Exhibit 99.60

 

Nuran Wireless Inc.

 

Condensed Interim Consolidated
Financial Statements

September 30, 2025 and 2024

 

Condensed Interim Consolidated Financial Statements  
   
Condensed Interim Consolidated Statements of Financial Position 2
   
Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss 3
   
Condensed Interim Consolidated Statements of Shareholders’ Equity (Deficiency) 4
   
Condensed Interim Consolidated Statements of Cash Flows 5
   
Notes to Condensed Interim Consolidated Financial Statements 6 - 33

 

The condensed interim consolidated financial statements of Nuran Wireless inc. for the third quarter ended September 30, 2025 as well as the corresponding comparative data were not subject to a review by the Company’s auditor.

 

 

 

2

 

Nuran Wireless Inc.
Condensed Interim Consolidated Statements of Financial Position
As at September 30, 2025 and December 31, 2024
(Expressed in Canadian dollars)
(Unaudited)

 

 

 

    2025-09-30    2024-12-31 
    $    $ 
           
ASSETS          
Current assets          
Cash   28,664    1,171,558 
Trade and other receivables   5,262,703    3,503,607 
Scientific research and experimental development tax credits receivable   46,660    115,800 
Accrued Revenues (Notes 3 and 4)   2,961,270    4,242,683 
Work in progress   645,541    645,541 
Inventories (Notes 3 and 5)   6,044,084    5,075,950 
Prepaid expenses   78,430    52,898 
Security deposits and deposits on purchase of goods   1,347,601    1,317,304 
Current assets   16,414,954    16,125,341 
Non-current assets          
Property, plant and equipment (Notes 3 and 6)   2,406,562    193,704 
Intangible assets (Note 7)   7,606,270    7,332,733 
Right-of-use assets (Note 8)   97,218    226,643 
Non-current assets   10,110,050    7,753,081 
Total assets   26,525,004    23,878,422 
           
LIABILITIES          
Current liabilities          
Trade and other payables   17,070,217    11,336,962 
Deferred revenue   2,530,228    2,520,879 
Loans payable (Note 9)   16,527,979    14,404,484 
Convertible debentures (Note 11A)   4,940,597    5,069,589 
Convertible debentures and derivative liability (Note 11B)   2,259,803    1,706,926 
Current portion of lease liabilities (Note 10)   119,193    189,898 
Current liabilities   43,448,016    35,228,738 
Non-current liabilities          
Lease Liabilities (Note 10)        66,739 
Total liabilities   43,448,016    35,295,477 
           
EQUITY (DEFICIENCY)          
Share capital (Note 12)   58,618,284    54,994,088 
Warrants (Note 13)   226,270    761,495 
Contributed surplus (Note 14)   6,689,116    6,731,440 
Fair value of conversion option (Note 15)   (108,725)   41,846 
Foreign exchange in translation of foreign operations   (1,125,765)   (1,148,311)
Accumulated deficit   (81,222,192)   (72,797,613)
Total shareholders’ deficiency   (16,923,012)   (11,417,055)
Total liabilities and shareholders’ deficiency   26,525,004    23,878,422 

 

 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

 

 

3

 

Nuran Wireless Inc.
Condensed Interim Consolidated Statements of net Loss and Comprehensive Loss
Periods ended September 30, 2025 and 2024
(Expressed in Canadian dollars)
(Unaudited)

 

 

 

   3 months ended   9 months ended 
                     
    2025-09-30    2024-09-30    2025-09-30    2024-09-30 
                     
    $    $    $    $ 
Revenue   627,650    1,563,061    3,548,865    3,688,827 
Cost of sales   126,278    797,325    1,359,203    1,660,080 
Gross profit (loss)   501,372    765,736    2,189,662    2,028,747 
                     
Selling expenses   185,308    187,062    557,737    575,236 
Administrative expenses   1,853,963    1,754,106    3,945,228    4,749,813 
Employee shared-based compensation             (691,924)     
Financial expenses   1,287,818    2,003,563    5,493,770    5,321,435 
Research and development costs, net of $27,563 in tax credits for the three-month period ended September 30, 2025, $27,414 for the nine-month period ended September 30, 2025 (21,593 for the three-month period ended September 30, 2024, $82,856 for the nine-month period ended September 30, 2024)   287,550    240,863    824,294    488,986 
    3,614,640    4,185,594    10,129,106    11,135,470 
Loss before other gain   (3,113,268)   (3,419,858)   (7,939,444)   (9,106,723)
Other elements:                    
Loss on debt settlement   8,206    200,026    (125,759)   1,001,697 
Impairment of inventory        (744)        (1,102)
Gain/Loss on disposal of assets                  
Gain/Loss on write-off of assets            (44,245)    
Loss on modification of contract (Note 3)            (299,873)    
    8,206    199,283    (469,877)   1,000,594 
Loss before income taxes   (3,105,062)   (3,220,575)   (8,409,321)   (8,106,129)
Income tax expense                   
Income Tax           15,258    (25,435)
Net loss for the period   (3,105,062)   (3,220,575)   (8,424,579)   (8,131,565)
                     
