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VSTD

Vestand Inc.

Vestand Inc. is an American retail-eating places company, incorporated in Delaware.1 It is headquartered in Buena Park, California.1

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Last updated Oct 21, 2026.

Overview

$12.8MRevenue, fiscal 20242
-$2.7MNet income, fiscal 20242

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  • TickerVSTD1
  • IndustryRetail-Eating Places1
  • HeadquartersBuena Park, California1
  • Incorporated inDE3
  • Business address6940 Beach Blvd, Suite D-705, Buena Park, Ca 906213
  • Filer category, Emerging growth company3

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Asian population and the Asian influence on dining trends will result in an increase in demand for Japanese and Asian foods.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-19.9%Operating margin2
-20.8%Net margin2
39.3%Revenue growth, 20242
-1043.8%Return on equity2
$113.7KFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Other costs100¢$12.8M
  • Income tax0¢$34.2K

Out of $12.8M in revenue.2 The company lost money this year.

Where each dollar of operating cash went, fiscal 2024

  • Capital spending87¢$761.5K
  • Kept or used elsewhere13¢$113.7K

Out of $875.2K of cash from operations.2

Financial statements

Revenue562$12.8M in 2024+96% since 2021
0$5.0M$10.0M$15.0M2021: $6.5M$6.5M20212022: $8.3M$8.3M2022+27%2023: $9.2M$9.2M2023+11%2024: $12.8M$12.8M2024+39%
Operating income562-$2.6M in 2024+37% since 2021
-$4.0M-$3.0M-$2.0M-$1.0M02021: -$1.9M-$1.9M20212022: -$3.8M-$3.8M2022+103%2023: -$3.5M-$3.5M2023−7%2024: -$2.6M-$2.6M2024−27%
Net income562-$2.7M in 2024+64% since 2021
-$4.0M-$3.0M-$2.0M-$1.0M02021: -$1.6M-$1.6M20212022: -$3.5M-$3.5M2022+114%2023: -$3.0M-$3.0M2023−13%2024: -$2.7M-$2.7M2024−12%
Fiscal year20202021202220232024
Revenue$6.5M5$8.3M6$9.2M2$12.8M2
Operating expenses$2.1M5$4.0M6$3.9M2$4.1M2
Operating income-$1.9M5-$3.8M6-$3.5M2-$2.6M2
Interest$52.2K5$88.3K6$218.2K6
Income before tax-$1.6M5-$3.5M6-$3.0M2-$2.6M2
Income tax$14.6K5$19.2K6$48.6K2$34.2K2
Net income-$1.6M5-$3.5M6-$3.0M2-$2.7M2
Earnings per share-$0.355-$3.236-$2.292-$1.982
Earnings per share (diluted)-$3.236-$2.292-$1.982
Shares (weighted, basic)4.7M shares51.1M shares61.3M shares21.3M shares2
Shares (weighted, diluted)1.1M shares61.3M shares21.3M shares2

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Corporate structure

Vestand Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Vestand Inc.

  • James Chae Filed SCHEDULE 13D/A on Vestand Inc., latest Dec 12, 2025 (4 filings since Sep 21, 2022)
  • Vestand Inc. Buena Park, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Vestand Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$7.6M2 Dec 31, 2024$5.8M2 Dec 31, 2023+32.1%
Accumulated depreciation$2.5M2 Dec 31, 2024$1.7M2 Dec 31, 2023+48.5%
Property and equipment, net$5.1M2 Dec 31, 2024$4.1M2 Dec 31, 2023+25.3%
Operating-lease assets (leased space)$7.5M2 Dec 31, 2024$5.5M2 Dec 31, 2023+36.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.0M2 Dec 31, 2024
Intangible assets, net (excluding goodwill)$491.2K2 Dec 31, 2024
Finite-lived intangibles, gross$531.1K2 Dec 31, 2024
Accumulated amortization$39.8K2 Dec 31, 2024$02 Dec 31, 2023
Finite-lived intangibles, net$491.2K2 Dec 31, 2024

Inventory

ItemLatestA year beforeChange
Inventory, total$139.4K2 Dec 31, 2024$73.0K2 Dec 31, 2023+90.9%

Properties, in its own words

Our executive offices are located at 6940 Beach Blvd., Suite D-705, Buena Park, CA 90621 and our telephone number is (714) 694-2403. We consider our current office space adequate for our current operations. See “Item 1. Business—Properties” for a comprehensive description of our principal physical properties.

