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Item 8. Financial Statements and Supplementary Data

2026-04-01 compared with 2025-03-20 · 80 added, 39 removed, 160 unchanged (43% of the section changed)

3 unchanged sentences

INDEX TO FINANCIAL STATEMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 688 )

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ( CBIZ CPAs P.C.

- PCAOB ID 199 )

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ( Marcum LLP - PCAOB ID 688 )

BALANCE SHEETS

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

To the Stockholders and Board of Directors of

theglobe.com, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of theglobe.com, Inc (the “Company”) as of December 31, 2024 and 2023, the related statements of operations, stockholders’ equity (deficit) and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying balance sheet of theglobe.com, Inc.

(the “Company”) as of December 31, 2025, the related statements of operations, stockholders’ deficit and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

As more fully described in Note 2, the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations.

As more fully described in Note 2, the Company has a significant working capital deficiency and has limited access to the capital resources it needs to maintain its existence.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Management’s plans in regard to these matters are also described in Note 2.

Management’s plans regarding these matters are also described in Note 2.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

1 unchanged sentence

These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on these financial statements based on our audits.

Our responsibility is to express an opinion on the Company’s financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

3 unchanged sentences

We determined that there are no critical audit matters.

/s/ CBIZ CPAs P.C.

CBIZ CPAs P.C.

We have served as the Company’s auditor since 2001 (such date takes into account the acquisition of the attest business of Marcum llp by CBIZ CPAs P.C.

effective November 1, 2024).

Fort Lauderdale, Florida

March 31, 2026

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors of

theglobe.com, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheet of theglobe.com, Inc.

(the “Company”) as of December 31, 2024, the related statements of operations, stockholders’ equity deficit and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Management’s plans in regard to these matters are also described in Note 2.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on these financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

/s/ Marcum LLP

We have served as the Company’s auditor since 2001.

We have served as the Company’s auditor since 2001 through April 17, 2025.

Fort Lauderdale, Florida

60 unchanged sentences

Cash Flows from Operating Activities:

Adjustments to reconcile net loss from operations to net cash flows used in operating activities:

Adjustments to reconcile net loss from operations to net cash used in operating activities:

Changes in operating assets and liabilities:

4 unchanged sentences

Cash Flows from Financing Activities:

Borrowings on notes payable

Proceeds from related party loans

Net cash flows provided by financing activities

Net change in cash

Cash at beginning of period

Cash at end of period

Cash at beginning of the year

Cash at end of the year

See notes to financial statements.

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As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a “shell company,” as that term is defined in Rule 12b-2 of the Exchange Act, with no material operations or assets.

On December 20, 2017, Delfin Midstream LLC (“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total of 312,825,952 shares of our common stock, par value $ 0.001 per share (“Common Stock”), representing approximately 70.9 % of our Common Stock.

On December 20, 2017, Delfin Midstream Inc.

(“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total of 312,825,952 shares of our common stock, par value $ 0.001 per share (“Common Stock”), representing approximately 70.9 % of our Common Stock.

As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs.

As of December 31, 2024, as reflected in our accompanying Balance Sheet, our current liabilities exceed our total assets.

We prefer to avoid filing for protection under the U.S.

Bankruptcy Code.

However, unless we are successful in raising additional funds through the offering of debt or equity securities, we may not be able to continue to operate as a going concern for any significant length of time in the future.

Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act.

USE OF ESTIMATES

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction.

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements.

The adoption did not have a significant impact on the financial statements.

(2) LIQUIDITY AND GOING CONCERN CONSIDERATIONS

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company currently has no sources of operating cash flow and its only source of working capital consists of loans made by Delfin, its principal stockholder.

Management has no expectation that this circumstance will change in the foreseeable future due to the absence of any business plan.

Cash flows used in operating activities consist solely of professional fees and administrative expenses incurred in the normal course of maintaining the Company’s legal existence as an inactive public entity.

Delfin loaned the Company an additional $ 36,000 pursuant to an amendment to the exiting note agreement on January 10, 2026.

Although the Company anticipates that Delfin will provide the Company with the ongoing funding it needs to maintain its legal existence, Delfin has not committed to do so and further funding, if any, will be made at the sole discretion of Delfin.

However, for the reasons described below, Company management does not believe that cash on hand and cash flow generated internally by the Company will be adequate to fund its limited overhead and other cash requirements over the next twelve months.

These reasons raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

Delfin, the Company’s majority stockholder, has continued to fund the Company through loans to the Company (see Note 3).

At December 31, 2024, the Company had a net working capital deficit of approximately $ 1,483,000 .

This deficit included accrued expenses of approximately $ 26,000 , accounts payable of approximately $ 2,000 and approximately $ 1,479,000 in principal and accrued interest owed under the Promissory Note with Delfin.

MANAGEMENT PLANS

Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company.

In March 2018, the Company executed a promissory note with Delfin for $ 50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years and in November 2024 to $ 1,113,000 , which was our balance at December 31, 2024.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

In March 2018, the Company executed a promissory note with Delfin for $ 50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years to $ 1,220,000 , which was our balance at December 31, 2025.

The Promissory Note is used to pay certain accrued expenses, accounts payable and to allow the Company to have working capital.

6 unchanged sentences

Year Ended December 31,

The following is a reconciliation of the federal income tax provision at the federal statutory rate to the Company’s tax provision attributable to operations:

A reconciliation of the income tax benefit to the amount computed by applying the 21 % statutory U.S.

federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:

Year Ended December 31,

Statutory federal income tax rate

State income taxes, net of federal benefit (a)

Change in valuation allowance

Effective tax rate

State taxes in Florida made up the majority (greater than 50 percent) of the tax effect in this category

The following is a reconciliation of the federal income tax provision at the federal statutory rate to the Company’s tax provision attributable to operations prior to the adoption of ASU 2023-09:

Year Ended December 31,

Statutory federal income tax rate

State income taxes, net of federal benefit

5 unchanged sentences

Net operating loss carryforwards

Issuance of warrants

Accrued expenses

Depreciation and amortization

Total gross deferred tax assets

valuation allowance

( 1,324,000 )

Total net deferred tax assets

Because of the Company’s lack of earnings history, the net deferred tax assets have been fully offset by a 100 % valuation allowance.

Because of the Company’s lack of earnings history, the net deferred tax assets, which consists solely of net operating losses, have been fully offset by a 100 % valuation allowance.

The valuation allowance for net deferred tax assets was $ 427,000 and $ 369,000 as of December 31, 2025 and 2024, respectively.

6 unchanged sentences

Subsequent events have been evaluated through the date these financial statements have been issued.

The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its financial statements.

The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date other than the additional funding received from Delfin of $ 36,000 on January 10, 2026.

The Twenty - Fourth Amended and Restated promissory note are attached as an exhibit.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

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-K

Item 8. Financial Statements and Supplementary Data