Other comprehensive income to be reclassified to profit or loss in subsequent periods:                    
Foreign exchange difference on translation of foreign operations   22,546    (341,101)   22,546    (341,101)
                     
Total comprehensive income for the period   (3,082,516)   (3,561,676)   (8,402,033)   (8,472,666)
                     
Loss per share (Note 16)                    
Basic and diluted loss per share   (0.03)   (0.06)   (0.11)   (0.15)
                     
Weighted average number of outstanding common shares   89,955,002    54,899,196    74,100,725    52,485,479 

 

 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

 

 

4

 

Nuran Wireless Inc.
Condensed Interim Consolidated Statements of Changes in Surplus (Deficiency)
Periods ended September 30, 2025 and 2024
(Expressed in Canadian dollars)
(Unaudited)

 

 

 

                               2025-09-30 
   Share capital   Warrants   Contributed
surplus
   Fair value of the
conversion option
   Translation   Deficit   Total Surplus (Deficiency) 
   Number   $       $   $   $   $   $ 
Balance as at January 1, 2025   58,694,132    54,994,088    761,495    6,731,440    41,846    (1,148,311)   (72,797,613)   (11,417,055)
Issue of share capital (Note 12)   46,500,000    2,788,000              (150,571)             2,637,429 
Net loss for the period                                 (8,424,579)   (8,424,579)
Foreign exchange in translation of foreign operations Convertible Debenture (Note 11A)                            22,546         22,546 
Debenture conversion in share capital (Notes 11A and 12)   4,000,000    950,571                             950,571 
Employee shared-based compensation - Warrants (Note 14)                  (691,924)                  (691,924)
Issue of Warrants (Note 13)        (114,375)   114,375                          
Warrants forfeited (Note 13 and 14)             (649,600)   649,600                     
Balance as at September 30, 2025   109,194,132    58,618,284    226,270    6,689,116    (108,725)   (1,125,765)   (81,222,192)   (16,923,012)
                                         
    Share capital    Warrants                          
   Number   $                               
Balance as at January 1, 2024   43,043,579    51,413,683    792,537                          
Issue of share capital (Note 11)   13,125,959    1,463,247                              
Net loss for the period                                     
Foreign exchange in translation of foreign operations                                     
Convertible débenture (note 10)       768,980                              
Debenture conversion in share capital (Notes 10 and 11)   1,000,000    227,000                              
Issue of Warrants (Note 12)        (78,088)   78,088                          
Balance as at September 30, 2024   57,169,538    53,794,823    870,625                          

  

 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

 

 

5

 

Nuran Wireless Inc.
Condensed Interim Consolidated Statements of Cash Flows
Periods ended September 30, 2025 and 2024
(In Canadian dollars)
(Unaudited)

 

 

 

   2025-09-30   2024-09-30 
   (9 months)   (9 months) 
   $   $ 
OPERATING ACTIVITIES          
Net loss   (8,424,579)   (8,131,565)
Non-cash flow adjustments          
Depreciation of property, plant and equipment   148,294    61,287 
Depreciation of intangible assets   18,415    27,660 
Depreciation of right-of-use assets   125,825    176,211 
Amortization of OID   704,615    (418,983)
Interest on lease liabilities   11,952    29,318 
Gain (loss) on disposal of assets       1,102 
Gain (loss) on debt settlement   125,759    (1,001,697)
Gain (loss) write-off of assets   44,245     
Gain (loss) on modification of contract   299,873      
Non-employee share-based transaction        
Employee share-based transaction   (691,924)    
Accretion of convertible debentures   3,366,196    573,777 
Accretion of unsecured debentures       28,829 
OID on debenture   (58,926)    
Expected credit loss   (87,671)     
Loan payable   (787,865)     
Net change in working capital items          
Trade and other receivables   (1,671,425)   (1,587,439)
Accrued revenues   981,540    (433,268)
Scientific research and experimental development tax credits receivable   69,140    65,125 
Work in progress        (282,146) 
Inventories   (968,134)   179,785 
Prepaid expenses   (25,532)   (55,552)
Security deposits and deposits on purchase of goods   (30,297)   (570,055)
Trade and other payables   5,736,853    1,162,933 
Deferred revenue   9,349    674,031 
Net cash used in operating activities   (1,104,296)   (9,500,645)
           
INVESTING ACTIVITIES          
Purchase of property, plant and equipment   (2,361,152)   (7,796)
Purchase of intangible assets   (336,196)   (259,863)
Right-of-use assets       (17,240)
Net cash generated in investing activities   (2,697,348)   (284,899)
           
FINANCING ACTIVITIES          
Lease liabilities   7,965    14,678 
Proceeds (repayment of) from loan payable   1,798,965    6,217,322 
Proceeds (repayment of) from promissory notes   1,082,213     
Proceeds (repayment of) from factoring agreement   150,000     
Repayment of promissory notes   (70,000)    
Repayment of lease liabilities   (157,362)   (207,346)
Repayment of loan payable   (175,577)    
Repayment of convertible debenture        
Convertible debentures and derivative liability        
Unsecured debenture       3,008,309 
Issue of common shares       2,464,944 
Net cash used in financing activities   2,636,204    11,497,907 
Net decrease in cash   (1,165,440)   1,712,363 
Cash, beginning of period   1,171,558    172,880 
Foreign exchange in translation of foreign operations   22,546    (341,101)
Cash, end of period   28,664    1,544,142 

  

 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

 

 

6

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

  

1.NATURE OF OPERATIONS AND GOING CONCERN

 

Nuran Wireless Inc. (“Nuran” or the “Company”) was incorporated in the province of British Columbia, Canada on September 23, 2014. The Company’s registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

 

The Company’s shares are traded on the Canadian Securities Exchange (the “CSE”) under the trading symbol “NUR”.

