Company: NKLR
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111171
Chunk: 7

Company: Terra Innovatum Global N.V.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 Listing

Terra Innovatum Global, Srl. plans to register the
shares with the U.S. Securities and Exchange Commission and apply to list these shares on the Nasdaq Stock Market.

Conditions and Closing Date

 The
Merger requires approval from GSR III shareholders’ and the satisfaction of other customary closing conditions. 

Accounting

The Merger will be accounted for as a recapitalization,
with GSR III treated as the acquired company for accounting purposes and Terra Innovatum Global, Srl. will be treated as the accounting
acquirer.

Note 2. Going Concern

As of September 30, 2025, the
Company had cash of $2,151 and an accumulated deficit of approximately $5,617. For the nine months ended September 30, 2025, the Company
used approximately $3,688 of cash in operating activities and has historically incurred recurring losses and negative operating cash flows.
These conditions initially raised substantial doubt about the Company’s ability to continue as a going concern within one year after
the date the financial statements were issued.

Subsequent to the balance sheet
date, on October 9, 2025, the Company completed the Merger (see “Note 13 – Subsequent Events”), which resulted in the
conversion of $5,690 of Bridge Loans into equity and warrants and provided significant additional liquidity. Based on management’s
current forecasts, expected cash outflows over the next 12 months to support FOAK development, engineering and licensing activities, and
general business operations are not anticipated to exceed available liquidity. Management therefore believes that existing cash will be
sufficient to meet the Company’s working capital and capital expenditure requirements for at least the next 12 months.

The Company’s primary
sources of liquidity are cash on hand, and its primary uses of liquidity are operating expenses, licensing activities, and capital expenditures.
The Company continues to monitor its liquidity position and may consider additional financing arrangements, including equity offerings,
to support its growth strategy as appropriate.

6

Note 3. Summary of Significant Accounting
Policies

There have been no
significant changes to the accounting policies during the nine months period ended September 30, 2025, as compared to the
significant accounting policies described in Note 3 of the Notes to the financial statements in the Terra Innovatum,
Srl’s audited financial statements and Note 3 of the Notes to the financial statements in Terra Innovatum Global,
Srl’s audited financial statements