Company: NKLR
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111171
Chunk: 36

Company: Terra Innovatum Global N.V.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 statements. The following discussion should be
read in conjunction with the financial statements and related notes included elsewhere in this Form 10-Q.

Key Components of Results of Operations

Revenue

To date, we have not generated any revenue from
product sales and do not expect to generate any revenue from the sale of products for the foreseeable future.

Operating Expenses

General and administrative

Our general and administrative
consists primarily of advisory fees in connection with the Merger, legal fees, audit and accounting services fees, board of directors
compensation, fees for management consultancy services, fees for public relations consultancy services, fees for compliance and regulatory,
fees for food and lodging, fees for other professional services, software fees, bank fees, taxes, and employee benefit expense.

Development costs

Our development costs consist
of salaries, personnel costs, and technical and engineering studies.

26

Other income (expenses)

Other income — related party

Our other income-related party consists of fees
from engineering consulting services that we provide to related parties that are unrelated to our core business. We do not expect to earn
these fees following the Business Combination.

Other income (expenses)

Our other income (expenses) consists primarily of
foreign currency transaction gains and losses and interest on value added tax.

Interest expense

Our interest expense consists of interest recorded
for the outstanding Bridge Loans.

Change in fair value — warrant liability

Our change in fair value — warrant
liability consists of the change in fair value of certain Bridge Loan warrants, which were initially recorded at fair value as a warrant
liability.

Results of Operations

Three Months Ended September 30, 2025 Compared to Three Months
Ended September 30, 2024

The following table sets forth our historical results
for the periods indicated and the changes between periods:

    Three Months Ended September 30 

    2025  
    2024  
    $ Variance  
    % Variance 
  
    Operating expenses: 

    General and administrative 
    $2,135  
    $2  
    $2,133  
     NM 
  
    Development costs 
     155  
     16  
     139  
     NM 
  
    Total operating expenses 
     2,290  
     18  
     2,272  
     NM 
  
    Loss from operations 
     (2,290) 
     (