What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-07-14 compared with 2026-01-14 · 793 added, 586 removed, 950 unchanged (59% of the section changed)

4 unchanged sentences

Accounts receivable, net

Share proceeds receivable

Device parts inventory, net

Prepaid expenses and deposits

Device parts inventory,

expenses and deposits

Total current assets

Operating lease asset

Revenue earning devices, net of accumulated depreciation of $ 3,756,281 and $ 2,292,172 , respectively

Fixed assets, net of accumulated depreciation of $ 582,896 and $ 491,186 , respectively

Revenue earning devices,

net of accumulated depreciation of $ 3,781,667 and $ 3,257,668 , respectively

Fixed assets, net of accumulated

depreciation of $ 562,268 and $ 540,426 , respectively

Investment at cost

Security deposit

LIABILITIES AND STOCKHOLDERS’ DEFICIT

LIABILITIES AND STOCKHOLDERS’

Current liabilities:

Accounts payable and accrued expenses

Accounts payable and accrued

Customer deposits

Current operating lease liability

Current portion of deferred variable payment obligation

Loan payable - related party

Deferred compensation for CEO

Current portion of loans payable, net of discount of $ 512,676 and $ 0

Current portion of accrued interest payable

Current operating lease

Current portion of deferred

variable payment obligation

Loan payable - related

Deferred compensation for

Current portion of loans

payable, net of discount of $ 871,697 and $ 635,774

portion of accrued interest payable

Total current liabilities

Non-current operating lease liability

Loans payable, net of discount of $ 0 and $ 360,163 , respectively

Deferred variable payment obligation

Incentive compensation plan payable

Accrued interest payable

Total liabilities

Series B Convertible, Redeemable Preferred Stock.

Non-current operating lease

Loans payable, net

Deferred variable payment

Incentive compensation

interest payable

Series B Convertible, Redeemable Preferred

$ 0.001 par value;

8 % cumulative dividend payable quarterly,$ 1,200 stated value, 5,000 shares authorized, no shares issued and outstanding at November 30, 2025 and February 28, 2025, respectively

Series C Convertible, Redeemable Preferred Stock.

8 % cumulative dividend payable quarterly,$ 1,200 stated value, 5,000 shares authorized, no shares issued

and outstanding at May 31, 2026 and February 28, 2026, respectively

Series C Convertible, Redeemable Preferred

$ 0.001 par value;

$ 1,200 stated value, redeemable at 109.5 %, 12 % dividend, 1,000 shares authorized, 667 and 306 shares issued and outstanding at November 30, 2025 and February 28, 2025, respectively

$ 1,200 stated value, redeemable at 109.5 %, 12 % dividend, 1,000 shares authorized, 354 and 417 shares issued

and outstanding at May 31, 2026 and February 28, 2026, respectively

Convertible, Redeemable Preferred Stock, value

3 unchanged sentences

15,534,000 shares authorized;

no shares issued and outstanding at November 30, 2025 and February 28, 2025, respectively

Series G Redeemable Preferred Stock.

no shares issued and outstanding at May 31, 2026 and February 28, 2026, respectively

Series G Redeemable Preferred

$ 0.001 par value;

100,000 shares authorized, no shares issued and outstanding at November 30, 2025 and February 28, 2025, respectively

Series E Preferred Stock, $ 0.001 par value;

100,000 shares authorized, no shares issued and outstanding at May 31, 2026 and February 28, 2026, respectively

Series E Preferred Stock,

$ 0.001 par value;

4,350,000 shares authorized;

3,350,000 and 3,350,000 shares issued and outstanding, respectively

Series F Convertible Preferred Stock, $ 1.00 par value;

Series F Convertible Preferred

Stock, $ 1.00 par value;

10,000 shares authorized;

1 unchanged sentence

Preferred Stock, value

Common Stock, $ 0.00001 par value;

Common Stock, $ 0.00001

12,000,000,000 shares authorized 388,482,589 and 267,872,804 shares issued, issuable and outstanding, respectively

1 unchanged sentence

Preferred stock to be issued

Accumulated deficit

( 176,931,052 )

( 171,121,742 )

Total stockholders’ deficit

stockholders’ deficit

( 56,104,710 )

( 53,211,087 )

Total liabilities and stockholders’ deficit

liabilities and stockholders’ deficit

from audited information

2 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

November 30, 2025

November 30, 2024

November 30, 2025

November 30, 2024

Cost of goods sold

2 unchanged sentences

Operating expenses:

Research and development (Note 9)

Research and development

(see Note 10)

General and administrative

Depreciation and amortization

Operating lease cost and rent

Operating lease cost and

Total operating expenses

2 unchanged sentences

( 3,178,669 )

( 8,119,327 )

( 7,750,028 )

Other income (expense), net:

Other expense,

Interest expense

1 unchanged sentence

( 1,415,349 )

( 4,182,611 )

( 4,072,108 )

Gain (loss) on settlement of debt

Total other income (expense), net

( 2,099,300 )

( 1,401,076 )

( 4,078,628 )

Loss on settlement of debt

Total other expense,

( 3,006,474 )

2 unchanged sentences

$ ( 4,594,018 )

Net income (loss) per share - basic

Net income (loss) per share - diluted

Net loss per share - basic

Net loss per share - diluted

Weighted average common share outstanding - basic

21,820,801,041

12,161,286,427

18,590,935,695

11,071,139,695

Weighted average common share outstanding - diluted

21,820,801,041

12,161,286,427

18,590,935,695

11,071,139,695

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

1 unchanged sentence

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ DEFICIT

Temporary Equity

Shareholder’s Deficit

Series B Preferred Stock

Series E Preferred Stock

Series F Preferred Stock

Additional Paid-In

Total Shareholders’

Balance at February 29, 2024

9,238,750,958

$ ( 132,962,427 )

$ ( 40,199,557 )

Cumulative Effect Adjustment RFV discount per adoption of ASU 2020-06 at March 1, 2024

( 4,175,535 )

Issuance of shares, net of $ 116,046 issuance costs

1,080,166,425

Issuance of Series B Preferred Shares

Series B Preferred Shares issued as commitment fee

Series B Preferred shares issued as dividend

Redemption of Series B Preferred shares

Stock based compensation

( 4,194,359 )

Balance at May 31, 2024

10,318,917,383

$ ( 141,361,177 )

$ ( 45,912,103 )

Issuance of shares, net of $ 195,656 issuance costs

1,330,610,802

Debt exchanged for common stock

Series F Preferred Shares exchanged for debt

Series B Preferred shares issued as dividend

Redemption of Series B Preferred shares

Stock based compensation

( 3,930,323 )

Balance at August 31, 2024

11,706,671,042

$ ( 145,686,020 )

$ ( 45,470,363 )

Issuance of shares, net of $ 93,885 issuance costs

Stock based compensation

( 3,703,974 )

Balance at November 30, 2024

12,581,671,042

$ 102,141,607

$ ( 149,389,994 )

$ ( 47,017,621 )

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

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ DEFICIT

Temporary Equity

Shareholder’s Deficit

Preferred Stock

Series E Preferred Stock

Series F Preferred Stock

Additional Paid-In

Total Shareholders’

Shareholder’s

Shareholders’

Balance at February 28, 2025

2 unchanged sentences

$ ( 49,931,012 )

Issuance of shares, net of $ 121,746 issuance costs

1,900,000,000

Debt exchanged for common shares

7 unchanged sentences

$ ( 50,514,954 )

Issuance of shares, net of $ 75,919 issuance costs

1,540,380,240

Debt exchanged for common shares

1,250,000,000

Series C Preferred shares issued as dividend

Series C penalty shares

Redemption of Series C shares

Stock based compensation

Balance at August 31, 2025

19,787,834,008

$ 112,724,037

$ ( 160,357,755 )

$ ( 47,330,891 )

19,787,834,008

$ 112,724,037

$ ( 160,357,755 )

$ ( 47,330,891 )

Issuance of shares, net of $ 166,496 issuance costs

1,600,000,000

Issuance of shares, net

of issuance costs

1,600,000,000

Debt exchanged for common shares

1,900,000,000

Series C Preferred shares issued as dividend

Series C penalty shares

Stock based compensation

( 4,730,800 )

at November 30, 2025

Shareholder’s

Preferred Stock

Shareholders’

at February 28, 2026

$ 117,803,027

1 unchanged sentence

$ ( 53,211,087 )

of shares, net of $ 77,391 issuance costs

exchanged for common shares

fee returnable

of Series C on conversion to common shares

of Series C shares

C Preferred shares issued as dividend

based compensation

( 5,715,838 )

at May 31, 2026

$ 120,717,508

4 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

November 30, 2025

Nine Months Ended

November 30, 2024

CASH FLOWS USED IN OPERATING ACTIVITIES:

CASH FLOWS FROM OPERATING

$ ( 5,715,838 )

$ ( 4,594,018 )

Adjustments to reconcile net income to net cash used in operating activities:

Adjustments to reconcile net loss to net cash

used in operating activities:

Depreciation and amortization

1 unchanged sentence

Inventory provision

Reduction of right of use asset

Reduction of right of use

Accretion of lease liability

1 unchanged sentence

Amortization of debt discounts

Penalty added to face value of loan

(Gain) loss on settlement of debt

( 3,740,185 )

Increase in related party accrued payroll and interest

Changes in operating assets and liabilities:

Loss on settlement of debt

Increase (decrease) in

related party accrued payroll and interest

Changes in operating assets

and liabilities:

Accounts receivable

Prepaid expenses

Deposit on right of use asset

Prepaid expenses and deposits

Deposit on right of use

Device parts inventory

( 1,718,797 )

( 2,778,439 )

Accounts payable and accrued expenses

Deferred compensation for CEO

Accounts payable and accrued

Customer deposits

Operating lease liabilities

Current portion of deferred variable payment obligation for payments

Accrued interest payable

Net cash used in operating activities

Operating lease liability

Deferred compensation for

( 1,246,687 )