Item 2 of the 10-K filed Mar 27, 2025.4

Leadership

Who has led Vestand Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James Chae2022–2023

Chair

  1. James Chae2022–2023

President

  1. James Chae2022

Chief financial officer

  1. Soojae Cho2022
2025
Board members and other officers (4)

Former names

  • Yoshiharu Global Co.Dec 15, 2021 to Sep 2, 20253

Timeline

  1. Aug 13, 20268-K Entered a material agreement16
  2. Aug 10, 20268-K Change to shareholders' rights; Change in control17
  3. Jul 28, 20268-K Listing notice or transfer18
  4. Jun 17, 20268-K Listing notice or transfer19
  5. May 28, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares20
  6. May 28, 20268-K Entered a material agreement; New debt or obligation21
  7. May 26, 20268-K Listing notice or transfer; Regulation FD disclosure22
  8. Apr 29, 20268-K Listing notice or transfer; Regulation FD disclosure23
  9. Mar 12, 20268-K Executive or director change; Other events24
  10. Dec 17, 20258-K Listing notice or transfer25
  11. Dec 17, 20258-K Entered a material agreement; Ended a material agreement26
  12. Dec 2, 20258-K Listing notice or transfer; Regulation FD disclosure27
  13. Sep 21, 2022New chief executive James Chae becomes CEO11

Calendar

When it reported results

  1. May 6, 2025Reported quarterly or annual results28
  2. Apr 2, 2025Reported quarterly or annual results29

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

161 filings to the SEC since October 2021: 4 annual reports, 9 quarterly reports, 64 major events, 20 insider forms, 4 large holders, 60 other. The latest 20:

  1. Oct 9, 202625-NSE EDGAR
  2. Aug 13, 20268-K EDGAR
  3. Aug 10, 20268-K EDGAR
  4. Jul 28, 20268-K EDGAR
  5. Jun 17, 20268-K EDGAR
  6. May 28, 20268-K EDGAR
  7. May 28, 20268-K EDGAR
  8. May 26, 20268-K EDGAR
  9. Apr 29, 20268-K EDGAR
  10. Mar 31, 2026NT 10-K EDGAR
  11. Mar 12, 20268-K EDGAR
  12. Dec 23, 2025SEC STAFF ACTION EDGAR
  13. Dec 17, 20258-K EDGAR
  14. Dec 17, 20258-K EDGAR
  15. Dec 12, 2025SCHEDULE 13D/A EDGAR
  16. Dec 12, 20254 OWNERSHIP DOCUMENT EDGAR
  17. Dec 10, 20254 OWNERSHIP DOCUMENT EDGAR
  18. Dec 2, 20258-K EDGAR
  19. Dec 1, 20254 OWNERSHIP DOCUMENT EDGAR
  20. Nov 25, 20258-K EDGAR

The 161 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

31 open-market trades by officers, directors and large owners since October 2021: 2 buys and 29 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 12, 2025Chae James10% ownerSale15,889$0.42$6.7KForm 4
Dec 11, 2025Chae James10% ownerSale15,000$0.43$6.4KForm 4
Dec 10, 2025Chae James10% ownerSale25,000$0.44$11.1KForm 4
Dec 8, 2025Chae James10% ownerSale10,000$0.41$4.1KForm 4
Nov 28, 2025Chae James10% ownerSale5,000$0.55$2.8KForm 4
Nov 26, 2025Chae James10% ownerSale40,000$0.56$22.6KForm 4
Nov 24, 2025Chae James10% ownerSale2,196$0.55$1.2KForm 4
Nov 20, 2025Chae James10% ownerSale5,804$0.56$3.3KForm 4
Nov 19, 2025Chae James10% ownerSale4,999$0.57$2.8KForm 4
Nov 18, 2025Chae James10% ownerSale4,960$0.53$2.6KForm 4
Nov 17, 2025Chae James10% ownerSale1$0.58$1Form 4
Nov 14, 2025Chae James10% ownerSale42,084$0.55$23.1KForm 4
Nov 12, 2025Chae James10% ownerSale12,916$0.54$6.9KForm 4
Nov 6, 2025Chae James10% ownerSale49,427$0.56$27.5KForm 4
Nov 5, 2025Chae James10% ownerSale60,000$0.56$33.8KForm 4
Nov 4, 2025Chae James10% ownerSale65,000$0.51$33.3KForm 4
Nov 3, 2025Chae James10% ownerSale9,708$0.72$7.0KForm 4
Oct 31, 2025Chae James10% ownerSale11,000$0.82$9.0KForm 4
Oct 30, 2025Chae James10% ownerSale10,000$0.85$8.5KForm 4
Oct 29, 2025Chae James10% ownerSale10,000$0.92$9.2KForm 4

