Exhibit 99.90

 

Nuran Wireless Inc.

 

Condensed Interim Consolidated

Financial Statements

March 31, 2026 and 2025

 

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 6-30

 

The condensed interim consolidated financial statements of Nuran Wireless inc. for the first quarter ended March 31, 2026 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 March 31, 2026 and December 31, 2025

(Expressed in Canadian dollars) 

(Unaudited)

 

 

 

 

   2026-03-31   2025-12-31 
   $   $ 

ASSETS

Current assets          
Cash   1,933,539    4,665,392 
Trade and other receivables   4,211,999    3,798,016 
Scientific research and experimental development tax credits receivable   53,029    49,200 
Accrued revenues (Note 3)   2,605,273    2,724,647 
Inventories (Note 4)   6,031,752    6,389,739 
Prepaid expenses   80,479    59,348 
Security deposits and deposits on purchase of goods   1,384,895    1,313,447 
Loan receivable (Note 5)   77,347    77,347 
Current assets   16,378,312    19,077,136 
Non-current assets          
Property, plant and equipment (Note 6)   3,713,165    3,059,201 
Intangible assets (Note 7)   7,474,788    7,472,426 
Right-of-use assets (Note 8)   342,142    389,407 
Non-current assets   11,530,095    10,921,034 
Total assets   27,908,407    29,998,169 
 
LIABILITIES
Current liabilities          
Trade and other payables   9,594,638    10,456,567 
Customer advances (Note 9)   1,173,574    1,154,191 
Loans payable (Note10)   8,115,168    7,297,100 
Convertible debentures (Note 12A)   2,645,502    2,645,502 
Convertible debentures and derivative liability (Note 12B)   2,689,643    2,432,637 
Current portion of lease liabilities (Note 11)   41,983    92,580 
Current liabilities   24,260,508    24,078,577 
Non-current liabilities
Lease liabilities (Note 11)   322,690    323,206 
Total liabilities   24,583,198    24,401,783 
 
Shareholders’ equity
Share capital (Note 13)   86,654,171    86,606,375 
Warrants (Note 14)   6,470,739    6,465,936 
Contributed surplus (Notes 15)   7,559,538    7,559,538 
Foreign exchange in translation of foreign operations   (1,092,439)   (801,802)
Accumulated deficit   (96,266,801)   (94,233,661)
Total shareholders’ equity   3,325,209    5,596,386 
Total liabilities and shareholders’ equity   27,908,407    29,998,169 

 

 

 

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

 

 

3 

 

Nuran Wireless Inc. 

Condensed Interim Consolidated Statements of net Loss and Comprehensive Loss 

For the periods ended March 31, 2026 and 2025 

(Expressed in Canadian dollars) 

(Unaudited)

 

 

 

   Three months ended 
    2026-03-31    2025-03-31 
    $    $ 
Revenue   871,066    2,209,079 
Cost of sales   240,649    310,699 
Gross profit (loss)   630,417    1,898,380 
           
Selling expenses   117,319    149,517 
Administrative expenses   1,800,649    1,297,220 
Financial expenses   621,779    1,911,196 
Research and development costs, net of $3,828 in tax credits for the three-month period ended March 31, 2026, ($26,209 for the three-month period ended March 31, 2025)   313,711    206,503 
    2,853,458    3,564,436 
Loss before other elements   (2,223,041)   (1,666,055)
Other elements:          
Gain (Loss) on debt settlement   189,901    (23,474)
    189,901    (23,474)
Loss before income taxes   (2,033,140)   (1,689,530)
Income tax expense          
Income Tax        
Net loss for the period   (2,033,140)   (1,689,530)
           
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:          
           
Foreign exchange difference on translation of foreign operations   (290,637)   (107,740)
           
Total comprehensive income for the period   (2,323,777)   (1,797,270)
           
Net loss per share (Note 16)          
Basic and diluted loss per share   (0.16)   (8.57)
           
Weighted average number of outstanding common shares  13,079,666   62,933,021 

 

 

 

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

 

 

4 

 

Nuran Wireless Inc.  

Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity (Deficiency) 

For the periods ended March 31, 2026 and 2025 

(Expressed in Canadian dollars) 

(Unaudited)

 

 

 

                               2026-03-31 
   Share capital   Warrants   Contributed Surplus  

Fair Value of the

conversion option

   Translation reserve   Deficit   Total Equity 
   Number   $   $   $           $   $ 
Balance as at January 1, 2026   13,069,567    86,606,375    6,465,936    7,559,538        (801,802)   (94,233,661)   5,596,387 
Issue of shares (Note 13)   15,149    47,796                        47,796 
Net loss for the period                           (2,033,140)   (2,033,140)
Foreign exchange in translation of foreign operations                       (290,637)       (290,637)
Issue of warrants (Notes 13 and 14)           4,803                    4,803 
Balance as at March 31, 2026   13,084,716    86,654,171    6,470,739    7,559,538        (1,092,439)   (96,266,801)   3,325,209 

 

                               2025-03-31 
   Share capital   Contributed Surplus   Contributed Surplus  

Fair Value of the 

conversion option

   Translation reserve   Deficit   Total Equity 
   Number   $   $   $           $   $ 
Balance as at January 1, 2025   195,647    54,994,088    761,495    6,731,440    41,846    (1,148,311)   (72,797,613)   (11,417,055)
Issue of shares (Note 13)   10,000    1,076,249            (131,749)           944,500 
Net loss for the period                           (1,689,530)   (1,689,530)
Debenture conversion in share capital (Notes 12A)   11,666                             
Foreign exchange in translation of foreign operations                       (107,740)       (107,740)
Issue of warrants (Notes 13 and 14)       (45,000)   45,000                     
Balance as at March 31, 2025   217,313    56,025,337    806,495    6,731,440    (89,903)   (1,256,051)   (74,487,143)   (12,269,825)

 

 

 

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

 

 

5 

 

Nuran Wireless Inc.

Amended Condensed Interim Consolidated Statements of Cash Flows

For the periods ended March 31, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

 

 

   2026-03-31   2025-03-31 
   (3 months)   (3 months) 
   $   $ 
OPERATING ACTIVITIES          
Net loss   (2,033,140)   (1,689,530)
Non-cash flow adjustments          
Depreciation of property, plant and equipment   72,100    18,736 
Depreciation of intangible assets   59,058    5,539 
Depreciation of Right-of-use assets   53,364    43,598 
Amortization of OID   101,991    237,733 
Interest on overdue payables   11,147     
Interest on lease liabilities   17,377    4,975 
(Gain) loss on debt settlement   (189,901)   23,474 
Accretion of convertible debentures   110,261    433,550 
OID on convertible debenture   44,754    (1,705)
Interest on loan   207,306      
Expected credit loss   (288,500)   (90,536)
Loan payable   269,551    31,232 
Net change in working capital items          
Trade and other receivables   (136,630)   (1,087,558)
Accrued revenues   119,374    (340,687)
Scientific research and experimental development tax credits receivable   (3,829)   (26,208)
Inventories   357,987    (547,582)
Prepaid expenses   (21,131)   (64,915)
Security deposits and deposits on purchase of goods   (71,448)   (240,465)
Trade and other payables   (879,334)   1,280,944 
Customer advances   19,383    358,465 
Net cash from operating activities   (2,180,259)   (1,650,940)
           
INVESTING ACTIVITIES          
Purchase of property, plant and equipment   (726,064)   (67,995)
Purchase of intangible assets   (61,420)   (62,363)
Net cash used in investing activities   (787,484)   (130,358)
           
FINANCING ACTIVITIES          
Non cash - issue of common shares   47,795     
Non cash - issue of warrants   4,803     
Lease liabilities       7,879 
Repayment of lease liabilities   (74,389)   (52,454)
Proceeds (repayment of) loan payable   548.517    1,988,045 
Net cash used in financing activities   526,726    1,943,470 
Net decrease in cash   (2,441,017)   162,172 
Cash, beginning of period   4,665,392    1,171,558 
Foreign exchange in translation of foreign operations   (290,836)   (107,740)
           
Cash, end of period   1,933,539    1,225,990 

 

 

 

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

 

 

6 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(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”. On December 9, 2025, the Company completed a 300 for 1 consolidation of its common shares, whereby each 300 common shares issued and outstanding was consolidated into one common share. The share consolidation did not result in any change to the Company’s issued share capital. All references to common shares, share-based compensation and warrant amounts in these financial statements have been retroactively adjusted to reflect the share consolidation.

 

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 March 31, 2026 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
         
Advance Factoring Inc. (2025) Canada 100% CAD Factoring

 

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

 

 

7 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(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, r 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 in accordance with International Financial Reporting Standards (IFRS) 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 2025 audited annual financial statements.

