OTC: VIVC

During the fiscal year ended June 30, 2026, Vivic Hong Kong was operationally dormant and the Company’s principal
operations were conducted through Vivic Corp., its Nevada parent company. Subsequent to June 30, 2026, the Company began planning and organizing an overseas operating structure through Vivic
Hong Kong, which is expected to support activities related to international yacht sales, market development, customer relations and international
dealer recruitment.

Corporate
History

The
Company was incorporated under the laws of the State of Nevada on February 16, 2017, and was a travel agency that organized individual
and group tours in the Dominican Republic, such as cultural, recreational, sport, business, ecotours and other travel tours.

Change
in Control and Entry into Yacht Business

On
December 27, 2018, Honetech Inc, a Samoa company, consummated the purchase of 2,499,800 shares of our common stock from Yoel Rosario
Duran for aggregate consideration of $151,984.80 and 1,999,800 shares of our common stock from Dmitriy Perfilyev for aggregate consideration
of $151,984.80 pursuant to certain share purchase agreements entered on December 21, 2018. Upon the consummation of these transactions,
Hontech Inc. became the controlling shareholder of the Company. Honetech Inc used its company working capital to purchase these shares.

In
connection with the change in control, effective on December 21, 2018, Yoel Rosario Duran resigned from all positions he held in the
Company, including Chief Executive Officer, Chief Financial Officer, President, Treasurer, and Board Director. Dmitriy Perfilyev resigned
as the Secretary of the Company, effective immediately. Concurrently, we appointed Wen-Chi Huang, Kuen-Horng Tsai, Cheng-Hsing Hsu, and
Kun Teng Liao as directors, and also appointed Yun-Kuang Kung as Chief Executive Officer and Huilan Chen as Secretary and director.

Starting
December 27, 2018, associated with the change of management, we expanded our business operations to the research and development of yacht
manufacturing, tourism, pier, real estate operations and the application of new energy saving technologies with a focus in Taiwan, China
and Southeast Asia.

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Formation
and Acquisition of Subsidiaries in Connection With Yacht Business

On
June 25, 2019, we formed Vivic Corporation (Hong Kong) Co., Ltd (“Vivic HK”), a wholly owned subsidiary company in Hong Kong.
We intended to use Vivic HK as the primary entity to carry out the new business development in Hong Kong, Macau and mainland China (“Target
Areas”), coordinate the cooperation with other business entities in Target Areas, and invest in the potential mergers and acquisitions
in Target Areas.

On
July 11, 2019, we formed a wholly owned branch company in Taiwan (“VIVC Taiwan”) at 19 Jianping Third Street, Tainan City.
VIVC Taiwan was intended to be responsible for the research, development and application of energy-saving technologies, and the research and development
of the manufacturing of electric ships.

On
October 15, 2019，Vivic Corp (“Company”) completed the acquisition of 100% ownership of Guangzhou Monte Fino (formerly
known as Guangzhou Monte Fino Yacht Co., Ltd., a Chinese limited liability company (“Guangzhou Monte Fino”). Guangzhou Monte
Fino holds the exclusive license to use the brand “Monte Fino” in mainland China. Monte Fino is a famous yacht brand owned
by Taiwan Kha Shing Yacht Company, one of the leading yacht manufacturers in the world. Guangzhou Monte Fino has acquired the rights
to develop a yacht marina in Shanwei City, Guangdong Province, China and has also developed and operated “Joy Wave”(享浪)，an
online yacht rental and leisure service platform in Guangzhou, China. Guangzhou Monte Fino engaged in business in multiple Chinese provinces
including Guangdong, Fujian and Hainan, and it has received numerous awards at the famous China Boat Show. Subsequent to the acquisition,
Guangzhou Monte Fino assumed the continuing operations of the post-acquisition entity, and its senior management acted as the senior
management of the post-acquisition entity. The acquisition was considered a re-capitalization of the company. Therefore, the assets,
liabilities and operating results of Guangzhou Monte Fino was merged with us from the date of acquisition.

