What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-13 compared with 2026-05-11 · 171 added, 56 removed, 227 unchanged (50% of the section changed)

28 unchanged sentences

and (ii) a majority interest in entities with the intellectual property rights to fully developed, patented and patent pending, proprietary electric transmission and distribution broken conductor protection systems, and a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States.

Our interest in the custom energy and power solutions industry consists of a forty-nine percent interest in Simson-Maxwell Ltd., a Canadian corporation.

Our interest in the custom energy and power solutions industry consists of a preferred share investment in T&T Power Group Inc., a Canadian corporation.

We are also exploring other energy-related opportunities and/or technologies which are currently generating revenue or have a reasonable prospect of generating revenue within a reasonable period of time.

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Application #

Application Filed

Notice of Allowance Received

Patent Issued

SN 17/672,422

Electric Transmission Line Ground Fault Prevention Methods Using Dual, High Sensitivity Monitoring

Electric Transmission Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring

Electric Transmission Line Ground Fault Prevention systems using dual parameter monitoring with high sensitivity relay devices in parallel with low sensitivity relay devices

Electric Transmission Line Ground Fault Prevention Methods Using Multi-Parameter High Sensitivity Monitoring

Viking Protection Systems, LLC

Patent Issued

SN 17/693,504

Electric Transmission Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring Devices

Viking Protection Systems, LLC

Patent Issued

SN 17/821,651

Electric Transmission Line Ground Fault Prevention systems using dual paramater monitoring with high sensitivity relay devices in parallel with low sensitivity relay devices

Viking Protection Systems, LLC

Patent Issued

SN 18/227,670

Electric Transmission Line Ground Fault Prevention Methods Using Multi-Paramater High Sensitivity Monitoring

Viking Protection Systems, LLC

Patent Issued

PCT/US2024/010627

Electric Transmission Line Ground Fault Prevention Methods Using Multi-Paramater High Sensitivity Monitoring

International Entry

Viking Protection Systems, LLC

Electric Transmission Line Ground Fault Prevention Methods Using Multi-Paramater High Sensitivity Monitoring

Viking Protection Systems, LLC

Application Filed

Electric Transmission Line Ground Fault Prevention Methods Using Multi-Paramater High Sensitivity Monitoring

Viking Protection Systems, LLC

Application Filed

Electric Transmission Line Ground Fault Prevention Methods Using Multi-Paramater High Sensitivity Monitoring

Viking Protection Systems, LLC

Application Filed

SN 17/300,485

End of Line Protection with Trip-Signal Engaging

Viking Sentinel Technology, LLC

Patent Issued

SN 17/628,545

End of Line Protection with Blocking

International Application No.

Viking Sentinel Technology, LLC

Patent Issued

SN 18/064,152

Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices

Viking Distribution Solutions, LLC

Patent Issued

PCT/US23/83181

Electric Transmission Line Ground Fault Prevention Methods Using Multi-Parameter High Sensitivity Monitoring

Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices

PCT INT’L Application PCT/US23/83181

International Entry

Viking Distribution Solutions, LLC

Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices

12,407,184 B2

Viking Distribution Solutions, LLC

Application Filed

Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices

Viking Distribution Solutions, LLC

Application Filed

Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices

Viking Distribution Solutions, LLC

Application Filed

SN 18/936,543

Distribution Line Ground Fault Prevention With Blown Fuse Protection on Single Phase

US Application SN 18/920,865

Electric Distribution Line Ground Fault Prevention Device Using Dual Parameter High Sensitivity Monitoring Small Current Reduction With Small Increase in Negative Sequence Current

US Application 19/362,887

Electric Distribution Line Ground Fault Prevention Systems Using Dual Parameter High Sensitivity Relay

Viking Distribution Solutions, LLC

Patent Issued

SN 18/920,865

Electric Distribution Line Ground Fault Prevention Device Using Dual Paramater High Sensitivity Monitoring Small Current Reduction With Small Increase in Negative Sequence Current

Viking Distribution Solutions, LLC

Patent Issued

SN 19/362,887

Electric Distribution Line Ground Fault Prevention Systems Using Dual Paramater High Sensitivity Relay Device, Monitoring Small Current Reduction With Small Increase in Negative Sequence Current

Viking Distribution Solutions, LLC

Application Filed

Clean Energy and Carbon-Capture System:

In August 2021, Viking entered into an Exclusive Intellectual Property License Agreement (the “IPLA”) with ESG Clean Energy, LLC (“ESG”), to utilize ESG’s patent rights and know-how related to stationary electric power generation and heat and carbon dioxide capture (the “ESG Clean Energy System”).