 

During the three-month period ended March 31, 2026, the Company incurred a net loss of $2,033,140 ($1,689,530 for the three-month period ended March 31, 2025) and used net cash of $2,180,259 ($1,650,940 for the three-month period ended March 31,2025) in operating activities and, as of that date, had an accumulated deficit of $96,266,801 ($74,487,143 for the three-month period ended March 31,2025) and a working capital deficiency of $7,882,196 ($20,073,903 for the three-month period ended March 31, 2025). Additionally, in prior periods and through part of the year ended December 31, 2025, the Company operated with a shareholders’ deficit and had overdue outstanding debt instruments with ongoing creditor waivers. These conditions indicate the existence of material uncertainties that cast a significant doubt on the Company’s ability to continue as a going concern.

 

In December 2025, the Company completed steps approved by its shareholders at Annual General and Special Meetings (AGSMs) on October 22, 2025 and October 29, 2025 including a 300:1 share consolidation effective on December 9, 2025 and subsequent to this, a Restructuring Transaction. The Restructuring Transaction resulted in the conversion and extinguishment of over $20 million of debt and accounts payable to equity, together with a private placement raising aggregate gross proceeds of $5.8 million. As a result of the Restructuring Transaction, the Company’s shareholders’ deficit moved to a surplus position, and the Company’s market capitalization exceeded $57 million at March 31, 2026.

 

 

8 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

1. NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)

 

The Company submitted an application to list its common shares on Nasdaq on March 30, 2026 which is subject to pending filings and approvals, and appointed additional strategic advisors to support operational and commercial growth in Africa. The Company’s operations continued to grow across Cameroon, the DRC and, prospectively, Ivory Coast and Benin. 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. During the quarter, the company received approval for the final drawdown of USD 0.45 million (CAD 0.62 million) of the USD 5 million (CAD 6.83 million) loan from the Facility for Energy Inclusion (FEI), a fund managed by a non related company, Cygnum Capital.

 

Having regard to the completion of the Restructuring Transaction, the Company’s operational progress, its committed and anticipated financing arrangements, and all other available information up to the date of approval of these consolidated financial statements, management has concluded that the going concern basis of accounting used in preparation of these consolidated financial statements is appropriate. Nonetheless, the Company’s ability to continue as a going concern remains dependent upon its planned raise of capital, continuity of debt availability as may be needed, and the continued execution of its NaaS deployment strategy in Africa.

 

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 June 9, 2026.

 

 

9 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

2. SUMMARY OF ACCOUNTING POLICIES

 

Overall considerations

 

The accounting policies are in accordance with those used in the preparation of the 2025 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, 2025.

 

3. ACCRUED REVENUES

 

   2026-03-31   2025-12-31 
    $    $ 
Equipments sale   3,882,008    3,817,118 
Services revenues   6,605,476    5,978,756 
Interest Revenues   658,140    600,414 
Sites revenues   (8,540,352)   (7,671,641)
    2,605,273    2,724,647 

 

Accrued revenues represent the unbilled cumulative site deployment and construction revenue under IFRS 15 for which the performance obligation has been delivered.

 

4.INVENTORY

 

   2026-03-31   2025-12-31 
    $    $ 
Raw materials   1,217,815    1,228,181 
Finished goods   1,239,530    1,373,104 
Work in progress   3,574,408    3,788,454 
    6,031,752    6,389,739 

 

 

10 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

5.LOAN RECEIVABLE

 

   2026-03-31   2025-12-31 
    $    $ 
Loan from non-related companies (a)   50,000    50,000 
Loan from non-related companies (b)   27,347    27,347 
    77,347    77,347 

 

a)This is an unsecured loan to a non-related company entered into on December 23, 2025 bearing interest at 5% per annum and repayable on June 30, 2026.

 

b)This is an unsecured loan to an individual entered into on December 23, 2025 bearing interest at 5% per annum and repayable on June 30, 2026.

 

6. PROPERTY, PLANT AND EQUIPMENT

 

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

 

   March 31, 2026 
         Equipment and                
         furniture, tele-                
         communication                
         system,                
    Leasehold    furniture    Computer    Site      
    improvements     and fixtures    equipment    infrastructure    Total 
    $    $    $         $ 
Gross carrying amount                         
Balance as at December 31, 2025   8,995    2,187,232    429,022    1,525,067    4,150,315 
Additions       698,837    1,533        700,370 
Current translation effects       (3,925)   3,693    25,926    25,694 
                          
