0002139511 2026-04-01 2026-06-30 0002139511 2026-09-18 0002139511 2026-06-30 0002139511 2026-03-31 0002139511 us-gaap:CommonStockMember 2026-03-31 0002139511 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0002139511 us-gaap:RetainedEarningsMember 2026-03-31 0002139511 us-gaap:CommonStockMember 2026-04-01 2026-06-30 0002139511 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0002139511 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0002139511 us-gaap:CommonStockMember 2026-06-30 0002139511 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0002139511 us-gaap:RetainedEarningsMember 2026-06-30 0002139511 ck0002139511:JPMorganChaseBankMember 2026-06-30 0002139511 ck0002139511:PromissoryNoteMember 2026-06-30 0002139511 ck0002139511:PromissoryNoteMember 2026-04-01 2026-06-30 0002139511 ck0002139511:FounderLoanFacilityMember ck0002139511:MuradMember 2026-06-30 0002139511 ck0002139511:FounderLoanFacilityMember 2026-04-27 2026-04-28 0002139511 ck0002139511:FounderLoanFacilityMember 2026-05-06 2026-05-07 0002139511 ck0002139511:FounderLoanFacilityMember 2026-05-24 2026-05-25 0002139511 ck0002139511:FounderLoanFacilityMember 2026-06-29 0002139511 ck0002139511:FounderLoanFacilityMember 2026-06-30 0002139511 ck0002139511:FounderLoanFacilityMember 2026-04-01 2026-06-30 0002139511 ck0002139511:TheodorusMember 2026-04-01 2026-06-30 0002139511 ck0002139511:TheodorusMember 2026-06-30 0002139511 ck0002139511:VsquaredVenturesMember 2026-04-01 2026-06-30 0002139511 ck0002139511:VsquaredVenturesMember 2026-06-30 0002139511 ck0002139511:WilbeMember 2026-04-01 2026-06-30 0002139511 ck0002139511:WilbeMember 2026-06-30 0002139511 ck0002139511:CambridgeInnovationCapitalPLCMember 2026-04-01 2026-06-30 0002139511 ck0002139511:CambridgeInnovationCapitalPLCMember 2026-06-30 0002139511 ck0002139511:University2VenturesGmbHMember 2026-04-01 2026-06-30 0002139511 ck0002139511:University2VenturesGmbHMember 2026-06-30 0002139511 ck0002139511:FiveCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-04-01 2026-06-30 0002139511 us-gaap:SubsequentEventMember 2026-07-01 2026-07-02 0002139511 ck0002139511:LegalOpinionMember 2026-06-30 0002139511 ck0002139511:EDGARFilingServicesMember 2026-06-30 iso4217:USD shares iso4217:USD shares pure false 2026 Q1 --03-31 0002139511 10-Q true 2026-06-30 false 333-296960 SPIN AI INC. WY 32-0849942 30 N Gould St Suite R Sheridan WY 82801 302 687-9380 Yes Yes Non-accelerated Filer true true false false 13425000 7818 365 7818 365 2250 0 54269 57125 56519 57125 64337 57490 4846 0 4846 0 4750 0 57710 57198 62460 57198 67306 57198 0.0001 0.0001 90000000 90000000 4000000 4000000 4000000 4000000 400 400 22 0 -3391 -108 -2969 292 64337 57490 2607 2500 2856 0 5356 -2749 534 -534 -3283 0 -3283 -0.00 -0.00 4000000 4000000 4000000 400 -108 292 22 22 -3283 -3283 4000000 400 22 -3391 -2969 -2969 -3283 2856 534 2500 4846 7453 0 0 7453 365 7818 2250 2500 <p id="xdx_80C_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zKFv7iZUQP4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 — <span id="xdx_82A_zLEke1yRNHI2">Organization</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Spin AI Inc. (Wyoming, incorporated March 18, 2026) operates the SPIN AI academic-intelligence SaaS platform, commercially launched June 7, 2026. The Company’s Registration Statement on Form S-1 was declared effective by the SEC on August 6, 2026 (subsequent event — Note 8). Fiscal year ends March 31.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_80B_eus-gaap--BasisOfAccounting_zie99Mfjth18" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 2 — <span id="xdx_821_z0gwqBNxF8Qk">Basis of Presentation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unaudited interim financial statements prepared under U.S. GAAP and Article 8 of Regulation S-X; all normal recurring adjustments included. No comparative prior-year quarter is presented because the Company was incorporated March 18, 2026. Results for the interim period are not necessarily indicative of full-year results. Read together with the audited financial statements for the period ended March 31, 2026 included in the Company’s Form S-1.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_80B_eus-gaap--CashAndCashEquivalentsDisclosureTextBlock_ztEOVWDsjGT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 3 — <span id="xdx_822_zOZ5SXSgkNW4">Cash</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents of $<span id="xdx_905_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20260630_zwqfhIhfZgqb" title="Cash and cash equivalents">7,818</span> at June 30, 2026 consist of $<span id="xdx_902_eus-gaap--Deposits_iI_c20260630__srt--CounterpartyNameAxis__custom--JPMorganChaseBankMember_zSp90i42zpA6" title="Deposits">7,453</span> on deposit at JPMorgan Chase Bank, N.A. and $<span id="xdx_90C_eus-gaap--Cash_iI_c20260630_zk46MjinQId3" title="Cash">365</span> held as physical currency in the custody of the Treasurer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company opened the JPMorgan Chase Bank, N.A. account on June 10, 2026. The account was opened with no initial deposit, and all five customer subscription remittances received during the quarter, totaling $<span id="xdx_906_eus-gaap--Deposits_iI_c20260630__srt--CounterpartyNameAxis__custom--JPMorganChaseBankMember_z9ZBjSdTSEq2" title="Deposits">7,453</span>, were credited to it. No disbursements were made from the account during the quarter and no bank service charges were incurred; all third-party obligations of the Company during the quarter were satisfied by direct payment from the Lender under the Founder Loan Facility (Note 4(b)).