Annual Report for Fiscal Year Ending 06 30, 2023 (Form 10 K)

nink_10k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: June 30, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 333-187007

NAMI CORP.

(Exact name of registrant as specified in its charter)

Nevada		61-1693116
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

112 North Curry Street Carson City 89703-4934

(Address of principal executive offices)

+609-5158380

(Registrant's telephone number, including area code)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
	Emerging growth company	☐

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. Yes ☐ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. No market value can be provided as no trading was done during the period referenced.

The number of shares outstanding of the registrant's common stock as of November 20, 2024 was 1,426,927,346 shares, $0.001 par value.

NAMI Corp.

FORM 10-K

Table of Contents

		Page No.
PART I
Item 1.	Business.		4
Item 1A.	Risk Factors.		9
Item 1B.	Unresolved Staff Comments.		9
Item 2.	Properties.		9
Item 3.	Legal Proceedings		9
Item 4.	Mine Safety Disclosures.		9
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.		10
Item 6.	Selected Financial Data.		10
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations.		11
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.		14
Item 8.	Financial Statements and Supplementary Data.		F-1
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.		15
Item 9A.	Controls and Procedures.		15
Item 9B.	Other Information.		16
PART III
Item 10.	Directors, Executive Officers and Corporate Governance.		17
Item 11.	Executive Compensation.		21
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.		23
Item 13.	Certain Relationships and Related Transactions, and Director Independence.		25
Item 14.	Principal Accounting Fees and Services.		26
PART IV
Item 15.	Exhibits, Financial Statement Schedules.		27

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. All statements, other than statements of historical fact, included in this annual report regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects and plans and objectives of management are forward-looking statements. The words "anticipates," "believes," "continue," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that the expectations underlying our forward-looking statements are reasonable, these expectations may prove to be incorrect, and all of these statements are subject to risks and uncertainties. Therefore, you should not place undue reliance on our forward-looking statements. We have included important risks and uncertainties in the cautionary statements included in this annual report. We believe these risks and uncertainties could cause actual results or events to differ materially from the forward-looking statements that we make. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Our forward-looking statements do not reflect the potential impact of future acquisitions, mergers, dispositions, joint ventures or investments that we may make. We do not assume any obligation to update any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law. In the light of these risks and uncertainties, the forward-looking events and circumstances discussed in this annual report may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.

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PART I

ITEM 1. BUSINESS.

OUR COMPANY

NAMI Corp. (the "Company," "we," "us" or "our") conducts its operations through its controlled, consolidated subsidiary SBS Mining Corp. Malaysia Sdn. Bhd. (hereinafter referred to as "SBS"). SBS, founded on August 14, 2008, is a Malaysian corporation primarily engaged in trading activities for certain mineral ores and mining and exploration of properties located in Malaysia.

OUR CORPORATE HISTORY AND BACKGROUND

We were incorporated in the State of Nevada on September 5, 2012. Initially, we established November 30 as our fiscal year-end. On July 4, 2018, we changed our fiscal year-end to June 30. We were originally developing a built-in safe with a combination lock that could store personal and/or valuable items inside of backpacks, carry-on luggage, and suitcases. Since our inception and until the acquisition of SBS, we were a development stage company without significant assets or revenue.

On October 31, 2016, a change in control occurred because the Company's largest shareholder sold 60,750,000 shares of our common stock to Mr. Ong Tee Keat, a member of the Company's board of directors and advisor, who resides in Malaysia, which represented 60.22% of the total issued and outstanding shares of common stock at that time. Such 60,750,000 shares sold represented all of the shares of the Company's common stock owned by the prior shareholder.

On October 31, 2016, we filed a Certificate of Amendment with the Nevada Secretary of State (the "Nevada SOS") whereby we amended our Articles of Incorporation by (a) increasing the authorized number of shares of common stock from 200 million to 5 billion; and (b) increasing all of our issued and outstanding shares of common stock at a ratio of seven (7) shares for every one (1) share issued and outstanding. Our board of directors and shareholders approved this amendment on October 26, 2016.

Prior to November 3, 2016, we operated our business under the name "Pack Fuerte, Inc." On November 3, 2016, Pack Fuerte, Inc. filed Articles of Merger, pursuant to the Nevada Revised Statutes 92A.200 et. seq., with the Nevada SOS. The Articles of Merger set forth the terms and conditions under which we entered into a statutory merger with our wholly owned subsidiary, NAMI Corp., with Pack Fuerte, Inc. as the merging corporation and NAMI Corp. as the surviving corporation. Thereafter we have operated under the name NAMI Corp.

Acquisition of SBS

On July 12, 2018, we acquired 100% of the outstanding shares of SBS from GMCI Corp ("GMCI") in exchange for the issuance of a total of 720,802,346 shares of our common stock to GMCI (the "SBS Acquisition"). As a result of the SBS acquisition, SBS became our wholly owned subsidiary; and the former SBS Shareholder, GMCI, became our controlling stockholder. The SBS Acquisition was treated as a recapitalization, with SBS as the acquirer and the Company as the acquired party for accounting purposes. Unless the context suggests otherwise, when we refer in this report to business and financial information for periods prior to the consummation of the SBS Acquisition, we are referring to the business and financial information of SBS.

Immediately prior to the SBS Acquisition, GMCI owned all the issued and outstanding capital stock of SBS. As a result of the SBS Acquisition, we now own all the issued and outstanding capital stock of SBS. Following the closing of the SBS Acquisition, we conduct our operations through our controlled, consolidated subsidiary SBS. SBS is primarily engaged in mining and exploration of properties located in Malaysia.

On July 19, 2018, we were notified that the board of directors of GMCI deemed it to be in the best interests of GMCI and its stockholders for GMCI to approve and declare a dividend of restrictive shares of NAMI Corp. to the stockholders of GMCI, on a pro rata basis, determined in accordance with the number of shares of capital stock of GMCI held by such stockholders, thereby transferring ownership of 100% of the outstanding restrictive shares of NAMI Corp. owned by GMCI to the stockholders of GMCI (collectively, the "Nami Stock Dividend"). The Nami Stock Dividend was completed on August 21, 2018.

Filing of S-1 Registration Statement for our Selling Shareholders

On November 13, 2018, the Company filed a S-1 Registration Statement to register for the sale of up to 322,388,472 shares of our common stock by persons who received shares of our common stock pursuant to the Nami Stock Dividend and by persons who purchased shares of our common stock in private placements that took place from April to September 2017 (the "Private Investors"). The recipients of the Nami Stock Dividend and the Private Investors are referred to in this annual report as the "selling stockholders". The selling stockholders may sell common stock from time to time in the principal market on which the stock will be traded at the prevailing market price or in negotiated transactions. With respect to shares of our common stock that may be offered and sold from time to time by the selling stockholders, we will receive no proceeds from the sale of shares of our common stock pursuant to such offering. The Securities and Exchange Commission ("SEC") declared the effectiveness of the resale S-1 Registration Statement on November 26, 2018.

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OVERVIEW

SBS, founded in August 14, 2008, is a Malaysian corporation primarily engaged in sea sand mining of properties located in Malaysia.

SBS' executive offices are located at No 1, 1st Floor, Lorong Sekilau 1, Bukit Sekilau, 25200 Kuantan, Pahang Darul Makmur, Malaysia.

In August 2018, SBS created a new class of preferred equity, designated as the "12% Redeemable Cumulative Preference Shares," in its attempt to raise capital for business expansion and exploration of mining activities. SBS authorized the issuance of up to 50 million shares of the newly created class of preferred stock at an issue price of RM 1.00 per share.

This new preferred equity carried a cumulative 12% preferred dividend, payable on a quarterly basis, based on the issue price of the preferred shares (the "Preferred Dividend"). The preferred shares would be redeemed by SBS at the "Redemption Price." The Redemption Price for each share was an amount of shares of NAMI Corp., equal to the issue price of the preferred shares, plus the unpaid Preferred Dividends. SBS should have redeemed the 12% Redeemable Cumulative Preference Shares on the second anniversary of their issuing date. This, however, was impossible due to SBS being forced to halt its operations to comply with movement restriction orders issued by the government of Malaysia during the Covid-19 pandemic.

In the event of a liquidation, dissolution or winding up of SBS, the holders of 12% Redeemable Cumulative Preference Shares, were entitled to have the assets available for distribution applied first to pay them an amount equal to the issue price, plus all unpaid Preferred Dividends. The holders of 12% Redeemable Cumulative Preference Shares had no voting rights, except: (i) upon any resolution put forth when the Preferred Dividends remain in arrears and unpaid; (iv) upon any resolution that varies the rights of the preferred shares; (iii) upon any resolution for the winding up of SBS; (iii) upon any resolution to approve a capital reduction, repayment or distribution of SBS; (iv) upon any proposal to effect a scheme of arrangement; and (v) as required by law.

In August 2018, SBS commenced a capital raise of up to RM 50,000,000 (approximately USD $12.4 million) by offering shares of SBS' 12% Redeemable Cumulative Preference Shares at a price of RM1.00 per share (the "12% Redeemable Cumulative Preference Shares Offering"). The Company received approximately $59,530 (MYR 240,000) in the first subscription of the 12% Redeemable Cumulative Preference Shares offering; and approximately $8,878 (MYR 40,000) in the second subscription of the 12% Redeemable Cumulative Preference Shares offering. The 12% Redeemable Cumulative Preference Shares offering was closed on February 28, 2019.

During the year ended June 30, 2023, a director of the Company redeemed the 280,000 preferred shares for approximately $63,560 (MYR 280,000) and paid 46,667 of common shares on behalf of the Company. As of the date of this annual report, there are no shares of 12% Redeemable Cumulative Preference Shares outstanding.

Products and Suppliers

Bauxite Financing

SBS provides financing for the acquisition, stockpiling storage, exporting and shipment of bauxite ore from Malaysia. Currently, SBS has provided funding to Sincere Pacific Mining (M) Sdn. Bhd. ("Sincere Pacific") to purchase and sell and export bauxite through a verbal agreement. Sincere Pacific is considered a related party as Mr. Liew Chin Loong, a director and officer of SBS, is also a fifty percent (50%) owner and a director of Sincere Pacific.

SBS and Sincere Pacific have verbally agreed to work in partnership to acquire and arrange transport for stockpiled bauxite shipments to mainland China. Sincere Pacific has agreed to manage all labor, processing, transport and export of the ore until such time as the parties have concluded a total of seven (7) shipments.

Sincere Pacific holds a special permit from the government of Malaysia that allows it to hold up to 1.8 million metric tons (all tons referred to herein are metric) of bauxite stockpile for shipment at Felda Bukit Goh, Kuantan. This permit has no expiration date. Sincere Pacific and SBS intend to conclude approximately seven (7) shipments under this permit. As of June 30, 2023, the two parties have concluded five (5) shipments. The remaining two shipments have not been concluded and do not have an estimated shipment date due to the fact that the Malaysian government has yet to issue the finalized standard operating procedure rules for the export of bauxite, and has set a cap on the export of bauxite of 600 tonnes a month since 2019. The Company and Sincere Pacific are waiting for the government of Malaysia to lift the export cap and to set the standard operating procedures to recommence its bauxite operations. On March 22, 2018, Sincere Pacific obtained an additional bauxite export license for a total tonnage of 124,160.67 metric tons. The permit expired on April 30, 2018. No sales were made by Sincere Pacific under the verbal agreement in the year ended June 30, 2023. Sincere Pacific acquires or purchases bauxite from multiple sources in Malaysia for selling the ore to customers in China.

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Upon purchasing bauxite in Malaysia, Sincere Pacific processes the ore in its facilities, then stockpiles the ore pending shipment. Each shipment of bauxite consists of up to 55,000 metric tons. SBS does not take physical possession of the minerals at any time. It has been verbally agreed between Sincere Pacific and SBS that SBS, in return for providing exporting financing, shall receive a commission based on the gross amount of washed bauxite tonnage of up to 20,000 metric tons per shipment. Thereafter, if successful, the two parties will enter a formal agreement with respect to further shipments under newly negotiated terms. It is anticipated by our management team that the sales price obtained by Sincere Pacific for unwashed bauxite could gross a total of up to USD $24.50 to USD $26.00 per dry and delivered metric ton, free on board stowed and trimmed, subject to certain penalties or bonus based on the percentage of certain mineral compounds present (primarily aluminum oxide and silicon dioxide). Sincere Pacific issues payment to SBS upon successful conclusion of shipments, at an agreed USD $1.00 per delivered dry ton, net any applicable fees such as storage, etc. The parties intend to formalize a written agreement for future mineral trading activities following successful conclusion of approximately seven (7) shipments whereby we hope that SBS will receive commissions on up to 140,000 gross tons. As of the date of this report, no formalized written agreement has been completed.

However, the price at which Sincere Pacific sells a shipment of bauxite is subject to negotiation and current market prices. Therefore, this average net income of USD$1.00 per ton payable to SBS is subject to adjustment and possible volatility.

To date, Sincere Pacific has completed five (5) shipments of bauxite, the last of which was completed in 2018, and SBS has provided Sincere Pacific with $614,226 (RM2,504,769) of financing used towards a portion of these shipments. Of the total financing advanced by SBS, $186,744 (RM800,000) has been repaid by Sincere Pacific as of the date of this filing. No sales were made by Sincere Pacific under the agreement in the year ended June 30, 2023 and June 30, 2022 and therefore no commissions were received by the Company during the year ended June 30, 2022 and June 30, 2023.

