Marwynn Holdings, Inc.

Marwynn Holdings, Inc.

Overview

• Multisector holding company with three principal lines of business:
  • E-waste recycling and raw materials recovery (EcoLoopX Corporation)
  • AI application development and related infrastructure solutions (NexaCore Technologies, Inc.)
  • Food and non-alcoholic beverage supply chain management and brand services (FuAn Enterprise, Inc.)
• Corporate reorganizations and transactions:
  • 2024 reorganization through share exchanges with FuAn, Grand Forest Cabinetry and KZS
  • Merger consolidating home improvement operations under Grand Forest (June 2024)
  • Sale of Grand Forest to Reli Home Décor, Inc. (completed December 2025)
  • EcoLoopX formed November 25, 2025
  • NexaCore Technologies formed March 27, 2026

Core business lines

1) E-Waste Business (EcoLoopX)

• Formation and strategy
  • EcoLoopX was formed November 25, 2025 to pursue direct electronic waste (e-waste) recycling and production of black mass (an intermediate material containing recoverable metals from lithium-ion batteries).
  • Long-term plan includes a nationwide collection/disposal network, owned processing facilities, black mass production, and downstream battery material processing.
• Current operations
  • As of April 30, 2026, EcoLoopX purchases scrapped copper from e-waste plants for resale.
  • Hired Frank Xu as Sales Director on June 9, 2026 to expand e-waste collection channels and B2B disposal networks in the U.S.
  • EcoLoopX sold recycled copper to Golden Honest Trading Limited, which represented approximately 71% of Marwynn’s total revenue for the fiscal year ended April 30, 2026.
• Strategic and regulatory considerations
  • Evaluating entry into the black mass business either by a greenfield project or by acquiring an existing facility.
  • Expansion will require capital investment, regulatory permits, and compliance for hazardous materials handling and battery processing.
• Key risks
  • Capital intensity, feedstock sourcing, competition, regulatory requirements for hazardous materials, equipment and infrastructure costs, and commodity price volatility for recovered materials.

2) AI & Infrastructure Services (NexaCore Technologies, Inc.)

• Formation and status
  • NexaCore was incorporated March 27, 2026 to develop enterprise AI applications and related infrastructure solutions; it is currently in the development stage.
• Proposed offerings
  • Enterprise AI application development and deployment, secure managed cloud environments, and IaaS optimized for AI workloads.
  • Clean energy infrastructure and solar power plant development to support data centers and AI workloads, including planning, sourcing, construction, and operation.
  • Activities may include AI software deployment, high-density cloud/storage, data center land acquisition, and engineering/management of solar energy infrastructure.
• Current status and risks
  • NexaCore is in exploration and development; execution will require technology investment and operational scaling.
  • Key risks include rapid technology change, regulatory uncertainty for AI and data privacy, potential for flawed or biased outputs, and capital/operational costs for AI platforms and energy infrastructure.

3) Food & Non-Alcoholic Beverages and Brand Management (FuAn Enterprise, Inc.)

• Core business
  • FuAn sources and distributes premium Asian foods, snacks, and non-alcoholic beverages in the U.S., and provides supply chain consulting and market expansion support.
  • In 2025 FuAn shifted strategy toward domestically sourced products in response to tariff changes; FuAn remains a wholly owned asset.
• Market positioning and customers
  • FuAn’s customers are primarily wholesalers in the food and beverage sector.
  • As of April 30, 2026, six FuAn customers accounted for approximately 29% of Marwynn’s total revenues.
• Key risks
  • The food and beverage segment is competitive with low margins. Tariff exposure, supplier diversification needs, currency and regulatory risks, customer concentration, reliance on third-party logistics, and perishable inventory create operational and commercial risks.

Corporate structure and governance

• Marwynn is a Nevada corporation with a multi-entity structure that previously included Grand Forest and KZS; Grand Forest was divested in 2025.
• The company operates as a controlled company due to concentrated voting power in Yin Yan (Chairperson/CEO/President), who held approximately 90.85% of voting power as of the report date via Series A Super Voting Preferred Stock and common stock.
• Employees: 2 full-time employees (both in management) as of April 30, 2026.
• Intellectual property: relies on trademarks, trade secrets, licenses, confidentiality agreements, and domain ownership (www.marwynnholdings.com, www.fuanus.com).

Customers and concentration

• EcoLoopX copper sales to Golden Honest Trading Limited accounted for approximately 71% of Marwynn’s total revenue for the fiscal year ended April 30, 2026.
• Six FuAn customers contributed about 29% of total revenues as of April 30, 2026.
• For the year ended April 30, 2026, two customers accounted for 71% and 12% of the Company’s total sales.

Geographic and facility notes

• Principal executive office: 2955 Main Street, Ste 100A, Irvine, CA 92614 (leased office space totaling 2,799 square feet, lease expiring March 2027).
• EcoLoopX and NexaCore are in early development stages and will require future facilities and infrastructure as growth proceeds.

Financial snapshot

• Revenue composition (fiscal year ended April 30, 2026):
  • EcoLoopX copper sales to Golden Honest Trading Limited: approximately $3.0 million, about 71% of Marwynn’s total revenue.
  • FuAn: six customers contributed about 29% of total revenues as of April 30, 2026.
• Financing and liquidity:
  • $100,000 in third-party financing (including a short-term loan) and $683,662 in unsecured promissory notes to related parties outstanding.

Summary

Marwynn is repositioning as a diversified holding company, focusing on two growth-oriented initiatives—EcoLoopX (e-waste and battery material recovery) and NexaCore (enterprise AI and supporting infrastructure)—while maintaining FuAn’s food and beverage supply chain business, which is transitioning to domestic sourcing. EcoLoopX currently provides a near-term revenue anchor through copper recycling with a lead customer and is pursuing expansion into black mass production. NexaCore is in early development targeting AI platforms, cloud/IaaS for AI workloads, and solar/energy infrastructure to support data centers. FuAn remains a revenue contributor but faces margin, concentration, and sourcing risks. Corporate control is concentrated with Yin Yan, which has implications for governance and public market dynamics.