9. SUBSIDIARY AND CONSOLIDATION

The Company owns a 50% interest in Privacy and Value Inc., a Wyoming corporation that holds all of the assets relating to the Privacy and Value employee monitoring software. Although the Company does not hold a majority ownership interest, it consolidates Privacy and Value Inc. in accordance with ASC 810, Consolidation, because the Company has a controlling financial interest through its ability to direct the activities that most significantly impact Privacy and Value Inc.’s economic performance.

All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements therefore include the accounts of Limitless Projects Inc. and Privacy and Value Inc. as of and for the year ended July 31, 2026.

The portion of Privacy and Value Inc.’s net assets and net loss attributable to the other shareholder is presented as non‑controlling interest in the consolidated balance sheet and consolidated statement of operations. As of July 31, 2026, non‑controlling interest amounted to $(189,162).

Management evaluates the consolidated subsidiary for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets may not be recoverable. During the fiscal year ended July 31, 2026, the Company recognized an impairment loss of $37,329 related to capitalized software development costs.