On
January 3, 2021, the Company entered into a Joint Venture and Cooperation Agreement to invest in Shenzhen Ocean Way Yachts Services Co.,
Ltd (“Ocean Way”). During the year ended December 31, 2021, we have invested a total amount of $122,665 (RMB 780,000). Ocean
Way is a media company which publishes a yacht magazine and holds accounts in main media platforms such as Weibo. However, to concentrate
on yachts manufacturing and sales, on March 27, 2022, we sold the investment in Ocean Way.

On
May 11, 2021, our subsidiary Guangzhou Khashing Yacht Company Limited ceased its operation and de-registered.

On
June 23, 2021, our subsidiary Vivic Corporation (Fujian) Co., Limited ceased its operation and de-registered.

On
June 24, 2021, our subsidiary Khashing Yachts Industry Development (Hainan) Co. Ltd ceased its operation and de-registered.

On
September 23, 2021, we acquired the additional 25% of Vivic Corporation (Hong Kong) Co., Limited. As a result, Vivic Corporation (Hong
Kong) Co., Limited became our wholly-owned subsidiary.

Divestiture
of Mainland China Yacht Business

On
July 12, 2023, our subsidiary, Vivic Corporation (Hong Kong) Co. Limited (“Vivic Hong Kong”), entered into a Stock Purchase
Agreement with Yun-Kuang Kung pursuant to which Mr. Kung acquired all of the shares of our wholly-owned subsidiary, Weiguan Ship. The
divestiture of Weiguan Ship completed our plan to divest of all activities other than our ongoing yacht business in Taiwan. On August
21, 2025, we ceased the operation of Vivic Taiwan due to the Taiwan government’s policy of prohibiting importing ships from China,
where our main suppliers are located. In August 2025, the Company determined to concentrate its operations in the United States and Southeast
Asia.

Exit
From Taiwan Market

The
Company previously maintained its headquarters at its branch in Taiwan, Vivic Corp. Taiwan Branch (“Vivic Taiwan”). It was
mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. In August 2025, the Company determined
to concentrate its operations in the United States and Southeast Asia and to discontinue pursuing the Taiwan market. Accordingly, the
Company initiated the wind-down and deregistration of Vivic Taiwan, which was completed in April 2026.

Currently,
Mr. Chen-Hon Chuang serves as the President, Chief Executive Officer, Chief Financial Officer, and Secretary of the Company. Mr.
Kun-Teng Liao serves as our Director of Marketing and Sales, and Mr. Shang-Chiai Kung and Ms. Liu-Shiang Kung Hwang serve on our
board of directors

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Current
Business

We are a global yacht sales and service provider focused
on offering yachts, ancillary products, technical support, service solutions and management solutions to yacht marinas, yacht clubs, yacht
operators and marine tourism providers. Following the wind-down and deregistration of Vivic Taiwan, which was completed in April 2026,
the Company is focusing its business development and sales efforts on the United States and Southeast Asia. During the fiscal year ended
June 30, 2026, Vivic Hong Kong was operationally dormant and the Company’s principal operations were conducted through Vivic Corp.,
its Nevada parent company. Following the fiscal year end, the Company began planning and organizing its overseas operating activities through
Vivic Hong Kong.

We
distribute Monte Fino yachts pursuant to our agreement with Kha Shing Enterprise Co. (“Kha Shing”) and engage in the development
and distribution of power boats, charter boats and eco-friendly new energy vessels through third-party manufacturing partners. On January
29, 2025, the Company entered into an Electric Catamaran Yacht Co-Development Agreement with Acel Power Inc. to collaborate on the development
of an electric yacht. The foregoing discussion of the Electric Catamaran Yacht Co-Development Agreement is qualified in its entirety
by reference to the complete text of the agreement incorporated herein by reference as Exhibit 10.3.

