| SCHEDULE OF CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS |
SCHEDULE
OF CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS
| | |
For the
Year Ended
December
31, 2025 | | |
For the
Period from
December 9, 2024
(inception) through
December 31, 2024 | |
| Total assets | |
$ | 178,292,737 | | |
$ | 25,000 | |
| | |
| | | |
| | |
| | |
For the
Year Ended
December 31, 2025 | | |
For the
Period from
December
9, 2024
(inception) through
December 31, 2024 | |
| General and administrative expenses | |
$ | 379,159 | | |
$ | 5,112 | |
| Net earnings on marketable securities held in Trust Account | |
| 4,606,744 | | |
| - | |
| Net income (loss) | |
$ | 4,244,525 | | |
$ | (5,112 | ) |
|
| SCHEDULE OF CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS |
The
following are the condensed Parent Company Only financial statements as of and for the years ended December 31, 2025 and 2024:
SCHEDULE
OF CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS
| Condensed
Balance Sheets | |
2025 | | |
2024 | |
| | |
| | |
| |
| Assets | |
| | | |
| | |
| Cash
and cash equivalents | |
$ | 212 | | |
$ | 196 | |
| Investment
in subsidiary | |
| 9,562 | | |
| 10,070 | |
| Total
assets | |
$ | 9,774 | | |
$ | 10,266 | |
| | |
| | | |
| | |
| Liabilities
and Stockholders’ Equity | |
| | | |
| | |
| | |
| | | |
| | |
| Total
liabilities | |
$ | - | | |
$ | - | |
| | |
| | | |
| | |
| Common
stock | |
| 4 | | |
| 4 | |
| Surplus | |
| 57,547 | | |
| 42,657 | |
| Accumulated
deficit | |
| (47,226 | ) | |
| (32,384 | ) |
| Accumulated
other comprehensive loss | |
| (551 | ) | |
| (11 | ) |
| Total
stockholders’ equity | |
| 9,774 | | |
| 10,266 | |
| Total
liabilities and stockholders’ equity | |
$ | 9,774 | | |
$ | 10,266 | |
OLD
GLORY HOLDING COMPANY AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars
in thousands, except share data)
December
31, 2025 and 2024
| Condensed
Statements of Loss | |
2025 | | |
2024 | |
| | |
| | |
| |
| | |
| | |
| |
| Equity
loss of subsidiary | |
$ | 13,375 | | |
$ | 13,631 | |
| | |
| | | |
| | |
| Total
loss | |
| 13,375 | | |
| 13,631 | |
| | |
| | | |
| | |
| Other
noninterest expense | |
| 1,467 | | |
| 855 | |
| | |
| | | |
| | |
| Total
expense | |
| 1,467 | | |
| 855 | |
| | |
| | | |
| | |
| Income
tax benefit | |
| - | | |
| - | |
| | |
| | | |
| | |
| Net
loss | |
$ | 14,842 | | |
$ | 14,486 | |
| Condensed
Statements of Cash Flows | |
2025 | | |
2024 | |
| | |
| | |
| |
| Operating
activities: | |
| | | |
| | |
| | |
| | | |
| | |
| Net
loss | |
$ | (14,842 | ) | |
$ | (14,486 | ) |
| |
| | | |
| | |
| Adjustments
to reconcile net loss to net cash used
by operating activities: | |
| | | |
| | |
| Undistributed
loss of subsidiary | |
| 13,375 | | |
| 13,631 | |
| | |
| | | |
| | |
| Net
cash used by operating activities | |
| (1,467 | ) | |
| (855 | ) |
| | |
| | | |
| | |
| Investing
activities: | |
| | | |
| | |
| Capital
transfer to bank subsidiary | |
| (12,307 | ) | |
| (12,830 | ) |
| | |
| | | |
| | |
| Net
cash used in investing activities | |
| (12,307 | ) | |
| (12,830 | ) |
| | |
| | | |
| | |
| Financing
activities: | |
| | | |
| | |
| Exercise
of stock options & warrants | |
| 10 | | |
| 386 | |
| Issuance
of Reg D Class A shares | |
| 3,120 | | |
| 12,542 | |
| Issuance
of Reg D Class B shares | |
| 2,880 | | |
| - | |
| Issuance
of Reg A Class B shares | |
| 7,780 | | |
| 939 | |
| | |
| | | |
| | |
| Net
cash provided by financing activities | |
| 13,790 | | |
| 13,867 | |
| | |
| | | |
| | |
| Increase
in cash and cash equivalents | |
| 16 | | |
| 182 | |
| | |
| | | |
| | |
| Cash
and cash equivalents, beginning of year | |
| 196 | | |
| 14 | |
| | |
| | | |
| | |
| Cash
and cash equivalents, end of year | |
$ | 212 | | |
$ | 196 | |
| | |
| | | |
| | |
| Non-Cash
Investing
Activities: | |
| | | |
| | |
| Dividend
to bank subsidiary for stock compensation | |
| 1,099 | | |
| 687 | |
|