costs that may be incurred by some potential target companies to prepare such audited financial statements may significantly delay or may even preclude consummation of an otherwise desirable business combination. Acquisition prospects that do not have or are unable to obtain the required audited statements may not be appropriate for acquisition because we are subject to the reporting requirements of the Exchange Act.

The Form 8-K will also include, but is not limited to, a disclosure of the business overview and description, e.g., complete information about the acquired operating business, including business operations, history, organizational structure, markets, and strategy; management discussion and analysis (of financial condition, operating results, and key business trends; disclosure of all material risks relating to the post-transaction business; details regarding the companys directors, officers, executive compensation, and principal stockholders post-transaction; disclosure of material definitive agreements entered into in connection with the transaction; information, describing the change in control of the Company; an itemized and fully reconciled cap table showing share issuances, splits, options, warrants, and other equity instruments; and an explicit disclosure that the Company has ceased to be a shell.

The Investment Company Act of 1940 creates a situation wherein we would be required to register and could be required to incur substantial additional costs and expenses.

Although we will be subject to regulation under the Exchange Act, management believes the Company will not be subject to regulation under the Investment Company Act of 1940; our present, intent isofar as we will not be engaged in the business of investing or trading in securities. In the event we engage in a business combination that result in us holding passive investment interests in a number of entities, we could be subject to regulation under the Investment Company Act of 1940. In such event, we would be required to register as an investment company and could be expected to incur significant registration and compliance costs. We have obtained no formal determination from the SEC as to the status of our Company under the Investment Company Act of 1940 and, consequently, any violation of such Act would subject us to material adverse consequences.

The Company has no independent director, so actions taken, and expenses incurred by our officer and director on behalf of the Company will generally not be subject to independent review.

Quynh Hoa T. Tran is the Companys sole director. Although no compensation will be paid to her for services rendered prior to or in connection with a business combination, she may receive reimbursement for out-of-pocket expenses incurred by her in connection with activities on the Companys behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. There is no limit on the amount of these out-of-pocket expenses and there will be no review of the reasonableness of the expenses by anyone other than our board of directors, which now consists of the one director who may seek reimbursement. Because our director will not be deemed independent, we will not have the benefit of an independent director examining the propriety of expenses incurred on our behalf and subject to reimbursement. Although the Company believes that all actions taken by our director on the Companys behalf will be in the Companys best interests, the Company cannot assure the investor that this will actually be the case. If actions are taken, or expenses are incurred that are actually not in the Companys best interests, it could have a material adverse effect on our business and plan of operation and the price of our stock held by the public stockholders.

Our present management most likely will not remain after we complete a business combination.

A business combination involving the issuance of our common stock will, in all l likelihood,y result in the shareholders of a private company obtaining a controlling interest in us. Any such business combination may require our management to sell or transfer all or a portion of the Company's common stock held and/or have Quynh Hoa T. Tran resign as a member of the Board of Directors. The resulting change in our control would result in a corresponding reduction in or elimination of any participation in our future affairs.

At the time we do any business combination, each shareholder will most likely hold a substantially lesser percentage ownership in the Company.

Our current primary plan of operation is based upon a business combination with a private concern that, in all likelihood, would result in the Company issuing securities to shareholders of any such private company. The issuance of our previously authorized and unissued common stock would result in reduction in percentage of shares owned by our present and prospective shareholders and may result in a change in our control or in our management.

General Economic Risks.

The Companys current and future business objectives and plan of operation are dependent, in large part, on the state of the general economy and the current Covid 19 pandemic. A continuation of a pandemic or adverse changes in economic conditions may adversely affect the Companys business objective and plan of operation. These conditions and other factors beyond the Companys control include also but are not limited to regulatory changes.

Additional Risks Related to Our Common Stock

The Companys shares of common stock are traded from time to time on the OTC Pink SheetOTCID Basic Market.

The Companys common stock is subject to reporting of quotation on the OTC Markets Group, Inc. PinkOTCID Open Market Platform (Pink Sheets)  under the symbol PCMC. There is currently only a limited trading market in the Companys shares. nor do we believe that any active trading market has existed for the last 5 years. There can be no assurance that there will be an active trading market for our securities. In the event that an active trading market commences, there can be no assurance as to the market price of our shares of common stock, whether any trading market will provide liquidity to investors, or whether any trading market will be sustained.

