Exhibit 99.2
GAXOS.AI INC. AND SUBSIDIARY
PRO FORMA NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2025
NOTE 1 – Description of Sale
On June 15, 2026, Gaxos.ai Inc. (“Gaxos” or the “Company”) completed the sale of its gaming assets, including its portfolio of mobile games and Gaxos Gaming Labs, a generative AI service that empowers game developers and publishers, to Game Foundry AI, a privately-held company. In connection with the sale, the Company received 2,200,000 shares of common stock of Game Foundry AI valued at $0.80 per shares based on recent sales of Game Foundry common shares in a private placement.
NOTE 2 - Basis of Presentation
The unaudited pro forma consolidated financial information is prepared pursuant to Article 11 of Regulation S-X. The unaudited pro forma consolidated balance sheet and statements of operations and comprehensive loss are based upon the historical consolidated financial statements of the Company, which were included in its Annual Reports on Form 10-K for the fiscal years ended December 31, 2025, previously filed with the SEC. The unaudited pro forma consolidated balance sheet as of December 31, 2025 has been prepared by including the audited historical consolidated balance sheet of the Company as of December 31, 2025, adjusted to reflect the pro forma effect as if the sale of the Company’s gaming assets had been consummated on that date. The unaudited pro forma consolidated statements of operations and comprehensive loss for the year ended December 31, 2025 have been prepared by including the Company’s historical consolidated statements of operations and comprehensive loss, adjusted to reflect the pro forma effect as if the Sale had been consummated on January 1, 2025.
NOTE 3 - Pro Forma Adjustments
The following pro forma adjustments are included in the unaudited pro forma consolidated balance sheet and/or the unaudited pro forma consolidated statements of operations and comprehensive loss:
| a. | Reflects the elimination of unamortized capitalized software developments costs related to the gaming assets of $22,069. |
| b. | Reflects the receipt of 2,200,000 shares of Game Foundry AI valued at $1,760,000, or $0.80 per share, based on recent sales of Game Foundry AI’s common shares in a private placement. |
| c. | Reflects the effect on unaudited consolidated statement of operations and comprehensive loss related to the estimated gain of $1,737,931 from the sale of the gaming assets. |
GAXOS.AI INC. AND SUBSIDIARY
PRO FORMA CONSOLIDATED BALANCE SHEET
(Unaudited)
| Historical | Pro Forma Adjustments | Pro Forma | ||||||||||||||
| December 31, | Sale of Gaming Assets | December 31, | ||||||||||||||
| 2025 | Debit | Credit | 2025 | |||||||||||||
| ASSETS | ||||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash | $ | 840,799 | $ | - | $ | - | $ | 840,799 | ||||||||
| Short-term investments, at fair value | 11,345,187 | - | - | 11,345,187 | ||||||||||||
| Investment in equity securities, at fair value | 180,000 | - | - | 180,000 | ||||||||||||
| Accounts receivable | 76,247 | - | - | 76,247 | ||||||||||||
| Prepaid expenses and other current assets | 157,586 | - | - | 157,586 | ||||||||||||
| Total Current Assets | 12,599,819 | - | - | 12,599,819 | ||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Property and equipment, net | 103,393 | - | 22,069 | 81,324 | ||||||||||||
| Intangible assets, net | 718,333 | - | - | 718,333 | ||||||||||||
| Investment in equity securities, at fair value | - | 1,760,000 | - | 1,760,000 | ||||||||||||
| Total Long-Term Assets | 821,726 | 1,760,000 | 22,069 | 2,559,657 | ||||||||||||
| TOTAL ASSETS | $ | 13,421,545 | $ | 1,760,000 | $ | 22,069 | $ | 15,159,476 | ||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| $ | 270,105 | $ | - | $ | - | $ | 270,105 | |||||||||
| Accrued expenses | 280,430 | - | - | 280,430 | ||||||||||||
| Deferred revenue | 130,054 | - | - | 130,054 | ||||||||||||
| Total Current Liabilities | 680,589 | - | - | 680,589 | ||||||||||||
| Total Liabilities | 680,589 | - | - | 680,589 | ||||||||||||
| Commitments and Contingencies (See Note 8) | ||||||||||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||||||||
| Preferred stock; par value $0.0001; 5,000,000 shares authorized; | ||||||||||||||||
| No shares issued and outstanding on December 31, 2025 and 2024 | - | - | - | - | ||||||||||||
| Common stock; par value $0.0001: 50,000,000 shares authorized; 7,123,453 and 6,923,453 shares issued and outstanding on December 31, 2025 and 2024, respectively | 712 | - | - | 712 | ||||||||||||
| Additional paid-in capital | 25,801,322 | - | - | 25,801,322 | ||||||||||||
| Accumulated other comprehensive income | 26,976 | - | - | 26,976 | ||||||||||||
| Accumulated deficit | (12,700,304 | ) | 22,069 | 1,760,000 | (10,962,373 | ) | ||||||||||
| Total Gaxos.AI Stockholders’ Equity | 13,128,706 | - | - | 14,866,637 | ||||||||||||
| Noncontrolling interest | (387,750 | ) | - | - | (387,750 | ) | ||||||||||
| Total Stockholders’ Equity | 12,740,956 | - | - | 14,478,887 | ||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 13,421,545 | - | - | $ | 15,159,476 | ||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
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GAXOS.AI INC. AND SUBSIDIARY
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| Historical | Pro Forma | |||||||||||||||
| For the Year Ended | Pro Forma Adjustments | For the Year Ended | ||||||||||||||
| December 31, | Sale of Gaming Assets | December 31, | ||||||||||||||
| 2025 | Debit | Credit | 2025 | |||||||||||||
| REVENUES | $ | 1,933,030 | $ | - | $ | - | $ | 1,933,030 | ||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 993,671 | - | - | 993,671 | ||||||||||||
| Selling, general and administrative | 5,855,885 | - | - | 5,855,885 | ||||||||||||
| Total Operating Expenses | 6,849,556 | - | - | 6,849,556 | ||||||||||||
| LOSS FROM OPERATIONS | (4,916,526 | ) | - | - | (4,916,526 | ) | ||||||||||
| OTHER INCOME (LOSS): | ||||||||||||||||
| Interest income | 612,285 | - | - | 612,285 | ||||||||||||
| Unrealized gain on short-term investments | 21,945 | - | - | 21,945 | ||||||||||||
| Realized gain on short-term investments | 30,047 | - | - | 30,047 | ||||||||||||
| Realized loss on exchange of equity securities | (29,998 | ) | - | - | (29,998 | ) | ||||||||||
| Gain on sale of gaming assets | 22,069 | 1,760,000 | 1,737,931 | |||||||||||||
| Total other income, net | 634,279 | 22,069 | 1,760,000 | 2,372,210 | ||||||||||||
| NET LOSS | (4,282,247 | ) | 22,069 | 1,760,000 | (2,544,316 | ) | ||||||||||
| Net loss of subsidiary attributable to noncontrolling interest | 381,664 | - | - | 381,664 | ||||||||||||
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | (3,900,583 | ) | $ | 22,069 | $ | 1,760,000 | $ | (2,162,652 | ) | ||||||
| COMPREHENSIVE LOSS: | ||||||||||||||||
| Net loss | $ | (4,282,247 | ) | $ | 22,069 | $ | 1,760,000 | $ | (2,544,316 | ) | ||||||
| Other comprehensive income: | ||||||||||||||||
| Unrealized gain (loss) on short-term debt investments | 15,283 | - | - | (84,092 | ) | |||||||||||
| Comprehensive loss | $ | (4,266,964 | ) | $ | 22,069 | $ | 1,760,000 | $ | (2,628,408 | ) | ||||||
| NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS: | ||||||||||||||||
| Basic and diluted | $ | (0.55 | ) | $ | (0.30 | ) | ||||||||||
| WEIGHTED AVERAGE COMMON SHARE OUTSTANDING: | ||||||||||||||||
| Basic and diluted | 7,093,316 | - | 7,093,316 | |||||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
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