Company: LDWY
Filing Date: 2025-08-28
Form Type: 10-KT
Source: 0001558370-25-011807
Chunk: 49

Company: LENDWAY, INC.
Filing Date: 2025-08-28
Form: 10-KT
Chunk 49
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 | ​ | $          |                 — | ​ | $ |           146,000 |

| (1) | The year ended December 31, 2023 represents net income including noncontrolling interest less income from discontinued operations, net of tax. |

See accompanying notes to the consolidated financial statements.

F-7

<div align='center'>**Lendway, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**</div>

1. Description of Business and Basis of Presentation. Description of Business. Lendway, Inc.(“the Company”) is a specialty agricultural (“ag”) company focused on making and managing its ag investments in the United States (“U.S.”) and internationally. On February 22, 2024, the Company, through its majority-owned U.S. subsidiary Tulp 24.1, LLC (“Tulp 24.1”), acquired Bloomia B.V. and its subsidiaries (“Bloomia”). Subsequent to the purchase of Bloomia, the Company’s primary operations will be that of Bloomia. Bloomia is a significant producer of fresh cut tulips in the U.S. with a presence in the Netherlands and South Africa. As part of the consideration for the business combination, the Company issued units of Tulp 24.1 to the continuing CEO of Bloomia, which amounted to 18.6% and is presented as noncontrolling interest in these consolidated financial statements. The remaining 81.4% equity interest of Tulp 24.1 is owned by the Company and the Company is and maintains control of Tulp 24.1 as its sole managing member. The tulip sales business tends to be seasonal with first and second quarter being the strongest sales season. Refer to Note 4 for further discussion. Basis of Presentation.The accompanying consolidated financial statements of the Company include all wholly and majority owned subsidiaries of the Company. The operations of Bloomia are included since the date of acquisition. Entities for which the Company owns an interest, does not consolidate, but exercises significant influence, are accounted for under the equity method of accounting and are included in equity method investments within the consolidated balance sheets. All intercompany accounts and transactions have been eliminated. These consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). On August 3, 2023, the Company completed the sale of certain assets and certain liabilities relating to the Company’s legacy business of providing in-store advertising solutions (