What changed in this filing

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Item 1. Financial Statements

2025-09-12 compared with 2025-06-13 · 189 added, 196 removed, 347 unchanged (53% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

July 31, 2025

October 31, 2024

CURRENT ASSETS:

Cash and cash

Accounts receivable, net

of allowances for credit losses of $ 144,000 for 2025 and 2024

Cash and cash equivalents

Accounts receivable, net of allowances for credit losses of $ 144,000 for 2025 and 2024

Due from broker

Prepaid expenses and other

current assets

and refundable income taxes

CURRENT ASSETS

Building, machinery, and

equipment, net

list and relationships, net of accumulated amortization of $ 301,000 and $ 285,750 for 2025 and 2024, respectively

Prepaid expenses and other current assets

Prepaid and refundable income taxes

TOTAL CURRENT ASSETS

Building, machinery, and equipment, net

Customer list and relationships, net of accumulated amortization of $ 308,625 and $ 285,750 for 2025 and 2024, respectively

Trademarks and tradenames

1 unchanged sentence

Right-of-use asset

Deferred income tax assets,

and other assets

LIABILITIES AND STOCKHOLDERS’

Deferred income tax assets, net

Deposits and other assets

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable and accrued

Accounts payable and accrued expenses

Due to broker

liabilities - current portion

CURRENT LIABILITIES

Line of credit

Lease liabilities –

compensation payable

Commitments and Contingencies

Lease liabilities - current portion

TOTAL CURRENT LIABILITIES

Lease liabilities – long term

Deferred compensation payable

TOTAL LIABILITIES

Commitments and Contingencies (Note 9)

STOCKHOLDERS’ EQUITY:

2 unchanged sentences

Common stock, par value $ .001 per share;

30,000,000 shares authorized, 6,633,930 shares issued for April 30, 2025 and October 31, 2024;

5,708,599 shares outstanding for April

30, 2025 and October 31, 2024

30,000,000 shares authorized, 6,633,930 shares issued for July 31, 2025 and October 31, 2024;

5,708,599 shares outstanding for July 31, 2025 and October 31, 2024

Additional paid in capital

1 unchanged sentence

common stock held in treasury, at cost;

925,331 shares for April 30, 2025 and October 31, 2024

925,331 shares for July 31, 2025 and October 31, 2024

( 4,633,560 )

STOCKHOLDERS’ EQUITY

LIABILITIES AND STOCKHOLDERS’ EQUITY

TOTAL STOCKHOLDERS’ EQUITY

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

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

1 unchanged sentence

CONSOLIDATED STATEMENTS OF OPERATIONS

months ended April 30,

Nine months ended July 31,

Three months ended July 31,

COST OF SALES

1 unchanged sentence

Selling and administrative

INCOME FROM OPERATIONS

Officers’ salaries

INCOME (LOSS) FROM OPERATIONS

( 1,095,151 )

OTHER INCOME (EXPENSE)

1 unchanged sentence

Interest expense

Gain(loss) from equity

method investments

INCOME (LOSS) BEFORE EXPENSE

FOR INCOME TAXES

Expense (benefit) for income

INCOME (LOSS)

Basic and diluted earnings

Gain on extinguishment of lease

INCOME (LOSS) BEFORE EXPENSE FOR INCOME TAXES

( 1,187,829 )

Expense for income taxes

NET INCOME (LOSS)

$ ( 1,205,413 )

Basic and diluted earnings (loss) per share

Weighted average common shares outstanding:

3 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

THE THREE AND SIX MONTHS ENDED APRIL 30, 2024, AND 2025

THE THREE AND NINE MONTHS ENDED JULY 31 2025, AND 2024

Treasury Stock

Additional Paid-in

Non-controlling

October 31, 2023

Balance October 31, 2023

$ ( 4,633,560 )

$ ( 244,462 )

January 31, 2024

Balance January 31, 2024

( 4,633,560 )