Sea Sand Mining

On August 30, 2017, SBS entered into an agreement with JHW Holdings Sdn. Bhd. ("JHW"), whereby JHW applied for and obtain a three (3) year mining concession from the Malaysian government to mine and dredge sea sand on the east coast of Peninsular Malaysia, effective beginning in January 2019. JHW was first granted a concession with an area of 1,113km², which was later amended and reduced to 383km². The final approved area is 20.48km² within the jurisdiction of the state of Terengganu, Malaysia (the "Area"). Pursuant to the agreement, JHW was responsible for carrying out and submitting to the relevant authorities all necessary study reports, including, but not limited to, Environmental Impact Assessment ("EIA") reports and feasibility and hydraulic studies with respect to the Area to obtain approval for the sea sand mining and dredging license (the "Final Approval"). SBS was responsible for bearing all costs and expenses incurred with respect to such application, and for providing all the required technical assistance with obtaining the concession licenses. In exchange for covering all costs and expenses in connection with the obtainment of the Final Approval, JHW granted SBS the exclusive right to develop, carry out and operate all mining and extraction activities in the Area, and to manage all matters related to the operation and extraction of sea sand, either by itself or by a nominee. Gross profits from operations of the mining activities in the Area shall be allocated 25% to JHW and 75% to SBS pursuant to the terms of the agreement. In addition, SBS was required to prepay an advance of MYR 500,000 of future net incomes to JHW. As of June 30, 2023, SBS had paid MYR 250,000 (approximately USD $60,000) to JHW, the residual MYR 250,000, remain outstanding and will be paid once operations commence.

SBS and JHW fulfilled all regulatory requirements and obtained the necessary approvals from all governmental agencies, including Department of Environment ("DOE") (Jabatan Alam Sekitar), Department of Mineral and Geoscience Malaysia ("JMG") (Jabatan Mineral dan Geosains Malaysia) and all 13 agencies under the jurisdiction of the state and federal governments of Malaysia for the three (3) year concession in January of 2019.

The Final Approval of the sea sand mining and dredging license was obtained on January 10, 2019. The license expired on January 9, 2022; and has since then been renewed for an additional three (3) year period, commencing in August 2, 2022 and ending in August 1, 2025. The Company, who has been focusing its commercial efforts on its sea sand mining and dredging operations, expects to export sea sand mined from the Area to China, Japan and Hong Kong.

On May 27, 2022, SBS entered into a sea sand sub-operator mining agreement with One Standard Continent SDN BHD (the "Sub-operator Agreement"). The Sub-operator Agreement was executed pursuant to a power of attorney entered into between SBS and One Standard Continent SDN BHD ("OSC") on December 10, 2021, whereby OSC was granted the right to carry out dredging, removal, transportation, exploration and sale of natural sea sand from a sea area of 325.30 km² (the "Specified Area"). The Specified Area would be divided into separate areas to apply and obtain separate mining licenses (the "Concession Area").

Under the terms of the Sub-operator Agreement, OSC will bear all costs and expenses incurred by SBS to carry out and submit all environmental impact and feasibility studies and other surveys as may be required to obtain the approval of a mining license. SBS granted OSC the exclusive right to manage, operate, develop and carry out mining activities within the Specified Area.

As consideration for the exclusive right to manage and operate mining activities in the Specified Area, OSC paid SBS a retainer fee of RM550,000 (the "Retainer Fee"). OSC may claim refunds for the Retainer Fee, through set off of the Tribute Fee (as defined below) payable by OSC to SBS for the last few shipments upon completion of the first Concession Area or upon expiration or termination of the Sub-operator Agreement. In addition to the Retainer Fee, SBS shall be entitled to receive RM11.50 for every metric cube of sea sand dredged, removed, transported, exported and sold from the Concession Area (the "Tribute Fee").

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Upon the issuance of a mining license for any given Concession Area, SBS will obtain all approvals required to guarantee OSC a legally workable operation and export. OSC shall pay SBS, in advance, the first Tribute Fee calculated on the basis of 200,000 cubic meters of sea sand sold within 21 days of the issuance of the mining license. OSC shall dredge, remove, transport, export and sale a monthly minimum of 600,000 cubic meters of sea sand from the Concession Area (the "Minimum Quantity"). OSC shall pay SBS the Tribute Fee calculated on the Minimum Quantity on the 14^th day of every calendar month, commencing on the second month after the commencement of operations by OSC in the Concession Area. If the monthly sales exceed the Minimum Quantity, OSC shall pay the difference to SBS.

OUR INDUSTRY

Bauxite Trading

In 2015, Malaysia exported 24.3 million tons of bauxite, resulting in $1.1 billion of revenue to exporters. China accounted for 99% of Malaysia's export of bauxite. In 2016, the government of Malaysia banned all bauxite mining activities due to environmental concerns and ordered the clearing of the country's stockpiled inventory of bauxite, requiring all exports to be done pursuant to approved permits issued by the Malaysian government ("Approved Permits").² As a result, Malaysia exported just 7.4 million metric tons of bauxite in 2016. The ban on the mining of bauxite in Malaysia lasted for three years and was finally lifted in April 2019, were an export cap of 600,000 tonnes per month was instated. The total approximate amount of exported bauxite in 2018 decreased significantly to 515,217 tons as compared to 822,668 tons of bauxite exported in 2017.

Sincere Pacific currently holds an Approved Permit to export bauxite, which ensures the company applies sustainable mining practices to avoid environmental damage. The Company and Sincere Pacific have halted their bauxite operations pending the issuance of standard operating procedures for bauxite mining by the Malaysian government and the lift of the export cap.

Car manufacturers are the worlds' number one industrial consumers of aluminum, using 18% of all aluminum consumed worldwide in 2019. The industry's demand for aluminum is forecasted to double by 2050 as car manufacturers increase the use of this lightweight metal in order to improve battery performance in electric vehicles. China now dominates the global production of aluminum. In the first half of 2020, China imported 58.3 million tons of bauxite, up 30.3% when compared to 2019, and in the past five years, China's bauxite imports have grown at an annual rate of 20%. Industry experts predict that this trend will continue to grow and that China's reliance on imported bauxite for its internal aluminum production may increase from the current 50% to reach 80% in the coming years.

Sea Sand Mining

The process of sea sand mining is extracting sand from the ocean bed with heavy machinery. Then sands are dredged and stored into bunkers or vessels that will be shipped to a buyer's destination. In commercial businesses, sands are mainly used as construction materials (e.g., brick, concrete, and roads) and for land reclamation (also known as landfills).

The demand for sea sand has soared globally, mostly for construction and land reclamation purposes. According to the United Nations Commodity Trade Statistics Database (UN COMTRADE), the international trade value of sea sand has increased six-fold in the last 25 years. In 2022 Malaysia exported $111 million in sand making it the 6^th largest exporter of sand worldwide. The main destination of sand exports from Malaysia were China, Singapore, Chinese Taipei, Maldives and India.

On October 3, 2018, Malaysia banned all exports of sea sand due to environmental concerns, to satisfy domestic demand, and to clamp down on illegal sand smuggling. Nowadays, sea sand can only be exported from Malaysia under a specific export Approved Permit. Our partner, JHW, holds this export Approved Permit. Under the terms of JHW's export Approved Permit, we can export up to 19,640,000m3 of sea sand. JHW applied for and obtained the export Approved Permit on April 9, 2021. The Approved Permit expired on January 9, 2022. Subsequent to June 30, 2022, the Approved Permit was renewed for an additional three-year period, commencing on August 2, 2022 and ending in August 1, 2025

Competition

Currently, we do not have any direct competition with respect to the specific properties to which our respective partners, Sincere Pacific, JHW and Donor hold licenses. Sincere Pacific is one of the few holders of Approved Permits in Malaysia to export bauxite. It has little competition in terms of purchasing and exporting bauxite.

In terms of developing our business plan and conducting exploration and later deposit development, we expect to compete for qualified geological and environmental experts to assist us in our exploration of mining prospects, as well as any other consultants, employees and equipment that we may require in order to conduct our operations.

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Currently, there is significant competition for financial capital to be deployed in mining and material extraction. Therefore, it is difficult for smaller companies such as us to attract investment for our exploration activities. We cannot give any assurances that we will be able to compete for capital funds; and without adequate financial resources, we cannot assure our investors or shareholders that the Company will be able to compete in exploration activities and ultimately in material deposit development, production and sales.

Markets, Sales and Distribution

JHW and SBS received the sea sand mining and dredging license on January 10, 2019. The license expired on January 9, 2022; and was renewed for an additional three-year period, commencing on August 2, 2022 and ending in August 1, 2025. The license permits JHW to export sea sand to China, Hong Kong and Japan. We plan to distribute and sell sea sand to customers in these locations.

Intellectual Property

SBS has no significant intellectual property as of the date of this filing.

Regulation

Because our sole operating subsidiary SBS is located in Malaysia, our business is regulated by the national and local laws of Malaysia. We believe our conduct of business complies with existing Malaysia laws, rules and regulations.

Bauxite exports require Approved Permits issued by the Ministry of Malaysia. Sincere Pacific was issued an Approved Permit that can be renewed with the Malaysian government.

The exploration and development of a mining prospect in Malaysia is subject to regulation by a number of governmental authorities. The regulations address many environmental issues relating to air, soil and water contamination and apply to many mining-related activities, including exploration, mine construction, mineral and ore extraction, ore milling, water use, waste disposal and use of toxic substances.

·

The Mineral Development Act of 1994 ("MDA") defines the powers of the Federal Government on matters pertaining to the inspection and regulation of mineral exploration, mining and other related issues. The legislation is enforced by the Department of Minerals and Geosciences of Malaysia.

	·	The State Mineral Enactment ("SME") provides that each State has its own legislation to govern mining activities within its jurisdiction. The SME provides the States with the powers and rights to issue mineral prospecting and exploration licenses, mining leases, and other related matters.
	·	The Continental Shelf Act of 1966 ("CSA") relates to the continental shelf of Malaysia, the exploration thereof and the exploitation of its natural resources. The CSA regulates applications for licenses that permit mining activities on the continental shelf.
	·	The Customs Act 1967 regulates the import and export of goods, with the clearance of import, export and transit of goods coming under the purview of Royal Malaysian Customs Department ("RMCD"). Some products require a license or Approved Permit ("AP") before importing or exporting. Sand is among the products that need a license or AP to export. APs are issued by Permit Issuing Agencies ("PIAs"), which are the relevant ministries relating to the products being exported or imported, the AP for sand export is issued by the Ministry of Natural Resources and Environment.

In addition, we are subject to regulations relating to labor standards, occupational health and safety, mine safety, general land use, export of minerals and taxation. Many of the regulations require permits or licenses to be obtained and the filing of certain notices, the absence of which, or the inability to obtain, will adversely affect the ability for us to conduct our exploration, development and operation activities. The failure to comply with the regulations and terms of permits and licenses may result in fines or other penalties or in revocation of a permit or license or loss of a prospect.

Insurance

Insurance companies in Malaysia offer limited business insurance products. While business interruption insurance is available to a limited extent in Malaysia, we have determined that the risks of interruption, the cost of such insurance and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical for us to have such insurance. As a result, we are subject to risk inherent to our business, including equipment failure, theft, natural disasters, industrial accidents, labor disturbances, business interruptions, property damage, product liability, personal injury and death. Furthermore, if we suffer losses, damages or liabilities, including those caused by natural disasters or other events beyond our control and we are unable to make a claim against a third party, we will be required to bear all such losses from our own funds, which could have a material adverse effect on our business, financial condition and results of operations.

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Principal Address

The Company's Malaysian office is located in Kuantan, Pahang. Management is planning to rent a new business administration office once we commence shipment operation. Our U.S. registered office is located at 112 North Curry Street, Carson City, Nevada 89703-4934. Our telephone number is +609-5158380.

Employees

The Company has no employees, only the officers listed in this Annual Report in Part III.

ITEM 1A. RISK FACTORS.

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

ITEM 1B. UNRESOLVED STAFF COMMENTS.

Not applicable.

ITEM 2. PROPERTIES.

The Company does not own any real property or facilities. SBS leases its operating offices located at Lorong Sekilau 1, Bukit Sekilau, No 1, 1st Floor, Kuantan, Pahang 25200.

ITEM 3. LEGAL PROCEEDINGS.

The Company is not a party to any material legal proceedings.

ITEM 4. MINE SAFETY DISCLOSURES.

Mine safety disclosures are not applicable to our Company because our operations are not subject to the Federal Mine Safety and Health Act.

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES.

Market Information

Until recently, our shares of common stock were not traded on a national exchange; rather, they were traded on the OTC Pink Market under the symbol "NINK." In November of 2024 our ticker symbol NINK was removed from the OTC Pink Market by FINRA due to inactivity, we are working towards getting our symbol reinstated. On November 19, 2024, the most recently quoted price for one share of common stock on OTC Markets was $0.0061. The following table sets forth, for the periods indicated, the high and low trade prices for our common stock as reported on the OTC PINK Market. During the fiscal years 2023 and 2022 our common stock did not trade above $3.

On November 1, 2016, our common stock was verified for trading on OTCQB Marketplace under the now suspended trading symbol NINK. Prior to that time, there was no public market for our stock. The following table sets forth for the indicated periods the high and low intra-day sales price per share for our common stock on the OTC Pink Market for the two quarters of 2021, for the four quarters of 2022, and for the four quarters of 2023.

		High			Low
2023 First Quarter, September 30		$	0.0002			$	0.0002
2023 Second Quarter, December 31		$	0.0061			$	0.0002
2023 Third Quarter, March 31		$	0.0061			$	0.0061
2023 Fourth Quarter, June 30		$	0.0061			$	0.0061
2022 First Quarter, September 30		$	1.0000			$	0.0131
2022 Second Quarter, December 31		$	0.0131			$	0.0131
2022 Third Quarter, March 31		$	0.0131			$	0.0002
2022 Fourth Quarter, June 30		$	0.0002			$	0.0002

Number of Holders

As June 30, 2023, 1,426,927,346 shares of our common stock were outstanding and held of record by approximately 3,151 stockholders of record.

Dividends

No cash dividends were paid on our shares of common stock during the fiscal year ended June 30, 2023. We have not paid any cash dividends since inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future.

Recent Sales of Unregistered Securities

None.

Securities Authorized for Issuance under Equity Compensation Plans

We have not adopted an Equity Compensation Plan.

ITEM 6. SELECTED FINANCIAL DATA.

Not applicable.

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ITEM 7. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with our consolidated audited financial statements and the related notes that appear elsewhere in this annual report. The following discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that involve substantial risks and uncertainties. All statements, other than statements of historical fact, included in this annual report regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects and plans and objectives of management are forward-looking statements. The words "anticipates," "believes," "continue," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this annual report.

