# EDGAR Filing Document

**Accession Number:** 0001357671
**File Stem:** 0001213900-26-051188
**Filing Date:** 2026-5
**Character Count:** 670253
**Document Hash:** cc7d7d58419a93365171dcd519067314
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-051188.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001213900-26-051188

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Creatd, Inc.
- **CENTRAL INDEX KEY:** 0001357671
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, NONSCHEDULED [4522]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 870645394
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08722
- **FILM NUMBER:** 26934941

**BUSINESS ADDRESS:**
- **STREET 1:** 419 LAFAYETTE STREET, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
- **BUSINESS PHONE:** 201-258-3770

**MAIL ADDRESS:**
- **STREET 1:** 419 LAFAYETTE STREET, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jerrick Media Holdings, Inc.
- **DATE OF NAME CHANGE:** 20160304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Great Plains Holdings, Inc.
- **DATE OF NAME CHANGE:** 20131213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LILM, INC.
- **DATE OF NAME CHANGE:** 20060329

**As confidentially submitted with the Securities and Exchange Commission on May 4, 2026. This draft registration statement has not been filed, publicly or otherwise, with the Securities and Exchange Commission, and all information contained herein remains strictly confidential.**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **Amendment No. 1 to**

**FORM S-1**

**REGISTRATION STATEMENT UNDER**

**THE SECURITIES ACT OF 1933**

**CREATD, INC.**

*(Exact name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| **Nevada** | **7819** | **87-0645394** |
| *(State or other jurisdiction of<br> incorporation or organization)* | *(Primary Standard Industrial<br> Classification Code Number)* | *(I.R.S. Employer<br> Identification Number)* |

---

**1111B S Governors Ave, STE 20721**

**Dover, DE 19904**

**(646) 859-5747**

(Address, including zip code and telephone number, including area code, of registrant's principal executive offices)

**Jeremy Frommer**

**Chief Executive Officer**

**1111B S Governors Ave, STE 20721**

**Dover, DE 19904**

**(646) 859-5747**

(Name, address, including zip code and telephone number, including area code, of agent for service)

*Copies of all communications, including communications sent to agent for service, should be sent to:*

**Joseph M. Lucosky, Esq.**

**Scott E. Linsky, Esq.**

**Lucosky Brookman LLP**

**101 Wood Avenue South, 5th Floor**

**Iselin, NJ 08830**

**(732) 395-4400**

Approximate date of commencement of proposed sale to the public:

As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

***SUBJECT TO COMPLETION, DATED MAY 4, 2026***

**PRELIMINARY PROSPECTUS**

![](ea028857601_img1.jpg)

 **180,030 Shares of Common Stock**

This prospectus (the "Prospectus") relates to the resale, from time to time, of up to 180,030 shares (the "Shares") of our common stock, par value $0.001 per share ("Common Stock"), by the selling stockholders identified in this prospectus under "Selling Stockholders" (the "Offering"), comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;(i) up to 126,000 Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) up
 to 1,250 Shares, which underlie convertible promissory notes issued pursuant to those certain
 securities purchase agreements dated November 9, 2025, between the Company and the respective
 holders, convertible at a price of $10.00 per share, subject to customary adjustment provisions

&nbsp;&nbsp;&nbsp;&nbsp;(iii) up to 52,780
 Shares underlying common stock purchase warrants issued pursuant to those certain securities
 purchase agreements dated November 9, 2025, between the Company and the respective holders,
 exercisable on a cashless basis, comprised of 52,155 Shares underlying warrants exercisable
 at a 3x cashless ratio and 625 Shares underlying warrants exercisable at a 4x cashless ratio.

We are not selling any shares of our Common Stock under this prospectus and will not receive any proceeds from the sale of the Shares. We will, however, receive proceeds from any warrants that are exercised through the payment of the exercise price in cash. The Selling Stockholders will bear all commissions and discounts, if any, attributable to the sale of the Shares. We will bear all costs, expenses and fees in connection with the registration of the Shares.

Our common stock is quoted on the OTCQB Marketplace operated by OTC Markets Group Inc. ("OTCQB") under the symbol "CRTD." Our stock had previously been quoted on OTCQB under the symbol "VOCL," with such change having become effective on January 24, 2024, following approval from FINRA.

On April 30, 2026 the last reported sale price of our common stock on OTCQB was $8.88 per share.

Our common stock is considered a "penny stock" under SEC rules and is subject to additional sales restrictions under Rule 15g-9 of the Exchange Act. See "Risk Factors – Because our shares of common stock are subject to the penny stock rules, it is more difficult to trade our shares" on page 18 for more information.

**Investing in our securities involves risks. See "Risk Factors" beginning on page 9 of this prospectus. We and our board of directors are not making any recommendation regarding the exercise of your rights.**

No securities may be sold without delivery of this prospectus and the applicable prospectus supplement describing the method and terms of the offering of such securities.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

 **The date of this prospectus is May 4, 2026.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [RISK FACTORS](#a_002) | 9 |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_003) | 22 |
| [USE OF PROCEEDS](#a_004) | 23 |
| [MARKET FOR COMMON STOCK AND DIVIDEND POLICY](#a_005) | 23 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_006) | 25 |
| [BUSINESS](#a_007) | 35 |
| [MANAGEMENT](#a_008) | 45 |
| [EXECUTIVE COMPENSATION](#a_009) | 49 |
| [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#a_010) | 50 |
| [PRINCIPAL STOCKHOLDERS](#a_011) | 51 |
| [SELLING SHAREHOLDERS](#a_011a) | 52 |
| [DESCRIPTION OF SECURITIES](#a_012) | 55 |
| [PLAN OF DISTRIBUTION](#a_013) | 57 |
| [LEGAL MATTERS](#a_014) | 59 |
| [EXPERTS](#a_015) | 59 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_016) | 59 |
| [INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS](#a_016a) | F-1 |

---

Unless the context requires otherwise, references in this prospectus to "Creatd," "our company," "we," "our" "us" and similar terms refer to Creatd, Inc., a Nevada corporation, and its subsidiaries, unless the context otherwise requires.

i

**PROSPECTUS SUMMARY**

The following summary highlights selected information contained in this prospectus. Because the following is only a summary, it does not contain all of the information you should consider before investing in our securities. Before making an investment decision, you should carefully read all of the information contained in this prospectus, including the risks described under "Risk Factors" and our consolidated financial statements and the related before making an investment decision.

**Overview**

**Corporate History and Information**

The Company was originally incorporated under the laws of the State of Nevada on December 30, 1999, under the name LILM, Inc. The Company changed its name on December 3, 2013, to Great Plains Holdings, Inc. ("GTPH") as part of its plan to diversify its business.

On February 5, 2016 (the "Closing Date"), GTPH, GPH Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of GTPH ("Merger Sub"), and Jerrick Ventures, Inc., a privately-held Nevada corporation headquartered in New Jersey ("Jerrick"), entered into an Agreement and Plan of Merger (the "Merger") pursuant to which the Merger Sub was merged with and into Jerrick, with Jerrick surviving as a wholly-owned subsidiary of GTPH (the "Merger"). GTPH acquired, pursuant to the Merger, all of the outstanding capital stock of Jerrick in exchange for issuing Jerrick's shareholders (the "Jerrick Shareholders"), pro-rata, a total of 950 shares of GTPH's common stock. In connection therewith, GTPH acquired 33,415 shares of Jerrick's Series A Convertible Preferred Stock (the "Jerrick Series A Preferred") and 8,064 shares of Series B Convertible Preferred Stock (the "Jerrick Series B Preferred").

In connection with the Merger, on the Closing Date, GTPH and Kent Campbell entered into a Spin-Off Agreement (the "Spin-Off Agreement"), pursuant to which Mr. Campbell purchased from GTPH (i) all of GTPH's interest in Ashland Holdings, LLC, a Florida limited liability company, and (ii) all of GTPH's interest in Lil Marc, Inc., a Utah corporation, in exchange for the cancellation of 79 shares of GTPH's Common Stock held by Mr. Campbell. In addition, Mr. Campbell assumed all debts, obligations and liabilities of GTPH, including any existing prior to the Merger, pursuant to the terms and conditions of the Spin-Off Agreement.

Upon closing of the Merger on February 5, 2016, the Company changed its business plan to that of Jerrick.

Effective February 28, 2016, GTPH entered into an Agreement and Plan of Merger (the "Statutory Merger Agreement") with Jerrick, pursuant to which GTPH became the parent company of Jerrick Ventures, LLC, a wholly-owned operating subsidiary of Jerrick (the "Statutory Merger") and GTPH changed its name to Jerrick Media Holdings, Inc. to better reflect its new business strategy.

On June 26, 2017, the Company filed to form Abacus Pty Ltd, an Australian-based entity, as a wholly-owned subsidiary of the Company.

On July 25, 2019, we filed a certificate of amendment to our articles of incorporation, as amended (the "Amendment"), with the Secretary of State of the State of Nevada to effectuate a one-for-twenty (1:20) reverse stock split (the "2019 Reverse Stock Split") of our common stock without any change to its par value. The Amendment became effective on July 30, 2019. The number of shares of authorized common stock was proportionately reduced as a result of the 2019 Reverse Stock Split. The number of shares of authorized preferred stock was not affected by the 2019 Reverse Stock Split. No fractional shares were issued in connection with the 2019 Reverse Stock Split as all fractional shares were "rounded up" to the next whole share.

On September 11, 2019, the Company acquired 100% of the membership interests of Seller's Choice, LLC, a New Jersey limited liability company ("Seller's Choice"). Seller's Choice is digital e-commerce agency based in New Jersey. On March 3, 2022, the Company settled the Seller's Choice Note for a cash payment of $799,000.

On July 13, 2020, upon approval from our board of directors and stockholders, we filed Second Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada for the purpose of increasing our authorized shares of Common Stock to 100,000,000.

On August 13, 2020, we filed a certificate of amendment to our second amended and restated articles of incorporation (the "Amendment"), with the Secretary of State of the State of Nevada to effectuate a one-for-three (1:3) reverse stock split (the "August 2020 Reverse Stock Split") of our common stock without any change to its par value. The Amendment became effective on August 17, 2020. No fractional shares were issued in connection with the August 2020 Reverse Stock Split as all fractional shares were rounded down to the next whole share.

On September 9, 2020, the Company filed a certificate of amendment with the Secretary of State of the State of Nevada to change our name to "Creatd, Inc.", which became effective on September 10, 2020.

Between October 21, 2020, and August 16, 2021, the Company acquired 21% of the membership interests of Dune, Inc. Dune, Inc. is a direct-to-consumer brand focused on promoting wellness through its range of health-oriented beverages.

On June 4, 2021, the Company acquired 89% of the membership interests of Plant Camp, LLC, a Delaware limited liability company ("Plant Camp"), which the Company subsequently rebranded as Camp. Camp is a direct-to-consumer (DTC) food brand which creates healthy upgrades to classic comfort food favorites. The results of Plant Camp's operations have been included since the date of acquisition in the Statements of Operations.

On July 20, 2021, the Company acquired 44% of the membership interests of WHE Agency, Inc. WHE Agency, Inc, is a talent management and public relations agency based in New York ("WHE"). WHE has been consolidated due to the Company's ownership of 55% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

Between October 21, 2020, and August 16, 2021, the Company acquired 21% of the membership interests of Dune, Inc. Dune, Inc. is a direct-to-consumer brand focused on promoting wellness through its range of health-oriented beverages.

On September 16, 2021, the Company filed a Certificate of Incorporation with the State of Delaware to form OG Gallery, Inc, a wholly owned subsidiary of the Company.

On October 3, 2021, the Company acquired an additional 29% of the membership interests of Dune, Inc., bringing our total membership interests to 50%. Dune, Inc., has been consolidated due to the Company's ownership of 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On March 7, 2022, the Company acquired 100% of the membership interests of Denver Bodega, LLC, d/b/a Basis, a Colorado limited liability company ("Basis"). Basis is a direct-to-consumer functional beverage brand that makes high-electrolyte mixes meant to aid hydration. Denver Bodega, LLC has been consolidated due to the Company's ownership of 100% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On August 1, 2022, the Company acquired 51% of the membership interests of Orbit Media LLC, a New York limited liability company. Orbit is an app-based stock trading platform designed to empower a new generation of investors. Orbit has been consolidated due to the Company's ownership of 51% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On September 13, 2022, the Company acquired 100% of the membership interests of Brave Foods, LLC, a Maine limited liability company. Brave is a plant-based food company that provides convenient and healthy breakfast food products. Brave Foods, LLC has been consolidated due to the Company's ownership of 100% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On December 13, 2022, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc., a subsidiary of the Company ("OG"), 150,000 shares of common stock of OG for a purchase price of $750,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.