April 30, 2024

Balance, April 30, 2024

$ ( 4,633,560 )

$ ( 244,462 )

October 31, 2024

Balance, July 31, 2024

$ ( 4,633,560 )

January 31, 2025

$ ( 244,462 )

Balance October 31, 2024

( 4,633,560 )

income (loss)

April 30, 2025

Balance, January 31, 2025

$ ( 4,633,560 )

Balance, April 30, 2025

$ ( 4,633,560 )

( 1,205,413 )

Net income (loss)

( 1,205,413 )

Balance, July 31, 2025

$ ( 4,633,560 )

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

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

months ended April 30,

Nine Months Ended July 31,

OPERATING ACTIVITIES:

Adjustments to reconcile

net income to net cash (used in) provided by operating activities:

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization

1 unchanged sentence

( 1,862,877 )

Amortization of right-of-use

Amortization of right-of-use asset

Gain on extinguishment of lease liability

Deferred income taxes

Changes in operating assets

and liabilities:

Changes in operating assets and liabilities:

Accounts receivable

( 5,711,012 )

Prepaid expenses and other

current assets

Prepaid and refundable

Prepaid expenses and other current assets

Prepaid and refundable income taxes

Lease liabilities

1 unchanged sentence

Deferred compensation payable

payable, accrued expenses

cash (used in) provided by operating activities

Accounts payable, accrued expenses

Net cash (used in) provided by operating activities

( 5,396,716 )

Cash flows from investing activities:

Acquisition of Second Empire

Cash paid for leasehold

Purchases of machinery

and equipment

from sale of investment

cash (used in) provided by investing activities

Cash flows from financing

Proceeds from bank line

Principal payments on note

on bank line of credit

Acquisition of Empire Coffee Company

Cash paid for leasehold improvements

Purchases of machinery and equipment

Proceeds from sale of investment

Net cash (used in) provided by investing activities

( 1,254,535 )

Cash flows from financing activities:

Proceeds from bank line of credit

Principal payments under bank line of credit

( 1,500,000 )

cash provided by (used in) financing activities

( 7,720,000 )

Principal payments on note payable

Net cash provided by (used in) financing activities

( 7,724,374 )

Net change in cash and cash equivalents

Cash and cash equivalents, beginning of period

Cash and cash equivalents,

end of period

SUPPLEMENTAL DISCLOSURE

OF CASH FLOW DATA:

Cash and cash equivalents, end of period

SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:

Interest paid

Income taxes paid

SUPPLEMENTAL DISCLOSURE

OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Initial recognition of

operating lease right-of-use asset

Initial recognition of

operating lease liabilities

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Initial recognition of operating lease

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

29 unchanged sentences

Thus, the Company considers the three product lines to be one single reporting segment.

Concern and Liquidity

Company’s line of credit will be due June 28, 2026 (see Note 6).

1 unchanged sentence

certain financial covenants computed on a quarterly and annual basis.

As of April 30, 2025, the Company is in compliance with those financial

The Company has net income for the six months ended April 30, 2025 of $ 1,797,311 and a net working capital surplus of $ 25,831,578 .

As of July 31, 2025, the Company is in compliance with those financial

The Company has net income for the nine months ended July 31, 2025, of $ 591,898 and a net working capital surplus of $ 20,979,529 .

As a result, the Company does not believe that substantial doubt is raised regarding the Company’s ability to continue as a going

concern and the ability to meet its obligations as they become due within the twelve months from the date the condensed consolidated

financial statements are issued.

concern and the ability to meet its obligations as they become due within twelve months from the date the condensed consolidated financial

statements are issued.

HOLDING CO., INC.

28 unchanged sentences

The consolidated financial statements

have been prepared in accordance with accounting principles generally accepted in the United States of America and comply with SEC reporting

requirements.

have been prepared in accordance with US GAAP and comply with SEC reporting requirements.

