Vestand Inc.

Listed Company

VSTDCIK 0001898604NasdaqEmerging GrowthRetail-Eating PlacesDelawareFY ends Dec 31

Period

FY 2024

Revenue

$12.84M

Net Income

$-2.67M

Total Assets

$17.57M

Equity

$255.4K

Shares Out

11.94M

Op. Cash Flow

$875.2K

Business

Vestand Inc. operates and expands a fast-growing Japanese casual dining concept under the Yoshiharu brand, specializing in ramen restaurants. It offers signature ramen bowls (notably Tonkotsu Black), sushi rolls, bento boxes, catering, and delivery/pickup options, with hand-prepared broths and other scratch-made ingredients. The company manages corporate-owned restaurants, site development and construction, acquisitions, and plans for franchising and retail product initiatives. It primarily serves Southern California and Las Vegas through dine-in, takeout, delivery, catering, and potential retail distribution channels.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Food and beverage	13	9	8	7
Food, beverages and supplies	3	2	2	2
Labor	5	4	4	3
Rent and utilities	2	1	1	689,709
Delivery and service fees	528,632	563,910	525,747	525,638
Depreciation	822,318	545,549	658,371	138,665
Total restaurant operating expenses	11	9	8	6
Net restaurant operating income	2	364,394	166,095	214,590
General and administrative	4	3	3	2
Related party compensation	139,769	339,740	916,891	—
Advertising and marketing	100,059	120,872	148,664	31,952
Total operating expenses	4	4	4	2
Loss from operations	−3	−4	−4	−2
RRF loan forgiveness	—	700,454	—	—
Gain on disposal of fixed asset	—	8,920	—	—
Other income	378,621	32,316	18,508	26,486
Interest	−455,224	−218,153	—	—
Total other income	−76,603	523,537	316,108	244,149
Loss before income taxes	−3	−3	−3	−2
Income tax provision	34,237	48,647	19,245	14,649
Net loss	−3	−3	−3	−2
Basic (per share)	−1.98	−2.29	−3.23	−0.35
Diluted (per share)	−1.98	−2.29	−3.23	—
Basic (shares)	1	1	1	5
Diluted (shares)	1	1	1	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2024 2024-04-30	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	1	—	1	7	1
Accounts receivable	84,110	—	—	—	—
Inventories	139,422	—	73,023	60,899	36,573
Total current assets	1	—	2	7	1
Property and equipment, net	5	—	4	3	2
Operating lease right-of-use asset, net	7	—	5	6	2
Intangible asset	491,223	531,051	—	—	—
Goodwill	2	2	—	—	—
Other assets	1	—	2	308,353	157,949
Total non-current assets	16	—	11	9	5
Total assets	18	—	13	16	6
Accounts payable and accrued expenses	843,322	—	647,811	744,101	2
Line of credit	1	—	1	300,000	—
Current portion of operating lease liabilities	975,210	—	572,230	458,803	214,994
Current portion of bank notes payables	1	—	414,378	265,943	235,662
Current portion of loan payable, EIDL	10,924	—	10,526	39,652	—
Loans payable to financial institutions	34,282	—	534,239	—	100,334
Due to related party	732,710	—	24,176	5,915	88,437
Other payables	1	—	65,700	5,915	—
Total current liabilities	6	—	3	2	4
Operating lease liabilities, less current portion	7	—	6	6	2
Bank notes payables, less current portion	2	—	991,951	1	1
Loan payable, EIDL, less current portion	404,490	—	415,339	410,348	—
Notes payable to related party	600,000	—	—	—	—
Convertible notes to related party	1	—	—	—	—
Total liabilities	17	—	10	10	8
Commitments and contingencies	—	—	—	—	—
Additional paid-in-capital	12	—	12	12	—
Accumulated deficit	−12	—	−9	−6	−3
Total stockholders equity	255,399	—	3	6	−2
Total liabilities and stockholders equity	18	—	13	16	6

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization	39,828	—	—	—
Accounts Receivable	−84,110	—	—	—
Inventories	−53,614	−12,124	−24,326	−20,837
Other assets	896,567	−1	−150,404	−105,732
Accounts payable and accrued expenses	198,979	−33,915	883,871	296,917
Due to related party	708,534	−148,544	−1	—
Other payables	1	59,785	−16,822	—
Net cash provided by (used in) operating activities	875,224	−5	−4	194,143
Purchases of property and equipment	−761,527	−1	−1	−896,615
Acquisition of LV entities	−2	—	—	—
Net cash used in investing activities	−3	−1	−1	−896,615
Advance from line of credit	—	700,000	300,000	—
Proceeds from borrowings for acquisition of LV entities	900,000	—	—	—
Proceeds from borrowings	1	812,000	258,133	1
Repayments on bank notes payables	−433,799	−715,892	−209,719	−167,145
Proceeds from loan payable to financial institutions	—	595,400	—	—
Repayment of loan payable to financial institutions	−499,957	−61,161	—	—
Proceeds from sale of common shares	267,789	56,000	10	1
Net cash provided by financing activities	1	1	11	2
Net decrease in cash	−221,290	−5	5	1
Note payable to related party acquisition of LV entities (seller carry)	600,000	—	—	—
Convertible notes to related party	1	—	—	—
Interest	443,487	218,153	88,300	52,224
Income taxes	34,237	48,647	19,245	14,649

Filings

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