On January 9, 2023, the Company acquired an additional 51% of the equity interest in WHE Agency, Inc. bringing our total ownership to 95%. WHE Agency, Inc., has been consolidated due to the Company's ownership of over 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On January 11, 2023, the Company filed a membership agreement to form CEOBLOC, LLC a wholly owned subsidiary of the Company.

On January 25, 2023, the Company acquired an additional 24.3% equity interest in Dune, Inc. bringing its total ownership to 75%. Dune, Inc., has been consolidated due to the Company's ownership of over 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On February 1, 2023, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc., a subsidiary of the Company ("OG"), 50,000 shares of common stock of OG for a purchase price of $250,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.

On February 7, 2023, the Company acquired an additional 11% equity interest in Dune, Inc. bringing its total ownership to 85%.

On May 30, 2023, the Company acquired an additional 11% equity interest in Dune, Inc. bringing our total ownership to 96%. Dune, Inc., has been consolidated due to the Company's ownership of over 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On June 30, 2023, the Company acquired an additional 10% of the membership interests of Plant Camp, LLC. Plant Camp, LLC has been consolidated due to the Company's ownership of 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On July 28, 2023, the Company acquired an additional 17.5% of the membership interests of Orbit Media, LLC., bringing our total membership interests to 74%. Orbit has been consolidated due to the Company's ownership of 51% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On July 31, 2023, the Company filed a Certificate of Incorporation with the state of Nevada to form Vocal, Inc., a wholly owned subsidiary. Vocal's assets, which had been developed directly under the Company since 2016, were reorganized into this new entity. This restructuring marked a significant step in the growth and evolution of Vocal, which began as part of the Company's business strategy to create a digital publishing platform supporting creators.

On October 8, 2023, the Company entered into an Assignment and Assumption Agreement whereby Omega Eats, LLC was assigned 92.5% of the assets owned by Creatd Ventures, LLC pertaining to the operations of Brave and Denver Bodega DBA Basis in exchange for $1 in cash consideration at closing and the assumption of $214,295 in liabilities related to the operations of these products.

On July 17, 2024, Creatd entered into a strategic securities swap agreement with Hollywall Entertainment, Inc. Under this agreement, Creatd issued 829 shares of its common stock (CRTD) to Hollywall, while Hollywall issued 726,769 shares of its common stock (HWAL) to Creatd. This swap represents a minimum of 0.5% equity in each company, with the agreement forming part of a broader commitment towards potential expanded collaboration, subject to further due diligence.

On July 26, 2024, Creatd acquired 100% of the membership interests in S96 NYC, LLC (Studio 96 Publishing) from Ayelet Abitbul, an employee of the Company. The terms of the acquisition involved Creatd issuing 1,750 shares of common stock at a cost basis of $24.00 per share and 3,250 warrants with an exercise price of 24.00.

On August 1, 2024, Vocal, Inc. granted 48.61% of its membership interests, in the form of shares of Preferred Stock to officers, board members, employees, and consultants ("Key Drivers") involved with operations of Vocal.

On August 1, 2024, OG Collection, Inc. granted 46% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 9, 2024, the OG Collection, Inc. amended its Articles of Incorporation, increasing its authorized shares from 2,000,000, all of which was Common Stock, to 1,050,000,000, of which 1,000,000,000 shares became Common Stock and 50,000,000 shares became Preferred Stock.

On August 9, 2024, Vocal, Inc. granted an additional 3.01% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On August 12, 2024, OG Collection, Inc. granted an additional 1.5% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 20, 2024, the Company acquired 0.5% of equity in Geopulse Explorations, Inc. a holding company focused on owning and developing technologies in the cannabis industry. As consideration for this acquisition, Geopulse Explorations received 1,084 shares of the Company's common stock.

On October 21, 2024, Vocal, Inc. granted an additional 8.26% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On November 11, 2024, the Company acquired 5% of equity in THEPOWERHOUSE, LLC, the parent company of thehouseofarts.com and several influential ventures spanning art, fashion, and design. As consideration for this acquisition, THEPOWERHOUSE, LLC received 16,667 shares of the Company's common stock.

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992 shares of the Company's common stock.

On November 27, 2024, the Company rescinded 1.5% of its membership interests in OG Collection, Inc. and 1.70% of its membership interests in Vocal, Inc. previously issued to a board member after their resignation.

On February 27, 2025, the Company completed the acquisition of Flewber Global, Inc. ("Flewber"), a private on-demand aviation company, in an all-equity transaction. Upon closing, Flewber was renamed Flyte, Inc. and became a wholly owned subsidiary of the Company. Flewber Global, Inc. had three subsidiaries included in the acquisition: (i) Flewber, Inc.; (ii) Ponderosa Air LLC, which holds the Company's FAA Part 135 Operating Certificate; and (iii) Vision FGAR 1 LLC, which was dissolved after the acquisition but prior to June 30, 2025. The total purchase price, measured as the fair value of the consideration transferred, was approximately $14.4 million and consisted of shares of the Company's common stock, Series G Preferred Stock, warrants, and forgiveness of an intercompany note. The acquisition was accounted for as a business combination under ASC 805, *Business Combinations*, and the results of Flyte, Inc.'s operations have been included in the Company's consolidated financial statements from the date of acquisition. Additional information about the transaction, including the purchase price allocation, is provided in *Note 10 – Acquisitions*.

On May 6, 2025, the Company acquired 1% of equity in MineralRite Corporation in the form of 17,000,000 shares of its common stock. As consideration for this acquisition, MineralRite Corporation received 4,500 shares of the Company's common stock.

On June 23, 2025, an investor entered into a Securities Purchase Agreement whereby it purchased from the Company 10% ownership interest in the entity Flewber, Inc. for a purchase price of $100,000. Proceeds were allocated to operating and marketing expenses of Flewber, Inc., which the Company plans to make the operating entity for the Hops side of Flewber's operations. The agreement includes customary investor protections such as down-round anti-dilution rights, a right of first refusal on future financings for 12 months, reinvestment rights, and participation in a potential spin-off of Flyte Luxe. Additionally, the investor received flight credits as non-cash consideration.

On September 9, 2025, Fly Flyte, Inc. and Ponderosa Air LLC entered into a Side Letter Agreement with SEG Jets, LLC ("SEG Jets"), the lessor of the 2020 Cirrus Design Corp. SF50 aircraft that is being leased by the Company pursuant to an Exclusive Aircraft Dry Lease Agreement. Under the terms of the Side Letter Agreement, Fly Flyte, Inc. agreed to issue to SEG Jets, or its designees, 19.98% of the issued and outstanding common stock of Fly Flyte, Inc. as of the date of the agreement as consideration for strategic business cooperation. The shares were issued as fully paid, non-assessable restricted common stock, duly authorized and validly issued. The 2020 Cirrus Design Corp. SF50 aircraft continues to be leased to the Company under the terms of the Exclusive Aircraft Dry Lease Agreement, with SEG Jets, LLC serving as the lessor.

On October 22, 2025, the Company's common stock was approved to trade on the OTCQB Venture Market, a higher tier of the OTC Markets requiring current reporting and additional eligibility standards, from the OTCID Market (formerly known as the OTC Pink Market) where it had previously traded. The uplisting became effective on October 22, 2025.

On December 26, 2025, Vocal, Inc. issued an additional 21.73% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of Vocal. In connection with this issuance, 40,404 shares were issued with an aggregate fair value of approximately $78,010, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in Vocal, Inc. decreased from 41.73% to 20.00%.

On December 26, 2025, OG Collection, Inc. issued an additional 24.00% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of OG Collection. In connection with this issuance, 480,000 shares were issued with an aggregate fair value of approximately $57,600, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in OG Collection, Inc. decreased from 44.00% to 20.00%.

On January 24, 2024, we filed a certificate of amendment to our articles of incorporation, as amended (the "Amendment"), with the Secretary of State of the State of Nevada to effectuate a one-for-five hundred (1:500) reverse stock split (the "2024 Reverse Stock Split") of our common stock without any change to its par value. The Amendment became effective on January 24, 2024. The number of shares of authorized common stock was proportionately reduced as a result of the 2024 Reverse Stock Split. The number of shares of authorized preferred stock was not affected by the 2024 Reverse Stock Split. No fractional shares were issued in connection with the 2024 Reverse Stock Split as all fractional shares were "rounded up" to the next whole share.

On November 18, 2025, the Company's Board of Directors approved a 1-for-20 reverse stock split of the Company's issued and outstanding common stock (the "Reverse Stock Split"). The Reverse Stock Split was subsequently implemented on February 24, 2026. In connection with the implementation, the per share amounts for loss per share calculations related to prior period and current period were adjusted on the basis of the new number of shares of common stock in the consolidated financial statements. 10,361 shares with a fair value of $103,610 were issued pursuant to rounding from this Reverse Stock Split.

On March 8, 2026, the Company entered into a Stock Purchase Agreement with Catheter Precision, Inc., a Delaware corporation listed on the NYSE American under the symbol "VTAK," whereby the Company sold its entire 80.02% equity interest in Fly Flyte, Inc., representing all of the Company's ownership in the subsidiary, for total consideration of $11,554,827. The consideration consists of a cash component of $5,776,827 and a non-cash component of $5,778,000, payable through the issuance to the Company of 5,778 shares of VTAK Preferred Series D Stock. The agreement includes customary representations, warranties, and indemnification provisions. In connection with the closing, the February 27, 2025 loan obligation previously held at the Fly Flyte level was transferred to the purchaser and derecognized from the Company's consolidated balance sheet. As a result of the transaction, Fly Flyte, Inc. ceased to be a subsidiary of the Company as of March 8, 2026.

**Recent Developments**

***<u>Board of Directors and Management</u>***

On August 18, 2025, the Board appointed Arthur Rosen to serve as a member of the Company's Board of Directors. Mr. Rosen will serve as a director and a member of the audit committee, with a term expiring at the 2026 annual meeting of stockholders and until, or until his earlier resignation or removal.

*Acquisition Transactions*

**Acquisition of Flewber Global, Inc.**

On February 27, 2025, Creatd, Inc. ("Creatd" or the "Company") completed the acquisition of Flewber Global, Inc. ("Flewber"), a private on-demand aviation company. Upon closing, Flewber was renamed Flyte, Inc. and became a wholly owned subsidiary of the Company. The acquisition included three subsidiaries: (i) Flewber, Inc.; (ii) Ponderosa Air LLC, which holds the Company's FAA Part 135 Operating Certificate; and (iii) Vision FGAR 1 LLC, which was dissolved following the acquisition and had no active operations at the time of its dissolution.

The total purchase price was approximately $14.4 million, paid through the issuance of 52,807 shares of common stock, 9,475 shares of Series G Preferred Stock, forgiveness of $367,609 in intercompany receivables, and the issuance of 375,503 common stock purchase warrants.

The Company acquired Flyte as part of its strategy to identify businesses where operational efficiencies and data-driven processes can drive growth and margin expansion, and views the private aviation sector as an industry with strong underlying demand and infrastructure that can benefit from these capabilities.

On June 23, 2025, the Company sold a 10% ownership interest in Flewber, Inc., a subsidiary of Flyte, Inc., to an investor for $100,000. Proceeds from the sale were allocated to operating and marketing expenses for Flewber, Inc., which the Company intends to use as the operating entity for the Hops segment of its aviation business.

On September 9, 2025, Fly Flyte, Inc. and Ponderosa Air LLC entered into a Side Letter Agreement with SEG Jets, LLC ("SEG Jets"), the lessor of the 2020 Cirrus Design Corp. SF50 aircraft that is being leased by the Company pursuant to an Exclusive Aircraft Dry Lease Agreement. Under the terms of the Side Letter Agreement, Fly Flyte, Inc. agreed to issue to SEG Jets, or its designees, 19.98% of the issued and outstanding common stock of Fly Flyte, Inc. as of the date of the agreement as consideration for strategic business cooperation. The shares were issued as fully paid, non-assessable restricted common stock, duly authorized and validly issued. The 2020 Cirrus Design Corp. SF50 aircraft continues to be leased to the Company under the terms of the Exclusive Aircraft Dry Lease Agreement, with SEG Jets, LLC serving as the lessor.

