What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-13 compared with 2025-11-12 · 213 added, 327 removed, 178 unchanged (75% of the section changed)

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Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under Item

1A “Risk Factors” included in our Annual Report on Form 10-K/A for the year ended December 31, 2024.

If one or more of these

risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly

from those implied or projected by the forward-looking statements.

No forward-looking statement is a guarantee of future performance.

1A “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025, or the Form 10-K.

or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary

significantly from those implied or projected by the forward-looking statements.

No forward-looking statement is a guarantee of future

In addition, statements that “we believe”

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information, future events, changed circumstances or any other reason.

We are an acquisition holding company focused

on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership

to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for our stockholders.

Specifically, we have and will continue to look at a diverse variety of acquisitions in the healthcare sector in terms of growth stages

and capital structures and we intend to focus our portfolio of subsidiaries approximately as follows:

80% will be targeted to established

profitable niche small to mid-sized healthcare companies and 20% will be targeted to second stage startups in healthcare and related financial

services (emerging businesses with a strong organic growth plan that is materially cash generative).

On May 31, 2021, we acquired Nova Ortho and Spine,

LLC, or Nova, which operates a group of regional primary specialty and ancillary care facilities throughout Florida that provide traumatic

injury victims with primary care evaluations, interventional pain management, and specialty consultation services.

We focus on plaintiff

related care and are a highly efficient provider of emergency medical condition, or EMC, assessments.

Our company is a targeted healthcare holding company

dedicated to acquiring and building middle-market niche healthcare clinics, primarily in orthopedics, spine care, and pain management.

Our partnership-driven culture emphasizes service excellence, teamwork, accountability, and performance.

We are focused on the acquisition of orthopedic

and related modality practices with strong organic growth plans that are materially cash generative to maximize value and providing greater

coverage for our patients, and diversification and risk mitigation for our stockholders.

All current revenue is derived from Nova Ortho

and Spine, LLC, or Nova,, which was acquired on May 31, 2021.

It operates a group of regional primary specialty and ancillary care facilities

across Florida and Georgia that provide traumatic injury victims with primary care evaluations, interventional pain management, and specialty

consultation services, including emergency medical condition assessments.

We currently primarily focus on plaintiff-related care and provide

healthcare to uninsured patients.

Our patients have typically been in an accident and have filed a lawsuit as a plaintiff against the

defendant who is allegedly responsible for the accident as the result of negligence or another tort.

We provide a full range of diagnostic

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Edge View owns five (5) acres zoned medium density residential (MDR) with 12 lots

already platted, six (6) acres zoned high-density residential (HDR) that can be platted in various configurations to meet current

housing needs, and twelve (12) acres zoned in Lemhi County as Agriculture that is available for further annexation into the City of Salmon

for development, as well as a common area for landowners to view wildlife, provide access to the Salmon River and fishing in a two (2)

Management has invested years working to develop a new and exciting housing development in Salmon, Idaho and plans to

enter into a joint venture agreement with a developer for this planned concept development.

already platted, six (6) acres zoned high-density residential (HDR) that can be platted in various configurations to meet current housing

needs, and twelve (12) acres zoned in Lemhi County as Agriculture that is available for further annexation into the City of Salmon for

development, as well as a common area for landowners to view wildlife, provide access to the Salmon River and fishing in a two (2) acre

Management does not currently have any plans to develop this property and expects to eventually sell the property.

All of our operations are conducted through, and

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Recent Developments

On October 1, 2025, we and Nova entered into amendment

4 to the revolving purchase and security agreement described below, which further increased the maximum advance amount to $23,000,000.

As of September 30, 2025, we had two reportable

operating segments as determined by management using the “management approach” as defined by the authoritative guidance on

Disclosures about Segments of an Enterprise and Related Information .

Convertible Promissory Note

On April 8, 2026, we entered into a securities

purchase agreement with an accredited investor, pursuant to which we issued to such investor a convertible promissory note in the principal

amount of $268,889 with a $26,889 original issuance discount, $5,000 in associated legal fees and $7,000 for due diligence costs, for

total proceeds of $230,000.

This convertible promissory note carries a one-time interest charge of $32,267 (rate of twelve percent (12%))

which is guaranteed at issuance.

This note matures on April 8, 2027.

The note may be converted at any time after issuance at a variable

conversion price equal to 60% of the lowest trading price of our common stock over the ten trading days prior to the conversion date.

The note also contains an ownership limitation, which provide that we shall not effect any conversion, and a holder shall not have the

right to convert, to the extent that after giving effect to the issuance of common stock upon such conversion such holder, together with

its affiliates, would beneficially own in excess of 4.99% of the number of shares of common stock outstanding immediately after giving

effect to the issuance of common stock upon such conversion.