Our consolidated audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

Results of Operations

The following summary of our results of operations should be read in conjunction with our financial statements for the years ended June 30, 2023 and 2022, which are included herein.

Our operating results for the years ended June 30, 2023 and 2022, and the changes between those periods for the respective items are summarized as follows:

		Years Ended
		June 30,
		2023			2022			Change			%
Sales		$	-			$	-			$	-				-
Cost of Goods Sold			-				47				(47	)		(100	)%
Gross Loss			-				(47	)			47			(100	)%
Operating expenses			314,021				722,734				(408,713	)		(57	)%
Other Expense			665,020				1,593,282				(928,262	)		(58	)%
Net loss		$	(979,041	)		$	(2,316,063	)		$	1,337,022			(58	)%
Other Comprehensive Income (Loss):		$	289,592			$	272,782			$	16,810				6	%
Comprehensive loss		$	(689,449	)		$	(2,043,281	)		$	1,353,832			(66	)%

During the years ended June 30, 2023 and 2022, the Company did not recognize any revenues, $0 and $47 in cost of goods sold, and $0 and $47 in gross loss.

Our financial statements reported a net loss of $979,041 for the year ended June 30, 2023 compared to a net loss of $2,316,033 for the year ended June 30, 2022. Our losses have decreased on a year-over-year basis, primarily as a result of the near total lockdown of Malaysia as a result of the COVID 19 pandemic during the prior years and the subsequent partial restriction lifting that occurred in July 2021 allowing for the resumption of administrative activities during the current period. Additionally, during the year ended June 30, 2023, the results included other expense of $665,020 compared to $1,593,282 for the year ended June 30, 2022. Interest expense of $665,106 primarily related to the amortization of the debt discount and imputed interest on related party advances, which was significantly lower than the $1,795,902 for the year ended June 30, 2022. Also, during the year ended June 30, 2023, the results included operating expense of $314,021 compared to $722,734 for the year ended June 30, 2022. As we are negotiating sales contracts for dredged sea sand, we expect our operating expenses to increase in the fiscal years ahead.

Operating expense decreased to $314,021 for the year ended June 30, 2023 compared to $722,734 for the year ended June 30, 2022. The decrease in operating expense during the year ended June 30, 2023 compared to the same period in the prior year was primarily due to decreases in exploration expenditures and professional fees as a result of cost containment measures. Costs related to our exploration activities during fiscal year ended June 30, 2022 includes receipt of reimbursements from One Standard Continent Sdh. Bhd. of approximately $290,000.

Other expense decreased to $665,020 for the year ended June 30, 2023, compared to $1,593,282 for the year ended June 30, 2022. The decrease in other expense was mainly related to the resolutions of the derivative liability, changes in fair value and reduced interest expense from the amortization of debt discounts on the Company's project financing debt compared to the same period in the prior year. We expect interest expense to increase in future periods until such time as we are able to generate profitable operations and begin to repay our advances from our unrelated debtors as well as our directors and entities related to our directors.

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Should we be successful in our efforts to raise additional capital, and to close one or more of our outstanding offers to purchase mining and explorations rights and thus begin exploration and mining operations, we expect our expenses to increase substantially.

Liquidity and Financial Condition

Working Capital

		June 30,			June 30,			Change
		2023			2022			Amount			%
Cash		$	5,390			$	7,487			$	(2,097	)		(28	)%
Current Assets		$	28,093			$	37,750			$	(9,657	)		(26	)%
Current Liabilities		$	7,126,088			$	6,598,095			$	527,993				8	%
Working Capital Deficiency		$	(7,097,995	)		$	(6,560,345	)		$	(537,650	)			8	%

Our working capital deficit increased as of June 30, 2023, as compared to June 30, 2022, primarily due to an increase in current liabilities to fund operating losses, increased debt levels and project financing debt.

In the coming quarters our largest cash outlays will be in regards to (1) professional fees for work performed for our reporting as part of Nami Corp., (2) for the consultants as part of their work performed to respond to any additional requests received from governmental authorities as part of the process of obtaining approval for the permits and licenses. (3) repayments of the project financing debt.

Management believes that the level of our pre-operating losses are normal for companies in the mining business, and that we will be able to off-set such losses against future revenues once the Company commences its operations and exports. However, our financial statements include a statement that there is a going concern in regards to the Company. Without significant additional investment in the form of debt or equity we may have difficulty meeting our obligations as they come due prior to our obtaining all the necessary permits to begin contracting for sea sand mining operations.

Cash Flows

		Years Ended
		June 30,			Change
		2023			2022			Amount			%
Cash Flows used in operating activities		$	(283,497	)		$	(546,653	)		$	263,156			48	%
Cash Flows provided by financing activities		$	296,446			$	519,955			$	(223,509	)		(43	)%
Effects on changes in foreign exchange rate		$	(15,046	)		$	10,182			$	(25,228	)		(248	)%
Net decrease in cash during period		$	(2,097	)		$	(16,516	)		$	14,419			(87	)%

Operating Activities

Net cash used in operating activities was $283,497 for the year ended June 30, 2023 compared to $546,653 in the same period in 2022.

During the year ended June 30, 2023, cash used in operating activities consisted of a net loss of $979,041, depreciation of property and equipment of $4,371, imputed interest on non-interest bearing related party advances contributed as paid in capital of $215,135, noncash interest of $449,406, accounts payable and accrued liabilities of $15,539, other receivables of $6,070 and other payables and accruals of $5,179.

During the year ended June 30, 2022, cash used in operating activities consisted of a net loss of $2,316,063, depreciation of property and equipment of $5,318, imputed interest on non-interest bearing related party advances contributed as paid in capital of $251,247, noncash interest of $1,543,740, change in fair value of derivative liability of $205,000, expenses paid directly through related party advances of $156, expenses paid directly through unrelated party advances of $5,262, accounts payable and accrued liabilities of $40,026 and deferred revenue of $128,661.

Investing Activities

There were no investing activities for the years ended June 30, 2023 and 2022.

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Financing Activities

Net cash provided by financing activities was $296,446 for the year ended June 30, 2023, compared to net cash provided by financing activities of $519,955 in the same period in 2022. Net cash provided by financing during the year ended June 30, 2023 was the result of project financing advances of $273,782, advances from related parties of $79,382, advances from an unrelated party of $3,811, repayments of related party advances of $14,659, and repayments of advances to an unrelated party of $45,870. Net cash provided by financing during the year ended June 30, 2022 was the result of proceeds of project financing advances of $417,183, principal repayments of project financings of $614,412, advances from related parties of $155,608, advances from an unrelated party of $640,194, repayments of related party advances of $26,664, and repayments of advances to an unrelated party of $47,993.

Contractual Obligations

As a "smaller reporting company", we are not required to provide tabular disclosure obligations.

Going Concern

Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, our company has negative working capital, recurring losses, and does not have an established source of revenues sufficient to cover its operating costs. These factors raise substantial doubt about our company's ability to continue as a going concern.

The ability of our company to continue as a going concern is dependent upon its ability to successfully commence its sea sand mining operations and eventually attain profits. The accompanying financial statements do not include any adjustments that may be necessary if our Company is unable to continue as a going concern.

In the coming year, our Company's foreseeable cash requirements will relate to continual development of the operations of our business, maintaining our good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with operations and business development. Our Company may experience a cash shortfall and be required to raise additional capital.

Historically, we have mostly relied upon internally generated funds such as shareholder loans and advances to finance our operations and growth. Management may raise additional capital by retaining net earnings or through future public or private offerings of our Company's stock or through loans from private investors, although there can be no assurance that we will be able to obtain such financing. Our Company's failure to do so could have a material and adverse effect upon us and our shareholders.

Plan of Operations

This report contains forward looking statements relating to our Company's future economic performance, plans and objectives of management for future operations, projections of revenue mix and other financial items that are based on the beliefs of, as well as assumptions made by and information currently known to, our management. The words "expects", "intends", "believes", "anticipates", "may", "could", "should" and similar expressions and variations thereof are intended to identify forward-looking statements. The cautionary statements set forth in this section are intended to emphasize that actual results may differ materially from those contained in any forward looking statement.

If the Company is unsuccessful in raising funds through shareholder loans or advances, it will have to seek additional funds from third party debt financing, which would be highly difficult for a development stage company, such as the Company, to secure; or through the private placement of its common stock. Malaysia eased the Covid 19 lockdown in February 2022 and transitioned to the endemic phase in April 2022; however, the Russia-Ukraine war, which started in February of 2022, has severely disrupted shipping costs and impacted negotiations with potential customers. This has had a negative effect on the operations of the Company. Until the Company is able to sell sand from its mining operations, the Company will be highly dependent on shareholder loans and advances. If the Company were able to secure third party debt financing, being a development stage company with no operations to date, it would likely have to pay additional costs associated with high-risk loans and be subject to an above market interest rate. If these funds are required and not available through shareholder loans or advances, or through the private placement of the Company's securities, management will evaluate the terms of such debt financing and determine whether the business could sustain operations and growth and manage debt repayment terms. If these additional funds are not obtained through either of the alternatives discussed herein, the Company maybe required to cease its business operations. As a result, investors in the Company's common stock would lose all of their investment.

On May 27, 2022, the Company entered into an operator agreement with One Standard Continent SDN BHD ("OSC"), in which OSC has been provided with the ability to carry out all dredging activities, all transportation, insurance, risk management and export in an area comprised of 21.10 sq/km. within the Company's 325.3 sq/km new concession area. The Company will receive a retainer fee, concession related fee and tribute fee from OSC for sand sold. As part of this transaction, the Company and OSC have executed a power of attorney and exclusive sole marketing agent agreement. The power of attorney allows OSC to act as the Company's sub-operator within the concession area; in the exclusive sole marketing agent agreement the Company appoints OSC to act as exclusive sole marketing agent to promote and negotiate the sale of sea sands and to seek funding for the Company's sea sand projects. The Company will bear responsibility for payment of 25% to JHW and a royalty to the Ministry of Land and Natural Resources of MYR 0.70 per cubic meter dredged. The mining licence was renewed during the year ended June 30, 2022, increasing the available sand to dredge to 32 million cubic meters. The licence commended August 2, 2022 and ends August 1, 2025.

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NAMI Corp., via its wholly owned subsidiary SBS Mining Corporation Sdn Bhd ("SBS"), which is in a joint venture with JHW Holdings Sdn Bhd, a private limited company incorporated in Malaysia ("JHW" and together with SBS and NAMI, the "Group"), received a second sea sand mining and dredging license from the Ministry of Energy and Natural Resources (Kementerian Tenaga dan Sumber Asli) ("KeTSA") on October 20, 2023. The license No. is 0146. The mining and dredging license was grated for a term of three (3) years from October 20, 2023, to October 19, 2026.

License No. 0146 granted the Group a sea mining concession area of 21.10 square kilometers and includes an approved dredged sand volume of 31,650,000 cubic meters (m³).

The Group intends to export the sea sand that is mined and dredged from the licensed area to China, Japan, and Hong Kong, following each country's regulatory framework.

Off-Balance Sheet Arrangements

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

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

Our Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

NAMI CORP.

AUDITED FINANCIAL STATEMENTS

June 30, 2023 and 2022

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 318)		F-2
FINANCIAL STATEMENTS:
Balance Sheets		F-3
Statements of Operations		F-4
Statements of Changes in Stockholders' Deficit		F-5
Statements of Cash Flows		F-6
Notes to the Financial Statements		F-7

F-1

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of Nami Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Nami Corp. (the "Company") as of June 30, 2023 and 2022, and the related consolidated statements of operations and comprehensive loss, stockholders' deficit, and cash flows for each of the years in the two-year period ended June 30, 2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.

/s/L J Soldinger Associates, LLC
We have served as the Company's auditor since 2018.
Deer Park, IL
November 20, 2024

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NAMI Corp.

Consolidated Balance Sheets

		June 30,			June 30,
		2023			2022
ASSETS
Current Assets
Cash and cash equivalents		$	5,390			$	7,487
Other receivables and deposits			22,703				30,263
Total Current Assets			28,093				37,750
Property and equipment, net			11,401				16,473
TOTAL ASSETS		$	39,494			$	54,223
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable		$	135,348			$	202,160
Accrued interest			9,070				-
Deferred revenue			117,798				124,739
Other payables and accruals			69,078				-
Amount due to related parties			3,561,517				3,570,704
Amount due to unrelated party			1,062,142				1,139,770
Project advances			693,576				454,734
Project financing investment note, net of discount			1,477,559				1,105,988
Total Current Liabilities			7,126,088				6,598,095
TOTAL LIABILITIES			7,126,088				6,598,095
STOCKHOLDERS' DEFICIT
Series A Preferred, MYR 1 par value; 50,000,000 shares authorized; June 30, 2023 0 shares and June 30, 2022 280,000 shares issued and outstanding, respectively			-				68,408
Capital stock - Authorized 5,000,000,000 shares of common stock, $0.001 par value, 1,426,927,346 shares issued and outstanding June 30, 2023 and 2022			1,426,927				1,426,927
Additional paid-in capital			1,055,144				840,009
Accumulated deficit			(10,192,711	)			(9,213,670	)
Accumulated other comprehensive income			624,046				334,454
Total Stockholders' Deficit			(7,086,594	)			(6,543,872	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT		$	39,494			$	54,223

The accompanying notes are an integral part of these consolidated financial statements.

F-3

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NAMI Corp.

Consolidated Statements of Operations and Comprehensive Loss

		Years Ended
		June 30,
		2023			2022
Revenue
Sales		$	-			$	-
Cost of Goods Sold			-				47
Gross Loss			-				(47	)
Operating Expenses
Depreciation of property and equipment			4,371				5,318
General and administrative expenses			193,094				214,170
Professional Fees			80,435				216,002
Exploration expenditure			36,121				287,244
Total Operating Expenses			314,021				722,734
Loss from Operations			(314,021	)			(722,781	)
Other Income (Expense)
Other income			86				1,329
Interest expense			(449,971	)			(1,555,970	)
Interest expense, related parties			(215,135	)			(239,932	)
Change in fair value of derivative liability			-				201,291
Total Other Expenses			(665,020	)			(1,593,282	)
Loss before taxation			(979,041	)			(2,316,063	)
Income taxes			-				-
Net Loss		$	(979,041	)		$	(2,316,063	)
Dividend on Series A Preferred Stock			-				(3,861	)
Net loss attributable to common stockholders		$	(979,041	)		$	(2,319,924	)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments			289,592				272,782
Total Comprehensive Loss		$	(689,449	)		$	(2,043,281	)
Basic and Diluted Loss per Common Share		$	(0.00	)		$	(0.00	)
Basic and Diluted Weighted Average Common Shares Outstanding			1,426,927,346				1,426,927,346

The accompanying notes are an integral part of these consolidated financial statements.

