12. CORRECTION OF IMMATERIAL ERRORS

As disclosed in our Form 1-SA filed on September 29, 2025, Form 10-K filed on April 15, 2026, and Form 10-K/A filed on July 21, 2026, certain revisions, noted below, were necessary to the previously filed financial statements for the three months ended March 31, 2025.

The Company determined $40,000 of grant income should have been recorded in the unaudited condensed consolidated interim statements of operations for the three months ended March 31, 2025, with a corresponding grant receivable in the condensed consolidated interim balance sheet. As of March 31, 2025, the Company was already entitled to receive the amount as reimbursement on its rent expenses pursuant to the Economic Development Agreement (Note 11).

The Company also determined research and development expenses of $255,479 was understated in the unaudited condensed consolidated interim statement of operations for the three months ended March 31, 2025.

A tabular presentation of each affected prior interim period, for each line item impacted, showing the amount as previously reported, the amount of correction, and the amount as corrected, is as follows:

Unaudited condensed consolidated interim statement of operations for the three months ended March 31, 2025

Line item	As previously reported	Adjustment	As corrected
Research and development expenses	-	255,479	255,479
Total operating expenses	1,624,074	255,479	1,879,553
Grant income	-	40,000	40,000
Net loss	2,437,628	215,479	2,653,107
Loss per share	0.12	0.01	0.13

Unaudited condensed consolidated balance sheet as of March 31, 2025

Line item	As previously reported		Adjustment		As corrected
Grant receivable	-		40,000		40,000
Total current assets	5,679,923		40,000		5,719,923
Total assets	12,601,612		40,000		12,641,612
Accounts payable and accrued liabilities	465,889		255,479		721,368
Total current liabilities	16,797,701		255,479		17,053,180
Total liabilities	16,934,303		255,479		17,189,782
Accumulated deficit	(19,324,443	)	(215,479	)	(19,539,922	)
Total stockholders' equity (deficit)	(4,332,691	)	(215,479	)	(4,548,170	)

Unaudited condensed consolidated statement of cash flows as of March 31, 2025

Line item	As previously reported		Adjustment		As corrected
Net loss for the year	(2,437,628	)	(215,479	)	(2,653,107	)
Changes in non-cash working capital: Accounts payable and accrued liabilities	(265,867	)	255,479		(10,388	)
Grant receivable	-		(40,000	)	(40,000	)
Net cash used in operating activities	(1,669,732	)	-		(1,669,732	)

Unaudited condensed consolidated interim statements of changes in stockholders' equity (deficit) as of March 31, 2025

Line item	As previously reported		Adjustment		As corrected
Accumulated deficit	(19,324,443	)	(215,479	)	(19,539,922	)
Total stockholders' equity (deficit)	(4,332,691	)	(215,479	)	(4,548,170	)

For the three months ended March 31, 2025, the corrected net loss is $2,653,107, or $0.13 per share.

The Company evaluated the corrections and has determined their impacts were immaterial, individually and in aggregate, to the previously issued unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025.