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Note 1—Organization and Business Operations VisionWave Holdings, Inc. (“VW Holdings” or the “Company”) is a Delaware company incorporated in 2024. VW Holdings is the successor to Bannix Acquisition Corp., (“Bannix”) a blank check company incorporated in the state of Delaware on January 21, 2021 for the purpose of effecting mergers, capital stock exchange, asset acquisitions, stock purchases, reorganization or similar business combinations with one or more businesses (“Business Combination”). Prior to the succession of Bannix by VW Holdings, on March 26, 2024, Bannix entered into a Business Combination Agreement (the “Original Agreement”), by and among Bannix, VisionWave Technologies, Inc., a Nevada corporation (“Target” or “VW Tech.”) and the shareholders of Target. On September 6, 2024, Bannix entered into a Merger Agreement and Plan of Reorganization (the “Merger Agreement”), by and among Bannix, VW Holdings, a direct, wholly owned subsidiary of Bannix, BNIX Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of VisionWave (“Parent Merger Sub”), BNIX VW Merger Sub, Inc., a Nevada corporation and direct, wholly owned subsidiary of VisionWave (“Company Merger Sub”), and Target. On July 14, 2025, the transaction contemplated by the Merger Agreement closed. The Company has two wholly owned subsidiaries: VisionWave Technologies, Inc., Solar Drone Ltd, acquired on December 15, 2025 pursuant to the Share Purchase Agreement (See Note 9).

Note 2—Liquidity, Capital Resources and Going Concern The Company’s primary sources of liquidity have been cash from financing activities. For the three and six months ended March 31, 2026, net loss was $12,910,093 and $19,846,008, respectively. Cash used in operating activities was $8,790,770 for the six months ended March 31, 2026. The Company had an accumulated deficit of $34,954,914 as of March 31, 2026. As of March 31, 2026, working capital deficit was $21,939,175 and cash was $14,255,720. The Company received proceeds of approximately $23,846 as a result of the Reverse Acquisition in September 2025, after giving effect to stockholder redemptions and payment of transaction expenses in connection with the Reverse Acquisition. The Company received an additional $308,000 pursuant to the Securities Purchases agreement entered into on July 15, 2025 and $5,000,000 pursuant to the convertible promissory note agreements issued under the Standby Equity Purchase Agreement referenced below. On July 25, 2025, the Company entered into the Standby Equity Purchase Agreement (“SEPA”) with YA II PN, LTD, a Cayman Islands exempt limited partnership (the “Investor”) pursuant to which the Company has the right to sell to the Investor up to $50 million of its shares of common stock, subject to certain limitations and conditions set forth in the SEPA, from time to time during the term of the SEPA, from time to time during the term of the SEPA. The Company received proceeds of $1,760,761 from draw down during the six months ended March 31, 2026. The Company also received net proceed of $16,975,000 for loan issued during the six months ended March 31, 2026 (See Note 13) and $850,000 from the issuance of convertible notes for the same periods. The Company’s future capital requirements will depend on many factors, including the timing and extent of spending to support further sales and marketing and research and development efforts. In order to finance these opportunities, the Company will need to raise additional financing. While there can be no assurances, the Company intends to raise such capital through issuances of additional equity. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to the Company or at all. Going Concern Evaluation Ordinarily, conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern relate to the entity’s ability to meet its obligations as they become due. The Company evaluated its ability to meet its obligations as they become due within one year from the date that the unaudited condensed consolidated financial statements are issued by considering the following: On April 8, 2025, with an effective date of March 31, 2025 and as amended on May 20, 2026, the Company entered into a Funding Support Agreement with Stanley Hills, LLC (“Stanley Hills”), the principal shareholder of VisionWave Technologies. Pursuant to the agreement, Stanley Hills irrevocably and unconditionally committed to provide financial support to the Company, sufficient to fund the working capital needs through May 20, 2027. The funding may be provided by Stanley Hills in the form of direct payments to third parties, advances or intercompany loans, or capital contributions, as mutually determined by the parties. Unless otherwise agreed in writing, any such advances will be non-interest bearing and repayable only at such time as determined by the Board of Directors, and only to the extent such repayment would not impair the Company’s liquidity or ability to continue as a going concern. The agreement may not be terminated by Stanley Hills prior to the twelve-month period from the date of release of the unaudited condensed consolidated financial statement. Management has determined that the agreement with Stanley Hills, cash receipts from customer arrangements, resource reallocation initiatives, additional insider investments and financing, along with its existing cash and committed affiliated support related combinations alleviated the risk about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance of the unaudited condensed consolidated financial statements. -12910093

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Note 3—Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the three and six months ended March 31, 2026 and 2025 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statements and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2026. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended September 30, 2025 and footnotes thereto filed with the Securities Exchange Commission (“SEC”) on Form 10-K on December 31, 2025. All amounts referred to in the notes to the unaudited condensed consolidated financial statements are in United States Dollars ($) unless stated otherwise. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of VisionWave Holdings Inc. and its subsidiaries (See Note 1). All intercompany balances and transactions have been eliminated in consolidation. Segment Reporting The Company complies with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Significant estimates include assumptions made in the valuation of the options, valuation of convertible notes, fair value of assets acquired including intangible assets, useful life of intangibles, valuation of warrants and recoverability of deferred tax assets. Accordingly, the actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. At March 31, 2026 and September 30, 2025, the Company had $13,732,588 and $1,774,899 deposits in excess of the Federal Depository Insurance Coverage, respectively. The Company has not experienced losses on these accounts. Business Combinations The Company evaluates whether acquired net assets should be accounted for as a business combination or an asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, the Company applies its judgement to determine whether the acquired net assets meets the definition of a business by considering if the set includes an acquired input, process, and the ability to create outputs. The Company accounts for business combinations using the acquisition method when it has obtained control. The Company measures goodwill as the fair value of the consideration transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration is measured at fair value at the acquisition date. For contingent consideration that does not meet all the criteria for equity classification, such contingent consideration is required to be recorded at its initial fair value at the acquisition date, and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified contingent consideration are recognized on the consolidated statements of operations in the period of change. When the initial accounting for a business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. The Company accounts for certain business combinations that meet the definition of a reverse merger (also referred to as a reverse recapitalization) in accordance with ASC 805, Business Combinations, and ASC 810, Consolidation. A reverse merger occurs when the legal acquirer is determined to be the accounting acquiree, and the legal acquiree is determined to be the accounting acquirer. Accordingly: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>No goodwill or intangible assets are recorded</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>The transaction is treated as a capital transaction in substance</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>The accounting acquirer’s assets and liabilities are carried forward at their historical carrying amounts</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>The accounting acquiree’s net assets are recognized at fair value, if applicable</td></tr></table> Cash and Cash Equivalents The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents was $15,723 at March 31, 2026 and September 30, 2025. Investments The Company from time to time invests in equity securities. All marketable equity securities held by the Company are accounted for under “Accounting Standards Codification (“ASC”) Topic 320, “Investments - Debt and Equity Securities.” The Company accounts for available-for-sale equity investments at fair value. From time to time, if the Company determines that the available market price of an available for sale investments is not a reasonable indicator of the fair value, the Company will determine the best estimate of that fair value which is usually the cost. Equity Method Investment The Company accounts for investments in entities in which the Company has significant influence over the entity’s financial and operating policies, but does not control, using the equity method of accounting. The equity method investment is initially recorded at cost and subsequently increased for capital contributions and allocations of net income and decreased for capital distributions and allocations of net loss. Equity in net income (loss) from the equity method investment is allocated based on the Company’s economic interest. The equity method investment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If it is determined that a loss in value of the equity method investment is other than temporary, an impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Property and Equipment The value of property and equipment that were acquired as part of the Asset Acquisition (See Note 9) are recorded at a relative fair value assessed at the time of the acquisition less depreciation. Any additional property and equipment acquired, and any expenditures that extend the life of such assets are recorded at historical cost, including direct acquisition costs, less depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to VisionWave and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. Depreciation and amortization Depreciation for equipment and other assets is computed using the straight-line method at rates calculated to depreciate the cost of the assets, less their anticipated residual values, if any, over their estimated useful lives. Capitalized intellectual property costs include those acquired in the asset acquisitions including a propriety drone system. The estimated useful life of used to determine depreciation and amortization are as follows: <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfDepreciationForEquipmentAndOtherAssetsTableTextBlock_z0r6iHGMXMKg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Significant Accounting Policies (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Schedule of Depreciation for equipment and other assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 45%; text-align: left; text-indent: -10pt">Computer and accessories</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 43%; text-align: right"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndAccessoriesMember_z76Qc6UGeDJ1" title="Estimated useful lives">3 years</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Drones</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3 years</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Intellectual property</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--IntellectualPropertyMember_zp3PAMOkK9M1" title="Estimated useful lives">5 years</td> <td style="text-align: left"> </td></tr> </table> An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. The Company evaluates the carrying value of property and equipment and finite-lived intangible assets whenever a change in circumstances indicates that the net carrying value may not be recoverable from the entity-specific undiscounted future cash flows expected to result from our use of and eventual disposition of a long-lived asset or asset group. Events or circumstances that could trigger an impairment review of a long-lived asset or asset group include, but are not limited to: (i) a significant decrease in the market price of the asset, (ii) a significant adverse change in the extent or manner that the asset is used or in its physical condition, (iii) a significant adverse change in legal factors or in the business climate that could affect the value of the asset, (iv) an accumulation of costs significantly in excess of original expectation for the acquisition or construction of the asset, (v) a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast of continuing losses associated with the use of the asset and (vi) a more-likely-than-not expectation that the asset will be sold or disposed of significantly before the end of its previously estimated useful life. If an impairment exists, the net carrying values are reduced to fair values. The Company estimates the fair values of these long-lived assets by performing a discounted future cash flow analysis for the remaining useful life of the asset, or the remaining useful life of the primary asset in the case of an asset group. An individual asset within an asset group is not impaired below its estimated fair value. There were no impairments recorded for the three and six months ended March 31, 2026 and 2025. Fair Value of Financial Instruments The fair value of the Company’s cash, current assets and current liabilities approximates the carrying amounts represented in the accompanying unaudited condensed consolidated balance sheets, due to their short-term nature. Fair value is defined as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier fair value hierarchy which prioritizes the inputs used in the valuation methodologies is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. As of March 31, 2026, other than the convertible notes discussed below, the Company did not hold any financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis. Convertible Notes Payable For convertible debt instruments that are not considered liabilities under ASC 480 or ASC 815, the Company applies FASB ASC 470, Debt (“ASC 470”), for the accounting of such instruments, including any premiums or discounts. Debt issuance costs consist primarily of original issue discount (OID) and legal fees. These costs are netted off with the related loan and are being amortized to interest expense over the term of the related debt facilities using effective interest method. The Company may elect the fair value option for certain financial instruments that meet the required criteria under ASC 825, Financial Instruments. The Company elected the fair value option for its SEPA related convertible notes, which met the required criteria under ASC 825, Financial Instruments. Issuance fees incurred on instruments for which the fair value option was elected are not deferred and are recognized as an expense when incurred in the consolidated statement of operations. The portion of the change in fair value attributable to instrument-specific credit risk, if any, is recognized in other comprehensive income, with the remainder recognized in earnings. Offsetting Balances In accordance with ASC Topic 210 “Balance Sheet”, the Company’s accounting policy is to offset assets and liabilities when a right of offset exists. Accordingly, the unaudited condensed consolidated balance sheets include transactions with affiliated parties on a net basis. Research and Development Cost The Company accounts for research and development cost (“R&D”) in accordance with ASC Topic 730, “Research and Development”. R&D represents costs are expensed as incurred. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average shares outstanding for the year. Diluted loss per share is computed by giving effect to all potential shares of common stock to the extent dilutive. For the three and six months ended March 31, 2026 and 2025, the Company’s diluted weighted-average shares outstanding is equal to basic weighted-average shares, due to the Company’s net loss position. No common stock equivalents were included in the computation of diluted net loss per unit since such inclusion would have been antidilutive. At March 31, 2026 and 2025, potentially dilutive securities include the public warrants, stock options and the convertible promissory notes. Commitments and Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and no income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. Related party and related-party transactions Related parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due to or from related parties due to their related-party nature. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, Income Taxes (“ASC 740”). Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of March 31, 2026 and September 30, 2025. Interest and penalties related to Bannix Acquisition for the three and six months ended March 31, 2026 were $24,462 and $49,228, respectively. There were no interest and penalties related to Bannix Acquisition for the three and six months ended March 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Advertising and Promotion All costs associated with advertising and promoting products are expensed as incurred. Stock Based Compensation The Company complies with ASC 718 Compensation — Stock Compensation regarding shares granted to directors, officers and vendors of the Company by measuring the grant date fair value of the award and recognizing the resulting expense over the period during which the employee is required to perform service in exchange for the award. Equity-based compensation expense is only recognized for awards subject to performance conditions if it is probable that the performance condition will be achieved. The Company has elected to account for forfeitures as they occur rather than estimating expected forfeitures at the grant date. Accordingly, stock-based compensation expense is adjusted in the period in which awards are forfeited. Recent Accounting Pronouncements On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), requiring additional disclosure of the nature of expenses included in the statements of operations. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the statements of operations as well as disclosures about selling expenses. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the impact this standard will have on its unaudited condensed consolidated financial statements and related disclosures. The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements.

Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the three and six months ended March 31, 2026 and 2025 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statements and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2026. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended September 30, 2025 and footnotes thereto filed with the Securities Exchange Commission (“SEC”) on Form 10-K on December 31, 2025. All amounts referred to in the notes to the unaudited condensed consolidated financial statements are in United States Dollars ($) unless stated otherwise.

Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of VisionWave Holdings Inc. and its subsidiaries (See Note 1). All intercompany balances and transactions have been eliminated in consolidation.

Segment Reporting The Company complies with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Significant estimates include assumptions made in the valuation of the options, valuation of convertible notes, fair value of assets acquired including intangible assets, useful life of intangibles, valuation of warrants and recoverability of deferred tax assets. Accordingly, the actual results could differ from those estimates.

Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. At March 31, 2026 and September 30, 2025, the Company had $13,732,588 and $1,774,899 deposits in excess of the Federal Depository Insurance Coverage, respectively. The Company has not experienced losses on these accounts.

250000

13732588

1774899

Business Combinations The Company evaluates whether acquired net assets should be accounted for as a business combination or an asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, the Company applies its judgement to determine whether the acquired net assets meets the definition of a business by considering if the set includes an acquired input, process, and the ability to create outputs. The Company accounts for business combinations using the acquisition method when it has obtained control. The Company measures goodwill as the fair value of the consideration transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration is measured at fair value at the acquisition date. For contingent consideration that does not meet all the criteria for equity classification, such contingent consideration is required to be recorded at its initial fair value at the acquisition date, and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified contingent consideration are recognized on the consolidated statements of operations in the period of change. When the initial accounting for a business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. The Company accounts for certain business combinations that meet the definition of a reverse merger (also referred to as a reverse recapitalization) in accordance with ASC 805, Business Combinations, and ASC 810, Consolidation. A reverse merger occurs when the legal acquirer is determined to be the accounting acquiree, and the legal acquiree is determined to be the accounting acquirer. Accordingly: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>No goodwill or intangible assets are recorded</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>The transaction is treated as a capital transaction in substance</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>The accounting acquirer’s assets and liabilities are carried forward at their historical carrying amounts</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>The accounting acquiree’s net assets are recognized at fair value, if applicable</td></tr></table>

Cash and Cash Equivalents The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents was $15,723 at March 31, 2026 and September 30, 2025.

15723

Investments The Company from time to time invests in equity securities. All marketable equity securities held by the Company are accounted for under “Accounting Standards Codification (“ASC”) Topic 320, “Investments - Debt and Equity Securities.” The Company accounts for available-for-sale equity investments at fair value. From time to time, if the Company determines that the available market price of an available for sale investments is not a reasonable indicator of the fair value, the Company will determine the best estimate of that fair value which is usually the cost.

Equity Method Investment The Company accounts for investments in entities in which the Company has significant influence over the entity’s financial and operating policies, but does not control, using the equity method of accounting. The equity method investment is initially recorded at cost and subsequently increased for capital contributions and allocations of net income and decreased for capital distributions and allocations of net loss. Equity in net income (loss) from the equity method investment is allocated based on the Company’s economic interest. The equity method investment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If it is determined that a loss in value of the equity method investment is other than temporary, an impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value.

Property and Equipment The value of property and equipment that were acquired as part of the Asset Acquisition (See Note 9) are recorded at a relative fair value assessed at the time of the acquisition less depreciation. Any additional property and equipment acquired, and any expenditures that extend the life of such assets are recorded at historical cost, including direct acquisition costs, less depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to VisionWave and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred.

Depreciation and amortization Depreciation for equipment and other assets is computed using the straight-line method at rates calculated to depreciate the cost of the assets, less their anticipated residual values, if any, over their estimated useful lives. Capitalized intellectual property costs include those acquired in the asset acquisitions including a propriety drone system. The estimated useful life of used to determine depreciation and amortization are as follows: <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfDepreciationForEquipmentAndOtherAssetsTableTextBlock_z0r6iHGMXMKg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Significant Accounting Policies (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Schedule of Depreciation for equipment and other assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 45%; text-align: left; text-indent: -10pt">Computer and accessories</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 43%; text-align: right"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndAccessoriesMember_z76Qc6UGeDJ1" title="Estimated useful lives">3 years</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Drones</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3 years</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Intellectual property</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--IntellectualPropertyMember_zp3PAMOkK9M1" title="Estimated useful lives">5 years</td> <td style="text-align: left"> </td></tr> </table> An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. The Company evaluates the carrying value of property and equipment and finite-lived intangible assets whenever a change in circumstances indicates that the net carrying value may not be recoverable from the entity-specific undiscounted future cash flows expected to result from our use of and eventual disposition of a long-lived asset or asset group. Events or circumstances that could trigger an impairment review of a long-lived asset or asset group include, but are not limited to: (i) a significant decrease in the market price of the asset, (ii) a significant adverse change in the extent or manner that the asset is used or in its physical condition, (iii) a significant adverse change in legal factors or in the business climate that could affect the value of the asset, (iv) an accumulation of costs significantly in excess of original expectation for the acquisition or construction of the asset, (v) a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast of continuing losses associated with the use of the asset and (vi) a more-likely-than-not expectation that the asset will be sold or disposed of significantly before the end of its previously estimated useful life. If an impairment exists, the net carrying values are reduced to fair values. The Company estimates the fair values of these long-lived assets by performing a discounted future cash flow analysis for the remaining useful life of the asset, or the remaining useful life of the primary asset in the case of an asset group. An individual asset within an asset group is not impaired below its estimated fair value. There were no impairments recorded for the three and six months ended March 31, 2026 and 2025.

<table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfDepreciationForEquipmentAndOtherAssetsTableTextBlock_z0r6iHGMXMKg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Significant Accounting Policies (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Schedule of Depreciation for equipment and other assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 45%; text-align: left; text-indent: -10pt">Computer and accessories</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 43%; text-align: right"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndAccessoriesMember_z76Qc6UGeDJ1" title="Estimated useful lives">3 years</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Drones</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3 years</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Intellectual property</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--IntellectualPropertyMember_zp3PAMOkK9M1" title="Estimated useful lives">5 years</td> <td style="text-align: left"> </td></tr> </table>

P3Y

P5Y

Fair Value of Financial Instruments The fair value of the Company’s cash, current assets and current liabilities approximates the carrying amounts represented in the accompanying unaudited condensed consolidated balance sheets, due to their short-term nature. Fair value is defined as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier fair value hierarchy which prioritizes the inputs used in the valuation methodologies is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. As of March 31, 2026, other than the convertible notes discussed below, the Company did not hold any financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis.

Convertible Notes Payable For convertible debt instruments that are not considered liabilities under ASC 480 or ASC 815, the Company applies FASB ASC 470, Debt (“ASC 470”), for the accounting of such instruments, including any premiums or discounts. Debt issuance costs consist primarily of original issue discount (OID) and legal fees. These costs are netted off with the related loan and are being amortized to interest expense over the term of the related debt facilities using effective interest method. The Company may elect the fair value option for certain financial instruments that meet the required criteria under ASC 825, Financial Instruments. The Company elected the fair value option for its SEPA related convertible notes, which met the required criteria under ASC 825, Financial Instruments. Issuance fees incurred on instruments for which the fair value option was elected are not deferred and are recognized as an expense when incurred in the consolidated statement of operations. The portion of the change in fair value attributable to instrument-specific credit risk, if any, is recognized in other comprehensive income, with the remainder recognized in earnings. Offsetting Balances In accordance with ASC Topic 210 “Balance Sheet”, the Company’s accounting policy is to offset assets and liabilities when a right of offset exists. Accordingly, the unaudited condensed consolidated balance sheets include transactions with affiliated parties on a net basis.

Research and Development Cost The Company accounts for research and development cost (“R&D”) in accordance with ASC Topic 730, “Research and Development”. R&D represents costs are expensed as incurred.

Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average shares outstanding for the year. Diluted loss per share is computed by giving effect to all potential shares of common stock to the extent dilutive. For the three and six months ended March 31, 2026 and 2025, the Company’s diluted weighted-average shares outstanding is equal to basic weighted-average shares, due to the Company’s net loss position. No common stock equivalents were included in the computation of diluted net loss per unit since such inclusion would have been antidilutive. At March 31, 2026 and 2025, potentially dilutive securities include the public warrants, stock options and the convertible promissory notes.

Commitments and Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and no income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

Related party and related-party transactions Related parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due to or from related parties due to their related-party nature.

Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, Income Taxes (“ASC 740”). Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of March 31, 2026 and September 30, 2025. Interest and penalties related to Bannix Acquisition for the three and six months ended March 31, 2026 were $24,462 and $49,228, respectively. There were no interest and penalties related to Bannix Acquisition for the three and six months ended March 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

24462

49228

Advertising and Promotion All costs associated with advertising and promoting products are expensed as incurred.

Stock Based Compensation The Company complies with ASC 718 Compensation — Stock Compensation regarding shares granted to directors, officers and vendors of the Company by measuring the grant date fair value of the award and recognizing the resulting expense over the period during which the employee is required to perform service in exchange for the award. Equity-based compensation expense is only recognized for awards subject to performance conditions if it is probable that the performance condition will be achieved. The Company has elected to account for forfeitures as they occur rather than estimating expected forfeitures at the grant date. Accordingly, stock-based compensation expense is adjusted in the period in which awards are forfeited.

Recent Accounting Pronouncements On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), requiring additional disclosure of the nature of expenses included in the statements of operations. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the statements of operations as well as disclosures about selling expenses. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the impact this standard will have on its unaudited condensed consolidated financial statements and related disclosures. The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements.

