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NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONSIWAC Holding Company Inc. (the “Company”) was incorporated under the laws of the State of Delaware on August 8, 2024, and is a wholly owned subsidiary of Integrated Wellness Acquisition Corp., a Cayman Islands exempted company (“IWAC”). The Company and its wholly owned subsidiaries, IWAC Company Merger Sub, Inc., a Georgia corporation (“Company Merger Sub”), and IWAC Purchaser Merger Sub II, Inc., a Delaware corporation (“Purchaser Merger Sub”), were formed for the purpose of effecting mergers with each of IWAC and Btab Ecommerce Group, Inc. (“Btab”), through a series of transactions (the “Business Combination”), pursuant to that certain Amended and Restated Business Combination Agreement, dated August 26, 2024, by and among the Company, Btab, Company Merger Sub, Purchaser Merger Sub and the other parties thereto.Upon consummation of the Business Combination, IWAC and Btab will each be the surviving entity in its respective merger and each will become a wholly owned subsidiary of the Company, with the Company becoming a publicly listed company whose shares are expected to be traded on Nasdaq.As of March 31, 2026, the Company had not commenced any operations and had no revenues. All activity from August 8, 2024 (inception) through March 31, 2026 relates to the Company’s formation and activities undertaken in connection with the proposed Business Combination. The Company has selected December 31 as its fiscal year end.Business Combination StatusOn December 8, 2025, IWAC held an extraordinary general meeting of shareholders at which IWAC shareholders approved the transactions contemplated by the Business Combination Agreement. On March 12, 2026, IWAC’s shareholders approved amendments to IWAC’s Amended and Restated Memorandum and Articles of Association extending the date by which IWAC must consummate an initial business combination from March 16, 2026 to September 16, 2026, or such earlier date as determined by IWAC’s Board of Directors. As of the date these financial statements were issued, the Business Combination had not been consummated.

NOTE 2 — GOING CONCERNThe Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities during the normal course of operations. As of March 31, 2026, the Company had cash of $1 and a working capital deficit of $72,431. The Company incurred a net loss of $5,200 for the three months ended March 31, 2026 and had an accumulated deficit of $72,531 as of March 31, 2026.The Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses for the foreseeable future. The Company expects to continue to incur costs in pursuit of the proposed Business Combination and as a result of operating as a public-company structure. Accordingly, the Company may not be able to obtain additional financing. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date these financial statements are issued.Management plans to address this uncertainty through continued financial support from IWAC and related parties and the consummation of the Business Combination as discussed in Note 1. There is no assurance that management’s plans will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.

72431

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NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented.Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or any future period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on May 28, 2026.Emerging Growth CompanyThe Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period.Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.Cash and Cash EquivalentsThe Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2026 and December 31, 2025.Fair Value MeasurementThe fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature.Income TaxesIncome taxes are accounted for under the asset and liability method in accordance with ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. A valuation allowance for deferred income tax assets is recorded when it is more likely than not that some portion or all of the deferred income tax assets will not be realized. As of March 31, 2026 and December 31, 2025, the Company recorded a full valuation allowance against its deferred tax assets. The Company does not have a liability for unrecognized income tax benefits or any uncertain income tax positions.Net Loss Per ShareBasic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is based on the weighted-average common shares outstanding during the period plus dilutive potential common shares. There were no potentially dilutive shares outstanding as of March 31, 2026 and 2025.Segment InformationThe Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who also serves as the Chief Financial Officer, and who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company operates as a single operating segment. The CODM assesses performance and allocates resources based on net loss as reported on the condensed statements of operations. Segment assets are reported as total assets on the condensed balance sheets. As of March 31, 2026 and December 31, 2025, the Company does not have a reportable segment.Recent Accounting PronouncementsIn 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 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of this update on its financial statements.Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Basis of PresentationThe accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented.Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or any future period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on May 28, 2026.

Emerging Growth CompanyThe Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period.

Income TaxesIncome taxes are accounted for under the asset and liability method in accordance with ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. A valuation allowance for deferred income tax assets is recorded when it is more likely than not that some portion or all of the deferred income tax assets will not be realized. As of March 31, 2026 and December 31, 2025, the Company recorded a full valuation allowance against its deferred tax assets. The Company does not have a liability for unrecognized income tax benefits or any uncertain income tax positions.

Segment InformationThe Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who also serves as the Chief Financial Officer, and who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company operates as a single operating segment. The CODM assesses performance and allocates resources based on net loss as reported on the condensed statements of operations. Segment assets are reported as total assets on the condensed balance sheets. As of March 31, 2026 and December 31, 2025, the Company does not have a reportable segment.