As of March 31, 2026, we had two reportable operating

segments as determined by management using the “management approach” as defined by the authoritative guidance on Disclosures

about Segments of an Enterprise and Related Information .

Healthcare (Nova)

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Results of Operations

Comparison of Three Months Ended September

Comparison of Three Months Ended March 31,

2026 and 2025

The following table sets forth key components

of our results of operations during the three months ended September 30, 2025 and 2024, both in dollars and as a percentage of our revenue.

Three Months Ended September 30,

of our results of operations during the three months ended March 31, 2026 and 2025, both in dollars and as a percentage of our revenue.

Three Months Ended March 31,

Total revenue

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Depreciation expense

Loss on disposal of fixed assets

Share based compensation

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Total operating expenses

Income (loss) from operations

(Loss) income from operations

Other (expense) income

Other expense

Penalties and fees

Other income (expense)

Derivative liability loss on issuance and changes in fair value

Interest expense

Amortization of debt discounts

Total other expense

$ (3,092,074 )

$ (1,977,968 )

For the three months ended

September 30, 2025 and 2024, all of our revenue was generated by our healthcare segment, which is through a full range of diagnostic and

surgical services.

Our total revenue increased by $1,703,099, or 125.63%, to $3,058,740 for the three months ended September 30, 2025

from $1,355,641 for the three months ended September 30, 2024.

Excluding the one-time change to revenue of $1,650,474 for a change in

accounting estimate recorded in the third quarter of 2024 (discussed below), revenue increased by $52,625, or 1.75%.

For the three months ended September 30, 2024,

we completed a thorough review of our third-party billing data, including reviewing historical reports and new reporting methods as a

part of our updated analysis.

Based upon this review it was determined that a 24-month lookback period should be used in the analysis

of our historical settlement realization rates.

As a result, we realized a 44% average settlement rate of our gross billed charges during

this time frame, which were historically recorded in accounts receivable and revenue at 49% of gross billings.

With the reduction in our

estimate of our settlement realization rate from 49% to 44%, a $1,650,474 change in accounting estimate was taken during the third quarter

of 2024 in our accounts receivable and revenue.

March 31, 2026 and 2025 all our revenue was generated by our healthcare segment, which generates revenue through a full range of diagnostic

and surgical services.

Our total revenue decreased by $693,287, or 23.78%, to $2,222,280 for the three months ended March 31, 2026 from

$2,915,567 for the three months ended March 31, 2025.

The decrease in revenue is mainly attributable to a decrease in surgical procedures

services in the first quarter of 2026 from the first quarter of 2025 and due to the decrease in the realization rate to 41% in the first

quarter of 2026 from 44% the first quarter of 2025.

Cost of sales .

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Our total cost

of sales increased by $148,560, or 14.85%, to $1,149,161 for the three months ended September 30, 2025 from $1,000,601 for the three months

ended September 30, 2024.

As a percentage of revenue, cost of sales decreased

from 73.81% for the three months ended September 30, 2024 to 37.57% for the three months ended September 30, 2025.

Excluding the cumulative

catch up reduction to revenue of $1,650,474 noted above, as a percentage of revenue, cost of sales decreased from 39.17% for the three

months ended September 30, 2024 to 37.57% for the three months ended September 30, 2025.

The decrease is attributable to an increase in

revenue as noted above, partially offset by increased laboratory fees and personnel-related fees.

of sales decreased by $170,809, or 15.89%, to $904,225 for the three months ended March 31, 2026 from $1,075,034 for the three months

ended March 31, 2025.

As a percentage of revenue, cost of sales increased from 36.87% for the three months ended March 31, 2025 to 40.69%

for the three months ended March 31, 2026.

The increase is attributable to a decrease in revenue as noted above, a decrease in personnel

related expenses and a decrease in laboratory fees.

Gross profit .

As a result of the

foregoing, our total gross profit increased by $1,554,539, or 437.85%, to $1,909,579 for the three months ended September 30, 2025 from

$355,040 for the three months ended September 30, 2024.

Our total gross margin (as a percentage of revenue) increased from 26.19% for

the three months ended September 30, 2024 to 62.43% for the three months ended September 30, 2025.

foregoing, our total gross profit decreased by $522,478, or 28.39%, to $1,318,055 for the three months ended March 31, 2026 from $1,840,533

for the three months ended March 31, 2025.