 

The Company with its subsidiaries (together, the “Company”) operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

 

A summary of the Company’s subsidiaries included in these condensed interim financial statements as at September 30, 2025 is as follows:

 

Name of subsidiaries 

Country of
incorporation
Percentage
ownership
Functional
currency
Principal activity
Innovation Nutaq Inc. Canada 100% CAD Wireless solutions
         
Nuran Wireless (Africa) Holding Mauritius 100% USD Holding company
         
Nuran Wireless DRC SA DRC 100% USD Wireless solutions
         
Nuran Wireless Cameroon Ltd Cameroon 100% XAF Wireless solutions
         
Nuran Wireless Benin S.A.R.L.U Benin 100% XOF Wireless solutions
         
Nuran Wireless Madagascar S.A.R.L.U Madagascar 100% MGA Wireless solutions
         
Nuran Wireless Cote d’Ivoire S.A.R.L.U Ivory Coast 100% XOF Wireless solutions

 

XAF – Central African Franc; XOF – West African Franc; MGA – Malagasy Ariary;

 

 

 

7

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

1.NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)

 

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

 

These condensed interim consolidated financial statements have been prepared on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business These condensed interim consolidated financial statements should be read in conjunction with the 2024 audited annual financial statements.

 

During the nine-month period ended September 30, 2025, the Company incurred a net loss of $8,424,579 ($8,472,666 for the nine-month period ended September 30, 2024) and used net cash of $1,104,296 ($9,500,645 for the nine-month period ended September 30, 2024) in operating activities and, as of that date, had cumulated deficit of $81,222,192 ($72,173,318 for the nine-month period ended September 30,2024) and a working capital deficiency of $27,033,062 ($18,794,324 for the nine-month period ended September 30, 2024)

 

While these conditions indicate the existence of uncertainties that cast a doubt on the Company’s ability to continue as a going concern, they highlight the need for ongoing capital and operational management. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth. It is also pursuing discussions with its short term creditors and others to restructure its financing and improve the balance sheet. Management is focused on executing its strategy centered around the Network-as-a-Service (NaaS) model, which includes the deployment of over 5,000 rural mobile sites under contracts signed between 2020 and 2024.

 

The transition to the NaaS model involves significant upfront investment in network infrastructure. However, the Company has made meaningful progress in restructuring and repositioning its operations, including improving revenue generation and the operational performance of existing NaaS sites.

 

 

 

8

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

1.NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)

 

Although material uncertainties remain that could impact the Company’s ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

 

The condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on November 30, 2025.

 

2.SUMMARY OF ACCOUNTING POLICIES

 

Overall considerations

 

The accounting policies are in accordance with those used in the preparation of the 2024 annual financial statements.

 

Significant management judgement in applying accounting policies and estimation uncertainty

 

When preparing the condensed interim financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgments, estimates and assumptions made by management and will seldom equal the estimated results.

 

The judgments, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Company’s last annual financial statements for the year ended December 31, 2024.

  

 

 

9

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

3.CONTRACT MODIFICATION (ADDENDUM SIGNED 08 MAY 2025)

 

During the period, the Group entered into an addendum between Nuran Wireless DRC SA and Orange RDC which amended the original revenue-sharing agreement by removing the obligation to transfer ownership of the network infrastructure and replacing the minimum guaranteed revenue mechanism with a usage-based remuneration model. The amendment represents a contract modification under IFRS 15 and has resulted in the following impacts:

 

Area   Impact
Nature of modification   Removal of the infrastructure transfer obligation and introduction of usage-based revenue model
     
Revenue recognition   An amount of US$1,236,451 of deferred revenue (previously allocated to the transfer obligation) was reversed and recognised in the current period as a cumulative catch-up adjustment. Future revenue is recognised over time based on the provision of ongoing services.
     
Gain on contract modification   A gain of US$1,022,072 relating to the reversal of previously accrued cost of sales was recognised separately as “Gain on contract modification” in the statement of profit or loss.
     
Reclassification of assets   Infrastructure assets previously classified as inventory were reclassified to property, plant and equipment at carrying amount (US$1,022,072).
     
Impairment assessment   An impairment review was performed under IAS 36 immediately after reclassification. No impairment loss was identified.
     
Useful life reassessment   Based on peer benchmarking (MTN) and management assessment, the remaining useful life of the infrastructure was revised to approximately 22 years. The change was accounted for prospectively as a change in accounting estimate (IAS 8).