On
January 29, 2025, the Company also entered into a Yacht Sales Contract with Acel Power Inc. relating to the sale and delivery of
three yachts. On June 30, 2026, the Company and Acel Power Inc. entered into a supplemental agreement to the Yacht Sales Contract,
pursuant to which the delivery date for the three yachts was extended to August 10, 2027. On October 5, 2026, the parties entered
into Correction and Confirmation Agreement correcting certain clerical errors in the Yacht Sales Contract and the supplemental
agreement. Except as modified by the supplemental agreement and the Correction and Confirmation Agreement, the remaining terms of
the Yacht Sales Contract remain in full force and effect. The foregoing descriptions of the Yacht Sales Contract, the supplemental
agreement and the Correction and Confirmation Agreement are qualified in their entirety by reference to the complete texts of the
agreements, incorporated herein by reference as Exhibits 10.4, 10.5 and 10.6, respectively.

Our
Market

We seek to market our yachts primarily
to yacht operators, dealers, charter operators and other customers in the United States and Southeast Asia. Our target customers include
purchasers seeking yachts for recreational use, charter activities, marine tourism and other commercial or leisure applications.

Customer requirements vary depending
on the intended use of a yacht, including factors such as size, cruising range, deck configuration, interior layout, onboard amenities,
propulsion systems and operating efficiency. Through our relationships with third-party manufacturers and development partners, we seek
to offer yacht products and configurations that address differing customer requirements.

We expect to market our products
through industry events, boat shows, dealers, agents and other business relationships in selected markets. Depending on the model and
customer requirements, product features may include catamaran hull configurations, flexible deck and interior layouts, and propulsion
systems designed for conventional or new-energy applications. Our market development efforts are currently focused on supporting our transition
toward new-energy vessels, new yacht models and expanded sales opportunities in the United States and Southeast Asia.

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Sales
and Marketing

We intend to market our yachts
primarily to yacht operators, dealers and other customers in the United States and Southeast Asia. Our target customers include operators
and purchasers seeking yachts for recreational use, yacht charter activities and other marine tourism applications. We believe that demand
for yacht ownership, charter services and shared-use models may create opportunities for products that provide flexibility in design,
operating efficiency and cost.

Customer preferences vary depending
on the intended use of a yacht, including factors such as size, speed, interior configuration, onboard amenities and cruising range. Through
our relationships with third-party manufacturers and development partners, we seek to offer yacht models with different specifications
and configurations to address these varying customer requirements.

We expect to market our products
through industry events, boat shows, dealers, agents and other business relationships in selected markets. Depending on the model and
customer requirements, product features may include catamaran hull designs, configurations intended to improve fuel or energy efficiency,
flexible deck and interior layouts, and propulsion systems designed for conventional or new energy applications. Our current sales and
marketing strategy is being reorganized in connection with our transition toward new energy vessels and the development of new yacht models.

Customer Support and After-Sales Service

We seek to maintain ongoing relationships with our customers following the sale and delivery of our yachts. After-sales
support may include customer follow-up, coordination of scheduled maintenance, and assistance with warranty, maintenance and repair matters.
Where appropriate, we coordinate with our manufacturing partners, equipment suppliers and other third-party service providers to address
customer service and technical support needs.

Product
Warranties

Certain yachts
sold by the Company may be covered by manufacturer-provided warranty programs, including warranty coverage for defects in materials
and workmanship and, where applicable, a two-year warranty on the hull. Engine and other component warranties may also be provided
by the applicable manufacturers. We may assist customers in coordinating warranty and service claims with the applicable
manufacturer or service provider. Certain sales agreements may contain warranty terms that differ from our general warranty arrangements, including
obligations that may be assumed directly by the Company.

Financing
Arrangements

We do not provide or arrange financing for the purchase of our yachts. Customers are responsible for obtaining their
own financing, if needed, from third-party financial institutions or other sources.

Manufacturing
and Sourcing

We
outsource the manufacture of our yachts to qualified producers, including Kha Shing, who are generally well known to our staff. Production
of each yacht is entrusted to a facility based upon the manufacturing skills and capabilities of the facility, its economic wherewithal
and the ability to meet delivery dates.