Balance as at March 31, 2026   8,995    2,882,143    434,248    1,550,992    4,876,379 
Depreciation and impairment                         
Balance as at December 31, 2025   7,183    698,048    343,439    42,445    1,091,114 
Depreciation   450    32,599    6,427    32,777    72,252 
Current translation effects       (1,237)   363    722    (153)
                          
Balance as at March 31, 2026   7,633    729,410    350,229    75,943    1,163,214 
Carrying amount as at                         
March 31, 2026   1,362    2,152,733    84,019    1,475,049    3,713,165 

 

 

11 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

 

   December 31, 2025 
         Equipment and                
         furniture, tele-                
         communication                
         system,                
    Leasehold    furniture    Computer    Site      
    improvements     and fixtures    equipment    infrastructure    Total 
    $    $    $         $ 
Gross carrying amount                         
Balance as at December 31, 2024   8,995    746,818    358,758        1,114,571 
Additions       1,432,036    66,978        1,499,014 
Reclassification               1,525,067    1,525,067 
Current translation effects        8,378    3,286        11,664 
Balance as at December 31, 2025   8,995    2,187,232    429,022    1,525,067    4,150,315 
Depreciation and impairment                         
Balance as at December 31, 2024   5,383    597,090    318,395        920,868 
Depreciation   1,800    97,867    23,935    42,445    166,046 
Current translation effects        3,092    1,109        4,201 
Balance as at December 31, 2025   7,183    698,048    343,439    42,445    1,091,114 
Carrying amount as at                         
December 31, 2025   1,812    1,489,184    85,583    1,482,622    3,059,201 

 

 

12 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

7. INTANGIBLE ASSETS

 

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

 

   March 31, 2026 
   Software   Total 
    $    $ 
Gross carrying amount          
Balance as at December 31, 2025   8,394,729    8,394,729 
Additions          
Under development   60,661    60,661 
Acquired   760    760 
Balance as at March 31, 2026   8,456,150    8,456,150 
           
Depreciation and impairment          
Balance as at December 31, 2025   922,303    922,303 
Amortization   59,058    59,058 
Balance as at March 31, 2025   981,361    981,361 
Carrying amount as at March 31, 2026   7,474,788    7,474,788 

 

   December 31, 2025 
   Software   Trademarks   Total 
    $    $    $ 
Gross carrying amount               
Balance as at December 31, 2024   8,160,650    44,244    8,204,894 
Additions               
Under development   231,302        231,302 
Acquired   2,777        2,777 
Write-off        (44,244)   (44,244)
Balance as at December 31, 2025   8,394,729         8,394,729 
                
Depreciation and impairment               
Balance as at December 31, 2024   872,162        872,162 
Amortization   50,141        50,141 
Balance as at March 31, 2025   922,303         922,303 
Carrying amount as at December 31, 2025   7,472,426         7,472,426 

 

 

13 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(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:

 

   2026-03-31   2025-12-31 
    $    $ 
Gross carrying amount          
Balance as at December 31, 2025   1,170,206    815,051 
Addition       258,150 
Current translation effects   6,099    97,005 
Balance as at March 31, 2026   1,176,305    1,170,206 
           
Depreciation and impairment          
Balance as at December 31, 2025   780,799    588,408 
Amortization   52,941    185,658 
Current translation effects   423    6,733 
Balance as at March 31, 2025   834,163    780,799 
Carrying amount as March 31, 2026   342,142    389,407 

 

9. CUSTOMER ADVANCES

 

   2026-03-31   2025-12-31 
    $    $ 
Customer advances   1,173,574    1,154,191 
    1,173,574    1,154,191 

 

Customer advances represent advance payments received from customers for non-NaaS sales which have not been invoiced as of year end.

 

10.LOANS PAYABLES

 

   2026-03-31   2025-12-31 
    $    $ 
           
Loan from non-related company (a)   62,649    69,429 
Loan from non-related company (b)   8,044,760    7,150,626 
Loan from non-related company (c)       63,467 
Loan from non-related company (d)   7,760    13,579 
    8,115,168    7,297,100 
           

 

 

14 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

10. 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 amount due to a non-related party was replaced with an unsecured loan of USD 394,781 (CAD 536,073), including interest of USD 75,930 (CAD 103,105), dated December 5, 2023. The loan bears interest at a fixed rate of 11% per annum and was payable over 24 months in blended principal and interest payments.

 

On December 22, 2025, the Company partially settled a portion of the remaining balance of the loan of USD 147,000 (CAD 202,056) including USD 32,797 (CAD 45,089) of interest (principal portion USD $114,203 (CAD 157,007), by issuing 69,929 common shares of the Company (See Note 20). The carrying value of the debt extinguished at the date of settlement was USD $147,000 (CAD 202,096).

