What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-02-17 compared with 2025-11-13 · 43 added, 43 removed, 106 unchanged (45% of the section changed)

82 unchanged sentences

of Operations

Ended September 30, 2025, Compared with Three-Months Ended September 30, 2024

to the Company not holding NIBs, no interest income was recorded for the three months ended September 30, 2025, or 2024.

Ended December 31, 2025, Compared with Three-Months Ended December 31, 2024

to the Company not holding NIBs, no interest income was recorded for the three months ended December 31, 2025, or 2024.

& Administrative Expenses

and administrative expenses totaled $99,789, and $166,837 during the three months ended September 30, 2025, and 2024, respectively.

and administrative expenses totaled $110,504, and $143,513 during the three months ended December 31, 2025, and 2024, respectively.

significant portion of these expenses were professional fees and payroll costs.

Income and Expenses

the three months ended September 30, 2025, and 2024, interest expense accrued in the amount of $90,831 and $86,566, respectively.

the three months ended September 30, 2025, and 2024, other expenses related to pursuing potential financing alternatives were $0, and

$15,000, respectively.

the three months ended December 31, 2025, and 2024, interest expense accrued in the amount of $95,204 and $87,480, respectively.

the three months ended December 31, 2025, and 2024, other expenses related to pursuing potential financing alternatives were $15,000,

and $30,000, respectively.

These expenses are related to additional consultant fees in pursuit of bonds.

the three months ended September 30, 2025, and 2024, the Company recorded net loss before income taxes of $190,620, and $268,403, respectively,

the three months ended December 31, 2025, and 2024, the Company recorded net loss before income taxes of $220,708, and $260,993, respectively,

and had no income tax expense or benefit as a result of a full valuation allowance on the net deferred tax asset.

1 unchanged sentence

in net loss before income taxes is due to the loss on extinguishment of debt.

Ended September 30, 2025, Compared with Six-Months Ended September 30, 2024

to the Company not holding NIBs, no interest income was recorded for the six months ended September 30, 2025, or 2024.

Ended December 31, 2025, Compared with Nine-Months Ended December 31, 2024

to the Company not holding NIBs, no interest income was recorded for the nine months ended December 31, 2025, or 2024.

& Administrative Expenses

and administrative expenses totaled $230,553, and $359,944 during the six months ended September 30, 2025, and 2024, respectively.

and administrative expenses totaled $341,057, and $503,457 during the nine months ended December 31, 2025, and 2024, respectively.

significant portion of these expenses were professional fees and payroll costs.

Income and Expenses

the six months ended September 30, 2025, we recognized $388,511, as a loss on extinguishment of debt in conjunction with related party

the six months ended September 30, 2025, and 2024, interest expense accrued in the amount of $179,550 and $174,888, respectively.

the six months ended September 30, 2025, and 2024, other expenses related to pursuing potential financing alternatives were $0, and $170,000,

respectively.

the nine months ended December 31, 2025, we recognized $388,511, as a loss on extinguishment of debt in conjunction with related party

the nine months ended December 31, 2025, and 2024, interest expense accrued in the amount of $274,754 and $262,368, respectively.

the nine months ended December 31, 2025, and 2024, other expenses related to pursuing potential financing alternatives were $15,000,

and $200,000, respectively.

These expenses are related to additional consultant fees in pursuit of bonds.

the six months ended September 30, 2025, and 2024, the Company recorded net loss before income taxes of $798,614, and $704,832, respectively,

the nine months ended December 31, 2025, and 2024, the Company recorded net loss before income taxes of $1,019,322, and $965,825, respectively,

and had no income tax expense or benefit as a result of a full valuation allowance on the net deferred tax asset.

4 unchanged sentences

payable from related parties and the issuance of convertible debentures.

As of September 30, 2025, we had $484 of cash, compared to $168,648

As of December 31, 2025, we had $40,287 of cash, compared to

$168,648 as of March 31, 2025.

As of September 30, 2025, the Company had access to draw an additional $275,000 on notes payable;

$4,265,942 on

the notes payable, related party and $3,000,000 on the Convertible Debenture Agreement.

Our monthly expenses are anticipated to be approximately

$40,000, which includes salaries of our employee, policy servicing expenses, consulting agreements and contract labor, general and administrative

expenses, estimated legal and accounting expenses.

Outstanding Accounts Payable as of September 30, 2025, totaled $458,352, and other

accrued liabilities totaled $2,257,850.

We believe that our availability under our existing lines of credit with related parties, our

existing capital resources, together with the issuance of additional notes payable and convertible debentures will be sufficient to fund

our operating working capital requirements for at least the next 12 months, or through November 2026.

September 30, 2025, we owed $5,559,182, including accrued interest, for debt obligations.

We owed $3,290,058 in principal pursuant to

notes payable and lines-of-credits from related parties, $325,000 in other notes payable, and had fully paid off the principal owing

on the 8% Convertible Debenture.

As of September 30, 2025, a line-of-credit to a third party had a balance of $1,159,508 due on November

30, 2026, or when the Company completes a successful equity raise, at which time principal and interest is due in full.

A line-of-credit

to a second third party had a principal balance of $1,304,550 and is currently extended due on November 30, 2026.

As of September 30,

2025, unsecured promissory notes had principal balances totaling $826,000 and are due on November 30, 2025.

As of December 31, 2025, the Company had access to draw an additional $115,000 on notes payable;

on the notes payable, related party and $3,000,000 on the Convertible Debenture Agreement.

Our monthly expenses are anticipated to be

approximately $40,000, which includes salaries of our employee, policy servicing expenses, consulting agreements and contract labor,

general and administrative expenses, estimated legal and accounting expenses.

Outstanding Accounts Payable as of December 31, 2025, totaled

$445,537, and other accrued liabilities totaled $2,357,652.

We believe that our availability under our existing lines of credit with

related parties, our existing capital resources, together with the issuance of additional notes payable and convertible debentures will

be sufficient to fund our operating working capital requirements for at least the next 12 months, or through February 2027.

December 31, 2025, we owed $5,822,344, including accrued interest, for debt obligations.

We owed $3,298,747 and 1,798,182 in

principal and accrued interest, respectively, pursuant to notes payable and lines-of-credits from related parties, $485,000 and

$240,415 in notes payable to unrelated parties in principal and interest, respectively.

As of December 31, 2025, a line-of-credit to

a related party had a balance of $1,168,197 and is currently extended to be due on May 31, 2027, or when the Company completes a

successful equity raise, at which time principal and interest is due in full.

A line-of-credit to a second related party had a

principal balance of $1,304,550 and is currently extended to be due on May 31, 2028.

As of December 31, 2025, unsecured promissory

notes had principal balances totaling $826,000 and are currently extended to be due on April 30, 2027.

The convertible debenture

agreement, which has no principal balance due as of September 30, 2025, is open through August 31, 2026.

As of November 13, 2025, there

was $155,000 available under promissory notes, $4,265,942 available under the lines-of-credit we currently have with related parties,

and $3,000,000 available under the 8% convertible debenture agreement.

agreement, which has no principal balance due as of December 31, 2025, is open through August 31, 2026.

As of February 17, 2026,

there was $115,000 available under promissory notes, $4,257,253 available under the lines-of-credit we currently have with related

parties, and $3,000,000 available under the 8% convertible debenture agreement.

Accounting Policies and Estimates

Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended

March 31, 2025, which was filed with the SEC on June 30, 2025.

Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year

ended March 31, 2025, which was filed with the SEC on June 30, 2025.

Sheet Arrangements

2 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