Our total gross margin (as a percentage of revenue) decreased from 63.13% for the three months

ended March 31, 2025 to 59.31% for the three months ended March 31, 2026.

Depreciation expense .

Our depreciation

expense was $762, or 0.02% of revenue, for the three months ended September 30, 2025, as compared to $3,365, or 0.25% of revenue, for

the three months ended September 30, 2024.

expense was $593, or 0.03% of revenue, for the three months ended March 31, 2026, as compared to $3,365, or 0.12% of revenue, for the

three months ended March 31, 2025.

Loss on disposal of fixed assets .

For the three months ended March 31, 2025, we recognized a loss on disposal of fixed assets of $12,593, which resulted from the identification

of certain medical equipment that was no longer functional in our medical facilities.

Share based compensation expense .

Share based compensation expense was $41,188 and $0 for the three months ended September 30, 2025 and 2024, respectively.

Share based compensation expense was $664,196 and $0 for the three months March 31, 2026 and 2025, respectively.

Share based compensation

expense in 2026 consisted of expense related to the issuance of common stock to our board of directors, officers and employees, our investor

relations firm and other consultants for services provided.

Selling, general and administrative expenses .

Our selling, general and administrative expenses consist primarily of accounting, auditing, legal and public reporting expenses, personnel

related expenses, advertising expenses, professional advisor fees, rent expense, insurance and other expenses incurred in connection with

general operations.

Our selling, general and administrative expenses increased by $287,515, or 30.69%, to $1,224,350 for the three months

ended September 30, 2025 from $936,835 for the three months ended September 30, 2024.

As a percentage of revenue, our selling, general

and administrative expenses were 40.03% and 69.11% for the three months ended September 30, 2025 and 2024, respectively.

in selling, general and administrative expenses was primarily attributable to higher personnel and business development consulting related

expenses, including employee salaries and bonuses plus related payroll taxes, advertising expenses, professional advisor fees, credit

losses, rent expense, insurance and other expenses incurred in connection with general operations.

Our selling, general and administrative

expenses decreased by $116,216, or 9.07%, to $1,164,425 for the three months ended March 31, 2026 from $1,280,641 for the three months

ended March 31, 2025.

As a percentage of revenue, our selling, general and administrative expenses were 52.40% and 43.92% for the three

months ended March 31, 2026 and 2025, respectively.

The decrease in selling, general and administrative expenses was primarily attributable

to lower billing costs, rent expense and travel expenses.

Additional there were no credit losses recorded for the three months ended March

These decreases were partially offset by an increase in professional fees.

Total other (expense) income .

had $1,787,578 in total other expense, net, for the three months ended September 30, 2025, as compared to $1,392,808 in total other expense,

net, for the three months ended September 30, 2024.

Total other expense, net, for the three months ended September 30, 2025 consisted

of interest expense of $1,765,528, a conversion penalty of $1,500 and other expense of $20,550.

Other expense, net, for the three months

ended September 30, 2024 consisted of interest expense of $1,386,041 and other expense of $6,767.

The increase in interest expense is

primarily attributable to the increase in initial and incremental fees charged on the number of existing purchases and claims under the

line of credit described below.

As a result of the cumulative

effect of the factors described above, our net loss was $1,144,299 for the three months ended September 30, 2025, as compared to $1,977,968

for the three months ended September 30, 2024, a decrease in loss of $833,669, or 42.15%.

Comparison of Nine Months Ended September 30, 2025 and 2024

The following table sets forth key components

of our results of operations during the nine months ended September 30, 2025 and 2024, both in dollars and as a percentage of our revenue.

Nine Months Ended September 30,

Total revenue

Total cost of sales

Operating expenses

Depreciation expense

Loss on disposal of fixed assets

Share based compensation

Selling, general and administrative

Total operating expenses

Income (loss) from operations

Other (expense) income

Other expense

Gain on debt refinance and forgiveness

Penalties and fees

Interest expense

Amortization of debt discounts

Total other expense

Loss from continuing operations

Loss from discontinued operations

$ (2,821,471 )

$ (2,392,657 )

Our total revenue increased

by $3,613,898, or 70.18%, to $8,763,314 for the nine months ended September 30, 2025 from $5,149,416 for the nine months ended September

Excluding the cumulative catch up reduction to revenue of $1,199,155 and the one-time change in accounting estimate of $1,650,474

(both discussed below), revenue increased by $764,269, or 9.55%.

The increase in revenue is mainly attributable to an increase in both

office visits and surgical procedures performed year over year.

For the nine months ended September 30, 2024,

we realized a 44% average settlement rate of our gross billed charges during this time frame, which were historically recorded in accounts

receivable and revenue at 49% of gross billings.