 

During the year, the Company repaid USD 9,710 (CAD 13,535) for a remaining balance of USD 50,654 (CAD 69,426) bearing interest at a fixed rate of 11% per annum and payable over 24 months in blended principal and interest payments.

 

b)The loan is pursuant to a two-year term loan facility of USD 5,000,000 (CAD 6,834,000 dated April 26, 2024 with FEI Ongrid 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 a general security agreement and bears interest at the Secured Overnight Financing Rate (SOFR) plus 8.5% per annum. Interest accrues but is not payable until maturity. The terms of the loan were amended extending the maturity date to April 26, 2027 with interest partially paid in cash in accordance with an agreed schedule to maturity.

 

On March 10, 2025, the Company received of drawdown of USD 1,050,000 (CAD 1,515,255).

 

On October 6, 2025, the Company received of drawdown of USD 1,000,000 (CAD 1,395,500).

 

On March 13, 2026, the Company received of drawdown of USD 450,000 (CAD 627,255).

 

c)The loan, secured by guarantee of the parent company, 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 bears interest at a fixed rate of 7% and is payable monthly in blended principal and interest payments in the amount of CFA 12,283,126 (approx. $31K) over 12 months from the disbursement date.

 

 

15 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

10. LOANS PAYABLE (CONTINUED)

 

During the year ended December 31, 2025, the Company repaid CFA 124,126,824 for a remaining balance of CFA 25,873,176.

 

During, the three-month period ended March 31, 2026, the Company fully repaid the loan.

 

d)The unsecured loan is an installment payment agreement of $23,279 including interest at a fixed rate of 14.8% dated July 28, 2025 and is payable monthly in blended principal and interest payments in the amount of $1,924 over 12 months.

 

During the year ended December 31, 2025, the Company repaid $9,699 for a remaining balance of $13,579.

 

During the three-month period ended March 31, 2026, the Company repaid $5,820 for remaining balance of $7,760.

 

11.LEASE LIABILITIES

 

Lease liabilities are measured at the present value of lease payments using the Company’s incremental borrowing rate of 8% - 18% (2024 8% - 10%) on the date of the lease inception. The incremental borrowing rate reflects the rate of interest that the Company would have to pay to borrow over a similar term the funds necessary to obtain an asset of similar value in a similar economic environment.

 

 

16 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

11. LEASE LIABILITIES (CONTINUED)

 

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

 

   2026-03-31   2025-12-31 
    $    $ 
Gross carrying amount          
Balance as at December 31, 2025   415,786    256,637 
Additions       366,721 
Lease payments   (74,389)   (257,623)
Lease interest   17,377    50,051 
Effect of foreign exchange   5,899     
Balance as at March 31, 2026   364,673    415,786 
    0      
Current   41,983    92,580 
Non-current   322,690    323,206 
    364,673    415,786 

 

12A. CONVERTIBLE DEBENTURES

 

As at March 31, 2026, the convertible debentures and derivative liability consists of:

 

       Unsecured     
   Convertible   Convertible     
   debentures   debentures   Total 
    $    $    $ 
                
Balance at December 31, 2024   2,424,087    2,645,502    5,069,589 
Fair Value   335,063        335,063 
Amortization of OID   1,002,561        1,002,561 
Conversion (a)   (800,000)       (800,000)
Accretion   422,853        422,853 
Settlement (b)   (3,384,564)       (3,384,564)
Closing balance, as at December 31, 2025       2,645,502    2,645,502 
                
Closing balance, as at March 31, 2026       2,645,502    2,645,502 

 

 

17 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

12A. CONVERTIBLE DEBENTURES (CONTINUED)

 

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% paid upon maturity 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 $120 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 which deducts the value of the conversion option from the maturity value was $2,273,353.

 

In accordance with IFRS 9, the Company assessed whether the December 20, 2023 amendment to the Convertible Debentures constituted a modification or an extinguishment. The present value of the cash flows under the amended terms, discounted at the original effective interest rate, differed from the present value of the remaining cash flows under the original terms by less than 10%, and no other qualitative factors requiring immediate derecognition were present. Accordingly, the amendment was accounted for as a debt modification. The carrying amount of the debenture was adjusted to the present value of the modified future cash flows, discounted at the original effective interest rate, and the resulting gain on modification of $Nil was recognized in financial expenses in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2023.