 

4.ACRRUED REVENUES

 

   2025-09-30   2024-12-31 
    $    $ 
Equipments sale   3,876,995    4,583,728 
Services revenues   5,561,115    4,572,793 
Interest Revenues   558,624    664,858 
Sites revenues   (7,035,464)   (5,578,696)
    2,961,270    4,242,683 

 

Accrued revenues represents the cumulative deployment and construction sites revenue recognized under IFRS 15 for which the performance obligation has not been delivered.

 

 

 

10

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

5.INVENTORY

 

   2025-09-30   2024-12-31 
    $    $ 
Raw materials   1,223,141    1,273,705 
Finished goods   1,696,428    1,107,284 
Work in progress   3,124,515    2,694,961 
    6,044,084    5,075,950 

 

6.PROPERTY, PLANT AND EQUIPMENT

 

The Company’s property, plant and equipment and their carrying amounts are detailed as follows:

 

       September 30, 2025     
         Equipment and           
         furniture,           
         telecommunication           
         system,           
    Leasehold    furniture    Computer      
    improvements    and fixtures    equipment    Total 
    $    $    $    $ 
Gross carrying amount                    
Balance as at December 31, 2024   8,996    746,818    358,758    1,114,572 
Additions       370,634,967    3,383,840    374,018,807 
Current translation effects       (368,291,065)   (3,366,590)   (371,657,655)
Balance as at September 30, 2025   8,996    3,090,719    376,008    3,475,724 
                     
Depreciation and impairment                    
Balance as at December 31, 2024   5,383    597,090    318,395    920,868 
Depreciation   1,350    34,748,434    2,165,470    36,915,254 
Current translation effects       (34,614,113)   (2,152,847)   (36,766,960)
Balance as at September 30, 2025   6,733    731,412    331,017    1,069,162 
Carrying amount as at September 30, 2025   2,263    2,359,307    44,991    2,406,562 

 

 

 

11

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

6.PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

 

   December 31, 2024 
       Equipment and         
       furniture,         
       telecommunication         
       system,         
   Leasehold   furniture   Computer     
   improvements   and fixtures   equipment   Total 
    $    $    $    $ 
Gross carrying amount                    
Balance as at December 31, 2023   7,727    763,928    354,258    1,125,913 
Additions   1,269    1,498,500    1,501,050    3,000,819 
Write-off       (37,435)       (37,435)
Current translation effects       (1,478,175)   (1,496,550)   (2,974,725)
Balance as at December 31, 2024   8,996    746,818    358,758    1,114,572 
                     
Depreciation and impairment                    
Balance as at December 31, 2023   3,773    549,011    298,267    851,051 
Depreciation   1,610    8,987,906    1,868,879    10,858,394 
Write-off       (15,161)       (15,161)
Current translation effects       (8,924,665)   (1,848,751)   (10,773,416)
Balance as at December 31, 2024   5,383    597,090    318,395    920,868 
Carrying amount as at December 31, 2024   3,613    149,728    40,363    193,704 

 

 

 

12

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

7.INTANGIBLE ASSETS

 

The Company’s intangible assets and their carrying amounts are detailed as follows:

 

   September 30, 2025 
   Software   Trademarks   Total 
    $    $    $ 
Gross carrying amount               
Balance as at December 31, 2024   8,160,650    44,244    8,204,894 
Additions               
Under development   125,152        125,152 
Acquired   152,231        152,231 
Write-off       (44,244)   (44,244)
Current translation effects   58,815        58,815 
Balance as at September 30, 2025   8,496,848         8,496,848 
                
Depreciation and impairment               
Balance as at December 31, 2024   872,162        872,162 
Amortization   18,416        18,416 
Balance as at September 30, 2025   890,578        890,578 
Carrying amount as at September 30, 2025   7,606,270        7,606,270 

 

   December 31, 2024 
   Software   Trademarks   Total 
    $    $    $ 
Gross carrying amount               
Balance as at December 31, 2023   7,803,221    44,244    7,847,465 
Additions               
Under development   364,479        364,479 
Acquired   (7,050)       (7,050)
Balance as at December 31, 2024   8,160,650    44,244    8,204,894 
                
Depreciation and impairment               
Balance as at December 31, 2023   847,917        847,917 
Amortization   24,245        24,245 
Balance as at December 31, 2024   872,162    872,162      
Carrying amount as at December 31, 2024   7,288,489    44,244    7,332,733 

 

 

 

13

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

8.RIGHT-OF-USE ASSETS

 

The Company’s right-of-use assets and their carrying amounts are detailed as follows:

 

   2025-09-30   2024-12-31 
   $   $ 
Gross carrying amount        
Balance as at December 31, 2024   815,051    1,038,642 
Addition   (3,600)   17,240 
Impairment       (180,103)
Current translation effects       (60,728)
Balance as at September 30, 2025   811,451    815,051 
           
Depreciation and impairment Balance as at December 31, 2024   588,408    551,364 
Amortization   125,825    197,785 
Impairment       (127,280)
Current translation effects       (33,461)
Balance as at September 30, 2025   714,233    588,408 
Carrying amount as at September 30, 2025   97,218    226,643 