Accordingly, we recorded a cumulative catch up reduction to net revenue of $1,199,155

for the nine months ended September 30, 2024.

Additionally, with the reduction in our estimate of our settlement realization rate from

49% to 44%, a $1,650,474 change in accounting estimate was taken during the third quarter of 2024 in our accounts receivable and revenue.

Cost of sales .

Our total cost of

sales increased by $576,178, or 21.01%, to $3,317,943 for the nine months ended September 30, 2025 from $2,741,765 for the nine months

ended September 30, 2024.

As a percentage of revenue, cost of sales decreased

from 53.24% for the nine months ended September 30, 2024 to 37.86% for the nine months ended September 30, 2025.

Excluding the cumulative

catch up reduction to revenue of $1,199,155 noted above, as a percentage of revenue, cost of sales decreased from 40.32% for the nine

months ended September 30, 2024 to 37.86% for the nine months ended September 30, 2025.

The decrease is attributable to an increase in

revenue as noted above, partially offset by increased laboratory fees and personnel-related fees.

Gross profit .

As a result of the

foregoing, our total gross profit increased by $3,037,720, or 126.17%, to $5,445,371 for the nine months ended September 30, 2025 from

$2,407,651 for the nine months ended September 30, 2024.

Our total gross margin (as a percentage of revenue) increased from 46.76% for

the nine months ended September 30, 2024 to 62.14% for the nine months ended September 30, 2025.

Depreciation expense .

Our depreciation

expense was $4,890 or 0.06% of revenue, for the nine months ended September 30, 2025, as compared to $10,096, or 0.20% of revenue, for

the nine months ended September 30, 2024.

Loss on disposal of fixed assets .

For the nine months ended September 30, 2025, we recorded a loss on disposal of fixed assets of $12,593 due to the disposal of medical

equipment that was no longer functional in our medical facilities.

Share based compensation expense .

Share based compensation expense was $138,688 and $300,225 for the nine months ended September 30, 2025 and 2024, respectively.

Selling, general and administrative expenses .

Our selling, general and administrative expenses increased by $869,329, or 33.14%, to $3,492,310 for the nine months ended September 30,

2025 from $2,622,981 for the nine months ended September 30, 2024.

As a percentage of revenue, our selling, general and administrative

expenses were 39.85% and 50.94% for the nine months ended September 30, 2025 and 2024, respectively.

The increase in selling, general

and administrative expenses was primarily attributable to higher personnel and business development consulting related expenses of $664,909

and bad debt expense of $112,727.

Total other expense .

We had $4,618,361

in total other expense, net, for the nine months ended September 30, 2025, as compared to total other expense, net, of $1,755,694 for

the nine months ended September 30, 2024.

Total other expense, net, for the nine months ended September 30, 2025 consisted of interest

expense of $4,594,714, a conversion penalty of $1,500, and other expense of $22,147.

Other expense, net, for the nine months ended September

30, 2024 consisted of interest expense of $1,803,657, amortization of debt discounts of $24,821, penalties and fees of $1,330, and other

expenses of $4,720, offset by a gain on debt refinance and forgiveness of $78,834.

The increase in interest expense is primarily attributable

to the increase in initial and incremental fees charged on the number of existing purchases and claims under the line of credit described

Discontinued operations .

nine months ended September 30, 2025 and 2024, we recorded a loss from discontinued operations of $0 and $111,312, respectively.

had $2,580,915 in total other expense, net, for the three months ended March 31, 2026, as compared to $994,711 in total other expense,

net, for the three months ended March 31, 2025.

Total other expense, net, for the three months ended March 31, 2026 consisted of interest

expense of $1,910,737, a $668,821 loss from issuance or change in fair value of the derivative liability, and amortization of debt discounts

These expenses were offset slightly by other income of $10,081 from the return of funds related to a fraudulent bank transaction.

Other expense, net, for the three months ended March 31, 2025 consisted of interest expense of $993,114 and other expense of $1,597.

increase in interest expense is primarily attributable to the increase in initial and incremental fees charged on the number of existing

purchases and claims under the line of credit described below.

We recorded a loss on issuance of derivative liability of $1,192,640 related

to the bifurcation of conversion options in several convertible notes issued during the first quarter of 2026.

This was offset by a $523,819

gain on the revaluation of the derivative liability as of March 31, 2026 for the change in fair value of the derivative liability.

derivative liability is remeasured at fair value each reporting period using a Monte Carlo simulation model.

