10-Q - VGES - Equibles

UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM10-Q

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OFTHE SECURITIES EXCHANGE ACT OF 1934

ForThe Quarterly Period Ended April 30, 2020

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OFTHE SECURITIES EXCHANGE ACT OF 1934

Forthe transition period from _______________ to _______________

CommissionFile Number 333-228847

MUGLOBAL HOLDING LIMITED

(Exact name of registrant issuer as specified in its charter)

Nevada	30-1089215
(State<br> or other jurisdiction of<br><br> <br>incorporation<br> or organization)	(I.R.S.<br> Employer<br><br> <br>Identification<br> No.)

5F-1.,No. 106, Chang’an W. Rd., Datong Dist.,

TaipeiCity, 103 Taiwan (R.O.C.)

(Address of principal executive offices, including zip code)

Registrant’s phone number, including area code +886905153139

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES [X] NO [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

YES [ ] NO [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [ ] Accelerated Filer [ ] Non-accelerated Filer [ ] Smaller reporting company [X] Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common<br> Stock		The<br> OTC Market – Pink Sheets

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has fled all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes [ ] No [X]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at June 15, 2020
Common<br> Stock, $.0001 par value	59,434,838

TABLEOF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
ITEM<br> 1.	UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:	F-1
	Condensed Consolidated Balance Sheets as of April 30, 2020 (unaudited) and July 31, 2019 (audited)	F-2
	Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three and Nine months Ended April 30, 2020 (unaudited) and April 30, 2019 (unaudited)	F-3
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine months Ended April 30, 2020 (unaudited) and 2019 (unaudited)	F-4
	Condensed Consolidated Statements of Cash Flows for the Nine months Ended April 30, 2020(unaudited) and April 30, 2019 (unaudited)	F-5
	Notes to the Condensed Consolidated Financial Statements	F-6<br> - F-17
ITEM<br> 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3-5
ITEM<br> 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6
ITEM<br> 4.	CONTROLS AND PROCEDURES	6
PART II	OTHER INFORMATION
ITEM<br> 1	LEGAL PROCEEDINGS	7
ITEM<br> 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	7
ITEM<br> 3	DEFAULTS UPON SENIOR SECURITIES	7
ITEM<br> 4	MINE SAFETY DISCLOSURES	7
ITEM<br> 5	OTHER INFORMATION	7
ITEM<br> 6	EXHIBITS	8
	SIGNATURES	9

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PARTI FINANCIAL INFORMATION

ITEM1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

MUGLOBAL HOLDING LIMITED

CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS

	Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of April 30, 2020 (unaudited) and July 31, 2019 (audited)	F-2
Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three and Nine months Ended April 30, 2020 (unaudited) and April 30, 2019 (unaudited)	F-3
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine months Ended April 30, 2020 (unaudited) and 2019 (unaudited)	F-4
Condensed Consolidated Statements of Cash Flows for the Nine months Ended April 30, 2020 (unaudited) and April 30, 2019 (unaudited)	F-5
Notes to the Condensed Consolidated Financial Statements	F-6<br> - F-17

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MUGLOBAL HOLDING LIMITED

CONDENSEDCONSOLIDATED BALANCE SHEETS

ASOF APRIL 30, 2020 AND JULY 31, 2019

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

			As of
			July 31, 2019
			Audited
ASSETS
NON CURRENT ASSETS
Property, plant and equipment	464,841		$	406,063
Leased asset- Right of use	217,065			-
	681,906			406,063
INTANGIBLE ASSET
Trademark	24,854		$	-
	24,854			-
CURRENT ASSETS
Cash and cash equivalents	15,574		$	394,403
Other receivables	23,070			18,803
Prepayments and deposits	129,156			175,427
Amount due from related parties	30,164			-
Inventories	48,403			43,946
Total Current Assets	246,367		$	632,579
TOTAL ASSETS	953,127			1,038,642
LIABILITIES AND STOCKHOLDERS’ EQUITY
NON-CURRENT LIABILITES
Leased liabilities	161,518		$	-
Total Non-Current Liabilities	161,518			-
CURRENT LIABILITIES
Trade payable	5,599		$	-
Loan from director	136,224			-
Leased liabilities	57,030			-
Loan from related party	42,471			-
Other payables and accrued liabilities	88,695			92,855
Amount due to related parties	38,581			44,611
Deposit from franchisee	47,735			32,202
Deposit from customers	14,157			-
Total Current Liabilities	430,492		$	169,668
TOTAL LIABILITIES	592,010		$	169,668
STOCKHOLDERS’ EQUITY
Preferred stock, 0.0001 par value; 200,000,000 shares authorized; None issued and outstanding				-
Common Shares, par value 0.0001; 600,000,000 shares authorized, 59,434,838 shares issued and outstanding as of APRIL 30, 2020 and July 31, 2019	5,943		$	5,943
Additional paid in capital	1,830,300			1,830,300
Foreign currency adjustment	(5,370	)		8,727
Accumulated deficit	(1,469,756	)		(975,996	)
TOTAL STOCKHOLDERS’ EQUITY	361,117		$	868,974
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	953,127		$	1,038,642

All values are in US Dollars.

