Greenpro Capital Corp.

Previous wording

The information contained in this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on April 9, 2025 (the “Form 10-K”) and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis should also be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

Current wording

The information contained in this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on March 30, 2026 (the “Form 10-K”) and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis should also be read together with our financial statements and the notes on the financial statements included elsewhere in this Form 10-Q.

Previous wording

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in several places in this report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guaranteed of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this Quarterly Report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form 10-K in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this Quarterly Report on Form 10-Q. The following should also be read in conjunction with the unaudited Financial Statements and notes thereto that appear elsewhere in this report.

Current wording

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in several places in this report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this Quarterly Report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form 10-K in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this Quarterly Report on Form 10-Q. The following should also be read in conjunction with the unaudited Financial Statements and notes thereto that appear elsewhere in this report.

Previous wording

ISRA Consulting issued a Shariah pronouncement for the Green-X DAX platform (the “Pronouncement”) on June 22, 2023. The Pronouncement was valid for one (1) renewable year from the signing date. Following the expiration of the Pronouncement, ISRA Consulting conducted a Shariah review exercise in preparation for its renewal. The Shariah review followed a specific methodology and serves as the basis for the renewal decision. Pursuant to the Shariah review, the Green-X DAX platform’s operations and related documents complied with the principles of Shariah. The Pronouncement was renewed on September 20, 2024.

Current wording

ISRA Consulting issued a Shariah pronouncement for the Green-X DAX platform (the “Pronouncement”) on June 22, 2023. The Pronouncement was valid for one (1) renewable year from the signing date. Following the expiration of the Pronouncement, ISRA Consulting conducted a Shariah review exercise in preparation for its renewal. The Shariah review followed a specific methodology and serves as the basis for the renewal decision. Pursuant to the Shariah review, the Green-X DAX platform’s operations and related documents complied with the principles of Shariah. The Pronouncement was renewed on September 20, 2024, and is subject to further renewal from September 20, 2025, for one (1) year. As of the date of this report, the renewal process is still in progress.

Previous wording

During the three and nine months ended September 30, 2025, and 2024, we operated in three regions: Hong Kong, China and Malaysia. We derived revenues from the provision of business services, digital platform services and trading of digital assets, and leasing or trading of our commercial properties, respectively.

Current wording

During the three months ended March 31, 2026, and 2025, we operated in three regions: Hong Kong, China and Malaysia. We derived revenues from the provision of business services, digital platform services and trading of digital assets, and leasing or trading of our commercial properties, respectively.

Previous wording

Total revenue was $1,173,075 and $1,559,272 for the nine months ended September 30, 2025, and 2024, respectively. The decrease of $386,197 was primarily due to a decrease in service business revenue. We expect revenue from our service business to recover slightly as we are exploring new markets.

Current wording

Total revenue was $405,386 and $352,755 for the three months ended March 31, 2026, and 2025, respectively. The increase of $52,631 was primarily due to an increase in digital revenue. We expect revenue from our digital business to steadily grow as we are developing our digital platform and trading businesses.

Previous wording

Revenue from the provision of business services was $1,083,533 and $1,498,187 for the nine months ended September 30, 2025, and 2024, respectively. It was derived principally from the provision of business consulting and advisory services, as well as company secretarial, accounting, and financial analysis services. We experienced a decrease in service business revenue as fewer non-listing advisory services were rendered during the same period in 2025.

Current wording

Revenue from the provision of business services was $310,746 and $310,853 for the three months ended March 31, 2026, and 2025, respectively. It was derived principally from the provision of business consulting and advisory services, as well as company secretarial, accounting, and financial analysis services. Service business revenue maintained stable as compared to the same period in 2025.

Previous wording

Revenue from the digital platform and trading was $44,177 and $0 for the nine months ended September 30, 2025, and 2024, respectively. It was derived from the trading of digital assets of $43,425 and the sale of our digital assets, GX Token, of $752 during the nine months ended September 30, 2025.

Current wording

Revenue from the digital platform and trading was $78,459 and $26,256 for the three months ended March 31, 2026, and 2025, respectively. It was derived from trading of other digital assets of $78,459 and $26,256 for the three months ended March 31, 2026, and 2025, respectively. We experienced an increase in digital revenue as an increase in the trading volume during 2026.

Previous wording

Revenue from rentals was $15,805 and $17,934 for the three months ended September 30, 2025, and 2024, respectively. It was derived from the leasing properties in Malaysia and Hong Kong. We expect our rental income to be stable.