The intellectual property licensed by Viking includes certain patents and/or patent applications, including the following:

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Systems and Methods for removing water from air or exhaust gas using an absorption chiller system having a transport membrane heat exchanger as an evaporator

The ESG Clean Energy System is designed to, among other things, generate clean electricity from internal combustion engines and utilize waste heat to capture approximately 100% of the carbon dioxide (CO2) emitted from the engine without loss of efficiency, and in a manner to facilitate the production of certain commodities.

The Clean Energy System is designed to, among other things, generate clean electricity from internal combustion engines and utilize waste heat to capture approximately 100% of the carbon dioxide (CO2) emitted from the engine without loss of efficiency, and in a manner to facilitate the production of certain commodities.

11,286,832, for example, covers the invention of an “exhaust-gas-to-exhaust-gas heat exchanger” that efficiently cools – and then reheats – exhaust from a primary power generator so greater energy output can be achieved by a secondary power source with safe ventilation.

Another key aspect of this patent is the development of a carbon dioxide capture system that utilizes the waste heat of the carbon dioxide pump to heat and regenerate the absorber that enables carbon dioxide to be safely contained and packaged.

The Company intends to sell, lease and/or sub-license the ESG Clean Energy System to third parties.

The Company intends to sell, lease and/or sub-license the Clean Energy System to third parties.

On August 13, 2025, Viking, ESG and Scuderi Group, Inc.

signed an Amendment to the IPLA pursuant to which Scuderi was added, effective as of such date, as an additional licensor or grantor, as applicable, under the IPLA, and was vested with all future rights and obligations of ESG thereunder, and Scuderi assumed all remaining duties, liabilities and benefits of ESG under the IPLA, to the same extent as ESG.

Further, all general references to ESG in the IPLA are deemed to read “ ESG and Scuderi” and all provisions containing obligations of ESG are deemed to be obligations of ESG and Scuderi, jointly and severally.

Scuderi is the owner of the intellectual property licensed to Viking by ESG.

(“SGI”) signed an Amendment to the IPLA pursuant to which SGI was added, effective as of such date, as an additional licensor or grantor, as applicable, under the IPLA, and was vested with all future rights and obligations of ESG thereunder, and SGI assumed all remaining duties, liabilities and benefits of ESG under the IPLA, to the same extent as ESG.

Further, all general references to ESG in the IPLA are deemed to read “ ESG and SGI” and all provisions containing obligations of ESG are deemed to be obligations of ESG and SGI, jointly and severally.

SGI is the owner of the intellectual property licensed to Viking by ESG.

In July 2025, ESG filed a voluntary bankruptcy petition under Chapter 11 with the Massachusetts Bankruptcy Court.

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Custom Energy and Power Solutions:

Acquisition of Simson-Maxwell

On August 6, 2021, Viking acquired approximately 60.5% of the issued and outstanding shares of Simson-Maxwell Ltd., a Canadian federal corporation, for $7,958,159 in cash.

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Operating for over 80 years, Simson-Maxwell’s branches assist with servicing a large number of existing maintenance arrangements and meeting the energy and power-solution demands of the Company’s other customers.

Transaction with T&T Power Group

On April 1, 2025, Viking entered into a Share Subscription Agreement with T&T Power Group Inc., Remora EQ LP, Simmax Corp., and Simson-Maxwell.

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T&T acquired the Simmax Shares by issuing a promissory note to Simmax, also maturing on December 1, 2025.

Following the closing of the transactions described above, T&T and Viking are the only remaining shareholders of Simson-Maxwell.

