M2i Global, Inc. 10-K

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The information and financial data discussed below is derived from our financial statements for the fiscal years ended November 30, 2025, and 2024. The financial statements of the Company were prepared and presented in accordance with generally accepted accounting principles in the United States. The information and financial data discussed below is only a summary and was prepared to provide a historical and narrative discussion of our financial condition and results of operations through the eyes of management and should be read in conjunction with the historical financial statements and related notes of the Company contained elsewhere in this Form 10-K. The financial statements contained elsewhere in this Form 10-K fully represent the Company’s financial condition and operations; however, they are not indicative of the Company’s future performance. This discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in or implied by these forward-looking statements because of several factors, including those discussed in the section captioned “Risk Factors” included under Part I, Item 1A and elsewhere in this Form 10-K. 11 Results of Operations for the fiscal years ended November 30, 2025 and 2024: Revenue During the fiscal years ended November 30, 2025 and 2024 we generated no revenue. Operating expenses For the fiscal year ended November 30, 2025, operating expenses were $5,972,345, compared to $3,795,121 for the fiscal year ended November 30, 2025. Operating expenses consist primarily of general and administrative expenses and legal and professional fees incurred in connection with the operation of our business. The net increase of $2,177,224 in operating expenses was primarily a result of an increase in professional fees to implement the change in business as noted in Part I, Item 1 earlier in this document, an increase in marketing and investor relations expenses. Net Loss Our net loss for the fiscal years ended November 30, 2025 and 2024 was $6,492,569 and $3,887,261, respectively. The increase in net loss is because of the increase in operating expenses, discussed above, and an increase in interest expense and derivative liability. Liquidity and Capital Resources and Cash Requirements As of the fiscal year ended November 30, 2025, the Company had cash of $411,267 and $80,281 as of the fiscal year ended November 30, 2024, respectively. Furthermore, the Company had a working capital deficit of $7,047,969 and $2,532,472 as of the fiscal years ended November 30, 2025 and 2024, respectively. The increase in the working deficit is primarily because of the unissued stock liability and derivative liability. During the fiscal year ended November 30, 2025, the Company used cash of $4,237,086 in operating activities compared to cash of $2,098,661 in operating activities during the fiscal year ended November 30, 2024. The increase in cash used in operating activities was the result of an increase in net loss, offset by an increase in accounts payable and accounts payable-related party. During the fiscal years ended November 30, 2025 and 2024, the Company had no cash flows from investing activities. During the fiscal year ended November 30, 2025, the Company generated cash of $4,568,072 from financing activities which was from the sale of common stock issued totaling $764,582, proceeds for common stock to be issued totaling $5,000, proceeds from the unissued stock liability totaling $4,137,500 offset by the payment of a promissory note of $302,960 and related party loan of $36,050. During the fiscal year ended November 30, 2024, the Company generated cash of $2,130,745 from financing activities which came from a net decrease in the related-party loan of $563,950 and proceeds from sale of common stock of $2,396,735 offset by repurchase of common stock of $5,000 and a promissory note for $302,960. OFF BALANCE SHEET ARRANGEMENTS We have no off-balance sheet arrangements, including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or other benefits. Item 7A. Quantitative and Qualitative Disclosures about Market Risk Not required for smaller reporting companies. 12