Note 4 — Recapitalization As outlined in Note 1, the Company consummated the Reverse Acquisition with VisionWave Technologies on July 14, 2025. Pursuant to and in accordance with the terms set forth in the Merger Agreement, (a) Parent Merger Sub merged with and into Bannix, with Bannix continuing as the surviving entity (the “Parent Merger”), as a result of which, (i) Bannix became a wholly owned subsidiary of VW Holdings, and (ii) each issued and outstanding share of Bannix immediately prior to the effective time of the Parent Merger (the “Parent Merger Effective Time”) (other than shares of Bannix Common Stock that have been redeemed or are owned by Bannix or any of its direct or indirect subsidiaries as treasury shares and any Dissenting Parent Shares) was automatically cancelled in exchange for one share of common stock, par value $0.001 of VW Holdings, each Bannix Warrant automatically converted into one warrant to purchase shares of VW Holdings Common Stock on substantially the same terms and conditions and each Bannix Right automatically converted into the number of shares of VW Holdings Common Stock that would have been received by the holder of such Bannix Right if it had been converted upon the consummation of a Business Combination in accordance with Bannix’s organizational document and, (b) immediately following the consummation of the Parent Merger but on the same day, Company Merger Sub merged with and into Target, with Target continuing as the surviving entity (the “Company Merger” and, together with the Parent Merger, the “Mergers”), as a result of which, (i) Target became a wholly owned subsidiary of VW Holdings, and (ii) each issued and outstanding security of Target immediately prior to the effective time of the Company Merger (the “Company Merger Effective Time”) (other than any cancelled Shares or dissenting shares) were no longer be outstanding and were automatically cancelled in exchange for the issuance to the holder thereof of a substantially equivalent security of VW Holdings. The Mergers and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the “Reverse Acquisition.” The Merger Agreement contained representations, warranties and covenants of each of the parties thereto that are customary for transactions of this type, including, among others, covenants providing for (i) certain limitations on the operation of the parties’ respective businesses prior to consummation of the Business Combination, (ii) the parties’ efforts to satisfy conditions to consummation of the Business Combination, including by obtaining any necessary approvals from governmental agencies, (iii) prohibitions on the parties soliciting alternative transactions, (iv) VW Holdings preparing and filing a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”) and taking certain other actions to obtain the requisite approval of Bannix’s stockholders to vote in favor of certain matters, including the adoption of the Merger Agreement and approval of the Business Combination, at a special meeting to be called for the approval of such matters, and (v) the protection of, and access to, confidential information of the parties. On May 5, 2025, the SEC declared the Company’s registration statement on Form S-4 to be effective. As described in the Merger Agreement, VW Holdings has agreed to adopt an equity incentive plan The Business Combination was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Bannix, who is the legal acquirer, was treated as the “acquired” company for financial reporting purposes and VisionWave Technologies Inc. was treated as the accounting acquirer. VisionWave Technologies Inc. has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances under the redemption scenarios: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">VisionWave Technologies Inc.’s existing stockholders had more than 69% of the voting interest of VW Holdings under both the no redemption and maximum redemption scenarios;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">VisionWave Technologies Inc.’s senior management comprises the senior management of VW Holdings Inc.; the directors nominated by VisionWave Technologies represent the majority of the board of directors of VW Holdings Inc.;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">VisionWave Technologies Inc.’s operations comprise the ongoing operations of VW Holdings Inc.</td></tr></table> Accordingly, for accounting purposes, the Reverse Acquisition was treated as the equivalent of a capital transaction in which VisionWave technologies Inc. is issuing stock for the net assets of Bannix. The net assets of Bannix were stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Acquisition were those of VisionWave Technologies, Inc. Transaction Proceeds Upon closing of the Reverse Acquisition, the Company acquired cash of $1,169,746 as a result of the Reverse Acquisition, and paid total transaction costs of $1,145,900. The following table reconciles the elements of the Reverse Acquisition to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ deficit. <table cellpadding="0" cellspacing="0" id="xdx_89D_ecustom--ScheduleOfconsolidatedStatementsOfCashFlowsAndChangesInStockholdersDeficitTableTextBlock_zftj7WN4pSCg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Recapitalization (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> Schedule of consolidated statements of cash flows and changes in stockholders deficit </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20251001__20260331_zSVYmwV34YK9" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--CashtrustAndCashNetOfRedemptions_zrb2SOyaUeif" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Cash-trust and cash, net of redemptions</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">1,169,746</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--LessTransactionCostsPaid_zSvZ6Vlg2Ec" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: transaction costs paid</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,145,900</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--NetPayoutInReverseAcquisition_zhl5rU8WItSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net payout in Reverse Acquisition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,846</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--LessLiabilitiesAssumed_zDIZXoy4Hfbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: Liabilities assumed</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,370,764</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--LessPromissoryNoteCombined_zFyuTJIlOWge" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: Promissory note combined</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,003,995</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--AddAssetsAcquired_zU1SlPNbbID2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Add: assets acquired</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,930</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ReverseAcquistionNet_zpE1VMeVn6Al" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Reverse acquisition, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(8,346,983</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> The number of shares of Common Stock issued immediately following the consummation of the Reverse Acquisition were: <table cellpadding="0" cellspacing="0" id="xdx_899_ecustom--ScheduleOfConsummationOfTheReverseAcquisitionTableTextBlock_zn0y8Ff7TFti" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Recapitalization (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of consummation of the Reverse Acquisition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Bannix Class A common stock, outstanding prior to the Reverse Acquisition</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98B_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixClassACommonStockMember_zJJ7isn1vRHb" style="width: 18%; text-align: right" title="Shares issued">2,623,666</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: Redemption of Bannix Class A common stock</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_ecustom--ShareIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--RedemptionClassACommonStockMember_zLx7ed3J90ic" style="border-bottom: Black 1pt solid; text-align: right" title="Shares issued">(83,342</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--TotalBannixClassACommonStockMember_zY0UuK7BMusg" style="text-align: right" title="Shares issued">2,540,324</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Bannix Class B common stock, outstanding prior to the Reverse Acquisition</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixClassBCommonStockMember_z7hzzsQZ3rmi" style="border-bottom: Black 1pt solid; text-align: right" title="Shares issued">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Business Combination shares</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BusinessCombinationSharesMember_zszFNiHjY1Pj" style="text-align: right" title="Shares issued">2,540,324</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Bannix public Rights converted to shares at closing</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixPublicRightsMember_zJHt1tiTa9Dg" style="text-align: right" title="Shares issued">690,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Bannix private Rights converted to shares at closing</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixPrivateRightsMember_z04cdMVrlkH1" style="text-align: right" title="Shares issued">40,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">VisionWave Technologies Inc. Shares</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveTechnologiesMember_zwU8sMLwCXd6" style="text-align: right" title="Shares issued">11,000,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Common Stock immediately after the Reverse Acquisition</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_989_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--CommonStockReverseMember_zcLvmCzIAdpl" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares issued">14,270,924</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The number of VisionWave Holdings’ shares was determined as follows: <table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--ScheduleOfTheNumberOfVisionWaveHoldingsSharesTableTextBlock_zKJGit65TARd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Recapitalization (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of the number of VisionWave Holdings shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">VisionWave Technologies Inc. Shares</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">VisionWave Holdings Inc. Shares after conversion ratio</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Class A Common</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveMember__us-gaap--StatementClassOfStockAxis__custom--ClassACommonMember_zqugLQjCvbMc" style="width: 12%; text-align: right" title="Number shares issued">2,722</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--StatementClassOfStockAxis__custom--ClassACommonMember_zP6OORuLF5dd" style="width: 12%; text-align: right" title="Number shares issued">2,540,324</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Class B Common</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveMember__us-gaap--StatementClassOfStockAxis__custom--ClassBCommonMember_zB4VUCN911Fb" style="text-align: right" title="Number shares issued">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveTechnologiesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBCommonMember_zpW6jTx5xgXg" style="text-align: right" title="Number shares issued">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveMember_z9BWDOSYSAN4" style="border-bottom: Black 2.5pt double; text-align: right" title="TotalNumber shares issued">2,722</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_981_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveTechnologiesMember_zVOXAjVq7Fhc" style="border-bottom: Black 2.5pt double; text-align: right" title="TotalNumber shares issued">2,540,324</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> In exchange, each share of VisionWave Technologies was converted into 4,041 shares of the Company’s common stock. Public and private placement warrants The 6,900,000 public warrants issued at the time of Bannix’s initial public offering (the “Bannix IPO”), and 406,000 warrants issued in connection with private placement at the time of Bannix’s initial public offering remained outstanding and became warrants for the Company. 0.001 1169746

1145900

<table cellpadding="0" cellspacing="0" id="xdx_89D_ecustom--ScheduleOfconsolidatedStatementsOfCashFlowsAndChangesInStockholdersDeficitTableTextBlock_zftj7WN4pSCg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Recapitalization (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> Schedule of consolidated statements of cash flows and changes in stockholders deficit </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20251001__20260331_zSVYmwV34YK9" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--CashtrustAndCashNetOfRedemptions_zrb2SOyaUeif" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Cash-trust and cash, net of redemptions</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">1,169,746</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--LessTransactionCostsPaid_zSvZ6Vlg2Ec" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: transaction costs paid</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,145,900</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--NetPayoutInReverseAcquisition_zhl5rU8WItSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net payout in Reverse Acquisition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,846</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--LessLiabilitiesAssumed_zDIZXoy4Hfbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: Liabilities assumed</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,370,764</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--LessPromissoryNoteCombined_zFyuTJIlOWge" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: Promissory note combined</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,003,995</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--AddAssetsAcquired_zU1SlPNbbID2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Add: assets acquired</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,930</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ReverseAcquistionNet_zpE1VMeVn6Al" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Reverse acquisition, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(8,346,983</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 1169746 -1145900 23846 -7370764 -1003995 3930 -8346983 <table cellpadding="0" cellspacing="0" id="xdx_899_ecustom--ScheduleOfConsummationOfTheReverseAcquisitionTableTextBlock_zn0y8Ff7TFti" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Recapitalization (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of consummation of the Reverse Acquisition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Bannix Class A common stock, outstanding prior to the Reverse Acquisition</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98B_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixClassACommonStockMember_zJJ7isn1vRHb" style="width: 18%; text-align: right" title="Shares issued">2,623,666</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less: Redemption of Bannix Class A common stock</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_ecustom--ShareIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--RedemptionClassACommonStockMember_zLx7ed3J90ic" style="border-bottom: Black 1pt solid; text-align: right" title="Shares issued">(83,342</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--TotalBannixClassACommonStockMember_zY0UuK7BMusg" style="text-align: right" title="Shares issued">2,540,324</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Bannix Class B common stock, outstanding prior to the Reverse Acquisition</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixClassBCommonStockMember_z7hzzsQZ3rmi" style="border-bottom: Black 1pt solid; text-align: right" title="Shares issued">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Business Combination shares</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BusinessCombinationSharesMember_zszFNiHjY1Pj" style="text-align: right" title="Shares issued">2,540,324</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Bannix public Rights converted to shares at closing</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixPublicRightsMember_zJHt1tiTa9Dg" style="text-align: right" title="Shares issued">690,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Bannix private Rights converted to shares at closing</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixPrivateRightsMember_z04cdMVrlkH1" style="text-align: right" title="Shares issued">40,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">VisionWave Technologies Inc. Shares</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveTechnologiesMember_zwU8sMLwCXd6" style="text-align: right" title="Shares issued">11,000,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Common Stock immediately after the Reverse Acquisition</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_989_eus-gaap--SharesIssued_iI_c20260331__us-gaap--RelatedPartyTransactionAxis__custom--CommonStockReverseMember_zcLvmCzIAdpl" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares issued">14,270,924</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2623666

-83342

2540324

690000

40600

11000000

14270924

<table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--ScheduleOfTheNumberOfVisionWaveHoldingsSharesTableTextBlock_zKJGit65TARd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Recapitalization (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of the number of VisionWave Holdings shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">VisionWave Technologies Inc. Shares</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">VisionWave Holdings Inc. Shares after conversion ratio</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Class A Common</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveMember__us-gaap--StatementClassOfStockAxis__custom--ClassACommonMember_zqugLQjCvbMc" style="width: 12%; text-align: right" title="Number shares issued">2,722</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--StatementClassOfStockAxis__custom--ClassACommonMember_zP6OORuLF5dd" style="width: 12%; text-align: right" title="Number shares issued">2,540,324</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Class B Common</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveMember__us-gaap--StatementClassOfStockAxis__custom--ClassBCommonMember_zB4VUCN911Fb" style="text-align: right" title="Number shares issued">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveTechnologiesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBCommonMember_zpW6jTx5xgXg" style="text-align: right" title="Number shares issued">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveMember_z9BWDOSYSAN4" style="border-bottom: Black 2.5pt double; text-align: right" title="TotalNumber shares issued">2,722</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_981_eus-gaap--ConversionOfStockSharesIssued1_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--VisionWaveTechnologiesMember_zVOXAjVq7Fhc" style="border-bottom: Black 2.5pt double; text-align: right" title="TotalNumber shares issued">2,540,324</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2722

2540324

2722

2540324

4041

6900000

406000

Note 5 — Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and September 30, 2025: <table cellpadding="0" cellspacing="0" id="xdx_886_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zk5OOh795Zfb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Prepaid Expenses and Other Current Assets (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Prepaid expenses and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260331_zX00raURIXdb" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_491_20250930_zNbgJcE4esIa" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr id="xdx_407_eus-gaap--PrepaidReinsurancePremiums_iI_zW3p4LCaiGXl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Insurance premium</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">30,886</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">83,833</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DepositsAssets_iI_zC8XL2JsOWdd" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Deposit on asset</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--PrepaidConsultingFees_iI_zwo49siEqCrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Prepaid consulting fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PrepaidExpenseAndOtherAssets_iI_zZVh7eAwKDZ5" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other prepaid expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">66,088</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">261</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LegalRetainer_iI_z2IqqJ8m2eP6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Legal retainer</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">85,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--OtherCurrentAssets_iI_zno7DVguPgO8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,568</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,525</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DueFromUnderwriters_iI_zibLFS7Q44m7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Due from underwriters</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,930</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,930</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherPrepaidExpenseCurrent_iI_znk3QUtukyFe" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">614,472</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">189,549</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_886_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zk5OOh795Zfb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Prepaid Expenses and Other Current Assets (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Prepaid expenses and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260331_zX00raURIXdb" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_491_20250930_zNbgJcE4esIa" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr id="xdx_407_eus-gaap--PrepaidReinsurancePremiums_iI_zW3p4LCaiGXl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Insurance premium</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">30,886</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">83,833</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DepositsAssets_iI_zC8XL2JsOWdd" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Deposit on asset</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--PrepaidConsultingFees_iI_zwo49siEqCrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Prepaid consulting fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PrepaidExpenseAndOtherAssets_iI_zZVh7eAwKDZ5" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other prepaid expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">66,088</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">261</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LegalRetainer_iI_z2IqqJ8m2eP6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Legal retainer</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">85,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--OtherCurrentAssets_iI_zno7DVguPgO8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,568</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,525</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DueFromUnderwriters_iI_zibLFS7Q44m7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Due from underwriters</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,930</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,930</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherPrepaidExpenseCurrent_iI_znk3QUtukyFe" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">614,472</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">189,549</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

30886

83833

10000

400000 50000

66088

261

85000 35000 28568 6525 3930 3930

614472

189549

Note 6 — Equity Method Investment On January 26, 2026, the Company entered into a definitive Exchange Agreement (the “Exchange Agreement”) with SaverOne 2014 Ltd., an Israeli company whose American Depositary Shares are listed on The Nasdaq Stock Market (“SaverOne”). The Exchange Agreement replaced and superseded the previously disclosed non-binding Letter of Intent dated December 31, 2025. The Exchange Agreement provides for a three-stage equity exchange and strategic collaboration providing for the Company to acquire up to approximately 51% of SaverOne’s issued and outstanding ordinary shares on a fully diluted basis, subject to milestone achievement and applicable regulatory approvals. In exchange, the Exchange Agreement provides SaverOne with the ability to acquire VisionWave common stock with an aggregate economic value of up to $7 million, subject to staged issuance, price-based adjustments, and compliance with Nasdaq listing rules. The transaction establishes SaverOne as the core operating platform for VisionWave’s radio-frequency (RF) defense and security technologies, supported by a non-exclusive, worldwide license to certain VisionWave RF intellectual property for defense and security applications. Staged Exchange Structure Stage 1: SaverOne issues VisionWave ordinary shares representing 19.99% of SaverOne’s outstanding share capital (fully diluted), in exchange for VisionWave common stock valued at approximately $2.74 million. Stage 2: Upon achievement of the first operational integration milestone, SaverOne issues VisionWave ordinary shares representing 19.99% of SaverOne’s outstanding share capital (fully diluted), in exchange for VisionWave common stock valued at approximately $2.74 million. Stage 3: Upon achievement of a commercial or defense pilot milestone, SaverOne issues VisionWave ordinary shares representing 11.02% of SaverOne’s outstanding share capital (fully diluted) resulting in VisionWave owning approximately 51% of SaverOne in exchange for VisionWave common stock valued at approximately $1.51 million. The number of VisionWave shares of common stock issued in each stage is determined based on a five-day VWAP immediately preceding the applicable closing. Additional Provisions The Exchange Agreement also includes, among other things: ● Board representation rights for VisionWave at SaverOne ● Registration rights for resale of VisionWave shares of common stock ● Use-of-proceeds covenants tied to RF platform development ● Value-protection mechanisms subject to Nasdaq compliance ● Mutual non-competition provisions within the defined field of use The transaction remains subject to milestone certifications, regulatory approvals, and customary closing conditions. At the close of stage 1 of the agreement, the Company issued 365,610 shares valued at $2,723,792 to SaverOne in exchange for 148,584 shares of SaverOne. During the three months ended March 31, 2026, the Company purchased an additional 17,569 shares of SaverOne costing $49,824 for a shareholding in SaverOne of 22.20% at March 31, 2026. SaverOne is accounted for as an equity method investment at March 31, 2026, pursuant to ASC 323. The Company determined that the value protection mechanism liability has a value of $0 at March 31, 2026 as it is assessed on a stage-by-stage basis and stage 1 did not trigger a liability. The investment in SaverOne of $2,773,616 is included in Equity method investments on the March 31, 2026 unaudited condensed consolidated balance sheet. In addition, the Company issued the corresponding 156,686 to management at the Stage 1 Closing pursuant to Schedule 1.7 of the January 26, 2026 Agreement, including the applicable portion of the $3 million pool (39.1877%).The total fair value of the shares of $1,167,311 at issuance date was included in stock based compensation on the accompanying unaudited condensed consolidated statements of operations.

7000000

2740000

1510000

365610

2723792

148584

17569

49824

2773616

1167311

Note 7 — Note Receivable Advance to C.M. Composite Materials Ltd On December 26, 2025, the Company advanced principal in the amount of $398,245 to C.M. Composite Materials Ltd., an Israeli corporation (“CM”). In connection with the advance, CM delivered a Promissory Note to the Company (the “CM Note”). The CM Note has a 24-month maturity, with the outstanding principal due and payable on December 31, 2027, unless repaid earlier. The CM Note does not bear interest unless an event of default occurs, in which case interest accrues at a rate of 5% per annum, or the maximum rate permitted by applicable law, if lower. The CM Note may be prepaid at any time without premium or penalty. The CM Note is a stand-alone financial obligation and is not contingent upon the completion of any acquisition, merger, or other strategic transaction. On January 22, 2026, the Company entered into an additional Promissory Note with CM for an amount of $200,000 to CM (the “Second Note”). The Second Note has a 24-month maturity, with the outstanding principal due and payable on January 30, 2028, unless repaid earlier. The Second Note does not bear interest unless an event of default occurs, in which case interest accrues at a rate of 5% per annum, or the maximum rate permitted by applicable law, if lower. The Second Note may be prepaid at any time without premium or penalty. The proceeds of the Note were funded on January 26, 2026. The Second Note constitutes a binding and enforceable obligation of CM. The Note is a stand-alone financial obligation and is not contingent upon the completion of any acquisition, merger, or other strategic transaction. On February 4, 2026, the Company entered into an additional Promissory Note with CM for an amount of $500,000 (the “Third Note”). The Third Note has a 24-month maturity, with the outstanding principal due and payable on December 31, 2027, unless repaid earlier. The Third Note does not bear interest unless an event of default occurs, in which case interest accrues at a rate of 5% per annum, or the maximum rate permitted by applicable law, if lower. The Third Note may be prepaid at any time without premium or penalty. The proceeds of the Third Note were funded on February 4, 2026. The Third Note constitutes a binding and enforceable obligation of CM. The Third Note is a stand-alone financial obligation and is not contingent upon the completion of any acquisition, merger, or other strategic transaction. The note was satisfied from funding pursuant to the funding agreement with Stanley Hills, LLC (See Note 2). In February 2026, CM entered into a settlement agreement with a vendor who alleged failure to meet contractual obligation in the sum of approximately 12 million Israeli Shekels following a failed motion to appoint a receiver by that said vendor. Pursuant to the agreement, CM is expected to make monthly payments to liquidate the obligation and regular court appearances. The Company evaluated the current financial position of CM and determined that there is not an increased credit risk nor is the collectability of the CM Note uncertain, due to past profitability of CM. The CM Notes described herein remain fully enforceable regardless of whether any contemplated transaction is completed. At March 31, 2026, total advances to C.M. Composite Materials Ltd. of $1,098,245 is included in notes receivable on the unaudited condensed consolidated balance sheets. Side Letter Agreement On March 11, 2026, the Company entered into a Side Letter with C.M., Giza Zinger Even Mezzanine, Limited Partnership (“Giza”), and Matania (Mati) Moskovitch. This Side Letter supplements and addresses obligations under the Company’s previously disclosed Investment and Share Purchase Agreement (SPA) and Loan Agreement, both dated February 20, 2026. Under the Side Letter, the Company acknowledges an existing settlement agreement between Giza, Mati, and CM, and agrees that CM’s performance and payments under that settlement do not constitute a breach or event of default under the SPA or Loan Agreement. Pursuant to the Side Letter, the Company has irrevocably committed to providing aggregate funding of at least $5.0 million to CM. This funding commitment is specifically allocated as $1.5 million for working capital and $3.5 million for the establishment and operation of a new facility outside of Israel. Additionally, the agreement requires that CM’s activities outside Israel must be conducted directly by CM rather than through subsidiaries, unless those entities are pledged to Giza. Until CM’s obligations to Giza are fully satisfied, the Company has agreed not to exercise its conversion rights under the Loan Agreement (the Note) to convert amounts into equity of CM without Giza’s prior written consent. Furthermore, the parties agreed not to take actions that would result in the dilution of CM’s shareholders, including the issuance of new equity, options, warrants, or convertible securities. The Side Letter also stipulates that any shares of the Company to be issued to the shareholder (Mati) in connection with the SPA will be deposited with an approved Israeli trustee. These shares will be held in a dedicated securities account in Israel for the purpose of securing CM’s obligations to Giza. As stated in Note 18, pursuant to the Investment and Share Purchase Agreement, the Company agreed to provide loans to the Target Company as additional consideration under the Share Purchase Agreement. The Loan Agreement provides for a secured loan facility in an aggregate principal amount of up to $5,000,000 (the “Commitment”). The Company is obligated to make an initial advance of up to $1,500,000 within ten (10) Business Days following the Effective Date (subject to satisfaction of conditions precedent), to be used for general working capital purposes consistent with the Target Company’s ordinary course of business. Subsequent advances of the remaining up to $3,500,000 may be made in one or more tranches upon mutual written agreement of the parties, solely for working capital or the establishment and operation of a new facility outside Israel, with each tranche subject to the Company’s reasonable approval and minimum amounts (generally not less than $250,000 unless otherwise agreed). Proceeds of subsequent advances are to be used exclusively to operate, develop, certify, market, and commercialize the Target Company’s technologies and products in global markets, including the United States. The advances were made pursuant to a promissory note with a 24-month maturity, bearing no interest unless an event of default occurs (then at 5% per annum or the lower legal maximum), prepayable without penalty, and not contingent on any acquisition or strategic transaction. Any loan pursuant to the Loan Agreement will bear simple interest at 12% per annum (or such lower rate as mutually agreed in writing, but not exceeding prevailing market rates for similar loans as determined in good faith by the Company), calculated on a 360-day year basis for actual days elapsed. The loan will mature three (3) years after the Effective Date. The obligations under the Loan Agreement are secured by a first-priority security interest in substantially all assets of the Target Company (including accounts, inventory, equipment, general intangibles, intellectual property, and proceeds thereof). During the three months ended March 31, 2026, the Company advanced to the Target a total of $2,378,000 which is included in note receivable at March 31, 2026 on the unaudited condensed consolidated balance sheets. For the three and six months ended March 31, 2026, interest income of $13,851 and $0 is accrued and included in interest income on the unaudited condensed consolidated statements of operations.