Changes in assumptions, as

well as changes in our stock price during the period, resulted in a decrease in the estimated fair value of the derivative liability and

the corresponding loss.

As a result of the cumulative

effect of the factors described above, our net loss was $2,821,471 for the nine months ended September 30, 2025, as compared to $2,392,657

for the nine months ended September 30, 2024, an increase of $428,814, or 17.92%.

effect of the factors described above, our net loss was $3,092,074 for the three months ended March 31, 2026, as compared to $450,777

for the three months ended March 31, 2025, an increase in loss of $2,641,297, or 585.94%.

Liquidity and Capital Resources

As of September 30, 2025, we had $232,033 in cash.

As of March 31, 2026, we had $683,507 in cash.

To date, we have financed our operations primarily through revenue generated from operations, sales of securities, advances from stockholders

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as they come due for at least one year from the financial statement issuance date.

However, additional funds from new financing and/or

future equity raises are required for continued operations and to execute our business plan and our strategy of acquiring additional businesses.

The funds required to sustain operations range between $600,000 to $1 million and additional funds execute our business plan will depend

on the size, capital structure and purchase price consideration that the seller of a target business deems acceptable in a given transaction.

The amount of funds needed to execute our business plan also depends on what portion of the purchase price of a target business the seller

of that business is willing to take in the form of seller notes or our equity or equity in one of our subsidiaries.

Given these factors,

we believe that the amount of outside additional capital necessary to execute our business plan on the low end (assuming target company

sellers accept a significant portion of the purchase price in the form of seller notes or our equity or equity in one of our subsidiaries)

ranges between $5 million to $10 million.

If, and to the extent, that sellers are unwilling to accept a significant portion of the purchase

price in seller notes and equity, then the cash required to execute our business plan could be as much as $10 million.

However, additional

funds from new financing and/or future equity raises are required for continued operations and to execute our business plan and our strategy

of acquiring additional businesses.

The funds required to sustain operations range between

$600,000 to $1 million and additional funds execute our business plan will depend on the size, capital structure and purchase price consideration

that the seller of a target business deems acceptable in a given transaction.

The amount of funds needed to execute our business plan

also depends on what portion of the purchase price of a target business the seller of that business is willing to take in the form of

seller notes or our equity or equity in one of our subsidiaries.

Given these factors, we believe that the amount of outside additional

capital necessary to execute our business plan on the low end (assuming target company sellers accept a significant portion of the purchase

price in the form of seller notes or our equity or equity in one of our subsidiaries) ranges between $5 million to $10 million.

to the extent, that sellers are unwilling to accept a significant portion of the purchase price in seller notes and equity, then the cash

required to execute our business plan could be as much as $10 million.

We intend to raise capital for additional acquisitions

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The following table provides detailed information

about our net cash flow for the nine months ended September 30, 2025 and 2024.

Nine Months Ended September 30,

Net cash used in operating activities from continuing operations

$ (2,463,300 )

$ (2,043,238 )

about our net cash flow for the three months ended March 31, 2026 and 2025.

Three Months Ended March 31,

Net cash used in operating activities

Net cash provided by financing activities

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Our net cash used in operating activities from

continuing operations was $2,463,300 for the nine months ended September 30, 2025, as compared to $2,043,238 for the nine months ended

September 30, 2024.

The primary drivers of our net cash used in operating activities for the nine months ended September 30, 2025 are

our net loss of $2,821,471 and an increase of $4,878,236 in accounts receivable, offset by an increase of $4,292,471 in interest expense

in the line of credit balance.

For the nine months ended September 30, 2024, the primary drivers of our net cash used in operating activities

was our net loss of $2,392,657, an increase of $3,143,440 in accounts receivable and a decrease of $691,072 in accounts payable and accrued

expense, offset by an increase of $1,953,667 in interest expense in the line of credit balance and a $1,650,474 one-time change in estimate

for the adjustment to the realization rate.

We monitor outstanding cases as they develop through

ongoing discussions with attorneys, doctors and our third-party medical billing company and additionally monitor our settlement realization

rates over time.

We currently have one primary method of accelerating our cash settlement of our revenue and related accounts receivable

through accepting lower settlement amounts during the final negotiations of the settlement, which is coordinated through our third-party

medical billing company.

When our third-party medical billing company is provided with a settlement amount of 49% of gross charges or

greater they will accept.

When presented with a lower amount we will discuss the reasons for the reduced rate and negotiate a higher rate.

Shortening our negotiation time frame will typically result in a lower settlement realization rate, but will accelerate the cash settlement

of the outstanding accounts receivable.

