​

​

Three-month

  ​ ​ ​

Three-month

  ​ ​ ​

Nine-month

  ​ ​ ​

Nine-month

​

  ​ ​ ​

period ended

  ​ ​ ​

period ended

  ​ ​ ​

period ended

  ​ ​ ​

period ended

​

​

May 31,

​

May 31,

​

May 31,

​

May 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

​

2025

​

​

$

​

$

​

$

​

$

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

​

​

​

​

​

​

​

​

Mac Engineering, SASU

​

—

​

—

​

—

​

997,479

​

​

​

​

​

​

​

​

​

Interest expense

​

​

​

​

​

​

​

​

Roger Moore

​

74,913

​

—

​

224,161

​

—

​

​

​

​

​

​

​

​

​

Rent expense

​

​

​

​

​

​

​

​

California Electric Boat Company

​

52,979

​

48,942

​

156,604

​

146,827

Marine Ventures LLC

​

—

​

—

​

143,720

​

—

​

​

​

​

​

​

​

​

​

Income booked through Contributed Surplus

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Management fees

​

​

​

​

​

​

​

​

Marine Ventures LLC

—

—

159,269

—

​

​

Three-month

  ​ ​ ​

Three-month

  ​ ​ ​

Nine-month

  ​ ​ ​

Nine-month

​

  ​ ​ ​

period ended

  ​ ​ ​

period ended

  ​ ​ ​

period ended

  ​ ​ ​

period ended

​

​

May 31,

​

May 31,

​

May 31,

​

May 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

​

2025

​

​

$

​

$

​

$

​

$

Salaries and benefits

​

481,347

​

264,414

​

1,372,487

​

778,813

Share-based payments – capital stock

—

​

11,377

​

29,588

199,227

Share-based payments – RSUs

​

18,270

​

—

​

49,250

​

—

Share-based payments – stock options

1,825

​

2,820

​

8,395

14,703

​

501,442

​

278,611

​

1,459,720

992,743

​

  ​ ​ ​

As at

  ​ ​ ​

As at 

​

​

May 31,

​

August 31,

​

​

2026

​

2025

​

​

$

​

$

Amounts due from related parties included in share subscription receivable

  ​

  ​

9335-1427 Quebec Inc.

—

18,193

Alexandre Mongeon

—

10,333

​

—

28,526

​

​

​

​

​

Amounts prepaid by related parties included in prepaid expenses and deposits to suppliers

​

​

​

​

Marine Ventures LLC

​

133,775

​

—

​

​

133,775

​

—

​

​

​

​

​

Amounts due to (from) related parties

​

​

​

​

Alexandre Mongeon

​

(12,133)

​

—

Roger Moore

​

10,000

​

—

Jesse Coors

​

50,000

​

—

​

​

47,867

​

—

​

​

​

​

​

Amounts due to related parties included in trade and other payable

​

​

​

​

Alexandre Mongeon

​

11,538

​

16,946

Raffi Sossoyan

​

3,843

​

7,277

Roger Moore*

​

33,986

​

19,520

Maxime Poudrier

​

2,885

​

—

Daniel Rathe

​

3,077

​

6,154

Marine Ventures LLC

​

97,667

​

—

1925 Holiday Holdings LLC

​

131,601

​

—

Palm City Marine LLC

34,022

—

NVPB Marina Holdings LLC

​

24,973

​

—

NV FL 1440 Holdings LLC

111,900

—

NV FL Holdings LLC

​

400,567

​

—

​

​

856,059

​

49,897

​

​

​

​

​

*includes interest payable at May 31, 2026 of $27,255 (August 31, 2025 - $6,058)

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

As at

  ​ ​ ​

As at 

​

​

May 31,

​

August 31,

​

​

2026

​

2025

​

​

$

​

$

Proceeds receivable from related parties

​

​

​

​

Non-interest bearing demand note receivable from Marine Ventures LLC

​

—

​

3,422,154

Contingent receivable from Marine Ventures LLC

​

6,556,314

​

6,967,763

​

​

6,556,314

​

10,389,917

​

​

​

​

​

Purchase consideration payable to related party

​

​

​

​

Initial Convertible Note due to Roger Moore (note 16)

​

3,229,563

​

3,111,810

Subsequent Convertible Note due to Roger Moore (note 16)

​

821,339

​

653,262

Real Estate Note due to Roger Moore (note 16)

​

1,609,019

​

1,283,434

​

​

5,659,921

​

5,048,506