398245

0.05

200000

0.05

500000

0.05

1098245

5000000.0 As stated in Note 18, pursuant to the Investment and Share Purchase Agreement, the Company agreed to provide loans to the Target Company as additional consideration under the Share Purchase Agreement. The Loan Agreement provides for a secured loan facility in an aggregate principal amount of up to $5,000,000 (the “Commitment”). The Company is obligated to make an initial advance of up to $1,500,000 within ten (10) Business Days following the Effective Date (subject to satisfaction of conditions precedent), to be used for general working capital purposes consistent with the Target Company’s ordinary course of business. Subsequent advances of the remaining up to $3,500,000 may be made in one or more tranches upon mutual written agreement of the parties, solely for working capital or the establishment and operation of a new facility outside Israel, with each tranche subject to the Company’s reasonable approval and minimum amounts (generally not less than $250,000 unless otherwise agreed). Proceeds of subsequent advances are to be used exclusively to operate, develop, certify, market, and commercialize the Target Company’s technologies and products in global markets, including the United States.

2378000

13851

Note 8 — Property and Equipment, Net Property and equipment, net consisted of the following at March 31, 2026 and September 30, 2025: <table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--PropertyPlantAndEquipmentTextBlock_z0VufFLTsR58" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and Equipment, Net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Computer Equipment</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zyvPH2mRm8Lf" style="width: 12%; text-align: right" title="Total property and equipment">60,341</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20250930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_ze5oEaMq4Ich" style="width: 12%; text-align: right" title="Total property and equipment">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Drones</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DronesMember_zYmypeo4pc83" style="border-bottom: Black 1pt solid; text-align: right" title="Total property and equipment">7,122</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20250930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DronesMember_zieFi5vXj1J" style="border-bottom: Black 1pt solid; text-align: right" title="Total property and equipment">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total cost</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20260331_zsApgE0RFJ31" style="text-align: right" title="Total property and equipment">67,463</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20250930_z9mB9CJHfHc3" style="text-align: right" title="Total property and equipment">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20260331_zI5VJMgBbzA5" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(7,342</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20250930_zwIVjctmN5qi" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right" title="Accumulated depreciation">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20260331_zjUtSL3KoTr7" style="border-bottom: Black 2.5pt double; text-align: right" title="Property and equipment, net">60,121</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20250930_zQgdSR2X37m1" style="border-bottom: Black 2.5pt double; text-align: right" title="Property and equipment, net">—</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense was $5,360 and $0 for the three months ended March 31, 2026 and 2025, respectively, and $7,342 and $0 for the six months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and September 30, 2025, $360,000 and $0 deposit on boat purchase is included in other non-current assets on the accompanying unaudited condensed consolidated balance sheets.

<table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--PropertyPlantAndEquipmentTextBlock_z0VufFLTsR58" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and Equipment, Net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Computer Equipment</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zyvPH2mRm8Lf" style="width: 12%; text-align: right" title="Total property and equipment">60,341</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20250930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_ze5oEaMq4Ich" style="width: 12%; text-align: right" title="Total property and equipment">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Drones</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DronesMember_zYmypeo4pc83" style="border-bottom: Black 1pt solid; text-align: right" title="Total property and equipment">7,122</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20250930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DronesMember_zieFi5vXj1J" style="border-bottom: Black 1pt solid; text-align: right" title="Total property and equipment">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total cost</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20260331_zsApgE0RFJ31" style="text-align: right" title="Total property and equipment">67,463</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_iI_c20250930_z9mB9CJHfHc3" style="text-align: right" title="Total property and equipment">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20260331_zI5VJMgBbzA5" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(7,342</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20250930_zwIVjctmN5qi" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right" title="Accumulated depreciation">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20260331_zjUtSL3KoTr7" style="border-bottom: Black 2.5pt double; text-align: right" title="Property and equipment, net">60,121</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20250930_zQgdSR2X37m1" style="border-bottom: Black 2.5pt double; text-align: right" title="Property and equipment, net">—</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

60341

7122

67463

7342

60121

5360

7342

360000

Note 9 — Asset Acquisitions Solar Drone On December 3, 2025, the Company entered into a Share Purchase Agreement (the “Solar Drone Agreement”) with BladeRanger Ltd., a company organized under the laws of Israel and listed on the Tel Aviv Stock Exchange under the ticker “BLRN” (“BladeRanger”), and, solely for purposes of acknowledgment and certain covenants therein, Solar Drone Ltd., an Israeli corporation engaged in the development of solar-powered drone technology (the “Solar Drone”). On December 15, 2025, the Company entered into Amendment No. 1 to the Solar Drone Agreement to provide that, in consideration for all of the issued and outstanding shares of Solar Drone, the Company shall issue and deliver to BladeRanger (or its designee(s)) 1,500,000 shares of the Company’s common stock (the “Company Shares”) valuated at $11,700,000 and 300,000 Pre-Funded Common Stock Purchase Warrants (the “Initial PFWs”) valued at $2,340,000. Further, the Company has agreed that if the average daily volume-weighted average price (“VWAP”) of the Company’s common stock for the five Trading Day period immediately preceding the date of effectiveness of the registration statement registering the resale of the Company Shares is less than $12.00 per share, Pre-Funded Common Stock Purchase Warrants (the “Pre-Funded Warrants”) to purchase a number of additional shares of the Company’s common stock (the “Warrant Shares”) equivalent to the difference between $21,600,000 and the aggregate value of the Company Shares based on such VWAP, such that the aggregate consideration has a value of $21,600,000. The Company has determined that the value of these contingent Warrant Shares was $0 at acquisition date and March 31, 2026. The Company evaluated this acquisition under ASC 805, Business Combinations. ASC 805 requires that an acquirer determine whether it has acquired a business. If the criteria of ASC 805 are met, a transaction would be accounted for as a business combination and the purchase price is allocated to the respective net assets and liabilities assumed based on their fair values and a determination is made whether any goodwill results from the transaction. The Company concluded that the acquired set of assets did not meet the US GAAP definition of a business as substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets and consequently accounted for the purchase as an asset acquisition. The Company allocated the total consideration transferred on the date of the acquisition to the assets and liabilities acquired on a relative fair value basis. The following table summarizes the acquisition date fair value of the assets acquired and the liabilities assumed: <table cellpadding="0" cellspacing="0" id="xdx_89F_ecustom--ScheduleOfFairValueOfTheAssetsAcquiredAndTheLiabilitiesAssumedTableTextBlock_zrfspESuG4vg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Asset Acquisition (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> Schedule of fair value of the assets acquired and the liabilities assumed</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20260331__us-gaap--RelatedPartyTransactionAxis__custom--AcquisitionFairValueMember_zG66MKzhNV4e" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amounts Recognized as of Acquisition Date</td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_z1dcUXNKxaY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Total Consideration</td> <td style="width: 10%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 18%; text-align: right">14,040,000</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_znfeBRfXfyF" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">119,135</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_zN8oChyKDqL8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other Receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">831</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentFixedAssets_iI_zPtuw5xbGkx8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Fixed Assets (a)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,387</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssets_iI_zOqKSHzikVs" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Intangible assets (b)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,029,591</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherPayables_iI_zEnQKAOhG3n4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other Payables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,582</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDueToRelatedParty_iI_zDe84tOjvA9l" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Due to related party (c)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(100,362</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_z1sdyCMsjd5k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net assets acquired</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,040,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (a) Fixed asset consists primarily of drones and computer equipment acquired by the Company. The fair value of fixed assets was estimated to equal the replacement cost. (b) Intangible assets consist of intellectual property related drone technology and are recorded at estimated fair values based on the allocation of the total consideration transferred on the date of the acquisition to the assets and liabilities acquired on a relative fair value basis. (See Note 10). (c) Intercompany balance with VisionWave Holdings Inc. eliminated in consolidation. QuantumSpeed On January 5, 2026, the Company entered into an Asset Purchase Agreement with Adrian Holdings S.R.L. to acquire all right, title, and interest in specific intellectual property assets related to QuantumSpeed technology. The acquired assets will be assigned to QuantumSpeed Inc., a wholly-owned subsidiary of the Company. The aggregate consideration for the intellectual property consists of a $10 million promissory note (the “Adrian Note”) and up to 10,000,000 shares of the Company’s common stock. Upon closing, the Company issued 3,000,000 shares of common stock valued at $28,710,000 and executed the $10 million Adrian Note. The issuance of the remaining 7,000,000 shares with a fair value of $66,900,000 is contingent upon receiving shareholder approval, as required by Nasdaq listing rules. The Company is obligated to use commercially reasonable efforts to obtain this approval no later than nine months following the closing date. The 7,000,000 shares were accounted for as equity and included in shares to be issued in asset acquisition on the accompanying unaudited condensed consolidated statements of changes in equity (deficit). If shareholder approval is not obtained within the nine-month period, the Company is required to transfer 60% of its equity interest in QuantumSpeed Inc. back to the seller, free and clear of all encumbrances. In such an event, the seller’s security interest in the equity would be released, and the seller would retain full ownership of the initial 3,000,000 closing shares and the $10 million promissory note. No alternative consideration will be provided in lieu of the unissued contingent share. The Company evaluated this acquisition under ASC 805, Business Combinations. ASC 805 requires that an acquirer determine whether it has acquired a business. If the criteria of ASC 805 are met, a transaction would be accounted for as a business combination and the purchase price is allocated to the respective net assets and liabilities assumed based on their fair values and a determination is made whether any goodwill results from the transaction. The Company concluded that the acquired asset did not meet the US GAAP definition of a business as substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset and consequently accounted for the purchase as an asset acquisition. The Company allocated the total consideration transferred on the date of the acquisition to the single intellectual property acquired on a relative fair value basis. The following table summarizes the acquisition date fair value of the asset acquired: <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock_zzoEpLE7cBY9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Asset Acquisition (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20251231__us-gaap--RelatedPartyTransactionAxis__custom--QuantumSpeedMember_zLk6UeUxkUY5" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amounts Recognized as of Acquisition Date</td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_zcR1lHdKQxvb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Total Consideration</td> <td style="width: 10%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 18%; text-align: right">105,700,000</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--IntellectualPropertyQuantumspeed_iI_zmEBQs4rIvhd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Intellectual Property (QuantumSpeed)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">105,700,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-indent: -10pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_zULuZ0R0ZKr6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Asset acquired</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">105,700,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

On December 15, 2025, the Company entered into Amendment No. 1 to the Solar Drone Agreement to provide that, in consideration for all of the issued and outstanding shares of Solar Drone, the Company shall issue and deliver to BladeRanger (or its designee(s)) 1,500,000 shares of the Company’s common stock (the “Company Shares”) valuated at $11,700,000 and 300,000 Pre-Funded Common Stock Purchase Warrants (the “Initial PFWs”) valued at $2,340,000. Further, the Company has agreed that if the average daily volume-weighted average price (“VWAP”) of the Company’s common stock for the five Trading Day period immediately preceding the date of effectiveness of the registration statement registering the resale of the Company Shares is less than $12.00 per share, Pre-Funded Common Stock Purchase Warrants (the “Pre-Funded Warrants”) to purchase a number of additional shares of the Company’s common stock (the “Warrant Shares”) equivalent to the difference between $21,600,000 and the aggregate value of the Company Shares based on such VWAP, such that the aggregate consideration has a value of $21,600,000. The Company has determined that the value of these contingent Warrant Shares was $0 at acquisition date and March 31, 2026. <table cellpadding="0" cellspacing="0" id="xdx_89F_ecustom--ScheduleOfFairValueOfTheAssetsAcquiredAndTheLiabilitiesAssumedTableTextBlock_zrfspESuG4vg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Asset Acquisition (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> Schedule of fair value of the assets acquired and the liabilities assumed</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20260331__us-gaap--RelatedPartyTransactionAxis__custom--AcquisitionFairValueMember_zG66MKzhNV4e" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amounts Recognized as of Acquisition Date</td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_z1dcUXNKxaY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Total Consideration</td> <td style="width: 10%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 18%; text-align: right">14,040,000</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_znfeBRfXfyF" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">119,135</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_zN8oChyKDqL8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other Receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">831</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentFixedAssets_iI_zPtuw5xbGkx8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Fixed Assets (a)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,387</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssets_iI_zOqKSHzikVs" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Intangible assets (b)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,029,591</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherPayables_iI_zEnQKAOhG3n4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other Payables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,582</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDueToRelatedParty_iI_zDe84tOjvA9l" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Due to related party (c)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(100,362</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_z1sdyCMsjd5k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net assets acquired</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,040,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (a) Fixed asset consists primarily of drones and computer equipment acquired by the Company. The fair value of fixed assets was estimated to equal the replacement cost. (b) Intangible assets consist of intellectual property related drone technology and are recorded at estimated fair values based on the allocation of the total consideration transferred on the date of the acquisition to the assets and liabilities acquired on a relative fair value basis. (See Note 10). (c) Intercompany balance with VisionWave Holdings Inc. eliminated in consolidation.

14040000

119135

831

8387 14029591 -17582 -100362

14040000

10000000

3000000

28710000

7000000 66900000

3000000

<table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock_zzoEpLE7cBY9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Asset Acquisition (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20251231__us-gaap--RelatedPartyTransactionAxis__custom--QuantumSpeedMember_zLk6UeUxkUY5" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amounts Recognized as of Acquisition Date</td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_zcR1lHdKQxvb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Total Consideration</td> <td style="width: 10%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 18%; text-align: right">105,700,000</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--IntellectualPropertyQuantumspeed_iI_zmEBQs4rIvhd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Intellectual Property (QuantumSpeed)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">105,700,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-indent: -10pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_zULuZ0R0ZKr6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Asset acquired</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">105,700,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

105700000

Note 10 — Intangible Assets As noted in Notes 9, on December 15, 2025 and January 5, 2026, the Company acquired intellectual property from the acquisition of Solar Drone and QuantumSpeed, respectively. Solar Drone is a drone-based industrial technology platform providing automated cleaning and inspection solutions for utility-scale solar installations and high-voltage electrical infrastructure. The core asset is a proprietary, field-proven drone system that replaces manual, ground-based, and helicopter-based maintenance with autonomous drone operations, improving energy output, safety, and operational reliability while reducing costs and downtime. QuantumSpeed is currently in a proof-of-concept and system architecture phase, where core mathematical, algorithmic, and architectural principles have been defined and validated at a prototype level. At acquisition dates, the fair value of Solar Drone intellectual property was $14,029,591 and the fair value of QuantumSpeed intellectual property was $105,700,000. <table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_zIJ2DAd4Bpdk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Intangible Assets (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of fair value of intellectual property</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Estimated Useful Life (years)</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 46%; text-align: left; text-indent: -10pt">Intellectual property</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">5</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331_z3DbA5mI3R1e" style="width: 11%; text-align: right" title="Intellectual property">119,729,591</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20250930_zvVfZA7D5in5" style="width: 11%; text-align: right" title="Intellectual property">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331_z4q8H6Lt7hI9" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated amortization">(5,813,804</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20250930_zEcz4Lh5dxjd" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right" title="Accumulated amortization">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331_zvKSAp3yeyZ2" style="border-bottom: Black 2.5pt double; text-align: right" title="Net book value">113,915,787</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20250930_zkeM2dNwHK31" style="border-bottom: Black 2.5pt double; text-align: right" title="Net book value">—</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amortization of the intangible asset during the three and six months ended March 31, 2026 was $5,696,891 and $5,813,804, respectively, and there were no amortization during the three and six months ended March 31, 2025. The future amortization of the intangible asset is as follows: <table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ziqY4hCvkuo2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Intangible Assets (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> Schedule of future amortization of the intangible asset </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20260331_zzR1Oev4r7Dh" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: left">Fiscal Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_zvHjEzpaCATg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 52%; text-align: left; text-indent: -10pt">Remainder of 2026</td><td style="width: 1%; text-align: left"> </td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 35%; text-align: right">11,972,959</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_zlAvp2lHAEY" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_zmLSGwbYjFC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_zLyJXWgPalUa" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_z0VWtEOvVbBc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2030</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_zEZl2f1kEb0h" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Thereafter</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,159,156</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_zsyZhIPUwVt3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total unamortized intangible assets</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113,915,787</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

14029591

105700000

<table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_zIJ2DAd4Bpdk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Intangible Assets (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of fair value of intellectual property</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Estimated Useful Life (years)</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 46%; text-align: left; text-indent: -10pt">Intellectual property</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">5</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331_z3DbA5mI3R1e" style="width: 11%; text-align: right" title="Intellectual property">119,729,591</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20250930_zvVfZA7D5in5" style="width: 11%; text-align: right" title="Intellectual property">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331_z4q8H6Lt7hI9" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated amortization">(5,813,804</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20250930_zEcz4Lh5dxjd" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right" title="Accumulated amortization">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331_zvKSAp3yeyZ2" style="border-bottom: Black 2.5pt double; text-align: right" title="Net book value">113,915,787</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20250930_zkeM2dNwHK31" style="border-bottom: Black 2.5pt double; text-align: right" title="Net book value">—</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P5Y

119729591

-5813804

113915787

5696891

5813804

<table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ziqY4hCvkuo2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Intangible Assets (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> Schedule of future amortization of the intangible asset </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20260331_zzR1Oev4r7Dh" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: left">Fiscal Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_zvHjEzpaCATg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 52%; text-align: left; text-indent: -10pt">Remainder of 2026</td><td style="width: 1%; text-align: left"> </td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 35%; text-align: right">11,972,959</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_zlAvp2lHAEY" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_zmLSGwbYjFC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_zLyJXWgPalUa" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_z0VWtEOvVbBc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2030</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,945,918</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_zEZl2f1kEb0h" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Thereafter</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,159,156</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_zsyZhIPUwVt3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total unamortized intangible assets</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113,915,787</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

11972959

23945918

6159156

113915787

Note 11 — Accounts Payable and Accrued Expenses Accounts payable and accrued liabilities consist of the following as of March 31, 2026 and September 30, 2025: <table cellpadding="0" cellspacing="0" id="xdx_883_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zZ5EZKQ2glIk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts Payable and Accrued Expenses (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Accounts payable and accrued liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260331_zLMo0nR0RCz4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20250930_zvV2hfbSetyh" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr id="xdx_405_ecustom--UnderwritersMarketingFee_iI_zza0QNHclKY1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Underwriter’s marketing fee (See Note 17)</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,800,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,800,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableCurrent_iI_zMvcmeMRfBG" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Vendors payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,353,790</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">939,192</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_zfn6sSj4CS92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued compensation expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">187,001</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">359,667</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FranchiseTaxPayable_iI_zjIO1IGb3eGb" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Franchise tax payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">367,323</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">267,323</td> <td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--InsurancePremiumFinancing_iI_zv31Twck52sj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Insurance premium financing</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,957</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71,851</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued_iI_z9UWM5Jeq9lh" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">545,713</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">49,914</td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableOtherCurrent_iI_zZmDsRNeKkT2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Other payables and accrued expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13,133</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">429,887</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_z0vGIyR0n0r" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,284,917</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,917,834</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_883_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zZ5EZKQ2glIk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts Payable and Accrued Expenses (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Accounts payable and accrued liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260331_zLMo0nR0RCz4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20250930_zvV2hfbSetyh" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr id="xdx_405_ecustom--UnderwritersMarketingFee_iI_zza0QNHclKY1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Underwriter’s marketing fee (See Note 17)</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,800,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,800,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableCurrent_iI_zMvcmeMRfBG" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Vendors payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,353,790</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">939,192</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_zfn6sSj4CS92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued compensation expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">187,001</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">359,667</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FranchiseTaxPayable_iI_zjIO1IGb3eGb" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Franchise tax payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">367,323</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">267,323</td> <td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--InsurancePremiumFinancing_iI_zv31Twck52sj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Insurance premium financing</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,957</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71,851</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued_iI_z9UWM5Jeq9lh" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">545,713</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">49,914</td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableOtherCurrent_iI_zZmDsRNeKkT2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Other payables and accrued expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13,133</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">429,887</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_z0vGIyR0n0r" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,284,917</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,917,834</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1800000 1800000

1353790

939192

187001

359667

367323 267323 17957 71851

545713

49914

13133

429887

4284917

3917834

Note 12 — Excise Tax Payable On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a 1% federal excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. On December 27, 2022, the Treasury published Notice 2023-2, which provided clarification on some aspects of the application of the excise tax. The notice generally provides that if a publicly traded U.S. corporation completely liquidates and dissolves, distributions in such complete liquidation and other distributions by such corporation in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not subject to the excise tax. Although such notice clarifies certain aspects of the excise tax, the interpretation and operation of aspects of the excise tax (including its application and operation with respect to SPACs) remain unclear and such interim operating rules are subject to change. Because the application of this excise tax is not entirely clear, any redemption or other repurchase effected by the Company, in connection with a Business Combination, extension vote or otherwise, may be subject to this excise tax. Because any such excise tax would be payable by the Company and not by the redeeming holders, it could cause a reduction in the value of the Company’s Class A common stock, cash available with which to effectuate a Business Combination or cash available for distribution in a subsequent liquidation. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any PIPE or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination, but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. During the second quarter of 2024, the Internal Revenue Service issued final regulations with respect to the timing and payment of the excise tax. These regulations provided that the filing and payment deadline for any liability incurred during the period from January 1, 2023 to December 31, 2023 would be October 31, 2024. Any amount of such excise tax not paid in full, will be subject to additional interest and penalties which are currently estimated at 8% interest per annum, a 0.5% underpayment penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full, and a failure to file penalty of 5% per month. Prior to the consummation of the Reverse Acquisition, Bannix’s common stockholders exercised their right to redeem their shares for a pro rata portion of the funds in Bannix’s Trust Account. As a result of these redemptions, Bannix estimated the excise tax liability and applicable interest and penalties pursuant to the IR Act. At the consummation of the Reverse Acquisition, $888,332 of excise tax liability, inclusive of excise tax interest and penalties, is assumed. For the three months ended March 31, 2026 and 2025, $26,207 and $0, respectively of interest and penalties is estimated on the excise tax balance and included in general and administrative expenses on the unaudited condensed consolidated statements of operations. For the six months ended March 31, 2026 and 2025, $59,821 and $0, respectively, of interest and penalties is estimated on the excise tax balance and included in general and administrative expenses on the unaudited condensed consolidated statements of operations. As of March 31, 2026 and September 30, 2025, $1,002,860 and $943,039 of excise tax liabilities, respectively, inclusive of interest and penalties is recorded in the unaudited condensed consolidated balance sheets.

