What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-13 compared with 2026-02-17 · 30 added, 46 removed, 103 unchanged (42% of the section changed)

82 unchanged sentences

of Operations

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 $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 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 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.

The relative increase

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

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.

Ended June 30, 2026, Compared with Three-Months Ended June 30, 2025

to the Company not holding NIBs, no interest income was recorded for the three months ended June 30, 2026, or 2025.

& Administrative Expenses

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.

and administrative expenses totaled $111,831, and $130,764 during the three months ended June 30, 2026, and 2025, respectively.

A significant

portion of these expenses were professional fees and payroll costs.

Income and Expenses

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

the three months ended June 30, 2026, and 2025, interest expense accrued in the amount of $101,313 and $88,719, respectively.

the three months ended June 30, 2026, and 2025, the Company recorded net loss before income taxes of $213,145, and $607,994, respectively,

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

The relative increase

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

The relative decrease

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

and Capital Resources

1 unchanged sentence

payable from related parties and the issuance of convertible debentures.

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

As of June 30, 2026, we had $16,933 of cash, compared to $32,035

as of March 31, 2026.

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.

As of June 30, 2026, the Company had access to draw an additional $55,000 on notes payable;

$4,177,253 on the

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

Our monthly expenses are anticipated to be approximately

$37,000, 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 June 30,2026, totaled $452,818, and other accrued

liabilities totaled $2,580,138.

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 August 2027.

June 30, 2026, we owed $6,156,644, including accrued interest, for debt obligations.

We owed $3,378,747.23 and 1,971,924.14 in

1 unchanged sentence

$260,972 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

As of June 30, 2026, a line-of-credit to a

related party had a balance of $1,198,197.23 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.

1 unchanged sentence

principal balance of $1,354,550 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.

As of June 30, 2026, 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 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.

agreement, which has no principal balance due as of June 30, 2026, is open through August 31, 2027.

As of August 13, 2026, there was

$55,000 available under promissory notes, $4,177,253 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

5 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