See accompanying notes to condensed consolidated financial statements.

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MUGLOBAL HOLDING LIMITED

CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSES

FORTHE THREE AND NINE MONTHS ENDED APRIL 30, 2020 and 2019

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

	Three Months Ended<br> <br>April 30,						Nine months Ended<br> <br>April 30,
	2020			2019			2020			2019
REVENUE	$	2,216		$	15,595		$	94,527		$	19,226
COST OF REVENUE		(4,977	)		(6,986	)		(12,342	)		(8,073	)
GROSS PROFIT	$	(2,761	)	$	8,609		$	82,185		$	11,153
OTHER INCOME		1,698			53			6,970			78
SELLING AND MARKETING EXPENSES		(1,768	)		(19,873	)		(19,490	)		(38,100	)
GENERAL AND ADMINISTRATIVE EXPENSES		(178,832	)		(219,554	)		(563,425	)		(507,111	)
LOSS BEFORE INCOME TAX	$	(181,663	)	$	(230,765	)	$	(493,760	)	$	(533,980	)
INCOME TAX PROVISION		-			-			-			-
NET LOSS	$	(181,663	)	$	(230,765	)	$	(493,760	)	$	(533,980	)
Other comprehensive income/(expense):
- Foreign currency translation gain/(loss)		(5,948	)		2,342			(14,097	)		23,862
TOTAL COMPREHENSIVE LOSS	$	(187,611	)	$	(228,423	)	$	(507,857	)		(510,118	)
Net loss per share- Basic and diluted		(0.0003	)		(0.0004	)		(0.008	)		(0.009	)
Weighted average number of common shares outstanding - Basic and diluted		59,434,838			58,505,000			59,434,838			58,505,000

See accompanying notes to condensed consolidated financial statements.

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MUGLOBAL HOLDING LIMITED.

CONDENSEDCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FORTHE NINE MONTHS ENDED APRIL 30, 2020 AND 2019

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

Nine months Ended April 30, 2020 (Unaudited)
	COMMON SHARES				ADDITIONAL		ACCUMULATED<br> <br>OTHER
	Number of<br> <br>Shares		Amount		PAID-IN<br> <br>CAPITAL		COMPREHENSIVE<br> <br>INCOME			ACCUMULATED<br> <br>DEFICIT			TOTAL<br> <br>EQUITY
Balance as of August 1, 2019		59,434,838	$	5,943	$	1,830,300	$	8,727		$	(975,996	)	$	868,974
Net loss for the period		-		-		-		-			(493,760	)	$	(493,760	)
Foreign currency translation adjustment		-	$	-	$	-	$	(14,097	)	$	-		$	(14,097	)
Balance as of April 30, 2020		59,434,838	$	5,943	$	1,830,300	$	(5,370	)	$	(1,469,756	)	$	361,117
Nine months Ended April 30, 2019 (Unaudited)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Common Stock				Additional		Accumulated Other					Total
	Number of shares		Amount		Paid-in<br> <br>Capital		Comprehensive<br> <br>Loss		Accumulated<br> <br>Deficit			Stockholders’ Equity
Balance as of August 1, 2018		58,505,000	$	5,851	$	900,554	$	-	$	(29,716	)	$	876,689
Net loss for the period		-		-		-		-		(533,980	)		(533,980	)
Foreign currency translation adjustment		-		-		-		23,863		-			23,863
Balance as of April 30, 2019 (Unaudited)		58,505,000	$	5,851	$	900,554	$	23,862	$	(563,696	)	$	366,571

See accompanying notes to condensed consolidated financial statements.