888332

26207

59821

1002860 943039 Note 13 — Promissory Notes Evie Autonomous LTD Prior to the consummation of the Reverse Acquisition, Bannix issued unsecured promissory notes to Evie Autonomous LTD (“Evie”) with a principal amount of $1,003,995 (the “Evie Autonomous Extension Notes”). The Evie Autonomous Extension Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of Bannix’s initial Business Combination, or (b) the date of Bannix’s liquidation. On December 26, 2024 and amended on May 27, 2025, Bannix entered into an agreement to defer payment of the Evie Autonomous Extension Notes. Under the deferment agreement, these amounts will not become payable until any Pre-Paid Advance issued in connection with the SEPA is repaid in full (See Note 19). The balance of $1,003,995 was assumed at the close of the Reverse Acquisition. As of March 31, 2026 and September 30, 2025, the balance of $1,003,995, owing to Evie is reported as promissory notes – Evie on the accompanying unaudited condensed consolidated balance sheets. YA II PN On February 26, 2026, VisionWave Holdings Inc. (the “Company”) entered into a Letter Agreement (the “Letter Agreement”) with YA II PN, Ltd. (the “Investor”), pursuant to which the Investor agreed to provide the Company with a $20,000,000 senior loan (the “Loan”) on the terms and conditions set forth therein. The Loan is evidenced by a Promissory Note (the “YA II PN Note”) in the original principal amount of $20,000,000, bearing 0% interest per annum (increasing to 18% upon an Event of Default as defined therein). The Note was issued at an original issue discount of 15%, resulting in gross proceeds to the Company of $17,000,000 (prior to deduction of a $25,000 structuring and due diligence fee), or $16,975,000 net cash received. The YA II PN Note matures 12 months from issuance and requires monthly amortization payments of $2,500,000 of principal (plus a 2% Payment Premium on such principal amount) beginning on the 60th day following issuance and continuing on the same day of each successive month thereafter until maturity (each an “Installment Date”). The Company may satisfy any Installment Amount in cash or, at its election, by delivering an Advance Notice under the Company’s existing Standby Equity Purchase Agreement dated July 25, 2025, as amended (the “SEPA”), subject to a 30-day repayment waterfall in favor of the Investor. The Company has the right to optionally redeem all or any portion of the outstanding principal at any time at 105% of the principal amount redeemed plus accrued and unpaid interest. Upon an uncured Event of Default, the Investor may convert all or any portion of the outstanding principal, accrued interest, and other amounts due into Common Stock at a conversion price equal to 90% of the lowest daily VWAP during the 10 consecutive Trading Days immediately prior to the conversion date, subject to a 4.99% beneficial ownership blocker, and a floor price. Concurrently with the issuance of the YA II PN Note, the Company issued to the Investor a warrant (the “Warrant”) to purchase 1,333,333 shares of Common Stock at an exercise price of $9.00 per share, exercisable for a term of five years from issuance. The obligations under the Note are guaranteed by each subsidiary of the Company pursuant to a Global Guaranty Agreement. The Letter Agreement contains customary representations, warranties, covenants (including restrictions on variable rate transactions, additional indebtedness without consent, and use of proceeds), and events of default. The Company is not required to register the shares issuable upon conversion of the Note but has agreed to register the shares issuable upon exercise of the Warrant. The Investor has demand registration rights covering all shares of common stock underlying the Note. Upon written demand, the Company must file a resale registration statement within 45 calendar days, use commercially reasonable efforts to cause it to become effective promptly, and address any Rule 415 limitations through pro-rata reductions and successive filings as necessary. In addition, the Company shall, at its sole cost and expense, file with the SEC on or before the date that is 90 calendar days after the closing date file a registration statement on Form S-1 registering the resale of all of the shares of common stock issuable upon exercise of the Warrant (the “Warrant Registration Statement”). The Company shall use its commercially reasonable efforts to cause the Warrant Registration Statement to be declared effective as soon as practicable after the filing thereof. The registration statement was filed on April 16, 2026. Total debt issuance cost of $10,411,665 includes the $3,000,000 OID, $25,000 legal fees and $6,986,665 warrants value at issuance date and $400,000 payment premium. Debt issuance cost is amortized over the term of the Note using the effective interest rate method. During the three months ended March 31, 2026, $780,461 was repaid on the YA II PN Note. For the three months and six months ended March 31, 2026, total amortized debt issuance cost of $1,727,334 and $1,727,334 was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. At March 31, 2026 and September 30, 2025, the balance of the YA II PN Notes of $10,935,208 and $0, respectively, recorded in promissory notes - YA II PN on the accompanying unaudited condensed consolidated balance sheets, includes $8,684,331 and $0, respectively of unamortized debt issuance cost. Adrian Note As stated in Note 9, on January 5, 2026, the Company issued a $10 million promissory note pursuant to the Adrian Asset Purchase Agreement (the “Adrian Note”). The loan accrues interest at a rate of 12% per annum with a 1% reduction in the interest rate for every $1,000,000 of payment. The loan matures on January 5, 2027. For the three and six months ended March 31, 2026 and 2025, interest expense of $279,452 on the Adrian Note is included in interest expense on the accompanying unaudited condensed consolidated statements of operations. At March 31, 2026, the balance of the Adrian Note of $10,000,000 is included in loan payable on the accompanying unaudited condensed consolidated balance sheet.

1003995

1003995 On February 26, 2026, VisionWave Holdings Inc. (the “Company”) entered into a Letter Agreement (the “Letter Agreement”) with YA II PN, Ltd. (the “Investor”), pursuant to which the Investor agreed to provide the Company with a $20,000,000 senior loan (the “Loan”) on the terms and conditions set forth therein. The Loan is evidenced by a Promissory Note (the “YA II PN Note”) in the original principal amount of $20,000,000, bearing 0% interest per annum (increasing to 18% upon an Event of Default as defined therein). The Note was issued at an original issue discount of 15%, resulting in gross proceeds to the Company of $17,000,000 (prior to deduction of a $25,000 structuring and due diligence fee), or $16,975,000 net cash received.

2500000

1333333

9.00

10411665

25000

6986665 780461

1727334

279452

10000000

Note 14 — Warrants As stated in Note 13, concurrently with the issuance of the YA II PN Note, the Company issued to the Investor the Warrant to purchase 1,333,333 shares of Common Stock at an exercise price of $9.00 per share, exercisable for a term of five years from issuance. The Company accounted for the Warrant in accordance with the guidance contained in ASC 815 whereby under that provision these warrants met the criteria for equity treatment. As such, these warrants are recorded at fair value at issuance date. The Company utilized a Monte Carlo Simulation model to estimate the fair values of the February 26, 2026 of the Warrants, which incorporated significant inputs that were not observable in the market, and thus represents a Level 3 measurement as defined in ASC 820. The unobservable inputs utilized for measuring the fair value of the contingent consideration reflect management’s own assumptions about the assumptions that market participants would use in valuing the contingent consideration. The Company determined the fair value by using the below key inputs to the Monte Carlo Simulation Model. <table cellpadding="0" cellspacing="0" id="xdx_89D_eus-gaap--ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock_zqCJ7Q7qfs98" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details )"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of fair value of key inputs to the Monte Carlo Simulation Model</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">February 26, 2026</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-indent: -10pt">Stock Price</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_983_eus-gaap--SharePrice_iI_c20260226_zyugBFKRSM4b" style="width: 18%; text-align: right" title="Stock Price">7.96</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Exercise Price</td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20260226_z0Bd6cGnECz6" style="text-align: right" title="Exercise Price">9.00</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73.0</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk free rate of return</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.54</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to maturity (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.00</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to financing (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.50</td> <td style="text-align: left"> </td></tr> </table> The fair value of the Warrants on February 26, 2026 of $6,986,665, was included as debt issuance cost related to the YA II PN Notes (See Note 13).

1333333

<table cellpadding="0" cellspacing="0" id="xdx_89D_eus-gaap--ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock_zqCJ7Q7qfs98" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details )"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of fair value of key inputs to the Monte Carlo Simulation Model</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">February 26, 2026</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-indent: -10pt">Stock Price</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_983_eus-gaap--SharePrice_iI_c20260226_zyugBFKRSM4b" style="width: 18%; text-align: right" title="Stock Price">7.96</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Exercise Price</td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20260226_z0Bd6cGnECz6" style="text-align: right" title="Exercise Price">9.00</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73.0</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk free rate of return</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.54</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to maturity (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.00</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to financing (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.50</td> <td style="text-align: left"> </td></tr> </table>

7.96

9.00

0.730

3.54

P5Y

P2Y6M

6986665

Note 15 — Related Party Transactions Due to Related Parties Prior to the consummation of the Reverse Acquisition, Bannix entered into various transactions with related parties to fund working capital needs. A total of $<span id="xdx_90B_eus-gaap--IncreaseDecreaseInDueToRelatedParties_c20251001__20260331__us-gaap--RelatedPartyTransactionAxis__custom--BannixClassACommonStockMember_z9HviIxQ47xi" title="Due to Related Parties">2,124,212 owing to these related parties was assumed at the close of the Reverse Acquisition. The following table summarizes the related party balances as of March 31, 2026, and September 30, 2025, <table cellpadding="0" cellspacing="0" id="xdx_884_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zdMex2T4u7Q7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Related Party Transactions (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Due to Related Parties</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Suresh Yezhuvath</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_981_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SureshYezhuvathMember_zwxBN0O182X6" style="width: 12%; text-align: right" title="Due to related parties">223,960</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_988_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SureshYezhuvathMember_zeURw4JwCXo5" style="width: 12%; text-align: right" title="Due to related parties">223,960</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Instant Fame and affiliated parties (1)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PromissoryNotesMember_ztAAojk7Z9uc" style="text-align: right" title="Due to related parties">840,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PromissoryNotesMember_zHmO6Ck1wbu2" style="text-align: right" title="Due to related parties">840,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Stanley Hills (3)(4)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StanleyHillsMember_zO318CpXJqyk" style="text-align: right" title="Due to related parties">785,252</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StanleyHillsMember_zxDQdOjot9D6" style="text-align: right" title="Due to related parties">785,252</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued executive compensation (2)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccruedExecutiveCompensationMember_zEBOou3AnqUi" style="text-align: right" title="Due to related parties">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccruedExecutiveCompensationMember_zgHmdHshyDeh" style="text-align: right" title="Due to related parties">250,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Anat Attia</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98E_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AnatAttiaMember_zYCsEE9QiHp9" style="border-bottom: Black 1pt solid; text-align: right" title="Due to related parties">251,104</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AnatAttiaMember_zB4wuRA0rfo" style="border-bottom: Black 1pt solid; text-align: right" title="Due to related parties">335,280</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98C_ecustom--DueRelatedParties_iI_c20260331_zXdMhaaYPtJc" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties">2,100,316</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_986_ecustom--DueRelatedParties_iI_c20250930_zaIScyLbJUzh" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties">2,434,492</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (1) Instant Fame and affiliated parties Represents unsecured promissory note issued by Bannix on December 13, 2022 in favor of Instant Fame, in the principal amount of $690,000. In March and April 2023, Bannix issued additional unsecured promissory notes to Instant Fame for $75,000 for each promissory note. (2) Accrued executive compensation Represents compensation expense owing to executives. At the close of the reverse acquisition $220,000 and $55,000 were owed to Doug Davis and Erik Klinger, respectively. At September 30, 2025, $180,000, $25,000 and $45,000 were owed to Doug Davis, Noam Kenig and Erik Klinger, respectively (3) Transfer of balances During the year ended September 30, 2025, upon agreement by and amount the related parties, $235,333 of balances owing to Bannix Management LLP and $4,737 of balances of Subash Menon was transferred to Stanley Hills and $200,000 of balances owed to Subash Menon was transferred to Suresh Yezhuvath. (4) VisionWave Technologies related party transactions Stanley Hills, LLC, a corporation wholly owned by Anat Attia, paid the entire company expenses for VisionWave Technologies Inc., as well as funded the Company’s bank and brokerage accounts, on behalf of the Company. On April 8, 2025, with an effective date of March 31, 2025 and as amended on May 20, 2026, the Company entered into a Funding Support Agreement with Stanley Hills, LLC (“Stanley Hills”), the principal shareholder of VisionWave Technologies. Pursuant to the agreement, Stanley Hills irrevocably and unconditionally committed to provide financial support to the Company, sufficient to fund the working capital needs through February 17, 2027. The funding may be provided by Stanley Hills in the form of direct payments to third parties, advances or intercompany loans, or capital contributions, as mutually determined by the parties. Unless otherwise agreed in writing, any such advances will be non-interest bearing and repayable only at such time as determined by the Board of Directors, and only to the extent such repayment would not impair the Company’s liquidity or ability to continue as a going concern. The agreement may not be terminated by Stanley Hills prior to the twelve-month period from the date of release of the financial statement. On January 19, 2026, the Company and Yorkville Advisors amended the SEPA to provide that the prepaid advance would no longer constitute an advance under the SEPA but instead be evidenced by stand-alone promissory notes. During the three and six month ended March 31, 2026, Stanley Hills provided funding of $500,000 to the Company. During the three and six months ended March 31, 2026, the Company made a partial payment of $500,000 to Stanley Hills, LLC, respectively; the deferral agreement remains in effect and was not amended, and Yorkville Advisors has not delivered any notice of default under the SEPA or the related promissory notes. During the three and six months ended March 31, 2026, a total of $500,000 and $270,000 was repaid on the Stanley Hill and Anat Attia balances, respectively. During the three and six months ended March 31, 2026, Anat Attia paid $81,824 of expenses on behalf of the Company and advanced the Company $100,000. As of March 31, 2026 and September 30, 2025, the balance of $785,252 owing to Stanley Hills, LLC is included in due to related parties on the unaudited condensed consolidated balance sheets. As of March 31, 2026 and September 30, 2025, the balance of $251,104 and $335,280, respectively, owing to Anat Attia is included in due to related parties on the unaudited condensed consolidated balance sheets. Due from related party During the year ended September 30, 2025, the Company advanced against compensation $120,000 to the Executive Chairman and acting CEO. For the three and six months ended March 31, 2026, the Company advanced to that executive an additional $0 and $27,500 against compensation, respectively. As of March 31, 2026 and September 30, 2025, $147,500 and $120,000 is advanced against compensation to the executive Chairman and acting CEO and reported in due from related party balance on the unaudited condensed consolidated balance sheets, respectively.

2124212

<table cellpadding="0" cellspacing="0" id="xdx_884_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zdMex2T4u7Q7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Related Party Transactions (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Due to Related Parties</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Suresh Yezhuvath</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_981_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SureshYezhuvathMember_zwxBN0O182X6" style="width: 12%; text-align: right" title="Due to related parties">223,960</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_988_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SureshYezhuvathMember_zeURw4JwCXo5" style="width: 12%; text-align: right" title="Due to related parties">223,960</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Instant Fame and affiliated parties (1)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PromissoryNotesMember_ztAAojk7Z9uc" style="text-align: right" title="Due to related parties">840,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PromissoryNotesMember_zHmO6Ck1wbu2" style="text-align: right" title="Due to related parties">840,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Stanley Hills (3)(4)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StanleyHillsMember_zO318CpXJqyk" style="text-align: right" title="Due to related parties">785,252</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StanleyHillsMember_zxDQdOjot9D6" style="text-align: right" title="Due to related parties">785,252</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued executive compensation (2)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccruedExecutiveCompensationMember_zEBOou3AnqUi" style="text-align: right" title="Due to related parties">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccruedExecutiveCompensationMember_zgHmdHshyDeh" style="text-align: right" title="Due to related parties">250,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Anat Attia</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98E_ecustom--DueToRelatedParties_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AnatAttiaMember_zYCsEE9QiHp9" style="border-bottom: Black 1pt solid; text-align: right" title="Due to related parties">251,104</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_ecustom--DueToRelatedParties_iI_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AnatAttiaMember_zB4wuRA0rfo" style="border-bottom: Black 1pt solid; text-align: right" title="Due to related parties">335,280</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98C_ecustom--DueRelatedParties_iI_c20260331_zXdMhaaYPtJc" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties">2,100,316</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_986_ecustom--DueRelatedParties_iI_c20250930_zaIScyLbJUzh" style="border-bottom: Black 2.5pt double; text-align: right" title="Due to related parties">2,434,492</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

223960 223960 840000 840000 785252 785252 250000 251104 335280 2100316 2434492

690000

75000

Represents compensation expense owing to executives. At the close of the reverse acquisition $220,000 and $55,000 were owed to Doug Davis and Erik Klinger, respectively. At September 30, 2025, $180,000, $25,000 and $45,000 were owed to Doug Davis, Noam Kenig and Erik Klinger, respectively During the year ended September 30, 2025, upon agreement by and amount the related parties, $235,333 of balances owing to Bannix Management LLP and $4,737 of balances of Subash Menon was transferred to Stanley Hills and $200,000 of balances owed to Subash Menon was transferred to Suresh Yezhuvath.

500000

500000 270000

81824

251104

335280

120000

147500

120000

Note 16 — Convertible Notes Payable Securities Purchase Agreements On July 15, 2025, the Company entered into Securities Purchase Agreements (the “July 2025 SPAs”) with two unaffiliated accredited investors (“July 2025 Lenders”), pursuant to which the Company issued promissory notes (the “July 2025 Notes”) to the July 2025 Lenders in the aggregate principal amount of $354,200, which includes an aggregate original issue discount of $46,200, for a purchase price of $308,000. The Company incurred an additional $8,000 in fees related to this transaction which is capitalized as part of the debt issuance cost and amortized over the term of the July 2025 Notes. The July 2025 Notes bear interest at a one-time charge of 12% applied on the issuance date, mature on May 15, 2026, and is repayable in five monthly payments commencing January 15, 2026. The July 2025 Notes are convertible into shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), solely upon an event of default, at a conversion price equal to 75% of the lowest trading price during the ten trading days prior to conversion. The Company also entered into an irrevocable transfer agent instructions letter with its transfer agent in connection with the July 2025 Notes. The proceeds from the issuances of the July 2025 Notes were used for general working capital purposes. The July 2025 Lenders have piggyback registration rights and have agreed not to engage in short sales of the Company’s common stock during the term of the July 2025 Notes. The July 2025 Notes include customary representations, warranties, covenants, and default provisions. The Company may prepay the July 2025 Notes within the first 180 days. The loan pursuant to the July 2025 Notes closed and funded on July 17, 2025. During the three and six months ended March 31, 2026, the Company repaid $147,644 and $297,528, respectively on the July 2025 Notes. For the three months ended March 31, 2026 and 2025, total amortized debt issuance cost of $16,293 and $0 was included in interest expense on the accompanying unaudited condensed consolidated statements of operations, respectively. For the six months ended March 31, 2026 and 2025 total amortized debt issuance cost of $32,586 and $0 was included in interest expense on the accompanying unaudited condensed consolidated statements of operations, respectively. For the three months ended March 31, 2026 and 2025, total interest expense $12,751 and $0 was included in interest expense on the accompanying unaudited condensed consolidated statements of operations, respectively. For the six months ended March 31, 2026 and 2025, total interest expense $25,502 and $0 was included in interest expense on the accompanying unaudited condensed consolidated statements of operations, respectively. At March 31, 2026 and September 30, 2025, the balance of the July Notes of $43,795 and $308,737, respectively, recorded in convertible notes payable on the accompanying unaudited condensed consolidated balance sheets, includes $12,877 and $45,463, respectively of unamortized debt issuance cost. On October 6, 2025, the Company entered into a Securities Purchase Agreement (the “October 2025 SPA”) with an unaffiliated accredited investor, pursuant to which the Company issued a promissory note (the “October 2025 Note”) to the investor in the aggregate principal amount of $296,700, which includes an aggregate original issue discount of $38,700, for a purchase price of $258,000. The Company incurred an additional $8,000 in fees related to this transaction which is capitalized as part of the debt issuance cost and amortized over the term of the October 2025 Note. The October 2025 Note bear interest at a one-time charge of 12% applied on the issuance date, mature on July 30, 2026, and is repayable in five monthly payments commencing March 30, 2026. The October 2025 Note is convertible into shares of the Company’s common stock, par value $0.01 per share, solely upon an event of default, at a conversion price equal to 75% of the lowest trading price during the ten trading days prior to conversion. The Company also entered into an irrevocable transfer agent instructions letter with its transfer agent in connection with the October 2025 Note. The proceeds from the issuances of the October 2025 Note were used for general working capital purposes. The October 2025 investor have piggyback registration rights and have agreed not to engage in short sales of the Company’s common stock during the term of the October 2025 Note. The October 2025 Note include customary representations, warranties, covenants, and default provisions. The Company may prepay the October 2025 Notes within the first 180 days. For the three ended March 31, 2026 and 2025, total amortized debt issuance cost of $14,012 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. For the six months ended March 31, 2026 and 2025, total amortized debt issuance cost of $28,024 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. For the three and six months ended March 31, 2026 and 2025, total interest expense $10,681 and $0, respectively, and $24,693 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. At March 31, 2026 and September 30, 2025, the balance of the October Notes of $<span id="xdx_90D_eus-gaap--ConvertibleNotesPayable_iI_c20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__us-gaap--DebtMember_zUTQ0nj3i978" title="Convertible notes payable">111,871 and $<span id="xdx_906_eus-gaap--ConvertibleNotesPayable_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__us-gaap--DebtMember_zxcXeCBsY73g" title="Convertible notes payable">0, respectively, recorded in convertible notes payable on the accompanying unaudited condensed balance sheets, includes $<span id="xdx_902_eus-gaap--UnamortizedDebtIssuanceExpense_iI_c20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__us-gaap--DebtMember_z87KBygM5TSl" title="Unamortized debt issuance cost">18,677 and $<span id="xdx_908_eus-gaap--UnamortizedDebtIssuanceExpense_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__us-gaap--DebtMember_zIG3PgZUdoJ4" title="Unamortized debt issuance cost">0, respectively of unamortized debt issuance cost. On November 12, 2025, the Company entered into a Securities Purchase Agreement (the “November 2025 SPA”) with an unaffiliated accredited investor, pursuant to which the Company issued a promissory note (the “November 2025 Note”) to the November 2025 investor in the aggregate principal amount of $354,200, which includes an aggregate original issue discount of $46,200, for a purchase price of $308,000. The Company incurred an additional $8,000 in fees related to this transaction which is capitalized as part of the debt issuance cost and amortized over the term of the November 2025 Note. The November 2025 Note bear interest at a one-time charge of 12% applied on the issuance date, mature on September 15, 2026, and is repayable in five monthly payments commencing May 15, 2026. The November 2025 Note is convertible into shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), solely upon an event of default, at a conversion price equal to 75% of the lowest trading price during the ten trading days prior to conversion. The Company also entered into an irrevocable transfer agent instructions letter with its transfer agent in connection with the November 2025 Notes. The proceeds from the issuances of the November 2025 Notes were used for general working capital purposes. The investor has piggyback registration rights and have agreed not to engage in short sales of the Company’s common stock during the term of the November 2025 Note. The November 2025 Note include customary representations, warranties, covenants, and default provisions. The Company may prepay the November 2025 Note within the first 180 days. For the three and six months ended March 31, 2026 and 2025, total amortized debt issuance cost of $17,533 and $0, respectively, and $24,174 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. For the three and six months ended March 31, 2026 and 2025, total interest expense $12,751 and $0, respectively, and $23,909 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. At March 31, 2026 and September 30, 2025, the balance of the November Notes of $<span id="xdx_900_eus-gaap--ConvertibleNotesPayable_iI_c20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--Debt1Member_zOuE85OKczfb" title="Convertible notes payable">324,174 and $<span id="xdx_904_eus-gaap--ConvertibleNotesPayable_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--Debt1Member_zUAkCY4XIhlc" title="Convertible notes payable">0, respectively, recorded in convertible notes payable on the accompanying balance sheets, includes $<span id="xdx_90C_eus-gaap--UnamortizedDebtIssuanceExpense_iI_c20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--Debt1Member_z85iVqKBDnt8" title="Unamortized debt issuance cost">30,026 and $<span id="xdx_90F_eus-gaap--UnamortizedDebtIssuanceExpense_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--Debt1Member_zliR6SZMBxa3" title="Unamortized debt issuance cost">0, respectively of unamortized debt issuance cost. Standby Equity Purchase Agreement - Pre-Paid Advance In connection with the SEPA (See Note 19), and subject to the condition set forth therein, the Investor advanced to the Company in the form of convertible promissory notes (the “Convertible Notes”) an aggregate principal amount of $5.0 million (the “Pre-Paid Advance”). The first Pre-Paid Advance was disbursed on July 25, 2025 with respect to $3.0 million and the balance of $2.0 million was disbursed on September 11, 2025 upon the registration statement registering the resale of the shares of common stock issuable under the SEPA being declared effective. The purchase price for the Pre-Paid Advance is 94% of the principal amount of the Pre-Paid Advance. Interest shall accrue on the outstanding balance of any Pre-Paid Advance at an annual rate equal to 6.0%, subject to an increase to 18% upon an event of default as described in the Convertible Notes. The maturity date is 12-months after the closing of each tranche of the Pre-Paid Advance. The Investor may convert the Convertible Notes into shares of the Company’s common stock at a conversion price equal to the lower of $10.00 or 93% of the lowest daily VWAP during the five consecutive trading days immediately preceding the conversion (the “Conversion Price”), which in no event may the Conversion Price be lower than $1.00 (the “Floor Price”) provided, however, that the Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five (5) Trading Days immediately prior to the earlier of (i) date of effectiveness of the Registration Statement, (ii) the six-month anniversary of the date of the SEPA. Notwithstanding the foregoing, the Company may reduce the Floor Price to any amounts set forth in a written notice to the Holder; provided that such reduction shall be irrevocable and shall not be subject to increase thereafter. In addition, upon the occurrence and during the continuation of an event of default, the Convertible Notes shall become immediately due and payable and the Company shall pay to the Investor the principal and interest due thereunder. In no event shall Investor be allowed to effect a conversion if such conversion, along with all other shares of common stock beneficially owned by Investor and its affiliates would exceed 4.99% of the outstanding shares of the common stock of the Company. If any time on or after the issuance of the Convertible Notes (i) the daily VWAP is less than the Floor Price for five trading days during a period of seven consecutive trading days (“Floor Price Trigger”), or (ii) the Company has issued in excess of 99% of the shares of common stock available under the Exchange Cap, where applicable ( “Exchange Cap Trigger” and collectively with the Floor Price Trigger, the “Trigger”), then the Company shall make monthly payments to Investor beginning on the seventh trading day after the Trigger and continuing monthly in the amount of $750,000 plus an 5.0% premium and accrued and unpaid interest. The Exchange Cap Trigger will not apply in the event the Company has obtained the approval from its stockholders in accordance with the rules of Nasdaq Stock Market for the issuance of shares of common stock pursuant to the transactions contemplated in the Convertible Note and the SEPA in excess of 19.99% of the aggregate number of shares of common stock issued and outstanding as of the effective date of the SEPA (the “Exchange Cap”). The Convertible Notes is a legal debt obligation with a variable-share conversion feature and the Company elected to account for the Convertible Notes at fair value under ASC 825. The Note remains a liability after issuance and the instrument is remeasured after initial recognition, with changes in fair value recognized in earnings each reporting period until settlement, modification, or extinguishment, consistent with the liability-classified model. As of March 31, 2026 and September 30, 2025, the par value of the notes was $5,000,000 and the fair value of the notes was $4,831,699 and $4,552,653, respectively. For the three months ended March 31, 2026 and 2025, total interest expense $75,616 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. For the six months ended March 31, 2026 and 2025, total interest expense $150,411 and $0 respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. January 2026 Notes On January 9, 2026, the Company issued promissory notes (the “January 2026 Notes”) to two investors in the aggregate principal amount of $354,200, which includes an aggregate original issue discount of $46,200, for a purchase price of $293,000. The Company incurred an additional $8,000 in fees related to this transaction which is capitalized as part of the debt issuance cost and amortized over the term of the January 2026 Notes. The January 2026 Notes bear interest at a one-time charge of 12% applied on the issuance date, mature on November 15, 2026, and is repayable in five monthly payments commencing July 15, 2026. The January 2026 Notes are convertible into shares of the Company’s common stock, par value $0.01 per share, solely upon an event of default, at a conversion price equal to 75% of the lowest trading price during the ten trading days prior to conversion. The Company also entered into an irrevocable transfer agent instructions letter with its transfer agent in connection with the January 2026 Notes. The proceeds from the issuances of the January 2026 Notes were used for general working capital purposes. The investors have piggyback registration rights and have agreed not to engage in short sales of the Company’s common stock during the term of the January 2026 Notes. The January 2026 Notes include customary representations, warranties, covenants, and default provisions. The Company may prepay the January 2026 Notes within the first 180 days. The Company evaluated the embedded conversion features and other terms of the January 2026 Notes under applicable accounting guidance, including ASC 815, Derivatives and Hedging. The conversion feature is exercisable solely upon an event of default and, accordingly, the Company concluded that bifurcation of the embedded conversion feature was not required as of issuance. The January 2026 Notes were therefore initially recorded at their principal amount, net of unamortized original issue discount and debt issuance costs. As the notes were not elected under the fair value option of ASC 825, the Company accounts for the January 2026 Notes at amortized cost and no recurring fair value measurement is required. For the three ended March 31, 2026 and 2025, total amortized debt issuance cost of $14,344 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. For the six months ended March 31, 2026 and 2025, total amortized debt issuance cost of $14,344 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. For the three and six months ended March 31, 2026 and 2025, total interest expense $10,626 and $0, respectively, and $10,626 and $0, respectively, was included in interest expense on the accompanying unaudited condensed consolidated statements of operations. At March 31, 2026 and September 30, 2025, the balance of the October Notes of $<span id="xdx_90D_eus-gaap--ConvertibleNotesPayable_iI_c20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--January2026NotesMember_zz5EU7b97Xxb" title="Convertible notes payable">314,344 and $<span id="xdx_900_eus-gaap--ConvertibleNotesPayable_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--January2026NotesMember_zRTdOoRRSEcg" title="Convertible notes payable">0, respectively, recorded in convertible notes payable on the accompanying balance sheets, includes $<span id="xdx_909_eus-gaap--UnamortizedDebtIssuanceExpense_iI_c20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--January2026NotesMember_zGRLR0CsWWvl" title="Unamortized debt issuance cost">39,856 and $<span id="xdx_90E_eus-gaap--UnamortizedDebtIssuanceExpense_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__us-gaap--FinancialInstrumentAxis__custom--January2026NotesMember_zmVKChBbtgEf" title="Unamortized debt issuance cost">0, respectively of unamortized debt issuance cost. The following table presents changes of the convertible notes with significant unobservable inputs (Level 3) for the three and six months ended March 31, 2026. <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--SignificantUnobservableInputsConvertibleDebtTableTextBlock_z6xMN56LkUS5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible Notes Payable (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of unobservable inputs of convertible notes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Convertible Notes</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Convertible Notes balance at September 30, 2025</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_989_eus-gaap--ConvertibleNotesPayable_iS_c20251001__20251231_z0mqSr2nSfQ1" style="width: 18%; text-align: right" title="Convertible notes beginning balance">4,552,653</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Change in fair value</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_c20251001__20251231_zCM1LwkpscP4" style="text-align: right" title="Change in fair value">286,680</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Convertible Notes balance at December 31, 2025</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--ConvertibleNotesPayable_iS_c20260101__20260331_zcy6QI0VqOy7" style="text-align: right" title="Convertible notes beginning balance">4,839,333</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Change in fair value</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_c20260101__20260331_z8pcEqeB4e6f" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(7,634</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Convertible Notes balance at March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98A_eus-gaap--ConvertibleNotesPayable_iE_c20260101__20260331_z9FlQ0y9Ihee" style="border-bottom: Black 2.5pt double; text-align: right" title="Convertible notes ending balance">4,831,699</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Convertible notes were valued using unobservable inputs that are not corroborated by market data (Level 3). The valuation is based on Monte Carlo Simulation to simulate weekly stock prices through maturity. The enterprise value is then allocated to each class of outstanding shares and convertible notes based on an option pricing model where the value for each class is driven by the current value and expected volatility of the underlying equity value. The key assumptions used to value the convertible notes as of March 31, 2026 and September 30, 2025: <table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--ConvertibleDebtTableTextBlock_zlnmjCyT9xB9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible Notes Payable (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of key assumptions used to value the convertible notes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-indent: -10pt">Stock Price</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_980_eus-gaap--StockholdersEquityOtherShares_c20251001__20260331_zSr04n0jvYWj" style="width: 12%; text-align: right" title="Stock Price">4.74</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_989_eus-gaap--StockholdersEquityOtherShares_c20241001__20250930_zJvl6C5aL2Kh" style="width: 12%; text-align: right" title="Stock Price">9.53</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Equity Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">59</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">52</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Discount Rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">45</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">41</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk free rate of return</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20251001__20260331__srt--RangeAxis__srt--MaximumMember_zhwduOpwh2zg" title="Risk free rate of return">3.67-<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20251001__20260331__srt--RangeAxis__srt--MinimumMember_zsDcM1oaQOJ2" title="Risk free rate of return">3.68 %</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.70</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to maturity (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20251001__20260331__srt--RangeAxis__srt--MaximumMember_zG9sWCzLcptb" title="Term to maturity (years)">0.32-<span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20251001__20260331__srt--RangeAxis__srt--MinimumMember_zge8z3nWvlCi" title="Term to maturity (years)">0.45</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.82</td> <td style="text-align: left"> </td></tr> </table> The following table presents balance of the convertible notes with significant unobservable inputs (Level 3) as of March 31, 2026 and September 30, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_495_20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebenturesMember_z7oorVZFDcKi" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebenturesMember_zq5l6ZWJjM2i" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr id="xdx_404_ecustom--ConvertibleNotesAtFairValue_iI_zNWAUTZMmUma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Convertible notes (at fair value)</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,831,699</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,552,653</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--JulyNotesAtAmortizedCost_iI_zeMwIeN3XKy3" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">July Notes (at amortized cost)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">43,795</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">308,737</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OctoberNoteAtAmortizedCost_iI_zHBwgWM1Q4Kg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">October Note (at amortized cost)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">111,871</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--NovemberNoteAtAmortizedCost_iI_zHrjcneI3atj" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">November Note (at amortized cost)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">324,174</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--January2026NoteAtAmortizedCost_iI_zi0jjx1K9Rih" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">January 2026 Note (at amortized cost))</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">314,344</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--BalanceConvertibleNotesPayable_iI_zLZZVQHi4Q81" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Balance, Convertible notes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">5,625,883</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,861,390</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

