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Cordyceps Sunshine Biotech Holdings Co., Ltd. amended its Form 20-F to provide updated annual disclosures about operations focused on Cordyceps and Antrodia products, manufacturing processes and cultivation techniques. The company reported training revenue of $154,107 for the period shown and a net income of $751,609 for the year ended December 31, 2023, reversing losses of $720,093 in 2022 and $491,006 in 2021. Management disclosed an accumulated deficit of $472,966 and negative working capital of $2,638,968 as of December 31, 2023, and stated substantial doubt about the company’s ability to continue as a going concern. The company recognized a $582,324 net gain from the reclassification and disposal of its Hong Kong subsidiary and recorded discontinued operations. Share ownership is highly concentrated with a controlling group holding approximately 59.3% of ordinary shares. Significant risks disclosed include customer and supplier concentration, regulatory and geopolitical risks related to PRC/Taiwan operations, and dependence on a limited product set.