On September 16, 2025, the Company entered into a Conversion Agreement with said investor whereby they exchanged 10% ownership interest in the entity Flewber, Inc., previously purchased for $100,000, into 134 shares of Preferred Series G. The 10% ownership interest in Fly Flyte, Inc. was returned to Creatd, Inc.

On March 8, 2026, the Company entered into a Stock Purchase Agreement with Catheter Precision, Inc., a Delaware corporation listed on the NYSE American under the symbol "VTAK," whereby the Company sold its entire 80.02% equity interest in Fly Flyte, Inc., representing all of the Company's ownership in the subsidiary, for total consideration of $11,554,827. The consideration consists of a cash component of $5,776,827 and a non-cash component of $5,778,000, payable through the issuance to the Company of 5,778 shares of VTAK Preferred Series D Stock. The agreement includes customary representations, warranties, and indemnification provisions. In connection with the closing, the February 27, 2025 loan obligation previously held at the Fly Flyte level was transferred to the purchaser and derecognized from the Company's consolidated balance sheet. As a result of the transaction, Fly Flyte, Inc. ceased to be a subsidiary of the Company as of March 8, 2026.

**Financing**

On November 9, 2025, the Company entered into a financing arrangement (the "Uplist Financing") with a group of nine accredited investors (collectively, the "Initial Investors"). The Uplist Financing provided for the issuance of senior convertible promissory notes (the "Notes") and accompanying warrants (the "Warrants") in an aggregate principal amount of up to $7,777,778, to be funded in four tranches, including a 20% original issue discount, which would have yielded aggregate net cash proceeds to the Company of $6,222,222 if fully funded. The first tranche was sized at $1,244,445, the second tranche at $933,333, the third tranche at $933,333, and the fourth tranche at $3,173,611, in each case on a gross basis before original issue discount.

The first tranche of $1,244,445 was funded at closing on November 9, 2025, with the Company receiving net cash proceeds after original issue discount. On December 5, 2025, the second tranche of $933,333 was funded upon submission of the Company's Registration Statement to the Securities and Exchange Commission. On December 9, 2025, an additional accredited investor (the "Tenth Investor," and together with the Initial Investors, the "Purchasers") subscribed to the Uplist Financing on substantially the same terms as the Initial Investors and funded the first and second tranches of its investment, in the aggregate amount of $35,000 (net of original issue discount).

On January 16, 2026, one of the Purchasers funded $375,000 of its agreed portion of the third tranche, yielding net cash proceeds to the Company of $300,000 after original issue discount.

In connection with the Company's sale of its 80.02% equity interest in Fly Flyte, Inc. on March 8, 2026, the Purchasers were released from their obligations to fund the remaining portion of the third tranche and the entirety of the fourth tranche, and accordingly no further funding under the Uplist Financing is required or expected. The Company issued individual Notes and Warrants to each Purchaser in respect of the tranches actually funded, which the company still carries.

The Notes carry no stated interest unless in default, mature twelve months from the initial closing, and are convertible at the holder's option at $10.00 per share, or mandatorily upon an approved national-exchange uplisting at the lower of (i) $10.00 per share, (ii) the uplist offering price, or (iii) a twenty percent (20%) discount to the lowest daily VWAP during the ten trading days prior to uplist. Each Purchaser received Warrant coverage equal to one hundred percent (100%) of the Note face value, exercisable at $10.00 per share for a five-year term, with customary cashless-exercise provisions and full ratchet anti-dilution protection, as well as a 9.99% beneficial ownership limitation which can be adjusted on 61 days' notice. The Warrants are automatically cashlessly exercised into common stock upon formal approval of the Company's uplisting to a national securities exchange.

 **Employees**

As of May 4, 2026, the Company had 4 full-time employees. None of our employees are subject to a collective bargaining agreement, and we believe our relationship with our employees to be good.

We believe that our future success will depend in part on our continued ability to attract, hire and retain qualified personnel. Our human capital resources objectives include identifying, recruiting, retaining, incentivizing and integrating our existing and new employees, advisors and consultants. The principal purposes of our equity and cash incentive plans are to attract, retain and reward personnel through the granting of stock-based and cash-based compensation awards, in order to increase stockholder value and the success of our company by motivating such individuals to perform to the best of their abilities and achieve our objectives.

 **Implications of Being a Smaller Reporting Company**

We are a "smaller reporting company" as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and have elected to take advantage of certain of the scaled disclosures available to smaller reporting companies. Accordingly, we may provide less public disclosure than larger public companies, including the inclusion of only two years of audited financial statements and only two years of management's discussion and analysis of financial condition and results of operations disclosure and the inclusion of reduced disclosure about our executive compensation arrangements. As a smaller reporting company, we are also exempt from compliance with the auditor attestation requirements pursuant to the Sarbanes-Oxley Act. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests. We will continue to be a "smaller reporting company" until we have $250 million or more in public float (based on our Common Stock) measured as of the last business day of our most recently completed second fiscal quarter or, in the event we have no public float or a public float (based on our Common Stock) that is less than $700 million, annual revenues of $100 million or more during the most recently completed fiscal year.

**Corporate Information**

The Company's mailing address is 1111B S Governors Ave, STE 20721 Dover, DE 19904. The Company's telephone number is (646) 859-5747. Our website is https://creatd.com. The information on, or that can be accessed through, this website is not part of this Form S-1, and you should not rely on any such information in making the decision whether to purchase the Common Stock.

**SUMMARY OF THE OFFERING**

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This prospectus relates to the resale, from time to time, of up to 180,030 shares (the "Shares") of our common stock, par value $0.001 per share ("Common Stock"), by the selling stockholders identified in this prospectus under "Selling Stockholders" (the "Offering"), comprised of: (i) up to 126,000 Shares of Common Stock; (ii) up to 1,250 Shares underlying convertible promissory notes issued pursuant to those certain securities purchase agreements dated November 9, 2025, between the Company and the respective holders, convertible at a price of $10.00 per share, subject to customary adjustment provisions; and (iii) up to 52,780 Shares underlying common stock purchase warrants issued pursuant to those certain securities purchase agreements dated November 9, 2025, between the Company and the respective holders. We are not selling any shares of our Common Stock under this prospectus and will not receive any proceeds from the sale of the Shares. We will, however, receive proceeds from any warrants that are exercised through the payment of the exercise price in cash. The Selling Stockholders will bear all commissions and discounts, if any, attributable to the sale of the Shares. We will bear all costs, expenses and fees in connection with the registration of the Shares.

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| | |
|:---|:---|
| Issuer | Creatd, Inc. |
| Shares of Common Stock offered by us |  |
|  Shares of Common Stock offered by the Selling Stockholders | 180030 <sup>(1)</sup> |
|  Shares of Common Stock outstanding before the Offering | 771,232 shares <sup>(2)</sup> |
|  Shares of Common Stock outstanding after completion of this offering, assuming the sale of all shares offered hereby | 825,262 shares <sup>(2)</sup> |
| Use of proceeds | We will not receive any proceeds from the resale of the common stock by the Selling Stockholders. |
| Market for Common Stock | Our common stock is quoted on OTCQB under the symbol "CRTD." |
| Risk Factors | Investing in our securities involves a high degree of risk. See the "Risk Factors" section of this prospectus and in the documents we incorporate by reference in this prospectus for a discussion of factors you should consider carefully before deciding to invest in our securities. |

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(1) This amount consists of: (i) up to 126,000 Shares of Common
Stock; (ii) up to 1,250 Shares underlying convertible promissory notes issued pursuant to those certain securities purchase agreements
dated November 9, 2025, between the Company and the respective holders, convertible at a price of $10.00 per share, subject to customary
adjustment provisions; and (iii) up to 52,780 Shares underlying common stock purchase warrants issued pursuant to those certain securities
purchase agreements dated November 9, 2025, between the Company and the respective holders.

(2) The number of shares of Common Stock outstanding before and after the Offering is based on
 771,232 shares outstanding as of May 4, 2026, which includes 126,000 shares being registered in the Offering that are
 already issued and outstanding, and excludes the following:

● 1,758,371 shares of Common Stock issuable upon the exercise of outstanding stock options having a weighted average exercise price of $17.64 per share;

● 3,183,764 shares of Common Stock issuable upon the exercise of outstanding warrants having a weighted average exercise price of $6.81 per share;

● 276,597 shares of Common Stock issuable upon the conversion of convertible promissory notes having a conversion price of $10.00 per share;

● 10,870 shares of Common Stock issuable upon the conversion of Series A Preferred having a conversion price of $12.00 per share;

● 11 shares of Common Stock issuable upon the conversion of Series E Preferred having a conversion price of $41,200 per share;

● 114,150 shares of Common Stock issuable upon the conversion of Series F Preferred having a conversion price of $100.00 per share;

● 1,296,000 shares of Common Stock issuable upon the conversion of Series G Preferred having a stated conversion price of $20.00 per share, of which all currently outstanding shares are convertible at $5.14 per share due to an adjustment pursuant to the full-ratchet anti-dilution provisions of the Series G Certificate of Designation;

● 73,891 shares of Common Stock issuable upon the conversion of Series H Preferred having a conversion price of $5.14 per share; and

● 378,120 shares of Common Stock issuable upon the conversion of Series I Preferred having a stated conversion price of $20.00 per share, of which currently outstanding shares are convertible at $10.00 per share as adjusted pursuant to the full-ratchet anti-dilution provisions of the Series I Certificate of Designation.

**RISK FACTORS**

 

*Investing in our securities involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information contained in this prospectus, before making an investment decision with respect to our securities. The occurrence of any of the following risks or those incorporated by reference, or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition, results of operations or cash flows. In any such case, the trading price of common stock and the trading price of Series A warrants, if any, could decline, and you may lose all or part of your investment. This prospectus also contains forward-looking statements and estimates that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described below and those incorporated by reference.*

 ****

**Risks Related to our Business**

***The Company is a development stage business and subject to the many risks associated with new businesses.***

Our current line of business has a limited operating history and our business is subject to all of the risks inherent in the establishment of a new business enterprise. Our likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection with development and expansion of a new business enterprise. We have incurred losses and may continue to operate at a net loss for at least the next several years as we execute our business plan. We had a net loss of approximately $9.4 million for the year ended December 31, 2025, and a working capital deficit and an accumulated deficit of approximately $7.9 million and approximately $262.9 million, respectively.

***Our financial situation creates doubt whether we will continue as a going concern.***

There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or obtain funding or additional financing through private placements, public offerings and/or bank financing necessary to support our working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital and no assurance can be given that additional financing will be available, or if available, will be on acceptable terms. These conditions raise substantial doubt about our ability to continue as a going concern. If adequate working capital is not available, we may be forced to discontinue operations, which would cause investors to lose their entire investment.

Based on the report from our independent auditors dated April 30, 2026, management stated that our financial statements for the year ended December 31, 2025, were prepared assuming substantial doubt about the Company's ability to continue as a going concern for a period of one year from the issuance of these financial statements. The Company's consolidated financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

 ***We depend on installment payments from a single counterparty for our 2026 liquidity.***

On March 8, 2026, we sold our 80.02% equity interest in Fly Flyte, Inc. to Catheter Precision, Inc. (NYSE American: VTAK) for total consideration of $11,554,827, of which $5,000,000 is payable in nine scheduled cash installments through December 15, 2026. These installments, together with cash from operations, are expected to be our primary source of liquidity for the remainder of 2026, and we no longer have access to our prior tranche-based convertible note financing, which was terminated in connection with the transaction.

Our ability to fund operations and satisfy our obligations through year-end is therefore substantially dependent on Catheter Precision's timely performance. While the buyer has agreed to pay the first five post-closing installments without setoff, we have no security interest, guaranty, or other credit enhancement supporting the remaining payments. Any delay or default by Catheter Precision could require us to seek additional financing on unfavorable terms or could raise doubt about our ability to continue as a going concern.

***We are not profitable and may never be profitable.***

Since inception through the present, we have been dependent on raising capital to support our working capital needs. During this same period, we have recorded net accumulated losses and are yet to achieve profitability. Our ability to achieve profitability depends upon many factors, including our ability to develop and commercialize our websites. There can be no assurance that we will ever achieve any significant revenues or profitable operations.

***Our operating expenses exceed our revenues and will likely continue to do so for the foreseeable future.***

We are in an early stage of our development and we have not generated sufficient revenues to offset our operating expenses. Our operating expenses will likely continue to exceed our operating income for the foreseeable future, until such time as we are able to monetize our brands and generate substantial revenues, particularly as we undertake payment of the increased costs of operating as a public company.

