M2i Global, Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS M2i GLOBAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS August 31, 2025 unaudited November 30, 2024 Assets Current assets Cash $ 243,929 $ 80,281 Prepaids and other current assets 166,937 5,139 Total current assets 410,867 85,420 TOTAL ASSETS $ 410,867 $ 85,420 Liabilities and Stockholders’ (Deficit) Current liabilities Accounts payable and accrued expenses $ 1,537,279 $ 1,058,726 Accounts payable and accrued expenses - related party 1,300,603 950,156 Accounts payable and accrued expenses 1,300,603 950,156 Loan payable - D&O insurance 17,579 - Convertible note, net of discount 270,000 270,000 Promissory note 302,960 302,960 Related party loan - 36,050 Total current liabilities 3,428,421 2,617,892 Total Liabilities 3,428,421 2,617,892 Stockholders’ (deficit) Preferred stock, authorized 100,000 shares, $ .001 par value, 100,000 and 100,000 shares issued and outstanding, respectively 100 100 Common stock, authorized 1,000,000,000 shares, $ .001 par value, 691,528,945 and 581,704,525 shares issued and outstanding at August 31, 2025 ended November 30, 2024, respectively 691,529 581,705 Treasury stock ( 435,000 ) ( 435,000 ) Additional paid in capital 6,956,393 3,321,905 Accumulated (deficit) ( 10,230,576 ) ( 6,001,182 ) Total stockholders’ (deficit) ( 3,017,554 ) ( 2,532,472 ) Total liabilities and stockholders’ (deficit) $ 410,867 $ 85,420 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements 3 M2i GLOBAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Three Months Ended Nine Months Ended August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Operating expenses General and administrative 404,872 188,079 1,026,142 797,483 Legal and professional 1,288,298 528,467 3,109,338 1,943,060 Total operating expenses 1,693,170 716,546 4,135,480 2,740,543 Loss from operations ( 1,693,170 ) ( 716,546 ) ( 4,135,480 ) ( 2,740,543 ) Other expense Interest expense 65,457 20,854 93,914 70,547 Total other expense 65,457 20,854 93,914 70,547 Net Loss $ ( 1,758,627 ) $ ( 737,400 ) $ ( 4,229,394 ) $ ( 2,811,090 ) Loss per share $ ( 0.00 ) $ ( 0.00 ) $ ( 0.01 ) $ ( 0.01 ) Weighted average shares outstanding – basic and dilutive 677,571,535 554,928,619 629,277,181 531,040,358 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements 4 M2i GLOBAL, INC. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ (DEFICIT) For the Three and Nine Months Ended August 31, 2025 and August 31, 2024 (Unaudited) Total Preferred Shares Common Shares Treasury Additional Paid in Accumulated Stockholders’ Equity Shares Amount Shares Amount Stock Capital Deficit (Deficit) Balance at November 30, 2024 100,000 $ 100 581,704,525 $ 581,705 $ ( 435,000 ) $ 3,321,905 $ ( 6,001,182 ) $ ( 2,532,472 ) Shares issued for cash received - - 28,700,000 28,700 - 173,300 - 202,000 Shares issued for services - - 2,250,000 2,250 335,250 337,500 Cash received for shares to be issued - - - - - 27,605 - 27,605 Net loss - - - - - - ( 1,351,625 ) ( 1,351,625 ) Balance at February 28, 2025 100,000 $ 100 612,654,525 $ 612,655 $ ( 435,000 ) $ 3,858,060 $ ( 7,352,807 ) $ ( 3,316,992 ) Shares issued for cash - - 11,531,177 11,531 - 113,725 - 125,256 Shares issued for services - - 37,400,000 37,400 - 164,600 - 202,000 Cash received for shares to be issued - - - - - 350,000 - 350,000 Net loss - - - - - - ( 1,119,142 ) ( 1,119,142 ) Balance at May 31, 2025 100,000 $ 100 661,585,702 $ 661,586 $ ( 435,000 ) $ 4,486,385 $ ( 8,471,949 ) $ ( 3,758,878 ) Shares issued for cash - - 3,058,243 3,058 - 235,226 - 238,284 Shares issued for services - - 26,885,000 26,885 - 646,282 - 673,167 Cash received for shares to be issued - - - - - 1,588,500 - 1,588,500 Net loss - - - - - - ( 1,758,627 ) ( 1,758,627 ) Balance at August 31, 2025 100,000 $ 100 691,528,945 $ 691,529 $ ( 435,000 ) $ 6,956,393 $ ( 10,230,576 ) $ ( 3,017,554 ) Balance at November 30, 2023 100,000 $ 100 514,333,691 $ 514,334 $ ( 435,000 ) $ 995,541 $ ( 2,113,921 ) $ ( 1,038,946 ) Shares purchased from shareholder - - ( 50,000,000 ) ( 50,000 ) - 45,000 - ( 5,000 ) - Cash received for shares to be issued - - - - - 551,450 551,450 Net loss - - - - - - ( 699,100 ) ( 699,100 ) Balance at February 29, 2024 100,000 $ 100 464,333,691 $ 464,334 $ ( 435,000 ) $ 1,591,991 $ ( 2,813,021 ) $ ( 1,191,596 ) Shares issued for cash - - 37,900,000 37,900 - 133,585 - 171,485 Shares to be purchased from shareholders - - - - - ( 1,150 ) - ( 1,150 ) Cash received for shares to be issued - - - - - 50,020 - 50,020 Net loss - - - - - - ( 1,374,590 ) ( 1,374,590 ) Balance at May 31, 2024 100,000 $ 100 502,233,691 $ 502,234 $ ( 435,000 ) $ 1,774,446 $ ( 4,187,611 ) $ ( 2,345,831 ) Balance 100,000 $ 100 502,233,691 $ 502,234 $ ( 435,000 ) $ 1,774,446 $ ( 4,187,611 ) $ ( 2,345,831 ) Shares issued for cash - - 7,200,000 7,200 - 8,080 - 15,280 Shares issued for contracts - - 20,000,000 20,000 - ( 18,000 ) - 2,000 Shares cancelled - - ( 11,766,666 ) ( 11,767 ) - 11,767 - - Cash received for shares to be issued - - - - - 986,900 - 986,900 Net loss - - - - - - ( 737,400 ) ( 737,400 ) Balance at August 31, 2024 100,000 $ 100 517,667,025 $ 517,667 $ ( 435,000 ) $ 2,763,193 $ ( 4,925,011 ) $ ( 2,079,051 ) Balance 100,000 $ 100 517,667,025 $ 517,667 $ ( 435,000 ) $ 2,763,193 $ ( 4,925,011 ) $ ( 2,079,051 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements 5 M2i GLOBAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) August 31, 2025 August 31, 2024 Nine Months Ended August 31, 2025 August 31, 2024 Cash flows from operating activities Net loss $ ( 4,229,394 ) $ ( 2,811,090 ) Adjustments to reconcile net loss to net cash used in operating activities: Amortization of note discount - 15,000 Shares issued for services 1,173,018 - Changes in operating assets and liabilities Prepaid expenses and other current assets ( 161,798 ) ( 17,292 ) Accounts payable and accrued expenses 478,550 1,412,913 Accounts payable and accrued expenses-related party 350,447 - Net cash used in operating activities ( 2,389,177 ) ( 1,400,469 ) Cash flows from financing activities Cash received for shares issued 632,795 739,140 Cash received for shares to be issued 1,938,500 1,034,845 Payment for cancelled shares - ( 5,000 ) Loan payable - D&O insurance 17,579 - Proceeds from related party loan 127,500 Repayment of related party loan ( 36,050 ) ( 516,000 ) Net cash provided by financing activities 2,552,824 1,380,485 Net increase (decrease) in cash $ 163,648 $ ( 19,984 ) Cash, beginning of period 80,281 48,197 Cash, end of period $ 243,929 $ 28,213 Cash paid for interest $ - $ - Supplemental disclosure of non-cash financing activities Original issue discount on convertible note $ - $ 25,000 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements 6 M2i GLOBAL, INC NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1 — Description of Organization and Business Operations The Company was incorporated in the State of Nevada on June 12, 2018. On June 7, 2023, the Company (“M2i Global, Inc.”) (formerly known as “Inky Inc.”) filed with the Secretary of State of Nevada an Amendment to the Certificate of Incorporation to change its corporate name from “Inky, Inc.”, to “M2i Global, Inc.”, effective June 7, 2023. The Company was formerly engaged in developing mobile software applications for smartphones and tablet devices. During May 2023, the Company became the sole shareholder of U.S. Minerals and Metals Corp., a Nevada corporation (“USMM”) through the issuance of preferred and common shares for cash. Concurrently, the Company shifted its operations to specialization in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners. The Company’s vision is to develop and execute a complete global value supply chain for critical minerals for the United States government and certain trading partners of the United States. To implement this vision, the Company intends to operate three key business divisions as set forth below: ● M2i Mining, Processing & Refining: a business engaged in sourcing, extraction, processing, refining, transporting and selling primary minerals and metals; ● M2i Scrap & Recycling: a business engaged in the collection, processing, transporting and selling of scrap, recycled and reused metals; and ● M2i Government and Defense Industrial Base: a business engaged in aligning with U.S. policy to facilitate participation in U.S. government programs such as the creation and management of a Strategic Minerals Reserve as an enhancement of the U.S. government’s National Defense Stockpile. On June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into a strategic partnership (the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company with access to various critical minerals, with an ultimate goal of suppling the U.S. government and U.S. free trade partners with these critical minerals. Komodo Capital also offers comprehensive advisory