We began employing this method in 2024, which reduced our settlement realization rate as described

continuing operations was $16,730 for the three months ended March 31, 2026, as compared to $491,420 for the three months ended March

The primary drivers of our net cash used in operating activities for the three months ended March 31, 2026 are our net loss

of $3,092,074 and an increase of $819,945 in accounts receivable, offset by an increase of $1,955,970 in interest expense from the line

of credit, the loss on issuance or change in value of the derivative liability of $668,821, stock compensation expense or shares issued

for services rendered of $664,196, and increase of $224,261 in accounts payable and other accrued expenses, and an increase in accrued

related parties compensation expense of $410,629.

For the three months ended March 31, 2025, the primary drivers of our net cash used

in operating activities was our net loss of $450,777 and an increase of $1,680,291 in accounts receivable, offset by increases of $1,137,308

in interest expense from the line of credit, $230,608 in accounts payable and other accrued expenses and $101,773 in accrued interest.

We monitor outstanding patient cases as they develop

through ongoing discussions with attorneys, doctors and our third-party medical billing company and additionally monitor our settlement

realization rates over time.

We currently have one primary method of accelerating our cash settlement of our revenue and related accounts

receivable through accepting lower settlement amounts during the final negotiations of the settlement, which is coordinated through our

third-party medical billing company.

When our third-party medical billing company is provided with a settlement amount of 49% of gross

charges or greater they will accept.

When presented with a lower amount we will discuss the reasons for the reduced rate and negotiate

a higher rate.

Shortening our negotiation time frame will typically result in a lower settlement realization rate, but will accelerate

the cash settlement of the outstanding accounts receivable.

We began employing this method in 2024, which reduced our settlement realization

rate as described below.

We may employ this method in the future.

The most recent average realization time for accounts receivable was approximately 18

to 24 months from the initial date of service.

Typically, a patient will have a series of dates of service over an average of 12 to 16

Prior to fiscal year 2024, we historically realized

a 49% settlement rate from total gross billed charges.

Accordingly, we had historically recognized net healthcare service revenue as 49%

of gross billed amounts.

During 2024, we underwent efforts to accelerate cash settlement of our accounts receivable to generate cash flow

for operations.

We did this by shortening our settlement negotiations with insurance companies and accepting lower settlement amounts.

Additionally, during 2024, we completed a thorough review of our third-party billing data, including reviewing historical reports and

new reporting methods as a part of our updated analysis.

Based upon this review, we determined that a 24-month lookback period should

be used in the analysis of our historical settlement realization rates.

As a result of the new efforts to accelerate cash settlement,

during the nine months ended September 30, 2024 we realized a 44% average settlement rate of our gross billed charges during this time

frame, which were historically recorded in accounts receivable and revenue at 49% of gross billings.

Accordingly, we recorded reductions

to net revenue of $1,199,155 for the nine months ended September 30, 2024.

Additionally, with the reduction in our estimate of our settlement

realization rate from 49% to 44%, a $1,650,474 change in accounting estimate was taken during the third quarter of 2024 in our accounts

receivable and revenue.

As of September 30, 2025 the settlement realization rate was 42%.

We will continue to evaluate our estimate of our

settlement realization rates in the future, which will include a monthly review of historical settlement realization rates, along with

estimates of current and pending settlements through ongoing discussions with attorneys, doctors and our third-party medical billing company

in order to determine our variable consideration under ASC 606 and the net transaction price.

We will update our settlement realization

rate estimate used in determining our accounts receivable and revenue each quarter based on this review.

The most recent average realization time for accounts receivable was

approximately 12 to 24 months from the initial date of service.

Typically, a patient will have a series of dates of service over an average

of 12 to 16 months.

We periodically evaluate our estimated settlement

realization rate at which revenue is recorded in accordance with ASC 606.

This includes a monthly review of historical data and settlement

realization rates, along with estimates of current and pending settlements through ongoing discussions with attorneys, doctors and third-party

medical billing company in order to determine the variable consideration under ASC 606 and the net transaction price.

For the three months

ended March 31, 2026 and 2025, we realized a 41% and 44% average settlement rate of its gross billed charges, respectively.

We had no investing activities for the three months

ended September 30, 2025 and 2024.

ended March 31, 2026 and 2025.

Our net cash provided by financing activities

was $1,507,148 for the nine months ended September 30, 2025, as compared to $3,014,583 for the nine months ended September 30, 2024.

cash provided by financing activities for the nine months ended September 30, 2025 consisted of proceeds from line of credit of $1,788,727,

offset by the payment of note payable of $225,000, payment of preferred stock dividends of $50,000 and repayments of the Small Business

Administration loan described below of $6,579.