T&T owns 51% of Simson-Maxwell’s issued and outstanding Class A Common Shares, and Viking owns the remaining 49%.

Following the closing of the transactions described above, T&T and Viking were the only remaining shareholders of Simson-Maxwell.

T&T owned 51% of Simson-Maxwell’s issued and outstanding Class A Common Shares, and Viking owned the remaining 49%.

Viking did not sell or purchase any shares in connection with the Simson Share Transactions;

however, Viking’s ownership decreased from approximately 60.5% to 49%.

As a result of the reduction in Viking’s ownership interest and ceasing to have control over Simson-Maxwell, Camber no longer consolidates Simson-Maxwell’s financial results in its consolidated financial statements.

The Company instead accounts for its investment in Simson-Maxwell at fair value.

As a result of the reduction in Viking’s ownership interest and ceasing to have control over Simson-Maxwell, Camber ceased consolidating Simson-Maxwell’s financial results in its consolidated financial statements.

The Company instead accounted for its investment in Simson-Maxwell at fair value.

Viking also entered into a Unanimous Shareholders Agreement (“USA”) on April 1, 2025 with T&T and Simson-Maxwell.

The USA governs the ownership and management of Simson-Maxwell and provides that T&T is entitled to nominate two members to Simson-Maxwell’s board of directors, and Viking is entitled to nominate one member.

The USA also contains a call and a put option.

Under the call option, T&T has the option, exercisable at any time within the first 36 months, to purchase Viking’s 49% ownership interest for CAD $5.75 million (approximately $4.2 million).

Under the put option, Viking has the option, exercisable at any time after 36 months, to require T&T to purchase Viking’s 49% ownership interest for CAD $7.75 million (approximately $5.7 million).

The USA governed the ownership and management of Simson-Maxwell and provided that T&T was entitled to nominate two members to Simson-Maxwell’s board of directors, and Viking was entitled to nominate one member.

The USA also contained a call and a put option.

Under the call option, T&T had the option, exercisable at any time within the first 36 months, to purchase Viking’s 49% ownership interest for CAD $5.75 million (approximately $4.2 million).

Under the put option, Viking had the option, exercisable at any time after 36 months, to require T&T to purchase Viking’s 49% ownership interest for CAD $7.75 million (approximately $5.7 million).

Amalgamation of Simson-Maxwell and T&T Power Group

On June 1, 2026, Simson-Maxwell entered into an amalgamation agreement (the “Amalgamation Agreement”) with T&T.

The transactions contemplated by the Amalgamation Agreement were completed on June 1, 2026 pursuant to Sections 181 and 182 of the Canada Business Corporations Act (the “CBCA”) and Section 87 of the Income Tax Act (Canada) (the “Amalgamation”).

The amalgamated corporation continues under the name “T&T Power Group Inc.” (the “Amalgamated Corporation”).

The Amalgamated Corporation continues to operate Simson-Maxwell’s former business of servicing, maintaining, repairing, renting, and testing of generators and industrial engines and providing power solutions to customers throughout Canada.

Pursuant to the Amalgamation Agreement, the issued capital of T&T and Simson-Maxwell was converted into issued capital of the Amalgamated Corporation as follows:

(i) all issued and outstanding shares in the capital stock of T&T were exchanged for 100,000 fully paid and non-assessable Class A Common Shares of the Amalgamated Corporation and issued to Tyler Van Dyke, the sole shareholder of T&T and the first director and President of the Amalgamated Corporation;

(ii) 2,536 Class A Common Shares in the capital stock of Simson-Maxwell held by T&T were cancelled as of the date of Amalgamation;

and (iii) 2,436 Class A Common Shares in the capital stock of Simson-Maxwell held by Viking were exchanged for 5,750,000 Class A Preference Shares (the “Viking Preferred Shares”) of the Amalgamated Corporation.

Following the Amalgamation, Tyler Van Dyke holds 100,000 Class A Common Shares of the Amalgamated Corporation, representing 100% of the voting interest, and Viking holds 5,750,000 Class A Preference Shares of the Amalgamated Corporation, representing 0% of the voting interest.