***We will need additional capital, which may be difficult to raise as a result of our limited operating history or any number of other reasons.***

We expect that we will need to raise additional capital within the next 12 months. However, in the event that we exceed our expected growth, we would need to raise additional capital. There is no assurance that additional equity or debt financing will be available to us when needed, on acceptable terms, or even at all. Our limited operating history makes investor evaluation and an estimation of our future performance substantially more difficult. As a result, investors may be unwilling to invest in us or such investment may be offered on terms or conditions that are not acceptable. In the event that we are not able to secure financing, we may have to scale back our growth plans or cease operations.

 ***We face intense competition. If we do not provide services that are useful to users, we may not remain competitive, and our potential revenues and operating results could be adversely affected.***

  ****

Our business is rapidly evolving and intensely competitive, and is subject to changing technologies, shifting user needs, and frequent introductions of new products and services. Our ability to compete successfully depends heavily on providing services that are useful and enjoyable for our users.

We face competition from other companies in all of our business segments. Our current and potential competitors range from large and established companies to emerging start-ups. Established companies have longer operating histories and more established relationships with customers and users, and they can use their experience and resources in ways that could affect our competitive position, including by making acquisitions, investing aggressively in research and development, aggressively initiating intellectual property claims (whether or not meritorious) and competing aggressively for users and customers. Emerging start-ups may be able to innovate and provide products and services faster than we can.

As technology continues to develop, our competitors may be able to offer user experiences that are, or that are seen to be, substantially similar to or better than, ours. This may force us to compete in different ways and expend significant resources in order to remain competitive. If our competitors are more successful than we are in attracting and retaining users, customers, and advertisers, our revenues and operating results could be adversely affected.

***If we fail to retain existing users or add new users, or if our users decrease their level of engagement with our products, our revenue, financial results, and business may be significantly harmed.***

The size of our user base and our user's level of engagement are critical to our success. Our financial performance will be significantly determined by our success in adding, retaining, and engaging active users of our products, particularly Vocal. We anticipate that our active user growth rate will generally decline over time as the size of our active user base increases, and it is possible that the size of our active user base may fluctuate or decline in one or more markets, particularly in markets where we have achieved higher penetration rates. If people do not perceive Vocal to be useful, reliable, and trustworthy, we may not be able to attract or retain users or otherwise maintain or increase the frequency and duration of their engagement. A number of other content management systems and publishing platforms that achieved early popularity have since seen their active user bases or levels of engagement decline, in some cases precipitously. There is no guarantee that we will not experience a similar erosion of our active user base or engagement levels. Our user engagement patterns have changed over time, and user engagement can be difficult to measure, particularly as we introduce new and different products and services. Any number of factors could potentially negatively affect user retention, growth, and engagement, including if:

● Users increasingly engage with other competitive products or services;

● We fail to introduce new features, products or services that users find engaging or if we introduce new products or services, or make changes to existing products and services, that are not favorably received;

● User behavior on any of our products changes, including decreases in the quality and frequency of content shared on our products and services;

● There are decreases in user sentiment due to questions about the quality or usefulness of our products or our user data practices, or concerns related to privacy and sharing, safety, security, well-being, or other factors;

● We are unable to manage and prioritize information to ensure users are presented with content that is appropriate, interesting, useful, and relevant to them;

● We are unable to obtain or attract engaging third-party content;

● Users adopt new technologies where our products may be displaced in favor of other products or services, or may not be featured or otherwise available;

● There are changes mandated by legislation, regulatory authorities, or litigation that adversely affect our products or users;

● Technical or other problems prevent us from delivering our products in a rapid and reliable manner or otherwise affect the user experience, such as security breaches or failure to prevent or limit spam or similar content;

● We adopt terms, policies, or procedures related to areas such as sharing, content, user data, or advertising that are perceived negatively by our users or the general public;

● We elect to focus our product decisions on longer-term initiatives that do not prioritize near-term user growth and engagement;

● We make changes in how we promote different products and services across our family of apps;

● Initiatives designed to attract and retain users and engagement are unsuccessful or discontinued, whether as a result of actions by us, third parties, or otherwise;

● We fail to provide adequate customer service to users, marketers, developers, or other partners;

● We, developers whose products are integrated with our products, or other partners and companies in our industry are the subject of adverse media reports or other negative publicity, including as a result of our or their user data practices; or

● Our current or future products, such as our development tools and application programming interfaces that enable developers to build, grow, and monetize mobile and web applications, reduce user activity on our products by making it easier for our users to interact and share on third-party mobile and web applications.

If we are unable to maintain or increase our user base and user engagement, our revenue and financial results may be adversely affected. Any decrease in user retention, growth, or engagement could render our products less attractive to users, marketers, and developers, which is likely to have a material and adverse impact on our revenue, business, financial condition, and results of operations. If our active user growth rate continues to slow, we will become increasingly dependent on our ability to maintain or increase levels of user engagement and monetization in order to drive revenue growth.

***We face competition from traditional media companies, and we may not be included in the advertising budgets of large advertisers, which could harm our operating results.***

In addition to internet companies, we face competition from companies that offer traditional media advertising opportunities. Most large advertisers have set advertising budgets, a very small portion of which is allocated to Internet advertising. We expect that large advertisers will continue to focus most of their advertising efforts on traditional media. If we fail to convince these companies to spend a portion of their advertising budgets with us, or if our existing advertisers reduce the amount they spend on our programs, our operating results would be harmed.

***Acquisitions may disrupt growth.***

We may pursue strategic acquisitions in the future. Risks in acquisition transactions include difficulties in the integration of acquired businesses into our operations and control environment, difficulties in assimilating and retaining employees and intermediaries, difficulties in retaining the existing clients of the acquired entities, assumed or unforeseen liabilities that arise in connection with the acquired businesses, the failure of counterparties to satisfy any obligations to indemnify us against liabilities arising from the acquired businesses, and unfavorable market conditions that could negatively impact our growth expectations for the acquired businesses. Fully integrating an acquired company or business into our operations may take a significant amount of time. We cannot assure you that we will be successful in overcoming these risks or any other problems encountered with acquisitions and other strategic transactions. These risks may prevent us from realizing the expected benefits from acquisitions and could result in the failure to realize the full economic value of a strategic transaction or the impairment of goodwill and/or intangible assets recognized at the time of an acquisition. These risks could be heightened if we complete a large acquisition or multiple acquisitions within a short period of time.

***Our business depends on strong brands and relationships, and if we are not able to maintain our relationships and enhance our brands, our ability to expand our base of users, advertisers and affiliates will be impaired and our business and operating results could be harmed.***

Maintaining and enhancing our brands' profiles may require us to make substantial investments and these investments may not be successful. If we fail to promote and maintain the brands' profiles, or if we incur excessive expenses in this effort, our business and operating results could be harmed. We anticipate that, as our market becomes increasingly competitive, maintaining and enhancing our brands' profiles may become increasingly difficult and expensive. Maintaining and enhancing our brands will depend largely on our ability to be a technology leader and to continue to provide attractive products and services, which we may not do successfully.

***We depend on our key management personnel and the loss of their services could adversely affect our business.***

We place substantial reliance upon the efforts and abilities of Jeremy Frommer, our Chief Executive Officer, and our other executive officers and directors. Though no individual is indispensable, the loss of the services of these executive officers could have a material adverse effect on our business, operations, revenues or prospects. We do not currently maintain key man life insurance on the lives of these individuals.

***If we are unable to protect our intellectual property, the value of our brands and other intangible assets may be diminished, and our business may be adversely affected.***

We rely and expect to continue to rely on a combination of confidentiality, assignment, and license agreements with our employees, consultants, and third parties with whom we have relationships, as well as trademark, copyright, patent, trade secret, and domain name protection laws, to protect our proprietary rights. In the United States and internationally, we have filed various applications for protection of certain aspects of our intellectual property, and we currently hold a number of registered trademarks and issued patents in multiple jurisdictions and have acquired patents and patent applications from third parties. Third parties may knowingly or unknowingly infringe our proprietary rights, third parties may challenge proprietary rights held by us, and pending and future trademark and patent applications may not be approved. In addition, effective intellectual property protection may not be available in every country in which we operate or intend to operate our business. In any or all of these cases, we may be required to expend significant time and expense in order to prevent infringement or to enforce our rights. Although we have generally taken measures to protect our proprietary rights, there can be no assurance that others will not offer products or concepts that are substantially similar to ours and compete with our business. In addition, we regularly contribute software source code under open source licenses and have made other technology we developed available under other open licenses, and we include open source software in our products. If the protection of our proprietary rights is inadequate to prevent unauthorized use or appropriation by third parties, the value of our brands and other intangible assets may be diminished and competitors may be able to more effectively mimic our products, services, and methods of operations. Any of these events could have an adverse effect on our business and financial results*.***

***We are subject to payment processing risk.***

We accept payments using a variety of different payment methods, including credit and debit cards and direct debit. We rely on third parties to process payments. Acceptance and processing of these payment methods are subject to certain certifications, rules and regulations. To the extent there are disruptions in our or third-party payment processing systems, material changes in the payment ecosystem, failure to recertify and/or changes to rules or regulations concerning payment processing, we could be subject to fines and/or civil liability, or lose our ability to accept credit and debit card payments, which would harm our reputation and adversely impact our results of operations.

***We are subject to risk as it relates to software that we license from third parties.***

We license software from third parties, much of which is integral to our systems and our business. The licenses are generally terminable if we breach our obligations under the license agreements. If any of these relationships were terminated or if any of these parties were to cease doing business or cease to support the applications we currently utilize, we may be forced to spend significant time and money to replace the licensed software.

***Failures or reduced accessibility of third-party software on which we rely could impair the availability of our platform and applications and adversely affect our business.***

We license software from third parties for integration into our Vocal platform, including open source software. These licenses might not continue to be available to us on acceptable terms, or at all. While we are not substantially dependent upon any third-party software, the loss of the right to use all or a significant portion of our third-party software required for the development, maintenance and delivery of our applications could result in delays in the provision of our applications until we develop or identify, obtain and integrate equivalent technology, which could harm our business.

Any errors or defects in the hardware or software we use could result in errors, interruptions, cyber incidents or a failure of our applications. Any significant interruption in the availability of all or a significant portion of such software could have an adverse impact on our business unless and until we can replace the functionality provided by these applications at a similar cost. Furthermore, this software may not be available on commercially reasonable terms, or at all. The loss of the right to use all or a significant portion of this software could limit access to our platform and applications. Additionally, we rely upon third parties' abilities to enhance their current applications, develop new applications on a timely and cost-effective basis and respond to emerging industry standards and other technological changes. We may be unable to effect changes to such third-party technologies, which may prevent us from rapidly responding to evolving customer requirements. We also may be unable to replace the functionality provided by the third-party software currently offered in conjunction with our applications in the event that such software becomes obsolete or incompatible with future versions of our platform and applications or is otherwise not adequately maintained or updated.

***We need to manage growth in operations to maximize our potential growth and achieve our expected revenues and our failure to manage growth will cause a disruption of our operations, resulting in the failure to generate revenue.***

In order to maximize potential growth in our current and potential markets, we believe that we must expand our marketing operations. This expansion will place a significant strain on our management and our operational, accounting, and information systems. We expect that we will need to continue to improve our financial controls, operating procedures, and management information systems. We will also need to effectively train, motivate, and manage our employees. Our failure to manage our growth could disrupt our operations and ultimately prevent us from generating the revenues we expect.

In order to achieve the general strategies of our company we need to maintain and search for hard-working employees who have innovative initiatives, while at the same time, keep a close eye on any and all expanding opportunities in our marketplace.

 ***We plan to generate a significant portion of our revenues from advertising and affiliate sales relationships, and a reduction in spending by or loss of advertisers and general decrease in online spending could adversely harm our business.***

We plan to generate a substantial portion of our revenues from advertisers in the form of branded content. Our advertisers may be able to terminate prospective contracts with us at any time. Advertisers will not continue to do business with us if their investment in advertising with us does not generate sales leads, and ultimately customers, or if we do not deliver their advertisements in an appropriate and effective manner. If we are unable to remain competitive and provide value to our advertisers, they may stop placing ads with us, which would adversely affect our revenues and business. In addition, expenditures by advertisers tend to be cyclical, reflecting overall economic conditions and budgeting and buying patterns. Adverse macroeconomic conditions can also have a material negative impact on the demand for advertising and cause our advertisers to reduce the amounts they spend on branded content, which could adversely affect our revenues and business.