Current wording

Revenue from rentals was $16,181 and $15,646 for the three months ended March 31, 2026, and 2025, respectively. It was derived from the leasing properties in Malaysia and Hong Kong. We expect our rental income to be stable.

Previous wording

Total operating costs and expenses were $913,777 and $1,012,972 for the three months ended September 30, 2025, and 2024, respectively. They consist of cost-of-service revenue, cost of digital revenue, cost of rental revenue and general and administrative (“G&A”) expenses. The Company incurred G&A expenses of $784,610 and $868,333 for the three months ended September 30, 2025, and 2024, respectively.

Current wording

Total operating costs and expenses were $1,330,269 and $1,041,688 for the three months ended March 31, 2026, and 2025, respectively. They consist of cost-of-service revenue, cost of digital revenue, cost of rental revenue and general and administrative (“G&A”) expenses. The Company incurred $1,217,520 and $948,046 of G&A expenses for the three months ended March 31, 2026, and 2025, respectively.

Previous wording

Loss from operations for the nine months ended September 30, 2025, and 2024 was $1,811,143 and $1,548,606, respectively. An increase in the loss from operations was mainly due to a decrease in service business revenue of $414,654, offset by a decrease in G&A of $162,036 for the nine months ended September 30, 2025.

Current wording

Loss from operations for the three months ended March 31, 2026, and 2025 was $924,883 and $688,933, respectively. An increase in loss from operations was mainly due to an increase in G&A expenses of $269,474 for the three months ended March 31, 2026.

Previous wording

Cost of revenue on the provision of services was $125,135 and $138,404 for the three months ended September 30, 2025, and 2024, respectively. It primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees directly attributable to costs related to the services rendered.

Current wording

Cost of revenue from the provision of services was $108,775 and $89,853 for the three months ended March 31, 2026, and 2025, respectively. It primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees, directly attributable to costs related to the services rendered.

Previous wording

The increase in the cost-of-service business revenue was mainly due to an increase in other professional fees directly attributable to the provision of services for the nine months ended September 30, 2025.

Current wording

We experienced an increase in other professional fees directly attributable to the provision of services for the three months ended March 31, 2026.

Previous wording

Cost of revenue for the provision of digital platform services and trading of digital assets was $1 and $0 for the nine months ended September 30, 2025, and 2024, respectively. It primarily consists of the cost of technical advisory and IT support to blockchain-based services, directly attributable to the cost of digital platforms and digital assets.

Current wording

There was no cost incurred for the provision of digital platform services and trading of digital assets for the three months ended March 31, 2026, and 2025, respectively. It primarily consists of the cost of technical advisory and IT support to blockchain-based services directly attributable to the cost of a digital platform and digital assets.

Previous wording

Cost of rental revenue was $4,032 and $6,235 for the three months ended September 30, 2025, and 2024, respectively. It includes the costs associated with governmental charges, repairs and maintenance, property management fees and insurance, depreciation, and other related administrative costs. Utility expenses are borne and paid directly by individual tenants. A decrease in the cost of rental revenue was mainly due to 40% of our Hong Kong subsidiary’s real estate properties being distributed to its non-controlling interest in April 2024. As a result, fewer property units were available for leasing and lower costs were incurred.

Current wording

The cost of rental revenue was $3,974 and $3,789 for the three months ended March 31, 2026, and 2025, respectively. It includes the costs associated with governmental charges, repairs and maintenance, property management fees and insurance, depreciation, and other related administrative costs. Utility expenses are borne and paid directly by individual tenants.

Previous wording

Cost of real estate properties sold

Current wording

Cost of Real Estate Property Sold

Previous wording

General and administrative (“G&A”) expenses were $784,610 and $868,333 for the three months ended September 30, 2025, and 2024, respectively. For the three months ended September 30, 2025, G&A expenses primarily consisted of staff costs of $350,679, directors’ salaries and compensation of $166,650, advertising and marketing expenses of $30,330, consulting fees of $43,322, computer and IT expenses of $4,495, legal service fees of $19,832, other professional fees of $38,891 and operating lease costs of $28,348. For the three months ended September 30, 2024, G&A expenses primarily consisted of staff costs of $382,873, directors’ salaries and compensation of $167,032, advertising and marketing expenses of $75,133, consulting fees of $4,166, computer and IT expenses of $49,949, legal service fees of $33,760, other professional fees of $59,704 and operating lease costs of $28,598. The decreased G&A expense of $83,723 was mainly derived from the decrease in staff costs of $32,194, advertising and marketing expenses of $44,803, and computer and IT expenses of $45,454, offset by the increase in consulting fees of $39,156 during the same period in 2025. We expect our G&A expenses to slightly increase as we are developing our digital platform business through our Labuan subsidiary, Green-X Corp., and the digital banking businesses through Global Business Hub Limited, another Labuan subsidiary, which was acquired in 2024.

