What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-18 compared with 2025-12-29 · 36 added, 34 removed, 32 unchanged (69% of the section changed)

4 unchanged sentences

OF OPERATIONS

consolidated financial statements included herein have been prepared assuming that we will continue as a going concern and, accordingly,

do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might

be necessary should we be unable to continue in operation.

We expect we will require additional capital to meet our long-term

operating requirements.

We expect to raise additional capital through, among other things, the sale of stock or debt securities

and further implement our business plan.

consolidated financial statements have been prepared on a going concern basis and, accordingly, do not include any adjustments

relating to the recoverability and realization of assets or the classification of liabilities that might be necessary should we

be unable to continue in operation.

ability to continue as a going concern is dependent upon our ability to raise additional capital through the issuance of equity

or debt securities, continued financial support from our largest shareholder, the execution of potential strategic initiatives,

including amalgamation or similar transactions currently being pursued by management, and the continued implementation of our

business plan.

However, we may not be successful in securing such financing on a timely basis or on favorable terms, if at all.

January 31, 2026, Vincent DeVito was appointed to our board of directors.

Months Ended March 31, 2026 and 2025

and administrative expenses

and administrative expenses increased to $60,976 for the three months ended March 31, 2025, from $15,472 for the three months

and administrative expenses decreased to $39,646 for the three months ended March 31, 2026, from $60,976 for the three months

ended March 31, 2025.

The increase was primarily because of the expenses necessary to process our SEC filings.

The decrease was primarily because of the expenses incurred in the prior year’ quarter for processing

multiple SEC filings.

fees decreased to $46,707 for the three months ended March 31, 2026, from $56,904 for the three months ended March 31, 2025.

decrease was primarily because of the expenses incurred in the quarter ended March 31, 2024 for the transfer of Sovryn to the

Investors that resulted in a $9,159,907 reduction in principal on the senior secured notes on February 1, 2023.

expense and interest expense

amortization expense and interest expense decreased to $Nil for the three months ended March 31, 2025, from $130,226 for the three

months ended March 31, 2024.

Amortization expense is derived from discounts recognized when we issued debt and then amortized

the discount over the terms of the debt.

Most of our debt matured in 2023 and the discounts were fully amortized in 2023.

we amortized all the remaining debt discounts.

decrease was primarily because of the non-recurring expenses incurred in the quarter ended March 31, 2025 for services of an independent

firm to perform valuations of the Company’s debt and equity instruments to support accounting for the instruments in the

Company’s financial statements.

expense decreased to $574,102 for the three months ended March 31, 2026, from $591,597 for the three months ended March 31, 2025.

loss decreased to $660,455 for the three months ended March 31, 2026, from $709,477 for the three months ended March 31, 2025.

The decrease was primarily the result of decreases in amortized interest expense and professional fees that was partially offset

by an increase in general and administrative expenses.

The net loss per basic and diluted share was $0.0004 and $0.0005, respectively,

with basic and diluted weighted averages shares outstanding of 1,603,095,243 for the respective periods.

The decrease was primarily the result of decreases in general and administrative expense, professional fees and interest expense.

The net loss per basic and diluted share was $0.0004 and $0.0004, respectively, with basic and diluted weighted averages shares

outstanding of 1,678,095,243 and 1,603,095,243 for the respective periods.

and Capital Resources

11 unchanged sentences

with rolling out our business plan and repayment of notes payable that are not converted into our Common Stock or renegotiated.

Cash Used in Continuing Operating Activities

used $90,693 in cash from continuing operating activities for the three months ended March 31, 2025, compared to cash used of

$140,496 from continuing operating activities during the three months ended March 31, 2024.

Cash Used in Operating Activities

used $197,432 in cash from operating activities for the three months ended March 31, 2026, compared to cash used of $90,693 from

operating activities during the three months ended March 31, 2025.

The increase in net cash used in operating activities resulted

from increasing payments to vendors to reduce amounts the Company owed.

Cash Provided by Financing Activities

1 unchanged sentence

by financing activities during the three months ended March 31, 2025.

The increase in net cash provided by financing activities

resulted from borrowing funds from our primary shareholder to make payments to vendors that reduced amounts the Company owed.

cash was used in investing activities during the three months ended March 31, 2026 and 2025.

accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

The Company has

suffered recurring losses from operations and has a significant accumulated deficit.

In addition, the Company continues to experience

negative cash flow from operations.

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

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

plans in regards to this matter include raising additional equity financing and borrowing funds under a private credit facility

and/or other credit sources.

unaudited condensed consolidated financial statements have been prepared on a going concern basis and, accordingly, do not include

any adjustments relating to the recoverability and realization of assets or the classification of liabilities that might be necessary

should we be unable to continue in operation.

ability to continue as a going concern is dependent upon our ability to raise additional capital through the issuance of equity

or debt securities, continued financial support from our largest shareholder, the execution of potential strategic initiatives,

including amalgamation or similar transactions currently being pursued by management, and the continued implementation of our

business plan.

However, we may not be successful in securing such financing on a timely basis or on favorable terms, if at all.

expect to raise additional capital through, among other means, the issuance of equity or debt securities and the continued execution

of our business plan.

Sheet Arrangements

4 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