F-4

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NAMI Corp.

Consolidated Statements of Changes in Stockholder's Deficit

		Preferred Shares			Common Stock			Additional						Accumulated Other			Total
		Number of Shares			Amount			Number of Shares			Amount			Paid-in Capital			Accumulated Deficit			Comprehensive Income			Stockholders' Deficit
Balance - June 30, 2022			280,000			$	68,408				1,426,927,346			$	1,426,927			$	840,009			$	(9,213,670	)		$	334,454			$	(6,543,872	)
Redemption of preferred shares by related party			(280,000	)			(68,408	)			-				-				-				-				-				(68,408	)
Imputed interest			-				-				-				-				215,135				-				-				215,135
Foreign currency translation adjustment			-				-				-				-				-				-				289,592				289,592
Net loss			-				-				-				-				-				(979,041	)			-				(979,041	)
Balance - June 30, 2023			-			$	-				1,426,927,346			$	1,426,927			$	1,055,144			$	(10,192,711	)		$	624,046			$	(7,086,594	)

		Preferred Shares			Common Stock			Additional						Accumulated Other			Total
		Number of Shares			Amount			Number of Shares			Amount			Paid-in Capital			Accumulated Deficit			Comprehensive Income			Stockholders' Deficit
Balance - June 30, 2021			280,000			$	68,408				1,426,927,346			$	1,426,927				600,076				(6,893,746	)		$	61,672			$	(4,736,663	)
Preferred dividend			-				-				-				-				-				(3,861	)			-				(3,861	)
Imputed interest			-				-				-				-				239,933				-				-				239,933
Foreign currency translation adjustment			-				-				-				-				-				-				272,782				272,782
Net loss			-				-				-				-				-				(2,316,063	)			-				(2,316,063	)
Balance - June 30, 2022			280,000			$	68,408				1,426,927,346			$	1,426,927			$	840,009			$	(9,213,670	)		$	334,454			$	(6,543,872	)

The accompanying notes are an integral part of these consolidated financial statements.

F-5

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NAMI Corp.

Consolidated Statements of Cash Flows

		Years Ended
		June 30,
		2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss		$	(979,041	)		$	(2,316,063	)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation of property and equipment			4,371				5,318
Imputed interest contributed as additional paid in capital			215,135				251,247
Amortization of debt discount			448,602				1,543,740
Change in fair value of derivative liability			-				(205,000	)
Expenses paid directly through a related party			(156	)			156
Expenses paid directly through an unrelated party			-				5,262
Accrued interest			804				-
Change in assets and liabilities
Accounts payable and accrued liabilities			15,539				40,026
Other payables and accruals			6,070				-
Other payables and accruals			5,179				128,661
Net cash used in operating activities			(283,497	)			(546,653	)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided by investing activities			-				-
CASH FLOWS FROM FINANCING ACTIVITIES
Project financing advances proceeds			273,782				417,183
Preferred dividends			-				(3,861	)
Repayment of project financings			-				(614,512	)
Advances received from related parties			79,382				155,608
Advances received from an unrelated party			3,811				640,194
Repayments of related party advances			(14,659	)			(26,664	)
Repayments of advances to an unrelated party			(45,870	)			(47,993	)
Net cash provided by financing activities			296,446				519,955
Effects on changes in foreign exchange rate			(15,046	)			10,182
Net change in cash and cash equivalents			(2,097	)			(16,516	)
Cash and cash equivalents - beginning of period			7,487				24,003
Cash and cash equivalents - end of period		$	5,390			$	7,487
Supplemental Cash Flow Disclosures
Cash paid for interest		$	-			$	483,662
Cash paid for income taxes		$	-			$	-
Non-Cash Investing and Financing Activity:
Reclassification of project advances to project financing debt		$	-			$	(47,699	)

The accompanying notes are an integral part of these consolidated financial statements.

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NAMI Corp.

NOTES TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023

Note 1 - Organization and Summary of Significant Accounting Policies

The Company was incorporated in the State of Nevada as a for-profit Company on September 5, 2012.

On July 12, 2018, we completed a reverse acquisition transaction through a share exchange with GMCI, the sole shareholder of SBS Mining Corp. Malaysia Sdn. Bhd ("SBS"), whereby we acquired 100% of the outstanding shares of SBS from GMCI in exchange for the issuance of a total of 720,802,346 shares of our common stock to GMCI, representing 102.08% of our pre-merger issued and outstanding shares of common stock. As a result of the reverse acquisition, SBS became our wholly-owned subsidiary and the former SBS Shareholders, GMCI and subsequently its shareholders, became our controlling stockholders. The share exchange transaction was treated as a recapitalization, with SBS as the acquirer and the Company as the acquired party for accounting purposes. Unless the context suggests otherwise, when we refer in this report to business and financial information for periods prior to the consummation of the reverse acquisition, we are referring to the business and financial information of SBS.

On July 19, 2018, the Company was notified that the Board of GMCI deemed it to be in the best interests of GMCI and its stockholders for GMCI to approve and declare a dividend of restrictive shares of Nami to the stockholders of GMCI, on a pro rata basis, determined in accordance with the number of shares of capital stock of GMCI held by such stockholders, thereby transferring ownership of 100% of the outstanding restricted shares of Nami owned directly by GMCI to the stockholders of GMCI (collectively, the "Nami Stock Dividend"). The Nami Stock Dividend was completed on August 21, 2018.

SBS Mining Corp. Malaysia Sdn. Bhd., is a Malaysian corporation whose primary business is mining, exploration and trading of certain mineral ores and properties located in Malaysia. During fiscal year 2017 the Company commenced revenue generating operations as a result of its mineral trading business. Essentially all of the Company's property, plant and equipment assets are held in Malaysia. The functional currency of the Company is the Malaysian Ringgit (MYR or RM).

Fiscal Year

The Company's fiscal year end is June 30.

Basis of Presentation

The financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States.

Principles of Consolidation

The accompanying consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiary SBS Mining Corp. Malaysia Sdn. Bhd. All significant intercompany accounts and transactions have been eliminated.

Reclassifications

Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net (loss).

Use of Estimates and Assumptions

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company has significant estimates in regards to the inputs used for valuation of the derivative associated with the contingent interest of its Project Investment Financing debt. Actual results when ultimately realized could differ from these estimates.

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Revenue Recognition

The Company recognizes revenue from the sale of mined sand from the Sea Sand Mining Project (see Note 10) in accordance with ASC 606 "Revenue Recognition" following the five steps procedure:

	Step 1:	Identify the contract(s) with customers
	Step 2:	Identify the performance obligations in the contract
	Step 3:	Determine the transaction price
	Step 4:	Allocate the transaction price to performance obligations
	Step 5:	Recognize revenue when the entity satisfies a performance obligation

The Company's sales are derived from the sale of mined sand to our customers. The Company recognizes revenue at a point in time when it satisfies its obligation by transferring control of the mined sand to the customer. The cost of sales includes dredging cost, rental of land, docket fees and site expenses.

During the years ended June 30, 2023 and 2022, the Company did not record any revenue and recorded cost of sales and gross loss of $0 and $47, respectively.

Cash and Cash Equivalents

The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of June 30, 2023 and 2022, cash includes cash on hand and cash in the bank. The Company operates in Malaysia where deposit insurance for deposits is provided up to RM 250,000 (approximately US $60,000). From time to time the Company's account balances may exceed that limit.

Inventories

Inventories are stated at lower of cost or net realizable value, with cost being determined on the weighted average method.

No reserves are considered necessary for slow moving or obsolete inventory as no inventory was on hand at year-end. The Company continuously evaluates the adequacy of these reserves and makes adjustments to these reserves as required.

During the years ended June 30, 2023 and 2022, the Company did not produce any mined sand. Additionally, the Company did not hold any inventories as of June 30, 2023 and 2022.

Fair Value of Financial Instruments

The Company's financial instruments consist primarily of cash and equivalents, other receivables and deposits, due from related party, accounts payable, other payables and accruals, due to related party, due to unrelated party, project advances and royalty obligation. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

The Company adopted ASC Topic 820, Fair Value Measurements ("ASC Topic 820"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1 -	inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets;
Level 2 -	inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active;
Level 3 -	inputs to the valuation methodology are unobservable and significant to the fair value measurement

Foreign Currencies

Functional and Presentation Currency - Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The financial statements are presented in US Dollars, which is the Company's presentation currency. The Company's functional currency is the Malaysian Ringgit.

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Transactions and Balances - Foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations. The translation adjustment increases or decreases "accumulated other comprehensive income" included on the balance sheet.

Plant and Equipment Depreciation

Plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated on a straight-line basis to write off the cost of plant and equipment over their expected useful lives at the following annual rates:

Motor Vehicles			20	%
Office equipment			33	%
Tools and equipment			33	%
Computer and software			33	%
Leasehold improvements		Term of lease
Furniture and Fixtures			33	%

Mineral Properties

The Company is engaged in the business of the acquiring, exploring, developing, mining, and producing mineral properties and or resources, with a current emphasis on sea sand mining (see Note 9) and previous emphasis on iron ore, bauxite and tin. Mineral claims and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company and JHW until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period.

Exploration Expenditures

Exploration, acquisition (except for property purchase costs), and general and administrative costs related to exploration projects and prospecting activities are charged to expense as incurred.

During the years ended June 30, 2023 and 2022, the Company recorded exploration expenditures of $36,121 and $287,244, respectively. Such expenditures have been incurred in order to provide the information necessary to the Malaysian Department of the Environment to work towards the renewal of its dredging license for three additional years, to expand the potential cubic meters available to dredge within its current license area from the current 19.1 km to 40 km and acquire additional licenses. The Company's policy is to expense these costs as incurred. As part of the agreement with One Standard Continent SDH, Bhd. ("OSC") (see Note 9), OSC agreed to reimburse the Company for expenditures associated with certain costs directly attributable to the Company acquiring and maintaining dredging rights in the ocean waters off the coast of Malaysia. For the year ended June 30, 2023, OSC has provided project advances of approximately $264,000 (RM 1,233,300) (Note 10). For the year ended June 30, 2022, OCS reimbursed the Company approximately $290,000 (RM 1,263,000) related to those costs. The Company has accounted for those reimbursements as a direct reduction of its exploration costs.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company did not record any impairment of long-lived assets during the years ended June 30, 2023 and 2022.

Leases

FASB ASC 842 "Leases" requires lessees to record lease assets and liabilities for operating leases and disclose key information about leasing arrangements. Upon entering into an arrangement, the Company evaluates whether the arrangement provides the Company with the ability to control the use of the asset over the term of the lease. If an arrangement contains a lease, upon commencement of the arrangement, the Company recognizes an operating lease right-of-use asset and a corresponding operating lease liability. The amount of the operating lease right-of-use asset is measured utilizing the present value of the future minimum lease payments over the lease term. The Company has not recognized any right-of-use assets or lease liabilities as of June 30, 2023 and 2022.

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Segment Reporting

FASB ASC 820 "Segments Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. Our proposed future business segments are expected to span more than one geographical area. Specifically, the Company intends to generate revenue through mineral trading and exploration activities. See Note 12.

Income Taxes

On July 1, 2021, the Company adopted Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This standard has been adopted on a prospective basis and the adoption of this standard does not have a material impact on the Company's financial statements.

The asset and liability method is used in the Company's accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse.

Deferred tax assets and liabilities are determined based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. In estimating future tax consequences, all expected future events are considered other than enactment of changes in the tax law or rates.

The Company adopted ASC 740 "Income Taxes," which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits.

The determination of recording or releasing tax valuation allowance is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income against which benefits of its deferred tax assets may or may not be realized.

Loss Per Share

The Company follows the provisions of ASC Topic 260, Earnings per Share. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Basic and diluted losses per share are the same as all potentially dilutive securities are anti-dilutive.

Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the company's common stock that could increase the number of shares outstanding and lower the earnings per share of the company's common stock. This calculation is not done for periods in a loss position as this would be antidilutive. As of June 30, 2023 and 2022, there were 0 and approximately 42,336 potentially diluted common shares outstanding from 280,000 shares of preferred stock, respectively.

Stock-based compensation

Effective July 1, 2020, the Company adopted the Financial Accounting Standards Board's (the "FASB") Accounting Standards Update ("ASU") ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update addresses several aspects of the accounting for nonemployee share-based payment transactions and expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The main provisions of the update change the way nonemployee awards are measured in the financial statements. Under the simplified standards, nonemployee options will be valued once at the date of grant, as compared to at each reporting period end under ASC 505-50. Companies are permitted to make elections to establish the expected term and either recognize forfeitures as they occur or apply a forfeiture rate.

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Recently issued accounting pronouncements

There are several new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of June 30, 2023, none of these pronouncements are expected to have a material effect on the financial position, results of operations or cash flows of the Company.

Note 2 - Going Concern

For the year ended June 30, 2023, the Company reported a net loss of approximately $1.0 million. In addition, as of June 30, 2023, the Company had a working capital deficit of approximately $7.1 million with cash on hand of approximately $5,400. The Company believes that its existing capital resources are not adequate to enable it to execute its business plan and, as of the date of these financial statements, the Company has no firm commitment for either additional debt or equity financing available to it in order to meet its current commitments. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. The Company estimates that it will require significant additional cash resources during fiscal 2024 and beyond, as JHW received its main permit from the Government of Malaysia to commence sea sand mining in January 2019 and further in April 2021, received its export license contingent on receiving updated dredging area rights (see Note 9). The sea sand mining license expired on January 9, 2022 and was renewed for an additional three year period, commencing on August 2, 2022 and ending in August 1, 2025. A second sea sand mining and dredging license was granted for a term of three years from October 20, 2023, to October 19, 2026. The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans.