We
work with each of our manufacturers to ensure that they have the parts and accessories necessary and all of our accessories are sourced
from selected global manufacturers with which we or our manufacturers have ongoing relationships. We identify and engage potential vendors and suppliers through our industry contacts, manufacturing partners and
other external resources. We evaluate potential suppliers and their products based on factors such as product quality, capabilities, reliability
and ability to meet our business requirements. We review market trends with our major suppliers to determine whether
there is an opportunity to upgrade or accessorize a product to increase its customer appeal, the sales price and our margins.

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Employees

As of September 20, 2026, we employed 8 individuals on a full-time basis.
A majority of our personnel are based in Hong Kong, with limited personnel located in the United States. We have no employees based in
Taiwan. None of our employees are members of a trade union. We believe that we maintain good relationships with our employees and have
not experienced any strikes, shutdowns or labor disputes.

Competition

The market for high-end yachts
is highly competitive and includes established yacht manufacturers, distributors and dealers, many of which have greater financial resources,
broader distribution networks, stronger brand recognition and more extensive operating experience than we do. We seek to compete by focusing
on yacht operators, charter operators and other customers that may require yachts with features such as flexible configurations, open
deck space, operating efficiency and configurations suitable for recreational, charter and marine tourism applications.

We do not manufacture yachts directly.
Instead, we work with third-party manufacturing partners to develop and source yacht products that may be configured to meet the requirements
of our target customers. Our ability to compete will depend on factors including product quality, price, design, operating efficiency,
delivery schedules, customer support, brand recognition and our ability to establish and maintain relationships with manufacturers, dealers,
agents and other business partners.

In addition to our focus on yacht
operators and charter-related applications, we seek to market Monte Fino luxury yachts, including models generally within the 40- to 70-foot
range. The market for luxury yachts includes numerous well-established manufacturers and brands with greater resources, broader distribution
networks and stronger market recognition than we currently have. Competitors in this market include established brands such as Azimut
and Ferretti.

The yacht market may attract additional
competitors, and existing or new competitors may offer products or services that are more established, less expensive or otherwise more
attractive to customers. There can be no assurance that we will be able to compete successfully or achieve meaningful market acceptance
for our products.

Intellectual
Property and Patents

We
rely on, trade secrets, copyrights, know-how, trademarks, license agreements, patents and contractual provisions to establish our intellectual
property rights and protect our products, brands and services. These legal means, however, afford only limited protection and may not
adequately protect our rights. Litigation may be necessary in the future to enforce our intellectual property rights, protect our trade
secrets or determine the validity and scope of the proprietary rights of others. Litigation could result in substantial costs and diversion
of resources and management attention.

We
rely on trade secrets and unpatentable know-how that we seek to protect, in part, by confidentiality agreements. We expect that, where
applicable, we will require our employees to execute confidentiality agreements in our favor. These agreements will provide that all
confidential information developed or made known to the individual during the course of the individual’s relationship with us is
to be kept confidential and not disclosed to third parties except in specific limited circumstances. The agreements will also provide
that all inventions conceived by the individual while rendering services to us shall be assigned to us as the exclusive property of our
company. There can be no assurance, however, that all persons we employ will sign such agreements, or if they do, or, if they are breached,
that we would have adequate remedies for any breach, or that our trade secrets or unpatentable know-how will not otherwise become known
or be independently developed by competitors.

Regulations

We
are subject to numerous regulations applicable to businesses generally in the United States, including regulations relating to working
conditions, employee compensation and the maintenance of welfare plans. Moreover, although we do not manufacture the yachts we sell,
our contractors will be subject to numerous regulations related to worker safety intended to protect against occupational exposure to
chemicals, including health and safety risks, and the use and disposal of various chemicals. This regulatory framework imposes compliance
burdens on our contractors which we must consider when determining who to use to manufacture yachts.

The yachts we sell may be used
in various jurisdictions, which may require compliance with applicable product safety, environmental, emissions and other regulatory requirements.
We work with our third-party manufacturing partners and suppliers to address applicable regulatory requirements relating to the yachts
and components supplied to us. Changes in environmental, emissions and other regulatory standards may increase the costs of manufacturing,
sourcing or modifying our products and may affect the markets in which our products can be sold or operated.

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