Current portion of deferred

variable payment obligations for payments

interest payable

cash used in operating activities

( 2,759,307 )

CASH FLOWS USED IN INVESTING ACTIVITIES:

( 3,321,185 )

CASH FLOWS FROM INVESTING

Purchase of fixed assets

Acquisition of trademarks

Convertible note receivable

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Share proceeds net of issuance costs

cash (used in) investing activities

CASH FLOWS FROM FINANCING

Share proceeds net of issuance

Proceeds on issuance of

Series C shares

Proceeds from loans payable

Repayment of loans payable

Proceeds on issuance of Series B Preferred shares

Redemption of Series B or Series C Preferred shares

Net cash provided by financing activities

of loans payable

cash provided by financing activities

Net change in cash

1 unchanged sentence

Cash, end of period

Supplemental disclosure of cash and non-cash transactions:

Cash paid for interest

Cash paid for income taxes

Noncash investing and financing activities:

Share proceeds receivable

Transfer from device parts inventory to revenue earning devices

Right of use asset for lease liability

Cumulative Effect Adjustment RFV discount per adoption of ASU 2020-06 at March 1, 2024

Exchange of Series F preferred stock for note payable

Exchange of note payable for common stock

Series B or Series C preferred shares issued as dividend

Discount applied to face value of loans

Series C penalty shares issued

Supplemental disclosure of cash and non-cash

transactions:

paid for interest

paid for income taxes

Noncash investing and financing

from device parts inventory to fixed assets and revenue earning devices

of notes payable and accrued interest for common shares

applied to face value of loan

of Series C shares to common shares

C preferred shares issued as dividend

fee shares as debt discount

of use asset for lease liability

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

30 unchanged sentences

to continue as a going concern.

the nine months ended November 30, 2025, the Company had negative cash flow from operating activities of $ 7,451,163 .

As of November 30,

the three months ended May 31, 2026, the Company had negative cash flow from operating activities of $ 2,759,307 .

As of May 31, 2026,

the Company has an accumulated deficit of $ 176,931,052 , and negative working capital of $ 41,885,156 .

Management does not anticipate

having positive cash flow from operations in the near future.

These factors raise substantial doubt about the Company’s ability

to continue as a going concern for the twelve months following the issuance of these financial statements.

Company does not have the resources at this time to repay all its credit and debt obligations, make any payments in the form of dividends

Management does not anticipate having

positive cash flow from operations in the near future.

These factors raise a substantial doubt about the Company’s ability to continue

as a going concern for the twelve months following the issuance of these financial statements.

Company does not have the resources currently to repay all its credit and debt obligations, make any payments in the form of dividends

to its shareholders or fully implement its business plan.

3 unchanged sentences

Management has plans to address the Company’s financial situation as follows:

is committed to raise either non-dilutive funds or minimally dilutive funds.

There is no assurance that these funds will be able to be

raised, nor can we provide assurance that these possible raises may not have dilutive effects.

In June 2025, the Company entered into

an equity financing agreement whereby an investor will purchase up to $ 30,000,000 of the Company’s common stock at a discount over

a two-year period.

There still remains about $ 27 million left to issue under this arrangement.

Management believes that it has the necessary

support to continue operations by continuing its funding methods in the following ways:

growing revenues, through equity proceeds, and

issuing non-convertible debt.

Management has had many recent conversations with the Company’s primary debt holder and believes

that the non-convertible debt on the balance sheet will be extended.

Management notes that non-convertible debt on the books has been

extended by this debt holder twice in the past and notes that this debt holder has been a strong supporter of the Company.

is committed to raising funds .

There is no assurance that management will be able to raise funds nor can we provide assurance that these

possible raises may not have dilutive effects.

On June 23, 2026, the Company entered into an equity financing agreement whereby an investor

will purchase up to $ 10,000,000 of the Company’s common stock at a discount over a three-year period.

There still remains $ 10 million

left to issue under this arrangement.

Management believes that it has the necessary support to continue operations by continuing its

funding methods in the following ways:

growing revenues, through equity proceeds, and issuing debt.

Management has had

many recent conversations with the Company’s primary debt holder and believes that the non-convertible debt on the balance sheet

will be extended.

Management notes that non-convertible debt on the books has been extended by this debt holder twice in the past and

notes that this debt holder has been a strong supporter of the Company.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

6 unchanged sentences

in conjunction with the audited financial statements and notes thereto in the Company’s latest Annual Report filed with the SEC

on Form 10-K as filed on May 29, 2025.

on Form 10-K as filed on June 9, 2026.

The unaudited condensed consolidated financial statements include the accounts of the Company

and its wholly owned subsidiaries, Robotic Assistance Devices, Inc., Robotic Assistance Devices Group , Inc, Robotic Assistance Devices

Mobile, Inc., Robotic Assistance Devices Lanka Pvt Limited, and Robotic Assistance Devices Residential, Inc..

All significant intercompany

accounts and transactions have been eliminated in consolidation.

The unaudited consolidated financial statements reflect all adjustments,

consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements.

The results of operations for the nine months ended November 30, 2025 are not necessarily indicative of the results that may be expected

for the entire year.

Mobile, Inc., and Robotic Assistance Devices Residential, Inc., and Robotic Assistance Devices Lanka (Private) Limited.

All significant

intercompany accounts and transactions have been eliminated in consolidation.

The unaudited consolidated financial statements reflect

all adjustments, consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation

of such statements.

The results of operations for the three months ended May 31, 2026, are not necessarily indicative of the results

that may be expected for the entire year.

order to prepare financial statements in conformity with accounting principles generally accepted in the United States, management must

4 unchanged sentences

The most significant estimates included in these consolidated financial statements are those associated with the assumptions

used to value preferred stock and derivative liabilities.

used to value equity instruments used in debt settlements, amendments and extensions.

Reclassifications

3 unchanged sentences

Concentrations

November 30, 2025 there were $ 27,795,672 of loans payable, $ 26,801,006 or 96 % of these loans to companies controlled by one individual.

At February 28, 2025 there were $ 32,801,345 loans payable, $ 28,581,506 or 87 % of these loans to companies controlled by one individual.

May 31, 2026 there were $ 35,722,326 of loans payable, $ 32,466,506 or 91 % of these loans to companies controlled by one individual.

February 28, 2026 there were $ 33,672,294 loans payable, $ 32,178,506 or 96 % of these loans to companies controlled by one individual.

Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

7 unchanged sentences

historical trends are evaluated, and specific customer issues are reviewed on a periodic basis to arrive at appropriate allowances.

was an allowance of $ 175,000 and $ 140,000 provided as of November 30, 2025 and February 28, 2025, respectively.

For the three months

ended November 30, 2025, one customer accounted for 39 % of total accounts receivable.

For the three months ended November 30, 2024, one

customer accounted for 61 % of total accounts receivable.

was an allowance of $ 240,000 and $ 170,000 provided as of May 31, 2026, and February 28, 2026, respectively.

For the three months ending

May 31, 2026, two customers account for 23 % of total accounts receivable.

For the three months ending May 31, 2025, three customers account

for 53 % of total accounts receivable

Parts Inventory

6 unchanged sentences

is taken when factors that would result in a need for an increase in the valuation, such as excess or obsolete inventory, are noted.

As of November 30, 2025 and February 28, 2025 there was a valuation reserve of $ 465,000 and $ 465,000 , respectively.

As of May 31, 2026, and February 28, 2026, there was a valuation reserve of $ 175,000 and $ 175,000 , respectively.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

6 unchanged sentences

The Company uses a

combination of undiscounted cash flows and market approaches in assessing whether an asset has been impaired.

The Company measures impairment

losses based upon the amount by which the carrying amount of the asset exceeds the fair value.

combination of the undiscounted cash flows and market approaches in assessing whether an asset has been impaired.

The Company measures

impairment losses based upon the amount by which the carrying amount of the asset exceeds the fair value.

assets are stated at cost.

17 unchanged sentences

If all criteria are met, the costs are deferred and amortized over the expected useful life or written off if a product is abandoned.

At November 30, 2025 and February 28, 2025, the Company had no deferred development costs.

At May 31, 2026 and February 28, 2026, the Company had no deferred development costs.

Contingencies

17 unchanged sentences

the agreement purport, in substance, to be a sale

the Company have continuing involvement in the generation of cash flows due the investor

the Company have continuing involvement in the generation of cash flows due to the investor

the transaction cancellable by either party through payment of a lump sum or other transfer of assets

21 unchanged sentences

Refer to Note 4 – Revenue from Contracts with Customers for additional information.

For the nine months

ended November 30, 2025, one customer accounted for 57 % of total revenue and for the nine months ended November 30, 2024, one customer

accounted for 57 % of total revenue.

For the three months

ended May 31, 2026, two customers accounted for 36 % of total revenue and for the three months ended May 31, 2025, two customers accounted

for 65 % of total revenue.

taxes are accounted for under the asset and liability method.

72 unchanged sentences

own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for

2 unchanged sentences

hierarchy under ASC Topic 820 are described as follows:

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

12 unchanged sentences

SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE

Fair Value Measurement Using

November 30, 2025

Investment at cost

Incentive compensation plan payable – revaluation of equity awards payable in Series G shares

Value Measurement Using

compensation plan payable – revaluation of equity awards payable in Series G shares

February 28, 2026

Investment at cost

Incentive compensation plan payable – revaluation of equity awards payable in Series G shares

the incentive compensation plan (revaluation of equity awards payable in Series G shares) referred to above, the Company recorded stock

based compensation of $ 0 and $ 0 for the three months ended November 30, 2025 and February 28, 2025 with corresponding adjustments to

incentive compensation plan payable

carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and

advances, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these

compensation plan payable – revaluation of equity awards payable in Series G shares

the incentive compensation plan referred to above , the Company recorded stock based compensation of $ 0 and $ 0 for the three months ended

May 31, 2026 and May 31, 2025 with corresponding adjustments to incentive compensation plan payable.

carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and advances,

accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.

(Loss) per Share

12 unchanged sentences

nature with regards to earnings per share.