 

9.LOANS PAYABLES

 

   September 30, 2025   December 31, 2024 
    $    $ 
Loan from non-related company (a)   373,134    226,910 
Loan from non-related company (b)   2,218,146    2,839,102 
Loan from non-related company (c)   7,619,253    7,003,329 
Loan from non-related company (d)   281,664    355,645 
Loan from non-related company (e)   208,500    150,000 
Loan from non-related company (f)   5,648,350    3,829,499 
Loan from non-related company (g)   159,533     
Loan from non-related company (h)   19,399     
    16,527,979    14,404,484 

 

 

 

14

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

9.LOANS PAYABLE (CONTINUED)

 

Given their short-term maturity, the carrying amount of loans receivable is considered a reasonable approximation of their fair value.

 

a)The loan from a non-related company is secured by a chattel mortgage on the universality of the Company’s assets.

 

On March 25, 2025, the Company amended the terms of the agreement to increase the maximum amount available on the facility to $462,500 and reduce interest to 5%.

 

b)The loan from a non-related company is a secured promissory note.

 

On June 24, 2024 the Company further extended the loan facility until December 31, 2025. As consideration, the Company agreed to increase the principal amount of the loan by US$ 230,117 as an extension fee, increased the interest rate to the default rate of 24% per annum and agreed to a repayment schedule to commence following the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly thereafter starting October 31, 2024. The lender also agreed to subordinate the loan to the FEI. A lending fee of US$ 50,000, accrued interest of US$ 259,190, compounded interest of US$ 83,164 and an extension fee of US$230,117 were added to the principal amount. The repayment requirement was not met. A penalty fees of 5% per month were added to the principal amount.

 

During the nine-month period ended September 30, 2025, the Company repaid US$ 690,565 for a remaining balance of US$1,752,234.

 

c)The loan from a non-related company relates to a factoring agreement with a factoring company.

 

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.911 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $19,11 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,910,763 was recoded in factoring reserve.

 

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional US$ 2,000,000 by selling additional receivables as required by the Company.

 

 

 

15

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

9.LOANS PAYABLE (CONTINUED)

 

On December 23, 2024, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 30,000,0000 units form the previous 80,000,000 units which are eligible to be issued.

 

Each unit included three quarters of one warrant to purchase a common share at $0.25 till August 28, 2028. As consideration to the lender, the Company agreed to reduce the price per unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 19).

 

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

 

On April 15, 2025, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $26.8 million and increase the amount to be drawn to $10.4 million. The Company also settled promissory notes totaling $345,435 in principal.

 

On August 19, 2025, the Company further amended the terms of the agreement to settle promissory notes totaling $1,274,492 in principal and added $2,079,622 to the paid accounts of the Factor.

 

During the nine-month period ended September 30, 2025, the lender requested the conversion of debt under the agreement totaling a value of $1,162,241, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $2,788,000.

 

d)This loan from bear interest at 11% and is payable over 24 months from December 5, 2023. During the nine-months period ended September 30, 2025, the Company repaid US$44,834 for a remaining balance of US$ 202,331.

 

e)This loan bears interest at 15% per annum and was repayable on February 6, 2025.

 

On January 22, 2025, the Company issued a promissory note of $63,405. The loan bear interest at 15% and is payable on March 8, 2025.

 

 

 

16

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

9.LOANS PAYABLE (CONTINUED)

 

On February 4, 2025, the Company issued a promissory note of $146,030. The loan bear interest at 15% and is payable on March 14, 2025.

 

On April 15, 2025, these promissory notes were settled with the factoring amendment.

 

On April 15, 2025, the Company issued a promissory note of $200,000. The note bears interest at 15% and is payable on May 30, 2025, but was not repaid on that date.

 

On May 2, 2025, the Company issued a promissory note of $50,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

 

On May 6, 2025, the Company issued a promissory note of $150,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

 

On May 27, 2025, the Company issued a promissory note of $105,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

 

On June 4, 2025, the Company issued a promissory note of $70,000. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

 

On June 10, 2025, the Company issued a promissory note of $127,778. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

 

On June 13, 2025, the Company issued a promissory note of $11,830. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

 

On June 20, 2025, the Company issued a promissory note of $100,000. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

 

On August 26, the Company closed a non-brokered private placement financing for gross proceeds of CAD$1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement will be used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

 

f)The loan is pursuant to a two-year term loan facility of US$ 5,000,000 dated July 5, 2024 with FEI to NuRAN Wireless (Africa) Holding. The loan is secured on the business and assets of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under general security agreement and bears interest at the Secured Overnight Financing Rate plus 8.5% per annum. Interest accrues but is not payable until maturity.

 

On March 10, 2025, the Company received of drawdown of US$ 1,050,000.

 

 

 

17

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

9.LOANS PAYABLE (CONTINUED)

 

g)The loan is pursuant to a bank facility of CFA 150,000,000 (approx. $366K) with Société Générale Cameron to Nuran Cameroon Ltd, dated June 20, 2024. The disbursement was made on February 25, 2025. The loan bear interest at a rate of 7% and is payable monthly in the amount of CFA 12,283,126 (approx. $31K) over 12 months from the disbursement date.

