Note 18 — Commitments and Contingencies

The Company may, from time to time, be involved in legal matters arising in the ordinary course of its business. While the Company is not presently subject to any material legal proceedings, there can be no assurance that such matters will not arise in the future or that any such matters in which the Company is involved, or which may arise in the ordinary course of the Company’s business, will not at some point proceed to litigation or that such litigation will not have a material adverse effect on the business, financial condition or results of operations of the Company.

On August 22, 2023, two separate lawsuits were filed against NMI and two of its wholly-owned subsidiaries: Visiontech Group Inc., a California corporation, and Hydroman Inc., a California corporation (collectively referred to as the “Defendants”) by Megaphoton. Megaphoton, a manufacturer and producer of artificial lighting equipment for use in agriculture and industrial applications, filed the lawsuits against the Defendants in Los Angeles Superior Court, asserting that the Defendants have breached a contract/guarantee agreement by failing to pay a total of $6,857,167, as per the terms of these agreements. NMI believes that there is no merit in the complaint and has filed a counter-suit against Megaphoton in Orange County Court, California, seeking affirmative relief on September 22, 2023. On March 5, 2024, Megaphoton filed requests to dismiss the cases against Hydroman and Visiontech in the Superior Court of Los Angeles. Subsequently, in 2026, Megaphoton and the Company agreed to a Mutual Release Agreement dated February 2, 2026 removing all claims, lawsuits and other disputed amounts.

On March 1, 2024 NMI was notified of a complaint in San Bernardino Superior Court by Vien Le, its former CFO, who was employed approximately 2 months. The lawsuit claims wrongful discharge, untimely payment of wages and other related items. The Company has retained counsel and believes it will successfully defend against this lawsuit.

On October 22, 2024, Growterra, LLC (“Growterra”) filed a complaint against the Company and the Company’s chief executive officer in the Court of Common Pleas, Hamilton County, Ohio, alleging that it purchased lighting products from the Company, under which the Company would provide Growterra software, IP, and design documentation related to hydroponic containers and identify Growterra as an additional insured on the Company’s product liability insurance. Growterra alleges the Company failed to perform these obligations. Growterra is alleging breach of contract, fraud, and misappropriation of trade secrets as well as related causes of action. On March 27, 2026 the above-mentioned Court has denied Growterra’s motion for summary judgement. The Court has also denied the Company’s counterclaim for breach of contract without the opportunity to conduct discovery. The trial is rescheduled for November 9 to 12, 2026. 

On October 30, 2024, Visiontech filed a cross-complaint against Beverly Hills View, Inc. (“BHV”) in Los Angeles Superior Court. This action responded to an initial lawsuit filed by BHV on August 29, 2024, in which BHV claimed that the lighting products received were unsuitable for its cannabis growing operation and claiming damages of $2,500,000. The case is set for trial in November 2026. 

In January 2026, the Company signed Jinlong Du to an employment agreement as President that calls for the issuance of 15 million shares of the Company’s stock. As of the date of this submission, the shares have not been issued to Mr. Du.

On March 30, 2026 858 Upland LLC, the owner of the warehouse and offices leased by Visiontech Group Inc. (100% subsidiary of the Company), gave a notice to pay past due rent or to vacate the premises. The Company holds inventory in that warehouse and is seeking an extension of the lease or time to relocate the inventory. In turn, on March 31, 2026, the Company gave notice to 858 Upland LLC that it is accelerating the collection of its $1.57 million loan provided to Visiontech in August 2021.

On January 29, 2026, the Company filed with the State of Delaware, a certificate of amendment stating a reverse stock split with ratio of 1:20. Such reverse stock split is still pending and have not been effected by the Company’s transfer agent.

Nasdaq Stock Market Delisting, Move to OTCQB

After receiving various notification   letters from Nasdaq for non-compliance on certain continued listing requirements since April 2024, the Company was delisted by Nasdaq on January 15, 2025. The Company commenced trading immediately on OTC Markets Group as an OTCQB stock. OTCQB stocks are required to maintain a minimum trade price of $0.01. Other requirements include a minimum of 50 shareholders, audited financial statements and undergo annual verification.

On March 17, 2026, OTC Markets notified the Company via email that its stock has traded below $0.01 for more than 30 consecutive days. The Company has been granted a cure period of 90 days or by June 15^th, 2026.