354200

46200 308000

8000

147644

297528

16293

32586

12751

25502

43795

308737

12877

45463

296700

38700 258000

8000

14012

28024

10681 0 24693 0

111871

18677

354200

46200 308000

8000

17533

24174

12751 0 23909 0

324174

30026

3000000.0

2000000.0

1.00

750000

0.050

5000000

4831699 4552653

75616

150411

354200 46200 293000 8000

14344

10626 0 10626 0

314344

39856

<table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--SignificantUnobservableInputsConvertibleDebtTableTextBlock_z6xMN56LkUS5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible Notes Payable (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of unobservable inputs of convertible notes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Convertible Notes</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Convertible Notes balance at September 30, 2025</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_989_eus-gaap--ConvertibleNotesPayable_iS_c20251001__20251231_z0mqSr2nSfQ1" style="width: 18%; text-align: right" title="Convertible notes beginning balance">4,552,653</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Change in fair value</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_c20251001__20251231_zCM1LwkpscP4" style="text-align: right" title="Change in fair value">286,680</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Convertible Notes balance at December 31, 2025</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--ConvertibleNotesPayable_iS_c20260101__20260331_zcy6QI0VqOy7" style="text-align: right" title="Convertible notes beginning balance">4,839,333</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Change in fair value</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_c20260101__20260331_z8pcEqeB4e6f" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(7,634</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Convertible Notes balance at March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98A_eus-gaap--ConvertibleNotesPayable_iE_c20260101__20260331_z9FlQ0y9Ihee" style="border-bottom: Black 2.5pt double; text-align: right" title="Convertible notes ending balance">4,831,699</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4552653

286680

4839333

-7634

4831699

<table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--ConvertibleDebtTableTextBlock_zlnmjCyT9xB9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible Notes Payable (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of key assumptions used to value the convertible notes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-indent: -10pt">Stock Price</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_980_eus-gaap--StockholdersEquityOtherShares_c20251001__20260331_zSr04n0jvYWj" style="width: 12%; text-align: right" title="Stock Price">4.74</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_989_eus-gaap--StockholdersEquityOtherShares_c20241001__20250930_zJvl6C5aL2Kh" style="width: 12%; text-align: right" title="Stock Price">9.53</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Equity Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">59</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">52</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Discount Rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">45</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">41</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk free rate of return</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20251001__20260331__srt--RangeAxis__srt--MaximumMember_zhwduOpwh2zg" title="Risk free rate of return">3.67-<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20251001__20260331__srt--RangeAxis__srt--MinimumMember_zsDcM1oaQOJ2" title="Risk free rate of return">3.68 %</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.70</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to maturity (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20251001__20260331__srt--RangeAxis__srt--MaximumMember_zG9sWCzLcptb" title="Term to maturity (years)">0.32-<span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20251001__20260331__srt--RangeAxis__srt--MinimumMember_zge8z3nWvlCi" title="Term to maturity (years)">0.45</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.82</td> <td style="text-align: left"> </td></tr> </table> The following table presents balance of the convertible notes with significant unobservable inputs (Level 3) as of March 31, 2026 and September 30, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_495_20260331__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebenturesMember_z7oorVZFDcKi" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20250930__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebenturesMember_zq5l6ZWJjM2i" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td></tr> <tr id="xdx_404_ecustom--ConvertibleNotesAtFairValue_iI_zNWAUTZMmUma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Convertible notes (at fair value)</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,831,699</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,552,653</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--JulyNotesAtAmortizedCost_iI_zeMwIeN3XKy3" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">July Notes (at amortized cost)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">43,795</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">308,737</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OctoberNoteAtAmortizedCost_iI_zHBwgWM1Q4Kg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">October Note (at amortized cost)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">111,871</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--NovemberNoteAtAmortizedCost_iI_zHrjcneI3atj" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">November Note (at amortized cost)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">324,174</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--January2026NoteAtAmortizedCost_iI_zi0jjx1K9Rih" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">January 2026 Note (at amortized cost))</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">314,344</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--BalanceConvertibleNotesPayable_iI_zLZZVQHi4Q81" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Balance, Convertible notes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">5,625,883</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,861,390</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4.74

9.53

0.59

0.52

0.45

0.41

0.0367

0.0368

0.0370

P0Y3M25D

P0Y5M12D

P0Y9M25D

4831699 4552653 43795 308737 111871 324174 314344 5625883 4861390 Note 17 — Underwriter’s Agreement Upon completion of the initial public offering of Bannix IPO, the underwriters are entitled to a deferred underwriting discount of $225,000, solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Additionally, the underwriters are entitled to a Business Combination marketing fee of 3.5% of the gross proceeds of the sale of Units in the IPO upon the completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement. At the close of the Reverse Acquisition, the Company assumed $225,000 of underwriting discount which is included in deferred underwriting discount on the accompanying unaudited condensed consolidated balance sheets at March 31, 2026 and September 30, 2025. The amount is due on demand but payable only after the repayment of the SEPA Pre-paid Advances (See Note 19). On June 9, 2025, Bannix entered into an amendment to the underwriting agreement. Pursuant to the amendment, payments of the Business Combination marketing fee will be modified as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">$500,000 shall be paid in cash, deferred until the later of (i) twelve (12) months after closing or (ii) the date when a key financing facility of the post-combination company is fully equitized.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">$1,300,000 shall be paid in shares of the post-combination company’s common stock, calculated based on the 30-day VWAP immediately following the closing date. These shares will be subject to piggyback registration rights and a lock-up that expires upon the termination or full amortization of the referenced financing facility.</td></tr></table> At the close of the Reverse Acquisition, the Company assumed $1,800,000 of marketing fees costs which is included in accounts payable and accrued expenses on the accompanying unaudited condensed consolidated balance sheets at March 31, 2026 and September 30, 2025. In addition, Bannix issued the underwriter (and/or its designees) (the “Representative”) 393,000 shares of Common Stock for $0.01 per share (the “Representative Shares”) upon the consummation of the Bannix IPO. A balance of $3,930 outstanding by the Representative for the Representative Shares were assumed at close at the Reverse Acquisition. As of March 31, 2026 and September 30, 2025, the Representative has not yet paid for these shares, and the amount owed of $3,930 is included in prepaid expenses on the unaudited condensed consolidated balance sheets. 225000 0.035 225000 500000 1300000