services. The Company issued 8,000,000 shares of common stock valued at $ 800 as part of this agreement. On June 30, 2024, the Company and NTM Minerals Limited (“NTM”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into an exclusive offtake agreement (the “Offtake Agreement”), in which NTM will provide for 88,000 tonnes of copper, currently valued at approximately $ 850 million. The Company is granted offtake rights for a maximum of 88,000 tonnes of copper that is sourced from the Redbank tenements in return for 12 million shares of the Company’s common stock. NTM shall receive additional payments for incremental resource increases or upgrades from the Redbank tenements. M2i retains the option to participate in production pre-funding opportunities. On July 28, 2025, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) among the Company, Volato Group, Inc., a Delaware corporation (“Volato”), and Volato Merger Subsidiary, Inc., a Nevada corporation and wholly-owned subsidiary of Volato (“Merger Sub”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions therein, at the effective time of the merger, Merger Sub will be merged with and into the Company with the Company surviving as a wholly owned subsidiary of Volato. The Merger Agreement contains customary representations, warranties and covenants of the parties, and is subject to approval by the Company’s stockholders, approval by the holders of Volato’s Class A common stock, $ 0.0001 par value per share receipt of certain regulatory approvals and other customary closing conditions. The Company’s board of directors unanimously approved the Merger Agreement and determined that the Merger is advisable and in the best interests of the Company and its stockholders. 7 Note 2 – Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had no revenues and incurred losses during the nine months ended August 31, 2025 and 2024 totaling $ 4,229,394 and $ 2,811,090 , respectively. In addition, the accumulated deficit amounted to $ 10,230,576 and 6,001,182 as of August 31, 2025 and November 30, 2024, respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company may be dependent, for the near future, on additional investment capital to fund operating expenses. It is anticipated that revenues will be forthcoming within the first or second quarters of the next fiscal year. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the interim reporting rules of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted from these statements pursuant to such rules and regulation and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K on February 27, 2025. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, including its wholly owned subsidiary, USM&M. Intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company operates as a single segment. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments and other short-term investments with a maturity of three months or less, when purchased, to be cash equivalents. The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $ 250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest-bearing accounts. Impairment Assessment The Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets is reduced to fair value. 8 Income Taxes In accordance with FASB ASC Topic 740, “Income Taxes,” the Company provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. In addition, the Company’s management performs an evaluation of all uncertain income tax positions taken or expected to be taken in the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely than not” standard of being sustained under examination by the applicable taxing authorities. This evaluation is required to be performed for all open tax years, as defined by the various statutes of limitations, for federal and state purposes. If the Company has interest or penalties associated with insufficient taxes paid, such expenses are reported in income tax expense. Debt Issuance Costs The Company accounts for debt issuance costs in accordance with ASU 2015-03. This guidance requires direct and incremental costs associated with the issuance of debt instruments such as legal fees, printing costs and underwriters’ fees, among others, paid to parties other than creditors, are reported and presented as a reduction of debt on the consolidated balance sheets. Debt issuance costs and premiums or discounts are amortized over the term of the respective financing arrangement