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MUGLOBAL HOLDING LIMITED

CONDENSEDCONSOLIDATED STATEMENTS OF CASH FLOWS

FORTHE THREE AND NINE MONTHS ENDED APRIL 30, 2020 and 2019

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

	Three Months Ended<br> <br>April 30,						Nine months Ended<br> <br>April 30,
	2020			2019			2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(181,663	)	$	(230,765	)	$	(493,760	)	$	(533,980	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		55,207			26,104			138,135			46,981
Asset Write-off		-			-			4,264			-
Changes in operating assets and liabilities:
Trade receivables		-			(8,524	)		-			(8,524	)
Other receivables		421			4,727			(4,267	)		-
Deposit & Prepayment		14,049			(4,252	)		46,271			(97,532	)
Trade payable		5,599			-			5,599			-
Other payables and accrued liabilities		47,039			35,220			(4,160	)		53,633
Inventory		883			-			(4,457	)		-
Amount due to related party		(704	)		(40,201	)		(6,030	)		59,162
Amount due from related party		(12,242	)		-			(30,164	)		-
Amount due to director		-			257			-			257
Leased liabilities		(13,504	)		-			(27,069	)		-
Deposit from customer		(258	)		-			14,157			-
Deposit from franchisee		9,191			-			15,533			-
Net cash used in operating activities	$	(75,982	)	$	(217,434	)	$	(345,948	)	$	(479,913	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of trademark	$	-		$	-		$	(26,394	)	$	-
Purchase of property, plant and equipment		(2,693	)		(8,988	)		(181,099	)		(334,049	)
	$	(2,693	)	$	(8,988	)	$	(207,493	)	$	(334,049	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan from director	$	20,899		$	-		$	136,223		$	-
Loan from related party		(775	)		-			42,471			-
Convertible promissory notes		-			779,125			-			779,125
Subscription receivables		-			-			-			800,000
	$	20,124		$	779,125		$	178,694		$	1,579,125
Effect of exchange rate changes on cash and cash equivalents		(435	)		1,721			(4,082	)		23,862
Net change in cash and cash equivalents		(58,986	)		554,424			(378,829	)		789,025
Cash and cash equivalents, beginning of period		74,560			341,018			394,403			106,417
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	15,574		$	895,442		$	15,574		$	895,442
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid	$	-		$	-		$	-		$	-
Interest paid	$	-		$	-		$	-		$	-

See accompanying notes to condensed consolidated financial statements.

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

1.DESCRIPTION OF BUSINESS AND ORGANIZATION

MU Global Holding Limited is organized as a Nevada limited liability company, incorporated on June 4, 2018. For purposes of consolidated financial statement presentation, MU Global Holding Limited and its subsidiary are herein referred to as “the Company” or “we”. The Company business of which planned principal operations are to provide wellness and beauty services to customers via Company owned outlets, franchised outlets or distribution of our product to third party wellness and beauty salon.

On June 29, 2018, the Company acquired 100% interest in MU Worldwide Group Limited, a private limited liability company incorporated in Seychelles and its subsidiary MU Global Holding Limited, a private limited liability company incorporated in Hong Kong. On August 16, 2018, the Hong Kong Company incorporated MU Global Health Management (Shanghai) Limited, a wholly owned subsidiary of which incorporated in Shanghai, People Republic of China.

Details of the Company’s subsidiary:

	Company<br> name	Place<br> and date of incorporation	Particulars<br> of issued capital	Principal<br> activities
1.	MU<br> Worldwide Group Limited	Seychelles,<br> June 7, 2018	100<br> share of ordinary share of US$1 each	Investment<br> holding
2.	MU<br> Global Holding Limited	Hong<br> Kong, January 30, 2018	1<br> ordinary share of HKD$1	Providing<br> SPA and Wellness service in Hong Kong
3.	MU<br>Global Health Management	Shanghai,<br> August 16, 2018	RMB<br> 7,400,300	Providing<br> SPA and Wellness service in China

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The Company has adopted its fiscal year-end to be July 31.

Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

Use of estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

Revenue recognition

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of wellness and beauty services to customers via Company owned outlets, franchised outlets or distribution of our product to third party wellness and beauty salon.

Cost of revenue

Cost of revenue includes the cost of services and product incurred to provide wellness and beauty services and purchase of products.

Cash and cash equivalents

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

Property, Plant and equipment

Property, Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

Categories	Estimated<br> useful life
Leasehold<br> improvement	11<br> months to 60 months (over remaining lease term)
Leasable<br> equipment	5<br> years
Computer<br> hardware and software	3<br> years
Office<br> equipment	3<br> years

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

Impairment of long-live assets

Long-lived assets primarily include trademark of the company. In accordance with the provision of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each fiscal year, or more frequently if indicators of impairment exist, such as significant sustained change in the business climate. The recoverability of long-lived assets is measured at the lowest level group. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the years presented.

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Leases

Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective November 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. (see Note 4 ).

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in China and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Net loss per share

The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income.

The reporting currency of the Company and its subsidiary is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$.

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders’ equity.

Foreign currencies translation (cont’d)

Translation of amounts from RMB, TWD, and HK$ into US$1 has been made at the following exchange rates for the respective periods:


		2019
Period-end RMB : US1 exchange rate	7.064		6.735
Period-average RMB : US1 exchange rate	7.035		6.900
Period-end HKD : US1 exchange rate	7.751		7.845
Period-average HKD : US1 exchange rate	7.802		7.834
Period-end TWD: US1 exchange rate	29.763		29.907
Period-average TWD: US1 exchange rate	30.468		30.801

All values are in US Dollars.