Adopted Accounting Pronouncements

2023-07 – Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures

November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .

amendments require enhanced disclosures about significant segment expenses and other segment items, require disclosure of the title and

position of the chief operating decision maker (“CODM”), explain how the CODM uses reported measures of segment profit or

loss to assess performance and allocate resources, and expand interim disclosure requirements.

The amendments apply to entities with

a single reportable segment as well as entities with multiple reportable segments.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company adopted ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , during fiscal 2025.

The standard requires enhanced disclosures regarding segment expenses and CODM information and applies to entities with a single reportable

Adoption of the standard impacted the Company’s segment reporting disclosures only and did not affect its consolidated

financial position, results of operations, or cash flows.

issued accounting pronouncement not yet effective

2024-04—Debt with Conversion and Other Options (Topic 470-20):

Induced Conversions of Convertible Debt Instruments

November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-04, Debt with Conversion and Other Options

(Subtopic 470-20):

Induced Conversions of Convertible Debt Instruments .

The amendments clarify the requirements for determining whether

certain settlements of convertible debt instruments should be accounted for as induced conversions or as debt extinguishments.

the amended guidance, an induced conversion requires that the inducement offer provide the holder, at a minimum, the consideration issuable

under the existing conversion privileges of the instrument.

amendments are effective for annual reporting periods beginning after December 15, 2025, including interim reporting periods within those

fiscal years.

Early adoption is permitted.

The Company is currently evaluating the impact that adoption of this guidance will have on

its consolidated financial statements and related disclosures.

2025-05—Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract

July 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-05, Financial Instruments—Credit Losses

Measurement of Credit Losses for Accounts Receivable and Contract Assets .

The amendments refine the guidance in ASC

326 related to the measurement of expected credit losses for accounts receivable and contract assets arising from revenue transactions

accounted for under ASC 606.

The update clarifies the application of the current expected credit loss (“CECL”) model to such

assets, including the use of practical expedients and considerations in estimating expected credit losses over the contractual term of

amendments are effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal

years, with early adoption permitted.

The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial

statements and related disclosures.

REVENUE FROM CONTRACTS WITH CUSTOMERS

25 unchanged sentences

SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS

November 30, 2025

November 30, 2024

November 30, 2025

November 30, 2024

Device rental activities

Direct sales of goods and services

Direct sales of goods

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

8 unchanged sentences

a transfer of title or purchase option reasonably certain of exercise.

is a summary of our lease assets and liabilities at November 30, 2025 and February 28, 2025.

is a summary of our lease assets and liabilities at May 31, 2026 and February 28, 2026.

SCHEDULE OF LEASE ASSETS AND LIABILITIES

Classification

Operating Lease Assets

February 28, 2026

Current Operating Lease Liability

Noncurrent Operating Lease Liabilities

Noncurrent Operating Lease

Total lease liabilities

6 unchanged sentences

charges were not included in operating lease expense and were expensed in general and administrative expenses as incurred.

expense and operating lease cost was $ 61,295 and $ 182,092 for the three and nine months ended November 30, 2025, respectively, and $ 57,875

and $ 182,855 for the three and nine months ended November 30, 2024, respectively.

lease cost and rent was $ 67,372 and $ 58,219 for the three months ended May 31, 2026 and May 31, 2025, respectively.

December 23, 2022 the Company entered into a Simple Agreement for Future Equity (SAFE) contract to invest $ 50,000 to acquire shares of

9 unchanged sentences

The Company values the Nightingale Intelligent Systems, Inc.’s shares and warrants

at $ 50,000 bringing total investments at cost to $ 100,000 at November 30, 2025

at $ 50,000 bringing total investments at cost to $ 100,000 at May 31, 2026 and February 28, 2026.

REVENUE EARNING DEVICES

earning devices consisted of the following:

SCHEDULE OF REVENUE EARNING DEVICES

OF REVENUE EARNING DEVICES

Revenue earning devices

2 unchanged sentences

( 3,257,668 )

the three and nine months ended November 30, 2025 the Company made total additions to revenue earning devices of $ 359,974 and $ 2,120,237

respectively, which were transfers from inventory.

During the three and nine months ended November 30, 2024 the Company made total additions

to revenue earning devices of $ 1,069,822 and $ 2,800,355 , respectively, which were transfers from inventory.

and amortization for the three and nine months ended November 30, 2025 and 2024 are as follows:

the three months ended May 31, 2026, the Company made total additions to revenue earning devices of $ 276,717 which were transfers from

During the three months ended May 31, 2025, the Company made total additions to revenue earning devices of $ 895,547 which

were transfers from inventory

and amortization for the years ended May 31, 2026, and May 31, 2025, are as follows:

SCHEDULE OF DEPRECIATION AND AMORTIZATION

Depreciation and Amortization

Three Months Ended

November 30, 2025

Three Months Ended

November 30, 2024

Nine Months Ended

November 30, 2025

Nine Months Ended

November 30, 2024

and Amortization RED

Cost of Goods Sold

Operating expenses

Total Depreciation and Amortization

Total Depreciation and

Amortization RED

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

10 unchanged sentences

Accumulated depreciation

Fixed assets, net of accumulated depreciation

the three months ended November 30, 2025, the Company made additions of $ 14,309 of which $ 11,868 were transfers from inventory with remaining

additions of $ 2,441 .

During the nine months ended November 30, 2025, the Company made additions of $ 54,816 of which $ 43,953 were transfers

from inventory with remaining additions of $ 10,863 .

During the three months ended November 30, 2024, the Company made additions of $ 25,603 ,

all of which were transfers from inventory.

During the nine months ended November 30, 2024, the Company made additions of $ 99,877 of

which $ 76,153 were transfers from inventory with remaining additions of $ 23,724 .

and amortization for the three and nine months ended November 30, 2025 and 2024 are as follows:

Fixed assets, net of

accumulated depreciation

the three months ending May 31, 2026, the Company made additions of $ 15,600 .

During the three months ending May 31, 2025, the Company

made additions of $ 46,071 of which $ 22,347 were transfers from inventory with remaining additions of $ 23,724 .

and amortization for the years ended May 31, 2026, and May 31, 2025, are as follows:

SCHEDULE OF DEPRECIATION AND AMORTIZATION IN OPERATING EXPENSES

Depreciation and Amortization

November 30, 2025

November 30, 2024

November 30, 2025

November 30, 2024

and Amortization

Revenue earning devices

Total Depreciation and Amortization included in operating expenses

Total Depreciation and

Amortization included in operating expenses

DEFERRED VARIABLE PAYMENT OBLIGATION

12 unchanged sentences

on the unpaid amount.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the event that at least 10% of the assets of the Company are sold by the Company, the investors would be entitled to the fair market

6 unchanged sentences

the share disposition price defined as the total price the third party paid for the shares plus the total value of all future Payments.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

November 18, 2019, the Company entered into another similar arrangement with the (February 1, 2019) investor above whereby the investor

42 unchanged sentences

As of March 1, 2021 as a result of the amendment with the first investor noted

This aggregate asset disposition % was reduced from 43.77 % to 33.77%.

below, this aggregate asset disposition % was reduced from 43.77 % to 33.77%.

Payments first become payable on June 30, 2019 (unless otherwise indicated) based on the quarterly Revenues for the quarter ended May

31, 2019 and accrue every quarter thereafter.

As of November 30, 2025, the Company has accrued $ 2,837,536 in Payments of which $ 1,599,972

As of May 31, 2026, the Company has accrued $ 3,459,840 in Payments of which $ 2,202,545

are in arrears.

1 unchanged sentence

No notices have been received by the Company.

The Company has recorded cumulative interest of 6 % interest totaling $ 204,427 commencing

this quarter, on the balance in arrears, and will continue to adjust quarterly.

March 1, 2021, the first investor referred to above whose aggregate investment is $ 1,925,000 revised his agreements as follows:

13 unchanged sentences

Because of this, the Company has determined that the agreements constitute debt agreements.

As of November 30, 2025, and February 28, 2025, the long-term balances other than Payments already owed is the cash received of $ 2,525,000

As of May 31, 2026, and February 28, 2026, the long-term balances other than Payments already owed is the cash received of $ 2,525,000

and $ 2,525,000 , respectively.

both the three months and nine months ended November 30, 2025 and year ended February 28, 2025, the Company has received $ 0 related to

the deferred payment obligation since there were no new agreements during this period.

The balance remains $ 2,525,000 at both November

30, 2025 and February 28, 2025.

both the three months ended May 31, 2026, and year ended February 28, 2026, the Company has received $ 0 related to the deferred payment

obligation since there were no new agreements during this period.

The balance remains $ 2,525,000 at both May 31, 2026 and February 28,

RELATED PARTY TRANSACTIONS

both the three months and nine months ended November 30, 2025 and November 30, 2024, the Company had no repayments of net advances from

its loan payable-related party.

At November 30, 2025, the loan payable-related party was $ 437,984 and $ 329,635 at February 28, 2025.

Included in the balance due to the related party at November 30, 2025 is $ 361,452 of deferred salary and interest, $ 239,600 of which

bears interest at 12 %.

As of February 28, 2025, included in the balance due to the related party is $ 252,833 of deferred salary and interest,

$ 190,013 of which bears interest at 12 %.

The accrued interest included in the loan at November 30, 2025, and February 28, 2025, was $ 70,689 ,

and $ 51,575 , respectively.

the nine months ended November 30, 2025, the Company paid out gross payments to the CEO of $ 1,560,370

offset by a bonus accrual of $ 750,000 ,

which yields a net change of $ 810,370

relating to deferred compensation for CEO.

This was all in accordance with a December 2023 board action allowing for $ 1

million of annual discretionary compensation as well as a February 28, 2025, board action which provided an additional $ 1.5

both the three months ended May 31, 2026, and May 31, 2025, the Company had repayments of net advances of $ 129,687 and $ 0 , respectively.

At May 31, 2026, the loan payable-related party was $ 331,946 and $ 461,633 at February 28, 2026.