 

h)The loan is an installment payment agreement of $23,279 including interest dated July 28, 2025 and is payable monthly in the amount of $1,924 over 12 months.

 

10.LEASE LIABILITIES

 

The Company’s lease liabilities and their carrying amounts are detailed as follows:

 

   2025-09-30   2024-12-31 
    $    $ 
Gross carrying amount          
Balance as at December 31, 2024   256,637    527,588 
Additions   7,965    14,678 
Lease payments   (157,362)   (248,892)
Lease interest   11,952    34,225 
Waive off       (70,962)
Balance as at September 30, 2025   119,193    256,637 
           
Current   119,193    189,898 
Non-current       66,739 
    119,193    256,637 

 

 

18

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

11A. CONVERTIBLE DEBENTURES

 

As at September 30, 2025, the convertible debentures and derivative liability consists of:

 

   Secured
Convertible
debentures
   Unsecured Convertible debentures  

Total

 
    $    $    $ 
Balance at December 31, 2023
  2,191,884   1,954,034    4,145,918 
Extension (a)   1,935,682        1,935,682 
Effect of the modification (b)   (1,833,749)       (1,833,749)
Accretion of OID   43,590    362,811    406,401 
Conversion (C)   (225,000)       (225,000)
Accretion   311,680    328,657    640,337 
Closing balance, as at December 31, 2024   2,424,087    2,645,502    5,069,589 
                
Accretion of OID   392,310        392,310 
Conversion (d)   (800,000)       (800,000)
Accretion   278,698        278,698 
Closing balance, as at September 30, 2025   2,295,095    2,645,502    4,940,597 

 

(b)As at December 20, 2023, the Company extended the maturity date of the Convertible Debentures entered into in July 2022. The maturity date of the Convertible Debentures was extended to July 12, 2024 along with other terms of the original debenture which were amended. The original debenture had an original issuance discount of 10% and this was increased to 16% leading to a maturity value of $ 2,645,502. In addition, the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. Under the terms of the Convertible Debenture the principal amount is due one year from the date of closing and does not bear interest until the maturity date or an event of default occurs. The number and terms of warrants issued in conjunction with the original debenture, as well as all other terms of the debenture did not change.

 

The debenture value determined using the current value method was $2,273,353.

 

 

 

19

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

11A. CONVERTIBLE DEBENTURES (CONTINUED)

 

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

 

The Black-Scholes pricing model used for the conversion options used the following assumptions:

 

Share price $0.11
Exercise price $0.40
Time to maturity 6 months
Risk-free rate 3.91%
Expected volatility 26.80%
Dividend yield Nil
Dilution factor 41.06%

 

(a), (b)On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount (“OID”) of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in profit and loss as financial expenses

  

The debenture value determined using the current value method was $3,397,006.

 

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.20 per common share.

 

 

 

20

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

11A. CONVERTIBLE DEBENTURES (CONTINUED)

 

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

 

Share price $0.09
Exercise price $0.20
Time to maturity 2 years
Risk-free rate 3.03%
Expected volatility 60.18%
Dividend yield Nil
Dilution factor 38.43%

 

(c)During the year ended December 31, 2024, the debenture holders requested the conversion of debentures totalling a value of $225,000 in common shares of the Company. Taking into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these shares was $227,000 (Note 12).

 

(d)During the nine-month period ended September 30, 2025, the debenture holders requested the conversion of debentures totalling a value of $800,000 in common shares of the Company. Taking into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these shares was $950,571 (Note 12).

 

 

 

21

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

11B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES

 

As at September 30, 2025, the unsecured convertible debentures and derivative liability consist of the following:

 

  

Unsecured
Convertible
debentures 

  

Derivative
liability

  

Total

 
    $    $    $ 
Balance at December 31, 2023               
Issuance   3,008,309        3,008,309 
Original issuance discount (OID)   (1,637,698)       (1,637,698)
Fair value adjustment       53,482    53,482 
Accretion of OID   138,389        138,389 
Accretion   121,759        121,759 
Fair value adjustment       (53,482)   (53,482)
Effect of foreigh exchange   76,166        76,166 
Closing balance, as at December 31, 2024   1,706,926        1,706,926 
                
Accretion of OID   312,305        312,305 
Accretion   299,498        299,498 
Effect of foreign exchange   (58,926)       (58,926)
Closing balance, as at September 30, 2025   2,259,803        2,259,803 

 

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of US$ 2,194,772 with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the current value method was $1,594,729. The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.225 per common share.