The Company's plan is to continue to work with JHW, and sub operators, such as One Standard Continent SDN BHD ("OSC") to mine and export sea sand (Note 9).

The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amount and classification of liabilities that might result from this uncertainty.

Note 3 - Plant and Equipment

		June 30,			June 30,
		2023			2022
Cost
Motor Vehicles		$	9,638			$	14,742
Office equipment			8,983				24,143
Computers and software			11,655				12,816
Tools and equipment			454				481
Furniture and Fixture			33,205				35,161
			63,935				87,343
Accumulated Depreciation			(52,534	)			(70,870	)
Plant and Equipment, Net		$	11,401			$	16,473

Depreciation for the years ended June 30, 2023 and 2022 was $4,371 and $5,318, respectively.

Note 4 - Other receivable and deposits

		June 30,			June 30,
		2023			2022
Sundry receivables		$	16,192			$	23,367
Other receivable			5,676				6,011
Deposits, including utility, security deposits			835				885
		$	22,703			$	30,263

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Note 5 - Related party advances and expenses

Advances from related parties:

		June 30,			June 30,
		2023			2022
Advances from its Directors		$	1,179,482			$	1,093,752
Advances from related party			1,742,978				1,799,611
Advances from holding company			639,057				677,341
Total		$	3,561,517			$	3,570,704

During the year ended June 30, 2023 and 2022, the Company received advances from directors of $79,382 and $155,608, respectively and repaid advances from a director of $14,659 and $26,664, respectively. The Company also repaid $156 of expenses paid directly by a related party in the prior year.

The Company has imputed interest at the rate of approximately 6.5% on the advances made to the Company in the amount of $215,136 and $239,932 during the years ended June 30, 2023 and 2022, respectively.

Concentration of Risk

To date the Company has been reliant on funding from related parties and OSC as the Company does not have the current existing capital resources to execute its business plan.

Note 6 - Due to unrelated parties

During the years ended June 30, 2023 and 2022, the Company received advances from an unrelated party of $3,811 and $640,194, respectively and repaid advances from an unrelated party of $45,870 and $47,993, respectively. During the years ended June 30, 2023 and 2022, expenses of $0 and $5,262, respectively, were paid directly through the unrelated party. As of June 30, 2023 and 2022, the Company has recorded a liability due to the unrelated party of $1,062,142 and $1,139,770, respectively. These amounts are unsecured, non-interest bearing and due on demand. As of the date of these financial statements were issued, no demand for repayment has been received by the Company.

Note 7 - Commitments and Contingencies

Other Matters

On July 1, 2019, the Company entered into a corporate services agreement (the "Corporate Services Agreement") with Nami Development Capital Sdn. Bhd. ("NDC"). Pursuant to the terms of the Corporate Services Agreement, NDC will provide general corporate and administrative services, including, but not limited to, accounting and payroll services and human resources support, to the Company and SBS. The Company and SBS will each pay a monthly retainer and reimburse the out-of-pocket expenses reasonably incurred by NDC in connection with the provision of these services as compensation to NDC. Additionally, the Company and SBS will each reimburse NDC for any service taxes, as well as any other taxes, incurred in connection with NDC's carrying out this Corporate Services Agreement. Either party may terminate the Corporate Services Agreement upon 90 days' written notice, provided that the non-terminating party reserves the right to negotiate for a longer period in order to effect an orderly transition.

Prior to Q2 2019, the Company and NDC were determined to be related parties by virtue of their relationships with Mr. Lew Sze How and Mr. MW Jason Chan. Messrs. Lew and Chan were directors and shareholders of NDC while serving as officers of the Company. However, on May 30, 2019, Messrs. Lew and Chan resigned as directors of NDC; and on June 14, 2019, they ceased to be shareholders of NDC. Messrs. Lew resigned as the Company's Chief Financial Officer in January of 2022. Mr. Chan remains an officer of the Company. Accordingly, the Company and NDC are no longer related parties.

From time to time the Company may be subject to proceedings, lawsuits, and other claims related to government agencies, operations, shareholders and contracts. The Company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after analysis of each matter. The required accrual, if any, may change in the future due to new developments in each matter or changes in settlement strategies. The Company does not believe that there are presently any such matters that will have a material adverse effect on its financial condition or results of operations.

Note 8 - Share Capital

Common Stock

The Company's capitalization is 5,000,000,000 common shares with a par value of $0.001 per share.

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As of June 30, 2023 and 2022, the Company has not granted any stock options and has not recorded any stock-based compensation.

On July 4, 2018, the Company entered into a Share Exchange Agreement with GMCI, as the shareholder (the "SBS Shareholders") of SBS Mining Corp. Malaysia Sdn. Bhd., a Malaysian corporation ("SBS"), pursuant to which the Company acquired 100% of the issued and outstanding shares of SBS from GMCI in exchange for the issuance of 720,802,346 shares of the Company to GMCI. As a result of the Exchange, SBS became wholly owned subsidiary of NAMI and GMCI became majority shareholder of NAMI owning 50.51% of capital stock of the Company.

On July 19, 2018, the Company was notified that GMCI approved and declared a dividend of shares of Nami to the stockholders of GMCI, on a pro rata basis, determined in accordance with the number of shares of capital stock of GMCI held by such stockholders, thereby transferring ownership of 100% of the outstanding shares of Nami held by GMCI to the stockholders of the GMCI (collectively, the "Nami Stock Dividend"). The Nami Stock Dividend was completed on August 21, 2018.

As of June 30, 2023 and 2022, the Company had 1,426,927,346 common shares issued and outstanding.

Preferred Shares - SBS

In August 2018, SBS designated a new class of preferred equity, designated the 12% redeemable cumulative preference shares, in its attempt to raise capital for business expansion and exploration and mining activities. SBS authorized the issuance of up to 50 million shares at the issue price of RM 1.0 per share. The new preferred equity carries a cumulative 12% preferred dividend, payable on a quarterly basis, based on the issue price of the preferred security. The preferred dividend will have priority to any payment of dividends on the common equity. The preferred shares automatically convert to NAMI Corp common shares two years after issuance if not converted earlier at the rate of USD $1.50 on then value translated into USD of each 12% redeemable cumulative preference share. In the event of the liquidation or winding up of SBS, the preferred shares are entitled to distributions prior to any amounts distributed to the common equity holders. The holders of the preferred shares, so long as the cumulative preferred dividend is timely paid each quarter, have no general voting rights, but have rights to vote on any matters that effect the provisions of the preference shares. In the event that SBS fails to timely make its quarterly dividend payment, the holders of the preferred equity receive the right to vote on any and all general corporate matters on a 1 for 1 basis with the number of preferred shares held. As of June 30, 2023 and, 2022, dividends in arrears totalled $0 and $19,051 (MYR 84,00), respectively. The Company has determined that the COVID 19 provisions passed by the Government of Malaysia are in essence force majeure provisions, and therefore the failure to pay the dividends and convert under the agreements are not enforceable by the holders. The Company has informed the preferred shareholders of its intention to make final dividend payments and convert their shares into common shares of Nami Corp. on or about June 2022. The preferred shareholders have accepted the Company's new proposed payment schedule.

In August 2018, the Company received approximately $59,530 (MYR 240,000) in the first subscription of its 12% redeemable cumulative preference shares (see below).

In August 2018, the Company received approximately $8,878 (MYR 40,000) in a second subscription of its 12% redeemable cumulative preference shares (see below).

The preferred share subscription offering was closed on February 28, 2019.

During the years ended June 30, 2023 and 2022, preferred dividends of $0 and $3,861, respectively, was distributed to the holders of the preferred shares. During the year ended June 30, 2023, a director of the Company redeemed the 280,000 preferred shares for approximately $63,560 (MYR 280,000) and paid 46,667 of common shares on behalf of the Company. The redemption has been included in amounts owed to related parties.

Instruments Convertible into Common or Preferred Shares

As at June 30, 2023, SBS had 0 shares of preferred stock outstanding. As at June 30, 2022, SBS had 280,000 shares of preferred stock outstanding convertible into 42,336 common shares.

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Note 9 - Sea Sand Mining Project

On August 30, 2017, SBS entered into an irrevocable right of use ("IRU") agreement with JHW Holdings Sdn. Bhd. ("JHW"), whereby SBS was given exclusive rights to operate mining and extraction activities on the designated area (1,113 square kilometers outside the waters of the state of Terengganu, Malaysia, subject to certain terms and conditions therein) and manage all matters relating to the operations. The Company currently estimates that the acreage available under the IRU will provide approximately 5 years of sustained mining operations. As part of the IRU, the Company is responsible for all permitting costs (both for mining operation and for the right to sell the mined sand internationally) at both the state and federal levels of all applicable ministries and departments in Malaysia. As compensation for the IRU, the Company is obligated to remit to JHW on a quarterly basis, 25% of the profits from the mining activities, as defined within the agreement. The Company submitted the required environmental and engineering assessments as part of the permitting process for approximately 383 square kilometres, and in January 2019, JHW was issued by the government of Malaysia the first set of permits necessary to commence sea sand mining operations. The final approved area was 20.48km² within the jurisdiction of the state of Terengganu, Malaysia (the "Area"). The Company is required to prepay RM 500,000 of future royalty amounts due under the agreement with JHW, of which SBS funded RM 250,000 (approximately $60,000) as of June 30, 2021. On June 30, 2020 the Company determined that the recoverable amount of this prepayment was $0 and recorded an expense of $59,478 in cost of goods sold associated with the write-down.

In April 2021, the Malaysia Ministry of Energy and Natural Resources granted JHW a license approval for the export of sea sand dredged from the current license area. The export license is restricted as follows (a) the license extends for so long as the dredging license remains active (b) exports may only occur to China, Japan and Hong Kong (c) limited to approximately 19.64 million in cubic meters of sea sand that may be exported and (d) the licensee is required to abide with the conditions and requirements under the Sea Sand Mining License clauses under the Continental Shelf Act of Malaysia of 1966, as prescribed by the Department of the Director General of Lands and Mines.

In the third and 4^th fiscal quarter of 2021, the Company engaged a group of consultants and engineers to assist it with (1) providing the information necessary to renew the January 2019 drilling license and (2) provide analysis to allow the Company to extend the availability of dredgable sand within its current license area. The Company incurred $36,121 and $287,244 of such costs during the years ended June 30, 2023 and 2022, respectively.

In May 2022, the Company and OSC entered into a Sea Sand Sub-Operator Mining Agreement. Under this agreement, the Company has transferred all of its rights to dredge sea sand under the JHW licenses from its original contract in 2017 (see above) along with rights to any additional rights obtained in the future to OSC. In consideration for this, OSC agreed to remit to SBS a tribute fee in the amount of RM 11.50 per cubic meter of dredged sea sand. The Company will bear responsibility for payment of 25% to JHW and a royalty to the Ministry of Land and Natural Resources of MYR 0.70 per cubic meter dredged.

In August 2022, the sea sand mining and dredging license was renewed for an additional three year period, commencing on August 2, 2022 and ending in August 1, 2025.

On October 20, 2023 the Company, which is in a joint venture with JHW Holdings Sdn Bhd, a private limited company incorporated in Malaysia ("JHW"), received a second sea sand mining and dredging license from the Ministry of Energy and Natural Resources (Kementerian Tenaga dan Sumber Asli) ("KeTSA"). The license No. is 0146 and is a sea mining concession area of 21.10 square kilometers and includes an approved dredged sand volume of 31,650,000 cubic meters (m3). The mining and dredging license was granted for a term of three years from October 20, 2023, to October 19, 2026.

Note 10 - Sea Sand Dredging Project Financing

Project advances

In December 2020, the Company accepted an offer from Royal Resources PTE Ltd. ("Royal Resources") related to a Sea Sand Dredging Project (the "Sea Sand Dredging Project") located at Kawasan Luar Perairan Negeri Terengganu. In accordance with the offer, an advance payment (the "Advance") of $49,236 (MYR 200,000) was required upon signing of the acceptance letter and was received during the nine months ended March 31, 2021. Until such time as a formal agreement is reached and signed, the Company has treated the amount received as a non-interest bearing, undocumented advance, due upon demand. Upon signing an agreement with Royal Resources, the Company will receive an additional approximate $410,500 (MYR 1,800,000) from Royal Resources. As of the date of issuance of these financial statements, no formal agreement has been entered into and the additional funding has not been received.

In April 2021, the Company received advances from two investors (the "Investors") related to this Sea Sand Dredging Project with total proceeds of $48,476 (MYR 200,000). Upon receipt of the funds, the Company had treated the amounts received as undocumented, non-interest bearing, due on demand advances. On August 3, 2021, the Company entered into agreements with the two investors and reclassified these deposits to project investment financing debt.

During the year ended June 30, 2022, the Company was advanced approximately $410,000 (RM 1,805,000) by OSC on a non-interest bearing, undocumented, due on demand basis. During the year ended June 30, 2023, on a verbal basis, the Company and OSC agreed to amend the Sea Sand Sub-Operator Mining Agreement payment terms such that additional payments were added under the agreement consisting of (1) RM 2 million are required in advance of the startup of the mining operations and upon commencement an additional RM 3.15 million fee is payable. As of June 30, 2023 the RM 2 million has been received (approximately $428,000) and is included in project advances. In addition, the company has received approximately $264,000 (RM 1,233,300) in advances during the year ended June 30, 2023.

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Project Investment financing debt

In May 2021, the Company received proceeds of approximately $484,760 (MYR 2,000,000) in exchange for a debt agreement with certain investors. As part of the financing agreement, in the event that the Company is unsuccessful in exporting for sale sea sand dredged from its license area, is required to repay the amount of the debt in full with 2% interest per annum, calculated on a daily basis. In the event that the Company is successful in obtaining an export license and upon obtaining an environmental management plan, the Company is required to begin 18 monthly payments with a guaranteed monthly payment of approximately $0.48 (RM 2) per cubic meter of dredged sand sold and 200,000 cubic meters per month, which is approximately $95,900 (MYR 400,000). As part of the agreement, certain directors of SBS and the Company guaranteed approximately $1,198,600 (MYR 5,000,000) to the investors.

