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Item 2. Management’s Discussion and Analysis

2026-05-15 compared with 2025-11-07 · 36 added, 58 removed, 110 unchanged (46% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

following discussion and analysis is intended to help you understand our results of operations and financial condition as of September

30, 2025 and for the nine months ended September 30, 2025 and 2024.

This discussion and analysis is provided as a supplement to and should

be read in conjunction with our condensed consolidated financial statements and the notes to those financial statements that are included

following discussion and analysis is intended to help you understand our results of operations and financial condition as of March 31,

2026 and for the three months ended March 31, 2026 and 2025.

This discussion and analysis is provided as a supplement to and should be

read in conjunction with our condensed consolidated financial statements and the notes to those financial statements that are included

elsewhere in this Quarterly Report on Form 10-Q.

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responsible manner.

We formerly developed, marketed and distributed various self-serve electronic kiosks and mall/airport co-branded

islands throughout North America.

Due to the nationwide shutdown related to the Covid-19 pandemic, we spent a portion of 2020 restructuring

and retiring certain corporate debt and obligations and focusing on implementing a new operational direction.

the corporate reorganization and repositioning process, we found ourselves with the unique opportunity to acquire mining claims that

historically reported high levels of lithium and other technical minerals crucial to produce batteries used in many technology products

We hired and affiliated ourselves with industry veterans that bring decades of experience, credibility and relationships.

November 5, 2021, we acquired the rights to 102 federal mining claims located in the Lisbon Valley of Utah for $100,000 plus the future

payment of royalties based on a percentage of the net revenue from the sale of lithium produced from a portion of the mining property.

The acquisition was driven by historical mineral data from seven existing wells with brine aquifer access.

We are defined as an exploration

stage issuer, under SEC Regulation S-K Item 1300.

An independent third-party technical report indicated that further investment and development

in the claims was warranted, although no determination has been made whether we have any reserves of minerals.

Similarly, no determination

has been made whether mineralization could be economically and legally produced or extracted.

We have no mineral reserves as defined

by Regulation S-K Item 1300 and have had no mining revenue to date.

On November 5, 2021, we acquired the rights to 102 federal mining claims located in the Lisbon Valley of Utah for

$100,000 plus the future payment of royalties based on a percentage of the net revenue (2%) from the sale of all minerals produced from

this portion of the mining property.

The acquisition was driven by historical mineral data from seven existing wells with brine aquifer

We are defined as an exploration stage issuer, under SEC Regulation S-K Item 1300.

An independent third-party technical report

indicated that further investment and development in the claims was warranted, although no determination has been made whether we have

any reserves of minerals.

Similarly, no determination has been made whether mineralization could be economically and legally produced

or extracted.

We have no mineral reserves as defined by Regulation S-K Item 1300 and have had no mining revenue to date.

July 2023, we acquired and staked additional lithium mining claims adjacent to our Lisbon Valley Project in Utah.

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of Operations

months ended September 30, 2025, compared to three months ended September 30, 2024

the three months ended September 30, 2025, and 2024, our company had no revenue.

and administrative expenses for the three months ended September 30, 2025, were $293,140, a decrease of $212,879 or 42%, compared to

$506,019 for the three months ended September 30, 2024.

The decrease in operating expenses was mainly due to a decrease in professional

(Loss) on Extinguishment

the three months ended September 30, 2025, our company recorded a loss on extinguishment of debt of $424,656.

Value of Stock Issued for Note Modification

the three months ended September 30, 2025 and 2024, the Company recorded a fair value of stock issued for note modification of $863,651

and $0, respectively.

expense for the three months ended September 30, 2025, was $184,241, as compared to $121,245 during the three months ended September

a result of the foregoing, the net loss for the three months ended September 30, 2025, was $1,765,688 as compared to the net loss of

$627,264 during the three months ended September 30, 2024.

months ended September 30, 2025, compared to nine months ended September 30, 2024

the nine months ended September 30, 2025, and 2023, our company had no revenue.

and administrative expenses for the nine months ended September 30, 2025, were $1,509,194, an increase of $293,349 or 24%, compared to

$1,215,845 for the nine months ended September 30, 2024.