 

 

 

22

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

11B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES (CONTINUED)

 

The fair value of derivative liability on August 16, 2024 was estimated at $53,482, which was derived using a Black-Scholes option pricing model:

 

Share price $0.12
Exercise price $0.225
Time to maturity 2 years
Risk-free rate 3.31%
Expected volatility 57.08%
Dividend yield Nil
Dilution factor 38.86%

 

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

 

Share price $0.08
Exercise price $0.225
Time to maturity 1.58 years
Risk-free rate 2.93%
Expected volatility 55.18%
Dividend yield Nil
Dilution factor 38.04%

 

The Company measured the conversion feature of convertible debentures at FVTPL and the conversion feature was classified as a derivative financial liability for the loan, which was denominated in a currency other than the Company’s functional currency (and therefore its exercise price is not fixed in the Company’s functional currency) and is convertible into a variable number of both common shares and warrants. The embedded derivative did not qualify as an equity instrument due to not meeting the “fixed for fixed” criteria of IAS 32 Financial instruments: Presentation. Therefore, the Company separated the embedded derivative from the host contract and accounted for each element separately. The embedded derivative was initially recognized at its fair value. The amount of change in the fair value of the derivative is presented in profit or loss.

 

 

 

23

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

12. SHARE CAPITAL

 

NuRAN’s share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

 

Common shares, voting and participating

 

Preferred shares

 

    2025-09-30    2024-12-31 
    Number    $    Number    $ 
Balance as at December 31, 2023   58,694,132    54,994,088    43,043,579    51,413,683 
Issue of share capital (a)   46,500,000    2,788,000    14,650,553    1842306 
Convertible Debenture (b)               1588204 
Debenture conversion in share capital (c)   4,000,000    950,571    1,000,000    227000 
Issue of Warrants (d)       (114,375)       (77,106)
Balance as at September 30, 2025   109,194,132    58,618,284    58,694,132    54,994,088 

 

During the nine-month period ended September 30, 2025, the Company had the following share transactions:

 

(a)From January 2, 2025, to June 26, 2025, the Company issued 46,500,000 shares as of loan conversion with shares price between $0.05 and $0.095, resulting in the recognition of $2,788,000 as share capital and $125,759 as loss on debt settlement in the profit and loss.

 

(b)Nil in 2025

 

(c)From January 20, 2025, to July 22, 2025, the Company issued 4,000,000 shares upon the conversion of debenture at a share price of $0.20 (Note 11A).

 

(d)From January 2, 2025, to July 22, 2025, the Company issued 15,375,000 warrants for loan and debenture exercise. The fair value of the warrants was $114,375.

 

 

 

24

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

12.SHARES CAPITAL (CONTINUED)

 

During the year ended December 31, 2024, the Company had the following share transactions:

 

(a)From January 10, 2024 to December 31, 2024, the Company issued 371,100 shares as of shares for services with shares price between $0.105 and $0.13, resulting in the recognition of $45,200 as administrative expenses in the profit and loss.

 

From January 31, 2024 to November 7, 2024, the Company issued 11,879,453 shares as of loan conversion with shares price between $0.10 and $0.166, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the profit and loss.

 

On January 2, 2024, 1,900,000 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the profit and loss.

 

On December 16, 2024, the Company issued 500,000 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the profit and loss.

 

From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

 

(b)On August 16, 2024, $822,461 was recognized for the fair value on debentures. On December 23, 2024, $765,742 was recognized for the fair value on debentures.

 

(c)On April 2025, the Company issued 1,000,000 shares upon the conversion of debenture at a share price of $0.225 (Note 17). ???? is this correct

 

(d)From January 31, 2024 to November 7, 2024, the Company issued 9,659,582 warrants for loan and debenture exercise. The fair value of the warrants was $77,106.

 

 

 

25

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

13.WARRANTS

 

The following is a summary of the activity of warrants:  

 

  

2025-09-30

   2024-12-31 
    $    $ 
Balance as at December 31, 2024   761,495    792,537 
Issue of Warrants   114,375    77,106 
Warrants expired   (649,600)   (108,148)
Balance as at September 30, 2025   226,270    761,495 

 

 

   Nine months ended September 30, 2025 
  

Number of
warrants

  

Weighted
average
exercise price

 
         $ 

Opening balance 

   18,539,206    0.38 
Granted during the period   15,375,000    0.21 
Expired during the period   (2,899,999)   1.10 
Closing balance, as at September 30, 2025   31,014,207    0.23 
Closing balance of exercisable warrants, as at September 30, 2025   31,014,207    0.23 

  

 

 

26

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

13.WARRANTS (CONTINUED)

 

   Twelve months ended December 31, 2024 
   Number of
warrants
   Weighted
average
exercise price
 
         $ 
Opening balance   11,911,105    1.20 
Granted during the year   9,659,582    0.25 
Expired during the year   (3,031,481)   0.65 
Closing balance, as at December 31, 2024   18,539,206    0.38 
Closing balance of exercisable warrants, as at December 31, 2024   18,539,206    0.38 

 

 

 

27

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

13.WARRANTS (CONTINUED)

 

The following is a summary of warrants outstanding and exercisable, as at September 30, 2025:

 

        Warrants
outstanding
       Warrants
exercisable
 
    Number   Weighted
average
contractual
life (years)
   Number   Weighted
average
contractual
life (years)
 
September 30, 2025 Exercise price                 
$0.20    12,750,000    2.91    12,750,000    2.91 
$0.25    13,114,207    0.91    13,114,207    0.91 
$0.25    5,000,000    0.17    5,000,000    0.17 
$0.40    150,000    0.91    150,000    0.91 
     31,014,207         31,014,207      

  

 

 

28

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

13.WARRANTS (CONTINUED)

 

        Warrants
outstanding
       Warrants
exercisable
 
December 31, 2024 Exercise price   Number   Weighted
average
contractual
life (years)
   Number   Weighted
average
contractual
life (years)
 
$0.25    10,489,207    1.66    10,489,207    1.66 
$0.25    5,000,000    0.92    5,000,000    0.92 
$0.40    150,000    1.66    150,000    1.66 
$1.10    2,899,999    0.63    2,899,999    0.63 
     18,539,206         18,539,206      

   

During the year ended December 31, 2024, the Company issued 9,659,582 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.10 and $0.17.