***Security breaches could harm our business.***

Security breaches have become more prevalent in the technology industry. We believe that we take reasonable steps to protect the security, integrity and confidentiality of the information we collect, use, store and disclose, but there is no guarantee that inadvertent (e.g., software bugs or other technical malfunctions, employee error or malfeasance, or other factors) or unauthorized data access or use will not occur despite our efforts. Although we have not experienced any material security breaches to date, we may in the future experience attempts to disable our systems or to breach the security of our systems. Techniques used to obtain unauthorized access to personal information, confidential information and/or the systems on which such information are stored and/or to sabotage systems change frequently and generally are not recognized until launched against a target. As a result, we may be unable to anticipate these techniques or to implement adequate preventative measures.

If an actual or perceived security breach occurs, the market perception of our security measures could be harmed, and we could lose sales and customers and/or suffer other negative consequences to our business. A security breach could adversely affect the digital content experience and cause the loss or corruption of data, which could harm our business, financial condition and operating results. Any failure to maintain the security of our infrastructure could result in loss of personal information and/or other confidential information, damage to our reputation and customer relationships, early termination of our contracts and other business losses, indemnification of our customers, financial penalties, litigation, regulatory investigations and other significant liabilities. In the event of a major third-party security incident, we may incur losses in excess of their insurance coverage.

Moreover, if a high-profile security breach occurs with respect to us or another digital entertainment company, our customers and potential customers may lose trust in the security of our business model generally, which could adversely impact our ability to retain existing customers or attract new ones.

***The laws and regulations concerning data privacy and data security are continually evolving; our or our platform providers' actual or perceived failure to comply with these laws and regulations could harm our business.***

Customers view our content online, using third-party platforms and networks and on mobile devices. We collect and store significant amounts of information about our customers—both personally identifying and non-personally identifying information. We are subject to laws from a variety of jurisdictions regarding privacy and the protection of this player information. For example, the European Union (EU) has traditionally taken a broader view than the United States and certain other jurisdictions as to what is considered personal information and has imposed greater obligations under data privacy regulations. The U.S. Children's Online Privacy Protection Act (COPPA) also regulates the collection, use and disclosure of personal information from children under 13 years of age. While none of our content is directed at children under 13 years of age, if COPPA were to apply to us, failure to comply with COPPA may increase our costs, subject us to expensive and distracting government investigations and could result in substantial fines.

Data privacy protection laws are rapidly changing and likely will continue to do so for the foreseeable future. The U.S. government, including the Federal Trade Commission and the Department of Commerce, is continuing to review the need for greater regulation over the collection of personal information and information about consumer behavior on the Internet and on mobile devices and the EU has proposed reforms to its existing data protection legal framework. Various government and consumer agencies worldwide have also called for new regulation and changes in industry practices. In addition, in some cases, we are dependent upon our platform providers to solicit, collect and provide us with information regarding our players that is necessary for compliance with these various types of regulations.

Customer interaction with our content is subject to our privacy policy and terms of service. If we fail to comply with our posted privacy policy or terms of service or if we fail to comply with existing privacy-related or data protection laws and regulations, it could result in proceedings or litigation against us by governmental authorities or others, which could result in fines or judgments against us, damage our reputation, impact our financial condition and harm our business. If regulators, the media or consumers raise any concerns about our privacy and data protection or consumer protection practices, even if unfounded, this could also result in fines or judgments against us, damage our reputation, and negatively impact our financial condition and damage our business.

In the area of information security and data protection, many jurisdictions have passed laws requiring notification when there is a security breach for personal data or requiring the adoption of minimum information security standards that are often vaguely defined and difficult to implement. Our security measures and standards may not be sufficient to protect personal information and we cannot guarantee that our security measures will prevent security breaches. A security breach that compromises personal information could harm our reputation and result in a loss of confidence in our products and ultimately in a loss of customers, which could adversely affect our business and impact our financial condition. This could also subject us to liability under applicable security breach-related laws and regulations and could result in additional compliance costs, costs related to regulatory inquiries and investigations, and an inability to conduct our business.

***Changes to federal, state or international laws or regulations applicable to our company could adversely affect our business.***

Our business is subject to a variety of federal, state and international laws and regulations, including those with respect to privacy, data, and other laws. These laws and regulations, and the interpretation or application of these laws and regulations, could change. In addition, new laws or regulations affecting our business could be enacted. These laws and regulations are frequently costly to comply with and may divert a significant portion of management's attention. If we fail to comply with these applicable laws or regulations, we could be subject to significant liabilities which could adversely affect our business.

***Our business involves risks of liability claims arising from our media content, which could adversely affect our ability to generate revenue and could increase our operating expenses.***

As a distributor of media content, we face potential liability for defamation, invasion of privacy, negligence, copyright or trademark infringement, obscenity, violation of rights of publicity and/or obscenity laws and other claims based on the nature and content of the materials distributed. These types of claims have been brought, sometimes successfully, against broadcasters, publishers, online services and other disseminators of media content. Any imposition of liability that is not covered by insurance or is in excess of our insurance coverage could have a material adverse effect on us. In addition, measures to reduce our exposure to liability in connection with content available through our internet websites could require us to take steps that would substantially limit the attractiveness of our internet websites and/or their availability in certain geographic areas, which could adversely affect our ability to generate revenue and could increase our operating expenses.

***Intellectual property litigation could expose us to significant costs and liabilities and thus negatively affect our business, financial condition and results of operations.***

We may be subject to claims of infringement of third-party patents and trademarks and other violations of third-party intellectual property rights. Intellectual property disputes are generally time-consuming and expensive to litigate or settle and the outcome of such disputes is uncertain and difficult to predict. The existence of such disputes may require us to set-aside substantial reserves and has the potential to significantly affect our overall financial standing. To the extent that claims against us are successful, they may subject us to substantial liability, and we may have to pay substantial monetary damages, change aspects of our business model, and/or discontinue any of our services or practices that are found to be in violation of another party's rights. Such outcomes may severely restrict or hinder ongoing business operations and impact the value of our business. Successful claims against us could also result in us having to seek a license to continue our practices. Under such conditions, a license may or may not be offered or otherwise made available to us. If a license is made available to us, the cost of the license may significantly increase our operating burden and expenses, potentially resulting in a negative effect on our business, financial condition and results of operations.

Although we have been and are currently involved in multiple areas of commerce, internet services, and high technology where there is a substantial risk of future patent litigation, we have not obtained insurance for patent infringement losses. If we are unsuccessful at resolving pending and future patent litigation in a reasonable and affordable manner, it could disrupt our business and operations, including by negatively impacting areas of commerce or putting us at a competitive disadvantage.

***If we are unable to obtain or maintain key website addresses, our ability to operate and grow our business may be impaired.***

Our website addresses, or domain names, are critical to our business. We currently own more than 415 domain names. However, the regulation of domain names is subject to change, and it may be difficult for us to prevent third parties from acquiring domain names that are similar to ours, that infringe our trademarks or that otherwise decrease the value of our brands. If we are unable to obtain or maintain key domain names for the various areas of our business, our ability to operate and grow our business may be impaired.

***We may have difficulty scaling and adapting our existing network infrastructure to accommodate increased traffic and technology advances or changing business requirements, which could cause us to incur significant expenses and lead to the loss of users and advertisers.***

To be successful, our network infrastructure has to perform well and be reliable. The greater the user traffic and the greater the complexity of our products and services, the more computer power we will need. We could incur substantial costs if we need to modify our websites or our infrastructure to adapt to technological changes. If we do not maintain our network infrastructure successfully, or if we experience inefficiencies and operational failures, the quality of our products and services and our users' experience could decline. Maintaining an efficient and technologically advanced network infrastructure is particularly critical to our business because of the pictorial nature of the products and services provided on our websites. A decline in quality could damage our reputation and lead us to lose current and potential users and advertisers. Cost increases, loss of traffic or failure to accommodate new technologies or changing business requirements could harm our operating results and financial condition.

***Operating a network open to all internet users may result in legal consequences.***

Our Terms and Conditions clearly state that our network and services are only to be used by users who are over 13 years old. Although we will terminate accounts that are known to be held by persons age 13 or younger, it is impractical to independently verify that all activity occurring on our network fits into this description. As such, we run the risk of federal and state law enforcement prosecution.

**Risks Related to Our Financial Reporting, Internal Controls, and Public Company Obligations**

**We identified errors in previously issued interim financial statements, and although the errors were not material and have been corrected, they may raise concerns regarding the effectiveness of our financial reporting processes and internal controls.**

During the preparation of the Company's consolidated financial statements for the year ended December 31, 2025, management identified certain errors in stockholders' equity (deficit) of its previously issued unaudited condensed consolidated financial statements as of September 30, 2025 within the Company's third quarter 2025 Quarterly Report.

The Company assessed the materiality of the errors on the prior period condensed consolidated financial statements and concluded they were not material to the prior interim period. The Company corrected these errors by revising its unaudited interim financial information for the nine months ended September 30, 2025 to correct for the impact of such errors. These errors are related to (i) the reporting of the par value of Stock in Subsidiaries: Vocal, Inc. Preferred stock, $0.001 par value, (ii) the reporting of the par value of Stock in Subsidiaries: OG Collection, Inc. Preferred stock, $0.001 par value, and (iii) the reporting of the value of non-controlling interest in consolidated subsidiaries.

These revisions had no impact on total assets, total liabilities, total stockholders' deficit, or the Company's previously reported net loss for the period as of and for the three and nine months ended September 30, 2025. The revisions have been reflected in the accompanying consolidated financial statements.

However, the identification of these errors may cause investors to lose confidence in our financial reporting, expose us to potential securities litigation, or require us to incur additional accounting, auditing, or compliance costs. In addition, these errors may indicate that we need to further enhance our internal control over financial reporting. If additional errors are identified in the future, or if we fail to maintain effective internal controls, our business, reputation, and the market price of our securities could be materially adversely affected.

**Risks Relating to our Common Stock and the Offering**

***Future sales or potential sales of our common stock in the public market could cause our share price to decline.***

If the existing holders of our common stock, particularly our directors and officers, sell a large number of shares, they could adversely affect the market price for our common stock. Sales of substantial amounts of our common stock in the public market, or the perception that these sales could occur, could cause the market price of our common stock to decline.

 ***Following this offering, our principal stockholders will continue to own a significant percentage of our stock and be able to exert significant control or significant influence over matters subject to stockholder approval.***

Following this offering, our executive officers, directors, and greater than 5% stockholders, in the aggregate, will continue to own a significant portion of our outstanding common stock. As a result, such persons or their appointees to our board of directors, acting together, will have the ability to significantly influence all matters submitted to our board of directors or stockholders for approval, including the appointment of our management, the election and removal of directors and the approval of any significant transaction, as well as our management and business affairs. This concentration of ownership may have the effect of delaying or preventing a change of control of our company or discouraging others from making tender offers for shares of our common stock, which could prevent our stockholders from receiving a premium for their shares. The interests of our principal stockholders may not always coincide with the interests of other stockholders and they may act in a manner that advances their best interests and not necessarily those of other stockholders, including seeking a premium value for their common stock.

***Because we will not pay dividends on our common stock in the foreseeable future, stockholders will only benefit from owning common stock if it appreciates.***

We have never paid cash dividends on our common stock, and we do not intend to do so in the foreseeable future. We intend to retain any future earnings to finance our growth. Accordingly, any potential investor who anticipates the need for current dividends from his investment should not purchase our common stock.

***Our share price has been, and will likely continue to be, volatile, and you may be unable to resell your shares at or above the price at which you acquired them.***

The trading price of our common stock has been, and is likely to continue to be, highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control.

 ***We are a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to smaller reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.***

Rule 12b-2 of the Exchange Act defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

● had a public float of less than $250 million as of the last business day of its most recently completed second fiscal quarter, computed by multiplying the aggregate worldwide number of shares of its voting and non-voting common equity held by non-affiliates by the price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market for the common equity; or

● in the case of an initial registration statement under the Securities Act or the Exchange Act for shares of its common equity, had a public float of less than $250 million as of a date within 30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares included in the registration statement by the estimated public offering price of the shares; or

● in the case of an issuer whose public float as calculated under paragraph (1) or (2) of this definition was zero or whose public float was less than $700 million, had annual revenues of less than $100 million during the most recently completed fiscal year for which audited financial statements are available.

