Company Summary: Legend Spices Inc.

Business Overview

• Main Activity: Production and marketing of seasonings to enhance the flavor of food, focusing primarily on cuisines of the Caucasus region (Georgia, Azerbaijan, Armenia).
• Product Family: Legend Spices, made from spices, herbs, and salt sourced from Armenia.
• Specialties: Unique seasonings, dried herbs and greens, black and red pepper.
• Market Focus: Currently only operating within Armenia, aiming to expand into North America and Europe.
• Cuisine Focus: Caucasian cuisine, characterized by grilled skewered meats and fresh vegetables, with a cultural and natural diversity influences from the Caucasus region.

Product Details

• Seasonings Offered: 7 varieties, including Heavenly Meat Spice ("ST"), Sensational Taste ("HA"), Miracle Fish Spice ("AN"), Holy Chicken Seasoning ("YA"), and others for pilaf, potatoes, and Korean carrots.
• Herbs and Greens: 14 varieties including thyme, chamomile, mint, parsley, coriander, rosemary, basil, tarragon, dill, mixed greens, oregano, bay leaf, ground thyme, and ground mint.
• Ingredients Sourcing: Primarily sourced from Armenia, including high-quality herbs, spices, and mountain salt extracted manually.

Business Operations

• Production: Small-scale mixing and packaging done on the director’s property in a sterile environment using uniforms, PPE, and locally purchased packaging and labeling equipment.
• Distribution: Delivered weekly via personal vehicle, with current market only in Armenia.
• Current Revenue: Approximately US$6,924 for the year ended December 31, 2024.
• Cost of Sales: US$4,970, resulting in a gross profit of US$1,954.
• Expenses: US$33,027 mainly on legal, accounting, and administrative costs, with some legal fees related to business registration.
• Net Income/Loss: Loss of US$31,073 for 2024, and a prior net loss of US$62,820 for 2023.

Financial Summary (2024)

• Employees: As of the report date, only one employee (Suzanna Mkrtchyan).
• Customers: Heavy customer concentration; one customer ("Customer A") accounts for approximately 85% of revenue and 74% of accounts receivable.
• Revenue: $6,924 in 2024.
• Net Loss: $31,073 in 2024.
• Cash on Hand: $789 as of December 31, 2024.
• Liabilities: Total current liabilities of $71,985, mainly due to accounts payable and a related-party loan of $69,717.

Corporate Details

• Incorporation Date: May 10, 2021, under Nevada law.
• Location: Business offices are in Armenia (Yerevan); property is provided by the sole director at no charge.
• Employees: 1 principal employee.
• Ownership: 6,850,000 shares issued and outstanding as of April 2025, with major shareholders being Peng Wu (51.09%) and Guiying Chang (21.90%).
• Management Change: Significant change in control in March 2025—Khachatur Mkrtchyan transferred his interests and resigned from all executive roles, succeeded by Ms. Qihui Wang who took over as CEO and officer.

Future Outlook & Risks

• Plans to seek additional capital (~$100,000) to fund operations and expansion.
• Aims to develop new products with additional ethnic seasonings.
• Seeking distributors in Europe and North America to expand beyond Armenia.
• Faces risks including minimal operating history, reliance on one major customer, geopolitical instability in Armenia, and potential difficulty in future financing.

Summary

Legend Spices Inc. is a small, early-stage manufacturer of Caucasian-inspired seasonings with minimal current revenues, significant net losses, and high customer concentration. It operates with limited staffing, primarily sourcing ingredients from Armenia, and has plans to expand into international markets while addressing geopolitical and financial risks.