Included in the balance due to the related

party at May 31, 2026, is $ 255,414 of deferred salary and interest, $ 157,513 of which bears interest at 12 %.

As of February 28, 2026,

included in the balance due to the related party is $ 285,638 of deferred salary all of which bears interest at 12 %.

The accrued interest

included in the loan at May 31, 2026, and February 28, 2026, was $ 84,956 , and $ 79,268 , respectively.

the three months ended May 31, 2026, the Company paid out gross payments to the CEO of $ 71,105 offset by a bonus accrual of $ 250,000 ,

which yields a net change of $ 178,895 relating to deferred compensation for CEO.

This was all in accordance with a December 2023 board

action allowing for $ 1 million of annual discretionary compensation as well as a February 28, 2026, board action which provided an additional

$ 1.5 million in compensation.

The balance of deferred compensation for CEO was $ 1,392,230

and $ 2,202,600

at November 30, 2025, and February 28, 2025, respectively

the three and nine months ended November 30, 2025, the Company accrued $ 0 (three and nine months ended November 30, 2024-$ 0 ) of incentive

compensation plan payable to the CEO.

This would be payable in Series G Preferred Shares which are redeemable at the Company’s

option at $ 1,000 per share.

At November 30, 2025, and February 28, 2025, there was $ 4,000,000 and $ 4,000,000 of incentive compensation

the three months ended November 30, 2025, and 2024, the Company was charged $ 655,721 and $ 556,175 , respectively for fees for research

and development from a company partially owned by a principal shareholder.

the nine months ended November 30, 2025, and 2024, the Company was charged $ 1,990,873 and $ 1,846,005 , respectively for fees for research

and development from a company partially owned by a principal shareholder.

The principal shareholder received no compensation from this

partially owned research and development company and the fees were spent on core development projects.

As at both November 30, 2025,

and February 28, 2025, the balance due to this company was $ 76,532 .

During the three months ended May 31, 2025, the Company paid out gross payments to the CEO of $ 1,496,687

offset by a bonus accrual of $ 250,000 , which yielded a net change of $ 1,246,687 relating to deferred compensation for CEO.

of deferred compensation for CEO was $ 1,990,751 and $ 1,811,856 at May 31, 2026, and February 28, 2026, respectively

the three months ended May 31, 2026, the Company accrued $ 0 (three months ended May 31, 2025-$ 0 ) of incentive compensation plan payable

This will be payable in Series G Preferred Shares, which are redeemable at the Company’s option at $ 1,000 per share.

On May 31, 2026, and February 28, 2026, there was $ 5,500,000 and $ 5,500,000 incentive compensation payable.

the three months ended May 31, 2026, and 2025, the Company was charged $ 390,130 and $ 736,875 , respectively for fees for research and

development from a company partially owned by a principal shareholder.

The principal shareholder received no compensation from this partially

owned research and development company, and the fees were spent on core development projects.

As at May 31, 2026, and February 28, 2026,

the balance due to this company was $ 76,532 and $ 160,557 , respectively.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

1 unchanged sentence

LOANS PAYABLE

payable at November 30, 2025 consisted of the following:

payable at May 31, 2026 consisted of the following:

SCHEDULE OF LOANS PAYABLE

Interest Rate

July 18, 2016

8 unchanged sentences

December 14, 2020

December 10, 2024

Promissory note

December 14, 2020

March 1, 2027

19 unchanged sentences

Promissory note (12)

July 12, 2021

July 26, 2026

Promissory note

September 14, 2021

60 unchanged sentences

August 25, 2025

Future Receivables Purchase and Sale Agreement

Future Receivables Purchase

and Sale Agreement (26)

September 25, 2025

8 unchanged sentences

Promissory note (30)

current portion of loans payable

December 9, 2025

December 9, 2026

Promissory note (31)

December 17, 2025

September 23, 2026

Business loan (32)

December 22, 2025

December 22, 2026

Convertible note (33)

December 27, 2025

December 27, 2026

Promissory note (34)

January 12, 2026

January 12, 2027

Promissory note (35)

January 27, 2026

January 27, 2027

Promissory note (36)

February 2, 2026

February 2, 2027

Promissory note (37)

February 19, 2026

February 19, 2027

Convertible note (38)

February 24, 2026

February 24, 2027

Promissory note (39)

March 16, 2026

March 16, 2027

Promissory note (13)

March 25, 2026

March 25, 2027

Convertible note (40)

March 25, 2026

Convertible note (41)

April 9, 2026

January 15, 2027

Convertible note (42)

April 13, 2026

April 13, 2027

Future Receivables Purchase

and Sale Agreement (43)

April 20, 2026

April 20, 2027

Convertible note (44)

January 15, 2027

Convertible note (45)

Convertible Note (46)

Convertible Note (47)

portion of loans payable

( 27,769,326 )

discount on non-current loans payable

Non-current loans payable, net of discount

Current portion of loans payable

loans payable, net of discount

Current portion

of loans payable

discount on current portion of loans payable

Current portion of loans payable, net of discount

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

portion of loans payable, net of discount

A On June 15, 2026

the Company and lender entered into a Loan Amendment Agreement whereby it was agreed that simple interest was to be calculated from the

loan issuance date through to February 28, 2026 and commencing March 1, 2026 compounded on the respective principal and interest balance

at February 28, 2026.

C Compounding annually

note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed

on the lender.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

promissory note was issued as part of a debt settlement whereby $ 2,683,357 in convertible notes and associated accrued interest of

7 unchanged sentences

remaining the same.

On December 10, 2025 an exchange agreement was made whereby principal and interest of this note may be exchanged

for common shares at 90 % of the 5 days’ lowest bid of shares.

For the three months ending May 31, 2026 the company exchanged

$ 336,000 accrued interest for 14,000,000 common shares at a fair value of $ 910,700 with a loss on settlement of $ 574,700 .

promissory note was issued as part of a debt settlement whereby $ 1,460,794 in convertible notes and associated accrued interest of

9 unchanged sentences

1, 2025, to March 1, 2027, with all other terms and conditions remaining the same.

promissory note was issued as part of a debt settlement whereby $ 103,180 in convertible notes and associated accrued interest of

$ 62,425 totaling $ 165,605 was exchanged for this promissory note of $ 165,605 , and a warrant to purchase 80,000,000 shares at an exercise

price of $ .002 per share and a three-year maturity having a fair value of $ 176,000 .

The maturity date was extended from December 10,

2023 to December 10, 2024 on February 29, 2024 and a fee of $ 22,958 was paid and charged to interest expense.

The note is in default.

No notices have been sent.

On November 24, 2025, the Company entered into

an exchange agreement where the holder can exchange all or part of the principal and interest of the note into common shares at an

exchange amount of 90 % of the previous 5 day’s lowest bid price.

On February 8, 2026, the holder exchanged $ 192,000 in accrued

interest for 8,000,000 common shares at fair value of $ 320,000 with a loss on settlement of $ 128,000 .

$ 225,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 25,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 115 , with an unamortized discount of $ 24,885 at May 31, 2026.

promissory note was issued as part of a debt settlement whereby $ 235,000 in convertible notes and associated accrued interest of

1 unchanged sentence

price of $ .002 per share and a three-year maturity having a fair value of $ 182,500 .

On December 14, 2023, the parties extended the

maturity date from December 14, 2023 date to March 1, 2027.

note, with an original principal amount of $ 350,000 , may be pre-payable at any time.

13 unchanged sentences

and conditions remaining the same .

For the nine months ended November 30, 2025, the Company recorded amortization expense of $ 138 ,

with an unamortized discount of $ 0 at November 30, 2025.The loan is fully amortized.

The loan is fully amortized.

promissory note was issued as part of a debt settlement whereby $ 9,200 in convertible notes and associated accrued interest of $ 6,944

14 unchanged sentences

the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions remaining the same .

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

note, with an original principal amount of $ 550,000 , may be pre-payable at any time.

13 unchanged sentences

extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions remaining the same.

nine months ended November 30, 2025, the Company recorded amortization expense of $ 144 , with an unamortized discount of $ 0 at November

30, 2025.The loan is fully amortized.

On February 11, 2025, the Company repaid $ 162,000 through the issuance of 60,000,000 common

The remaining $ 388,000 in loan principal as well as $ 35,500 in accrued interest ( all totaling $ 425,500 ) was repaid on March

5, 2025 through the issuance of 185,000,000 common shares.

is fully amortized.

Through an exchange agreement on February 11, 2025, the Company repaid $ 162,000 in principal st through the issuance

of 600,000 common shares.

On March 28, 2025 the Company entered into an exchange agreement where the holder can exchange all or part

of the principal and interest of the note into common shares at an exchange amount of 90 % of the previous 5 day’s lowest VWAP

On March 5, 2025 the Company repaid $ 150,500 in loan principal as well as $ 275,000 in accrued interest (all totaling $ 425,500 )

was repaid on March 5, 2025 through the issuance of 1,850,000 common shares at a fair value of $ 444,000 with a loss on settlement

of $ 18,500 .

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

note, with an original principal balance of $ 1,650,000 , may be pre-payable at any time.

17 unchanged sentences

remaining the same.

For the nine months ended November 30, 2025, the Company recorded amortization expense of $ 700 , with an unamortized

discount of $ 0 at November 30, 2025.

The loan is fully amortized.

On November 24, 2025, the Company entered into an exchange agreement where the holder

can exchange all or part of the principal and interest of the note into common shares at an exchange amount of 90 % of the previous

5 day’s lowest bid price.

For the three months ending May 31, 2026, the Company exchanged $ 80,000 of accrued interest for 5,000,000

common at a fair value of $ 100,000 with a loss on settlement of $ 20,000 .

unsecured note may be pre-payable at any time.

Cash proceeds of $ 5,400,000

were received.

The note balance of $ 6,000,000

includes an original issue discount of $ 600,000

and was issued with a warrant to purchase 300,000,000

shares at an exercise price of $ 0.135

per share with a 3 -year

term and having a relative fair value of $ 4,749,005

using Black-Scholes with assumptions described in note 13.

