13. Restricted Cash

As of May 31, 2026, the Company had restricted cash of $5,424,320, consisting of cash and U.S. dollar-denominated stablecoin equivalents that are contractually restricted under certain financing and custody arrangements.

Restricted cash consisted of the following:

 Schedule of restricted cash

The $250,000 balance represents funds held by the Company’s digital asset manager, Monarq Capital, pursuant to investment management arrangements. These funds are designated for future purchases of Injective (“INJ”) tokens in accordance with the Company’s digital asset treasury strategy and are not available for general operating purposes until deployed or returned to the Company.

The $5.0 million balance is maintained in designated collateral accounts with FalconX in connection with the Company’s secured credit facility. These balances are maintained to satisfy collateral requirements under the financing arrangement and are therefore presented as restricted cash.

As of May 31, 2026, the Company also maintained $174,320 of cash within its FalconX derivatives account as margin collateral supporting outstanding derivative positions. These funds are restricted under the applicable trading and margin arrangements and are therefore included in restricted cash.

Separately, the Company had $345,734 payable to FalconX for unsettled spot trading transactions. This amount is presented within accounts payable and accrued liabilities and is not offset against restricted cash because it represents a separate obligation of the Company.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements - Unaudited

For the period ended May 31, 2026

(Expressed in US Dollars)