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Fair value of financial instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level1: Observable inputs such as quoted prices in active markets;

Level2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Recent accounting pronouncements

ASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

3.PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as of April 30, 2020 and July 31, 2019 are summarized below:

	As of<br> <br>April 30, 2020			As of<br> <br>July 31, 2019
	(Unaudited)			(Audited)
Leasehold improvement	$	148,982		$	148,982
Computer hardware and software		129,301			129,301
Outlet equipment		100,686			8,423
Leasable equipment		223,560			132,802
Application development		37,413			37,413
Outlet<br> Design Fee and Equipment^1^		16,763			21,123
Total		656,705			478,044
Accumulated depreciation	$	(181,981	)	$	(72,444	)
Foreign currency<br> translation adjustment		(9,883	)		463
Property,<br> plant and equipment, net	$	464,841		$	406,063

^1^For the nine months ended April 30, 2020, the company has reclassified and written-off $4,264 of Outlet Design Fee and equipment as expenses.

4.LEASE

The Company officially adopted ASC 842 for the period on and after November 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly.

As of November 1, 2019, the Company recognized approximately US$26,823, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of November 1, 2019, with discounted rate of 4.15% adopted from People’s Bank of China as a reference for discount rate.

A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows.

The initial recognition of operating lease right and lease liability as follow:

Gross lease payable	$	271,328
Less: imputed interest		(21,228	)
Initial recognition as of November 1, 2019	$	250,100

As of April 30, 2020 operating lease right of use asset as follow:

Initial recognition as of November 1, 2019	$	250,100
Foreign exchange translation loss		(3,961	)
Accumulated amortization		(29,074	)
Balance as of April 30, 2020	$	217,065

| F-11 |

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

As of April 30, 2020, operating lease liability as follow:

Initial recognition as of November 1, 2019	$	250,100
Less: Foreign exchange translation gain		(4,482	)
Less: gross repayment		(31,825	)
Add: imputed interest		4,755
Balance as of April 30, 2020	$	218,548
Less: lease liability current portion		(57,030	)
Lease liability non-current portion	$	161,518

For the nine months ended April 30, 2020, the amortization of the operating lease right of use asset are $29,074.

Maturities of operating lease obligation as follow:

Year ending
July 31, 2020 (6 months)	$	13,891
July 31, 2021 (12 months)		58,067
July 31, 2022 (12 months)		62,355
July 31, 2023 (12 months)		66,879
July 31, 2024 (3 months)		17,356
Total	$	218,548

Other information:

	Nine months ended April 30,
	2020			2019
	(unaudited)			(unaudited)
Cash paid for amounts included in the measurement of lease liabilities:					-
Operating cash flow from operating lease	$	27,069		$	-
Right-of-use assets obtained in exchange for operating lease liabilities		217,065
Remaining lease term for operating lease (years)		3.75			-
Weighted average discount rate for operating lease		4.15	%		-

Lease expenses were $16,870 and $33,829 during the three and nine months ended April 30, 2020, respectively. The Company adopt ASC 842 on and after November 1, 2019

5.TRADEMARK

	As of<br> <br>April 30, 2020			As of<br> <br>July 31, 2019
	(Unaudited)			(Audited)
Trademark^1^	$	26,394		$	-
Accumulated amortization		(1,540	)		-
Total trademark	$	24,854		$	-

^1^The trademarks are held under the company’s subsidiaries in Hong Kong and Shanghai, China.

6.PREPAYMENTS AND DEPOSITS

Prepayments and deposits consisted of the following at April 30, 2020 and July 31, 2019:

	As of<br> <br>April 30, 2020		As of<br> <br>July 31, 2019
	(Unaudited)		(Audited)
Deposits	$	16,513	$	16,144
Prepaid expenses		112,643		159,283
Total prepaid<br> expenses and deposits	$	129,156	$	175,427

| F-12 |

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

7.COMMON STOCK

On June 4, 2018, our Chief Executive Officer, Ms. Niu Yen-Yen subscribed 100,000 shares of restricted common stock of the Company at par value of $0.0001 per share. The monies from this transaction, which totalled $10, went to the Company to be used as initial working capital.

On July 6, 2018, Ms. Niu Yen-Yen and Server Int’l Co., Ltd. subscribed 25,000,000 and 11,000,000 restricted shares of common stock, respectively, of the Company, at par value of $0.0001 per share. The monies from these transactions, which totalled $3,600, went to the Company to be used as initial working capital. Server Int’l Co., Ltd. is controlled entirely by Ms. Niu Yen-Yen.

On July 7, 2018, Chang Chun-Ying and Chang Su-Fen subscribed 4,300,000 and 5,000,000 restricted shares of common stock, respectively, of the Company, at par value of $0.0001 per share. The monies from these transactions, which totalled $930, went to the Company to be used as initial working capital.

On July 9, 2018, GreenPro Asia Strategic SPC and GreenPro Venture Capital Limited, subscribed 2,835,000 and 2,165,000 restricted shares of common stock of the Company, respectively, at par value of $0.0001 per share. The monies from these transactions, which totalled $500, went to the Company to be used as initial working capital.