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The $<span id="xdx_90C_eus-gaap--Cash_iI_c20260630_zcKU3g3ZMwj6" title="Cash">365</span> of physical currency represents the unexpended portion of the March 2026 share subscription proceeds. It was not deposited to the Chase account upon that account’s opening and remained in the custody of the Treasurer at June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to the balance sheet date the Company changed its principal operating account; see Note 8(e).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 7818 7453 365 7453 365 <p id="xdx_801_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zhkerIcBYNE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 4 — <span id="xdx_820_zAfVrtmb7RB4">Related-Party Notes</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(a) Promissory Note PN-2026-001.</i> Face $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20260630__us-gaap--LongtermDebtTypeAxis__custom--PromissoryNoteMember_z2vJdFKmiKNj" title="Debt instrument face amount">61,300</span>, non-interest-bearing, due March 18, 2028. Discount accreted at <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20260630__us-gaap--LongtermDebtTypeAxis__custom--PromissoryNoteMember_zijs1uBnB2ne" title="Effective tax rate">3.59</span>% effective rate; accretion for the quarter $<span id="xdx_905_eus-gaap--AccretionExpense_c20260401__20260630__us-gaap--LongtermDebtTypeAxis__custom--PromissoryNoteMember_zTXmRp7PtDd6" title="Accretion expense">512</span>. Carrying value at June 30, 2026: $<span id="xdx_905_eus-gaap--DebtInstrumentCarryingAmount_iI_c20260630__us-gaap--LongtermDebtTypeAxis__custom--PromissoryNoteMember_z0F9eFJtMgW7" title="Carrying value">57,710</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(b) Founder Loan Facility.</i> $<span id="xdx_904_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20260630__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MuradMember_zd68XQGdfozh" title="Maximum borrowing capacity">100,000</span> discretionary facility from Mr. Murad. Draws during the quarter, each paid directly by the Lender to the vendor: April 28 — $<span id="xdx_90A_eus-gaap--ProfessionalFees_c20260427__20260428__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_zgkhqAsGfHda" title="Audit fee">1,250</span> (audit fee installment 1); May 7 — $<span id="xdx_909_eus-gaap--ProfessionalFees_c20260506__20260507__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_z7NSPFvuMq0k" title="Audit fee">1,250</span> (audit fee installment 2); May 25 — $<span id="xdx_905_eus-gaap--LegalFees_c20260524__20260525__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_zXru0SJz8Vha" title="Legal opinion">1,000</span> (legal opinion, Exhibit 5.1); May 29 — $<span id="xdx_905_eus-gaap--OtherAssetsCurrent_iI_c20260629__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_zFKjTFZu5W9b" title="EDGAR filing deposit">1,250</span> (EDGAR filing deposit). Balance at June 30, 2026: $<span id="xdx_90E_eus-gaap--LineOfCreditFacilityCurrentBorrowingCapacity_iI_c20260630__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_zIQUe5C6Rbx5" title="Outstanding balance">4,750</span>; headroom $<span id="xdx_901_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_c20260630__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_zbENnNgSUt65" title="Remaining borrowing capacity">95,250</span>. Imputed interest of $<span id="xdx_909_eus-gaap--InterestExpenseDebt_c20260401__20260630__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_zZq7SD4Pga8a" title="Imputed interest">22</span> recognized at the applicable federal short-term rate in effect for the month of each draw with an offsetting deemed capital contribution credited to additional paid-in capital under IRC §7872 / ASC 835-30.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 61300 0.0359 512 57710 100000 1250 1250 1000 1250 4750 95250 22 <p id="xdx_802_eus-gaap--RevenueFromContractWithCustomerTextBlock_zRYE4TjJk5Ji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 5 — <span id="xdx_822_zktmA2PSMmy8">Revenue and Deferred Revenue</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company recognizes subscription revenue over time, ratably over each monthly service period (ASC 606). Five Operator-tier subscription agreements commenced during the quarter:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" id="xdx_888_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zI3HoNqlDEci" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Revenue and Deferred Revenue (Details - Subscription revenue)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span id="xdx_8BC_zayX6ekql8k1" style="display: none">Schedule of subscription revenue</span></td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left"><b>Subscriber</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td style="border-bottom: Black 1pt solid; text-align: center"><b>Commenced</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>First-month <br/> billing</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Revenue recognized (Q1)</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Deferred at 6/30/26</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt">Theodorus</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 13%; text-align: center; padding-bottom: 1pt">June 16, 2026</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--TheodorusMember_zNq8td522nD9" style="width: 11%; text-align: right" title="First-month billing">2,096</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--TheodorusMember_zw5MYJJ1B6Y" style="width: 11%; text-align: right" title="Revenue recognized">1,048</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--TheodorusMember_zbDBJmrFDFYi" style="width: 11%; text-align: right" title="Deferred revenue">1,048</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Vsquared Ventures</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 17, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--VsquaredVenturesMember_zVQpeckRPlo6" style="text-align: right" title="First-month billing">1,111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--VsquaredVenturesMember_zraEbV0kdiW6" style="text-align: right" title="Revenue recognized">518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--VsquaredVenturesMember_zAtmvLCSRe5j" style="text-align: right" title="Deferred revenue">593</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Wilbe</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 18, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--WilbeMember_zlUOCc30nbE2" style="text-align: right" title="First-month billing">1,248</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--WilbeMember_zetsnV33Ejxe" style="text-align: right" title="Revenue recognized">541</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--WilbeMember_zt7bshu1vjDd" style="text-align: right" title="Deferred revenue">707</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cambridge Innovation Capital PLC</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 26, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--CambridgeInnovationCapitalPLCMember_zKTMSgNqw7Vl" style="text-align: right" title="First-month billing">1,499</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--CambridgeInnovationCapitalPLCMember_zJKBY6CkyaOc" style="text-align: right" title="Revenue recognized">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--CambridgeInnovationCapitalPLCMember_zVgKybd7l6T2" style="text-align: right" title="Deferred revenue">1,249</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">University2Ventures GmbH</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 26, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--University2VenturesGmbHMember_z07HmQZAmP" style="border-bottom: Black 1pt solid; text-align: right" title="First-month billing">1,499</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--University2VenturesGmbHMember_z2E90lvHZpKe" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue recognized">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--University2VenturesGmbHMember_z6YlA7ebQFP2" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred revenue">1,249</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98A_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630_zfIA87Fi58I9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="First-month billing">7,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630_zoCLxN20GALb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Revenue recognized">2,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--DeferredRevenueCurrent_iI_c20260630_zLjcCXuHVbJa" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deferred revenue">4,846</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proration uses a 30-day service-month convention measured from each commencement date. The Cambridge Innovation Capital PLC and University2Ventures GmbH agreements originally provided for November 1, 2026 commencement; the parties mutually agreed in June 2026 to advance commencement to June 26, 2026 and to price each subscription at the standard Operator rate of $<span id="xdx_909_ecustom--ContractWithCustomerMonthlyPayment_c20260401__20260630__srt--MajorCustomersAxis__custom--CambridgeInnovationCapitalPLCMember_zXcrhIUE549k"><span id="xdx_901_ecustom--ContractWithCustomerMonthlyPayment_c20260401__20260630__srt--MajorCustomersAxis__custom--University2VenturesGmbHMember_zWjb15z3ZVe5" title="Standard operator rate per month">1,499</span></span> per month, as documented in Amendment No. 1 to each agreement, filed as Exhibits 10.5A and 10.6A hereto. Customer concentration: five customers constitute <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveCustomersMember_zkh6yfg1Jo44" title="Customer concentration