What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-04-14 compared with 2024-10-22 · 110 added, 113 removed, 8 unchanged (97% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

following discussion and analysis of our results of operations and financial condition should be read in conjunction with our financial

statements and related notes appearing elsewhere in this report.

This discussion and analysis contain forward looking statements that

involve risks, uncertainties and assumptions.

The actual results may differ materially from those anticipated in these forward looking

statements as a result of certain factors, including but not limited to, those which are not within our control.

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.

Company was formerly engaged in developing mobile software applications for smartphones and table 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.

Management’s Discussion and Analysis

of Financial Condition and Results of Operations

The following discussion and analysis of our results

of operations and financial condition should be read in conjunction with our financial statements and related notes appearing elsewhere

in this report.

This discussion and analysis contain forward looking statements that involve risks, uncertainties and assumptions.

actual results may differ materially from those anticipated in these forward looking statements as a result of certain factors, including

but not limited to, those which are not within our control.

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 table devices.

During May 2023, the Company became the sole shareholder of U.S.

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:

Mining, Processing & Refining:

a business engaged in sourcing, extraction, processing, refining, transporting and selling primary

minerals and metals;

Scrap & Recycling:

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.

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;

Government and Defense Industrial Base:

M2i Government and Defense Industrial Base:

a business engaged in aligning with U.S.

policy to facilitate participation in U.S.

programs such as the creation and management of a Strategic Minerals Reserve as an enhancement of the U.S.

government’s National

Defense Stockpile.

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.

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.

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.

free trade partners with these critical minerals.

Capital also offers comprehensive advisory services.

The Company issued 8,000,000 shares of common stock as part of this agreement.

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.

Komodo Capital also offers comprehensive advisory services.

The Company issued

8,000,000 shares of common stock 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

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.

Issued Accounting Pronouncements

the period ended August 31, 2024, and through the filing of this report, there were several new accounting pronouncements issued by the

Financial Accounting Standards Board (“FASB”).

Each of these pronouncements, as applicable, has been or will be adopted by

Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact

on the Company’s financial statements.

other new accounting pronouncements issued but not yet effective or adopted have been deemed not to be relevant to us, hence are not

expected to have any impact once adopted.

of Significant Accounting Policies

have been no changes to the Summary of Significant Accounting Policies described in our Annual Report on Form 10-K filed with the Securities

and Exchange Commission on April 16, 2024.

and Capital Resources

August 31, 2024, the Company had a cash balance of $28,213, as compared to a cash balance of $48,197 at November 30, 2023.

incurred negative cash flow from operations of $1,400,469 for the period ended August 31, 2024, as compared to negative cash flow from

operations of $954,702 in the comparable prior year period.

The increase in negative cash flows from operations was primarily from an

increase in net loss.

Cash flows from financing activities during the period ended August 31, 2024, totalled $1,380,485, as compared to

cash flows from financing activities in the comparable prior year period of $999,501.

The increase in cash provided by financing activities

is primarily the result of $1,775,985 in proceeds from the sale of shares of common stock.

Going forward, the Company expects capital

expenditures to increase significantly as operations are expanded pursuant to its current growth plans.

The Company anticipates the requirement

to raise significant debt or equity capital in order to fund future operations.

of Operations

of the Three and Nine Months Ended August 31, 2024 and August 31, 2023

the comparable three months ended August 31, 2024 and August 31, 2023, the Company’s revenues totalled $0.

For the nine months ended

August 31, 2024 and August 31, 2023, the Company’s revenues totalled $0 and $3,400, respectively.

We anticipate the Company’s

revenues in upcoming quarters may increase significantly as management attempts to implement the Company’s new business model.

the three months ended August 31, 2024, our operating expenses decreased to $716,546 compared to $1,446,398 for the comparable period

The decrease of $729,852 was primarily reductions in travel and professional fees.

For the nine months ended August 31, 2024,

our operating expenses increased to $2,740,543 compared to $2,016,929 for the comparable period in 2023.

The increase of $723,614 was

primarily driven by travel and professional fees for consultants to implement the shift in strategic focus and preparations for increased

We anticipate future operating expenses to increase with the expansion of operations, resulting in increased expenses related

to compensation and professional fees.

Balance Sheet Arrangements

do not have any off-balance sheet arrangements.