Cash proceeds of $ 5,400,000 were received.

The note balance of $ 6,000,000 includes

an original issue discount of $ 600,000 and was issued with a warrant to purchase 300,000,000 shares at an exercise price of $ 0.135

per share with a 3 -year term and having a relative fair value of $ 4,749,005 using Black-Scholes with assumptions described in note

The discounts are being amortized over the term of the loan.

allocating these charges to debt and equity according to their respective values, a debt discount of $ 4,749,005

with a corresponding adjustment to paid in capital for the relative value of the warrant.

The maturity was extended from March 1,

2022 to March 1, 2024 on February 28, 2022 in exchange for warrants to purchase 150,000,000

shares of common stock at an exercise price of $ .0164

After allocating these charges to debt and equity according to their

respective values, a debt discount of $ 4,749,005 with a corresponding adjustment to paid in capital for the relative value of the

The maturity was extended from March 1, 2022 to March 1, 2024 on February 28, 2022 in exchange for warrants to purchase

150,000,000 shares of common stock at an exercise price of $ .0164 and a 3 year term.

These warrants have a fair value of $ 2,850,000

2 unchanged sentences

This note was again extended to March 1, 2025.

April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and

conditions remaining the same.

For the nine months ended November 30, 2025, the Company has issued 3,835,000,000

common shares at fair market value of $ 4,470,500

to repay $ 3,840,500

in loan principal with a loss on settlement of debt of $ 630,000 .

On April 16, 2025, the parties again extended the maturity

date from March 1, 2025, to March 1, 2027, with all other terms and conditions remaining the same.

On March 28, 2025 the Company

entered into an exchange agreement where the holder can exchange all or part of the principal and interest of the note into common

shares at an exchange amount of 90 % of the previous 5 day’s lowest VWAP price.

For the year ended February 28, 2026, the Company

has issued 36,500,000 common shares at fair market value of $ 4,365,500 to repay $ 3,840,500 in accrued interest with a loss on settlement

of debt of $ 525,000 .

note, with an original principal balance of $ 2,750,000 , may be pre-payable at any time.

15 unchanged sentences

A $ 4,121 unamortized discount remained.

For the six months ended August 31, 2025, the Company

recorded amortization expense of $ 964 , with an unamortized discount of $ 0 at August 31, 2025.

The loan is fully amortized On April

16, 2025, the parties again extended the maturity date from June 8, 2025, to June 8, 2027, with all other terms and conditions remaining

INTELLIGENCE TECHNOLOGY

SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

loan, with an original principal balance of $ 4,000,160 , was in exchange for 184 Series F preferred shares from a former director.

The interest and principal are payable at maturity.

The loan is unsecured.

During the six months ended August 31, 2025 the Company

repaid $ 420,000 as part of a settlement with the estate of the lender.

A settlement agreement was entered into on April 25,2025

between the Company and the Estate of the lender whereby the Company will repay a total of $ 420,000 to fully discharge the outstanding

loan balance and accrued interest which totaled $ 4,790,185 .

This settlement agreement was approved by the court on June 5, 2025.

Upon settlement in August 2025, the Company recorded a gain on settlement of debt of $ 4,370,185 .

At August 31, 2025 the outstanding

principal and interest was $ 0 .

The loan is fully amortized.

On April 16, 2025, the parties

again extended the maturity date from June 8, 2025, to June 8, 2027, with all other terms and conditions remaining the same.

24, 2025, the Company entered into an exchange agreement where the holder can exchange all or part of price the principal and interest

of the note into common shares at an exchange amount of 90 % of the previous 5 day’s lowest bid price.

For the year ended February

28, 2026 the holder exchanged $ 1,416,000 in accrued interest for 25,000,000 common shares at a fair value of $ 1,680,000 with a loss

on settlement of $ 264,000 .

$ 170,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 20,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 3,680 , with an unamortized discount of $ 16,320 at May 31, 2026.

note, with an original principal balance of $ 1,650,000 , may be pre-payable at any time.

8 unchanged sentences

A $ 66,846 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded

amortization expense of $ 6,476 , with an unamortized discount of $ 18,705 at November 30, 2025.

On April 16, 2025, the parties again

extended the maturity date from September 14, 2025, to September 14, 2027, with all other terms and conditions remaining the same.

For the three months ended May 31, 2026, the Company recorded amortization

expense of $ 2,455 , with an unamortized discount of $ 13,870 at May 31, 2026.

On April 16, 2025, the parties again extended the maturity

date from September 14, 2025, to September 14, 2027, with all other terms and conditions remaining the same.

On November 24, 2025,

the Company entered into an exchange agreement where the holder can exchange all or part of the principal and interest of the note

into common shares at an exchange amount of 90 % of the previous 5 day’s lowest bid price.

$ 170,000 note may be pre-payable at any time.

18 unchanged sentences

30, 2025, to August 30, 2027, with all other terms and conditions remaining the same.

On November 24, 2025, the Company entered into

an exchange agreement where the holder can exchange all or part of the principal and interest of the note into common shares at an

exchange amount of 90 % of the previous 5 day’s lowest bid price.

$ 400,000 note may be pre-payable at any time.

8 unchanged sentences

March 1, 2027, with all other terms and conditions remaining the same.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

$ 475,000 note may be pre-payable at any time.

8 unchanged sentences

March 1, 2027, with all other terms and conditions remaining the same.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

$ 350,000 note may be pre-payable at any time.

7 unchanged sentences

to March 1, 2027, with all other terms and conditions remaining the same.

October 28, 2022, the Company entered into an loan facility with a lender for up to $ 4,000,000 including an original issue discount

of $ 500,000 .

October 28, 2022, the Company entered into as secured loan agreement with a lender for up to $ 4,000,000 including an original issue

discount of $ 500,000 .

In exchange the Company will issue one series F Preferred Share, extended 329 series F warrants with a March

maturity to a new October 31, 2033 maturity, and issue up to 10 tranches with each tranche of $ 400,000 , with cash proceeds of $ 350,000

an original issue discount of $ 50,000 , October 31, 2026 maturity, and 61 Series F warrants with a October 31, 2033 maturity.

by a general security charging all of the Company’s present and after-acquired property.

At February 29, 2024 the Company has

issued all 10 tranches totaling $ 4,000,000 as follows:

1, 2026 maturity to a new October 31, 2033 maturity, and issue up to 10 tranches with each tranche of $ 400,000 , with cash proceeds

of $ 350,000 an original issue discount of $ 50,000 , October 31, 2026 maturity, and 61 Series F warrants with a October 31, 2033 maturity.

Secured by a general security charging all of the Company’s present and after-acquired property.

On November 24, 2025, the

Company entered into an exchange agreement where the holder can exchange all or part of the principal and interest of this secured

loan agreement into common shares at an exchange amount of 90 % of the previous 5 day’s lowest bid price.

At February 29, 2024

the Company has issued all 10 tranches totaling $ 4,000,000 as follows:

28, 2022, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants and 1 Series F Preferred Share

3 unchanged sentences

A $ 47,892 unamortized discount remained.

For the nine months ended November

30, 2025, the Company recorded amortization expense of $ 13,502 , with an unamortized discount of $ 19,409 at November 30, 2025.

For the three months ended May 31,

2026, the Company recorded amortization expense of $ 5,243 , with an unamortized discount of $ 9,185 at May 31, 2026.For the three months

ending May 31, 2026, the Company exchanged $ 107,000 of principal and $ 222,900 of accrued interest totaling $ 329,900 for 20,000,000

common at a fair value of $ 442,800 with a loss on settlement of $ 112,900 .

9, 2022, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of

On March 1, 2024, the unamortized relative fair value discount of $ 288,513 was removed with a corresponding adjustment to accumulated

On March 1, 2024, the unamortized relative fair value discount of $ 288,513 was removed with a corresponding adjustment

to accumulated deficit.

A $ 48,126 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,567 , with an unamortized discount of $ 19,508 at November 30, 2025.

For the three months ended May 31, 2026, the Company recorded amortization

expense of $ 5,269 , with an unamortized discount of 9,233 at May 31, 2026.

10, 2022, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 302,020 .

1 unchanged sentence

A $ 48,290 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,613 , with an unamortized discount of $ 23,671 at November 30, 2025.

For the three months ended May 31, 2026, the Company recorded amortization expense

of $ 5,288 , with an unamortized discount of $ 8,957 at May 31, 2026.

15, 2022, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 299,959 .

1 unchanged sentence

A $ 47,976 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,525 , with an unamortized discount of $ 19,446 at November 30, 2025.

For the three months ended May 31, 2026, the Company recorded amortization expense

of $ 5,528 , with an unamortized discount of $ 8,927 at May 31, 2026.

11, 2023, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 299,959 .

1 unchanged sentence

A $ 48,124 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,567 , with an unamortized discount of $ 19,508 at November 30, 2025.

For the three months ended May 31, 2026, the Company recorded amortization expense

of $ 5,269 , with an unamortized discount of $ 9,233 at May 31, 2026.

6, 2023, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 299,959 .

1 unchanged sentence

A $ 48,294 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,614 , with an unamortized discount of $ 19,581 at November 30, 2025.

For the three months ended May 31, 2026, the Company recorded amortization expense

of $ 5,288 , with an unamortized discount of $ 9,268 at May 31, 2026.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5, 2023, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 296,245 .

1 unchanged sentence

A $ 48,409 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,647 , with an unamortized discount of $ 19,630 at November 30, 2025.

For the three months ended May 31, 2026, the Company recorded amortization expense

of $ 5,302 , with an unamortized discount of $ 9,293 at May 31, 2026.

20, 2023, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 302,219 .

1 unchanged sentence

A $ 48,777 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,749 , with an unamortized discount of $ 19,786 at November 30, 2025.

For the three months ended May 31, 2026, the Company recorded amortization expense

of $ 5,343 , with an unamortized discount of $ 9,368 at May 31, 2026.

11, 2023, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 348,983 .