Current wording

G&A expenses were $1,217,520 and $948,046 for the three months ended March 31, 2026, and 2025, respectively. For the three months ended March 31, 2026, our G&A expenses primarily consisted of staff costs of $328,583, directors’ salaries and compensation of $166,416, customer compensation of $444,453 due to dissatisfaction with our regional support in PRC, advertising and marketing expenses of $26,317, consulting fees of $25,996, depreciation and amortization of $49,461, IT and computer expenses of $5,882, legal service fees of $54,201, other professional fees of $40,537, and operating lease costs of $27,496. For the three months ended March 31, 2025, our G&A expenses primarily consisted of staff costs of $396,158, directors’ salaries and compensation of $167,220, advertising and marketing expenses of $35,345, consulting fees of $17,214, depreciation and amortization of $60,018, IT and computer expenses of $52,248, legal service fees of $44,397, other professional fees of $51,113, and operating lease costs of $28,654. The increased G&A expense of $269,474 was mainly derived from the customer compensation of $444,453, offset by the decrease of staff costs of $67,575, depreciation and amortization of $10,557, IT and computer expenses of $46,366 and other professional fees of $10,576 during the same period in 2026. We expect our G&A expenses will slightly increase as we are developing our digital platform business through our Labuan subsidiary, Green-X Corp., and the digital banking businesses through another Labuan subsidiary, Global Business Hub Limited.

Previous wording

Net other income was $14,149 and $142,953 for the three months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025, net other income mainly consisted of related party other income of $2,674, interest income of $2,408 and fair value gain on digital assets of $1,426. For the three months ended September 30, 2024, net other income mainly consisted of related party other income of $9,699, gain on disposal of investment of $127,617 and interest income of $3,979.

Current wording

Net other income was $13,307 and $53,867 for the three months ended March 31, 2026, and 2025, respectively. For the three months ended March 31, 2026, the other net income mainly consisted of other gains of $13,248 and interest income of $1,541, offset by fair value loss on digital assets of $1,290. For the three months ended March 31, 2025, the other net income mainly consisted of gain on disposal of investment of $39,800, other gains of $18,034 and interest income of $2,884, offset by fair value loss on digital assets of $6,765.

Previous wording

Net loss was $513,226 and $330,320 for the three months ended September 30, 2025, and 2024, respectively. The increase in net loss was mainly due to a decrease in service business revenue for the three months ended September 30, 2025.

Current wording

Net loss was $911,576 and $635,576 for the three months ended March 31, 2026, and 2025, respectively. The increase in net loss was mainly due to an increase in G&A expenses in 2026.

Previous wording

There were no seasonal aspects that had a material effect on the financial condition or the results of operations of the Company.

Current wording

There were no seasonal aspects that had a material effect on the financial condition or results of operations of the Company.

Previous wording

Other than as disclosed elsewhere in this Quarterly Report, we are not aware of any trends, uncertainties, demands, commitments or events for the nine months ended September 30, 2025 that are reasonably likely to have a material adverse effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.

Current wording

Other than as disclosed elsewhere in this Quarterly Report, we are not aware of any trends, uncertainties, demands, commitments or events for the three months ended March 31, 2026 that are reasonably likely to have a material adverse effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.

Previous wording

As of September 30, 2025, one of our subsidiaries has an operating lease agreement for one office space in Hong Kong with a non-cancellable term of two years from March 15, 2023, to March 14, 2025, and a cancellable term of one year from March 15, 2025, to March 14, 2026.

Current wording

As of March 31, 2026, one of our subsidiaries, has an operating lease agreement for one office space in Hong Kong with a non-cancellable term of one year from March 15, 2026, to March 14, 2027, and a cancellable term of one year from March 15, 2027, to March 14, 2028.

Previous wording

On September 30, 2025, the future minimum rental payments under this lease in the aggregate are approximately $44,490 and are due as follows: 2025: $24,483 and 2026: $20,007, respectively.