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.

the option to participate in production pre-funding opportunities.

Recently Issued Accounting Pronouncements

Any new accounting pronouncements issued by the Financial

Accounting Standards Board (“FASB”) issued during the three months ended February 28, 2025 and through the filing of this

report have 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 financial statements.

All other new accounting pronouncements issued but

not yet effective or adopted have been deemed not to be relevant to us, hence are not expected to have any impact once adopted.

Summary of Significant Accounting Policies

There have been no changes to the Summary of Significant

Accounting Policies described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 16, 2024.

Liquidity and Capital Resources

At February 28, 2025, the Company had a cash balance

of $21,929, as compared to a cash balance of $80,281 at November 30, 2024.

The Company incurred negative cash flow from operations of

$322,225 for the period ended February 28, 2025, as compared to negative cash flow from operations of $590,921 in the comparable prior

The decrease in negative cash flows from operations was primarily from an increase in accounts payable and accrued expenses.

Cash flows from financing activities during the period ended February 28, 2025, totaled $263,873, as compared to cash flows from financing

activities in the comparable prior year period of $565,950.

The decrease in cash provided by financing activities is primarily the result

of a decrease of $321,844 in proceeds from the sale of shares of common stock.

Going forward, the Company expects capital expenditures

to increase significantly as operations are expanded pursuant to its current growth plans.

The Company anticipates the requirement to

raise significant debt or equity capital in order to fund future operations.

Results of Operations

Comparison of the Three Months Ended February 28,

2025 and February 29, 2024

For the comparable three months ended February 28,

2025 and February 29, 2024, the Company’s revenues totaled $0.

We anticipate the Company’s revenues in upcoming quarters

may increase significantly as management attempts to implement the Company’s new business model.

For the three months ended February 28, 2025, our

operating expenses increased to $1,337,835 compared to $675,185 for the comparable period in 2024.

The increase of $662,650 was primarily

due to an increase in professional fees.

We anticipate future operating expenses to increase with the expansion of operations, resulting

in increased expenses related to compensation and professional fees.

Off Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Cybersecurity

Management and Strategy

recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information

systems and protect the confidentiality, integrity, and availability of our data.

Material Risks & Integrated Overall Risk Management

have strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture

of cybersecurity risk management.

This integration ensures that cybersecurity considerations are an integral part of our decision-making

processes at every level.

Our management team continuously evaluates and addresses cybersecurity risks in alignment with our business

objectives and operational needs.

Third-party Risk

we are aware of the risks associated with third-party service providers, we have implemented stringent processes to oversee and manage

We conduct thorough security assessments of all third-party providers before engagement and maintain ongoing monitoring

to ensure compliance with our cybersecurity standards.

The monitoring includes annual assessments of the SOC reports of our providers

and implementing complementary controls.

This approach is designed to mitigate risks related to data breaches or other security incidents

originating from third parties.

from Cybersecurity Threats

have not encountered cybersecurity challenges that have materially impaired our operations or financial standing.

Qualitative and Quantitative Disclosures about Market Risk.

are a smaller reporting company and, therefore, we are not required to provide information required by this item.

Risk Management and Strategy

We recognize the critical importance of developing,

implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity,

and availability of our data.

Managing Material Risks & Integrated Overall Risk

We have strategically integrated cybersecurity risk

management into our broader risk management framework to promote a company-wide culture of cybersecurity risk management.

This integration

ensures that cybersecurity considerations are an integral part of our decision-making processes at every level.

Our management team continuously

evaluates and addresses cybersecurity risks in alignment with our business objectives and operational needs.

Oversee Third-party Risk

Because we are aware of the risks associated with

third-party service providers, we have implemented stringent processes to oversee and manage these risks.

We conduct thorough security

assessments of all third-party providers before engagement and maintain ongoing monitoring to ensure compliance with our cybersecurity

The monitoring includes annual assessments of the SOC reports of our providers and implementing complementary controls.

approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties.

Risks from Cybersecurity Threats

We have not encountered cybersecurity challenges that

have materially impaired our operations or financial standing.

Qualitative and Quantitative Disclosures

about Market Risk.

We are a smaller reporting company and, therefore,

we are not required to provide information required by this item.

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