In connection with the Amalgamation, on June 1, 2026, Viking, the Amalgamated Corporation, and Tyler Van Dyke entered into a unanimous shareholders’ agreement within the meaning of the CBCA (the “USA”).

Pursuant to the USA, Tyler Van Dyke has been appointed as the sole director of the board of directors of Amalgamated Corporation, and Viking has no right to appoint a director.

The USA also contains the detailed terms governing the redemption and retraction of the Viking Preferred Shares, including the pricing mechanics, triggering events, payment timelines, monthly payment rights, conditional dividend provisions, and potential adjustments described below.

The Viking Preferred Shares are subject to the following redemption and retraction rights, as set forth in the USA.

Redemption by the Corporation.

The Amalgamated Corporation may redeem all outstanding Viking Preferred Shares at any time:

(i) on or before March 31, 2028, at CDN$5.75 million (approximately $4.2 million) in the aggregate (the “Redemption Price”), with 10% payable on the redemption date and the balance within 60 days;

or (ii) after March 31, 2028, at CDN$7.75 million (approximately $5.6 million) in the aggregate (the “Increased Redemption Price”).

If the Amalgamated Corporation fails to redeem all Viking Preferred Shares by March 31, 2028, the aggregate redemption price automatically increases the Increased Redemption Price.

Retraction by Viking.

Prior to March 31, 2028, Viking may require redemption of all outstanding Viking Preferred Shares at the Redemption Price only upon the occurrence of specified triggering events, including:

(a) a material breach by any party (other than Viking) of the USA that continues for 20 days following written notice;

(b) a sale or proposed sale of all or substantially all of the Amalgamated Corporation’s assets;

or (d) the death or permanent incapacity of Tyler Van Dyke.

After March 31, 2028, Viking may require redemption for any reason at the Increased Redemption Price, together with all accrued but unpaid dividends.

Upon receipt of a retraction notice after March 31, 2028, the Amalgamated Corporation shall either:

(i) pay CDN$7.75 million (approximately $5.6 million) within 120 days;

or (ii) pay CDN$8.52 million (approximately $6.2 million) plus all accrued but unpaid dividends within 12 months (the “Deferred Redemption Price”).

Liquidation Preference.

The Viking Preferred Shares rank in priority to all other classes of shares with respect to dividends, redemption, retraction, return of capital, liquidation, and winding-up.

The Amalgamated Corporation shall not issue any shares or securities ranking senior to the Viking Preferred Shares while any remain outstanding.

Dividend Restrictions.

No dividends may be declared or paid on any other class of shares while Viking Preferred Shares remain outstanding, except that the Viking Preferred Shares carry a conditional cumulative dividend of 8% per annum, which accrues only if:

(i) any party other than Viking breaches any term applicable to the Viking Preferred Shares;

or (ii) the Amalgamated Corporation fails to redeem the Viking Preferred Shares by March 31, 2028.

Monthly Payment Right.

Viking may, upon 30 days’ prior written notice, require the Amalgamated Corporation to pay Viking CDN$15,000 (approximately $11,000) per month, with all such payments credited against the applicable redemption price upon final redemption.

In connection with the Amalgamation, on June 1, 2026, Viking, the Amalgamated Corporation, and The Toronto-Dominion Bank (the “Bank”) entered into a Postponement and Assignment of Creditors Claim and Postponement of Security Agreement (the “Postponement Agreement”).

Pursuant to the Postponement Agreement, Viking agreed to postpone all creditor indebtedness owed by the Amalgamated Corporation to Viking in favor of the prior repayment of the Bank’s indebtedness, including amounts arising from retraction, redemption, or purchase for cancellation of the Viking Preferred Shares, dividends, distributions, and shareholder loans.

Subject to certain conditions, including that no event of default has occurred, the Amalgamated Corporation is in compliance with all financial covenants, and Viking provides the Bank with not less than 60 days’ prior written notice, Viking’s retraction right is not restricted by the Postponement Agreement.