1800000

393000

3930

Note 18 — Commitment and Contingencies Standby Equity Purchase Agreement On July 25, 2025, the Company entered into the Standby Equity Purchase Agreement (“SEPA”) with YA II PN, LTD, a Cayman Islands exempt limited partnership (the “Investor”) pursuant to which the Company has the right to sell to the Investor up to $50 million of its shares of common stock, subject to certain limitations and conditions set forth in the SEPA, from time to time during the term of the SEPA, from time to time during the term of the SEPA. Upon the satisfaction of the conditions to the Investor’s purchase obligation set forth in the SEPA, including having a registration statement registering the resale of the shares of common stock issuable under the SEPA declared effective by the SEC, the Company will have the right, but not the obligation, from time to time at its discretion until the SEPA is terminated to direct Investor to purchase a specified number of shares of common stock (“Advance”) by delivering written notice to Investor (“Advance Notice”). While there is no mandatory minimum amount for any Advance, it may not exceed an amount equal to 100% of the average of the daily traded amount during the five consecutive trading days immediately preceding an Advance Notice. The shares of common stock purchased pursuant to an Advance delivered by the Company will be purchased at a price equal to 97% of the lowest daily VWAP of the shares of common stock during the three consecutive trading days commencing on the date of the delivery of the Advance Notice, other than the daily VWAP on a day in which the daily VWAP is less than a minimum acceptable price as stated by the Company in the Advance Notice or there is no VWAP on the subject trading day. The Company may establish a minimum acceptable price in each Advance Notice below which the Company will not be obligated to make any sales to Investor. “VWAP” is defined as the daily volume weighted average price of the shares of common stock for such trading day on the Nasdaq Stock Market during regular trading hours as reported by Bloomberg L.P. In connection with the SEPA, and subject to the condition set forth therein, Investor advanced to the Company in the form of convertible promissory notes (the “Convertible Notes”) an aggregate principal amount of $5 million (the “Pre-Paid Advance”) (See Note 17). The Investor, in its sole discretion and providing that there is a balance remaining outstanding under the Convertible Notes, may deliver a notice under the SEPA requiring the issuance and sale of shares of common stock to the Investor at the Conversion Price in consideration of an offset of the Convertible Notes (“Investor Advance”). The Investor, in its sole discretion, may select the amount of any Pre-Paid Advance, provided that the number of shares issued does not cause the Investor to exceed the 4.99% ownership limitation, does not exceed the Exchange Cap or the number of shares of common stock that are registered. As a result of a Pre-Paid Advance, the amounts payable under the Convertible Notes will be offset by such amount subject to each Investor Advance. The Company will control the timing and amount of any sales of shares of common stock to the Investor, except with respect to the Pre-Paid Advances. Actual sales of shares of common stock to the Investor as a Pre-Paid Advance under the SEPA will depend on a variety of factors to be determined by the Company from time to time, which may include, among other things, market conditions, the trading price of the Company’s common stock and determinations by the Company as to the appropriate sources of funding for our business and operations. The SEPA will automatically terminate on the earliest to occur of (i) the 24-month anniversary of the date of the SEPA or (ii) the date on which the Investor shall have made payment of Advances pursuant to the SEPA for shares of common stock equal to $50,000,000. The Company has the right to terminate the SEPA at no cost or penalty upon five (5) trading days’ prior written notice to the Investor, provided that there are no outstanding Advance Notices for which shares of common stock need to be issued and the Company has paid all amounts owed to the Investor pursuant to the Convertible Notes. The Company and the Investor may also agree to terminate the SEPA by mutual written consent. Neither the Company nor the Investor may assign or transfer our respective rights and obligations under the SEPA, and no provision of the SEPA may be modified or waived by us or Investor other than by an instrument in writing signed by both parties. As consideration for the Investor’s commitment to purchase the shares of common stock pursuant the SEPA, the Company paid the Investor, (i) a structuring fee in the amount of $30,000 and (ii) 200,000 shares of common stock as an equity fee. Further, the Company is required to pay Investor a commitment fee of $500,000 of which $250,000 shall be due and payable on the earlier of the effective date of the initial registration statement, or 60 days following the date hereof and the remaining $250,000 shall be due and payable on the date that is 90 days following the initial due date to be paid by the issuance of such number of common shares that is equal to the applicable portion of the commitment fee divided by the average of the daily VWAPs of the common shares during the three trading days immediately prior to the applicable due date. The total consideration of $1,350,000 is recorded as general and administrative expenses in the statement of operations for the year ended September 30, 2025 and is inclusive of fair value of $470,000 of the 200,000 shares issued and $350,000 consulting fees. At March 31, 2026 and September 30, 2025, $140,000 of the commitment fee is unpaid and included in accrued expenses on the accompanying unaudited condensed consolidated balance sheets. The SEPA contains customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. The net proceeds under the SEPA to the Company will depend on the frequency and prices at which the Company sells its shares of common stock to Investor. The Company expects that any proceeds received from such sales to Investor will be used for working capital and general corporate purposes. The SEPA fails the fixed-for-fixed equity classification test due to the Exchange Cap requiring shareholder approval, which constitutes a variable settlement contingency outside the issuer’s control. Therefore, equity classification under ASC 815-40 is precluded, and the SEPA must be accounted for as a liability (or derivative liability, as applicable). While the SEPA has an underlying (the issuer’s stock price) and a notional amount (the $50 million commitment), it does not meet the third characteristic of a derivative because it requires more than a nominal initial net investment (e.g., the $5 million Pre-Paid Advance in two tranches and related fees). Therefore, the SEPA does not meet the definition of a derivative under ASC 815-10-15-83. Accordingly, the SEPA should be recorded as nonderivative liability requiring ongoing fair value remeasurement. As of March 31, 2026 and September 30, 2025, based on management assumptions the SEPA liability was zero. Amendment to SEPA On January 19, 2026, the Company entered into an amendment to the Standby Equity Purchase Agreement, dated as of July 25, 2025 (the “SEPA Amendment No. 1”), by and between the Company and YA II PN, Ltd. (the “Investor”). The Amendment amends the SEPA to, among other things: (i) remove the Investor’s ability to deliver Investor Notices, which previously allowed the Investor to require the Company to issue and sell shares of Common Stock to the Investor in offset of amounts outstanding under the Promissory Notes; (ii) modify the conditions under which an amortization event may occur, providing that no amortization event shall be deemed to have occurred due to a Registration Event ( prior to July 15, 2026 (the “Rule 144 Date”), and after the Rule 144 date, no such amortization event shall occur so long as the Company remains current on its filings with the Securities and Exchange Commission (the “SEC”) and the Investor is able to rely on Rule 144 under the Securities Act of 1933, as amended, to resell shares of Common Stock issuable under the Promissory Notes; (iii) cancel the Investor’s obligation to fund an additional $2,000,000 in principal amount to the Company as set forth in a letter agreement dated September 11, 2025, between the Company and the Investor (provided that subsequent fundings on the same or different terms may be mutually agreed by the parties in the future and documented in writing); and (iv) require the Company to use its best efforts to promptly respond to comments from the staff of the SEC regarding the Company’s initial Registration Statement on Form S-1 (File No. 333-289952) and seek effectiveness of such Registration Statement as soon as reasonably practicable. During the three and six months ended March 31, 2026, the Company issued 233,678 shares under the SEPA for total proceeds of $1,760,672, of which $780,462 was applied to the YA II PN Notes (See Note 13). Joint Venture On August 25, 2025, the Company entered into a Strategic Joint Venture Agreement (the “AIPHEX Agreement”) with AIPHEX LTD (“AIPHEX”), GBT Tokenize Corp. (“TOKENIZE”), and GBT Technologies, Inc. (“GBT”). Pursuant to the AIPHEX Agreement, the parties agreed to form a joint venture limited liability company in the State of Nevada (the “JV LLC”) for the purpose of collaborating on certain designated defense and technology projects (the “Designated Projects and Background IP”). The Company does not intend to pursue this agreement but to date of this report has not formalized a cancellation. Memorandum of Understanding On September 2, 2025, the Company entered into a Memorandum of Understanding (the “MoU”) with VEDA Aeronautics Private Limited (“VEDA”), a company incorporated under the Companies Act, 2013, of India. Pursuant to the MoU, the Company and VEDA intend to collaborate on several Indian Ministry of Defense (“MoD”) procurement programs (the “Programs”), including but not limited to: (a) Drone Kill System (Make-2) – interceptor drone development; (b) ALTV (New Generation Light Tank) – 357 tanks, with Company subsystems proposed as onboard modules; (c) FRCV (Main Battle Tank Program) – 1,770 main battle tanks; and (d) T72/T90 Retrofit Program for tanks. Under the MoU, VEDA has invited the Company to supply and develop core subsystems, including counter-UAS systems, tactical drones, radar technologies, advance protection systems (APS) systems, sensor fusion technologies, and unmanned platforms for defense and homeland security applications. The parties intend to collaborate in technical proposals, demonstrations, and joint pursuit of contracts for these Programs. The Company does not intend to pursue this MOU but to date of this report has not formalized a cancellation. Contingent Commission Payable On May 22, 2025, VisionWave Technologies executed an Addendum to an existing agreement, pursuant to which Raptor LLC was appointed as exclusive sales agent for 280,534 TFLM shares (See Note 20) and Raptor LLC will be entitled to a fixed fee of $50,000, payable from the gross proceeds of the share sale of the TFLM shares. As of March 31, 2026, no sale of the TFLM shares has occurred, and VisionWave Technologies has not granted the required power of attorney over its brokerage account to enable such sales. Accordingly, the commission obligation to Raptor LLC is considered contingent. Consulting Agreement On September 26, 2025, the Company entered into a Consulting Agreement (the “CTMG Agreement”) with Crypto Treasury Management Group, LLC (“CTMG”), pursuant to which CTMG will provide advisory and strategic services to assist the Company in establishing a digital asset treasury reserve. The services include, among other things, developing a crypto treasury strategy, recommending custodians, designing staking protocols (if applicable), assisting with capital formation in collaboration with a licensed securities underwriter, and supporting regulatory and tax compliance efforts. The CTMG Agreement has an initial term of two years, subject to earlier termination under certain conditions, including for convenience with 60 days’ notice or for material breach. In consideration for the services, the Company has agreed to pay CTMG: (i) a retainer fee of $50,000 upon signing, which was pre-paid as an advance on September 24, 2025, with an additional $50,000 due upon execution of binding definitive agreements related to the crypto treasury transaction; (ii) a success fee of 17 Bitcoin (or cash equivalent) upon successful deployment of at least $20 million into crypto assets for the Company’s treasury; and (iii) 250,000 shares of the Company’s common stock upon closing of the crypto treasury transaction, subject to SEC Rule 144 restrictions and inclusion in future registration statements where applicable. The Company will also reimburse CTMG for pre-approved reasonable expenses. For the three and six months ended March 31, 2026, no additional costs were incurred under this agreement. The Company does not intend to pursue this agreement due to market changes, but to date of this report has not formalized a cancellation Litigation From time to time, the Company may be subject to routine litigation, claims or disputes in the ordinary course of business. The Company defends itself vigorously in all such matters but cannot predict the outcome or effect of any potential litigation, claims or disputes. Better Works LLC On September 5, 2025, Better Works LLC filed an action in the Supreme Court of the State of New York, New York County, captioned Better Works LLC v. VisionWave Holdings, Inc. and Douglas E. Davis, Index No. 655268/2025. The Summons with Notice asserts claims for breach of contract and seeks (i) a declaratory judgment regarding affiliate status and the applicability or expiration of certain lock-up provisions relating to private-placement units exchanged in connection with the Company’s business combination, (ii) injunctive relief permitting the plaintiff to sell such units, and (iii) monetary damages in an amount to be determined. Service of process addressed to VisionWave’s Delaware registered agent was recorded as received on September 9, 2025. On September 30, 2025, counsel for the Company and Mr. Davis served a demand for the complaint pursuant to CPLR 3012(b), expressly reserving all defenses, including objections to service and personal jurisdiction. As of the date of this Report, no complaint has been served on the defendants. The Company believes the asserted claims are without merit and intends to defend the matter vigorously. Maxim Group LLC On April 17, 2026, Maxim Group LLC filed a complaint against VisionWave Holdings, Inc. in the Supreme Court of the State of New York, County of New York, alleging breach of contract and seeking damages related to certain financing transactions completed by the Company in July 2025 and February 2026 pursuant to an engagement agreement dated April 9, 2025. Maxim alleges entitlement to placement fees and declaratory relief in connection with financings involving YA II PN, Ltd., a fund managed by Yorkville Advisors Global, LP. The action includes claims for alleged unpaid fees of approximately $1.33 million, declaratory relief concerning alleged tail rights and rights of first refusal, attorneys’ fees, interest, and other relief. The action was filed under an unassigned New York County index number as of the filing date. The Company believes the asserted claims are without merit and intends to defend the matter vigorously. Also on April 17, 2026, the Company filed a separate action against Maxim Group LLC in the Supreme Court of the State of New York, County of New York, asserting claims for breach of contract, declaratory judgment, and unjust enrichment. The Company alleges, among other things, that Maxim did not identify or place the relevant financing transactions, was not entitled to compensation under the parties’ agreement, and wrongfully invoiced the Company for fees related to the July 2025 and February 2026 financings. The Company seeks, among other relief, repayment of approximately $210,000 previously paid to Maxim, rescission of an additional invoice of approximately $1.4 million, declaratory relief regarding the parties’ rights under the agreement, damages, restitution, interest, and costs. The Company believes Maxim’s claims are without merit and intends to vigorously defend against them while aggressively pursuing its own claims. This action was also filed under an unassigned New York County index number as of the filing date. At this early stage of the proceedings, the Company is unable to reasonably estimate the ultimate outcome or potential loss, if any, associated with these matters. Pre-litigation disputes with former employees The Company is involved in certain pre-litigation disputes with former employees, former executives, and other individuals associated with the Company arising primarily from organizational changes implemented following the departure of the Company’s former Chief Executive Officer in late December 2025. Such matters include allegations relating to severance, unpaid compensation, notice-period pay, equity awards, and related contractual and employment matters. Certain individuals have asserted claims through counsel, and the parties have engaged in correspondence and preliminary settlement discussions. The Company disputes the allegations and claims asserted in these matters and intends to vigorously defend its positions. As of the date of this Quarterly Report, no formal lawsuits, arbitrations, or other legal proceedings have been filed with respect to these matters. Due to the early stage of these disputes, the absence of formal proceedings, and the inherent uncertainty surrounding such matters, the Company is unable to reasonably estimate the possible loss or range of loss, if any, that may result from these matters. Accordingly, no liability has been accrued in the accompanying condensed consolidated financial statements. Except as described above, the Company is not a party to any other pending legal proceedings that management believes, individually or in the aggregate, would have a material adverse effect on the Company’s business, financial condition, or results of operations. AI Infrastructure Agreement On October 5, 2025, the Company entered into an Order Form (the “ PVML Agreement”) with PVML Ltd., a Tel Aviv–based provider of secure data-AI infrastructure. The Agreement establishes a strategic collaboration to integrate PVML’s secure, real-time data-AI infrastructure with the Company’s radar and AI-driven computer-vision technologies to enable secure, autonomous mission-data systems for defense and homeland-security applications. The terms of the PVML Agreement include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">The initial term is twelve (12) months, automatically renewable for successive one-year periods unless either party gives 60-days’ prior notice of non-renewal.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">The Company will pay total consideration of $600,000, consisting of (i) a cash component of $250,000 payable upon execution and (ii) an equity component valued at $350,000, to be settled through the issuance of 35,000 shares of the Company’s common stock valued at $10.00 per share.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">The PVML Agreement provides for a yearly platform fee covering 2.4 million PVML Units (“PUs”) of data-processing capacity, with usage fees for consumption beyond that level.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Each party retains ownership of its respective intellectual property, and the Company will own all outputs and derivatives generated through its use of the PVML platform.</td></tr></table> The Company paid $250,000 under this agreement. As of March 31, 2026, the Company has not issued shares for the equity component and the total value of $350,000 is included in stock-based compensation liability on the unaudited condensed consolidated balance sheets. Subsequent to quarter-end, the parties continue to discuss the timing and scope of the pilot phase of the arrangement. The Company will issue the shares or otherwise resolve the equity consideration in accordance with the agreement or any future written amendment between the parties. Risks and Uncertainties The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the Israel-Hamas conflict and the resulting measures that have been taken Our operations are located, in part, in Israel, a region that has experienced ongoing political instability, armed conflicts, terrorist activities, and military tensions. The current and potential escalation of hostilities involving Israel, Iran, the United States, and various regional actors could materially and adversely affect our business, operations, financial condition, and results of operations. Since October 2023, military activity in the region has intensified, including direct and indirect hostilities involving Israel and Iran. Any further escalation into a broader regional conflict or war, including direct military confrontation between the United States and Iran or expanded attacks against Israel, could disrupt our operations, infrastructure, personnel, suppliers, service providers, and customers. Such events may result in temporary closures of facilities, workforce disruptions due to military reserve duty call-ups, delays in product development or delivery, cybersecurity incidents, interruptions to communication and transportation networks, and reduced productivity. In addition, regional instability may negatively impact global and local economic conditions, including causing volatility in financial markets, inflationary pressures, increased energy and shipping costs, disruptions in international trade and supply chains, and reduced access to capital markets. The continuation or expansion of geopolitical tensions could also adversely affect investor sentiment and the market price of our securities. Our operations in Israel are also subject to risks associated with missile attacks, terrorist activities, civil unrest, and other security incidents, which may require us to suspend or limit operations and could adversely affect. Any of the above-mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s operations in the future or with future capital raising activities. The Company has not been affected so far by these conflicts or US tariffs. Letter of Engagement with the National Oil Company of Liberia On March 18, 2026, the Company entered into a Letter of Engagement (the “LOE”) with the National Oil Company of Liberia (“NOCAL”). The LOE relates to offshore petroleum Blocks LB-4 and LB-5 located in the Liberia Basin and establishes a framework for the Company to advance toward the execution of a Production Sharing Contract (“PSC”) with the Government of Liberia. The execution of a PSC is subject to prequalification by the Liberia Petroleum Regulatory Authority, regulatory approvals, and legislative ratification. Under the LOE, the Company has been granted exclusive, non-transferable rights to pursue the Blocks for an eight-month period from the date of execution, during which NOCAL is prohibited from negotiating or granting rights in the Blocks to third parties. While the LOE does not constitute a final award of petroleum rights, it contains binding provisions including confidentiality, exclusivity, and specified financial obligations. In connection with the LOE, the Company is subject to the following near-term and contingent financial obligations: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Initial Signing Bonus: The Company is required to pay a binding initial signing bonus of $300,000 per block (totaling $600,000) within 60 days of the execution of the LOE. This amount is fully refundable without interest if the Blocks are not awarded to the Company for reasons not attributable to its own actions</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Data Licensing (Contingent): Following the execution of a PSC, the Company would be required to license seismic data for a minimum of $1,000,000 per block within 120 days</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">PSC Signature Bonus (Contingent): Upon execution and legislative ratification of a PSC, the Company would be obligated to pay a signature bonus of $1,000,000 per block within 90 days</td></tr></table> The contemplated PSC would include a multi-phase exploration program spanning approximately seven years. It also contemplates certain carried and participating interests, including a 10% carried interest to NOCAL, a 10% carried interest to the Government of Liberia, a 5% carried interest to citizens, and up to 5% participation by a local Liberian company. The Company notes that there is no assurance a PSC will be executed or that the Company will ultimately be awarded the Blocks. The initiative is exploratory in nature and involves significant geopolitical, regulatory, and operational risks. Strategic Joint Venture Agreement On January 9, 2026, the Company entered into a Strategic Joint Venture Agreement (the “JV Agreement”) with BOCA JOM, LLC (“BOCA”), GBT Tokenize Corp. (“TOKENIZE”), and GBT Technologies, Inc. (“GBT”). The parties agreed to form a Nevada limited liability company (the “JV LLC”) to develop, commercialize, and manage designated electronic design automation (EDA), defense, and high-security technology projects. Capital Contributions and Valuation To fund and resource the JV LLC, the parties agreed to specific capital and asset contributions. TOKENIZE will contribute its intellectual property portfolio along with 897,102 shares of the Company’s common stock, and GBT will contribute 2,020,500 shares of the Company’s common stock. BOCA will contribute the designated projects. Additionally, both the Company and BOCA will provide non-exclusive licenses granting the JV LLC rights to use certain background intellectual property solely for the designated projects. All contributions of the Company’s securities are subject to compliance with applicable securities laws and Nasdaq Listing Rules, including any requisite shareholder approval. To facilitate the negotiation of equity ownership percentages, the parties utilized an internal reference value of $1.0 billion. The Company explicitly notes that this internal value is not a statement of the JV LLC’s actual fair market value, was reached without an independent third-party valuation, and should not be relied upon as an indication of value for the JV LLC, its assets, or the Company’s interest therein. Governance: The JV LLC will be governed by a three-member board, with specific governance and deadlock resolution mechanisms to be established in a separate operating agreement. TOKENIZE and GBT will not participate in the management or governance of the JV LLC. Additionally, the JV Agreement permits the Company to appoint a director to BOCA’s board; any reciprocal appointment of a BOCA designee to the Company’s board remains subject to approval by the Company’s independent directors, compliance with Nasdaq rules, and, if applicable, shareholder approval. Intellectual Property, Term, and Termination: Any intellectual property developed by the JV LLC (“Foreground IP”) will be wholly owned by the JV LLC, while each party retains ownership of its independently developed background IP. The JV Agreement has an initial term of seven years and contains customary termination rights, including if required regulatory approvals (e.g., CFIUS or export controls) are denied. Furthermore, if no designated project generates revenue within twelve months following the formation of the JV LLC, the JV Agreement may be terminated, and contributed consideration may be returned, subject to board-level fiduciary determinations. During the three months ended March 31, 2026, JV LLC was formed and funded by all parties except the Company. Since an operating agreement is not yet adopted for JV LLC, the transaction is not deemed to be closed. Acquisition of Junko Solar Ltd On March 11, 2026, SolarDrone Ltd., an Israeli subsidiary of the Company, entered into a Consulting and Share Purchase Agreement to acquire a 51% controlling interest in Junko Solar Ltd., an Israeli company engaged in solar panel maintenance and cleaning services. As part of the transaction, Junko Solar Ltd. is transferring its related operational activities, customer relationships, business opportunities, and operational assets to SolarDrone, which will manage and operate the business going forward. The transaction was based on a pre-money valuation of $400,000 for Junko Solar Ltd. The aggregate purchase price for the 51% interest is $204,000, payable in cash in three equal installments of $68,000: (i) upon execution of the agreement, (ii) within 35 days of execution, and (iii) within 35 days thereafter. The transfer of the shares representing the 51% ownership to SolarDrone (or its designated affiliate) was triggered upon the payment of the first installment. In connection with the acquisition, Mr. Amos Cohen, the seller and former controlling shareholder of Junko Solar Ltd., was appointed as Chief Executive Officer and a director of SolarDrone Ltd. Under a concurrent consulting arrangement, Mr. Cohen will provide management and strategic services to SolarDrone for a monthly fee of 50,000 N.I.S. (New Israeli Shekels), plus applicable value-added tax (VAT). On March 31, 2026, the Company has transferred the first installment of $68,000 but no transfer of ownership had taken place. As of March 31, 2026, the transaction is not deemed to be closed. Bitcoin mining acceleration and orchestration platform On February 17, 2026, the Company entered into a Statement of Work (the “SOW”) with a third-party vendor for the development, validation, and deployment of a custom qSpeed-Mine™ Bitcoin mining acceleration and orchestration platform. The SOW has a total contract value of $10 million and represents a commitment for custom software and systems development to enhance the Company’s Bitcoin mining operations. At March 31, 2026, the $350,000 payment upon execution was recorded as deferred revenue on the accompanying unaudited condensed consolidated balance sheets. Scope and Structure The SOW provides for the design, validation, and deployment of a production-grade software acceleration layer, fleet orchestration/control plane, observability tools, security hardening, and deployment engineering optimized for Bitcoin (SHA-256d) mining across up to approximately 1,000 nodes/machines. The engagement is structured with objective technical milestones and acceptance criteria, and payments are contingent upon successful delivery and acceptance of each milestone. The expected program duration is approximately 32 weeks. Payment Milestones The SOW provides for the following milestone-based payment structure: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>$350,000 was paid upon execution of the SOW;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Approximately $1 million is payable through completion and acceptance of the proof-of-concept (“POC”) milestone;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Approximately $6 million is payable upon completion and acceptance of successive intermediate milestones, including scaled deployment and operational validation; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>Approximately $3 million is payable upon final delivery and full program acceptance.</td></tr></table> If milestone execution proceeds as planned, the SOW is structured to generate not less than the full $10.0 million in revenue during calendar year 2026, subject to milestone completion and acceptance of which there is no guarantee. Revenue is expected to be recognized in accordance with applicable accounting standards based on milestone achievement and acceptance. Additional Terms All deliverables under the SOW are owned by the Company, reinforcing the Company’s proprietary rights in the QuantumSpeed™ platform. The SOW does not obligate the counterparty to continue beyond accepted milestones and does not include minimum purchase or volume commitments beyond the defined milestone structure. C.M. Composite Materials Ltd Investment and Share Purchase Agreement On February 20, 2026 (the “Effective Date”), the Company entered into two related definitive agreements in connection with a strategic investment and acquisition transaction involving C.M. Composite Materials Ltd., an Israeli corporation with registration number 513931980 (the “Target Company”): (i) an Investment and Share Purchase Agreement (the “Share Purchase Agreement”), dated as of February 20, 2026, by and among the Company (as Buyer), Matania (Mati) Moskovich (as Seller), and the Target Company (solely for purposes of acknowledgment and certain covenants); and (ii) a Loan Agreement (the “Loan Agreement”), dated as of February 20, 2026, by and between the Company (as Lender) and the Target Company (as Borrower). Pursuant to the Share Purchase Agreement, the Company agreed to acquire from the Seller 10.2 ordinary shares of the Target Company (the “Purchased Shares”), representing 51% of the issued and outstanding ordinary shares of the Target Company (which has 20 outstanding ordinary shares out of 30,000 authorized ordinary shares, par value 0.1 NIS per share). In consideration therefore, the Company agreed to issue to the Seller 250,000 shares of the Company’s common stock, $0.01 par value per share (the “Buyer Shares”), valued at $2,500,000 based on the parties’ agreement. The transaction is structured as a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Rule 506 of Regulation D promulgated thereunder. The Seller was granted certain registration rights with respect to the Buyer Shares. The Company has also agreed to provide loans to the Target Company as additional consideration under the Share Purchase Agreement. The Loan Agreement provides for a secured loan facility in an aggregate principal amount of up to $5,000,000 (the “Commitment”). The Company is obligated to make an initial advance of up to $1,500,000 within ten (10) Business Days following the Effective Date (subject to satisfaction of conditions precedent), to be used for general working capital purposes consistent with the Target Company’s ordinary course of business. Subsequent advances of the remaining up to $3,500,000 may be made in one or more tranches upon mutual written agreement of the parties, solely for working capital or the establishment and operation of a new facility outside Israel, with each tranche subject to the Company’s reasonable approval and minimum amounts (generally not less than $250,000 unless otherwise agreed). Proceeds of subsequent advances are to be used exclusively to operate, develop, certify, market, and commercialize the Target Company’s technologies and products in global markets, including the United States. This Loan Agreement expands upon the Company’s prior financial support to the Target Company including previous advances. The advances were made pursuant to a promissory note with a 24-month maturity, bearing no interest unless an event of default occurs (then at 5% per annum or the lower legal maximum), prepayable without penalty, and not contingent on any acquisition or strategic transaction. Any loan pursuant to the Loan Agreement will bear simple interest at 12% per annum (or such lower rate as mutually agreed in writing, but not exceeding prevailing market rates for similar loans as determined in good faith by the Company), calculated on a 360-day year basis for actual days elapsed. The loan will mature three (3) years after the Effective Date. The obligations under the Loan Agreement are secured by a first-priority security interest in substantially all assets of the Target Company (including accounts, inventory, equipment, general intangibles, intellectual property, and proceeds thereof). The Loan Agreement is evidenced by a promissory note. On February 26, 2026, the Company entered into the First Amendment (the “Amendment”) to the Investment and Share Purchase Agreement, dated as of February 20, 2026 (the “SPA”), by and among the Company (“Buyer”), Matania (Mati) Moskovich (the “Seller”), and, solely for purposes of acknowledgment and certain covenants therein, C.M. Composite Materials Ltd., an Israeli limited liability company (the “CM Company”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the SPA. The Amendment adds a new recital to the SPA emphasizing that the sole purpose of the Company entering into the SPA is to facilitate and enable the establishment of a joint venture in India between the CM Company (and/or FBM) and Belrise Industries Limited (or its affiliate) as contemplated by that certain Memorandum of Understanding dated February 16, 2026 (the “Belrise MOU”), and that the execution and performance of definitive agreements with Belrise Industries Limited (the “Belrise JV Agreements”) is a critical and indispensable component of the overall transaction. The Amendment provides that the Company’s obligation to consummate the purchase of the Purchased Shares and the other transactions contemplated by the SPA is expressly conditioned upon the satisfaction (or waiver by the Company in its sole and absolute discretion) of the following condition precedent (the “Belrise Condition”): (a) the CM Company and FBM Composite Materials Ltd. shall have duly executed and delivered the Belrise JV Agreements substantially in the form and on the terms contemplated by the Belrise MOU; and (b) the Belrise JV Agreements shall be in full force and effect and shall not have been terminated, amended, or modified in any respect materially adverse to the CM Company or the Company without the prior written consent of the Company. The Seller acknowledges that the Belrise Condition is material, and failure to satisfy it entitles the Company to terminate the SPA without liability. The Amendment amends and restates Section 2.3 of the SPA to provide that the Closing shall take place remotely no later than June 30, 2026 (or such later date as mutually agreed), provided that in no event shall the Closing occur unless and until the Belrise Condition has been satisfied (or waived by the Company). The Amendment also permits termination by the Company if the Belrise Condition has not been satisfied (or waived by the Company) on or before March 31, 2026 (the “Belrise Long-Stop Date”), provided that the Company may not terminate if it is then in material breach of its obligations under the SPA. Except as expressly amended by the Amendment, the SPA remains in full force and effect. At March 31, 2026, the transaction was not consummated. Acquisition of VisionWave IL, Ltd. On March 18, 2026, the Company acquired 100% of the issued and outstanding shares of VisionWave IL Ltd., an Israeli private shell limited company (“VisionWave Israel”), for nominal consideration. Further, on March 18, 2026, VisionWave Israel appointed Khdoura Sabbagh as Chief Executive Officer and its sole director and entered into an Employment Agreement with Mr. Sabbagh, pursuant to which Mr. Sabbagh was appointed Chief Executive Officer of VisionWave Israel. Under the Employment Agreement, Mr. Sabbagh will receive an annual base salary of $150,000 and is eligible to receive options to purchase 2,000,000 shares of the Company’s common stock, subject to vesting and the terms of the Company’s equity incentive plan. The agreement contains customary terms regarding duties, confidentiality, intellectual property, and termination. On March 18, 2026, VisionWave Israel also entered into a Consulting Agreement with CO-Finance Financial and Accounting Consulting Ltd., a company controlled by Oren Attiya, pursuant to which Mr. Attiya will provide financial and accounting services to VisionWave Israel. Under the Consulting Agreement, the consultant will receive monthly compensation of NIS 12,000 plus VAT. The agreement is structured as an independent contractor arrangement and includes customary terms and conditions. At March 31, 2026, the transaction was not closed and the options were not granted under the employment agreement. Advance to supplier and customer deposit In January 2025, the Company entered into a product purchase agreement and paid $98,250 advance payment to the vendor. The product was delivered and tested by the vendor on March 13, 2025 was shipped to the client. The client, pursuant to the December 2024 product purchase agreement made a 50% deposit totaling $108,006 in 2025. The client received the product and live fire tests were performed on September 15, 2025. During the three months ended March 31, 2026, the client and the Company mutually agreed to terminate the contract. The Company will repay the deposit to the client and the company is expected to receive a refund from the vendor. At March 31, 2026, the termination was not formalized and final negotiations were pending. At March 31, 2026 and September 30, 2025, the advance to the vendor is recorded as advances to suppliers on the accompanying unaudited condensed consolidated balance sheets. At March 31, 2026 and September 30, 2025, the deposit of $108,006 is recorded as customer deposit on the accompanying unaudited condensed consolidated balance sheets. Ian Share Purchase Agreement On May 12, 2026, VisionWave Israel Ltd. (“VW Israel”), a wholly owned subsidiary of the Company, entered into a definitive Share Purchase and Shareholders Agreement (the “Agreement”) with Mr. Ian Paklida (the “Seller”), pursuant to which VW Israel agreed to acquire 60% of the issued and outstanding equity interests of VIP Lux Travel Ltd. and PKLST Tourism and Leisure Ltd., both Israeli corporations (collectively, the “Target Companies”). The Agreement is definitive; however, the transaction has not yet closed. Under the terms of the Agreement, the consideration for the acquisition of the Target Companies will be the issuance of shares of common stock of the Company, subject to the satisfaction of various conditions precedent and regulatory approvals. The Agreement contemplates an aggregate transaction value of up to approximately 15 million NIS, payable in the Company shares valued at approximately USD $3 million. The number of shares to be issued will be 513,752 shares of common stock of the Company representing $6.02 cost per share. The Agreement includes customary representations, warranties, covenants, indemnification provisions, confidentiality obligations, lock-up restrictions, and closing conditions. Closing remains subject to, among other things: · completion of legal, financial, and operational due diligence; · receipt of all required corporate and regulatory approvals; · applicable tax rulings and/or approvals in Israel; · execution and delivery of final ancillary closing documents; and ·satisfaction or waiver of other customary closing conditions. Until the closing occurs, there can be no assurance that the acquisition will be consummated on the terms currently contemplated, or at all. The Company intends to evaluate strategic opportunities relating to the Target Companies’ operations and potential integration into VisionWave’s broader international business activities