percentage">100</span>% of revenue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_888_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zI3HoNqlDEci" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Revenue and Deferred Revenue (Details - Subscription revenue)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span id="xdx_8BC_zayX6ekql8k1" style="display: none">Schedule of subscription revenue</span></td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left"><b>Subscriber</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td style="border-bottom: Black 1pt solid; text-align: center"><b>Commenced</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>First-month <br/> billing</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Revenue recognized (Q1)</b></td><td style="text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Deferred at 6/30/26</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt">Theodorus</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 13%; text-align: center; padding-bottom: 1pt">June 16, 2026</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--TheodorusMember_zNq8td522nD9" style="width: 11%; text-align: right" title="First-month billing">2,096</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--TheodorusMember_zw5MYJJ1B6Y" style="width: 11%; text-align: right" title="Revenue recognized">1,048</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--TheodorusMember_zbDBJmrFDFYi" style="width: 11%; text-align: right" title="Deferred revenue">1,048</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Vsquared Ventures</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 17, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--VsquaredVenturesMember_zVQpeckRPlo6" style="text-align: right" title="First-month billing">1,111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--VsquaredVenturesMember_zraEbV0kdiW6" style="text-align: right" title="Revenue recognized">518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--VsquaredVenturesMember_zAtmvLCSRe5j" style="text-align: right" title="Deferred revenue">593</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Wilbe</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 18, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--WilbeMember_zlUOCc30nbE2" style="text-align: right" title="First-month billing">1,248</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--WilbeMember_zetsnV33Ejxe" style="text-align: right" title="Revenue recognized">541</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--WilbeMember_zt7bshu1vjDd" style="text-align: right" title="Deferred revenue">707</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cambridge Innovation Capital PLC</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 26, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--CambridgeInnovationCapitalPLCMember_zKTMSgNqw7Vl" style="text-align: right" title="First-month billing">1,499</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--CambridgeInnovationCapitalPLCMember_zJKBY6CkyaOc" style="text-align: right" title="Revenue recognized">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--CambridgeInnovationCapitalPLCMember_zVgKybd7l6T2" style="text-align: right" title="Deferred revenue">1,249</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">University2Ventures GmbH</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">June 26, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630__srt--MajorCustomersAxis__custom--University2VenturesGmbHMember_z07HmQZAmP" style="border-bottom: Black 1pt solid; text-align: right" title="First-month billing">1,499</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630__srt--MajorCustomersAxis__custom--University2VenturesGmbHMember_z2E90lvHZpKe" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue recognized">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--DeferredRevenueCurrent_iI_c20260630__srt--MajorCustomersAxis__custom--University2VenturesGmbHMember_z6YlA7ebQFP2" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred revenue">1,249</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98A_ecustom--ContractWithCustomerBillingAmount_c20260401__20260630_zfIA87Fi58I9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="First-month billing">7,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20260401__20260630_zoCLxN20GALb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Revenue recognized">2,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--DeferredRevenueCurrent_iI_c20260630_zLjcCXuHVbJa" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deferred revenue">4,846</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2096 1048 1048 1111 518 593 1248 541 707 1499 250 1249 1499 250 1249 7453 2607 4846 1499 1499 1 <p id="xdx_807_eus-gaap--IntangibleAssetsDisclosureTextBlock_zGas6oaBEvIk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 6 — <span id="xdx_82A_zvsSXMRqIuvj">Intangible Assets</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> IP portfolio carried at $<span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260630_zYj4RhkYjzy3" title="Intangible assets