using the effective interest method. Amortization of these amounts is included as a component of interest expense net, in the consolidated statements of operations. Convertible Debt In accordance with ASC 470 the Company records its convertible notes at the aggregate principal amount, less discount. We will be amortizing the debt discount over the life of the convertible notes as additional non-cash expense utilizing the effective interest rate. Basic and Diluted Loss Per Share Basic earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company had no dilutive securities outstanding at August 31, 2025. Deferred Stock-Based Compensation Deferred stock-based compensation shall be deemed to be those transactions carried out by the Company which involve shares of the Company issued for future services. 9 Treasury Stock Treasury stock transactions shall be deemed to be those transactions carried out by the Company which involve shares of the Company that grant the right to acquire shares of the Company. Related Party The Company records all related party transactions in accordance with ASC 850-10. Recently Issued Accounting Standards During the nine months ended August 31, 2025, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial statements. Revenue Recognition The Company is currently pre-revenue. The Company will recognize revenues in accordance with ASC 606. Subsequent Events The Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment consideration. Note 4 — Commitments and Contingencies From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that the Company believes could have a material adverse effect on its financial condition or results of operations. Note 5 — Equity Transactions During the nine months ended August 31, 2025, the Company received $ 1,937,500 cash for the issuance of shares of Series B Convertible Preferred Shares. The terms of the issuance have not yet been determined and shares have not yet been issued. Upon issuance these Series B shares will be automatically converted into common shares. There was no change to the number of issued and outstanding Series A Preferred Shares. During the nine months ended August 31, 2025, the Company issued 43,289,420 shares of common stock for cash received of $ 565,540 . During the nine months ended August 31, 2025, the Company issued 66,535,000 shares of common stock for services rendered valued at $ 1,212,667 . During the nine months ended August 31, 2025, the Company issued 10,000,000 shares of common stock for future services valued at $ 1,000,000 . These shares were recorded as Deferred Stock-based compensation and the value of the shares is being amortized over three years. The value of the Deferred Stock-based compensation is an offset to Additional Paid in Capital. As of the nine months ended August 31, 2025, the Company had issued shares valued at $22,056 for which funds had not yet been received. This subscription receivable is an offset to Additional Paid in Capital. Note 6 – Accounts Payable and Accrued Expenses During the nine months ended August 31, 2025, the Company’s accounts payables and accrued expenses increased to $ 1,537,279 from $ 1,058,726 at the year ended November 30, 2024 for an increase of $ 478,553 . The increase was due to the accrual of professional fees, accrued directors fees, and accounts payables as the Company continues to shift its operations a noted in Note 1 above. 10 Note 7 — Related Party Transactions During the nine months ended August 31, 2025, the Company repaid $ 36,050 of the loan from the Company’s Executive Chairman. This loan is recorded as a related party loan on the balance sheet. At the periods ending August 31, 2025 and November 30, 2024, the balance due to the Executive Chairman was $ 0 and $ 36,050 , respectively. This loan has a 7 % interest rate. During the nine months ended August 31, 2025, the Company recorded $ 88 interest expense. At August 31, 2025, accrued interest payable due to the loan from the Executive Chairman totaled $ 21,278 . Under the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $ 43,667 per month, consisting of $ 41,667 in consulting fees and a $ 2,000 monthly allowance. During the nine months ended August 31, 2025, the Company incurred $ 393,000 in expenses related to the consulting agreement. During the nine months ended August 31, 2025, the Company paid $ 288,667 in consultant fees to the Executive Chairman and CFO. As of the nine