On August 3, 2021, the Company reached debt agreements with two investors who had provided financing of approximately $48,476 (MYR 200,000) to the Company in April 2021. As part of the financing agreement, in the event that the Company is unsuccessful in exporting for sale sea sand dredged from its license area, the Company will be required to repay the amount of the debt in full with 2% interest per annum, calculated on a daily basis. In the event that the Company is successful in obtaining an export license and upon obtaining an environmental management plan, the Company is required to begin 18 monthly payments with a guaranteed monthly payment of approximately $0.02 (RM 0.10) per cubic meter of dredged sand sold and 200,000 cubic meters per month, which is approximate $4,800 (MYR 20,000). The Company failed to make its first minimum payment to these investors in February 2022, which the Company believes constitutes a material breach of such agreement. As a result, the Company reclassified the outstanding combined balance of $60,241 to current liabilities. Through June 30, 2022 and the date these financial statements were issued, the investors have not yet demanded re-payment.

The Company has accounted for the settlement feature that requires repayment based on a minimum of dredged sand as a derivative. The Company valued the alternate payment stream by computing the difference in discounted value of the debt instrument between the imputed rate of the payment stream to certain pricing services Junk debt in the United States (as there is no readily available widely used service in Malaysia) as of the inception dates in May 2021 and August 2021 of approximately 43% and 41%, respectively and estimating that payments would begin in February 2021 at inception and then accelerating repayment beginning in August 2021 as of June 30, 2021 for the May 2021 investment. At inception, the Company recorded derivative liabilities in the amount of $345,369 and $35,317, on May 2021 and August 2021 debt agreements, respectively, which have been recorded as a discount to the amount loaned to the Company. In June 2022, the Company determined that a change in estimate was required, that the likelihood of payment due to sales of dredged sea sand during the term of the financings has become very remote and therefore the Company reverted accounting for the notes to the required minimum payments under the respective financing agreements outstanding as of June 30, 2022, discounted at the rate for S&P rated CCC- notes at their inception.

The following table shows the activity for the fair value of the contingent interest liability for June 30, 2022:

Fair value at June 30, 2021		$	208,969
Additions			-
Change in fair value due to change in estimate			(201,291	)
Change in foreign exchange			-
Redemption			(7,678	)
Fair value at June 30, 2022		$	-
Additions			-
Fair value at June 30, 2023		$	-

Note 11 - Short-term loans

	(I)	On August 25, 2021, the Company entered into a short-term loan agreement, in which the Company received approximately $47,700 (MYR 200,000), with principal and interest of approximately $2,385 (MYR 10,000) due in full on September 30, 2021. During the year ended June 30, 2022, the Company paid the principal and interest balances in full and recorded interest expense of $2,385 (MYR 10,000), and as of June 30, 2022 there were no remaining liabilities associated with this short-term loan agreement.
	(ii)	On August 25, 2021, the Company entered into an additional short-term loan agreement, in which the Company received approximately $42,900 (MYR 180,000), with principal and interest of approximately $858 (MYR 3,600) due in full on September 30, 2021. The Company did not repay the balance prior to the deadline, and as of June 30, 2022, the Company had defaulted on this loan, resulting in a default interest rate of 2% per month until the debt has been repaid in full. During the year ended June 30, 2022, the Company recorded interest expense of $6,808 (MYR 29,748) associated with the loan. As of June 30, 2023, the principal balance of the loan principal was fully paid and accrued interest is approximately $6,808 (MYR 29,748).
	(iii)	On April 1, 2022, the Company entered into a short-term loan agreement, in which the Company received approximately $7,100 (MYR 30,000). As of June 30, 2023, the remaining principal balance of the loan is approximately $6,804 (MYR 30,000).

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Note 12 - Geographic Segment Reporting

The following table shows operating activities information by geographic segment for the years ended June 30, 2023 and 2022:

Year Ended June 30, 2023		USA			Malaysia			Total
Revenue		$	-			$	-			$	-
Cost of Goods Sold			-				-				-
Depreciation of property, plant and equipment			-				(4,371	)			(4,371	)
General and administrative expenses			(48,985	)			(144,109	)			(193,094	)
Professional fees			(73,023	)			(7,412	)			(80,435	)
Exploration expenditures			-				(36,121	)			(36,121	)
Other expenses			(60,512	)			(604,508	)			(665,020	)
Net loss		$	(182,520	)		$	(796,521	)		$	(979,041	)

Year Ended June 30, 2022		USA			Malaysia			Total
Revenue		$	-			$	-			$	-
Cost of Goods Sold			-				(47	)			(47	)
Depreciation of property, plant and equipment			-				(5,318	)			(5,318	)
General and administrative expenses			(100,541	)			(113,629	)			(214,170	)
Professional fees			(213,496	)			(2,506	)			(216,002	)
Exploration expenditures			-				(287,244	)			(287,244	)
Other expenses			(84,200	)			(1,509,082	)			(1,593,282	)
Net loss		$	(398,237	)		$	(1,917,826	)		$	(2,316,063	)

The following table shows assets information by geographic segment at June 30, 2023 and 2022:

As of June 30, 2023		USA			Malaysia			Total
Current assets		$	-			$	28,093			$	28,093
Property and equipment, net			-				11,401				11,401
Total assets		$	-			$	39,494			$	39,494

As of June 30, 2022		USA			Malaysia			Total
Current assets		$	-			$	37,750			$	37,750
Property and equipment, net			-				16,473				16,473
Total assets		$	-			$	54,223			$	54,223

Note 13 - Income Taxes

The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. Since their inceptions, the Company and its wholly owned subsidiary incurred net losses and, therefore, have no tax liability, as the Company has recorded a valuation allowance fully covering all net deferred tax assets for itself and SBS for all periods presented. The cumulative net operating loss carry-forward in the US is approximately $4.1 million and approximately $5.1 million in Malaysia at June 30, 2023, respectively and will begin to expire in 2034 in Malaysia.

Net deferred tax assets were made up of the following items as of June 30:

		2023			2022
Deferred tax assets:
Impairment of related party receivables		$	-			$	94,000
Net operating loss carryforwards			1,789,400				1,580,600
Total long-term deferred tax asset			1,789,400				1,674,600
Deferred tax liabilities:
Related party liabilities			(28,900	)			(28,900	)
Total deferred tax liabilities			(28,900	)			(28,900	)
Valuation Allowance			(1,760,500	)			(1,645,700	)
Total Net Deferred Tax Assets		$	-			$	-

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The difference from the reported income tax benefit to that expected from the loss from operations computed using the United States statutory federal income tax rate of 21% compared to the Malay statutory federal income tax rate of 24%:

		2023			2022
Expected income tax benefit		$	(205,600	)		$	(486,000	)
Permanent timing difference			(3,200	)			(8,100	)
Other			-				-
Difference in tax rates between US and Malaysia			(29,400	)			(70,000	)
Valuation allowance			238,200				564,100
Reported income tax expense (benefit)		$	-			$	-

Note 14 - Deferred Revenue

During the year ended June 30, 2022, the Company received approximately $124,739 (MYR 550,000) from OSC in advance of the contract entered into May 27, 2022, where the Company entered into an operator agreement with OSC, in which OSC has been provided with the ability to carry out all dredging activities, all transportation, insurance, risk management and export in an area comprised of 21.10 sq/km. within the Company's 325.3 sq/km concession area. As part of this transaction, the Company and OSC have executed a power of attorney and exclusive sole marketing agent agreement. The power of attorney allows OSC to act as the Company's sub-operator within the concession area; in the exclusive sole marketing agent agreement the Company appoints OSC to act as exclusive sole marketing agent to promote and negotiate the sale of sea sands and to seek funding for the Company's sea sand projects. The Company has recorded the amount received to date as deferred revenue as it is yet to transfer control of dredged sea sand production but expects to do so in the near term.

Note 15 - Subsequent Events

In November of 2024 the Company's ticker symbol "NINK" was suspended for trading in the OTC Markets by FINRA due to inactivity. The Company is currently working with is securities counsel to engage a market maker and reinstate trading of its shares.

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ITEM 9. CHANGES AND DISAGREEMENTS WITH ACCOUNTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES.

In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as of the end of the period covered by this Annual Report on Form 10-K, the Company's management evaluated, with the participation of the Company's principal executive and financial officer, the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act). Disclosure controls and procedures are defined as those controls and other procedures of an issuer that are designed to ensure that the information required to be disclosed by the issuer in the reports it files or submits under the Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, we concluded that the Company's disclosure controls and procedures are ineffective in gathering, analyzing, and disclosing information needed to satisfy the registrant's disclosure obligations under the Exchange Act. Based upon an evaluation of the effectiveness of disclosure controls and procedures, our Company's principal executive and principal financial officer have concluded that as of the end of the period covered by this Annual Report on Form 10-K, our disclosure controls, and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) are not effective because of the material weaknesses in our disclosure controls and procedures, which are identified below. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

The material weaknesses in our disclosure control procedures are as follows:

1. Lack of resources provided to the accounting and reporting function under U.S. GAAP. The Company utilizes a third-party independent contractor for the work required to convert our financial statements for SBS from local Malaysia GAAP into U.S. GAAP and for preparation of its U.S. GAAP consolidated financial statements. There are certain challenges faced in providing sufficient resources in terms of time and access to allow the contractor to properly record all of the adjustments necessary on a timely basis to conform our reporting to U.S. GAAP standards.

2. Failure to properly account for certain embedded contingent interest features contained within project financing agreements. The Company failed to properly account for the embedded contingent interest feature within certain financing instruments as an embedded derivatives that require bifurcation from the host contract in accordance with US GAAP.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes: maintaining records that, in reasonable detail, accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of Company assets that could have a material effect on our financial statements would be prevented or detected.

As of June 30, 2023, management assessed the effectiveness of the Company's internal control over financial reporting based on the criteria for effective internal control over financial reporting established in SEC guidance on conducting such assessments. Based on this evaluation under the COSO Framework, our management concluded that our internal controls over financial reporting are not effective as of June 30, 2023. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control-Integrated Framework. Based on that evaluation, they concluded that, as of June 30, 2023, such internal controls and procedures were not effective to detect the inappropriate application of U.S. GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that the Company's management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and lack of a majority of outside directors on the Company's Board of Directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of U.S. GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by the Company's Chief Financial Officer in connection with the review of our financial statements as of June 30, 2023 and communicated to our management.

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Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on the Company's financial results. However, management believes that the lack of a functioning audit committee and lack of a majority of outside directors on the Company's Board of Directors could result in ineffective oversight in the establishment and monitoring of required internal controls and procedures.

We are committed to improving our financial organization. As part of this commitment, we will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to the Company: i) appointing one or more outside directors to our Board of Directors who shall be appointed to the audit committee of the Company resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures; and ii) preparing and implementing sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of U.S. GAAP and SEC disclosure requirements.

Management believes that the appointment of more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on the Company's Board. In addition, management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses: (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of U.S. GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and knowledge will result in proper segregation of duties and provide more checks and balances within the accounting department. Additional personnel will also provide the cross training needed to support the Company if personnel turnover issues within the department occur. This coupled with the appointment of additional outside directors will greatly decrease any control and procedure issues the Company may encounter in the future.

We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

There have been no changes in our internal controls over financial reporting that occurred during the year ended June 30, 2023 that have materially affected or are reasonably likely to materially affect, our internal controls over financial reporting.

This annual report does not include an attestation report of the Company's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's independent registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide management report in the annual report.

ITEM 9B. OTHER INFORMATION.

None.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Prior to October 31, 2016, the Board of Directors of the Company (the "Board") consisted of Mr. Bunloet Srihanorm as sole director. Effective December 13, 2016, the Board appointed Mr. Ong Tee Keat as Chairman of the Board; and Mr. Bunloet Srihanorm resigned as the sole director of the Company. On June 22, 2017, the number of directors of the Company was increased from one (1) to three (3) members. To fill the newly created vacancies, the Board appointed Nik Ismail bin Nik Yusoff and Abdul Aziz bin Haji Jaafar as members of the Board. On August 23, 2017, the number of directors of the Company was again increased from three (3) members to four (4) members. To fill the newly created vacancies, Soh Ooi Tech was appointed as a member of the Board.

In addition, effective December 13, 2016, the Board appointed Mr. Ong Tee Keat as CEO, Secretary, and Treasurer. On July 1, 2017, Mr. Ong Tee Keat resigned from his position as Treasurer and Chief Financial Officer. On the same date, the Board appointed Mr. Lew Sze How as the Company's Chief Financial Officer.

On July 4, 2018, the Board appointed Mr. Lok Khing Ming as Executive Director and Secretary of the Company. Mr. Ong Tee Keat resigned from his position as Chief Executive Officer and Secretary, and the Board appointed Mr. Calvin Chin as Chief Executive Officer, Ms. Chantel Chan as Chief Operation Officer of Compliance, Mr. S.N. Loh as Chief Operation Officer of Operations, Mr. Lew Sze How as Chief Financial Officer of Compliance, and Mr. M.W. "Jason" Chan as Chief Financial Officer of Operations effective as of July 4, 2018.

On August 26, 2019, Mr. Soh Ooi Tech resigned from his position as a member of the Board.

Effective on May 4, 2020, the Company decided to terminate the employment of Chan Min Wai (M.W. "Jason" Chan) as Chief Financial Officer of Operations and Loh Siew Ngee (S.N. Loh) as Chief Operation Officer of Operations. Both officers accepted their termination and received settlement payments in connection therewith.

Mr. Lew Sze How, resigned as the Company' Chief Financial Officer in January of 2022, with Mr. Calvin Chin, assuming the position of Chief Financial Officer of the Company.

During September 2022, Mr. Ong Tee Keat notified the Company of his decision to step down as Chairman of the Board of Directors, remaining as a founder, advisor and member of the Company's Board of Directors. Mr. Aziz Abdul Haji Jaafar, has been appointed by the Board of Directors as its new Chairman effective on October 1, 2022.

The following table sets forth the name, age, and position of the Company's directors and officers as of the date of this report. Executive officers are elected annually by our Board of Directors. Each executive officer holds his office until he resigns, is removed by the Board, or his successor is elected and qualified.