Current wording

On March 31, 2026, the future minimum rental payments under this lease in the aggregate are approximately $73,761 and are due as follows: 2026: $57,970 and 2027: $15,791, respectively.

Previous wording

In June 2023, one of our subsidiaries in Malaysia purchased a motor vehicle, and the majority amount of the purchase, $18,957, was funded by Maybank Islamic under a finance lease agreement with a term of five years commencing from June 3, 2023, to June 2, 2028. As of September 30, 2025, the future minimum lease payments under this lease in the aggregate are approximately $13,049 and are due as follows: 2025: $1,224; 2026: $4,895; and 2027 and thereafter: $6,930.

Current wording

In June 2023, one of our subsidiaries in Malaysia purchased a motor vehicle, and the majority of the purchase of $18,957 was funded by Maybank Islamic under a finance lease agreement with a term of five years commencing from June 3, 2023, to June 2, 2028. As of March 31, 2026, the future minimum lease payments under this lease in the aggregate are approximately $11,023 and are due as follows: 2026: $3,817; 2027: $5,089, and 2028: $2,117.

Previous wording

For the nine months ended September 30, 2025, related party service revenue principally includes service revenue generated from SEATech Ventures Corp. (“SEATech”) of $13,123 and Greenpro Trust Limited (“GTL”) of $11,639, representing approximately 54% of the related party service revenue and 2% of the service revenue for the nine months ended September 30, 2025.

Current wording

For the three months ended March 31, 2025, related party service revenue principally included service revenue generated from SEATech Ventures Corp. (“SEATech”) of $13,158, representing approximately 60% of the related party service revenue and 4% of the service revenue for the three months ended March 31, 2025.

Previous wording

For the nine months ended September 30, 2025, and 2024, cost of service revenue to related parties was $14,640 and $4,586, respectively.

Current wording

For the three months ended March 31, 2026, and 2025, cost of service revenue to related parties was $1,983 and $8,396, respectively.

Previous wording

For the nine months ended September 30, 2025, related party cost of service revenue includes cost of services paid to Falcon Management Limited (“FML”) of $5,000, Falcon Consulting Limited (“FCL”) of $2,140, and Loke Yu (“Jimmy”) of $7,500, respectively. FML is wholly owned by our Chief Financial Officer, Loke, Che Chan Gilbert (“Mr. Loke”), FCL is wholly owned by Mr. Loke’s spouse, and Jimmy is Mr. Loke’s brother.

Current wording

For the three months ended March 31, 2025, related party cost of service revenue included cost of services paid to Falcon Management Limited (“FML”) of $2,500, FCL of $2,146, and Loke Yu (“Jimmy”) of $3,750, respectively. FML is wholly owned by Mr. Loke and Jimmy is Mr. Loke’s brother.

Previous wording

For the nine months ended September 30, 2025, related party G&A expenses included consulting fees paid to Ms. Yap, Pei Ling (“Ms. Yap”), spouse of our Chief Executive Officer, Mr. Lee, Chong Kuang, of $10,380, Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”), of $10,428 and FML of $13,455, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”) of $63,947, a Malaysian company jointly owned by Mr. Lee and Mr. Loke.

Current wording

For the three months ended March 31, 2026, related party G&A expenses included consulting fees paid to Ms. Yap Pei Ling (“Ms. Yap”), the spouse of our Chief Executive Officer, Mr. Lee, Chong Kuang, of $3,451 and Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”) of $3,787, and FML of $1,917, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”) of $23,250, a Malaysian company jointly owned by Mr. Lee and Mr. Loke.

Previous wording

For the nine months ended September 30, 2024, related party G&A expenses included consulting fees paid to Ms. Yap of $11,522, BISB of $10,426 and FCL of $40,293, and management fees paid to GGCVSB of $59,886.

Current wording

For the three months ended March 31, 2025, related party G&A expenses included consulting fees paid to Ms. Yap of $3,469 and BISB of $3,371, and management fees paid to GGCVSB of $16,312, respectively.

Previous wording

For the nine months ended September 30, 2024, related party other income includes other income generated from Acorn of $8,987, GTL of $26,524, and SEATech Ventures Corp. (“SEATech”) of $54.

Current wording

For the three months ended March 31, 2026, related party other income represents other income generated from Acorn Finance Limited (“Acorn”) of $2,684.

Previous wording

For the nine months ended September 30, 2025, related party other income includes other income generated from Acorn Finance Limited (“Acorn”) of $8,073 and GTL of $23,624, respectively.