All 31 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • James ChaeSCHEDULE 13D/A, 4 filings Sep 21, 2022 to Dec 12, 202530

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Geode Capital Management, LLC88,128$18.9K0.0%−103,297
Citadel Advisors LLC55,947$12.0K0.0%New
Vanguard Capital Management LLC49,140$10.5K0.0%No change
Jane Street Group, LLC38,644$8.3K0.0%New
Northern Trust Corp25,283$5.4K0.0%New
XTX Topco Ltd19,874$4.3K0.0%−14,882
StoneX Group Inc.10,005$3.7K0.0%New
Tower Research Capital LLC (TRC)5,539$1.2K0.0%−1
UBS Group AG675$1440.0%New
Hrt Financial LP30,284$60.0%New
Virtu Financial LLC23,695$50.0%+4,216

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Vestand Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVestand Inc.1
  • CIK0001898604
  • Employer ID (EIN)87-39414484
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)5812 Retail-Eating Places1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address6940 Beach Blvd, Suite D-705, Buena Park, CA 906211
  • Phone213-272-17801
  • Shares outstanding1,332,145 Common Class A shares; 100,000 Common Class B shares as of Mar 25, 20254
  • Public float$3.0M as of Jun 30, 20244
  • AuditorBCRG Group, Irvine, CA PCAOB ID 7158; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 15, 20211
  • Filings161 in all: 8-K (59), 4 (14), CORRESP (11), S-1/A (11), 10-Q (9), UPLOAD (7), 3 (6), 8-K/A (5)1
    All 27 form types

    NT 10-Q (5), 424B4 (4), S-1 (4), 10-K (3), DEF 14A (3), EFFECT (3), PRE 14A (3), SCHEDULE 13D/A (3), 10-K/A (1), 144 (1), 25-NSE (1), 8-A12B (1), CERT (1), DRS (1), NT 10-K (1), S-1MEF (1), S-8 (1), SC 13D (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2025
    Quarterly report (10-Q) Aug 20, 2025
    Proxy statement (DEF 14A) Apr 24, 2025
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.0001 par value per shareYOSHNasdaq

From the cover page of the 10-K filed Mar 27, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Vestand Inc. names in Item 1A of its 10-K filed Mar 27, 2025: 48 risks under these headings, as written.4