Name		Age		Position(s)
Ong Tee Keat		67		Director
Nik Ismail bin Nik Yusoff		77		Director
Abdul Aziz bin Haji Jaafar		67		Chairman of the Board of Directors
Lok Khing Ming		54		Director and Secretary
Calvin Chin		47		Chief Executive Officer and Chief Financial Officer
Chantel Chan		63		Chief Operation Officer

Abdul Aziz bin Haji Jaafar, Chairman of the Board of Director

Mr. Abdul Aziz bin Haji Jaafar is currently a member of the Board of Directors of Malacca Economic Council (MAPEN), located in Malaysia. From 2013 to 2015, Mr. Abdul served on the Board of Trustees for the Malaysian Institute of Defense and Security (MiDAS), a Malaysian company located in Kuala Lumpur that is a professional research institution on issues of defense and security. From 2010 to 2012, he served as the Chairman for Armed Forces Welfare, Social and Sports Club (KSSKA). From 2008 to 2015, Mr. Abdul Aziz served as a member of the Board of the Malaysian Defense Council, located in Kuala Lumpur, which ensures coordinated and orderly development of the defense industry section in Malaysia. From 2008 to 2015, he served as the Vice President of Armed Forces Cooperatives (Koperasi Tentera), a financial institution located in Kuala Lumpur, Malaysia. From 2008 to 2015, Mr. Abdul served as a member of the Board of SME Ordnance (SMEO) Sdn Bhd., a Malaysian defense company located in Batu Arang. From 2008 to 2015 he served as a member of the Board of Boustead Naval Shipyard (BNS) Sdn Bhd., a Malaysian company located in Perak, which builds various types of naval and commercial vessels and provides extensive depot level maintenance services.

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Mr. Abdul Aziz bin Haji Jaafar was appointed as a member of the Company's Board of Directors on June 22, 2017. Following the resignation of Mr. Ong as the Chairman of the Board of Directors, Mr. Abdul Aziz bin Haji Jaafar was appointed by the board to act as its new Chairman, effective on October 1, 2022.

Ong Tee Keat, Director

Mr. Ong Tee Keat holds a Bachelor of Engineering (BE) in Mechanical Engineering from University of Malaya, graduating in 1981. Mr. Ong spent the early part of his professional career in the private sector as an Engineer. He joined Wagon Engineering Sdn Bhd as a Mechanical Engineer in 1981; William Jacks Sdn Bhd, Malaysia as a Sales Engineer in 1983; and Transtrade (M) Sdn Bhd, Malaysia as a Sales Manager in 1984. In 1985, he was a Senior Engineer and Marketing Manager for Wagon Engineering Sdn Bhd.

Mr. Ong served as a Political Secretary to Minister in Malaysia Federal Cabinet from 1986 to 1990; a Member of Parliament for Ampang Jaya, Malaysia from 1989 to 2004; a Member of Parliament for Pandan, Malaysia from 2004 to 2013; a Deputy Speaker of the House of Representatives, Parliament of Malaysia from 1990 to 1999; a Deputy Minister for Youth & Sports, Malaysia from 1999 to 2006; a Deputy Minister for Higher Education, Malaysia from 2006 to 2008; and a Minister for Transport, Malaysia from 2008 to 2010.

Mr. Ong joined Nami Corp as the Chairman of its Board of Directors on 13 December 2016.

Mr. Ong was also a columnist for Chinese daily Sin Chew Jit Poh, with articles running from 1979 to 1986.

Nik Ismail bin Nik Yusoff, Director

Mr. Nik Ismail bin Nik Yusoff was appointed as Chairman of the Board of Directors for AT Systematization Berhad on May 24, 2015 and continues to hold that position. From 2001 to 2013, Mr. Nik was a Member of the Board of Directors of Malaysian AE Models Holdings Berhad, an investment holding company, which engages in designing, manufacturing, installing, and marketing material handling and conveyor systems and parties primarily to the automation industry in Malaysia.

Mr. Nik Ismail bin Nik Yusoff was appointed as a member of the Company's Board of Directors on June 22, 2017.

Lok Khing Ming, Director and Secretary

Mr. Lok Khing Ming served as the Chief Executive Officer, President, Treasurer and sole director of GMCI Corp from December 2014 until October 2016. He has subsequently resigned from his office positions and was appointed as the Chairman of the Board of GMCI Corp in October 2016. Mr. Lok was previously the managing director of SBS. Mr. Lok's responsibilities include leading the exploration for mining opportunities in and around Malaysia, developing business strategies and implementing the Company's marketing plan. From 2007 to 2010, Mr. Lok was the General Manager of Asia East Coast Mining Sdn. Bhd., a company engaged in gold mining.

In November 1991, Mr. Lok earned a Diploma in Electronic Engineering from the Federal Institute of Technology, Malaysia.

Mr. Lok was appointed as executive director and secretary of NAMI Corp. on July 4, 2018.

Calvin Chin, Chief Executive Officer and Chief Financial Officer

Mr. Calvin Chin served as the Chief Financial Officer of GMCI Corp since October 2015 and was subsequently re-appointed as the Chief Executive Officer of GMCI Corp from October 2016 until July 2018. Mr. Chin was the Head of Finance for HCM-Hygenic Corporation (M) Sdn. Bhd. (a subsidiary of US multinational corporation located in Batu Gajah, Perak, Malaysia) from July 2004 to October 2015. Mr. Chin's duties included leading and emerging the finance team and assisting the managing director in management of the daily business operations. Mr. Chin, acting as one of the local directors for the Malaysian entity, sat on the Board of Directors as part of a decision maker for the Malaysian business entity. Mr. Chin reported directly to the CFO based in the Unites States on the financial position of the Malaysian entity.

Mr. Chin was a lead auditor with Ernst & Young, Malaysia from 2000 to 2004 and has auditing experience in specializing in the manufacturing, retailing, plantation and property development industries.

Mr. Chin earned a professional degree from the Association of Certified Chartered Accountants ("ACCA") in the UK.

Calvin Chin was appointed as the Chief Executive Officer of NAMI Corp. on July 4, 2018. Mr. Calvin Chin assumed the position of Chief Financial Officer of the Company during the month of January of 2022, upon the resignation of Mr. Lew Sze How.

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Chantel Chan, Chief Operation Officer of Compliance

With 32 years of extensive experience in various industries and a determination to improve everything around her, Ms. Chantel Chan brings a laser-focused and strategy-focused approach along with the expertise to oversee the strategic development, expansion and growth of NAMI Corp.'s businesses.

From 1993 to 1999, Ms. Chan was the General Manager responsible for sales and marketing, IT software development, local/off-shore data conversion, facilities data collection, digital mapping and street directory and business development and planning for Rimman International Sdn. Bhd., a company providing services related to computer mapping, facilities management for the telecommunication and utilities industry in Malaysia and international market.

Ms. Chan joined Zija International (a multinational corporation in Utah, USA) as a Marketing and Business Consultant from 2013 to 2015, responsible for reviewing all aspects of marketing for the Southeast Asia region, assisting in opening up new markets in the Southeast Asia region pertaining to products and license application and assisting in logistics in the Southeast Asia region. She also oversaw the implementation of corporate policies, procedures and programs in the Southeast Asia region. Ms. Chan ensured that Zija and its distributors conducted business in compliance with applicable laws to secure Zija's future as a legacy company.

Between 1999 to 2012, she was a Director/Chief Operating Officer of Borderless Marketing Group Sdn Bhd, involving IT project management and operation for supporting clients in the Southeast Asia region. She was also appointed as an advisory council member for Agel Enterprises (a multinational corporation in Utah, USA) for the Malaysian and Indonesian markets.

In 1984, Ms. Chan graduated from the University of Toronto, Canada with a Bachelor of Science in Computer Science and Actuarial Science.

Ms. Chan was appointed as the Chief Operating Officer of Compliance of NAMI Corp. on July 4, 2018.

Significant Employees

The Company does not currently have any employees. We do not have any employment agreements with any of our directors or executive officers.

On July 1, 2019, the Company effectively entered into a corporate services agreement (the "Corporate Services Agreement") with NDC. Pursuant to the terms of the Corporate Services Agreement, NDC will provide general corporate and administrative services, including, but not limited to, accounting and payroll services and human resources support, to the Company and SBS. The Company and SBS will each pay a monthly retainer and reimburse the out-of-pocket expenses reasonably incurred by NDC in connection with the provision of these services as compensation to NDC. Additionally, the Company and SBS will each reimburse NDC for any service taxes, as well as any other taxes, incurred in connection with NDC's carrying out this Corporate Services Agreement. Either party may terminate the Corporate Services Agreement upon 90 days' prior written notice, provided that the non-terminating party reserves the right to negotiate for a longer period in order to effect an orderly transition of services.

Prior to the second quarter of 2019, the Company and NDC were determined to be related parties by virtue of their relationships with Mr. Lew Sze How and Mr. M.W. "Jason" Chan. Messrs. Lew and Chan were directors and shareholders of NDC while serving as officers of the Company. However, on May 30, 2019, Messrs. Lew and Chan resigned as directors of NDC; and on June 14, 2019, they ceased to be shareholders of NDC. Mr. Lew resigned from his position as the Company's Chief Financial Officer of Compliance in January of 2022, and Mr. Chan was terminated on May 4, 2020. Accordingly, the Company and NDC are no longer related parties.

Family Relationships

There are no family relationships among the directors and executive officers of the Company.

Code of Ethics

We have adopted a Code of Ethics and Insider Trading Policy for our principal executive and financial officers.

Board of Directors

Currently our Board of Directors consists of four members. Our bylaws permit our Board to establish by resolution the authorized number of directors, and five directors are currently authorized.

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Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires our executive officers, directors, and persons who own more than 10% of a registered class of our equity securities (collectively, the "Reporting Persons") to file reports of ownership and changes in ownership with the Securities and Exchange Commission. The Reporting Persons are required to furnish us with copies of all Section 16(a) reports they file. Based solely upon a review of Forms 3, 4 and 5 and amendments thereto furnished to us by our officers and directors, we believe that the Reporting Persons complied with all applicable Section 16(a) reporting requirements and that all required reports were filed in a timely manner during the fiscal year ended June 30, 2023.

Involvement in Certain Legal Proceedings

Over the past ten years, none of our directors or executive officers has been: (i) involved in any petition under Federal bankruptcy laws or any state insolvency law; (ii) convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (iii) subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from (a) acting as a future's commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity, (b) engaging in any type of business practice, or (c) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws; (iv) subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in (iii)(a); (v) found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated; (vi) found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated; (vii) subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (x) any Federal or State securities or commodities law or regulation, (y) any law or regulation respecting financial institutions or insurance companies, or (z) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or (viii) the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member. Except as set forth in our discussion below in "Certain Relationships and Related Transactions, and Director Independence," none of our directors, director nominees or executive officers has been involved in any transactions with us or any of our directors, executive officers, affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

Committees of our Board of Directors

We presently do not have an audit committee, compensation committee or nominating committee or committee performing similar functions, as our management believes that until this point it has been premature at the early stage of our management and business development to form an audit, compensation or nominating committee. Until these committees are established, these decisions will continue to be made by our Board of Directors. Although our Board of Directors has not established any minimum qualifications for director candidates, when considering potential director candidates, our Board of Directors considers the candidate's character, judgment, skills and experience in the context of the needs of our Company and our Board of Directors.

Nominating Committee. We have not established a Nominating Committee because of our limited operations.

Audit Committee. We do not have an Audit Committee. The Company's Board of Directors performs some of the same functions of an Audit Committee, such as: recommending a firm of independent certified public accountants to audit the financial statements; reviewing the auditors' independence, the financial statements and their audit report; and reviewing management's administration of the system of internal accounting controls. The Company does not currently have a written audit committee charter or similar document.

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ITEM 11. EXECUTIVE COMPENSATION.

Summary Compensation Table

The following table sets forth in U.S. dollars information concerning all cash and non-cash compensation awarded to, earned by or paid to the named executive officers for services rendered in all capacities for the fiscal years ended June 30, 2023 and 2022.

Name and Principal Position		Year		Salary ($)			Bonus ($)			Stock Awards ($)			Option Awards ($)			Nonequity Incentive Plan Compensation ($)			Nonqualified Deferred Compensation Earnings ($)			All Other Compensation ($)			Total ($)
Nami Corp.
Calvin Chin		2023		$	-			$	-				-				-				-				-			$	31,101			$	31,101
Chief Executive Officer		2022		$	-			$	-				-				-				-				-			$	18,502			$	18,502
Chantel Chan		2023		$	-			$	-				-				-				-				-			$	32,690			$	32,690
Chief Operating Officer of Compliance		2022		$	-			$	-				-				-				-				-			$	23,167			$	23,167
Lok Khing Ming		2023		$	-			$	-				-				-				-				-			$	-			$	-
Executive Director and Secretary		2022		$	-			$	-				-				-				-				-			$	-			$	-
SBS
Lok Khing Ming (2)		2023		$	-			$	-				-				-				-				-			$	38,593			$	38,593
		2022		$	-			$	-				-				-				-				-			$	-			$	-
Liew Chin Loong (3)		2023		$	-			$	-				-				-				-				-			$	31,782			$	31,782
		2022		$	-			$	-				-				-				-				-			$	57,2224			$	57,2224

____________

(2)	Mr. Lok Khing Ming was appointed director and officer of SBS on September 27, 2013. Compensation above includes all compensation received by Mr. Lok in the respective fiscal periods.
(3)	Mr. Liew Chin Loong was appointed director and officer of SBS on August 14, 2008. Compensation above includes all compensation received by Mr. Liew in the respective fiscal periods.

Employment Agreements

The Company does not have any employment agreements with any of its directors or executive officers.

Grants of Plan-Based Awards

During the fiscal years ended June 30, 2023 and 2022, there were no grants of plan-based awards to our named executive officers.

Option Exercises and Stock Vested

During the fiscal years ended June 30, 2023 and 2022, there were no option exercises or vesting of stock awards to our named executive officers.