The increase in operating expenses was mainly due to an increase in share-based

compensation.

Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025

the three months ended March 31, 2026, and 2025, our company had no revenue.

and administrative expenses for the three months ended March 31, 2026, were $379,962, an increase of $121,505 or 47%, compared to $258,457

for the three months ended March 31, 2025.

The increase in operating expenses was mainly due to an increase in professional fees.

(Loss) on Extinguishment

the nine months ended September 30, 2025 and 2024, our company recorded a loss on extinguishment of debt of $990,109 and $516,083, respectively.

the three months ended March 31, 2026 and 2025, our company recorded a loss on extinguishment of debt of $1,045,346 and $0, respectively.

Value of Stock Issued for Note Modification

the nine months ended September 30, 2025 and 2024, the Company recorded a fair value of stock issued for note modification of $1,273,659

the three months ended March 31, 2026 and 2025, the Company recorded a fair value of stock issued for note modification of $2,572,517

and $0, respectively.

expense for the nine months ended September 30, 2025, was $510,810, as compared to $295,572 during the nine months ended September 30,

a result of the foregoing, the net loss for the nine months ended September 30, 2025, was $4,283,772 as compared to the net loss of $2,041,882

during the nine months ended September 30, 2024.

expense for the three months ended March 31, 2026, was $229,584, as compared to $145,182 during the three months ended March 31, 2025.

a result of the foregoing, the net loss for the three months ended March 31, 2026, was $4,227,409 as compared to the net loss of $403,639

during the three months ended March 31, 2025.

and Capital Resources

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consolidated financial statements have been prepared on a going concern basis.

Our company had a net loss of $4,283,772 during the nine

months ended September 30, 2025, had accumulated losses totaling $28,830,329, and a working capital deficit of $9,237,497 as of September

Our company had a net loss of $4,227,409 during the three

months ended March 31, 2026, had accumulated losses totalling $35,184,530, and a working capital deficit of $12,061,834 as of March 31,

These factors, among others, indicate that our company may be unable to continue as a going concern.

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Flows from Operating Activities

the nine months ended September 30, 2025, our company used $483,456 of cash in operating activities as a result of our net loss of $4,283,772,

offset by loss on debt settlement of $990,109, fair value of stock issued for note modification of $1,273,659, share-based compensation

of $785,181, accrued interest of $494,766, and net changes in operating assets and liabilities of $256,601.

the nine months ended September 30, 2024, our company used $585,876 of cash in operating activities as a result of our net loss of $2,041,882,

offset by loss on debt settlement of $516,083 and amortization of debt discount of $28,497, fair value of stock issued for note modification

of $14,382, share-based compensation of $14,261, accrued interest of $219,910, and net changes in operating assets and liabilities of

the three months ended March 31, 2026, our company used $145,469 of cash in operating activities as a result of our net loss of $4,227,409,

offset by gain (loss) on extinguishment of debt of $1,045,346, fair value of stock issued for note modification of $2,572,517, share-based

compensation of $41,136, accrued interest of $225,316, and net changes in operating assets and liabilities of $197,625.

the three months ended March 31, 2025, our company used $94,512 of cash in operating activities as a result of our net loss of $403,639,

offset by share-based compensation of $55,959, accrued interest of $139,951 and net changes in operating assets and liabilities

Flows from Investing Activities

the nine months ended September 30, 2025 and 2024, our company had no investing activities.

the three months ended March 31, 2026 and 2025, our company had no investing activities.

Flows from Financing Activities

the nine months ended September 30, 2025, financing activities provided $480,000 in proceeds from convertible notes.

the nine months ended September 30, 2024, financing activities provided $581,733, resulting from $135,000 in proceeds from convertible

notes and $671,733 in proceeds from promissory notes, offset by repayment of promissory notes of $225,000.

the three months ended March 31, 2026, financing activities provided $174,270, resulting from $120,000 in proceeds from promissory notes

and $54,270 in proceeds from option exercises.

the three months ended March 31, 2025, financing activities provided $105,000 in proceeds from convertible notes.

Quantitative and Qualitative Disclosures about Market Risk

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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 2. Management’s Discussion and Analysis