gross">57,125</span> less accumulated amortization of $<span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260630_zwmtwYvSX3Ll" title="Accumulated amortization">2,856</span> (straight-line, <span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260630_zolfaAnGZISc" title="Useful life">5</span> years, commenced April 1, 2026). <span id="xdx_90E_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_do_c20260401__20260630_zyrNevTgOk5c" title="Impairment">No</span> impairment indicators identified at June 30, 2026; the June commercial launch and commencement of paid subscriptions support recoverability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 57125 2856 P5Y 0 <p id="xdx_803_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zrTtZsRQib23" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 — <span id="xdx_82B_zu47IvFnSZH6">Going Concern</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accompanying financial statements have been prepared assuming the Company will continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At June 30, 2026 the Company had an accumulated deficit of $<span id="xdx_907_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20260630_zTJQtkuKaSF4" title="Accumulated deficit">3,391</span>, negative stockholders’ equity of $<span id="xdx_909_eus-gaap--StockholdersEquity_iI_c20260630_zlsaOs4Y8h3f" title="Stockholders' equity">(2,969</span>), cash of $<span id="xdx_905_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20260630_zGa2yzpALod4" title="Cash">7,818</span>, and a limited operating history, having commenced commercial operations on June 7, 2026. Monthly subscription billings at then-current contract terms did not cover planned platform-development and public-company costs. These conditions raised substantial doubt about the Company’s ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to quarter end, the Company’s Registration Statement was declared effective and the Company received gross proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20260701__20260702__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2C4cdDJ8EA6" title="Net proceeds">94,250</span> from the sale of <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20260701__20260702__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ztJPwjJcF5P6" title="Sale of stock">9,425,000</span> shares (Note 8(a)), and continued to collect monthly subscription payments from its five subscribers. Management considers these developments to be mitigating, and they materially improve the Company’s near-term liquidity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management has nonetheless concluded that substantial doubt is not alleviated as of the date these financial statements are issued. The Company has a limited operating history and no history of profitable operations; five subscribers represent <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveCustomersMember_zXVqi7P97lze" title="Customer concentration percentage">100</span>% of its revenue, so the loss of any one of them would materially reduce revenue; the Company has only three months of operating history following the commencement of its first subscription agreements, which is a limited basis on which to project a recurring cost base; and it will incur public-company costs, including audit, filing-agent, transfer-agent and registered-agent costs, that it has not previously borne for a full year. The offering is self-underwritten with no minimum and no escrow, and <span id="xdx_903_ecustom--StockRegisteredUnsoldShares_c20260401__20260630_zlWGs1BzyDz5" title="Unsold registered shares">575,000</span> registered shares remain unsold; there is no assurance that any further shares will be sold. The $<span id="xdx_904_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20260630__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MuradMember_zoxWJL8UEVKi" title="Maximum borrowing capacity">100,000</span> Founder Loan Facility, of which $<span id="xdx_901_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_c20260630__us-gaap--CreditFacilityAxis__custom--FounderLoanFacilityMember_zU32sz02ApN4" title="Remaining borrowing capacity">95,250</span> remained available, is discretionary and the Lender is under no obligation to advance further amounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts, or to the amounts and classification of liabilities, that might result should the Company be unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> -3391 -2969 7818 94250 9425000 1 575000 100000 95250 <p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zFRejKX8UGGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8 — <span id="xdx_825_zoZhtWVqKjj4">Subsequent Events</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Evaluated through the filing date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) The Company’s Registration Statement on Form S-1 was declared effective August 6, 2026 and the offering of up to 10,000,000 shares of common stock at $0.01 per share commenced. Between August 11, 2026 and September 18, 2026 the Company accepted subscriptions from 54 investors for an aggregate of 9,425,000 shares, representing gross proceeds of $94,250, all at the $0.01 registered price. No subscriptions were accepted and no proceeds were received prior to August 6, 2026. 