Accounting Policies

significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in the Company’s

2024 10-K, and there have been no changes to the Company’s significant accounting policies during the six months ended April 30,

2024 10-K, and there have been no changes to the Company’s significant accounting policies during the nine months ended July 31,

Company recognizes revenue in accordance with the five-step model as prescribed by the Financial Accounting Standards Board (“FASB”)

7 unchanged sentences

a performance obligation.

following table presents revenues by product line for the six and three months ended April 30, 2025 and 2024:

Months Ended April 30,

following table presents revenues by product line for the nine and three months ended July 31, 2025 and 2024:

Nine Months Ended July 31,

Three Months Ended July 31,

HOLDING CO., INC.

22 unchanged sentences

it did result in enhanced disclosures.

November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic

Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income

Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date (“ASU

ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures

about specific types of expenses included in the expense captions presented in the income statement.

ASU 2024-03, as clarified by ASU

2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December

15, 2027, with early adoption permitted.

The Company is currently evaluating the impact of these standards will have on it financial

Accounting Pronouncements – Not Yet Adopted

14 unchanged sentences

financial statements and related disclosures.

November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic

Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income

Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date (“ASU

ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures

about specific types of expenses included in the expense captions presented in the income statement.

ASU 2024-03, as clarified by ASU

2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December

15, 2027, with early adoption permitted.

The Company is currently evaluating the impact of these standards will have on it financial

3 – Business Combination

6 unchanged sentences

of their respective fair values.

The provisional fair value estimates of the assets acquired are subject to subsequent adjustments as

additional information is obtained during the applicable measurement period.

The assets purchased consisted of equipment, accounts receivable

and inventories.

The Company has determined that no portion of the purchase price is allocated to intangible assets as there were no

acquired intangibles that are considered identifiable under ASC 805.

In addition, the Company determined that the acquired equipment

had no value as it was originally purchased in the mid-1990s and has been fully depreciated for a few years.

Based on a fair value assessment,

all value has been attributed to tangible assets.

The fair value estimates of the assets acquired are subject to subsequent adjustments as additional

information is obtained during the applicable measurement period.

The assets purchased consisted of equipment, accounts receivable and

The Company has determined that no portion of the purchase price is allocated to intangible assets as there were no acquired

intangibles that are considered identifiable under ASC 805.

Based on a fair value assessment, all value has been attributed to tangible

Second Empire will operate as a 100 % wholly owned subsidiary of the Company.

The following

tables summarize the fair values of consideration transferred and the fair values of identified assets acquired at the date of acquisition:

The following tables summarize the fair values of

consideration transferred and the fair values of identified assets acquired at the date of acquisition:

of Business Combination

1 unchanged sentence

Total purchase price

acquired business contributed revenues of $ 1,740,173 and a loss of $ 414,938 to the Company for the period from November 6, 2024, to April

acquired business contributed revenues of $ 3,238,704 and a loss of $ 694,130 to the Company for the period from November 6, 2024, to July

There were no acquisition costs incurred.

connection with this transaction, the Company entered into a 4 four-year lease with 21 Grace Church Street Realty LLC for the

existing property at 21 Grace Church Street, Port Chester, NY 10573 where Empire Coffee Company had its offices and production

connection with this transaction, the Company entered into a 4

four-year lease with 21 Grace Church Street Realty LLC for

the existing property at 21 Grace Church Street, Port Chester, NY 10573 where Empire Coffee Company had its offices and production facility.