As a smaller reporting company, we will not be required and may not include a compensation discussion and analysis section in our proxy statements and we will provide only two years of financial statements. We also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting companies which could make our common stock less attractive to potential investors, which could make it more difficult for our stockholders to sell their shares.

The market price for our securities may be influenced by many factors that are beyond our control, including, but not limited to:

● variations in our revenue and operating expenses;

● market conditions in our industry and the economy as a whole;

● actual or expected changes in our growth rates or our competitors' growth rates;

● developments or disputes concerning patent applications, issued patents or other proprietary rights;

● developments in the financial markets and worldwide or regional economies;

● variations in our financial results or those of companies that are perceived to be similar to us;

● announcements by the government relating to regulations that govern our industry;

● sales of our common stock or other securities by us or in the open market;

● changes in the market valuations of other comparable companies;

● general economic, industry and market conditions; and

● the other factors described in this "Risk Factors" section.

The trading price of our shares might also decline in reaction to events that affect other companies in our industry, even if these events do not directly affect us. Each of these factors, among others, could harm the value of your investment in our securities. In the past, following periods of volatility in the market, securities class-action litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial costs and diversion of management's attention and resources, which could materially and adversely affect our business, operating results and financial condition.

***Because our shares of common stock are subject to the penny stock rules, it is more difficult to trade our shares.***

The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document containing specified information. In addition, the penny stock rules require that before effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive (i) the purchaser's written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our common stock, and therefore stockholders may have difficulty selling their shares.

***The price of our common stock may be subject to wide fluctuations.***

Even though we have our shares quoted with The OTCQB, the market price of our Common Stock may be highly volatile and subject to wide fluctuations in response to a variety of factors and risks, many of which are beyond our control. In addition to the risks noted elsewhere in this Form S-1, some of the other factors affecting our stock price may include:

● Variations in our operating results;

● The level and quality of securities analysts' coverage of our Common Stock;

● Announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments;

● Announcements by third parties of significant claims or proceedings against us; and

● Future sales of our Common Stock.

For these reasons, comparing our operating results on a period-to-period basis may not be meaningful, and you should not rely on past results as an indication of future performance. In the past, following periods of volatility in the market price of a public company's securities, securities class action litigation has often been instituted against the public company. Regardless of its outcome, this type of litigation could result in substantial costs to us and a likely diversion of our management's attention.

***You may lose all of your investment.***

Investing in our common stock involves a high degree of risk. As an investor, you might never recoup all, or even part of, your investment and you may never realize any return on your investment. You must be prepared to lose all your investment.

***We may, in the future, issue additional shares of common stock, which would reduce investors' percent of ownership and dilute our share value***

Our Second Amended and Restated Articles of Incorporation authorize the issuance of 3,000,000,000 shares of common stock, and 20,000,000 shares of preferred stock. Currently the Company has 1,087 shares of Preferred Series A stock outstanding, 450 shares of Preferred Series E stock outstanding, 2,283 shares of Preferred Series F stock outstanding, 17,280 shares of Preferred Series G stock outstanding, 3,798 shares of Preferred Series H stock outstanding, and 37,812 shares of Preferred Series I stock outstanding. Additionally, as of May 4, 2026, there are outstanding (i) warrants to purchase 3,236,544 shares of our common stock; (ii) options exercisable into 1,758,371 shares of our common stock; (iii) 1,873,045 shares underlying the conversion of the aforementioned outstanding preferred shares and (iv) 276,597 shares underlying the conversion of convertible notes.

Assuming all of the Company's currently outstanding warrants and options are exercised and all convertible notes and preferred shares are converted, the Company would have to issue an additional 7,144,557 shares of common stock representing 926% of our current issued and outstanding common stock. The future issuance of this common stock would result in substantial dilution in the percentage of our common stock held by our then existing shareholders. We may value any Common Stock issued in the future on an arbitrary basis. The issuance of common stock for future services or acquisitions or other corporate actions may have the effect of diluting the value of the shares held by our investors and might have an adverse effect on any trading market for our common stock.

***Liability of directors for breach of duty is limited under Nevada law.***

Nevada law provides that directors must discharge their duties as a director in good faith and with a view to the interests of the corporation. Under Nevada law, directors owe a fiduciary duty to the corporation, which is generally comprised of the duty of care and duty of loyalty to the corporation. Except under limited circumstances set forth in NRS 78.138(7), or unless our Second Amended and Restated Articles of Incorporation or an amendment thereto provide for greater individual liability (which ours does not provide), a director or officer is not individually liable to the corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless it is proven that the director's or officer's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer, and the breach of those duties involved intentional misconduct, fraud or a knowing violation of law. ****Our stockholders' ability to recover damages for fiduciary breaches may be reduced by this statute.

***We do not anticipate paying any cash dividends on our common stock in the foreseeable future and, as such, capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.***

We do not anticipate paying any cash dividends on our common stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business. In addition, and any future loan arrangements we enter into may contain, terms prohibiting or limiting the amount of dividends that may be declared or paid on our common stock. As a result, capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.

***Sales of a substantial number of shares of our common stock in the public market by certain of our stockholders could cause our stock price to fall.***

Sales of a substantial number of shares of our common stock in the public market or the perception that these sales might occur, could depress the market price of our common stock and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that sales may have on the prevailing market price of our common stock.

***The issuance of a large number of shares of our common stock could significantly dilute existing stockholders and negatively impact the market price of our common stock.***

If we sell shares of Common Stock under the Investment Agreement, we will be issuing such shares at below market prices, which could cause the market price of our Common Stock to decline, and if such issuances are significant in number, the amount of the decline in our market price could also be significant. In general, we are unlikely to sell shares of common stock under the Investment Agreement at a time when the additional dilution to stockholders would be substantial unless we are unable to obtain capital to meet our financial obligations from other sources on better terms at such time. However, if we do, the dilution that could result from such issuances could have a material adverse impact on existing stockholders and could cause the price of our common stock to fall rapidly based on the amount of such dilution.

***We may issue additional shares of preferred stock in the future that may adversely impact your rights as holders of our common stock.***

Pursuant to our Second Amended and Restated Articles of Incorporation, the aggregate number of shares of capital stock which we are authorized to issue is 3,020,000,000 shares, of which 3,000,000,000 shares are common stock, and 20,000,000 shares are "blank check" preferred stock with such designations, rights and preferences as may be determined from time to time by our board of directors. Our board of directors is empowered, without stockholder approval, to issue one or more series of preferred stock with dividend, liquidation, conversion, voting or other rights which could dilute the interest of, or impair the voting power of, our common stockholders. As of the date of this filing, we have 1,087 shares of Preferred Series A stock outstanding, 450 shares of Preferred Series E stock outstanding, 2,283 shares of Preferred Series F stock outstanding, 17,280 shares of Preferred Series G stock outstanding, 3,798 shares of Preferred Series H stock outstanding, and 37,812 shares of Preferred Series I stock outstanding.

The issuance of a series of preferred stock could be used as a method of discouraging, delaying or preventing a change in control. For example, it would be possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of our Company. In addition, advanced notice is required prior to stockholder proposals, which might further delay a change of control. Additionally, our board of directors could authorize the issuance of a series of preferred stock that would grant to holders preferred rights to our assets upon liquidation, the right to receive dividends before dividends are declared to holders of our common stock, and the right to the redemption of such preferred shares, together with a premium, prior to the redemption of the common stock. To the extent that we do issue such additional shares of preferred stock, your rights as holders of common stock could be impaired thereby, including, without limitation, dilution of your ownership interests in us.

***Each of our Second Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws provide that the Eighth Judicial District Court of Clark County, Nevada will be the sole and exclusive forum for certain disputes which could limit stockholders' ability to obtain a favorable judicial forum for disputes with the Company or its directors, officers, employees or agents.***

These choice of forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or its directors, officers or other employees, which may discourage such lawsuits against the Company and its directors, officers and other employees. Alternatively, if a court were to find our choice of forum provisions contained in either our Second Amended and Restated Articles of Incorporation or Amended and Restated Bylaws to be inapplicable or unenforceable in an action, the Company may incur additional costs associated with resolving such action in other jurisdictions, which could harm its business, results of operations, and financial condition.

**Risks Related to this Offering**

***The Company will have broad discretion in the use of the net proceeds from this offering and may fail to apply these proceeds effectively.***

The Company's management will have broad discretion in the application of the net proceeds of this offering, including using the proceeds to conduct operations, expand the Company's business lines and for general working capital. The Company may also use the net proceeds of this offering to acquire or invest in complementary businesses, products, or technologies, or to obtain the right to use such complementary technologies. We have no commitments with respect to any acquisition or investment; however, we seek opportunities and transactions that management believes will be advantageous to the Company and its operations or prospects. We cannot specify with certainty the actual uses of the net proceeds of this offering. You may not agree with the manner in which our management chooses to allocate and spend the net proceeds. We may invest the net proceeds from this offering in a manner that does not produce income or that loses value. The failure by our management to apply these funds effectively could harm our business, financial condition and results of operations.

***There is no guarantee that we will successfully have our common stock listed on The New York Stock Exchange. Even if our common stock is accepted for listing on The New York Stock Exchange, upon our satisfaction of the exchange's initial listing criteria, the exchange may subsequently delist our common stock if we fail to comply with ongoing listing standards.***

 ****

We are currently quoted on the OTCQB and intend to apply to list our common stock on the NYSE. There can be no assurance that our application will be approved in a timely manner, if at all. The NYSE has broad discretion in evaluating an applicant's eligibility for listing, including discretion in interpreting its quantitative and qualitative initial listing standards. The uplisting review may also be affected by factors outside our control, including market conditions, the timing and outcome of the SEC's review of this registration statement, our ability to satisfy NYSE corporate governance requirements, and other matters that may arise during the NYSE's evaluation. As a result, the uplisting process may be delayed, require additional actions on our part, or ultimately not occur. Based on information available to the Company as of the date of this filing, we currently estimate that the listing will occur in the first half of 2026.

If we are unable to uplist to the NYSE or if we subsequently fail to meet the NYSE's continued listing requirements, our common stock would remain quoted on the OTCQB, which could materially and adversely affect liquidity and the value of our securities.

Even if we satisfy the NYSE's initial listing criteria, we may fail to meet the NYSE's ongoing listing standards, including minimum thresholds related to stockholders' equity, market capitalization, share price, public float, corporate governance, and the number of publicly-held shares. Failure to maintain compliance could result in delisting. If our uplisting is not approved or if our common stock is later delisted, our securities would remain quoted on the OTCQB. Securities quoted on OTC platforms generally experience lower trading volumes and liquidity, wider bid-ask spreads, reduced analyst coverage, and greater trading volatility compared to securities listed on a national securities exchange.

Remaining on the OTCQB could adversely affect our ability to raise capital and grow our business. If we are unable to complete the uplisting, our ability to raise additional capital could be significantly impaired, as many institutional investors and funds are limited or restricted from investing in companies whose securities are quoted on the OTCQB. Remaining on this market may also limit our ability to use our equity as consideration in potential acquisitions or strategic transactions and may make it more difficult for us to attract and retain qualified director candidates, advisors, and employees. Even if we ultimately succeed in listing our common stock on the NYSE, there can be no assurance that an active or sustained trading market for our common stock will develop or be maintained following the uplisting.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements. Forward-looking statements are those that reflect our current views with respect to future events and financial performance, and all statements other than statements of historical fact are statements that are, or could be, deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "intend," "should," "could," "can," "would," "believe," "expect," "seek," "anticipate," "intend," "estimate," "plan," "target," "project," "forecast," "envision" or the negative of these terms, and other similar phrases. All statements contained in this prospectus and any prospectus supplement regarding future financial position, sales, costs, earnings, losses, cash flows, other measures of results of operations, capital expenditures or debt levels and plans, objectives, outlook, targets, guidance or goals are forward-looking statements.

You should not place undue reliance on our forward-looking statements because they are not guarantees of future performance or expectations, and involve risks and uncertainties. Our forward-looking statements are based on the information currently available to us and speak only as of the date on the cover of this prospectus, the date of any prospectus supplement, or, in the case of forward-looking statements incorporated by reference, the date of the filing that includes the statement. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

The forward-looking statements contained in this prospectus are set forth principally in "*Risk Factors*" above, and in "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," "*Risk Factors.*" In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Please consider our forward-looking statements in light of these risks as you read this prospectus.