From July 9, 2018 to July 10, 2018 the Company issued a total of 2,150,000 shares of restricted common stock to three non-US residents. Shares were sold at par value, $0.0001 per share. Total proceeds from these shares totalled $215 and went to the Company to be used as initial working capital.

On July 11, 2018 the Company issued a total of 710,000 shares of restricted common stock to two non-US residents at a price of $0.03 per share. Total proceeds from these sales of shares totalled $21,300 and went to the Company to be used as initial working capital.

On July 25, 2018 the Company issued a total of 995,000 shares of restricted common stock to ten non-US residents at a price of $0.03 per share. Total proceeds from these sales of shares totalled $29,850 and went to the Company to be used as initial working capital.

On July 26, 2018 the Company issued 250,000 shares of restricted common stock to one non-US resident at a price of $0.20 per share. Total proceeds from these sales of shares totalled $50,000 and went to the Company to be used as initial working capital.

On July 31, 2018 Dezign Format Pte Ltd and Cheng Young-Chien each subscribed 2,000,000 restricted shares of common stock of the Company, at $0.20 per share, for total consideration of $800,000. Proceeds went to the Company to be used as initial working capital.

On July 10, 2018, Server Int’l Co., Ltd, a Company solely controlled and owned by the CEO has transferred 1,500,000 shares of common stock to 8 non-US residents.

From August 1, 2018 to December 13, 2018, Ms. Niu Yen-Yen, the CEO of the Company has transferred 1,557,800 shares of common stock to 16 non-US residents.

On May 7, 2019, the convertible promissory note issued by the Company amounted $779,125 to 45 accredited investors who reside in Taiwan with the conversion price of $1 per share have been converted to 779,125 common stock of the company after the S-1 registration statement was declared effective on May 6, 2019.

From May 14, 2019 to July 31, 2019, the company issued 150,317 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 36 non-US residents.

As of April 30, 2020, MU Global Holding Limited has an issued and outstanding common share of 59,434,838.

| F-13 |

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

8.INVENTORIES

	As of<br> <br>April 30, 2020		As of<br> <br>July 31, 2019
	(Unaudited)		(Audited)
Finished goods, at cost	$	48,403	$	43,946
Total inventories	$	48,403	$	43,946

9.DUE FROM RELATED PARTIES

	As of<br> <br>April 30, 2020		As of<br> <br>July 31, 2019
	(Unaudited)		(Audited)
Tien Mu International Co., Ltd^1^	$	30,164	$	-
Total	$	30,164	$	-

^1^Tien Mu International Co., Ltd is owned by Yen-Yen Niu, the director and chief executive officer of the Company. Tien Mu is the operating agent of the Company in Taiwan’s operation and collects the deposit from franchisee on behalf of the company.

10.OTHER PAYABLES AND ACCRUED LIABILITIES

Other payables and accrued liabilities consisted of the following at April 30, 2020 and July 31, 2019:

	As of<br> <br>April 30, 2020		As of<br> <br>July 31, 2019
	(Unaudited)		(Audited)
Accrued audit fees	$	7,100	$	15,000
Accrued professional fees		3,000		30,000
Accrued other expenses		58,435		22,127
Other payable and accrued liabilities		20,160		25,728
Total payables and accrued liabilities	$	88,695	$	92,855

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

11.DUE TO RELATED PARTIES

	As of<br> <br>April 30, 2020		As of<br> <br>July 31, 2019
	(Unaudited)		(Audited)
Wu, Chun-Teh^1^	$	38,581	$	39,611
Hsieh, Chang-Chung^2^		-		5,000
	$	38,581	$	44,611

As of April 30, 2020, the balance $38,581 represented an outstanding payable to 1 related party.

^1^Wu, Chun-Teh is a shareholder of the Company, at the same time providing consultation services to the Company and also staff of the company have paid company operation expenses such as renovation cost, rental and staff salaries on behalf of Company.

^2^Hsieh, Chang-Chung is Chief Financial Officer (“Principal Financial Officer”, “Principal Accounting Officer”) of the company, and the amount represents the consultancy fee accrued.

The amounts due to related parties are unsecured, interest-free with no fixed repayment term, for working capital purpose.

12.LOAN FROM DIRECTOR

	As of		As of
	April 30, 2020		July 31, 2019
	(Unaudited)		(Audited)
Loan from Niu Yen-Yen	$	136,224	$	-
Total	$	136,224	$	-

The loan provided by director is unsecured, interest-free with no fixed repayment term, for working capital purpose. The amount is repayable on demand.

13.LOAN FROM RELATED PARTY

	As of<br> <br>April 30, 2020		As of<br> <br>July 31, 2019
	(Unaudited)		(Audited)
Hong Ting Network Technology (Xiamen) Limited^1^	$	42,471	$	-
Total	$	42,471	$	-

^1^Hong Ting Network Technology (Xiamen) Limited is wholly owned and managed by Ms Yen-Yen Niu, the CEO and director of the company. The loan is unsecured, interest free and repayable in May 2020.