4 - Inventories

at April 30, 2025 and October 31, 2024 consisted of the following:

at July 31, 2025 and October 31, 2024 consisted of the following:

Schedule of Inventories

July 31, 2025

October 31, 2024

Packed coffee

Roasters parts

Roaster parts

Packaging supplies

18 unchanged sentences

of Realized and Unrealized Gains and Losses on Contracts

Months Ended April 30,

Three Months Ended July 31,

Gross realized gains

Gross realized losses

Unrealized (losses)

Unrealized (losses) gains

( 2,056,404 )

Months Ended April 30,

Gross realized gains

Gross realized (losses) gains

Gross realized losses

Unrealized gains

$ ( 769,846 )

Months Ended July 31,

realized gains

realized losses

(losses) gains

6 - Line of Credit

April 25, 2017, the Company and OPTCO (together with the Company, collectively referred to herein as the “Borrowers”) entered

into an Amended and Restated Loan and Security Agreement (the “A&R Loan Agreement”) and Amended and Restated Loan Facility

(the “A&R Loan Facility”) with Sterling National Bank (“Sterling”) (later acquired by Webster, which consolidated

(i) the financing agreement between the Company and Sterling, dated February 17, 2009, as modified, and (ii) the financing agreement

between the Company, as guarantor, OPTCO and Sterling, dated March 10, 2015, amongst other things.

March 17, 2022, the Company reached an agreement for a new loan modification agreement and credit facility which extended the maturity

date to June 29, 2022 .

The facility was then approved for a two-year extension.

All other terms of the A&R Loan Agreement and A&R

Loan Facility remained the same.

June 28, 2022, the Company reached an agreement for a new loan modification agreement and credit facility with Webster.

the new agreement, among other things:

(i) provided for a new maturity date of June 30, 2024 , and (ii) changed the interest rate per

annum to SOFR plus 1.75 % (with such interest rate not to be lower than 3.50 %).

All other terms of the A&R Loan Agreement and A&R

Loan Facility remained the same.

June 27, 2024, the Organic Trading Products Trading Company, LLC (“OPTCO” and together with us, collectively referred to

herein as the “Borrowers”) entered into the Tenth Loan Modification Agreement with Webster Financial Corp.

which amended the Amended and Restated Loan and Security Agreement (“A&R Loan Agreement”) to, among other things:

provide for a new loan maturity date of June 29, 2025 , (ii) provide that the applicable margin requirement for any revolving loan outstanding

under the A&R Loan Agreement to 2.25 %, (iii) provide that the maximum facility amount shall be $ 10,000,000 and (iv) to adjust certain

definitions and terms related to the borrowing base and leverage ratios applicable to the A&R Loan Agreement.

The average interest

for the nine months ended July 31, 2025 was 6.74 %.

April 17, 2025, the Borrowers entered into the Eleventh Loan Modification Agreement with Webster which, among other things, amended the

A&R Loan Agreement to provide for a new loan maturity date of June 28, 2026 .

HOLDING CO., INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company is required to maintain certain financial covenants with respect to the A&R Loan Agreement.

The Company was not in compliance

with such requirements as of October 31, 2023.

The Company received a waiver from the lender on May 24, 2024 for all past defaults.

A&R Loan Agreement was also modified on March 15, 2023 to, among other things:

(i) provide for a requirement for subordination agreements,

if necessary, (ii) change the terms of transactions with affiliates from a dollar limitation to allowable in the ordinary course of business,

and (iii) establish a new covenant for a fixed charge coverage ratio.

June 27, 2024, the Borrowers entered into the Tenth Loan Modification Agreement with Webster which amended the A&R Loan Agreement

to, among other things:

(i) provide for a new loan maturity date of June 29, 2025 , (ii) provide that the applicable margin requirement

for any revolving loan outstanding under the A&R Loan Agreement to 2.25 %, (iii) provide that the maximum facility amount shall be

$ 10,000,000 and (iv) to adjust certain definitions and terms related to the borrowing base and leverage ratios applicable to the A&R

Loan Agreement.

The average interest for the six months ended April 30, 2025 was 6.74 %.

April 17, 2025, the Borrowers entered into the Eleventh Loan Modification Agreement with Webster which, among other things, amended the A&R Loan Agreement

to provide for a new loan maturity date of June 28, 2026 .

of the A&R Loan Facility and A&R Loan Agreement contains covenants, subject to certain exceptions, that place annual restrictions

3 unchanged sentences

The outstanding balance on the Company’s line of credit was

$ 3,000,000 and $ 0 as of April 30, 2025, and October 31, 2024, respectively.