**USE OF PROCEEDS**

All proceeds from the resale of the shares of our Common Stock offered by this prospectus will belong to the Selling Stockholders. We will not receive any proceeds from the resale of the shares of our Common Stock by the Selling Stockholders.

We will also not receive any proceeds from the conversion of the convertible promissory notes covered by this prospectus, the gross proceeds from which were received by the Company in prior periods. The warrants covered by this prospectus are exercisable on a cashless basis, and accordingly we do not expect to receive any proceeds from the exercise of such warrants.

The Selling Stockholders will bear all commissions and discounts, if any, attributable to the sale of the Shares. We will bear all costs, expenses and fees in connection with the registration of the Shares.

**MARKET FOR COMMON STOCK AND DIVIDEND POLICY**

Our common stock is quoted on the OTCQB under the symbol "CRTD." As of April 30, 2026, the last reported sale price of the common stock as reported on OTCQB was $8.88 per share.

As of May 4, 2026, there were 277 registered holders of record of our Common Stock, 4 holders of record of our Series A Convertible Preferred Stock, 5 holders of record of our Series E Convertible Preferred Stock, 2 holders of record of our Series F Convertible Preferred Stock, 37 holders of record of our Series G Convertible Preferred Stock, 8 holders of record of our Series H Preferred Stock, and 5 holders of record of our Series I Convertible Preferred Stock. Since certain shares of our Common Stock are held by brokers and other institutions on behalf of stockholders, the foregoing number of holders of our Common Stock is not representative of the number of beneficial holders of our Common Stock.

To date, we have not paid cash dividends on our Common Stock and do not plan to pay such dividends in the foreseeable future. Our Board will determine our future dividend policy on the basis of many factors, including results of operations, capital requirements, and general business conditions. Dividends, under the Nevada Revised Statutes, may only be paid from our net profits or surplus. To date, we have not had a fiscal year with net profits and, subject to a valuation by the Board of the present value of the Company's assets, do not have surplus.

**CAPITALIZATION**

The table below sets forth our cash and cash equivalents and capitalization as of December 31, 2025, on an actual basis and on a pro forma basis to reflect our issuance of the shares of our Common Stock offered by this prospectus, after deducting our estimated offering expenses. This table should be read in conjunction with "*Use of Proceeds*" above and our consolidated audited and unaudited financial statements and the notes thereto set forth in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | | **December 31, 2025** | **December 31, 2025** |
|  |<br> **Actual** | **Adjustments** | **Pro Forma as<br> Adjusted** |
|  Cash | $247413 | (205075) | 42338 |
|  Notes Payable | 540186 |  | 540186 |
|  Convertible Notes Payable | 383374 |  | 383374 |
|  Common stock par value $0.001: 3,000,000,000 shares authorized; 757,792 issued and 757,783 outstanding and 230,701 issued and 230,514 outstanding as of December 31, 2025 and 2024, respectively | 759 | 180 | 939 |
|  Additional paid-in capital | 266973016 | 205255 | 267178271 |
|  Accumulated deficit | (262926318) |  | (262926318) |
|  Accumulated other comprehensive income (loss) | (298405) |  | (298405) |
|  Treasury Stock | (78456) |  | (78456) |
|  Stockholders' equity | 8987919 | (205075) | 8782844 |
|  Total capitalization | 9911479 | (205075) | 9706404 |

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The table above excludes:

● 1,758,371 shares of Common Stock issuable upon the exercise of outstanding stock options having a weighted average exercise price of $17.64 per share;

● 3,236,544 shares of common stock issuable upon the exercise of outstanding warrants having a weighted average exercise price of $6.81 per share;

● 10,870 shares of common stock issuable upon the conversion of series A preferred having a conversion price of $12.00.

● 276,597 shares of common stock issuable upon the conversion of convertible promissory notes having a conversion price of $10.00 per share.

● 11 shares of common stock issuable upon the conversion of series E preferred having a conversion price of $41,200 per share.

● 114,150 shares of common stock issuable upon the conversion of series F preferred having a conversion price of $20 per share.

● 1,296,000 shares of common stock issuable upon the conversion of series G preferred having a stated conversion price of $20.00 per share, of which currently outstanding shares are convertible at either $10.00 or $5.14 per share, due to adjustments pursuant to the full-ratchet anti-dilution provisions of the Series G Certificate of Designation.

● 73,891 shares of common stock issuable upon the conversion of series H preferred having a conversion price of $5.14 per share.

● 378,120 shares of common stock issuable upon the conversion of series I preferred having a stated conversion price of $20.00 per share, of which currently outstanding shares are convertible at $10.00 per share as adjusted pursuant to the full-ratchet anti-dilution provisions of the Series I Certificate of Designation..

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 *The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this *Registration Statement. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including but not limited to those set forth in "Part I - Item 1A. Risk Factors" of the Company's most recent Annual Report.** 

 

These consolidated financial statements and other reports filed by Creatd, Inc., formerly Jerrick Media Holdings, Inc. (the "Company"), from time to time with the OTC or otherwise provided to current and prospective stakeholders (collectively, the "Filings") contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company's management as well as estimates and assumptions made by Company's management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the Filings, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions as they relate to the Company or the Company's management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks relating to the Company's business, industry, and the Company's operations and results of operations. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management's judgment in its application. There are also areas in which management's judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this report.

We intend for this discussion to provide information that will assist in understanding our consolidated financial statements, the changes in certain key items in those consolidated financial statements, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our consolidated financial statements. Certain prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no impact on previously reported total assets, total liabilities, stockholders' equity, or net loss.

**Overview**

Creatd operates a diversified portfolio of businesses generating revenue across media, publishing, and aviation. Our operations include direct-to-consumer product sales, subscription memberships, advertising, licensing, and strategic investments. These businesses are supported by a shared operational infrastructure and a focus on monetizing first-party data, intellectual property, and scalable creative assets.

**Results of Operations**

**Liquidity and Capital Resources**

The following table summarizes total current assets, liabilities and working capital at December 31, 2025 compared to December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31,<br> 2024** | **Increase /<br> (Decrease)** |
| Current Assets | $846339 | $85166 | $761173 |
| Current Liabilities | $8760728 | $11287764 | $(2527036) |
| Working Capital (Deficit) | $(7914389) | $(11202598) | $3288209 |

---

At December 31, 2025, the Company had a working capital deficit of $7,914,389 as compared to a working capital deficit of $11,202,598 at December 31, 2024, a decrease in working capital deficit of $3,288,209. The decrease is primarily attributable to an increase in cash on hand, decrease in Accounts Payable, and an increase in assets.

 **Material Cash Requirements, Operating Burn, and Liquidity**

The Company's material cash requirements consist of (i) cash operating expenses incurred in the ordinary course of business after cost of goods sold, and (ii) payments related to historic contractual obligations, including settlement-related payments and remaining payments under restructured loan obligations. While the Company has historically reported operating losses, management evaluates liquidity primarily based on net operating cash burn rather than gross revenue and expense totals.

From the date of this filing through December 31, 2026, management estimates that the Company's net operating cash requirements, after giving effect to expected revenues and cost of goods sold, will be approximately $2.6 million of residual cash requirements. This amount represents the difference between the Company's projected net revenues and its operating expenses, including payroll, audit and compliance costs, insurance, technology and development, and other general and administrative expenses. The reduction in projected operating cash requirements as compared to prior periods reflects the divestiture of Fly Flyte, Inc. on March 8, 2026, which eliminated the aviation-related operating expenses, lease obligations, and personnel costs previously consolidated within the Company's results.

Of the approximately $2.6 million in residual net cash requirements over this period, approximately $200,000 relates to historic payables, commitments, and settlement-related payments that are non-recurring in nature.

 **Known Contractual and Other Obligations**

In response to Item 303(b)(1) of Regulation S-K and Instructions 4 and 8 to Item 303(b), the Company's known contractual and other obligations as of the most recent practicable date consist of the following:

Settlement Payments. The Company has remaining settlement-related payment obligations consisting of: (i) approximately $39,080 payable in tranches under the settlement of the May 31, 2024 Loan Agreement, expected to be satisfied through operating cash flows during 2026; and (ii) $6,500 payable on April 17, 2026 in connection with the Michael Grecco Productions settlement.

Trade Payables and Accrued Liabilities. The Company has historic trade payables and accrued liabilities expected to be satisfied through a combination of operating cash flows and inflows from the Flyte Transaction (as defined below) and, where applicable, negotiated settlements.

Note Obligations. As of the most recent practicable date, the Company has no material outstanding note obligations requiring cash payment during the remainder of 2026, other than the immaterial settlement-related installment payments described above.

Operating Leases and Other Long-Term Obligations. Following the closing of the Flyte Transaction on March 8, 2026, the Company has no operating lease obligations or other material long-term contractual obligations. All operating lease obligations previously held by Fly Flyte, Inc. and its subsidiaries were transferred to the purchaser in connection with the sale.

 **Expected Sources of Liquidity to Fund Residual Cash Requirements**

<br> The Company expects to fund its remaining cash requirements through two principal sources:

Cash Proceeds from the Sale of Fly Flyte, Inc. On March 8, 2026, the Company completed the sale of its 80.02% equity interest in Fly Flyte, Inc. to Catheter Precision, Inc. (NYSE American: VTAK) for total consideration of $11,554,827 (the "Flyte Transaction"). The cash component of the consideration totals $5,776,827, of which $776,827 was received at closing as the Initial Closing Date Payment. The remaining $5,000,000 is payable in nine scheduled installments under a promissory note as follows: $500,000 due within three business days of the buyer's April 2026 shareholder meeting; $500,000 due on each of May 15, June 15, and July 15, 2026; and $600,000 due on each of August 15, September 15, October 15, November 15, and December 15, 2026. All scheduled installments are required to be received in full by December 15, 2026. The Company expects these installment payments to be its primary source of liquidity for the remainder of 2026. The remaining $5,778,000 of consideration is to be satisfied through the issuance of 5,778 shares of VTAK Preferred Series D Stock and is non-cash in nature.

Cash Generated from Operations. The Company expects to generate cash from operations at its existing operating subsidiaries, Vocal, Inc. and OG Collection, Inc., as well as from the parent-level advisory services described elsewhere in this filing.

In addition, the Company expects to pursue financing at the subsidiary level to fund operations and growth initiatives across its operating businesses. Based on the Company's internal forecasts through the end of 2026, the Company anticipates raising approximately $5,500,000 in subsidiary-level financing, including approximately $5,250,000 at its Vocal subsidiary and approximately $250,000 at the OG Collection. There can be no assurance that the Company will be able to consummate any such subsidiary-level financings.

The Company's ability to satisfy its remaining cash requirements through December 31, 2026 is substantially dependent on the timely receipt of the scheduled installment payments under the Flyte Transaction promissory note. While the Company believes the buyer is creditworthy and the obligations are contractually fixed, any delay or default in receipt of these payments could materially adversely affect the Company's liquidity. The Company has not granted any setoff rights against the first five scheduled post-closing payments, which the buyer has agreed to pay in full when due without setoff or reduction for any indemnification claim.

 **Liquidity Outlook**

After applying projected operating cash flows, management estimates that the Company's remaining cash requirements from the date of this filing through December 31, 2026 will be approximately $2.6 million. Based on the expected receipt of the remaining $5.0 million in scheduled cash installments under the Flyte Transaction promissory note, management estimates that the Company would have approximately $2.4 million of excess liquidity remaining at the end of 2026 after satisfying these cash requirements. As such, the Company does not currently expect to raise additional funds during the remainder of fiscal year 2026, assuming timely receipt of the Flyte Transaction installment payments.

While the Company has historically incurred operating losses and maintained a working capital deficit, management does not currently believe that it will be required to raise additional funds to support its operating plan through December 31, 2026. Management continues to actively monitor liquidity, working capital, and operating performance and believes it has the ability to adjust operating expenditures as necessary to preserve liquidity.

To address its historical working capital deficit, the Company has taken actions including resolving previously defaulted loan obligations, restructuring certain liabilities, monetizing the Company's investment in Fly Flyte, Inc., and aligning its operating cost structure with expected revenues. Management continues to actively manage expenses, prioritize cash-generating activities, and monitor liquidity on an ongoing basis.