 

The current value method refers to the present value of the contractual future cash flows of the debenture (being the maturity amount of $2,645,502 payable on July 12, 2024), discounted using an applicable market rate of interest that reflects the credit risk and terms of the instrument at the date of the amendment. The share price used as an input to the Black-Scholes model for valuing the conversion option was the market price of the Company’s common shares on the date of the transaction (December 20, 2023), being $0.11 per share (pre-consolidation), which represents a Level 1 input. No VWAP or other averaging methodology was applied.

 

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.

 

 

18 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

12A. CONVERTIBLE DEBENTURES (CONTINUED)

 

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

 

Share price   $33
Exercise price $120
Time to maturity 6 months
Risk-free rate 3.91%
Expected volatility 26.80%
Dividend yield Nil
Dilution factor 41.06%

 

On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders 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 $60 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 Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses.

 

The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value 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 $60 per common share.

 

In accordance with IFRS 9, the Company assessed whether the December 23, 2024 amendment to the convertible debentures constituted a modification or an extinguishment. The amendments significantly impacted the economic substance of the instrument and result in a fundamentally different risk and return profile for both the Company and the holders. Consistent with IFRS 9, amendments were considered an extinguishment and the original debenture liabilities were

 

 

19 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

12A. CONVERTIBLE DEBENTURES (CONTINUED)

 

therefore derecognized in full as at December 23, 2024, and new financial liabilities were recognized at fair value on that date.

 

On extinguishment, the original debenture was derecognized at its carrying amount of $2,256,419 and the new debenture was recognized at its fair value of $3,397,006, determined using the current value method. The resulting loss on extinguishment of $1,140,587 has been recognized in financial expenses in the consolidated statement of profit or loss and comprehensive loss for the year ended December 31, 2024.

 

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   $27
Exercise price $60
Time to maturity 2 years
Risk-free rate 3.03%
Expected volatility 60.18%
Dividend yield Nil
Dilution factor 38.43%

 

During the year ended December 31, 2024, the debenture holders requested the conversion of the principal value of debentures totalling $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 based on share value plus fair value of the conversion option was $227,000 (Note 20).

 

(a) During the year ended December 31, 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 $247,975 (Note 20).

 

(b) On December 22, 2025, the Company settled debt of $3,384,564 in common shares of the Company (see Note 20), resulting in the recognition of $182,271 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss. The book value of the debt converted the carrying value recorded for these shares was $2,552,890

 

 

20 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

12B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES

 

As at March 31, 2026, the unsecured convertible debentures and derivative liability consist of the following:

 

   Unsecured         
   Convertible   Derivative     
   debentures   liability   Total 
    $    $    $ 
                
Balance at December 31, 2024   1,706,926        1,706,926 
Amortization of OID   415,840        415,840 
Accretion   407,023        407,023 
Effect of foreigh exchange   (97,151)       (97,151)
Balance at December 31, 2025   2,432,637        2,432,637 
                
Amortization of OID   101,991        101,991 
Accretion   110,261        110,261 
Effect of foreigh exchange   44,754        44,754 
Closing balance, as at March 31, 2026   2,689,643        2,689,643 

 

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of USD 2,194,772 (CAD 3,008,374) 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 amortized cost using the effective interest method, with the carrying value accreted over time through interest expense was USD 1,594,729 (CAD 2,185,847). 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 $67.50 per common share.

 

 

21 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

12B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES (CONTINUED)

 

The fair value at December 31, 2025 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

 

Share price

$2.50

Exercise price $67.50
Time to maturity 0.58 years
Risk-free rate 2.58%
Expected volatility 41.91%
Dividend yield Nil
Dilution factor 33.28%

 

The fair value at March31, 2025 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

 

Share price

$2.50

Exercise price $67.50
Time to maturity 0.33 years
Risk-free rate 2.82%
Expected volatility 41.91%
Dividend yield Nil
Dilution factor 33.26%

 

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.

 

 

22 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

13. 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

 

During the three-month period ended March 31, 2026, the Company settled debt through the issuance of common shares and warrants. The debt was derecognized at its carrying amount, and the equity instruments issued were measured at fair value and allocated between share capital and contributed surplus using the relative fair value method.