Recent Accounting PronouncementsIn 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 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of this update on its financial statements.Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

NOTE 4 — NET LOSS PER SHAREThe following table sets forth the computation of basic and diluted net loss per share:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;margin:0pt;padding:0pt;">Three Months Ended</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;margin:0pt;padding:0pt;">Three Months Ended</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;background:#cceeff;margin:0pt;padding:0pt;">Net loss attributable to common stockholders</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> (5,200)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;">Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"> 1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"> 1,000</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;background:#cceeff;margin:0pt;padding:0pt;">Basic and diluted net loss per share</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> (5.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;margin:0pt;padding:0pt;">Three Months Ended</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;margin:0pt;padding:0pt;">Three Months Ended</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;background:#cceeff;margin:0pt;padding:0pt;">Net loss attributable to common stockholders</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> (5,200)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;margin:0pt;padding:0pt;">Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"> 1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;margin:0pt;padding:0pt;"> 1,000</td></tr><tr style=""><td style="vertical-align:bottom;width:63.2%;background:#cceeff;margin:0pt;padding:0pt;">Basic and diluted net loss per share</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> (5.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.15%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>

5200

-5200

1000

-5.2

NOTE 5 — COMMON STOCKThe Company is authorized to issue 1,000 shares of common stock, each with a par value of $0.001 per share. As of March 31, 2026 and December 31, 2025, the Company had 1,000 shares of common stock issued and outstanding, all of which are held by IWAC.Investments in SubsidiariesIn connection with their formation, the Company subscribed for and was issued shares of common stock of IWAC Purchaser Merger Sub II Inc., a Delaware corporation incorporated on August 9, 2024, and shares of common stock of IWAC Company Merger Sub, Inc., a Georgia corporation incorporated on August 12, 2024, in each case for aggregate subscription consideration of $100. The subscription consideration for each subsidiary was funded by IWAC on the Company’s behalf and has been recorded within additional paid-in capital. As of March 31, 2026 and December 31, 2025, the Company owned 100% of the issued and outstanding shares of each of Purchaser Merger Sub and Company Merger Sub, and the subscriptions were fully paid. The investments are carried at cost of $100 each, or $200 in the aggregate, and are presented as investment in IWAC Company Merger Sub Inc. and investment in IWAC Purchaser Merger Sub II Inc. within non-current assets on the condensed balance sheets. Each of Purchaser Merger Sub and Company Merger Sub was formed solely for the purpose of effecting the Business Combination described in Note 1 and has not commenced operations.

1000

0.001

1000

100

1 1

100

200

NOTE 6 — RELATED PARTY TRANSACTIONSDue to Related PartyIWAC, the Company’s sole shareholder, has paid formation costs, audit fees, and other administrative costs on behalf of the Company. As of March 31, 2026 and December 31, 2025, amounts due to IWAC totaled $72,531 and $67,331, respectively, and are recorded as due to related party on the condensed balance sheets. These amounts are non-interest bearing and payable on demand.Subscription Receivable — Due from Related PartyAs of March 31, 2026 and December 31, 2025, the Company had a subscription receivable of $99 due from IWAC in respect of the initial issuance of the Company’s common stock.

72531

67331

NOTE 7 — COMMITMENTS AND CONTINGENCIESThe Company is not currently a party to any material legal proceedings. From time to time, the Company may become involved in legal proceedings relating to claims arising in the ordinary course of business.

NOTE 8 — INCOME TAXESThe Company determines its provision for income taxes for interim periods using an estimated annual effective tax rate in accordance with ASC 740-270, adjusted for discrete items recognized in the period. For the three months ended March 31, 2026 and 2025, the Company recorded no provision for income taxes.At March 31, 2026, the Company had net operating loss carryforwards for U.S. federal and state income tax purposes of approximately $72,531 (December 31, 2025 — $67,331) available to reduce future taxable income.Under the Tax Cuts and Jobs Act of 2017, such carryforwards have an indefinite carryforward period, with utilization limited to 80% of taxable income in each subsequent year. The Company has recorded a full valuation allowance against the related deferred tax assets, as management does not consider it more likely than not that the deferred tax assets will be realized. The change in the valuation allowance was $1,456 for the three months ended March 31, 2026 against $0 for three months ended March 31, 2025.A reconciliation of the statutory income tax rate to the Company’s effective tax rate is as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;">Three Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;">Three Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;background:#cceeff;margin:0pt;padding:0pt;">Statutory U.S. federal rate</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> 21.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> 21.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;">State income tax, net of federal benefit</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 7.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 7.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;">% </td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;background:#cceeff;margin:0pt;padding:0pt;">Valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> (28.0)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> (28.0)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;">Provision for income taxes</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;">%</td></tr></table>The Company has no unrecognized tax benefits and no accrued interest or penalties relating to uncertain tax positions as of March 31, 2026 and December 31, 2025. All tax years since inception remain open to examination by the relevant taxing authorities.

72531

67331

0.80

1456

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;">Three Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;">Three Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;background:#cceeff;margin:0pt;padding:0pt;">Statutory U.S. federal rate</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> 21.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> 21.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;">State income tax, net of federal benefit</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 7.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 7.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;">% </td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;background:#cceeff;margin:0pt;padding:0pt;">Valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> (28.0)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;background:#cceeff;margin:0pt;padding:0pt;"> (28.0)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:62.78%;margin:0pt;padding:0pt;">Provision for income taxes</td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:14.79%;margin:0pt;padding:0pt;"> 0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;">%</td></tr></table>

0.21

0.07

-0.28

NOTE 9 — SUBSEQUENT EVENTSThe Company evaluated subsequent events and transactions that occurred after March 31, 2026 through the date these unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in these financial statements, other than as disclosed elsewhere in this Report.

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