575,000 shares remain unsold and the offering remains open until the earlier of the sale of all shares offered or twelve months from the effective date. Offering proceeds are held in the Company’s operating account described in (e) below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) All five subscription agreements continued in force following quarter end. Monthly billings of $7,453 were issued and collected in full in each of July and August 2026, and $4,455 had been billed and collected in September 2026 through the date of this report, with the remaining September billings due later in the month. No subscriber cancelled, downgraded, or failed to pay. Operating disbursements from the Company’s operating account totalled $829 in July, $941 in August and $924 in September through the date of this report, consisting principally of platform hosting, model-inference and software subscription costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) No further amounts were drawn under the Founder Loan Facility following June 30, 2026; the balance outstanding remains $4,750 with $95,250 available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) The Company has not yet filed its U.S. federal income tax return on Form 1120 for the tax year ended March 31, 2026, which was due July 15, 2026, or the related Form 5472 information return in respect of transactions with its 75% foreign shareholder. No tax was due for that period, and the late-filing penalty on the Form 1120 is therefore nil. The Form 5472 carries a statutory penalty of $25,000 under IRC §6038A(d) if not filed. No penalty has been assessed or proposed, and the Company intends to file voluntarily with a request for relief on reasonable-cause grounds, which it believes is available. Because assessment is not probable and no amount has been assessed, no liability has been recorded; a loss of up to $25,000 is reasonably possible.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) On July 1, 2026 the Company opened a business deposit account through Bluevine, a financial technology company (banking services provided by Coastal Community Bank, Member FDIC), and designated it the Company’s principal operating account. On July 1, 2026 the balance of $7,453 held at JPMorgan Chase Bank, N.A. was transferred to that account, and was credited on July 2, 2026. The JPMorgan Chase Bank, N.A. account was thereafter maintained at a nil balance and was closed on August 31, 2026. From July 1, 2026 the Company’s customer subscription receipts and operating disbursements have been received into and paid from the Bluevine account. At the effective date of the Registration Statement the Company intended to receive proceeds of the offering into its account at JPMorgan Chase Bank, N.A., as described in the Prospectus. In August 2026, following the effective date, the Company determined instead to receive offering proceeds into the Bluevine account, and offering proceeds have been received into that account. The Form of Subscription Agreement filed as an exhibit to the Registration Statement identifies the JPMorgan Chase Bank, N.A. account; current payment instructions are furnished to each subscriber together with the subscription agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) In September 2026 the $365 of physical currency described in Note 3 was deposited to the Bluevine account on September 11, 2026. No cash was held outside a depository institution as of the date of this report.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_80A_eus-gaap--OtherAssetsDisclosureTextBlock_znMv2KAmMpJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 9 — <span id="xdx_823_zNFGLzTGXsWe">Deferred Offering Costs</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">$<span id="xdx_902_eus-gaap--DeferredOfferingCosts_iI_c20260630_z4cTPQYzWqM9" title="Directly attributable offering costs">2,250</span> of directly attributable offering costs (legal opinion $<span id="xdx_901_eus-gaap--DeferredOfferingCosts_iI_c20260630__srt--ProductOrServiceAxis__custom--LegalOpinionMember_zYmKIxNrLmt6" title="Attributable offering costs">1,000</span>; EDGAR filing services $<span id="xdx_90C_eus-gaap--DeferredOfferingCosts_iI_c20260630__srt--ProductOrServiceAxis__custom--EDGARFilingServicesMember_zGIZEjFLRQYd" title="Directly attributable offering costs">1,250</span>) were deferred at June 30, 2026 under ASC 340-10-S99-1. Subsequent to quarter end the Company received offering proceeds (Note 8(a)); accordingly these costs will be charged against additional paid-in capital in the quarter ending September 30, 2026, together with any further offering costs incurred. Net proceeds through the date of this report were approximately $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20260401__20260630_zSIXyaGv8D21" title="Net proceeds">92,000</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> </p> 2250 1000 1250 92000 false false false false