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Note 19 — Stockholder’s Equity (Deficit) Preferred Stock— The Company is authorized to issue 10,000,000 shares of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2026 and September 30, 2025, there were no shares of preferred stock issued or outstanding. Common Stock— The Company is authorized to issue 150,000,000 shares of common stock with par value of $0.01 each. As of March 31, 2026 and September 30, 2025, there were 20,347,137 and 14,521,094 shares of Common Stock issued and outstanding, respectively. Warrants As part of the Bannix IPO, Bannix issued 6,900,000 warrants to third-party investors where each whole warrant entitles the holder to purchase one share of the Company’s Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, Bannix completed the private sale of 406,000 Private Placement warrants where each warrant allows the holder to purchase one share of the Company’s Class A common stock at $11.50 per share. Bannix accounted for the 6,900,000 warrants issued in connection with the IPO and private placement in accordance with the guidance contained in ASC Topic 815 “Derivatives and Hedging” whereby under that provision, the Private Warrants did not meet the criteria for equity treatment and were recorded as a liability. Accordingly, Bannix classified the Private Warrants as a liability at fair value and adjusts them to fair value at each reporting period. The Public Warrants met the classification for equity treatment. The warrants became exercisable on the later of 12 months from the closing of this offering or upon completion of its initial Business Combination and will expire five years after the completion of Reverse Acquisition, at 5:00 p.m., Eastern Time, or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the warrants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>in whole and not in part;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>at a price of $0.01 per warrant;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>upon not less than 30 days’ prior written notice of redemption, to each warrant holder; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">if, and only if, the reported last sale price of the Public Shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the warrant holders.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">if, and only if, there is a current registration statement in effect with respect to the issuance of the shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day until the date of redemption.</td></tr></table> At the time of the Reverse Acquisition, The Private Placement Warrants became identical to the Public Warrants underlying the Units sold in the Bannix IPO. The Private Placement Warrants were classified as Equity upon close of the Reverse Acquisition. During the three and six months ended March 31, 2026, 46,747 and 542,256 warrants were exercised for $537,591 and $6,235,945, respectively. At March 31, 2026 and September 30, 2025, there were 8,396,069 and 7,304,992 warrants outstanding inclusive of 300,000 pre-funded warrants (See Note 9). Conversion of public and private rights On July 14, 2025, at the close of the Reverse Acquisition, 6,900,000 public rights and 406,000 private rights under Bannix were converted for Common shares on a ten-to-one basis. The following is an analysis of the warrants grant activity: <table cellpadding="0" cellspacing="0" id="xdx_897_ecustom--ScheduleOfSharesBasedCompensationStockOptionsActivityTableTextBlock_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zXupkYaFDGXe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: left">Schedule of stock option grant activity</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 43%; text-align: left; text-indent: -10pt">Outstanding at September 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zBgTQK6UY19b" style="width: 15%; text-align: right" title="Number of shares stock option outstanding">7,304,992</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zzHx73UXtaPg" style="width: 15%; text-align: right" title="Weighted Average Exercise Price Beginning balance">11.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_z6UJ0U2Mq1o2" title="Weighted Average Remaining Life Granted">4.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zhD67qpjSfD9" style="text-align: right" title="Number of shares outstanding granted">300,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zuoehF4eeah9" style="text-align: right" title="Weighted Average Exercise Price granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zGUqfMoBZ34c" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zL8j08pKt6o5" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zhrZ3wWp6Zf7" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">(495,509</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_iN_di_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zvSJ1XQUVFCi" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price granted">(11.50</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(<span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm2_dtY_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zaiWlZkrD7la" title="Weighted Average Remaining Life Forfeited">4.79</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zTnw7EyXM6zc" style="text-align: right" title="Number of shares stock option outstanding">7,109,483</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_znbFTwy86WYg" style="text-align: right" title="Weighted Average Exercise Price Beginning balance">11.02</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm_dtY_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_znfl3e64bcJk" title="Weighted Average Remaining Life Granted">4.56</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zkF7ZQEUaq" style="text-align: right" title="Number of shares outstanding granted">1,333,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zx8ZC7gh4J4e" style="text-align: right" title="Weighted Average Exercise Price granted">9.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zjrWDiPAasG4" title="Weighted Average Remaining Life Granted">5.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zUomEp4HFgVa" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zjHhkZz1Gbn7" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zSwoW0aGVVzd" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">(46,747</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_iN_di_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zkIrVk9AWmi4" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price granted">(11.50</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(<span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zDOJmmvFaLgh" title="Weighted Average Remaining Life Forfeited">4.56</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zRDX6cDrPye5" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares stock option outstanding">8,396,069</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zP2ewItqkwr2" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price ending balance">10.69</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zYwEO2U5Mxjc" title="Weighted Average Remaining Life Outstanding">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> At March 31, 2026 and September 30, 2025, the intrinsic value of the warrants was $1,419,000 and $0, respectively. The assumptions used in Monte Carlo Simulation model related to the February 26, 2026 1,333,333 warrants issuance are set forth in the table immediately below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; font-size: 12pt; text-align: center; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">February 26, 2026</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-indent: -10pt">Stock Price</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">7.96</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Exercise Price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk free rate of return</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.54</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260201__20260226__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zPVw2chafp1b" title="Term to maturity (years)">5.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to financing (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.50</td><td style="text-align: left"> </td></tr> </table> Stock based compensation Omnibus Equity Incentive Plan On August 5, 2025, the Board of Directors (the “Board”) of Bannix adopted Bannix’s 2025 Omnibus Equity Incentive Plan (the “Plan”), which authorizes the issuance of up to 7,000,000 shares of Bannix’s common stock, par value $0.01 per share (the “Common Stock”). The Plan is subject to approval by Bannix’s shareholders within twelve (12) months of the Board’s adoption date. If shareholder approval is obtained, the Plan will become effective as of August 5, 2025. The Plan provides for the grant of various equity-based awards, including non-qualified stock options, incentive stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards, performance unit awards, unrestricted stock awards, distribution equivalent rights, or any combination thereof. The Plan is intended to assist Bannix in attracting, retaining, and incentivizing key management employees, directors, and consultants, and to align their interests with those of Bannix’s shareholders. Stock Options On August 6, 2025 and September 2, 2025, the Company entered into several employment agreements, pursuant to which the Company granted 6,350,000 options to employees with vesting periods of 4 years and exercise price of $7.2 and $9.09, respectively. On January 2, 2026 and March 12, 2026, the Company granted 500,000 options each to two employees with vesting period of 3 years and 4 years and exercise price of $9.26 and $7.47, respectively. For the three and six months ended March 31, 2026 and 2025, total stock-based compensation related to the employments agreements was $1,119,097 and $0, respectively, and $3,128,944 and $0, respectively, and included in general and administrative expense on the accompanying unaudited condensed consolidated statements of operations. During the three months ended March 31, 2026, 3,600,000 unvested options were forfeited which resulted in stock based compensation reversal of $1,733,920. On July 16, 2025, the Company entered into a consultant non statutory stock option agreement with a vendor, pursuant to which the vendor was granted 500,000 stock options that vested immediately at an exercise price of $3.27 and total compensation expense of $1,452,240 was recognized during the year ended September 30, 2025. The assumptions used in the Black-Scholes model are set forth in the table immediately below: <table cellpadding="0" cellspacing="0" id="xdx_89D_ecustom--ScheduleOfBlackScholesModelTableTextBlock_zvdBNU8Jh2q3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Black-Scholes model</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 2, 2026 - March 12, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">August 6, 2025 - September 2, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Exercise price</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">$ <span id="xdx_904_eus-gaap--StockholdersEquityOtherShares_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zXJSTKWimlda" title="Exercise price">9.26 - <span id="xdx_907_eus-gaap--StockholdersEquityOtherShares_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_z1gIYJPELgRk" title="Exercise price">7.47</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">$<span id="xdx_909_eus-gaap--StockholdersEquityOtherShares_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zzDjxpydmdi8" title="Exercise price"> 3.27 - <span id="xdx_90E_eus-gaap--StockholdersEquityOtherShares_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zmkDYho8BXcl" title="Exercise price">9.09</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk-free interest rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zVRuzTvbz9dj" title="Risk-free interest rate">3.74 - <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zJQqn1DN7pPl" title="Risk-free interest rate">3.84 </td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zpcOB2ylZFCd" title="Risk-free interest rate">3.58 -<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zs1UsTeQ9Fyb" title="Risk-free interest rate">3.91</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zuptJcDiVUI2" title="Volatility">73.0 - <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zdL4QX23HEp9" title="Volatility">86.3 </td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_z2FTWR2V7qm8" title="Volatility">101.4 - <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zzgB4hSoZb5l" title="Volatility">114.4</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expected life (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zuBi6OlaCAI1" title="Expected life (years)">4 - <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zvZDtwdzLFU7" title="Expected life (years)">4.5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_z6H3rx3wqpki" title="Expected life (years)">3.19 - <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zBTEyW458V03" title="Expected life (years)">5.00</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Dividend yield</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember_zZKfsQPCAPFj" title="Expected life (years)">0</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember_zKo4MOuSO21a" title="Expected life (years)">0</td> <td style="width: 1%; text-align: left">%</td></tr> </table> The following is an analysis of the stock option grant activity: <table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfSharesBasedCompensationStockOptionsActivityTableTextBlock_z0gjFVfV901a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of stock option grant activity</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at September 30, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20251001__20251231_z7iUqSWTeX55" style="text-align: right" title="Number of shares stock option outstanding">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20241001__20250930_zcg4kgH5fVji" style="text-align: right" title="Weighted Average Exercise Price Beginning balance">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; width: 33%; text-align: left; text-indent: -10pt">Granted</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20251001__20251231_za8GHRV0Vngc" style="width: 15%; text-align: right" title="Number of shares outstanding granted">6,850,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20241001__20250930_z0dz8XBTndP3" style="width: 15%; text-align: right" title="Weighted Average Exercise Price granted">7.42</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20231001__20240930_zlcx4BWegHn8" title="Weighted Average Remaining Life Granted">5.23</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20251001__20251231_zWzFzDlHPf74" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20241001__20250930_z6WEqtvgCyhl" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Exercised</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20251001__20251231_zF9HvjD3LHld" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20241001__20250930_zNbQEmf5e8Bd" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price granted">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at December 31, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260331_zfG4OA1nChP6" style="text-align: right" title="Number of shares stock option outstanding">6,850,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260101__20260331_zieht7BeI694" style="text-align: right" title="Weighted Average Exercise Price Beginning balance">7.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20251001__20251231_zpAxh7VSCqm4" title="Weighted Average Remaining Life Granted">5.23</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260331_zMoK3V4lTZb1" style="text-align: right" title="Number of shares outstanding granted">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20260101__20260331_zezuBSNPm3B3" style="text-align: right" title="Weighted Average Exercise Price granted">8.37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_z5BnWF10CDui" title="Weighted Average Remaining Life Granted">5.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20260101__20260331_z4SUE0ypCDuk" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20260101__20260331_zSaxGGK6gNY7" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20260101__20260331_zcAP4SPuLfMc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">(3,600,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_iN_di_c20260101__20260331_zGsVWRnpEMTh" style="text-align: right" title="Weighted Average Exercise Price granted">(8.04</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="text-align: right">(<span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331_zXoVZ3ONyDK6" title="Weighted Average Remaining Life Forfeited">4.38</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260331_zmNgFhLrSij2" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares stock option outstanding">4,250,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260101__20260331_zLGkNxcWISHi" style="text-align: right" title="Weighted Average Exercise Price ending balance">7.75</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"></td><td style="text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_z3cqjAlubK7b" title="Weighted Average Remaining Life Outstanding">5.85</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> At March 31, 2026 and September 30, 2025, the intrinsic value of outstanding options is $735,000 and $14,429,000, respectively. At March 31, 2026 and September 30, 2025, 500,000 options were vested and exercisable, respectively. The Company will recognize the remaining total stock-based compensation of $16,219,448 in future periods as follows: <table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--ScheduleOfRecognizeTheRemainingTotalStockBasedCompensationTableTextBlock_zolggyhwMXi4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of recognize the remaining total stock-based compensation</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20260331_ztbiu4aZhv4a" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: left">Year</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td></tr> <tr id="xdx_407_ecustom--CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonths_iI_zJwlyhimeNw9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 52%; text-align: left; text-indent: -10pt">2026</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 35%; text-align: right">2,450,154</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearTwo_iI_zE4AxG6eIAY8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2027</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,900,308</td> <td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearThree_iI_zIuyDw0GZGq4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2028</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,900,308</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearFour_iI_zYNNVVoylSW4" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2029</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,703,652</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearFive_iI_zZc6aE2nsLXj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">2030</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">265,026</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CapitalLeasesFutureMinimumPaymentDue_iI_z3nl2I4c0mI" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">16,219,448</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Restricted stock units (“RSUs”) On August 1, 2025, the Company entered into agreements with three independent directors, pursuant to which each independent directors will be granted $60,000 of restricted stock units annually. On January 30, 2026, the Company issued an additional 14,961 RSUs to independent directors. The restricted stock units will vest after 1 year of service. For the three and six months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense related to the RSUs of $143,221 and $0, respectively, and $188,221 and $0 in the six months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and September 30, 2025, unearned compensation is $146,840 and $150,000, respectively and will be recognized in the future. The following table summarizes RSU issuance and related stock-based expense, <table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--ScheduleOfRSUIssuanceAndRelatedStockBasedExpenseTableTextBlock_zbwvskOnmd4b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 4)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of RSU issuance and related stock-based expense</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: left">Quarter ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RSU issued</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of RSUs issued</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Stock based compensation</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 33%; text-align: left; text-indent: -10pt">September 30, 2025</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--Septmber302025Member_zbcruWfPv2u6" style="width: 15%; text-align: right" title="RSU issued">15,735</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98C_eus-gaap--RestrictedStockExpense_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--September302025Member_zE5LNgxgPtV1" style="width: 15%; text-align: right" title="Value of RSUs issued">180,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_985_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--September302025Member_zCWpyBMq7iGe" style="width: 15%; text-align: right" title="Stock based compensation">30,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">December 31, 2025</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--December312025Member_zaE5u4Rija43" style="text-align: right" title="RSU issued">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--RestrictedStockExpense_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--December312025Member_zcpTc5bhp1Mh" style="text-align: right" title="Value of RSUs issued">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--December312025Member_zNTx1ihF1Yvb" style="text-align: right" title="Stock based compensation">45,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">March 31, 2026</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--March312026Member_zSpwq8mR5z2d" style="border-bottom: Black 1pt solid; text-align: right" title="RSU issued">14,961</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--RestrictedStockExpense_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--March312026Member_zpfbyEaRCNfe" style="border-bottom: Black 1pt solid; text-align: right" title="Value of RSUs issued">295,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--March312026Member_zJgFWgAU3Wq5" style="border-bottom: Black 1pt solid; text-align: right" title="Stock based compensation">143,221</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331_ztz6USsfR5X" style="border-bottom: Black 2.5pt double; text-align: right" title="Value of RSUs issued">30,696</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98D_eus-gaap--RestrictedStockExpense_c20251001__20260331_z6K4IpvGnBQ3" style="border-bottom: Black 2.5pt double; text-align: right" title="Value of RSUs issued">475,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_982_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331_zJ8vAy876Xa9" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock based compensation">218,221</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Issuance of shares to former directors On August 9, 2025, the Company entered into compensation agreements with three former directors, pursuant to which each director will receive $120,000 payable in cash or shares. Two directors elected to receive a total of $125,000 in shares and on September 10, 2025, total shares of 10,927 were issued and stock-based compensation of $125,000 related the compensation agreements with two former directors was included in general and administrative expense on the consolidated statements of operations during the year ended September 30, 2025. There was no issuance of shares for the three and six months ended March 31, 2026. Other share issuances As outlined in Note 14, the Company issued 200,000 shares of Common stock at a fair value of $470,000 pursuant to the SEPA during the year ended September 30, 2025. There were no issuance of shares under this agreement for the three and six months ended March 31, 2026. At the close of the Reverse Acquisition, Bannix owed a vendor 22,500 shares pursuant to an agreement for the provision of services. On July 25, 2025, the Company issued the Common Shares to the vendor to satisfy the outstanding obligation. As stated in Note 8, the Company issued <span id="xdx_908_ecustom--IssuanceOfSharesInAssetAcquisitionsShare_c20251001__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zuqnUgHeXrDa" title="Issuance of shares in asset acquisition, shares">1,500,000 Common Shares pursuant to the asset acquisition. On January 28, 2026, the Company issued <span id="xdx_906_ecustom--IssuanceOfSharesInAssetAcquisitionsShare_c20260127__20260128__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zC1LhAvbFWxh" title="Issuance of shares in asset acquisition, shares">8,532 shares to the vendor in satisfaction of the terms under the $75,000 RSUs issuable under the consulting arrangement (See Note 19). Stock-based compensation liability In November 2025, the Company entered into an advisory services agreement with an independent member of the board of directors. As compensation for the services of the board member, a compensation of $30,000 monthly payable in cash and $5,000 monthly payable in shares. At March 31, 2026 and September 30, 2025, the $25,000 and $0 payable in shares was not issued to the director and is included in stock-based compensation liability on the accompanying unaudited condensed consolidated balance sheets. On October 9, 2025, the Company entered into a consulting arrangement with a vendor, pursuant to which $75,000 of RSUs will be issued within 5 days of the execution date and the contract then 6 months later. The Company issued 8,352 shares to the vendor during the three months ended March 31, 2025. There were no shares payable and unissued at March 31, 2026 and September 30, 2025. As stated in Note 16, pursuant to the PVML Agreement, the payment contains an equity component valued at $350,000, to be settled through the issuance of 35,000 shares of the Company’s common stock valued at $10.00 per share. At March 31, 2026, did not issue these shares and the $350,000 payable in shares is included in stock-based compensation liability on the accompanying unaudited condensed consolidated balance sheets. There were no shares payable and unissued at September 30, 2025.

10000000

0.01

150000000

0.01

20347137

14521094

6900000

11.50

406000

11.50

6900000

0.01

18.00

46747 542256 537591 6235945

8396069

7304992

6900000

406000

<table cellpadding="0" cellspacing="0" id="xdx_897_ecustom--ScheduleOfSharesBasedCompensationStockOptionsActivityTableTextBlock_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zXupkYaFDGXe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: left">Schedule of stock option grant activity</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 43%; text-align: left; text-indent: -10pt">Outstanding at September 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zBgTQK6UY19b" style="width: 15%; text-align: right" title="Number of shares stock option outstanding">7,304,992</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zzHx73UXtaPg" style="width: 15%; text-align: right" title="Weighted Average Exercise Price Beginning balance">11.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_z6UJ0U2Mq1o2" title="Weighted Average Remaining Life Granted">4.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zhD67qpjSfD9" style="text-align: right" title="Number of shares outstanding granted">300,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zuoehF4eeah9" style="text-align: right" title="Weighted Average Exercise Price granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zGUqfMoBZ34c" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zL8j08pKt6o5" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zhrZ3wWp6Zf7" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">(495,509</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_iN_di_c20241001__20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zvSJ1XQUVFCi" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price granted">(11.50</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(<span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm2_dtY_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zaiWlZkrD7la" title="Weighted Average Remaining Life Forfeited">4.79</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zTnw7EyXM6zc" style="text-align: right" title="Number of shares stock option outstanding">7,109,483</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_znbFTwy86WYg" style="text-align: right" title="Weighted Average Exercise Price Beginning balance">11.02</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm_dtY_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_znfl3e64bcJk" title="Weighted Average Remaining Life Granted">4.56</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zkF7ZQEUaq" style="text-align: right" title="Number of shares outstanding granted">1,333,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zx8ZC7gh4J4e" style="text-align: right" title="Weighted Average Exercise Price granted">9.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zjrWDiPAasG4" title="Weighted Average Remaining Life Granted">5.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zUomEp4HFgVa" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zjHhkZz1Gbn7" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zSwoW0aGVVzd" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">(46,747</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_iN_di_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zkIrVk9AWmi4" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price granted">(11.50</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(<span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zDOJmmvFaLgh" title="Weighted Average Remaining Life Forfeited">4.56</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zRDX6cDrPye5" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares stock option outstanding">8,396,069</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zP2ewItqkwr2" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price ending balance">10.69</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WarrantsMember_zYwEO2U5Mxjc" title="Weighted Average Remaining Life Outstanding">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> At March 31, 2026 and September 30, 2025, the intrinsic value of the warrants was $1,419,000 and $0, respectively. The assumptions used in Monte Carlo Simulation model related to the February 26, 2026 1,333,333 warrants issuance are set forth in the table immediately below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; font-size: 12pt; text-align: center; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">February 26, 2026</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-indent: -10pt">Stock Price</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">7.96</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Exercise Price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk free rate of return</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.54</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260201__20260226__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zPVw2chafp1b" title="Term to maturity (years)">5.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Term to financing (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.50</td><td style="text-align: left"> </td></tr> </table>

7304992

11.50

P4Y9M14D

300000

0.01

495509

11.50

P4Y9M14D

7109483

11.02

P4Y6M21D

1333333

9.00

P5Y

46747

11.50

P4Y6M21D

8396069

10.69

P4Y4M28D

1419000 0 7.96

9.00

0.730

0.0354

P5Y

P2Y6M

7000000

0.01

6350000

P4Y

7.2

9.09

500000

P4Y

9.26

7.47

1119097

3128944

500000

3.27

1452240 <table cellpadding="0" cellspacing="0" id="xdx_89D_ecustom--ScheduleOfBlackScholesModelTableTextBlock_zvdBNU8Jh2q3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Black-Scholes model</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 2, 2026 - March 12, 2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">August 6, 2025 - September 2, 2025</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Exercise price</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">$ <span id="xdx_904_eus-gaap--StockholdersEquityOtherShares_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zXJSTKWimlda" title="Exercise price">9.26 - <span id="xdx_907_eus-gaap--StockholdersEquityOtherShares_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_z1gIYJPELgRk" title="Exercise price">7.47</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">$<span id="xdx_909_eus-gaap--StockholdersEquityOtherShares_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zzDjxpydmdi8" title="Exercise price"> 3.27 - <span id="xdx_90E_eus-gaap--StockholdersEquityOtherShares_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zmkDYho8BXcl" title="Exercise price">9.09</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Risk-free interest rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zVRuzTvbz9dj" title="Risk-free interest rate">3.74 - <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zJQqn1DN7pPl" title="Risk-free interest rate">3.84 </td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zpcOB2ylZFCd" title="Risk-free interest rate">3.58 -<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zs1UsTeQ9Fyb" title="Risk-free interest rate">3.91</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zuptJcDiVUI2" title="Volatility">73.0 - <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zdL4QX23HEp9" title="Volatility">86.3 </td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_z2FTWR2V7qm8" title="Volatility">101.4 - <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zzgB4hSoZb5l" title="Volatility">114.4</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expected life (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zuBi6OlaCAI1" title="Expected life (years)">4 - <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zvZDtwdzLFU7" title="Expected life (years)">4.5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_z6H3rx3wqpki" title="Expected life (years)">3.19 - <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zBTEyW458V03" title="Expected life (years)">5.00</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Dividend yield</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20260102__20260312__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember_zZKfsQPCAPFj" title="Expected life (years)">0</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20250805__20250902__us-gaap--DebtInstrumentAxis__custom--BlackScholesModelMember_zKo4MOuSO21a" title="Expected life (years)">0</td> <td style="width: 1%; text-align: left">%</td></tr> </table>