On March 1, 2024, the unamortized relative fair value discount of $ 348,831 was removed with a corresponding adjustment to accumulated

A $ 49,978 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 14,085 , with an unamortized discount of $ 20,299 at November 30, 2025.

A $ 49,978 unamortized discount remained For the three months ended May 31, 2026, the Company recorded amortization expense of

$ 5,480 , with an unamortized discount of $ 9,616 at May 31, 2026.

27 2023, $ 400,000 loan, original issue discount of $ 50,000 , 61 Series F Preferred Share warrants having a relative fair value of $ 261,759 .

1 unchanged sentence

A $ 48,611 unamortized discount remained.

For the nine months ended November 30, 2025, the Company recorded amortization expense

of $ 13,703 , with an unamortized discount of $ 19,715 at November 30, 2025.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended May 31, 2026, the Company recorded amortization expense

of $ 5,325 , with an unamortized discount of $ 9,333 at May 31, 2026.

November 30, 2023, the Company entered into an agreement where the lender will pay the Company $ 350,000 in exchange for thirteen

3 unchanged sentences

Secured by a general security charging all of RAD’s present and after-acquired property.

of 15 % per annum calculated daily on any missed monthly payment and after maturity.

The Company has repaid $ 147,000 and $ 53,000 in

accrued interest in July to account for the missed April through to August 2024 payments in agreement with the lender.

have missed the subsequent monthly payments.

On April 16, 2025, the parties again extended the maturity date from April 30, 2025,

of 15 % per annum calculated daily on any missed monthly payment and after original maturity.

The Company has repaid $ 147,000 and

$ 53,000 in accrued interest in July to account for the missed April through to August 2024 payments in agreement with the lender.

The Company have missed the subsequent monthly payments.

On April 16, 2025, the parties extended the maturity date from April 30,

2025, to April 30, 2026, with all other terms and conditions remaining the same.

On April 30,2026, the parties extended the maturity

to April 30, 2027, with the default rate still applicable after April 30, 2025.

March 8, 2024, the Company entered into another agreement where the lender will pay the Company $ 350,000 in exchange for thirteen

3 unchanged sentences

Secured by a general security charging all of RAD’s present and after- acquired property.

of 15 % per annum calculated daily on any missed monthly payment and after maturity.

The August 2024 through to August 2025 payments

have not been made but will be resolved with the lender and the note was not repaid at maturity.

The Company believes it will re-negotiate

the maturity date with the lender as it has done with similar loans.

No notices have been sent.

of 15 % per annum calculated daily on any missed monthly payment and after original maturity.

The August 2024 through to August 2025

payments have not been made and the note was not repaid at original maturity.

On August 8, 2025 the parties extended the maturity

to August 8, 2027 , with the default rate still applicable after August 8, 2025.

$ 165,000 note may be pre-payable at any time.

18 unchanged sentences

of RAD’s present and after- acquired property.

The Company received net proceeds of $ 555,671

after fees of $ 29,329 and

a financing fee of $ 222,300

for total fees of $ 251,629 .

The Company must repay $ 807,300 ,

in weekly payments of 7 %

of estimated receipts from accounts receivables.

The Company received net proceeds of $ 555,671 after fees of $ 29,329 and a financing

fee of $ 222,300 for total fees of $ 251,629 .

The Company must repay $ 807,300 , in weekly payments of 7 % of estimated receipts from

accounts receivables.

The estimated monthly payments will be approximately $ 99,725 .

For the nine months ended November 30, 2025, the Company recorded amortization expense of $ 96,211 ,

with an unamortized discount of $ 155,418

at November 30, 2025.

For the nine months ended November 30, 2025, the Company has repaid $ 308,674 .

For the year ended May 31, 2026, the Company

recorded amortization expense of $ 59,207 , with an unamortized discount of $ 0 at May 31, 2026.

For the year ended February 28, 2026,

the Company has repaid $ 617,348 .

During the three months ending May 31, 2026 the remaining balance of $ 189,952 was fully repaid.

$ 550,000 note may be pre-payable at any time.

3 unchanged sentences

Secured by a general security charging all of RAD’s present and after-acquired property.

For the nine months ended

November 30, 2025, the Company recorded amortization expense of $ 8,031 , with an unamortized discount of $ 41,969 at November 30, 2025.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 12,724 , with an unamortized discount of $ 17,288 at May 31, 2026.

$ 200,000 note may be pre-payable at any time.

3 unchanged sentences

Secured by a general security charging all of RAD’s present and after-acquired property.

For the nine months

ended November 30, 2025, the Company recorded amortization expense of $ 1,935 , with an unamortized discount of $ 23,065 at November

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 6,158 , with an unamortized discount of $ 11,127 at May 31, 2026.

$ 275,000 note may be pre-payable at any time.

3 unchanged sentences

Secured by a general security charging all of RAD’s present and after-acquired property.

For the nine months

ended November 30, 2025, the Company recorded amortization expense of $ 1,412 , with an unamortized discount of 23,588 at November

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 6,189 , with an unamortized discount of $ 11,582 at May 31, 2026.

$ 450,000 note may be pre-payable at any time.

3 unchanged sentences

Secured by a general security charging all of RAD’s present and after-acquired property.

For the nine months ended

November 30, 2025, the Company recorded amortization expense of $ 622 , with an unamortized discount of 49,378 at November 30, 2025.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 10,760 , with an unamortized discount of $ 28,536 at May 31, 2026.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

$ 450,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 50,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 11,888 , with an unamortized discount of $ 27,702 at May 31, 2026.

December 17, 2025, the Company entered into a business loan secured by a general security charging all of RAD’s present and

after- acquired property.

The Company received net proceeds of $ 300,000 after fees of $ 14,000 and a financing fee of $ 91,060 for

total fees of $ 105,060 .

The Company must repay $ 405,060 , in 4 weekly payments of $2,276.50 and 36 weekly payments of $10,998.72.

The loan is personally guaranteed by the CEO.

For the year ended February 28, 2026, the Company recorded amortization expense of

$ 19,478 with an unamortized discount of $ 85,582 at February 28, 2026.

For the three months ended May 31, 2026, the Company has repaid

$ 87,990 with the balance of $ 241,972 transferred to the April 13, 2026 loan described in footnote (43),thereby fully extinguishing

convertible note that may be redeemed at a premium at any time.

The Company received proceeds of $ 440,000 , with fees of $ 10,000 and

an original issue discount of $ 45,000 .

Principal and interest due at maturity.

For the three months ended May 31, 2026, the Company

recorded amortization expense of $ 13,062 , with an unamortized discount of $ 32,233 at May 31, 2026.

After 180 days , the note and

interest is convertible at a conversion price of 80 % of the lowest traded price in the 15 prior trading days.

$ 275,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 25,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 5,908 , with an unamortized discount of $ 14,970 at May 31, 2026.

$ 330,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 30,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 7,019 , with an unamortized discount of $ 19,117 at May 31, 2026.

$ 170,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 20,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 4,594 , with an unamortized discount of $ 13,637 at May 31, 2026.

$ 330,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 30,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 7,059 , with an unamortized discount of $ 21,078 at May 31, 2026.

convertible note that may be redeemed at a premium at any time.

The Company received proceeds of $ 142,500 , with fees of $ 7,500 and

an original issue discount of $ 15,000 .

Principal and interest due at maturity.

For the three months ended May 31, 2026, the Company

recorded amortization expense of $ 5,167 , with an unamortized discount of $ 16,849 at May 31, 2026.

After 180 days , the note and interest

is convertible at a conversion price of 80 % of the lowest traded price in the 15 prior trading days.

$ 170,000 note may be pre-payable at any time.

The note balance includes an original issue discount of $ 20,000 .

Principal and interest

due at maturity.

Secured by a general security charging all of RAD’s present and after-acquired property.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 4,555 , with an unamortized discount of $ 15,257 at May 31, 2026.

convertible note that may be redeemed subject to a premium ranging from 110 % to 140 % if redeemed within the first 180 days of the

The Company received proceeds of $ 95,000 , with fees of $ 5,000 and an original issue discount of $ 10,000 .

Principal and interest

due at maturity.

For the three months ended May 31, 2026, the Company recorded amortization expense of $ 2,429 , with an unamortized

discount of $ 12,571 at May 31, 2026.

After 180 days, the note and interest is convertible at a conversion price of 80 % of the lowest

traded price in the 15 prior trading days.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

convertible note that may be redeemed subject to a premium ranging from 110 % to 140 % if redeemed within the first 180 days of the note.

The Company received proceeds of $ 595,000 , with fees of $ 5,000 and an original issue discount of $ 30,000 .

Principal and interest due

A refundable commitment fee of 14.1 million common shares was issued, but is returnable if the loan plus accrued interest

is paid back by May 5, 2026.

The loan was intended as a short term loan with high redemption premiums commencing after 40 days and high

conversion discounts after 180 days whereby the note would convert at 20 % of the lowest traded price 15 days prior trading to the conversion

On May 5, 2026, the Company repaid in full, principal and interest of $ 638,492 and the 14.1 million commitment fee shares will

be returned..

For the three months ended May 31, 2026, the Company recorded amortization expense of $ 35,000 , with an unamortized discount

of $ 0 at May 31, 2026.

convertible note that may be redeemed subject to a premium ranging from 120 % to 125 % if redeemed within the first 180 days of the note.

The Company received proceeds of $ 250,000 , with fees of $ 7,000 .

Principal and interest due at maturity.

For the three months ended May

31, 2026, the Company recorded amortization expense of $ 7,000 , with an unamortized discount of $ 0 at May 31, 2026.

After 180 days, the

note and interest is convertible at a conversion price of 65 % of the lowest closing traded price in the 10 prior trading days.

April 13, 2026, the Company entered into a business loan secured by a general security charging all of RAD’s present and after-

acquired property.

The Company received net proceeds of $ 295,028 after fees of $ 16,500 and a financing fee of $ 91,060 for total fees

of $ 105,060 and a payback of the $ 241,972 balance on the December 17, loan described in footnote (32) .