 

    2026-03-31    2025-12-31 
    Number    $    Number    $ 
Opening balance   13,069,567    86,606,375    195,647    54,994,088 
Issue of share capital (a)   15,149    47,796    12,860,587    31,364,312 
Convertible Debenture (b)               (142,571)
Debenture conversion in share capital (c)           13,333    390,546 
Closing balance   13,084,716    86,654,171    13,069,567    86,606,375 

 

During the three-month period ended March 31, 2026, the Company had the following share transactions:

 

(a)On January 30, 2026, the Company issued 9,515 shares as of accounts payables settlement, resulting in the recognition of $27,232 as of share capital, $4,803 as of warrants and $4,535 as loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss. The company also issued 5,634 shares to members of its Board of Directors for services provided in 2022 and 2023, resulting in the recognition of $20,564 as of share capital and $194,436 as loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

 

(b)Nil in the three-month period ended March 31, 2026

 

(c)Nil in the three-month period ended March 31, 2026

 

 

23 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

13. SHARES CAPITAL (CONTINUED)

 

During the year ended December 31, 2025, the Company had the following share transactions:

 

(a)From January 2, 2025, to July 22, 2025, the Company issued 155,000 shares as of loan conversion with shares price between $15 and $27.60, resulting in the recognition of $2,509,936 as share capital and $2,246,840 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

 

On November 26, 2025, the Company issued 45,454 shares as of private placement with share price of $6.00, resulting in the recognition of $300,000 as of share capital.

 

On December 22, 2025, the Company issued 10,583,919 shares as of debt and accounts payables settlement, resulting in the recognition of $22,613,774 as of share capital, $1,733,405 as gain on debt settlement and $25,837 as loss on write-off of account payables in the Consolidated Statements of Net Loss and Comprehensive Loss. Included in this transaction is the acquisition of Advance Factoring Inc. (Note 6)

 

On December 22, 2025, the Company issued 1,946,365 shares as of private placement with share price of $2.78, resulting in the recognition of $5,625,000 as of share capital.

 

On December 29, 2025, the company issued 64,064 shares as of accounts payables settlement, resulting in the recognition of $128,095 as of share capital and $46,262 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

 

On December 29, 2025, the Company issued 65,784 shares as of private placement with share price of $2.55 and a finder’s fee of $2,609, resulting in the recognition of $187,507 as of share capital.

 

(b)On December 22, 2025, $(142,571) was recognized for the fair value on debentures following the settlement in shares.

 

(c)From January 20, 2025, to June 26, 2025, the Company issued 13,333 shares upon the conversion of debenture at a share price of $60 (Note 19A).

 

 

24 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

14. WARRANTS

 

The following is a summary of the activity of warrants:

 

   2026-03-15   2025-12-31 
    $    $ 
Opening balance   6,465,936    761,495 
Issue of Warrants   4,803    6,532,539 
Warrants expired       (674,600)
Warrants cancelled       (153,498)
Closing balance   6,470,739    6,465,936 

 

   Three months ended March 31, 2026 
       Weighted 
   Number of   average 
   warrants   exercise price 
         $ 
Opening balance   6,359,067    4.43 
Granted during the period   4,757    4.33 
Closing balance, as at March 31, 2026   6,363,824    4.36 
Closing balance of exercisable warrants, as at March 31, 2026   28,867    24.53 

 

   Twelve months ended December 31, 2025 
       Weighted 
   Number of   average 
   warrants   exercise price 
         $ 
Opening balance   61,797    114.00 
Granted during the period   6,404,177    4.82 
Expired during the period   (26,333)   168.61 
Cancelled during the period   (80,574)   39.79 
Closing balance, as at December 31, 2025   6,359,067    4.43 
Closing balance of exercisable warrants, as at December 31, 2025   6,140    78.66 

 

 

25 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

14. WARRANTS (CONTINUED)

 

The following is a summary of warrants outstanding and exercisable, as at March 31, 2026:

 

        Warrants outstanding       Warrants exercisable 
        Weighted       Weighted 
        average       average 
        contractual       contractual 
    Number   life (years)   Number   life (years) 
March 31, 2026                 
Exercise price                 
$4.34    6,265,137    4.73         
$4.34    65,063    4.75         
$4.34    4,757    4.84         
$9.90    22,727    2.66    22,727    2.66 
$75.00    5,640    0.41    5,640    0.41 
$120.00    500    0.41    500    0.41 
      6,363,824         28,867      

 

 

26 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

14. WARRANTS (CONTINUED)

 

        Warrants outstanding       Warrants exercisable 
        Weighted       Weighted 
        average       average 
December 31, 2025       contractual       contractual 
Exercise price   Number   life (years)   Number   life (years) 
$4.335    6,265,137    4.98         
$4.335    65,063    5.00         
$9.90    22,727    2.91         
$75.00    5,640    0.66    5,640    0.66 
$120.00    500    0.66    500    0.66 
      6,359,067         6,140      

 

During the year ended December 31, 2025, the Company issued 6,404,177 warrants consisting of 3,599,013 warrants issued to the owners of AFI and 2,805,164 warrants issued warrants issued for private placements, debt conversions, factoring recourse notices and debenture conversions. The value totaling $6,532,539 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.40% and 3.07%; expected volatility between 81.20% and 104.15%; expected dividend yield of 0%; expected life between 0.83 and 5 years and exercise price between $9 and $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $2.55 and $27.