9.26

7.47

3.27

9.09

0.0374

0.0384

0.0358

0.0391

0.730

0.863

1.014

1.144

P4Y

P4Y6M

P3Y2M8D

P5Y

<table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfSharesBasedCompensationStockOptionsActivityTableTextBlock_z0gjFVfV901a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of stock option grant activity</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at September 30, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20251001__20251231_z7iUqSWTeX55" style="text-align: right" title="Number of shares stock option outstanding">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20241001__20250930_zcg4kgH5fVji" style="text-align: right" title="Weighted Average Exercise Price Beginning balance">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; width: 33%; text-align: left; text-indent: -10pt">Granted</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20251001__20251231_za8GHRV0Vngc" style="width: 15%; text-align: right" title="Number of shares outstanding granted">6,850,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20241001__20250930_z0dz8XBTndP3" style="width: 15%; text-align: right" title="Weighted Average Exercise Price granted">7.42</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20231001__20240930_zlcx4BWegHn8" title="Weighted Average Remaining Life Granted">5.23</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20251001__20251231_zWzFzDlHPf74" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20241001__20250930_z6WEqtvgCyhl" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Exercised</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20251001__20251231_zF9HvjD3LHld" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20241001__20250930_zNbQEmf5e8Bd" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price granted">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Outstanding at December 31, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260331_zfG4OA1nChP6" style="text-align: right" title="Number of shares stock option outstanding">6,850,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260101__20260331_zieht7BeI694" style="text-align: right" title="Weighted Average Exercise Price Beginning balance">7.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20251001__20251231_zpAxh7VSCqm4" title="Weighted Average Remaining Life Granted">5.23</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260331_zMoK3V4lTZb1" style="text-align: right" title="Number of shares outstanding granted">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20260101__20260331_zezuBSNPm3B3" style="text-align: right" title="Weighted Average Exercise Price granted">8.37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_z5BnWF10CDui" title="Weighted Average Remaining Life Granted">5.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expired</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20260101__20260331_z4SUE0ypCDuk" style="text-align: right" title="Number of shares outstanding expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20260101__20260331_zSaxGGK6gNY7" style="text-align: right" title="Weighted Average Exercise Price Expired">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20260101__20260331_zcAP4SPuLfMc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares outstanding exercised">(3,600,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_iN_di_c20260101__20260331_zGsVWRnpEMTh" style="text-align: right" title="Weighted Average Exercise Price granted">(8.04</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="text-align: right">(<span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331_zXoVZ3ONyDK6" title="Weighted Average Remaining Life Forfeited">4.38</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260331_zmNgFhLrSij2" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares stock option outstanding">4,250,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260101__20260331_zLGkNxcWISHi" style="text-align: right" title="Weighted Average Exercise Price ending balance">7.75</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"></td><td style="text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_z3cqjAlubK7b" title="Weighted Average Remaining Life Outstanding">5.85</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

6850000

7.42

P5Y2M23D

6850000

7.42

P5Y2M23D

1000000

8.37

P5Y

3600000

8.04

P4Y4M17D

4250000

7.75

P5Y10M6D

735000 14429000

500000

<table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--ScheduleOfRecognizeTheRemainingTotalStockBasedCompensationTableTextBlock_zolggyhwMXi4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of recognize the remaining total stock-based compensation</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20260331_ztbiu4aZhv4a" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: left">Year</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td></tr> <tr id="xdx_407_ecustom--CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonths_iI_zJwlyhimeNw9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 52%; text-align: left; text-indent: -10pt">2026</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 35%; text-align: right">2,450,154</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearTwo_iI_zE4AxG6eIAY8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2027</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,900,308</td> <td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearThree_iI_zIuyDw0GZGq4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2028</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,900,308</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearFour_iI_zYNNVVoylSW4" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2029</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,703,652</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--CapitalLeasesFutureMinimumPaymentDueInRollingYearFive_iI_zZc6aE2nsLXj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">2030</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">265,026</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CapitalLeasesFutureMinimumPaymentDue_iI_z3nl2I4c0mI" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">16,219,448</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2450154 4900308 4900308 3703652 265026 16219448

60000

143221

188221

146840

150000

<table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--ScheduleOfRSUIssuanceAndRelatedStockBasedExpenseTableTextBlock_zbwvskOnmd4b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholder's Deficit (Details 4)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of RSU issuance and related stock-based expense</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: left">Quarter ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RSU issued</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of RSUs issued</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Stock based compensation</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 33%; text-align: left; text-indent: -10pt">September 30, 2025</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--Septmber302025Member_zbcruWfPv2u6" style="width: 15%; text-align: right" title="RSU issued">15,735</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98C_eus-gaap--RestrictedStockExpense_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--September302025Member_zE5LNgxgPtV1" style="width: 15%; text-align: right" title="Value of RSUs issued">180,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_985_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--September302025Member_zCWpyBMq7iGe" style="width: 15%; text-align: right" title="Stock based compensation">30,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">December 31, 2025</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--December312025Member_zaE5u4Rija43" style="text-align: right" title="RSU issued">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--RestrictedStockExpense_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--December312025Member_zcpTc5bhp1Mh" style="text-align: right" title="Value of RSUs issued">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--December312025Member_zNTx1ihF1Yvb" style="text-align: right" title="Stock based compensation">45,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">March 31, 2026</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--March312026Member_zSpwq8mR5z2d" style="border-bottom: Black 1pt solid; text-align: right" title="RSU issued">14,961</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--RestrictedStockExpense_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--March312026Member_zpfbyEaRCNfe" style="border-bottom: Black 1pt solid; text-align: right" title="Value of RSUs issued">295,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331__us-gaap--TaxPeriodAxis__custom--March312026Member_zJgFWgAU3Wq5" style="border-bottom: Black 1pt solid; text-align: right" title="Stock based compensation">143,221</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20251001__20260331_ztz6USsfR5X" style="border-bottom: Black 2.5pt double; text-align: right" title="Value of RSUs issued">30,696</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98D_eus-gaap--RestrictedStockExpense_c20251001__20260331_z6K4IpvGnBQ3" style="border-bottom: Black 2.5pt double; text-align: right" title="Value of RSUs issued">475,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_982_ecustom--EmployeeBenefitsAndShareBasedCompensations_c20251001__20260331_zJ8vAy876Xa9" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock based compensation">218,221</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

15735

180000

30000 45000

14961

295000

143221

30696

475000

218221 On August 9, 2025, the Company entered into compensation agreements with three former directors, pursuant to which each director will receive $120,000 payable in cash or shares. Two directors elected to receive a total of $125,000 in shares and on September 10, 2025, total shares of 10,927 were issued and stock-based compensation of $125,000 related the compensation agreements with two former directors was included in general and administrative expense on the consolidated statements of operations during the year ended September 30, 2025. There was no issuance of shares for the three and six months ended March 31, 2026. 200000

470000

22500

1500000 8532

30000

25000 0 75000

350000

35000

10.00

350000 Note 20 — Gain on Sale of Marketable Securities On June 4, 2024, VW Tech invested in 10 million shares Avant Technologies, Inc. (“AVAI”). On February 28, 2025 and March 5, 2025, VW Tech sold 264,112 of AVAI shares for net proceeds of $114,111 for a total gain of $104,656 on sale of marketable securities. On April 28, 2025, the Company sold its remaining holding of 9,735,888 shares of AVAI, which were recorded at par value of $0.001 per share to a third party in exchange for 280,534 shares of Tofla Megaline Inc. (“TFML”). The Company determined that the quoted price of the TFLM shares was not a reliable indicator of fair value at the measurement date as the historical price data indicates that TFLM shares consistently reflected zero daily trading volume over an extended period. Therefore, the Company measured the TFLM shares received at par value of $0.001 per share, which was deemed the most reliable and supportable estimate of fair value at the transaction date under ASC 820. As a result of this non-cash exchange, the Company recognized a loss on sale of the 9,735,888 shares of AVAI of approximately $9,455 during the year ended September 30, 2025. The total gain on sale of AVAI shares of $104,656 is recorded in the recorded as gain on sale of marketable securities on the unaudited condensed consolidated statements of operations during the year ended September 30, 2025. At March 31, 2026 and September 30, 2025, the total par value of TFML shares of $281 is recorded as investment in marketable securities available for share on the unaudited condensed consolidated balance sheets.

264112

114111

9735888

0.001

9735888

9455

104656

281

Note 21 — Income Tax The Company files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions and is subject to examination by the various taxing authorities, since inception. At the close of the Reverse Acquisition, the Company assumed $959,639 of income tax expenses inclusive of interest and penalties. For the three and six months ended March 31, 2026, the Company incurred an additional $24,461 and $49,228, respectively, in interest and penalties for its failure to file and pay its taxes. At March 31, 2026 and September 30, 2025, the total liability of $1,043,932 and $994,704, respectively, is included on the unaudited condensed consolidated balance sheets.

959639

24461

49228

1043932

994704

Note 22 — Segment Information ASC Topic 280 establishes standards for companies to report financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance. The CODM has been identified as the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM assesses performance for the single segment and decides how to allocate resources based on operating loss that also is reported on the consolidated statements of operations. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following: <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zd7oaIYHlfq5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segment Information (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Segment Information</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20260101__20260331_z4TZx99fqdh6" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250331_zsICQdPi07yh" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20251001__20260331_zOQ1m5AbS29f" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20241001__20250331_zXMnjDShQKA" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_zZu9anyKwXL6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 40%; text-align: left; text-indent: -10pt">General and administrative</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">2,922,318</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">131,463</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">7,602,857</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">275,231</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_zBO7ZpHutd6f" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">271,534</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">586,609</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessDevelopment_ztHaAhIoeJuc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Sales and marketing</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,159,439</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,490</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,612,611</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71,445</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_z5ENU4TR6sL8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5,702,250</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5,821,145</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherNonoperatingIncome_iN_di_zJ7qDeRMTnxb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating loss</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(11,055,541</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(142,953</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(17,623,222</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(346,676</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> The key metrics included in segment profit or loss reviewed by the CODM are operating costs. The CODM reviews operating costs to manage and forecast cash to ensure enough capital is available to meet operational needs and fund research and development efforts. The CODM also reviews operating costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

<table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zd7oaIYHlfq5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segment Information (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Schedule of Segment Information</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20260101__20260331_z4TZx99fqdh6" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250331_zsICQdPi07yh" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20251001__20260331_zOQ1m5AbS29f" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20241001__20250331_zXMnjDShQKA" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_zZu9anyKwXL6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 40%; text-align: left; text-indent: -10pt">General and administrative</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">2,922,318</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">131,463</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">7,602,857</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">275,231</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_zBO7ZpHutd6f" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">271,534</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">586,609</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessDevelopment_ztHaAhIoeJuc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Sales and marketing</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,159,439</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,490</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,612,611</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71,445</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_z5ENU4TR6sL8" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5,702,250</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5,821,145</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherNonoperatingIncome_iN_di_zJ7qDeRMTnxb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating loss</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(11,055,541</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(142,953</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(17,623,222</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(346,676</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

2922318

131463

7602857

275231

271534

586609

2159439

11490

3612611

71445

5702250

5821145

11055541

142953

17623222

346676

Note 23—Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date of the filing of this report. The Company did not identify any subsequent events, other than disclosed in the Notes and discussed below, that would have required adjustment or disclosure in these unaudited condensed consolidated financial statements. Latin American Government Purchase Order On April 2, 2026, the Company announced the receipt of a signed purchase order from a Latin American governmental public safety organization. The order provides for the supply of drone-based operational systems and integrated payload technologies, including long-range observation quadrotor platforms, day/night EO/IR imaging payloads, and network-based connectivity modules. The systems are intended to support defense, public safety, and law enforcement missions. The purchase order contemplates a multi-phase deployment structure, with initial deliveries expected to commence in 2026. The completion of the order and subsequent deployment phases are subject to standard commercial terms and customary conditions, including delivery milestones, quantity confirmations, performance, and acceptance. The Company has noted that there can be no assurance that the full scope of the purchase order will be completed or that all anticipated revenues from the order will be realized. Asset Purchase Agreement (xClibre Technology) On April 10, 2026, the Company entered into an Asset Purchase Agreement with Dream America Marketing Services, Ltda. to acquire all right, title, and interest in certain intellectual property assets related to xClibre technology. The acquired assets consist solely of intellectual property and do not constitute a “business” for purposes of Regulation S-X In consideration for the assigned intellectual property, the Company agreed to provide aggregate consideration consisting of up to 7,000,000 shares of the Company’s common stock and a $6,000,000 promissory note. At the closing of the transaction, the Company issued 3,500,000 shares of common stock and executed the $6,000,000 promissory note. The issuance of the remaining 3,500,000 contingent shares is subject to obtaining satisfactory proof-of-concept results and Nasdaq Shareholder Approval. The Company has agreed to use commercially reasonable efforts to obtain this proof-of-concept approval no later than nine months following the closing date. If the proof-of-concept approval is not obtained within this nine-month period, the Company is required to promptly transfer 60% of the equity interests in xClibre Inc. (a wholly-owned subsidiary holding the acquired intellectual property) back to the seller, free and clear of all encumbrances. In such an event, the seller’s security interest in the equity would be released, and the seller would retain full ownership of the initial 3,500,000 closing shares and the promissory note without any obligation to forfeit them. No alternative consideration will be provided in lieu of the unissued contingent shares. The Agreement contains customary representations, warranties, covenants and indemnification provisions for a transaction of this nature. On April 10, 2026, the transactions contemplated by the Agreement were completed. The Assigned IP consists of intellectual property rights owned by the Seller relating to the xClibre technology, including patents, patent applications, trademarks, copyrights, trade secrets, know-how, software and other proprietary rights. on April 10, 2026, the Company issued 3,500,000 shares of its common stock to the Seller as partial consideration for the Assigned IP. Prospectus (S1 Registration Statement) On April 16, 2026 the Company filed a prospectus (Form S1 registration statement) for 2,715,610 Shares of Common Stock, 2,100,000 Warrant Shares issuable upon exercise of Pre-Funded Warrant and 1,333,333 Warrant Shares issuable upon exercise of a Warrant This prospectus relates to the disposition from time to time by the selling stockholders named in this prospectus (the “Selling Stockholders”) of the Company of 6,148,943 shares of our common stock, par value $0.01 per share (our “Common Stock”) including 1,500,000 issued or to be issued pursuant to the Exchange Agreement and the Blade Ranger Agreement as described below, (i) 1,215,610 issued or to be issued pursuant to the Exchange Agreement as described below, (ii) 2,100,000 shares of Common Stock issuable upon exercise of Pre-Funded Warrants issued or to be issued pursuant to the Blade Ranger Agreement and (iii) 1,333,333 shares of Common Stock issuable pursuant to a Warrant held by YA II PN Ltd. Appointment of Independent Director and Compensatory Arrangements Board Appointment and changes On April 16, 2026, the Company’s Board of Directors appointed Shayna Quinn to serve as a member of the Board. The Board determined that Ms. Quinn qualifies as an independent director under applicable Nasdaq and SEC rules. In connection with her appointment, the Company entered into an Independent Director Engagement Agreement with Ms. Quinn. Under the terms of this agreement, she will receive the following compensation: ● Cash Retainer: An annual cash retainer of $36,000, payable quarterly in arrears ● Equity Awards: An annual grant of $60,000 in shares of restricted stock issued under the Company’s 2024 Omnibus Equity Incentive Plan. These awards are to be granted on or about August 1 of each year and will vest in full following twelve months of continuous service, subject to accelerated vesting in the event of a change in control, death, or disability ● Expenses: Reimbursement for expenses in accordance with standard Company policy. On May 1, 2026, the Board of Directors (the “Board”) of the Company approved the appointment of Atara Dzikowski as Vice President of Mergers and Acquisitions. In connection therewith, the Company entered into an Employment Agreement dated May 1, 2026 with Ms. Dzikowski (the “Employment Agreement”). In addition, the Company and Ms. Dzikowski, a current member of the Board, entered into a Proprietary & Confidential Information, Inventions Assignment, Non-Solicitation and Non-Competition Agreement (the “Restrictive Covenant Agreement”) and the Mutual Agreement to Arbitrate (the “Arbitration Agreement”). Material terms of the Employment Agreement include an initial term of three years commencing on April 1, 2026, with automatic one-year renewals absent thirty days’ prior written notice of non-renewal by either party and an annual base salary of $240,000. On the effective date, subject to prior approval by the Board or the Compensation Committee and the terms of the Company’s 2025 Omnibus Equity Incentive Plan (or any successor plan), an award of 500,000 shares of common stock or restricted stock units, of which 150,000 shares vest immediately upon the grant date. The remaining 350,000 shares shall vest upon the earlier of: (i) time-based vesting of 100,000 shares on each of the first three (3) anniversaries of the effective date and the final 50,000 shares on the three and one-half (3.5) year anniversary of the effective Date, or (ii) performance-based vesting tied to consolidated revenue milestones of the Company and its subsidiaries (as determined in accordance with U.S. generally accepted accounting principles (“GAAP”) and reported in the Company’s periodic reports filed with the Securities and Exchange Commission): 100,000 shares upon achievement of $5,000,000 in cumulative Revenue; an additional 100,000 shares upon achievement of $10,000,000 cumulative Revenue; an additional 100,000 shares upon achievement of $15,000,000 cumulative Revenue; and the final 50,000 shares upon achievement of $17,500,000 cumulative Revenue. “Revenue” means the Company’s consolidated total revenue. Achievement of milestones shall be certified by the Board of Directors or Compensation Committee in its reasonable discretion. Further, Ms. Dzikowski will be eligible to participate in the Company’s standard employee benefit plans made available to similarly situated executives, including medical, dental and vision insurance, short- and long-term disability benefits, life insurance and retirement plan participation, subject to the terms of such plans as they may be amended from time to time. Upon termination for death, disability, for cause, resignation without good reason, or expiration of the term, Ms. Dzikowski will be entitled to only accrued but unpaid base salary and, to the extent required by law, accrued unused paid time off. Upon termination without cause or for good reason, the accrued benefits plus a severance payment equal to the then-current base salary, payable within six months of termination, conditioned upon execution of a general release of claims in a form provided by the Company and continued compliance with post-termination obligations. Customary provisions requiring full-time devotion of efforts, exclusive employment, and compliance with Company rules and policies. Jez Williman executive terms change On May 8, 2026, the Company entered into Amendment No. 1 (the “Amendment”) to the Employment Agreement dated September 2, 2025 (the “Original Agreement”) with Jez Williman (“Executive”), who serves as the Company’s Managing Director, UK and European Operations. Pursuant to the Amendment: (i) Executive’s title was updated to Managing Director, UK and European Operations, effective as of the date of the Amendment; (ii) Executive’s annual base salary was increased to $200,000, effective as of May 1, 2026 and shall be increased to an annual rate of the lesser of $300,000 or fair market rate once the Company has achieved $10,000,000 in revenue during any ninety (90) day period; and (iii) in addition to the 250,000 options previously granted under the Original Agreement, the Company agreed to grant Executive additional performance-based stock options under the Company’s 2025 Omnibus Equity Incentive Plan (subject to the terms of the Plan, an option agreement, and Executive’s continued service), consisting of (a) 50,000 options upon issuance of the valid payable commercial invoice(s) for the second UGV sold, and (b) 100,000 options upon issuance of valid payable commercial invoices cumulatively totaling $1 million. Such additional options will be granted at an exercise price equal to the fair market value of the Company’s common stock on the applicable grant date (determined in accordance with the Plan) and will vest upon achievement of the respective milestone or as otherwise determined by the Board of Directors. Changes to Board Committee Memberships On April 22, 2026, the Board accepted the resignation of Atara Dzikowski from the Audit Committee, the Compensation Committee, and the Nominating and Governance Committee, effective upon the commencement of her employment as Vice President of Mergers and Acquisitions. Ms. Dzikowski will continue to serve as a non-independent member of the Board of Directors. Concurrently, the Board appointed Daniel Ollech as a member of the Audit Committee, Mansour Khatib as a member of the Compensation Committee, and Judit Nagypal as a member and Chair of the Nominating and Governance Committee, with such appointments effective immediately upon Ms. Dzikowski’s resignation from the respective committees. The Board confirmed that the committees, as reconstituted, continue to satisfy all applicable Nasdaq independence and composition requirements. There are no family relationships among the individuals referenced above that require disclosure under Item 404(a) of Regulation S-K. There were no disagreements between the Company and Ms. Dzikowski regarding her transition or resignation from the committee positions. Patent Filling On April 23, 2026, the Company issued a Corporate Update press release which included announcing the filing of a non-provisional U.S. patent application titled “AI-Assisted Multi-Modal RF Fire Control System for All-Domain Target Engagement” (Serial No. 19/652,090, filed April 20, 2026), claiming priority to provisional application Serial No. 63/892,721 (prior provisional was filed October 3, 2025). Potential Listing In Germany During May 2026, the Company commenced the process of seeking registration of its common stock for trading on the Frankfurt Stock Exchange in Germany and, in connection therewith, obtained a Legal Entity Identifier (“LEI”) from WM Datenservice for international securities settlement and regulatory purposes. In connection with the contemplated Frankfurt listing and expansion of investor awareness activities in Europe, particularly within Germany, Switzerland, and Austria, the Company entered into (i) an Investor Awareness Advisory Agreement and (ii) an Investor Awareness Services Agreement with CapitaLink Ltd, an Israeli-based investor awareness and communications advisory firm. Under the advisory agreement, the Company agreed to issue 55,000 restricted shares of common stock pursuant to the Company’s 2024 Omnibus Equity Incentive Plan in consideration for advisory and investor awareness services related to the European market and Frankfurt listing process. The shares are subject to a 180-day lock-up and Rule 144 resale restrictions. Under the services agreement, CapitaLink agreed to assist the Company with investor awareness outreach, European media distribution, informational campaign management, and administrative support relating to the Frankfurt Stock Exchange listing process, including support associated with exchange-related requirements and fees. The Company’s Board of Directors approved the engagements and determined that the agreements were intended solely for investor awareness, educational outreach, and public communications purposes and did not constitute broker-dealer, placement agent, or investment advisory activities. Ian Share Purchase Agreement On May 12, 2026, VisionWave Israel Ltd. (“VW Israel”), a wholly owned subsidiary of the Company, entered into a definitive Share Purchase and Shareholders Agreement (the “Agreement”) with Mr. Ian Paklida (the “Seller”), pursuant to which VW Israel agreed to acquire 60% of the issued and outstanding equity interests of VIP Lux Travel Ltd. and PKLST Tourism and Leisure Ltd., both Israeli corporations (collectively, the “Target Companies”). The Agreement is definitive; however, the transaction has not yet closed. Under the terms of the Agreement, the consideration for the acquisition of the Target Companies will be the issuance of shares of common stock of the Company, subject to the satisfaction of various conditions precedent and regulatory approvals. The Agreement contemplates an aggregate transaction value of up to approximately 15 million NIS, payable in the Company shares valued at approximately USD $3 million. The number of shares to be issued will be 513,752 shares of common stock of the Company representing $6.02 cost per share. The Agreement includes customary representations, warranties, covenants, indemnification provisions, confidentiality obligations, lock-up restrictions, and closing conditions. Closing remains subject to, among other things: · completion of legal, financial, and operational due diligence; · receipt of all required corporate and regulatory approvals; · applicable tax rulings and/or approvals in Israel; · execution and delivery of final ancillary closing documents; and ·satisfaction or waiver of other customary closing conditions. Until the closing occurs, there can be no assurance that the acquisition will be consummated on the terms currently contemplated, or at all. The Company intends to evaluate strategic opportunities relating to the Target Companies’ operations and potential integration into VisionWave’s broader international business activities. Other share issuances Subsequent to March 31, 2026 and to the date of this report on Form 10-Q, total of 1,010,000 shares were issued to YA II PN pursuant to the SEPA. On May 18, 2026, the Company issued 475,590 shares to T3 defense Inc. pursuant to a share exchange and swap agreement dated May 17, 2026.

During the three and six months ended March 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K false false false false