The Company must repay $ 709,500 ,

in 52 weekly payments of $ 13,644 .

The loan is personally guaranteed by the CEO.

For the three months ended May 31, 2026, the Company

recorded amortization expense of $ 16,587 with an unamortized discount of $ 155,913 at February 28, 2026.

For the three months ended May

31, 2026, the Company has repaid $ 68,221 .

convertible note that may be redeemed anytime with payment of the first year’s accrued interest of $ 33,333 .

The Company received

proceeds of $ 245,000 , with fees of $ 5,000 and an original issue discount of $ 27,778 .

In addition a commitment fee of 5,000,000 common

shares having a fair value of $ 173,500 was issued and added as a discount.

Principal and interest due at maturity.

For the three months

ended May 31, 2026, the Company recorded amortization expense of $ 10,072 , with an unamortized discount of $ 196,206 at May 31, 2026.

note and interest is convertible at any time a conversion price of 75 % of the lowest closing traded price in the 10 prior trading days.

convertible note that may be redeemed subject to a premium ranging from 120 % to 125 % if redeemed within the first 180 days of the note.

The Company received proceeds of $ 150,000 , with fees of $ 7,000 .

Principal and interest due at maturity.

For the three months ended May

31, 2026, the Company recorded amortization expense of $ 7,000 , with an unamortized discount of $ 0 at May 31, 2026.

After 180 days, the

note and interest is convertible at a conversion price of 65 % of the lowest closing traded price in the 10 prior trading days.

convertible note redeemable 90 days after issuance in monthly installments of 10 % of the outstanding principal and interest.

received proceeds of $ 615,000 , with fees of $ 15,000 and an original issue discount of $ 70,000 .

In addition a commitment fee of 1,250,000

common shares having a fair value of $ 28,751 was issued and recorded as a discount.

Principal and interest due at maturity.

For the three

months ended May 31, 2026, the Company recorded amortization expense of $ 7,185 , with an unamortized discount of $ 105,565 at May 31, 2026.

After 180 days, the note and interest is convertible at a conversion price of 65 % of the lowest traded price in the 10 prior trading

convertible note that may be redeemed subject to a premium ranging from 110 % to 135 % if redeemed within the first 180 days of the note.

The Company received proceeds of $ 119,000 , with fees of $ 6,000 and an original issue discount of $ 13,889 ..

Principal and interest due

For the three months ended May 31, 2026, the Company recorded amortization expense of $ 762 , with an unamortized discount

of $ 19,127 at May 31, 2026.

After 180 days, the note and interest is convertible at a conversion price of 65 % of the lowest traded price

in the 10 prior trading days.

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

STOCKHOLDERS’ EQUITY (DEFICIT)

3 unchanged sentences

1,000 authorized shares.

exchange for 306 Series C Convertible Redeemable Preferred Shares, the Company received gross proceeds of $ 306,000 with net proceeds

of $ 278,580 after paying $ 6,000 in legal fees and $ 21,420 in broker fees both charged against paid in capital.

The Company must redeem

the shares at stated capital of 1,200 per share and a 1.09 premium at 180 days after issuance, On August 9.2025.

The Company recorded

the 306 outstanding shares at its redemption value of $ 402,084 at February 28, 2025, with the offsetting adjustment to paid in capital.

On May 10, 2025 the Company issued the 12 % quarterly dividend in 9.19 Series C shares with a redemption value of $ 12,073 .

2025 the Company issued the 12 % quarterly dividend in 9.46 Series C shares with a redemption value of $ 12,436 .

On August 9, 2025 the

Company recorded a 35 % penalty due to not redeeming the shares at the redemption date.

The penalty amounted to 114 Series C shares at

a value of $ 149,307 .

On August 25, 2025 the Company redeemed 95 Series C shares for $ 125,000 .

Included in that payment was a deemed dividend

of $ 28,871 .

On November 7, 2025 the Company issued the 12 % quarterly dividend in 10.3 Series C shares with a redemption value of $ 13,539 .

The Company recorded a penalty for not converting 96 shares of a value of $ 115,200 on September 22, 2025.

The penalty was recorded as

additional 314 Series C preferred shares at a value of $ 412,530 with a corresponding adjustment to paid in capital.

The September 22,

2025 conversion was rescinded on December 5, 2025 and a new conversion was done for 84 series C shares for 199,446,429 common shares

at a value of $ 100,800 on December 5, 2025.

At November 30, 2025, 2025 there were 667 outstanding series C shares with a redemption

value of $ 876,968 .

At February 28, 2025 there were 306 outstanding series C shares with a redemption value of $ 402,084 .

Series F Convertible Preferred Shares

Each holder of Series F Convertible Preferred Shares

may, at any time and from time to time convert all, but not less than all, of their shares into a number of fully paid and nonassessable

shares of common stock determined by multiplying the number of issued and outstanding shares of common stock of the Company on the date

of conversion by three and 45 100ths (3.45) on a pro rata basis.

exchange for 306

Series C Convertible Redeemable Preferred Shares (“Series C”), the Company received gross proceeds of $ 306,000

with net proceeds of $ 278,580

after paying $ 6,000 in legal fees

in broker fees both charged against paid in capital.

The Company must redeem the shares at stated capital of 1,200

per share and a 1.095 premium at 180 days after issuance.

The Company recorded the 306

outstanding shares at its redemption value of $ 402,084

at February 28, 2025, with the offsetting adjustment to paid in capital.

During the year the Company issued 12 %

quarterly dividends in 44

Series C shares with a value of $ 58,100 .

The Company failed to redeem the Series C shares on the August 9, 2025, redemption date and a penalty of 114

Series C shares with a value of $ 149,307

was recorded.

In August 2025 the Company redeemed 95

Series C shares for $ 125,000

including a deemed dividend of $ 29,871 .

In September 2025 the Company failed to convert a conversion notice of 96

This conversion was withdrawn in December 2025 and a new conversion for 85

Series C shares with a value of $ 111,690

including a dividend of $ 84,690

with a corresponding adjustment to paid in capital.

In exchange for the converted Series C shares, the Company issued 1,994,464

common shares.

In January 2026, the Company failed to convert a conversion notice of 80

On March 19, 2026 the Company entered into an agreement with the investor whereby the parties agreed to reduce the penalty

on the September 2025 and January 2026 failed conversion to 133

Series C shares at a value of $ 175,140

( The penalty was reduced from 345

Series C shares to 133

Series C shares) .

The parties agreed on the Series C share balance at February 28, 2026 to be 417

series C shares.

In addition, the parties agreed to issue an additional 222 Series

C shares for proceeds of $ 200,000

and fees of $ 22,000 .

These shares have a redemption value of $ 291,708 .

Also on March 19, 2026, the parties agreed to convert 165

Series C shares at a value of $ 216,810

for 13,550,625

common shares.

The shareholder also converted 40

shares at a value of $ 52,560

for 3,285,000

common shares on May 6, 2026, and 93

shares at a value of $ 122,202

for 7,637,628

common shares on May 12, 2026.

During the quarter, a dividend of 13

Series C shares having a value of $ $ 17,388

were accrued.

At May 31, 2026, there were 354

outstanding series C shares with a redemption value of $ 465,465 .

Ay February 28, 2026, there were 417

outstanding series C shares with a redemption value of $ 547,941 .

F Convertible Preferred Stock

holder of Series F Convertible Preferred Shares may, at any time and from time to time convert all, but not less than all, of their shares

into a number of fully paid and nonassessable shares of common stock determined by multiplying the number of issued and outstanding shares

of common stock of the Company on the date of conversion by three and 45 100ths (3.45) on a pro rata basis.

of Preferred Stock Warrant Activity

OF PREFERRED STOCK WARRANT ACTIVITY

Exercise Price

Number of Series F Preferred Warrants

Average Exercise Price

Average Remaining Years

Outstanding at February 28, 2026

Forfeited and cancelled

Outstanding at November 30, 2025

Outstanding at May 31, 2026

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

1 unchanged sentence

of Common Stock Activity

Company’s board of directors voted to increase authorized common shares from 23,000,000,000 to 27,500,000,000 on October 15, 2025.

the nine months ended November 30, 2025:

the Company issued 5,040,380,240 common shares with gross proceeds of $ 5,165,385 and net proceeds of $ 4,801,184 after issuance costs

of $ 364,161 .

the Company issued 3,835,000,000 common shares to repay $ 3,840,500 in loans payable and $ 37,500 in accrued interest all totaling $ 3,803,000 .

of Common Stock Warrant Activity

the three months and nine months ended November 30, 2025 and November 30, 2024, the Company recorded a total of $ 80,355 and $ 83,323 ,

and $ 241,065 and $ 249,969 respectively, to stock-based compensation for options and warrants with a corresponding adjustment to additional

the three months ended May 31, 2026:

- The Company decreased authorized common shares from

27,500,000,000 to 12,000,000,000 on March 19, 2026.

- On February 5, 2026, the holders of a majority

of the voting power of the Company’s outstanding voting securities executed the written consent approving a reverse stock

split of the Company’s issued and outstanding Common Stock at a ratio of 1-for-100 .

This split was deemed effective on March

The common shares have been adjusted to reflect this reverse stock split.

the Company issued 36,784,492 common shares with gross proceeds of $ 900,871 and net proceeds of $ 823,480 after issuance costs of $ 77,391 .

the Company issued 39,000,000 common shares having a fair value of $ 1,453,500 to repay $ 107,000 in loans payable and $ 638,900 in accrued

interest totaling $ 745,900 with a loss on settlement of debt of $ 707,600 .

with the $ 630,000 loan of March 25, 2026, a refundable commitment fee of 14,100,000 shares was issued.

These shares are refundable if

the loan was fully repaid by May 5, 2026, and it was.

The shares were recorded at par value of $ 141 with a corresponding adjustment to

paid in capital.

with the $ 277,778 loan of April 20, 2026, a commitment fee of 5,000,000 common shares having a fair value of $ 173,500 was issued and

recorded as a discount.

with the $ 700,000 loan of May 4, 2026, a commitment fee of 1,250,000 common shares having a fair value of $ 28,751 is issuable and recorded

as a discount.