Outstanding Equity Awards at Fiscal Year End

None of our executive officers received any equity awards, including options, restricted stock or other equity incentives during the fiscal year ended June 30, 2023 and 2022. There are currently no outstanding awards as of the date of this report.

Compensation of Directors

Our Company's directors currently do not receive any cash compensation for service on our Company's Board of Directors or any committee thereof, but they may be reimbursed for certain expenses in connection with attendance at meetings of our Company's Board and committees thereof. During the year ended June 30, 2023, a total of $4,540 (RM20,000) was paid to three directors as one-time payments.

Limitation of Liability and Indemnification Matters

Our Company's articles of incorporation contain provisions that limit the liability of our directors for monetary damages to the fullest extent permitted by Nevada law.

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Our articles of incorporation and bylaws authorize our Company to provide indemnification to our directors and officers and persons who are or were serving at our request as a director, officer, manager or trustee of another corporation or of a partnership, limited liability company, joint venture, trust or other enterprise to the fullest extent permitted by Nevada law.

Our Company has not entered into any indemnification agreement with any of its directors or officers.

No pending litigation or proceeding involving a director, officer, employee or other agent of our Company currently exists as to which indemnification is being sought. We are not aware of any threatened litigation that may result in claims for indemnification by any director, officer, employee or other agent of our Company.

We anticipate obtaining director and officer liability insurance with respect to possible director and officer liabilities arising out of certain matters, including matters arising under the Securities Act. See "Disclosure of SEC Position on Indemnification for Securities Act Liabilities."

Disclosure of SEC Position on Indemnification for Securities Act Liabilities

Section 78.7502 of the Nevada Revised Statutes provides that directors and officers of Nevada corporations may, under certain circumstances, be indemnified against expenses (including attorneys' fees) and other liabilities actually and reasonably incurred by them as a result of any suit brought against them in their capacity as a director or officer, if they acted in good faith and in a manner that they reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, if they had no reasonable cause to believe their conduct was unlawful. Section 78.7502 of the Nevada Revised Statutes also provides that directors and officers of a Nevada corporation may be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by them in connection with a derivative suit if they acted in good faith and in a manner that they reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification may be made without court approval if such person was adjudged liable to the corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

In the event that a claim for indemnification against such liabilities (other than the payment by our Company of expenses incurred or paid by such director, officer or controlling person of our company in the successful defense of any action, suit or proceeding) is asserted by any director, officer or controlling person of our Company in connection with the securities being registered in the registration statement of which this prospectus is a part, the registrant will, unless in the opinion of counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by our Company is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information regarding the beneficial ownership of the Common Stock as of June 30, 2023, by (i) each person known by the Company to be the beneficial owner of 5% or more of the outstanding Common Stock, (ii) each executive officer and director of the Company, and (iii) all of the Company's executive officers and directors as a group.

Name and Address of Beneficial Owner		Amount and Nature of Beneficial Ownership (1)			Percentage of Class (2)
Named Directors and Executive Officers
Ong Tee Keat (3)			494,556,980				34.659	%
Nik Ismail bin Nik Yusoff			1,504,167				0.105	%
Abdul Aziz bin Haji Jaafar			1,500,000				0.105	%
Lok Khing Ming (5)			44,646,794				3.129	%
Calvin Chin			6,000,000				0.420	%
Chantel Chan			5,237,224				0.367	%
All Directors and Executive Officers as a Group			553,445,165				38.788	%
5% Shareholders
Ong Tee Keat (3)			494,556,980				34.659	%
My Premier Trustee (Malaysia) Berhad			112,909,375				7.913	%
LYF & Son Realty Sdn. Bhd. (6)			282,038,998				19.765	%
All 5% Shareholders as a Group		889.505.353				62.337	%

__________

(1)

Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the number of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person's actual ownership or voting power with respect to the number of shares of common stock actually outstanding on June 30, 2023. As of June 30, 2023, there were 1,426,927,346 shares of our Company's Common Stock issued and outstanding.

(2)	Based on 1,426,927,346 shares of Common Stock issued and outstanding as of June 30, 2023.
(3)	Effective December 13, 2016, Mr. Ong was appointed Chairman of the Board and Chief Executive Officer of the Company. As of June 30, 2023, included in his 494,556,980 shares were 486,389,802 shares in his name personally, and 8,158,178 held by Global Asset Trustee (Malaysia) Berhad ("GATB") a professional fiduciary for the benefit of 163 subscribers. As of June 30, 2023, GATB is still in the process of transferring 8,158,178 shares of the Company's common stock for the benefit of 163 Subscribers. The following table illustrates the ownership of the Ong Trusts:

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As of 30 June 2023:

Owner		GATB
Total Number of Shares held in Trust			8,158,178
Total Number of Shares held in trust for Mr. Ong			0
Total Number of Shares held in trust for Subscribers			8,158,178
Total Number of Subscribers in each Trust			163

As of 30 June 2022:

Owner		GATB
Total Number of Shares held in Trust			8,158,178
Total Number of Shares held in trust for Mr. Ong			0
Total Number of Shares held in trust for Subscribers			8,158,178
Total Number of Subscribers in each Trust			163

(5)

Lok Khing Ming ("Mr. Lok"), was appointed sole director of GMCI Corp effective December 12, 2014 and then appointed Chairman of GMCI Corp on October 5, 2016. Mr. Lok was appointed as executive director and secretary of NAMI Corp. on July 4, 2018. As of June 30, 2023, included in the 44,646,794. shares owned by Mr. Lok are 112,909,375 shares held by My Premier Trustee (Malaysia) Berhad (the "MPT"), 19,706,516 shares held by Leamington Corporation Limited ("Leamington), 9,121,468 shares held by Legacy Fiduciary Services Limited ("Legacy"), and 25,782,035 shares held by EAS Alpha (PTC) Limited ("EAS") for the sole benefit of Mr. Lok (collectively, the "Lok Trusts"). Among the Lok Trusts, MPT owned a total of 182,159,951 shares, of which 163,625,225 shares are held by 2,297 subscribers ("Subscribers") who purchased certificates of trust ("Certificates of Trust") from Mr. Lok. On February 26, 2019, MPT transferred 18,534,726 shares of the Company's common stock directly to Mr. Lok. Upon completion of such transfer, MPT held 163,625,225 shares of the Company's common stock held in trust for the benefit of 2,297 subscribers. As of June 30, 2022, MPT has transferred 50,715,850 shares of the Company's common stock to 701 Subscribers; and is still in the process of transferring the remaining 112,909,375 shares of the Company's common stock to the remaining 1,596 Subscribers. Leamington owned a total of 20,000,000 shares, of which 293,484 shares were held by 28 Subscribers who purchased a Certificates of Trust from Mr. Lok. On 6 December 6, 2018, Leamington transferred 19,706,516 shares of the Company's common stock directly to Mr. Lok. Upon completion of such transfer, Leamington held 293,484 shares of the Company's common stock in trust for the benefit of 28 Subscribers. On May 22, 2019, Leamington transferred 293,484 shares of the Company's common stock to the 28 Subscribers. As of June 30, 2022, Leamington does not hold shares of the Company's common stock. Legacy owned a total of 60,000,000 shares, of which 878,532 shares are held by 23 Subscribers who purchased a Certificate of Trust from Mr. Lok in a series of arm's-length transactions. Legacy is in the process of transferring 9,121,468 shares of the Company's common stock directly to Mr. Lok. When this transfer becomes effective 878,532 shares of Company's common stock will remain in trust held by Legacy for the benefit of 23 Subscribers. As of June 30, 2022, Legacy held 9,121,468 shares of the Company's common stock in trust for the benefit of Mr. Lok; and 878,532 shares of the Company's common stock for the benefit of 23 Subscribers. EAS owned a total of 40,000,000 shares, of which 14,217,965 shares are held by 205 Subscribers who purchased a Certificate of Trust from Mr. Lok. On October 26, 2018, EAS transferred 25,782,035 shares of the Company's common stock directly to Mr. Lok, and on 4 December 2019, EAS transferred 14,217,965 shares of the Company's common stock to 205 subscribers. As of June 30, 2022, EAS did not hold shares of the Company's common stock. The Subscribers will become the beneficial owners once they surrender their Certificates of Trust to their respective Lok Trust in exchange for their pro rata shares held on their behalf. None of the Subscribers is a U.S. person or owns more than 5% of the outstanding common stock of the Company. The following table illustrates the ownership of the Lok Trusts:

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As of 30 June 2023

Owner		MPT			Legacy
Total Number of Shares held in Trust			112,909,375				60,000,000
Total Number of Shares held in trust for Mr. Lok			0				9,121,468
Total Number of Shares held in trust for Subscribers			112,909,375				878,532
Total Number of Subscribers in each Trust			1,596				23

As of 30 June 2022

Owner		MPT			Legacy
Total Number of Shares held in Trust			112,909,375				60,000,000
Total Number of Shares held in trust for Mr. Lok			0				9,121,468
Total Number of Shares held in trust for Subscribers			112,909,375				878,532
Total Number of Subscribers in each Trust		1,596				23

(6)

LYF & Son Realty Sdn. Bhd ("LYFS") owns 332,038,988 shares of the Company's common stock. Of the 332,038,988 shares owned by LYFS, Dato Chin Wai Leong owns 51% of the shares of LYFS while Madam Liew Yoke Foong owns the remaining 49%. Both Dato Chin Wai Leong and Madam Liew Yoke Foong have voting and disposition control over the shares held by LYFS. Included in LYFS' 332,038,998 shares are 282,038,998 shares held in its name and 50,000,000 shares held by Legacy Fiduciary Services Limited for the sole benefit of LYFS. As of the date of this report, Legacy has not effected the transfer of the 50,000,000 shares of the Company's common stock to LYFS.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Advances from Related Parties / Related Parties Transactions

Advances from related parties:

		June 30,			June 30,
		2023			2022
Advances from its Directors		$	1,179,482			$	1,093,752
Advances from related party			1,742,978				1,799,611
Advances from holding company			639,057				677,341
Total		$	3,561,517			$	3,570,704

During the year ended June 30, 2023 and 2022, the Company received advances from directors of $79,382 and $155,608, respectively and repaid advances from a director of $14,659 and $26,664, respectively. The Company also repaid $156 of expenses paid directly by a related party in the prior year.

The Company has imputed interest at the rate of approximately 6.5% on the advances made to the Company in the amount of $215,136 and $251,247 during the years ended June 30, 2023 and 2022, respectively.

Promoters and Certain Control Persons

GMCI was the Company's controlling shareholder before the NAMI Stock Dividend and is a Nevada corporation. GMCI has not been a party to any legal proceedings at any time during the past ten (10) years.

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Director Independence

Under the rules of the national securities exchanges, a majority of a listed company's Board of Directors must be comprised of independent directors, and each member of a listed company's audit, compensation and nominating and corporate governance committees must be independent as well. Under the same rules a director will only qualify as an "independent director" if that company's board of directors affirmatively determines that such director has no material relationship with that company, either directly or as a partner, shareholder or officer of an organization that has a relationship with that company.

In addition, the members of that company's audit committee must satisfy the independence criteria set forth in Rule 10A-3 under the Securities Exchange Act of 1934, as amended ("Rule 10A-3"). In order to be considered to be independent for purposes of Rule 10A-3, no member of the audit committee may, other than in his capacity as a member of the audit committee, the board of directors or any other board committee: (1) accept, directly or indirectly, any consulting, advisory or other compensatory fee from the company or any of its subsidiaries or (2) be an affiliated person of the company or any of its subsidiaries.

Two out of our four directors, Messrs. Nik Ismail bin Nik Yusoff and Abdul Aziz bin Haji Jaafar, are considered independent as defined by the rules of the Nasdaq Stock Market. As of June 30, 2023, our Company was in the process of forming our audit committee.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The aggregate fees billed for the most recently completed fiscal year ended June 30, 2023 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

		Year Ended
		June 30, 2022 $			June 30, 2023 $
Audit Fees			90,290				41,120
Audit-Related Fees		[--]			[--]
Tax Fees		[--]			[--]
All Other Fees		[--]			[--]
Total			90,290				41,120

Our Board of Directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the Board either before or after the respective services were rendered.

Our Board of Directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors' independence.

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PART IV

ITEM 15. EXHIBITS.

The following exhibits are furnished with this report:

Exhibit No.		Exhibit Description
2.1		Articles of Merger dated November 4, 2016 by and among the Company and its wholly-owned subsidiary, NAMI Corp., as filed with the SEC on December 16, 2016.
2.2		Binding Letter of Intent dated December 11, 2017 by and among the Company and GMCI, as filed with the SEC on December 15, 2017.
2.3		Termination of Letter of Intent dated July 4, 2018 by and among the Company and GMCI, as filed with the SEC on July 6, 2018.
2.4		Share Exchange Agreement dated July 4, 2018 by and among the Company and GMCI, as filed with the SEC on July 6, 2018.
3.1		Articles of Incorporation, as filed with the SEC on March 1, 2013.
3.2		Bylaws, as filed with the SEC on March 1, 2013.
3.3		Amendment to the Company's Articles of Incorporation, as filed with the SEC on December 16, 2016.
4.1		Subscription Agreement dated August 1, 2018 between SBS and Ku We Ha*
4.2		Subscription Agreement dated August 1, 2018 between SBS and Wong Seow Yong*
10.1		Agreement dated August 30, 2017 between SBS and JHW, as filed with the SEC on July 13, 2018.
10.2		Agreement dated July 1, 2019 between the Company and NDC, as filed with the SEC on September 25, 2019.
10.3		License grant dated January 10, 2019 from Malaysia to JHW*
10.4		Agreement dated December 30, 2020 between SBS and Royal Resources PTE LTD*
31.1		Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer*
31.2		Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer*
32.1		Section 1350 Certification by Chief Executive Officer*
32.2		Section 1350 Certification by Chief Financial Officer*

* Filed herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

	NAMI CORP., a Nevada corporation
DATED: November 21, 2024	By:	/s/ Calvin Chin
	Calvin Chin
	Chief Executive Officer
DATED: November 21, 2024	By:	/s/ Calvin Chin
	Calvin Chin
	Chief Financial Officer - Compliance

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