Current wording

For the three months ended March 31, 2025, related party other income included other income generated from Acorn of $2,698 and Greenpro Trust Limited (“GTL”) of $13,860, respectively.

Previous wording

For the nine months ended September 30, 2025, related party interest income includes interest income generated from GTL of $849 and GTL’s subsidiary, Greenpro Custodian Service Limited (“GCSL”), of $3,363, respectively.

Current wording

For the three months ended March 31, 2026, related party interest income included interest income generated from GTL of $403 and GTL’s subsidiary, Greenpro Custodian Service Limited (“GCSL”), of $1,118, respectively.

Previous wording

For the nine months ended September 30, 2024, related party interest income includes interest income generated from GTL of $720 and GCSL of $2,987.

Current wording

For the three months ended March 31, 2025, related party interest income included interest income generated from GTL of $273 and GCSL of $1,124, respectively.

Previous wording

For the nine months ended September 30, 2025, gain on disposal of related party investment generated from the sale of common stock of Jocom Holdings Corp. (“Jocom”) of $39,800.

Current wording

For the three months ended March 31, 2025, gain on disposal of related party investment of $39,800 was generated from the sale of common stock of Jocom Holdings Corp. (“Jocom”).

Previous wording

A reversal of impairment of related party investment represents the reversal of impairment of Jocom of $150 for the nine months ended September 30, 2025.

Current wording

For the three months ended March 31, 2025, a reversal of impairment of related party investment of $150 was related to the reversal of impairment of Jocom.

Previous wording

Amounts due from related parties were $996,468 and $954,184 as of September 30, 2025, and December 31, 2024, respectively. Amounts due to related parties were $118,460 and $57,497 as of September 30, 2025, and December 31, 2024, respectively.

Current wording

Amounts due from related parties were $883,795 and $995,640 as of March 31, 2026, and December 31, 2025, respectively. Amounts due to related parties were $821,517 and $101,922 as of March 31, 2026, and December 31, 2025, respectively.

Previous wording

As of December 31, 2024, amounts due from related parties mainly include amounts due from GGCVSB of $772,311, GTL of $90,207 and FBHI of $90,000, while the amounts due to related parties mainly include FCPA of $22,820 and Mr. Lee of $20,677, respectively.

Current wording

As of March 31, 2026, amounts due from related parties mainly included amounts due from Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”) of $704,224, First Bullion Holdings Inc. (“FBHI”) of $90,000 and Greenpro Trust Limited (“GTL”) of $87,875, while the amounts due to related parties mainly included Ms. Chen Yanhong, a director of our PRC subsidiaries of $493,194, Mr. Lee of $159,364, and Mr. Loke’s majority owned company, Falcon Certified Public Accountants Limited (“FCPA”) of $137,651, respectively.

Previous wording

As of September 30, 2025, amounts due from related parties mainly include amounts due from GGCVSB of $816,667, First Bullion Holdings Inc. (“FBHI”) of $90,000 and GTL of $88,116, while the amounts due to related parties mainly include FCPA of $106,445.

Current wording

As of December 31, 2025, amounts due from related parties mainly included amounts due from GGCVSB of $815,034, FBHI of $90,000 and GTL of $88,909, while the amounts due to related parties mainly included FCPA of $91,209.

Previous wording

The Company follows the guidance of Accounting Standards Codification (ASC) 606,Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

Current wording

The Company follows the guidance of Accounting Standards Codification (ASC) 606,Revenue from Contracts with Customers. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

Previous wording

Our cash balance on September 30, 2025, was $775,388, as compared to $1,124,818 on December 31, 2024, a decrease of $349,430. We estimate we may have sufficient cash available to meet our anticipated working capital for the next twelve months upon improving its profitability and the continuing financial support from its major shareholders.

Current wording

Our cash balance on March 31, 2026, was $540,914, as compared to $636,659 on December 31, 2025, a decrease of $95,745. We estimate we may have sufficient cash available to meet our anticipated working capital for the next twelve months upon improving its profitability and the continuing financial support from its major shareholders.

Previous wording

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the nine months ended September 30, 2025, the Company incurred a net loss of $1,722,930 and net cash used in operations of $1,180,574, and as of September 30, 2025, the Company incurred an accumulated deficit of $38,987,309. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2024 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Current wording

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the three months ended March 31, 2026, the Company incurred a net loss of $911,576 and net cash used in operations of $928,413, and as of March 31, 2026, the Company incurred an accumulated deficit of $41,158,288. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2025 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.