Very Limited Liquidity of our Common Stock.

Broker-dealers provide reports for oOur common stock to the Pink Sheets occasionally trades on the OTCID and there is a limited market in our common stock. As a result, there is only limited liquidity in our common stock. Any investment in our common stock may result in the inability of an investor to liquidate any investment to cash in a timely or cost-effective manner.

Our common stock is subject to the Penny Stock Rules of the SEC and the trading market in our common stock is limited, which makes transactions in our stock cumbersome and may reduce the value of an investment in our common stock.

The SEC has adopted Rule 3a51-1 which establishes the definition of a penny stock, for the purposes relevant to us, is any equity security that has a market price of less than $ 5.00 per share or with an exercise price of less than $ 5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, Rule 15g-9 requires that a broker-dealer approve a persons account for transactions in penny stocks, and the broker-dealer receive from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased.

In order to approve a persons account for transactions in penny stocks, the broker-dealer must obtain financial information and investment experience objectives of the person, make a reasonable determination that the transactions in penny stocks are suitable for that person, and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.

The broker-dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to the penny stock market. Generally, broker-dealers may be less willing to execute transactions insecurities subject to the penny stock rules. This may make it more difficult for investors to dispose of our common stock and cause a decline in the market value of our stock.

State blue sky registration; potential limitations on resale of the Companys common stock.

The holders of the Companys shares of common stock registered under the Exchange Act and those persons who desire to purchase them in any trading market that may develop in the future, should be aware that there may be state blue-sky law restrictions upon the ability of investors to resell the Companys securities. Accordingly, investors should consider the secondary market for the Companys securities to be a limited one.

Rule 144 Risks.

Shareholders who receive the Companys restricted securities in a business combination (and certain of our existing shareholders) will not be able to sell our common stock in reliance on Rule 144 without registration until one year after we have completed our initial business combination and complied with the rules and regulations of the SEC. Rule 144 is a non-exclusive safe harbor from the definition of underwriter in Section 2(a)(11) of the Securities Act that applies to restricted securities. Restricted securities are securities acquired in unregistered, private sales from the Company or from an affiliate of the Company. Control securities are those held by an affiliate of the Company. An affiliate is a person, such as an executive officer, a director or large shareholder, in a relationship of control with the issuer.

Accordingly, subsection (i) to Rule 144 prohibits or limits the resale (public) of the Companys common stock. Under Rule 144(i), one year needs to pass from the date the Company ceased to be a shell company, files reports under the Exchange Act, and has filed the Form 10 type information on a Form 8-K. Further, shareholders holding restricted securities may not be able to rely on Rule 144 to sell their stock until the Company is current on all reports and other materials required to be filed with its filings for one year.

Possible Issuance of Additional Securities.

Our Articles of Incorporation, as amended, authorizes the issuance of 500,000,000 shares of common stock, par value $ 0.001 and 50,000,000 shares of preferred stock. As of September 30, 2021, September 30, 2023, September 30, 2023, and as of tthe date hereof, we had 34,276,816 shares of common stock issued and outstanding and no shares of the preferred stock, par value $ 0.001 issued or outstanding. We may be expected to issue additional shares in connection with our pursuit of new business opportunities and new business operations. To the extent that additional shares of common stock or preferred stock are issued, our shareholders would experience dilution of their respective ownership interests. If we issue shares of common stock and preferred stock, or either, in connection with our intent to pursue new business opportunities, a change in control of the Company may be expected to occur. The issuance of additional shares of common stock may adversely affect the market price of our common stock, in the event that an active trading market commences.

Dividends are unlikely.

The Company does not expect to pay dividends for the foreseeable future because we have no revenues or cash resources. The payment of dividends will be contingent upon the Companys future revenues and earnings, if any, capital requirements and overall financial conditions. The payment of any future dividends will be within the discretion of the Companys board of directors as then constituted. It is the Companys expectation that future management following a business combination will determine to retain any earnings for use in its business operations and accordingly, the Company does not anticipate declaring any dividends in the foreseeable future.