Net cash provided by financing activities for the nine months ended September 30, 2024

consisted of proceeds from line of credit of $3,395,204, offset by the payment of $120,997 to a director, $105,079 paid on convertible

notes payable, $100,000 in dividend payments, $50,000 paid on a note payable, and $4,545 in payments on the Small Business Administration

loan described below.

was $381,702 for the three months ended March 31, 2026, as compared to $299,993 for the three months ended March 31, 2025.

Net cash provided

by financing activities for the three months ended March 31, 2026 consisted of proceeds from the issuance of convertible notes totaling

$845,000, offset by net payments on the line of credit of $243,705, payments of debt issuance costs of $142,400, payment of note payable

of $75,000 and repayments of the Small Business Administration loan described below of $2,193.

Net cash provided by financing activities

for the three months ended March 31, 2025 consisted of proceeds from line of credit of $427,186, offset by the payment of note payable

of $75,000, payment of preferred stock dividends of $50,000 and repayments of the Small Business Administration loan described below of

Convertible Notes

On January 24, 2017, we issued a convertible promissory

note in the principal amount of $80,000 for services rendered, the remaining balance of which was converted into common stock on August

On March 30, 2023, we executed an additional tranche under this note in the principal amount of $25,000.

This note is currently

in default and accrues interest at a default interest rate of 20% per annum.

On August 11, 2023, we executed an additional tranche under

this note in the principal amount of $25,000.

This note accrues interest at a rate of 15% per annum.

of March 31, 2026, we had convertible debt outstanding, at carrying value, of $279,772.

During the three months ended March 31, 2026,

we received $702,600 in net proceeds from convertible notes and no interest was repaid.

discounts associated with the convertible debt at March 31, 2026 were $815,228.

Please see Note 9 to the accompanying unaudited condensed

consolidated financial statements for a description of the terms of our convertible debt.

Promissory Note – Settlement Agreement

On June 11, 2024, we entered into a settlement

agreement and release of claims with the holder of 165 shares of series R convertible preferred stock and certain convertible promissory

Pursuant to the settlement agreement and release of claims, the holder agreed to cancel its shares of series R convertible preferred

stock and convertible promissory notes in exchange for a new fixed amount settlement promissory note in the principal amount of $535,000.

This transaction was accounted for as a debt extinguishment and a gain on settlement of $78,834 was recorded to the unaudited consolidated

statement of operations for the year ended December 31, 2024, in accordance with FASB Topic 470 Borrower’s Accounting for Debt

Modifications.

The note does not bear interest and requires fixed

payments as follows:

(i) if we raise at least $5 million but less than $6 million in our planned underwritten public offering, or the

Offering, then we must pay $250,000 on the closing date of the Offering, with payments of $125,000, $125,000 and $35,000 to follow on

the 90 th , 180 th , and 240 th days following the closing of the Offering, respectively;

raise at least $6 million but less than $7 million in the Offering, then we must pay $390,000 on the closing date of the Offering and

$145,000 on the 90 th day following the closing of the Offering;

and (iii) if we raise at least $7 million in the Offering,

then we must repay the entire principal amount on the closing date of the Offering.

As the Offering was not completed by August 15, 2024,

we are required to pay $25,000 on such date and to continue making payments of $25,000 on each monthly anniversary thereof until the entire

principal amount is repaid in full.

If the Offering is completed after August 15, 2024, then we are required to make payments as described

in the schedule above.

Notwithstanding the foregoing, if we abandon the Offering and conduct a new public offering thereafter, then we

are required to make a payment of $100,000 on the closing date of such other public offering, a second payment of $100,000 on the 90 th day

following the closing of such offering and $35,000 each month thereafter until the entire principal amount is repaid in full.

If any portion

of the principal amount remains unpaid on the second (2 nd ) anniversary of the date of the note, it shall become immediately

due and payable on such date.

We may prepay the entire principal amount at any time without penalty.

The note is unsecured and contains

customary events of default for a loan of this type.

Upon an event of default, interest would automatically begin to accrue at a simple

interest rate of ten percent per annum.

During the nine months ended September 30, 2025, we paid a total of $225,000 against the outstanding

principal due.

Small Business Administration Loans

On June 2, 2020, we obtained a loan from the Small

Business Administration of $150,000 at an interest rate of 3.75% with a maturity date of June 2, 2050.

The principal balance and accrued

interest at September 30, 2025 was $144,404 and $0, respectively.

In June 2024, we issued a settlement promissory

note in the amount of $535,000 in connection with the cancellation of certain preferred stock and convertible notes.