$ 6,250,000 and $ 0 as of July 31, 2025, and October 31, 2024, respectively.

7 – Income Taxes

7 unchanged sentences

or minus the change during the period in deferred tax assets and liabilities.

of April 30, 2025 and October 31, 2024, the Company did no t have any unrecognized tax benefits or open tax positions.

of July 31, 2025 and October 31, 2024, the Company did no t have any unrecognized tax benefits or open tax positions.

The Company’s

practice is to recognize interest and/or penalties related to income tax matters in income tax expense.

As of April 30, 2025 and October

As of July 31, 2025 and October

31, 2024, the Company had no accrued interest or penalties related to income taxes.

4 unchanged sentences

Michigan, Montana, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Virginia state tax

For the three months ended April

30, 2025 and 2024, the Company recorded income tax benefit (expense) of ($ 227,073 ) and $ 77,632 , respectively.

For the six months

ended April 30, 2025 and 2024, the Company recorded income tax expense of $ 633,165 and $ 64,705 , respectively.

the three months ended July 31, 2025 and 2024, the Company recorded income tax expense of $ 17,584 and $ 259,249 , respectively.

nine months ended July 31, 2025 and 2024, the Company recorded income tax expense of $ 650,749 and $ 323,954 , respectively.

The Company recorded income tax expense for the 3 months ending July 31, 2025, principally due to the tax impact of the unrealized losses

from coffee futures and options contracts, which are recorded in cost of sales (see note 5).

July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States.

The OBBBA includes the permanent

extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and

the restoration of favorable tax treatment for certain business provisions, including immediate expensing for domestic research expenditures.

Additionally, the OBBBA allows accelerated tax deductions for qualified property.

The legislation has multiple effective dates, with

certain provisions effective in 2025 and others implemented through 2027.

The Company is currently assessing the impact of the OBBBA

on its consolidated financial statements.

8 – Earnings (Loss) Per Share

7 unchanged sentences

weighted average common shares outstanding used in the computation of basic and diluted earnings per share were 5,708,599 for the three-

and six-months ending April 30, 2025, and 2024.

The Company has 921,000 options outstanding which have not been included

in the calculation of diluted earnings per share.

HOLDING CO., INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

and nine-months ending July 31, 2025, and 2024.

The Company has 921,000 outstanding stock options which have not been included in the

calculation of diluted earnings per share because they are antidilutive.

9 - Commitments and Contingencies

2 unchanged sentences

of the Company or its subsidiaries.

following summarizes the Company’s operating leases as of April 30, 2025 and October 31, 2024:

HOLDING CO., INC.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

following summarizes the Company’s operating leases as of July 31, 2025 and October 31, 2024:

of Operating Leases

operating lease assets

July 31, 2025

October 31, 2024

Right-of-use operating lease assets

Total lease assets

July 31, 2025

October 31, 2024

Current lease liability

1 unchanged sentence

Total lease liability

amortization of the right-of-use assets for the three months ended April 30, 2025 and 2024 was $ 195,410 and $ 83,096 , respectively.

amortization of the right-of-use assets for the six months ended April 30, 2025, and 2024 was $ 385,372 and $ 123,456 , respectively.

lease payments were $ 106,000 and $ 31,700 during the three months ended April 30, 2025, and 2024, respectively.

Variable lease payments

were $ 271,000 and $ 62,300 during the six months ended April 30, 2025, and 2024, respectively.

lease costs were $ 491,200 and $ 237,672 for the six months ended April 30, 2025, and 2024, respectively.

Operating lease costs

were $ 245,600 and $ 195,600 for the three months ended April 30, 2025, and 2024, respectively.

amortization of the right-of-use assets for the three months ended July 31, 2025 and 2024 was $ 200,913 and $ 79,812 , respectively.