 

During the three-month period ended March 31, 2026, the Company issued 4,757 warrants. The value totaling $4,803 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate of 2.56%; expected volatility 41.91%; expected dividend yield of 0%; expected life of 5 years and exercise price of $4.34. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was $3.65.

 

 

27 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

15. 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:

 

   2026-03-15   2025-12-31 
    $    $ 
Opening balance   7,559,538    6,731,440 
Warrants expired       674,600 
Warrants cancelled       153,498 
Closing balance   7,559,538    7,559,538 

 

   Three months ended March 31, 2026 
       Weighted 
   Number of   average 
   options   exercise price 
         $ 
Opening balance   9,566    402.91 
Granted during the period        
Expired during the period   (3,398)   705 
           
Closing balance, as at March 31, 2026   6,168    236.48 
Closing balance of exercisable options, as at March 31, 2026   6,168    236.48 

 

 

28 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

15. CONTRIBUTED SURPLUS (CONTINUED)

 

   Twelve months ended December 31, 2025 
       Weighted 
   Number of   average 
   options   exercise price 
         $ 
Opening balance   9,566    402.91 
Forfeited during the period          
           
Closing balance, as at December 31, 2025   9,566    402.91 
Closing balance of exercisable options, as at December 31, 2025   9,566    402.91 

 

The following is a summary of stock options outstanding and exercisable as at March 31, 2026:

 

        Options outstanding       Options exercisable 
        Weighted       Weighted 
        average       average 
        contractual       contractual 
    Number   life (years)   Number   life (years) 
March 31, 2026                 
Exercise price                 
$127.50    4,167    0.01    4,167    0.01 
$402.00    835    0.83    835    0.83 
$501.00    334    0.57    334    0.57 
$510.00    832    0.56    832    0.56 
      6,168         6,168      

 

 

29 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)    

 

15. CONTRIBUTED SURPLUS (CONTINUED)

 

        Options outstanding       Options exercisable 
        Weighted       Weighted 
        average       average 
        contractual       contractual 
    Number   life (years)   Number   life (years) 
December 31, 2025                 
Exercise price                 
$127.50    4,167    0.26    4,167    0.26 
$402    835    1.07    835    1.07 
$501    334    0.82    334    0.82 
$510    832    0.80    832    0.80 
$705    3,398    0.11    3,398    0.11 
      9,566         9,566      

 

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

 

   2026-03-31   2025-12-31 
    $    $ 
Net loss for the period   (2,033,140)   (21,436,048)
Weighted average number of outstanding common shares   13,079,666    590,522 
Loss per share   (0.16)   (36.30)

 

(b)Diluted

 

Diluted income (loss) per common share is equal to the loss per common share for the three-month period ended March 31, 2029 and the year 2025 as all of the shares options and warrants outstanding are anti-dilutive.

 

 

30 

 

NuRAN Wireless Inc.

Notes to Condensed Interim Consolidated Financial Statements

March 31, 2026 and 2025

(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 April 17, 2026 the former shareholders of the Factor entered into an undertaking pursuant to which they agreed not to, directly or indirectly, offer, sell, contract to sell, pledge, transfer, or otherwise dispose of any securities of the Company held by them and issued pursuant to the share purchase agreement dated December 22, 2025. The undertaking remains in effect until the earlier of (i) two business days following the removal of the Company from the British Columbia Securities Commission (the “BCSC”)’s Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the Undertaking.

 

On May 14, 2026, the Company’s subsidiary, NuRAN Wireless (Africa) Holding signed an amendment to the facility agreement signed with FEI Ongrid, a fund managed by Cygnum Capital, extending the maturity date of the agreement to April 26, 2027 and amending the terms of the agreement such that interest would not be fully capitalised but partially paid in cash in accordance with an agreed schedule to maturity. The amendment was entered into to support the Company in raising long term debt and equity financing.