  • Risks Related to Our Business
  • We have incurred operating losses and may not be profitable in the future. Our plans to maintain and increase liquidity may not be successful.
  • Our long-term success is highly dependent on our ability to successfully identify and secure appropriate sites and timely develop and expand our operations in existing and new markets.
  • Our restaurant base is geographically concentrated in California, and we could be negatively affected by conditions specific to California.
  • Our expansion into new markets may present increased risks due in part to our unfamiliarity with the areas and may make our future results unpredictable.
  • New restaurants, once opened, may not be profitable, and the increases in average restaurant sales and comparable restaurant sales that we have experienced in the past may not be indicative of future results.
  • Our sales and profit growth could be adversely affected if comparable restaurant sales are less than we expect.
  • Our failure to manage our growth effectively could harm our business and operating results.
  • Our limited number of restaurants, the significant expense associated with opening new restaurants, and the unit volumes of our new restaurants makes us susceptible to significant fluctuations in our results of operations.
  • A decline in visitors to any of the retail centers, shopping malls, lifestyle centers, or entertainment centers where our restaurants are located could negatively affect our restaurant sales.
  • Opening new restaurants in existing markets may negatively affect sales at our existing restaurants.
  • Our operating results and growth strategies will be closely tied to the success of our future franchise partners and we will have limited control with respect to their operations. Additionally, our franchise partners’ interests may conflict or diverge with our interests in the future, which could have a negative impact on our business.
The other 37 risks
  • Operating results at our restaurants could be significantly affected by competition in the restaurant industry in general and, in particular, within the dining segments of the restaurant industry in which we compete.
  • We rely significantly on certain vendors and suppliers, which could adversely affect our business, financial condition or results of operations.
  • Continued supply chain disruptions and other forces beyond our control, and resulting changes in food and supply costs have and could continue to adversely affect our business, financial condition or results of operations.
  • Our operations may be subject to the effects of a rising rate of inflation which may adversely impact our financial condition and results of operations.
  • Changes in economic conditions could materially affect our ability to maintain or increase sales at our restaurants or open new restaurants.
  • We may need capital in the future, and we may not be able to raise that capital on favorable terms.
  • Risks Related to Our Brand
  • Negative publicity relating to one of our restaurants could reduce sales at some or all of our other restaurants.
  • Food safety and foodborne illness concerns could have an adverse effect on our business, financial condition or results of operations.
  • We have, from time to time, received borrowings from a related party controlled by James Chae, our Chairman and Chief Executive Officer, which may become repayable on demand. Any unexpected calls for repayment of a significant amount of such borrowings may adversely affect our business.
  • We are subject to all of the risks associated with leasing space subject to long-term non-cancelable leases.
  • Failure to receive frequent deliveries of fresh food ingredients and other supplies could harm our business, financial condition or results of operations.
  • New information or attitudes regarding diet and health could result in changes in regulations and consumer consumption habits that could adversely affect our business, financial condition or results of operations.
  • We rely significantly on information technology, and any material failure, weakness, interruption or breach of security could prevent us from effectively operating our business.
  • Our marketing programs may not be successful, and our new menu items, advertising campaigns and restaurant designs and remodels may not generate increased sales or profits.
  • Our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media could materially adversely impact our business, financial condition or results of operations.
  • Risks Related to Our People and Culture
  • We depend on our senior management team and other key employees, and the loss of one or more key personnel or an inability to attract, hire, integrate and retain highly skilled personnel could have an adverse effect on our business, financial condition or results of operations.
  • Labor disputes may disrupt our operations and affect our profitability, thereby causing a material adverse effect on our business, financial condition or results of operations.
  • The minimum wage, particularly in California, continues to increase and is subject to factors outside of our control.
  • Changes in employment laws may adversely affect our business, financial condition, results of operations or cash flow.
  • If we face labor shortages, increased labor costs or unionization activities, our growth, business, financial condition and operating results could be adversely affected.
  • Our business could be adversely affected by a failure to obtain visas or work permits or to properly verify the employment eligibility of our employees.
  • Risks Related to Regulation and Litigation
  • Failure to comply with antibribery or anticorruption laws could adversely affect our reputation, business, financial condition or results of operations.
  • Delays In Obtaining Construction Permits Can Have A Material Adverse Effect on Our Business.
  • We may become involved in lawsuits involving Yoshiharu Holdings Co. as the owner of intellectual property, or us as a licensee of intellectual property from Yoshiharu Holdings Co., to protect or enforce intellectual property rights, which could be expensive, time consuming, and unsuccessful.
  • Governmental regulation may adversely affect our ability to open new restaurants or otherwise adversely affect our business, financial condition or results of operations.
  • Compliance with environmental laws may negatively affect our business.
  • A breach of security of confidential consumer information related to our electronic processing of credit and debit card transactions, as well as a breach of security of our employee information, could substantially affect our reputation, business, financial condition of results of operations.
  • We could be party to litigation that could adversely affect us by distracting management, increasing our expenses or subjecting us to material money damages and other remedies.
  • Our current insurance may not provide adequate levels of coverage against claims.
  • Failure to obtain and maintain required licenses and permits or to comply with alcoholic beverage or food control regulations could lead to the loss of our liquor and food service licenses and, thereby, harm our business, financial condition or results of operations.
  • Risks Related to Our Organizational Structure & Ownership of Our Common Stock
  • If we fail to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in our company.
  • Changes to accounting rules or regulations may adversely affect our business, financial condition or results of operations.
  • We will incur increased costs as a result of being a public company.
  • We are an “emerging growth company,” and we cannot be certain if the reduced reporting and disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • Our management does not have experience managing a U.S. public company and our current resources may not be sufficient to fulfill our public company obligations.
  • Pursuant to the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act for so long as we are an “emerging growth company.”
  • If our stockholders’ equity fails to comply with the continued listing requirements of the Nasdaq Capital Market, we would face possible delisting, which would result in a limited public market for our Class A Common Stock and make obtaining future debt or equity financing more difficult for us.

Legal proceedings

To the knowledge of our management team, there is no litigation currently pending or contemplated against us, any of our officers or directors in their capacity as such or against any of our property.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

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