The Postponement Agreement also permits regularly scheduled share distributions (including monthly payments) up to CDN$180,000 (approximately $129,000) in any 12-month period, subject to similar financial covenant compliance conditions.

Investor Relations Engagement

Effective July 1, 2026, the Company retained Renmark Financial Communications Inc., an independent investor relations and communications firm, pursuant to a seven-month engagement.

Renmark will provide investor relations and shareholder communications services designed to broaden awareness of the Company’s business strategy, technology portfolio and commercialization initiatives.

Compensation under the engagement consists of a monthly cash fee pursuant to the terms of the engagement agreement.

Going Concern Qualification

The Company’s condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company generated a net loss of $(1,717,372) for the three months ended March 31, 2026, as compared to a net loss of $(3,191,653) for the three months ended March 31, 2025.

The loss for the three months ended March 31, 2026, was comprised of, among other things, certain non-cash items, including:

The Company generated a net loss of $(3,468,581) for the six months ended June 30, 2026, as compared to a net income of $1,182,837 for the six months ended June 30, 2025.

The loss for the six months ended June 30, 2026, was comprised of, among other things, certain non-cash items, including:

(i) amortization of debt discount of ($1,595,577), and;

(ii) a gain on change in fair value of investment of $254,480.

At March 31, 2026, the Company had stockholders’ deficit of $45,086,094, long-term debt, net of current, of $152,715 and a working capital deficiency of $61,216,158.

At June 30, 2026, the Company had stockholders’ deficit of $46,822,397, long-term debt, net of current, of $151,952 and a working capital deficiency of $63,100,470.

The largest components of current liabilities creating this working capital deficiency was current portion of long-term debt of $46,943,524, accrued interest of $9,001,802, amounts due to related parties of $1,238,330, and related party accounts payable of $2,260,500.

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RESULTS OF CONTINUING OPERATIONS

The following discussion of the financial condition and results of operation of the Company for the three months ended March 31, 2026 and 2025, should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026.

The following discussion of the financial condition and results of operation of the Company for the three and six months ended June 30, 2026 and 2025, should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026.

Liquidity and Capital Resources

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$ (13,142,496 )

Three Months Ended March 31,

Net cash provided by (used in) operating activities

Net cash provided by (used in) investing activities

Net cash (used in) financing activities

Increase in cash during the period

Six Months Ended June 30,

Net cash used in operating activities

$ (1,989,306 )

Net cash provided by investing activities

Net cash provided by financing activities

Increase (decrease) in cash during the period

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

Net cash flows from operating activities were $(327,976) during the three months ended March 31, 2026, as compared to $241,960 in the comparable period in 2025.

The decrease was the result of a lower net positive change in operating assets and liabilities, partially offset by lower cash operating losses.

Net cash flows from investing activities increased to $342,974 during the three months ended March 31, 2026, as compared to $(16,136) in the comparable period in 2025 due primarily to the payment of the note receivable from Simson-Maxwell and no fixed asset additions.

Net cash flows from financing activities improved to $(729) during the three months ended March 31, 2026, as compared to $(171,548) in the comparable period in 2025 due to lower debt repayments.

Three months ended March 31, 2026, compared to the three months ended March 31, 2025

Net cash flows from operating activities were $(727,407) during the six months ended June 30, 2026, as compared to $(1,989,306) in the comparable period in 2025.

The increase was the result of a $962,623 improvement in cash earnings combined with an increase of $299,276 from changes in operating assets and liabilities.

Net cash flows from investing activities increased to $342,974 during the six months ended June 30, 2026, as compared to $(21,296) in the comparable period in 2025 due primarily to the payment of the note receivable from Simson-Maxwell and no fixed asset additions.

Net cash flows from financing activities decreased to $498,636 during the six months ended June 30, 2026, as compared to $1,927,744 in the comparable period in 2025 due primarily to lower proceeds from the issuance of debt.

Consolidated Operating Results

The Company operates as one reportable segment.

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Performance is evaluated and resources allocated based upon the progress and projected financial requirements to advance each technology towards commercialization.