14.INCOME TAXES

For the Nine months Ended April 30, 2020, the local (United States) and foreign components of income/ (loss) before income taxes were comprised of the following:

	Nine months Ended April 30,
	2020			2019
Tax jurisdictions from:
Local	$	(46,927	)		(111,563	)
Foreign, representing
- Seychelles		-			-
- Hong Kong	$	(120,104	)		(105,781	)
- Shanghai	$	(326,729	)		(316,636	)
Loss before income tax	$	(493,760	)		(533,980	)

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

The provision for income taxes consisted of the following:

		For the period ended<br><br> <br>April 30, 2020		For the year ended<br> <br>April 30, 2019
Current:
- Local	$	-	$	-
- Foreign		-		-
Deferred:
- Local		-		-
- Foreign		-		-
Income tax expense	$	-	$	-

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States Seychelles, Hong Kong and Shanghai, PRC that are subject to taxes in the jurisdictions in which they operate, as follows:

UnitedStates of America

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of April 30, 2020, the operations in the United States of America incurred $303,818 of cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The Company has provided for a full valuation allowance of $63,802 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Seychelles

Under the current laws of the Seychelles, MU Worldwide Group Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

HongKong

MU Global Holding Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

Shanghai

MU Global Health Management (Shanghai) Limited are operating in the People’s Republic of China (PRC) subject to the Corporate Income Tax governed by the Income Tax Law of the PRC with a unified statutory income tax rate of 25%.

| F-16 |

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MUGLOBAL HOLDING LIMITED

NOTESTO CONDENSED FINANCIAL STATEMENTS

FORTHE NINE MONTHS ENDED APRIL 30, 2020

(Currencyexpressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

15.CONCENTRATIONS OF RISK

(a) Major customers

One of the company customers’, Suo Wei Trading Limited accounted for 37% of the Company’s sales for the nine months ended April 30, 2020.

(b) Major suppliers

For the nine months ended April 30, 2020, the company has 3 major suppliers, Lucy Belle Beauty Product (Hangzhou) Limited, Foshan City Southsea Eastfield Limited, and Zhongshan City Xin Jiu Technology Co, which account for 62%, 12%, and 23% of the company’s purchase respectively.

For the nine months ended April 30, 2020, Zhongshan Shangrong Beauty Equipment Limited, Shanghai Jiangrong Commercial Service Centre, and Rongzi Co supplied 39%, 25%, and 30% of the company’s property, plant and equipment.

(d) Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RMB converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

16.COMMITMENTS AND CONTINGENCIES

On December 19, 2018, the company entered into a contract with supplier for the development of Mobile App which have not been completed during the nine months ended April 30, 2020 with a capital commitment as follows:

	As of<br> <br>April 30, 2020
	(Unaudited)
Commitment for acquisition of Mobile App development	$	21,642
Add: Foreign currency translation adjustment		(1,114	)
	$	20,528

17.RELATED PARTY TRANSACTIONS

For the period ended April 30, 2020 the Company has following transactions with related parties:

	For the period ended<br> <br>April 30, 2020		For the year<br> <br>ended<br> <br>July 31, 2019
	(Unaudited)		(Audited)
Professional fee paid:
- Related party A	$	16,500	$	200,000
Consultation fee paid:
- Related party B	$	31,229	$	23,200
- Related party C	$	73,346	$	34,800
Total	$	121,075	$	258,000

Related party A is the fellow subsidiaries of a corporate shareholder of the Company. Related party B and C are the shareholders of the Company.

For the year ended April 30, 2020, the Company incurred professional fees of $16,500 due to related party A. Related party B and C are the employees of the Company and have provided consultancy service for business operation.

The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business.

18.SIGNIFICANT EVENTS

Imposition of lockdown and other restrictive measures

On 23 January 2020, the Chinese government imposed a lockdown in Wuhan and other cities in the province of Hubei in an effort to quarantine the center of an outbreak of COVID-19. The lockdown in the city of Wuhan has set a precedent to other cities, where other cities within the country has implemented respective restrictive measures, including outdoor restrictions and closed management of communities. Shanghai, where the Company primarily operates the business in, was put under closed managed communities on 10 February 2020. The Chinese economy did fully restart until April 2020.

Before the financial statements were made out, the Board of Directors had considered the impact of COVID-19 outbreak in China, which would have affected the financial position, performance and cash flow of the Company as ended on the reporting date thereon.

The Management concluded that the impact of non-adjusting events from the COVID-19 outbreak has not significantly affected the fair value of the financial assets or liabilities and non-financial assets of the Company, including the classification of current and non-current items that were presented on the reporting date.

19. SUBSEQUENTEVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after April 30, 2020 up through the date June 4, 2020 was the Company presented these audited consolidated financial statements.

| F-17 |

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ITEM2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Theinformation contained in this quarter report on Form 10-Q is intended to update the information contained in our Form S-1 AmendmentNo.3, dated April 30, 2019, for the period ended April 30, 2020 and presumes that readers have access to, and will have read,the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other informationcontained in such Form S-1. The following discussion and analysis also should be read together with our consolidated financialstatements and the notes to the consolidated financial statements included elsewhere in this Form 10-Q.

Thefollowing discussion contains certain statements that may be deemed “forward-looking statements” within the meaningof the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including,without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficultto predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You shouldnot put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors describedin our Form S-1 Amendment No.3, dated April 30, 2019, in the section entitled “Risk Factors” for a description ofcertain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assumeno responsibility to update the forward-looking statements contained in this transition report on Form 10-Q. The following shouldalso be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto that appear elsewherein this report.

CompanyOverview

MU Global Holding Limited, the US Company, operates through its wholly owned subsidiary, MU Worldwide Group Limited, a Seychelles Company; which operates through its wholly owned subsidiary, MU Global Holding Limited, a Hong Kong Company; which operates through its wholly owned subsidiary, MU Global Health Management (Shanghai) Limited, a Shanghai Company. The US, Seychelles and Hong Kong Companies act solely for holding purposes whereas all current and future operations in China are planned to be carried out via MU Global Health Management (Shanghai) Limited, the Shanghai Company. The purpose of the Hong Kong Company is to function as the current regional hub of the Company.

At present, we have a physical office in Shanghai with an address of A310, No. 2633, Yan’an West Road, Changning District, Shanghai City, 200050 People Republic China, in which renovation has completed in October 2018 and the Company has commenced business operations from the office. In addition, we also have a physical outlet in Shanghai with address of 203, No. 193 Luo Jin Hui South Road, Minhang District, Shanghai City, 201103, People Republic China in which renovation completed in January 2019 and we have started to provide our services to customers in Shanghai. In the future, we do not have definitive plans for which markets intend to expand to, but we base our operations out of our Shanghai location, as we prepare for future unidentified expansion efforts.

All of the previous entities share the same exact business plan with the goal of developing and providing wellness and beauty services to our future clients. We aim to promote improved overall health and beauty in our clients through a holistic detoxification method. We will, at least initially, primarily focus our efforts on attracting customers in China. We have intentions, but no definitive plans or timelines, to expand to Singapore, Malaysia, Hong Kong, and Middle Eastern countries in the coming years, and subsequently we intend to make efforts to expand throughout Asia. We anticipate spending a substantial amount in marketing and advertising in the coming year.

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Resultsof Operation

Forthe nine months ended April 30, 2020 and 2019

Revenues

For the nine months ended April 30, 2020 and 2019, the Company has generated revenue of $94,527 and $19,226 respectively. The revenue represented income from wellness and beauty services provided to customers and sales of products via Shanghai outlets and sharing of revenue from leasable equipment with business alliance and franchisee.

Costof Revenue and Gross Margin

For the nine months ended April 30, 2020 and 2019, cost incurred arise in providing wellness and beauty services is $12,342 and $8,073 respectively, and generate a Gross profits the for the nine months ended April 30, 2020 and 2019 of $82,185 and $11,153.

Sellingand marketing expenses

For the nine months ended April 30, 2020 and 2019, we had incurred marketing expenses in the amount of $19,490 and $38,100 respectively. These expenses comprised of advertisement expenses on Wechat, mobile apps and public research on the market, and travelling expenses.

Generaland administrative expenses

For the nine months ended April 30, 2020 and 2019, we had incurred general and administrative expenses in the amount of $563,425 and $507,111 respectively. These expenses are comprised of salary, allowance, professional fees, consultancy fee for IT and system management, office and outlet operation expenses and depreciation.

OtherIncome

The Company recorded an amount of $6,970 and $78 as other income for the nine months ended April 30, 2020 and 2019. This income is derived from the interest income.

NetLoss

Our net loss for nine months ended April 30, 2020 and 2019 were $493,760 and $533,980. The net loss mainly derived from the general and administrative expenses incurred.

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Liquidityand Capital Resources

As of April 30, 2020 and 2019, we had cash and cash equivalents of $15,574 and $895,442 respectively. We expect increased levels of operations going forward will result in more significant cash flow and in turn working.

We depend substantially on financing activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations. During the nine months ended April 30, 2020, we have met these requirements primarily from the receipt of subscription for convertible promissory note and share subscription from Initial Public Offering (IPO).

CashUsed In Operating Activities

For the nine months ended April 30, 2020, net cash used in operating activities was 345,938 as compared to net cash used in operating activities of $479,913 for the nine months ended April 30, 2019. The decrease in cash used in operating activities was mainly due to higher sales and non-cash expenses adjustment for the period ended April 30, 2020, and reduction in prepayment and deposit.