These shares will be issued shortly after filing this 10Q.

the quarter ended March 31, 2026, the Series C Preferred shareholder converted 298 Series C Preferred Shares having a value of $ 391,572

for 24,473,250 common shares with a deemed dividend of $ 93,472 .

common shares issued , issuable and outstanding at May 31,2026 and February 28, 2026:

SUMMARY OF COMMON STOCK ISSUED AND OUTSTANDING

Common shares

February 28, 2026

Issued, issuable and outstanding

of Common Stock Warrant Activity

Exercise Price

at February 28, 2025

and cancelled

at November 30, 2025

of Common Stock Option Activity -Employee Stock Options

OF COMMON STOCK OPTION ACTIVITY

the three months ending May 31, 2026, and May 31, 2025, the Company recorded a total of $ 60,508 and $ 80,355 respectively, to stock-based

compensation for options and warrants with a corresponding adjustment to additional paid-in capital.

OF COMMON STOCK WARRANT ACTIVITY

Weighted Average

Exercise Price

at March 1, 2025

extinguished and cancelled

at November 30, 2025

Weighted Average

Remaining Years

Outstanding at February 28, 2026

Forfeited and cancelled

Outstanding at May 31, 2026

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of Common Stock Option Activity -Employee Stock Options

OF COMMON STOCK OPTION ACTIVITY

Number of Options

Weighted Average Exercise Price

Weighted Average Remaining Years

Outstanding at March 1, 2026

Forfeited, extinguished and cancelled

Outstanding at May 31, 2026

COMMITMENTS AND CONTINGENCIES

8 unchanged sentences

related legal costs are expensed as incurred.

September 24, 2024, a prospective lender filed a claim against the Company for an alleged breach of a non-binding term sheet made on

June 7, 2024.

The Company and its counsel believe the claim is without merit however the courts have mandated mediation.

After consideration

of business factors the parties executed a settlement agreement in June 2025 with the Company agreeing to pay $ 65,000 with no admission

of wrongdoing.

The Company paid the $ 65,000 on August 1, 2025.

March 10, 2021, the Company entered into a 10 year lease agreement for a manufacturing facility at 10800 Galaxie Avenue, Ferndale, Michigan,

14 unchanged sentences

on a straight-line basis.

Rent expense and operating lease cost was $ 61,295 and $ 182,092 for the three and nine months ended November

30, 2025, respectively, and $ 57,875 and $ 182,855 for the three and nine months ended November 30, 2024 respectively.

of rent expense and operating lease cost are recorded over the lease terms on a straight-line basis.

The weighted average discount rate used was 10 % and the weighted average remaining lease term at May 31, 2026

was 4.71 years.

expense and operating lease cost was $ 67,372 and $ 58,219 for the three months ended May 31, 2026 and May 31, 2025, respectively.

SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES

of Lease Liabilities

30, 2031 and after

lease payments

value of lease liabilities

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Maturity of Lease Liabilities

Total lease payments

Present value of lease liabilities

EARNINGS (LOSS) PER SHARE

1 unchanged sentence

SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE

the Three Months Ended

the Nine Months Ended

income (loss) available to common shareholders

of common stock equivalents

Dividend on Series B shares

Deemed dividend on redemption of Series F shares

income (loss) adjusted for common stock equivalents

average shares – basic

21,820,801,041

12,161,286,427

For the Three Months Ended

Net loss available to common shareholders

$ ( 5,715,838 )

$ ( 4,594,018 )

income (loss) per share – basic

Effect of common stock equivalents

average shares – diluted

21,820,801,041

12,161,286,427

dividends to C preferred shareholders

Net loss adjusted for common stock equivalents

( 5,826,698 )

( 4,606,091 )

income (loss) per share – diluted

anti-dilutive shares of common stock equivalents for the three and nine months ended November 30, 2024 and 2023 were as follows:

Weighted average shares – basic

Net loss per share – basic

Weighted average shares – diluted

Net loss per share – diluted

INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

anti-dilutive shares of common stock equivalents for the three months ended May 31, 2026 and 2025 were as follows:

SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS

the Three Months Ended

the Nine Months Ended

Series F Preferred Shares*

80,343,027,328

43,406,765,095

80,343,027,328

43,406,765,095

C Preferred Shares

1,218,011,111

options and warrants

81,787,215,961

For the Three Months Ended

Convertible or exchangeable debt

3,173,350,733

Convertible Series F Preferred Shares

1,340,264,933

Convertible Redeemable Series C Preferred Shares

Stock options and warrants

4,546,766,258

SUBSEQUENT EVENTS

to November 30, 2025:

The Company issued 1,800,000,000 common shares to repay $ 1,080,000 in loans payable.

On December 5, 2025 the Series C preferred shareholder converted 84 series C shares for 199,446,429 common shares at a value of $ 100,800 .

On December 9, 2025 the Company issued a promissory note to a lender for $ 450,000 with cash proceeds of $ 400,000 and an original issue

discount of $ 50,000 .

The loan bears interest at 15 %, matures in 1 year and has a general security charging all of the Company’s

present and after-acquired property.

On December 17, 2025 the Company issued a promissory note to a lender for $ 275,000 with cash proceeds of $ 250,000 and an original issue

discount of $ 25,000 .

The loan bears interest at 15 %, matures in 1 year and has a general security charging all of the Company’s

present and after-acquired property.

On December 22, 2025 the Company issued a convertible, redeemable note to a lender for $ 495,000 with cash proceeds of $ 450,000 and an

original issue discount of $ 45,000 .

The loan bears interest at 12 %, the note is redeemable by the Company at any time subject to a premium,

matures in 1 year and converts at 80 % of the lowest trading price 15 trading days prior to the conversion date including the conversion

Interest is payable in common shares at either the redemption date or maturity.

to May 31, 2026 through to filing date,

Company issued 32,797,611 common shares pursuant to a share purchase agreement for gross proceeds of $ 290,783 , issuance costs of

$ 14,397 and net proceeds of $ 276,386 .

Company issued 12,000,000 shares to a lender to settle $ 89,700 in principal pursuant to exchange agreements with the lender.

June 3, 2026, the Company issued a convertible, redeemable note to a lender for $ 230,000 with cash proceeds of $ 200,000 an original

issue discount of $ 23,000 and $ 7,000 for fees.

The loan bears interest at 6 %, the note is redeemable by the Company at any time subject

to a premium ranging from 105 % to 140 % if redeemed within the first 180 days of the note.

The note matures on June 3, 2027, and converts

after 180 days at 65 % of the lowest trading price 20 trading days prior to the conversion date, including the conversion date.

June 9, 2026, the Company issued a convertible, redeemable note to a lender for $ 55,000 with cash proceeds of $ 47,500 , an original

issue discount of $ 5,000 , and $ 2,500 for fees.

The loan bears interest at 10 %, the note is redeemable by the Company at any time

subject to a premium of one years interest of $ 5,500 .

The note matures on June 9, 2027, and converts any time at 65 % of the lowest

trading price 10 trading days prior to the conversion date.

on June 9, 2026, the Company issued a convertible,

redeemable note to a lender for $ 110,000 with cash proceeds of $ 95,000 , an original issue discount of $ 10,000 , and $ 5,000 for fees.

loan bears interest at 10 %, the note is redeemable by the Company at any time subject to a premium of one years interest of $ 11,000 .

note matures on June 9, 2027, and converts any time at 65 % of the lowest trading price 10 trading days prior to the conversion date.

on June 15, 2026, the Company issued a convertible, redeemable note to

a lender for $ 165,000 with cash proceeds of $ 142,800 , an original issue discount of $ 15,000 , and $ 7,200 for fees.

The loan bears interest

at 10 %, the note is redeemable by the Company at any time subject to a premium ranging from 115 % to 125 % if redeemed within the first

180 days of the note.

The note matures on June 15, 2027, and converts any time at 65 % of the lowest closing bid price 20 trading days

prior to the conversion date.

The loan is repayable as follows :

on December 15, 2026 a payment of $ 90,750 with 5 monthly payments of

$ 15,125 commencing Jan 15, 2027 through to May 15, 2027 with the remaining $ 9,625 balance payable June 15, 2027.

June 23 , 2026 the Company entered into an Equity Financing Agreement whereby an investor shall invest up to $10,000,000 over the

course of thirty-six (36) month at a purchase price of eighty-five percent (85%) of the average of the three lowest bid trade price

in the 10 day preceding period.

The Company may also issue an accelerated put at a purchase price of 85% of the three closing bid

prices 10 days following the put date subject to a floor price equal to the greater of:

(A) seventy-five percent (75%) of the Closing

Bid Price of the Common Stock on the applicable Put Date;

or (B) any higher minimum price per share specified by the Company in the

applicable Accelerated Put Notice.

A commitment fee of five million common shares of the Company’s Common Stock shall be issued

in two equal tranches:

(i) first tranche of Two Million and Five Hundred Thousand common shares upon S-1 effectiveness;

and the remaining

(ii) second tranche of Two Million and Five Hundred Thousand common shares, issued ninety days later.

In conjunction with the above

agreement, the Company entered into a Registration Rights Agreement as well.

June 26, 2026, the Company issued a convertible, redeemable note to a lender for $ 157,000 with cash proceeds of $ 150,000 and $ 7,000

The loan bears interest at 10 %, the note is redeemable by the Company at any time subject to a premium ranging from 120 %

to 125 % if redeemed within the first 180 days of the note.

The note matures on March 30, 2027, and converts after 180 days at 65 %

of the average of the three lowest trading prices, 10 trading days prior to the conversion date.

on July 9, 2026, the Company issued a promissory note to a lender for $ 165,000

with cash proceeds of $ 150,000 and an original issue discount of $ 15,000 for fees.

The note matures in one year and bears interest at

15 %, per annum ,compounding annually.

The note is secured by the assets of the Company.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements