Exhibit 99.2

INDEX TO FINANCIAL STATEMENTS

APEX MARINE LLC

Unaudited Combined Balance Sheets

The accompanying notes are an integral part of these unaudited condensed financial statements.

APEX MARINE LLC

Unaudited Combined Statements of Operations

The accompanying notes are an integral part of these unaudited condensed financial statements.

APEX MARINE LLC

Unaudited Combined Statements of Changes in Equity

The accompanying notes are an integral part of these unaudited condensed financial statements.

APEX MARINE LLC

Unaudited Combined Statements of Cash Flows

The accompanying notes are an integral part of these unaudited condensed financial statements.

APEX MARINE LLC

NOTES TO COMBINED FINANCIAL STATEMENTS

March 31, 2026

NOTE 1. NATURE OF BUSINESS AND ORGANIZATION

Apex Marine, LLC, Apex Marine Sales, LLC, and Apex Marine Stuart, LLC, (collectively, the “Company”) are Florida-based marine service, sales, and storage companies engaged primarily in the sale of new and pre-owned vessels, brokerage services, marine repair and maintenance services, parts and accessories sales, boat storage and hauling services, and related marina operations. The Company operates through multiple locations in Florida and serves both individual and commercial customers within the recreational marine industry. The Company’s operations include vessel sales, engine and mechanical services, refurbishment and maintenance, storage services, and related support activities.

The accompanying Combined financial statements include the accounts of Apex Marine, LLC, Apex Marine Sales, LLC, and Apex Marine Stuart, LLC for all the periods presented. Effective January 1, 2026, the Combined financial statements also include the operations of two additional locations: (1) a joint venture entered into between Apex Marine, LLC and Custom Motor Sports & Marine, LLC for the operation of a marine facility in the Haulover area (the “Haulover Joint Venture”), in which Apex Marine, LLC holds a 51% interest and Custom Motor Sports & Marine, LLC holds the remaining 49% interest, which is reflected as a noncontrolling interest in the accompanying Combined financial statements; and (2) the Lantana location, which represents operations conducted by Apex Marine, LLC under a lease agreement for that space. These operations are not included in the comparative period presented. All significant intercompany balances and transactions have been eliminated in combination.

NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

The Company’s combined financial statements and the notes thereto have been prepared in accordance with Generally Accepted Accounting Principles (“U.S. GAAP”) in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

The Combined financial statements include the financial statements of the entities noted in Note 1 above.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

For the three months ended March 31, 2026, the Company incurred a net loss of $897,654 and generated negative cash flows from operating activities. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued.

Management has taken steps to improve the Company’s liquidity and operating performance and continues to evaluate additional sources of financing and capital support. Subsequent to year-end, on February 13, 2026, the members of the Company entered into a Membership Interest Purchase Agreement with NextBoat Inc. (“NXB”), and the transaction was completed on May 13, 2026, pursuant to which the Company became a wholly owned subsidiary of NXB. Management believes that the Company’s access to financial resources and operational support following the acquisition may provide additional liquidity and support for future operations.

The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Use of Estimates and Assumptions

The preparation of the Combined financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Combined financial statements and the reported amounts of revenues and costs and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less. The Company had no cash equivalents. The Company considered highly liquid investments that were readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use.

From time to time, the Company may maintain bank balances in interest bearing accounts in excess of $250,000, which is currently the maximum amount insured by the FDIC for interest bearing accounts (there is currently no insurance limit for deposits in noninterest bearing accounts). The Company has not experienced any losses with respect to cash. Management believes our Company is not exposed to any significant credit risk with respect to its cash.

The Company has no restricted cash as of March 31, 2026.

Accounts Receivable, net

Accounts receivables are recorded at invoiced amounts, net of an allowance for credit losses, and do not bear interest. In accordance with Accounting Standards Update No. 2016-13 “Financial Instruments—Credit Losses” (“ASC 326”), the Company measures its allowance for credit losses using an expected credit loss model that reflects the Company’s current estimate of expected credit losses inherent in the enterprise and the accounts receivable balance. In determining the expected credit losses, the Company considers its historical loss experience, the aging of its accounts receivable balance, current economic and business conditions, and anticipated future economic events that may impact collectability. The Company reviews its allowance for credit losses periodically and as needed, amounts are written-off when determined to be uncollectible. As of March 31, 2026, $21,975 allowance for credit losses was recognized.

Inventory, net

Inventories primarily consist of new and pre-owned vessels, including yachts and related marine products, held for sale in the ordinary course of business. Inventory is acquired through direct purchases from manufacturers, vendors, and third-party sellers, as well as through customer trade-ins received in connection with vessel sales transactions. Trade-in inventory is initially recorded based on the estimated net realizable value of the vessel at the date acquired, considering estimated selling prices and costs necessary to prepare the vessel for resale.

Inventories are stated at the lower of cost or net realizable value. The cost of vessel inventory is determined using the specific identification method. The Company evaluates inventory for obsolescence and impairment by considering factors such as inventory aging, historical sales trends, current market conditions, and expected future demand. Inventory may also include parts, accessories, engines, trailers, and work in process related to repair, refurbishment, and service operations. Parts, accessories, engines, and trailers are primarily used in the Company’s service and maintenance operations. The cost of parts and accessories inventory is determined using methods that vary by entity and include both the average cost method and first-in, first-out (“FIFO”) method. Work in process (“WIP”) primarily represents costs incurred for customer service and repair work orders that have not yet been completed and recognized as cost of services. Such costs are deferred until the related service revenue is recognized.

Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and impairment charges. Depreciation is calculated primarily based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets:

When assets are retired or otherwise disposed of, the cost, accumulated depreciation is removed from the accounts and any resulting gain or loss is reflected in the Combined statements of operations in the period realized. Maintenance and repairs that do not enhance or extend the asset’s useful life are charged to operating expense as incurred.

Assets acquired under a finance lease are amortized in a manner consistent with the Company’s depreciation policy for owned assets if the lease transfers ownership to the Company at the end of the lease term or contains a bargain purchase option. Otherwise, assets acquired under a finance lease are amortized over the lease term.

Sales Tax

The Company collects sales tax on all of the Company’s sales to nonexempt customers and remits the entire amount to the states that imposed the sales tax. The Company’s accounting policy is to exclude the tax collected and remitted to the states from revenues and cost of sales.

Leases

The Company adopted ASU 2016-02 Leases (Topic 842) (“Topic 842”) issued by the FASB. The adoption of Topic 842 resulted in the presentation of operating lease right-of-use assets and operating lease liabilities on the combined balance sheets.

The Company has assessed the following: (i) whether any expired or existing contracts are or contains a lease, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any expired or existing leases (i.e. whether those costs qualify for capitalization under ASU 2016-02). The Company also elected the short-term lease exemption for certain classes of underlying assets including office space, warehouses and equipment, with a lease term of 12 months or less.

The Company determines whether an arrangement is or contains a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company currently has both operating and finance leases. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, current, and operating lease liability, non-current in the Company’s combined balance sheets. Please refer to Note 11 for the disclosures regarding the Company’s method of adoption of ASC 842 and the impacts of adoption on its financial position, results of operations and cash flows.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The operating lease ROU assets and lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease ROU assets also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease. Renewal options are considered within the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise that option. Lease expenses for lease payments are recognized on a straight-line basis over the lease term.

For operating leases with a term of one year or less, the Company has elected not to recognize a lease liability or ROU asset on its combined balance sheets. Instead, it recognizes the lease payments as expenses on a straight-line basis over the lease term. Short term lease costs are immaterial to its combined statements of operations and cash flows. The Company has operating lease agreements with insignificant non-lease components and has elected the practical expedient to combine and account for lease and non-lease components as a single lease component.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. For the three months ended March 31, 2026, the Company did not have any impairment loss against its operating lease ROU assets.

Fair Value of Financial Instruments

The Company measures its financial and non-financial assets and liabilities, as well as makes related disclosures, in accordance with FASB ASC No. 820, Fair Value Measurements, which provides guidance with respect to valuation techniques to be utilized in the determination of fair value of assets and liabilities.

The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three-tier hierarchy of inputs is summarized in the three broad levels below:

The Company considers the carrying amount of its financial assets and liabilities, which consist primarily of cash, accounts receivable, inventory, prepaid expenses, other current assets, account payables, accrued liabilities, customer deposits, current portion of long-term debt and floor plan notes payables approximate the fair value of the respective assets and liabilities as of March 31, 2026 due to their short-term nature.

Revenue Recognition

The majority of our revenue is from contracts with customers for the sale of boats, yachts, and trailers. We recognize revenue from boat, yacht, and trailer sales upon transfer of control of the boat, yacht, or trailer to the customer, which is generally upon acceptance of the boat, yacht, and trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale.

Boat, yacht, and trailer sales transactions often include both cash and non-cash consideration. Cash consideration is paid directly by the Company’s customers or by third-party financial institutions financing the Company’s customer transactions. Non-cash consideration is in the form of trade-in used boats. The Company assigns value to trade-in assets by estimating a future selling price, which the Company estimates based on relevant internal and third-party data, less a gross profit amount to be realized at the time the trade-in asset is sold and an estimate of any reconditioning work required to ready the asset for sale. Both cash and non-cash consideration may be received prior to or after the Company’s performance obligation is satisfied. Any consideration received prior to the satisfaction of the Company’s performance obligation is recognized as deferred revenue. Revenue recognized associated with trade-ins solely relates to end-user boat purchasers and not to boat manufactures or other wholesalers. As of March 31, 2026, the Company held trade-in boats recorded as inventory with a total value of $1,832,299. For the three months ended March 31, 2026, the Company recognized $293,450 in revenue from the sale of trade-in boats. As of March 31, 2025, the Company held trade-in boats recorded as inventory with a total value of $3,170,485. For the three months ended March 31, 2025, the Company recognized $325,000 in revenue from the sale of trade-in boats.

Revenue is recognized from the sale of products and commissions earned on new and pre-owned boats (including used, brokerage, consignment and wholesale) when ownership is transferred to the customer, which is generally upon acceptance or delivery to the customer. At the time of acceptance or delivery, the customer is able to direct the use of, and obtain substantially all of the benefits at such time.

Dealer Incentives

The Company participates in various manufacturer-sponsored dealer incentive programs, including sales performance incentives, volume-based incentives, promotional allowances, and other incentive arrangements. Incentives are earned upon satisfaction of the applicable program requirements established by the manufacturers.

The Company recognizes dealer incentive when the applicable performance conditions have been met and collection is considered probable. Dealer incentives are recorded as reductions of inventory cost and are subsequently recognized as reductions of cost of goods sold when the related inventory is sold. Amounts earned but not yet received are recorded as receivables.

Principal versus Agent Considerations:

We evaluate whether we are acting as a principal or an agent in each type of revenue transaction by assessing whether we control the specified goods or services before they are transferred to the customer, in accordance with ASC 606. We are the principal for sales of new, pre-owned, consignment, and wholesale boats, because we control the boat or yacht before transfer to the customer, bear the inventory risk, and have discretion in establishing prices. Accordingly, revenue from these transactions is recognized at the gross sales price.

For brokerage transactions, we act solely as an agent in arranging the sale of a boat between a seller and a buyer. In these transactions, we do not control the boat prior to transfer and do not bear the inventory risk. Therefore, we recognize revenue from brokerage transactions on a net basis, representing only the commission or fee earned. The transfer of control of the boat in brokerage transactions occurs directly between the seller and the buyer, and we do not obtain control at any point in the transaction.

We recognize customer deposits as revenue at the time of acceptance and the transfer of control to the customers. Total customer deposits of $445,570 recorded as of December 31, 2025 were recognized in revenue during the three months ended March 31, 2026. Total customer deposits of $573,395 recorded as of December 31, 2024 were recognized in revenue during the three months ended March 31, 2025.

We recognize deferred revenue from service operations, maintenance and slip and storage services over time on a straight-line basis over the term of the contract as our performance obligations are met.

Net revenue by category:

Selling, General and Administrative Expenses

Selling, general, and administrative expenses consist primarily of insurance, utilities, and other customary operating expenses. All the costs are charged to operations when incurred. The Company recorded selling, general and administrative expenses of $584,874 and $469,852 for the three months ended March 31, 2026 and 2025, respectively.

Advertising and Marketing Costs

Advertising and marketing costs include costs for advertising, marketing programs, brand promotions, customer mailings and promotional events, and boat shows. The Company recorded advertising and marketing expenses of $137,634 and $154,769 for the three months ended March 31, 2026 and 2025, respectively.

Income Taxes

The Company is organized as a limited liability company (“LLC”) and has elected to be treated as a partnership for U.S. federal and state income tax purposes. As a result, the Company is generally not subject to federal or state corporate income taxes at the entity level; instead, the taxable income or loss of the Company is reported by and taxed to its individual members. Accordingly, no provision for federal income taxes has been included in these financial statements.

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the combined financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for combined financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

Penalties and interest related to underpayment of income tax are classified as income tax expense in the period incurred.

The Company believes there were no uncertain tax positions as of March 31, 2026 and December 31, 2025, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

Earnings Per Share

The Company is organized as a limited liability company and does not have shares of common stock outstanding. Accordingly, earnings per share disclosures required under ASC 260 are not applicable to the Company.

Segment Reporting

The Company operates as a single operating segment encompassing marine vessel sales (new and pre-owned), marine repair and maintenance services, storage and hauling, and related marina operations. The Company’s chief operating decision maker (“CODM”) reviews Combined financial results to assess performance and allocate resources. All of the Company’s assets are located in the U.S.

Related Parties

Parties, which can be a corporation or individual, are considered to be related if one party has the ability, directly or indirectly, to control or exercise significant influence over the other party in making financial and operating decisions, or if the other party has such ability over the Company. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

Commitments and Contingencies

In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that liability has been incurred, and the amount of the assessment can be reasonably estimated.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company’s Combined financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

Subsequent events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the Combined financial statements are available to be issued. Material subsequent events that required recognition or additional disclosure in the Combined financial statements are presented.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2025, for private companies, with early adoption permitted. The amendments should be applied prospectively however, retrospective application is also permitted. The Company is in the process of assessing the impact of this ASU on its Combined financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the adoption of this guidance whether or not a material impact on the Company’s Combined financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date. Early adoption is permitted. We are currently evaluating the provisions of this ASU and do not expect this ASU to have a material impact on our Combined financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU simplifies the capitalization guidance by removing all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout ASC 350-40. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date; or follow a modified transition approach that is based on the status of the respective projects and whether software costs were capitalized before the date of adoption; or retrospectively to any or all prior periods presented in the Combined financial statements. Early adoption is permitted. We are currently evaluating the provisions of this ASU.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 clarifies the scope and requirements for interim financial statement disclosures under U.S. GAAP. The amendments create a comprehensive list of required interim disclosures and introduce a disclosure principle requiring entities to disclose, in interim periods, any event or change since the previous year-end that has a material effect on the entity. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027, for public business entities, and after December 15, 2028, for all other entities. Early adoption is permitted. The amendments may be applied prospectively or retrospectively to any or all prior interim periods presented. The Company is currently evaluating the impact of ASU 2025-11 on its Combined financial statements.

Recently adopted accounting pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this ASU on March 31, 2026, refer to Note 15, for the inclusion of the new required disclosures.

NOTE 3. ACCOUNT RECEIVABLES, NET

Accounts receivable, net consisted of the following at March 31, 2026 and December 31, 2025:

The movement of allowance for doubtful accounts are as follows:

NOTE 4. INVENTORY

Inventories consisted of the following:

Inventories are stated at the lower of cost or net realizable value. The Company periodically evaluates inventory for impairment and records write-downs when the estimated net realizable value is less than cost. In assessing net realizable value, management considers factors including inventory aging, turnover trends, historical sales experience, current market conditions, expected future demand, pricing trends, and estimated costs to sell the inventory.

The Company maintains allowances for slow-moving and obsolete inventory when necessary. For the three months ended March 31, 2026 and 2025, there is no inventory write-downs. For the year ended December 31, 2025, the Company recorded inventory write-downs of $443,146 related primarily to certain used vessel inventory with carrying values that exceeded estimated net realizable value.

NOTE 5. PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following:

During the three months ended March 31, 2026 and 2025, the Company incurred depreciation expenses on property and equipment of $24,750 and $24,876.

NOTE 6. OTHER ASSETS

Other assets consisted of the following as of March 31, 2026 and December 31, 2025:

Included in other assets is a Bertram 60’ vessel with a carrying value of $935,882 as of March 31, 2026. Legal title to the vessel was held by the Company as of March 31, 2026; however, pursuant to the terms of the transaction under which the Company was subsequently acquired by NextBoat Inc., the vessel was designated to be retained by the former owner and was not intended to remain as an operating asset of the Company following the acquisition. Accordingly, management has classified the vessel within other assets.

Management evaluates other assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. No impairment was recognized during the three months ended March 31, 2026 and 2025.

NOTE 7. ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of March 31, 2026 and December 31, 2025:

NOTE 8. NOTES PAYABLE – FLOOR PLAN

As of March 31, 2026, the Company maintains an inventory floorplan financing facility with Wells Fargo Commercial Distribution Finance, LLC (“WFCDF”) (Customer No. 238271, Branch 3328), used to finance the purchase of new boat inventory held for resale. Interest rates on individual financed units ranged from approximately 6.48% to 8.15% per annum. The total outstanding balance under the facility as of March 31, 2026 and December 31, 2025 were $9,114,526 and $7,255,700. The facility is secured by the financed inventory and its proceeds. As of March 31, 2026, there was no principal past due and the Company was in compliance with all material terms of the facility.

As of March 31, 2026, the Company also maintains an inventory floorplan financing facility with Northpoint Commercial Finance (CIN - Acct. ID: 23643-17826), used to finance the purchase of new boat inventory held for resale sourced from suppliers including Iconic Marine Group, LLC and Nauticstar, LLC. The facility bears interest at a variable rate equal to the Average Daily Balance (“ADB”) base rate plus a spread of 3.99% per annum. As of March 31, 2026, the ADB base rate was 3.7834%, resulting in an effective interest rate of approximately 7.77% per annum. The total outstanding principal balance under this facility as of March 31, 2026 and December 31, 2025 were $3,734,933 and $3,946,762. The facility is secured by the financed inventory and its proceeds, with unit maturity dates extending through December 25, 2028. As of March 31, 2026, there was no principal past due and the Company was in compliance with all material terms of the facility.

The total floor plan notes payable outstanding as of March 31, 2026 and December 31, 2025 were $12,849,459 and $11,202,462, respectively.

NOTE 9. LOAN PAYABLE

Maturity of long-term debt is as follows:

NOTE 10. CUSTOMER DEPOSITS

Customer deposits primarily consist of advance payments received from customers related to vessel sales transactions and marine repair or service work to be performed in future periods. Such amounts are recognized as revenue when the related performance obligations are satisfied.

We recognize customer deposits as revenue at the time of acceptance and the transfer of control to the customers. Total customer deposits of $445,570 recorded as of December 31, 2025 were recognized in revenue during the three months ended March 31, 2026. Total customer deposits of $573,395 recorded as of December 31, 2024 were recognized in revenue during the three months ended March 31, 2025.

The movement in customer deposits is as follows:

NOTE 11. LEASE

Operating Leases

The balances for the operating leases where the Company is the lessee are presented within the balance sheets as follows:

The components of lease expenses for the three months ended March 31, 2026 and 2025 were as follows:

Supplemental cash flow information related to leases for the three months ended March 31, 2026 and 2025 were as follows:

As of March 31, 2026, the maturities of operating lease liabilities (excluding short-term lease) are as follows:

As of December 31, 2025, the maturities of operating lease liabilities (excluding short-term lease) are as follows:

Finance Lease

NOTE 12. RELATED PARTY TRANSACTION

As of March 31, 2026 and December 31, 2025, the Company had a note payable of $700,000 and $500,000, respectively, owed to Ismael Perera, a related party. During the three months ended March 31, 2026, the Company borrowed an additional $200,000 from Mr. Perera, increasing the outstanding balance from $500,000 to $700,000. The note is non-interest-bearing, with no stated maturity date or scheduled repayment terms, and no interest expense has been recognized in connection with this obligation.

NOTE 13. INCOME TAXES

Apex Marine, LLC, Apex Marine Sales, LLC, and Apex Marine Stuart, LLC are each organized as limited liability companies and have elected to be taxed as partnerships under the provisions of the Internal Revenue Code (the “Code”). Under this election, the Company does not pay federal corporate income taxes on its taxable income. Instead, the members are individually liable for federal income taxes on the Company’s taxable income, whether or not distributed. Therefore, no provision or liability for federal income taxes has been included in the accompanying financial statements.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of March 31, 2026 and December 31, 2025, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the three months ended March 31, 2026 and 2025. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from March 31, 2026.

NOTE 14. EQUITY

Members’ Equity

Apex Marine, LLC, Apex Marine Sales, LLC, and Apex Marine Stuart, LLC are under common ownership and control. Members’ equity consists of member contributions, distributions, and accumulated earnings and losses. Profits and losses are allocated to the members of each entity in accordance with their respective operating agreements. The members’ ownership interests in the entities as of March 31, 2026 were as follows:

No member contributions or distributions were made during the three months ended March 31, 2026 and 2025.

On March 2, 2022, Apex Marine Stuart, LLC repurchased shares of its own equity interest from Kurt Chandler for a total consideration of $15,745 and has been presented as a reduction of members’ equity in the accompanying balance sheet as of the transaction date.

Noncontrolling Interests (“NCI”)

On January 1, 2026, Apex Marine, LLC (the “Company”) entered into a Joint Venture Agreement with Custom Motor Sports & Marine, LLC, a Missouri limited liability company, to form a joint venture operating under the name Apex Iconic at Haulover (the “Joint Venture”). The Joint Venture was established to operate and maintain a marine business located at 15600 Collins Avenue, Miami Beach, Florida 33154. Under the terms of the agreement, the Company holds a 51% interest in the Joint Venture and is entitled to 51% of net profits. The Company is solely responsible for all capital contributions, operating expenses, capital expenditure, and financing requirements of the Joint Venture. The Company is also responsible for day-to-day management, marketing and sales activities, cash management, and payroll functions of the Joint Venture. The term of the Joint Venture is co-terminus with an existing sublease agreement dated September 17, 2024, between Haulover Series, as sublandlord, and Custom Motor Sports & Marine, LLC, as subtenant, with respect to the Joint Venture’s principal place of business.

The Joint Venture incurred a net loss of $140,480 for the three months ended March 31, 2026, reflecting the early-stage nature of its operations, which commenced on January 1, 2026. Of this amount, $71,645 (representing the Company’s 51% interest) is included in the net loss attributable to Apex Marine LLC, and $68,835 (representing Custom Motor Sports & Marine, LLC’s 49% interest) is attributable to the noncontrolling interest.

As of March 31, 2026 and December 31, 2025, the noncontrolling interest balance was $(68,835) and nil, respectively, reflecting the cumulative net loss allocated to the noncontrolling interest since the Joint Venture’s inception on January 1, 2026.

NOTE 15. SEGMENT INFORMATION

In accordance with ASC 280-10, Segment Reporting: Overall, the CODM reviews the Combined results of operations when making decisions about allocating resources and assessing performance of the Company as a whole; hence, the Company has only one operating segment.

The Company’s segment operating profit or loss is measured using operating profit, which is the primary performance metric utilized by management to evaluate the financial results and to make decisions regarding resource allocation. Although gross profit is reviewed by management for operational analysis, operating income (loss) is the primary measure used by the Company’s chief operating decision maker (CODM) for segment performance assessment and resource allocation. The Company concluded that the CODM was Ismael Perera, CEO.

Segment information is as follows:

NOTE 16. COMMITMENTS AND CONTINGENCIES

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. The Company had no pending commitments and contingencies as of March 31, 2026 and December 31, 2025.

NOTE 17. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the combined financial statements are available to be issued. Other than the material subsequent events disclosed above in the notes to financial statements, no other material subsequent events that required recognition or additional disclosure in the combined financial statements are presented.

On February 13, 2026, the members of the Company entered into a Membership Interest Purchase Agreement (“MIPA”) with NextBoat Inc. pursuant to which NextBoat Inc. agreed to acquire 100% of the membership interests of the Company. The Company obtained control of the business effective May 1, 2026. The transaction closed on May 13, 2026, resulting in a change in ownership of the Company. Pursuant to the terms of the transaction, the aggregate consideration was approximately $5.97 million, consisting of (i) $1.2 million in cash, (ii) 679,012 shares of NextBoat Inc.’s common stock valued at approximately $1.8 million, and (iii) two promissory notes with aggregate principal amounts of approximately $2.97 million. Following the closing, the Company became a wholly owned subsidiary of NextBoat Inc.

In May 2026, the Haulover Joint Venture (as described in Note 14) was dissolved and the Company vacated the premises located at 15600 Collins Avenue, Miami Beach, Florida 33154. As a result of the dissolution, the Joint Venture’s sublease agreement with Haulover Series was terminated. The Company does not expect the dissolution to have a material impact on its combined financial statements.