CashProvided In Financing Activities

For the nine months ended April 30, 2020 and 2019, net cash provided by financing activities was $178,694 and $1,579,125 respectively. The financing cash flow performance primarily reflects the provision of long-term loan by director and related party.

CashProvided In Investing Activities

For the nine months ended April 30, 2020 and 2019, the net cash used in investing activities was $207,493 and $334,049. The investing cash flow performance primarily reflects the purchase of property, plant and equipment and trademark.

CreditFacilities

We do not have any credit facilities or other access to bank credit.

Off-balanceSheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of April 30, 2020.

RecentAccounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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ITEM3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM4 CONTROLS AND PROCEDURES

Evaluationof Disclosure Controls and Procedures:

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of APRIL 30, 2020. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of April 30, 2019, our disclosure controls and procedures were not effective due to the presence of material weaknesses in 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 the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of APRIL 30, 2020, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

Changesin Internal Control over Financial Reporting:

There were no changes in our internal control over financial reporting during the quarter ended APRIL 30, 2020, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PARTII — OTHER INFORMATION

Item1. Legal Proceedings

We know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.

Item1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item3. Defaults Upon Senior Securities

None

Item4. Mine Safety Disclosures

Not applicable.

Item5. Other Information.

None

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ITEM6. Exhibits

Exhibit<br> No.	Description
31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
31.2	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial officer*
32.1	Section 1350 Certification of principal executive officer *
32.2	Section 1350 Certification of principal financial officer *
101.INS	XBRL<br> Instance Document*
101.SCH	XBRL<br> Schema Document*
101.CAL	XBRL<br> Calculation Linkbase Document*
101.DEF	XBRL<br> Definition Linkbase Document*
101.LAB	XBRL<br> Label Linkbase Document*
101.PRE	XBRL<br> Presentation Linkbase Document*

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MU<br> Global Holding Limited
	(Name<br> of Registrant)
Date:<br> JUNE 15, 2020	By:	/s/ NIU YEN YEN
	Title:	Chief<br> Executive Officer,<br><br> <br>President,<br> Director, Secretary and Treasurer
		(Principal<br> Executive Officer)
Date:<br> JUNE 15, 2020	By:	/s/ HSIEH CHANG CHUNG
---	---	---
	Title:	Chief<br> Financial Officer,<br><br> <br>(Principal<br> Financial Officer, Principal Accounting Officer)

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EXHIBIT31.1

CERTIFICATION

I, NIU YEN YEN, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MU Global Holding Limited (the “Company”) for the quarter ended April 30, 2020;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed<br> such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to<br> us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed<br> such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide<br> reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external<br> purposes in accordance with generally accepted accounting principles.
c.	Evaluated<br> the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions<br> about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based<br> on such evaluation; and
d.	Disclosed<br> in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s<br> most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially<br> affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;<br> and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All<br> significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which<br> are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial<br> information; and
b.	Any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
Date:<br> JUNE 15, 2020	By:	/s/ NIIU YEN YEN
---	---	---
		NIU<br> YEN YEN
		Chief<br> Executive Officer,<br><br> <br>President,<br> Director, Secretary, Treasurer
		(Principal<br> Executive Officer)

EXHIBIT31.2

CERTIFICATION

I, HSIEH CHANG CHUNG, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MU Global Holding Limited (the “Company”) for the quarter ended April 30, 2020;

a.	Designed<br> such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to<br> us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed<br> such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide<br> reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external<br> purposes in accordance with generally accepted accounting principles.
c.	Evaluated<br> the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions<br> about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based<br> on such evaluation; and
d.	Disclosed<br> in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s<br> most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially<br> affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;<br> and

a.	All<br> significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which<br> are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial<br> information; and
b.	Any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
Date:<br> JUNE 15, 2020	By:	/s/ HSIEH CHANG CHUNG
---	---	---
		HSIEH<br> CHANG CHUNG
		Chief<br> Financial Officer, (Principal Financial Officer, Principal Accounting Officer)

EXHIBIT32.1

CERTIFICATIONPURSUANT TO

18U.S.C. SECTION 1350,

ASADOPTED PURSUANT TO

SECTION906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MU Global Holding Limited (the “Company”) on Form 10-Q for the quarter ended April 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:<br> JUNE 15, 2020	By:	/s/ NIU YEN YEN
		NIU<br> YEN YEN
		Chief<br> Executive Officer, President, Director
		(Principal<br> Executive Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EXHIBIT32.2

CERTIFICATIONPURSUANT TO

18U.S.C. SECTION 1350,

ASADOPTED PURSUANT TO

SECTION906 OF THE SARBANES-OXLEY ACT OF 2002

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:<br> JUNE 15, 2020	By:	/s/ HSIEH CHANG CHUNG
		HSIEH<br> CHANG CHUNG
		Chief<br> Financial Officer
		(Principal<br> Financial Officer, Principal Accounting Officer)