Summary information on our consolidated results for the three months ended March 31, 2026 and 2025 is presented below.

Three Months ended March 31,

Summary information on our consolidated operating results for the three and six months ended June 30, 2026 and 2025 is presented below.

Three months ended

Six months ended

Operating expenses

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Other income (expense)

Net loss before income taxes

Net income (loss) before income taxes

Net income (loss)

$ (1,751,209 )

$ (3,468,581 )

The Company did not generate any revenue in the three months ended March 31, 2026.

In the prior period, the Company consolidated the revenues of Simson-Maxwell.

The Company’s operating expenses decreased to $622,852 for the three-month period ended March 31, 2026, from $8,010,107 in the corresponding prior year three-month period.

Three months ended June 30, 2026 and 2025

The Company did not generate any revenue in the three months ended June 30, 2026 or 2025.

Operating expenses

The Company’s operating expenses decreased to $692,611 for the three-month period ended June 30, 2026, from $1,300,837 in the corresponding prior year three-month period.

The decrease is the result of testing, certification and transportation costs of approximately $445,000 incurred in 2025 related to the Company’s medical waste treatment unit, combined with an overall reduction in corporate spending.

Income (loss) from operations

The loss from operations decreased by $608,226 for the three-month period ended June 30, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

Other income (expense)

The Company had other expense, net, of $(1,058,598) for the three months ended June 30, 2026, as compared to other income, net of $5,675,327 for the three months ended June 30, 2025.

The decrease was due primarily to the gain of $6,169,824 on the partial disposal of Simson-Maxwell recorded in 2025.

Net income (loss)

The net loss increased by $6,125,699 for the three-month period ended June 30, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

Six months ended June 30, 2026 and 2025

The Company did not generate any revenue in the six months ended June 30, 2026.

In the prior period, the Company consolidated the revenues of Simson-Maxwell for the period January 1 to March 31, 2025.

Operating expenses

The Company’s operating expenses decreased to $1,315,463 for the six-month period ended June 30, 2026, from $9,310,944 in the corresponding prior year three-month period.

The significant decrease reflects the impact of the deconsolidation of Simson-Maxwell’s results.

Excluding Simson-Maxwell, operating expenses were $677,000 (34%) lower than the prior year.

Loss from Operations

The loss from operations decreased by $1,157,920 for the three-month period ended March 31, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

Income (loss) from operations

The loss from operations decreased by $1,766,146 for the three-month period ended June 30, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

Other income (expense)

The Company had other expense, net, of $(1,094,520) for the three months ended March 31, 2026, as compared to other expense, net of $(1,410,881) for the three months ended March 31, 2025.

The lower expense was due primarily to a decrease in expense related to the change in fair value of derivative liability.

The net loss decreased by $1,474,281 for the three-month period ended March 31, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

The Company had other expense, net, of $(2,153,118) for the six months ended June 30, 2026, as compared to other income, net of $4,264,446 for the six months ended June 30, 2025.

The decrease was due primarily to the gain of $6,169,824 on the partial disposal of Simson-Maxwell recorded in 2025.

Net income (loss)

The net loss increased by $4,651,418 for the six-month period ended June 30, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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Investment in Unconsolidated Entity

The Company accounted for its non-controlling interest in Simson-Maxwell, an unconsolidated entity, under the equity method of accounting from April 1 through September 30, 2025.

During the quarter ended December 31, 2025, the Company determined that it was not able to exercise significant influence over this investment and as a result, beginning with the quarter ended December 31, 2025, accounts for this investment at fair value.

The Company accounts for its investment in preferred shares of T&T at fair value.

Under the fair value method, the Company adjusts the carrying value of its investment for changes in fair value and records the amount of the change in fair value in the condensed consolidated statement of operations.

Beginning in the fourth quarter of 2025 and up to the date of amalgamation of T&T and Simson-Maxwell on June 1, 2026, the Company accounted for its 49% non-controlling interest in Simson-Maxwell at fair value as the Company was not able to exercise significant influence over this investment.

During the second and third quarters of 2025, the Company accounted for this investment under the equity method.

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