The note does not

bear interest and requires fixed principal payments based on the timing and amount of capital raised in future offerings.

During the three

months ended March 31, 2026, we paid $75,000 toward the outstanding principal balance.

At March 31, 2026 and December 31, 2025, the remaining

principal balance was $35,000 and $110,000, respectively.

On March 12, 2009, we issued a debenture in the

2 unchanged sentences

The balance of the debenture

was $10,989 at September 30, 2025 and the accrued interest was $9,856.

We assigned all our receivables from consumer activations of the

rewards program as collateral on this debenture.

was $10,989 at March 31, 2026 and the accrued interest was $10,513.

We assigned all our receivables from consumer activations of the rewards

program as collateral on this debenture.

Small Business Administration Loans

On June 2, 2020, we obtained a loan from the Small

Business Administration of $150,000 at an interest rate of 3.75% with a maturity date of June 2, 2050.

The principal balance and accrued

interest at March 31, 2026 was $142,690 and $0, respectively.

Line of Credit

On September 29, 2023, our company and Nova entered

into a two-year revolving purchase and security agreement with DML HC Series, LLC, or DML, which was automatically renewed for a term

of one year on September 29, 2025, to sell, with recourse, Nova’s accounts receivables for a revolving financing up to a maximum

advance amount of $4.5 million.

A review is performed on a quarterly basis to assess the adequacy of the maximum amount.

If mutually agreed

upon by us and DML, the maximum amount may be increased.

On April 24, 2024, we entered into amendment No.

1 with DML which increased the

maximum advance amount to $8,000,000 and defined the discount fee equal to 2.25% per purchase and claims balance forward on new purchases

with a minimum fee to now be $10,000.

On June 11, 2024, we entered into amendment No.

2 with DML which further increased the maximum advance

amount to $11,000,000.

On December 27, 2024, we and Nova entered into amendment No.

3 with DML which further increased the maximum advance

amount to $15,000,000.

As of September 30, 2025, we had an outstanding balance of $14,727,190 against the revolving receivable line of

credit and accrued interest of $537,284.

The revolving purchase and security agreement includes discounts recorded as interest expense

on each funding and matures on September 29, 2026.

We maintain a revolving purchase and security

agreement with DML HC Series, LLC, or DML, which is accounted for as a secured borrowing.

Under the facility, eligible accounts receivable

are pledged as collateral, and advances of up to 70% of eligible receivables may be requested, subject to a maximum advance amount of

The related accounts receivable remain recorded as assets on our balance sheet, and the amounts drawn are recorded as a liability

under ‘Line of Credit’ until repaid.

We are required to repurchase or replace certain ineligible or uncollected receivables.

Collections on pledged receivables are remitted directly to the lender and applied against outstanding borrowings.

The revolving purchase

and security agreement includes discounts recorded as interest expense on each funding and matures on September 28, 2028.

31, 2026, we had an outstanding balance of $18,922,173 against the revolving receivable line of credit and accrued interest of $660,979.

Related Party Loans

In connection with the acquisition of Edge View

on July 16, 2014, we assumed amounts due to previous owners who are current managers of Edge View.

These amounts are due on demand and

do not bear interest.

The balance of these amounts is $4,979 as of September 30, 2025.

On March 6, 2026, we entered into a lock-up and

compensation resolution agreement with Daniel Thompson, our former Chairman of the Board and a significant stockholder, to resolve outstanding

accrued compensation obligations.

Under the agreement, we issued an unsecured promissory note in the principal amount of $116,667 bearing

interest at 10% annually, payable interest-only in year one and 50% principal in each of years two and three, with all amounts due within

As of March 31, 2026, we had an outstanding balance of $116,667 on this note and accrued interest of $23,493.

On December 21, 2025, in connection with bonuses

earned by certain employees, we issued promissory notes in the aggregate principal amount of $1,085,703, in lieu of cash payment, including

a promissory note in the principal amount of $460,000 to Alex Cunningham, our Chairman and Chief Executive Officer, a promissory note

in the principal amount of $122,550 to Matthew T.

Shafer, our Chief Financial Officer, and a promissory note in the principal amount of

$460,000 to Daniel Thompson.

These notes bear interest of 5% per annum and mature on June 30, 2026.

As of March 31, 2026, we had an outstanding

balance of $1,085,703 on these notes and accrued interest of $15,021.

Contractual Obligations

13 unchanged sentences

“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies”

in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission, or

the SEC, on August 19, 2025.

in the Form 10-K.

Off Balance Sheet Arrangements

5 unchanged sentences

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