 

During the nine-month period ended September 30, 2025, the Company issued 15,375,000 warrants. The value totaling $114,375 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.44% and 3.07%; expected volatility between 72.24% and 76.77%; expected dividend yield of 0%; expected life between 1.08 and 3.58 years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.06 and $0.085.

 

 

 

29

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

14.CONTRIBUTED SURPLUS

 

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

 

The following is a summary of the activity of stock options and warrants:

 

   2025-09-30   2024-12-31 
    $    $ 
Balance as at December 31, 2024   6,731,440    6,623,292 
Warrants expired (a)   649,600    108,148 
Share-based compensation adjustment (b)   (691,924)    
Balance as at September 30, 2025   6,689,116    6,731,440 

 

(a)Nil warrants expired and nil forfeited during the six-month period ended June 30, 2025 (3,041,481 expired in 2024)

 

(b)During the nine-month period ended September 30, 2025, the Company cancelled a total of 450,000 warrants previously granted to management, due to unmet milestones. As a result, the Company reversed a previously booked cost of $691,924.

 

 

 

30

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

14.CONTRIBUTED SURPLUS (CONTINUED)

 

   Nine months ended September 30, 2025 
       Weighted 
   Number of   average 
   options   exercise price 
         $ 
Opening balance   2,870,000    1.34 
Closing balance, as at September 30, 2025   2,870,000    1.34 
Closing balance of exercisable options, as at September 30, 2025   2,870,000    1.34 

 

   Twelve months ended December 31, 2024 
       Weighted 
   Number of   average 
   options   exercise price 
         $ 
Opening balance   3,305,000    1.54 
Forfeited during the period   (435,000)   1.82 
Closing balance, as at December 31, 2024   2,870,000    1.34 
Closing balance of exercisable options, as at December 31, 2024   2,870,000    1.34 

 

 

 

31

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

14.CONTRIBUTED SURPLUS (CONTINUED)

 

The following is a summary of stock options outstanding and exercisable as at September 30, 2025:

 

 

        Options
outstanding
       Options
exercisable
 
    Number   Weighted
average
contractual
life (years)
   Number   Weighted
average
contractual
life (years)
 
September 30, 2025
Exercise price
                 
$0.43    1,250,000    0.51    1,250,000     0.51  
$1,34    250,000    1.33    250,000     1.33  
$1,67    100,000    1.07    100,000     1.07  
$1,70    250,000    1.05    250,000     1.05  
$2,35    1,020,000    0.36    1,020,000     0.36  
     2,870,000         2,870,000         

 

December 31, 2024
Exercise price
                     
$0.43    1,250,000    1.26    1,250,000    1.26 
$1,34    250,000    2.07    250,000    2.07 
$1,67    100,000    1.82    100,000    1.82 
$1,70    250,000    1.80    250,000    1.80 
$2,35    1,020,000    1.11    1,020,000    1.11 
     2,870,000         2,870,000      

 

 

 

32

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

15.FAIR VALUE OF CONVERSION OPTION

 

   2025-09-30   2024-12-31 
    $    $ 
Balance as at December 31, 2024   41,846    21,990 
Debenture issued       41,846 
Conversion of debentures   (150,571)   (2,000)
Restructuring of the debentures       (19,990)
Balance as at September 30, 2025   (108,725)   41,846 

 

16.LOSS PER SHARE

 

(a)Basic

 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

 

 

   2025-09-30   2024-12-31 
   $   $ 
Net loss for the period   (8,424,579)   (8,755,860)
Weighted average number of outstanding common shares   74,100,725    53,832,351 
Loss per share   (0.11)   (0.16)

 

(b)Diluted

 

Diluted income (loss) per common share is equal to the loss per common share for the nine-month period ended September 30, 2025 and the year 2024 as all of the shares options and warrants outstanding are anti-dilutive.

 

 

 

33

 

NuRAN Wireless Inc. 

Notes to Condensed Interim Consolidated Financial Statements 

September 30, 2025 and 2024 

(Expressed In Canadian dollars)

(Unaudited)

 

17.RELATED PARTY TRANSACTIONS

 

The Company’s related parties include companies under common control as well as key management personnel.

 

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received.

 

18.SUBSEQUENT EVENTS

 

On October 6, 2025, the Company received the third drawdown of US$1M from the FEI announced on September 29, 2025

 

On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of CA$ 300,000. This was accomplished through the issuance of 13,636,362 units of the Company priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.