The amortization of the right-of-use assets for the nine months ended July 31, 2025, and 2024 was $ 583,643 and $ 203,268 ,

respectively.

lease payments were $ 102,000 and $ 38,090 during the three months ended July 31, 2025, and 2024, respectively.

Variable lease

payments were $ 372,724 and $ 100,389 during the nine months ended July 31, 2025, and 2024, respectively.

lease costs were $ 736,800 and $ 356,509 for the nine months ended July 31, 2025, and 2024, respectively.

Operating lease costs were $ 245,600

and $ 118,836 for the three months ended July 31, 2025, and 2024, respectively.

weighted-average remaining lease term and the weighted-average discount rate of the Company’s leases were as follows:

Weighted average remaining lease

term (in years)

Weighted average remaining lease term (in years)

Weighted average discount rate

5 unchanged sentences

imputed interest

Present value of operating

lease liabilities

Present value of operating lease liabilities

HOLDING CO., INC.

23 unchanged sentences

the liability due to the Chief Executive Officer of the Company.

The assets were $ 128,381 and $ 121,386 as of April 30, 2025, and October

The assets were $ 129,972 and $ 121,386 as of July 31, 2025, and October

31, 2024, respectively, and are included in Deposits and other assets in the accompanying balance sheets.

The deferred compensation liability

at April 30, 2025 and October 31, 2024 was $ 128,381 and $ 121,386 , respectively.

at July 31, 2025 and October 31, 2024 was $ 129,972 and $ 121,386 , respectively.

12 - Stockholders’ Equity

1 unchanged sentence

The cost of reissued shares is determined under the last-in, first-out

The Company did not purchase any shares during the three and six months ended April 30, 2025 and the year ended October 31, 2024.

Company has an incentive stock plan, the 2013 Equity Compensation Plan (the “2013 Plan”), and has granted stock options

for an aggregate of 1,000,000 shares

to employees, officers and non-employee directors from the 2013 Plan with an exercise price of $ 5.43 .

The Company did not purchase any shares during the three and nine months ended July 31, 2025 and the year ended October 31, 2024.

Company has an incentive stock plan, the 2013 Equity Compensation Plan (the “2013 Plan”), and has granted stock options for

an aggregate of 1,000,000 shares to employees, officers and non-employee directors from the 2013 Plan with an exercise price of $ 5.43 .

Options granted under the 2013 Plan may be incentive stock options or nonqualified stock options, as determined by the administrator

at the time of grant.

were granted, forfeited or expired during the three and six months ended April 30, 2025.

No options were granted or expired

during the year ended October 31, 2024.

As of April 30, 2025, and October 31, 2024, 921,000 options

were exercisable.

Company recorded no stock-based compensation expense for the three and six months ended April 30, 2025 and 2024, as all stock option

No options were granted, forfeited or expired during the three and nine months ended July 31, 2025.

were granted or expired during the year ended October 31, 2024.

As of July 31, 2025, and October 31, 2024, 921,000 options were exercisable.

Company recorded no stock-based compensation expense for the three and nine months ended July 31, 2025 and 2024, as all stock option

awards were fully vested as of the beginning of the reporting period.

18 unchanged sentences

of Segment Information

of operations

Statement of operations

For the three months ended

July 31, 2025

July 31, 2024

Cost of Goods Sold (1)

4 unchanged sentences

( 3,206,201 )

Operating income (loss)

of operations

For the six months ended

Operating (loss) income

$ ( 1,095,151 )

Statement of operations

For the nine months ended

July 31, 2025

July 31, 2024

Cost of Goods Sold (1)

5 unchanged sentences

Operating income

of goods sold and Trading profit is included in cost of sales in the consolidated statement of operations.

Operating (loss) income

profit is included in cost of goods sold in the consolidated statement of operations.

includes officers’ salaries and selling and administrative expenses included in the consolidated statement of operations.

7 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 1. Financial Statements