months ended August 31, 2025, $ 497,333 remained unpaid under the agreement. During the three months ended August 31, 2025, the Board of Directors approved the accruing of interest payable on the unpaid consultant fees retroactive to August 1, 2024. The total interest expense accrued following the Board approval was $ 37,906 . Under the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate him $ 43,667 per month, consisting of $ 41,667 in consulting fees and a $ 2,000 monthly allowance. During the nine months ended August 31, 2025, the Company incurred $ 393,000 in expenses related to the consulting agreement. During the nine months ended August 31, 2025, the Company paid $ 90,667 consulting expense to the President and Chief Executive Officer. As of the nine months ended August 31, 2025, $ 381,167 remained unpaid under the agreement. During the three months ended August 31, 2025, the Board of Directors approved the accruing of interest payable on the unpaid consultant fees retroactive to August 1, 2024. The total interest expense accrued following the Board approval was $ 13,237 . The Company reimburses related party business expenses. During the nine months ended August 31, 2025, the Company incurred $ 5,830 related party business expenses and paid $ 106,194 which included all expenses owed to the Executive Chairman. At the nine months ended August 31, 2025, the balance due to the Executive Chairman and CFO is $ 0 . During the nine months ended August 31, 2025, the Company incurred $ 4,342 related party business expenses and paid $ 4,342 which included all expenses owed to the President and Chief Executive Officer. At the nine months ended August 31, 2025, the balance due to the President and Chief Executive Officer is $ 0 . Note 8 – Note Payable During the nine months ended August 31, 2025, the Company entered into a financing agreement for payment of D&O insurance. The total note is $ 102,953 for 10 months. During the nine months ended August 31, 2025, the Company paid the downpayment of $ 15,058 and eight monthly payments of $ 8,790 each. The note has an interest rate of 10.24 %. At August 31, 2025, the remaining balance on the loan is $ 17,579 . During the fiscal year ended November 30, 2024, the Company entered into a Promissory Note with the former President and CEO who resigned on August 23, 2024 in the amount of $ 302,960 for payment of accumulated unpaid consultant fees. The note, which bears interest at 8 %, is due and payable by October 30, 2025 . During the nine months ended August 31, 2025, the Company recorded $ 20,467 interest expense. Note 9 — Convertible Notes Payable In November 2023, the Company executed a series of 10 % Convertible Notes payable to an institutional investor in the aggregate principal amount of $ 1,080,000 . The maturity date is November 30, 2024 . Each of the four notes being in the amount of $ 270,000 and containing an original issue discount of $ 20,000 and legal fees of $ 10,000 . On November 28, 2023, the Company received the first tranche amounting to $ 270,000 less $ 20,000 OID and $ 10,000 legal fees with a net receipt of $ 240,000 . At the periods ended August 31, 2025 and November 30, 2024, the net balance of the Convertible Note payable was $ 270,000 and $ 270,000 , respectively. During the nine months ended August 31, 2025, the Company recorded $ 20,250 interest expense and $ 0 OID amortization. Note 10 – Subsequent Events The Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment consideration. Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company issued 5,700,000 shares of common stock for the value of $ 5,700 for advisory services. Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company received cash of $ 725,000 for the issuance of Series B Preferred Shares. The details of issuance of these shares have not yet been determined and the shares have not yet been issued. Upon issuance these Series B shares will be automatically converted into common shares. Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company issued 335,002 shares of common stock for the value of $ 58,800 as part of the Reg A offering. Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company received cash of $ 7,750 for the issuance of shares of common stock. The Company issued 9,650,000 shares of common stock for this cash received, for $ 1,000 of cash received in August and cash to be received of $ 900 for a total value of $ 9,650 . 11