 **Resolution of Loans Previously in Default**

As of December 31, 2025, the Company had certain loan obligations that were in default. As of the most recent practicable date, all such obligations have been resolved, and the Company has no loan obligations that remain in default. Management believes that the resolution of the foregoing defaults has eliminated the near-term liquidity risk associated with acceleration rights, default interest, and enforcement actions, and accordingly does not expect any material impact on the Company's liquidity from the previously defaulted obligations. The resolution of each previously defaulted loan obligation is summarized below.

 *May 3, 2024 Loan Agreement Resolution.* On November 1, 2025, the Company entered into a settlement with the lender related to the May 3, 2024 Loan Agreement. Pursuant to the settlement, the Company paid the lender $11,000 in cash in full satisfaction of the note. The note was extinguished, is no longer outstanding, and has no continuing impact on the Company's liquidity or capital resources.

 *May 31, 2024 Loan Agreement Resolution.* On January 12, 2026, the Company reached a settlement with the lender related to the May 31, 2024 Loan Agreement. Under the terms of the settlement, the note is no longer in default and is being repaid in six tranches. As of the most recent practicable date, an aggregate of $39,080 remains payable under this arrangement. The Company expects to satisfy the remaining payments through operating cash flows, and management does not believe these remaining obligations will materially adversely affect the Company's liquidity.

 *March 13, 2024 Loan Agreement Resolution.* On November 4, 2025, the Company reached a settlement with the lender related to the March 13, 2024 Loan Agreement. In connection with the settlement, the Company paid $350,000 in cash and issued $936,608 of Series G Preferred Stock to the lender in full satisfaction of the outstanding note. Following this settlement, the note was extinguished and is no longer outstanding.

 *February 27, 2025 Loan Agreement.* On February 27, 2026, the February 27, 2025 Loan Agreement with the lender entered into default. In connection with the closing of the Flyte Transaction on March 8, 2026, the note was transferred to the purchaser and was derecognized from the Company's consolidated balance sheet as of the closing date. This note is no longer outstanding as of the date of this filing.

 *December 30, 2024 Loan Agreement*. The December 30, 2024 Loan Agreement matured on February 28, 2026 and entered into default. On March 30, 2026, the outstanding principal and accrued interest were repaid in full, and the lender waived all default interest and related penalties. This note is no longer outstanding as of the date of this filing.

**Net Cash**

Net cash used in operating activities for the years ended December 31, 2025 and 2024 was $3,991,462 and $431,071, respectively. The net loss for the years ended December 31, 2025 and 2024 was $9,364,552 and $4,670,011, respectively. The increase in net cash used in operating activities is primarily attributable to an increase in cost of revenue, marketing, and general and administrative expenses largely related to the Company's acquisition of Fly Flyte Inc. in the first quarter of 2025. The increase in net loss was primarily attributable to an increase in compensation expense, marketing expense, and general and administrative costs as the Company scaled post the acquisition of Fly Flyte, Inc., partially offset by a decrease in stock based compensation and research and development.

Net cash used in investing activities for the year ended December 31, 2025, was $5,060, attributable to the purchase of certain property and equipment. Comparatively, net cash used investing activities for the year ended December 31, 2024, was $0.

Net cash provided by financing activities for the years ended December 31, 2025 and 2024 was $4,229,133 and $496,880, respectively. During the year ended December 31, 2025, the Company's operations were predominantly financed by the proceeds from sale of common and preferred stock and proceeds of notes payable, partially offset by repayments of notes payable. For the year ended December 31, 2024, the Company's operations were predominantly financed by the proceeds from sale of common and preferred stock and warrants of $431,600.

 **Summary of Statements of Operations for the Years Ended December 31, 2025 and 2024:**

---

| | | |
|:---|:---|:---|
|  | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** |
|  | **2025** | **2024** |
| Revenue | $3192437 | $1498874 |
| Cost of revenue | $(1790231) | $(63144) |
| Operating expenses | $(14129796) | $(13772951) |
| Loss from operations | $(12727590) | $(12337221) |
| Other income | $3363038 | $7667210 |
| Net loss | $(9364552) | $(4670011) |
| Loss per common share - basic and diluted | $(16.87) | $(36.40) |

---

***Revenue***

Revenue was $3,192,437 for the year ended December 31, 2025, compared to $1,498,874 for the year ended December 31, 2024. The increase of $1,693,563 was primarily attributable to the acquisition of Flewber Global, Inc., which was subsequently renamed to Fly Flyte, Inc., though partially offset by a decrease in Vocal subscription revenue and Vocal for Brands revenue.

***Cost of Revenue***

Cost of revenue for the year ended December 31, 2025 was $1,790,231 as compared to $63,144 for the year ended December 31, 2024. The increase in cost of revenue in the year ended December 31, 2025 is primarily attributable to the acquisition of Fly Flyte, Inc., whose cost of revenues included payments to operators and fuel costs. The Company's low cost of revenue for the year ended December 31, 2024 is attributable to a downward adjustment to the liability associated with unpaid balances in users' Vocal Wallets. This adjustment was driven by a shift in user behavior and platform trends, including the frequency of welcome bonuses and a reduction of the number of challenges and challenge winners on Vocal, that materially impacted the estimated portion of wallet balances expected to be withdrawn. While the Company had previously adopted a weighted average methodology to estimate this liability based on historical payout activity, updated data revealed that a lower percentage of users were meeting the necessary thresholds to access their balances. This resulted in a lower liability estimate and corresponding negative cost of revenue during the period. The change reflects a revised estimate based on updated trends and was accounted for prospectively in accordance with applicable guidance. Without this adjustment, cost of revenue for the year ended December 31, 2024 would have been approximately $178,361.

***Operating Expenses***

Operating expenses for the year ended December 31, 2025 were $14,129,796 as compared to $13,772,951 for the year ended December 31, 2024. The increase of $356,845 is primarily attributable to the acquisition of Fly Flyte, Inc., which included an increase in compensation expenses, marketing expenses, and regulatory compliance. This is partially offset by a decrease in stock based compensation expense primarily due to an additional bonus of equity in subsidiaries paid to employees during the third quarter of 2024.

***Loss from Operations***

Loss from operations for the year ended December 31, 2025, was $12,727,590 as compared to $12,337,221 for the year ended December 31, 2024. The increase in loss from operations of $390,369 was primarily attributable to the acquisition of Fly Flyte, Inc., which included an increase in compensation expenses, marketing expenses, and regulatory compliance. This was partially offset by the increase in gross margin from the acquisition of Fly Flyte, Inc., and improved operating expense efficiencies achieved through the integration of Fly Flyte's operations and the initiation of growth strategies toward year-end.

 ***Other Income***

Other income for the year ended December 31, 2025, were $3,363,038 as compared to $7,667,210 for the year ended December 31, 2024. The decrease is attributable to a decrease of other expenses such as accretion of debt discount and issuance costs, a reduction in inducement expense related to certain equity mechanisms, a significant gain on settlement of vendor liabilities in 2025, and the receipt of the ERC from the IRS during the year ended December 31, 2025.

***Net Loss***

Net loss attributable to common stockholders for the year ended December 31, 2025 was $10,125,518, as compared to a net loss attributable to common stockholders of $35,132,840 for the year ended December 31, 2024. The loss per basic and diluted share was $16.87 for the year ended December 31, 2025 as compared to a loss per basic and diluted share of $36.40 for the year ended December 31, 2024. The decrease in net loss attributable to common shareholders is primarily attributable to the increase in net loss as noted above, primarily attributable to the acquisition of Fly Flyte, Inc., as well as a decrease in deemed dividend.

**Off-Balance Sheet Arrangements**

We had no off-balance sheet arrangements as of December 31, 2025 and 2024.

**Significant Accounting Policies**

*We believe that the following accounting policies are the most critical to aid you in fully understanding and evaluating this "Management's Discussion and Analysis of Financial Condition and Results of Operation."*

*<u>Use of Estimates and Critical Accounting Estimates and Assumptions</u>*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.

These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the consolidated financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, stock-based compensation, income tax provisions, excess and obsolete inventory reserve, and impairment of intellectual property.

The Company also uses estimates in determining the liability associated with unpaid balances in user accounts ("Vocal Wallets") on its platform. These balances represent amounts earned by users for content views, bonuses, and contest winnings. However, due to various platform-specific contingencies—such as minimum withdrawal thresholds, third-party processor access, and account compliance requirements—not all users will be able to withdraw their full balances. The Company applies a weighted average methodology based on historical payout rates to estimate the proportion of wallet balances likely to be paid out. This estimate is updated each reporting period to reflect new trends in user behavior and platform data. In the year ended December 31, 2024, updated data supported a downward revision of the estimated liability in the amount of approximately $115,000, which was recognized as a change in estimate and accounted for prospectively, being recorded to cost of revenue on the consolidated statements of operations and comprehensive loss.

Actual results could differ from those estimates.

*<u>Fair Value of Financial Instruments</u>*

The fair value measurement disclosures are grouped into three levels based on valuation factors:

● Level 1 – quoted prices in active markets for identical investments

● Level 2 – other significant observable inputs (including quoted prices for similar investments and market corroborated inputs)

● Level 3 – significant unobservable inputs (including Company assumptions in determining the fair value of investments)

The Company's Level 1 assets/liabilities include cash, accounts receivable, accounts payable, prepaid and other current assets, line of credit and due to related parties. Management believes the estimated fair value of these accounts at December 31, 2025 and 2024 approximate their carrying value as reflected in the consolidated balance sheets due to the short-term nature of these instruments or the use of market interest rates for debt instruments.

The Company's Level 3 assets/liabilities include goodwill, intangible assets, and derivative liabilities. Inputs to determine fair value are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined by using model-based techniques, including option pricing models and discounted cash flow models. Unobservable inputs used in the models are significant to the fair values of the assets and liabilities.

*<u>Long-lived Assets Including Acquired Intangible Assets</u>*

The Company evaluates the recoverability of property and equipment, acquired finite-lived intangible assets, and purchased infinite life digital assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate from the use and eventual disposition.

Acquired finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. The Company routinely reviews the remaining estimated useful lives of property and equipment and finite-lived intangible assets. If the Company changes the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life. As of December 31, 2025 and 2024, the Company has $7,486,004 and $103,550, respectively, of intangible assets on its consolidated balance sheets. The breakdown of these assets, net of amortization, was as follows:

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| | |
|:---|:---|
| **Asset Description** | **Amount** |
| FAA Part 135 Operating Certificate | $1523767 |
| App | $114671 |
| Trademark / Tradename | $1350556 |
| Licensing agreements / Vendor and supplier contracts | $405167 |
| Knowhow | $2026032 |
| Customer list / Relationships | $2065811 |
| **Total Intangible Assets** | $**7486004** |

---

A total of $7,824,367 in intangible assets was acquired as part of the acquisition of Flewber Global, Inc., which closed February 27, 2025. The breakdown of these assets was as follows:

---

| | |
|:---|:---|
| **Asset Description** | **Amount** |
| FAA Part 135 Operating Certificate | $1523767 |
| App | 126100 |
| Trademark / Tradename | 1430000 |
| Licensing agreements / Vendor and supplier contracts | 429000 |
| Knowhow | 2131000 |
| Customer list / Relationships | $2182000 |
| **Total Acquired Intangible Assets** | $**7821867** |

---

See *Note 12 - Acquisitions* for further details on the acquisition of Flewber Global, Inc.

Amortization expense was $403,778 and $0 for the years ended December 31 2025 and 2024, respectively.

During the years ended December 31, 2025 and 2024, the Company recorded an impairment charge of $35,723 and $0, respectively.

 *<u>Minority Equity Investments</u>*

The Company holds minority equity investments in private operating companies in which it owns common stock and does not exercise significant influence. These investments are accounted for in accordance with ASC 321, Investments—Equity Securities, as equity securities without readily determinable fair values.

Accordingly, the Company measures these investments at cost, less impairment, and adjusted for observable price changes in orderly transactions for identical or similar securities of the same issuer, if any. Observable price changes, when present, are identified based on information obtained from the investees, including financial statements and information regarding equity financing transactions.

The Company performs a qualitative assessment each reporting period to evaluate whether impairment indicators are present. If indicators of impairment exist, the Company performs a quantitative analysis to determine the amount of impairment, if any. Impairment indicators considered include, among other factors, deterioration in operating performance, cash flow issues, and adverse market conditions. To date, no impairments have been recorded, as the investments are relatively new.

Changes in the carrying value of these investments resulting from impairment or observable price changes are recorded in impairment expense in the statements of operations. Minority equity investments are presented within non-current assets on the balance sheet under the caption "Minority investment in businesses."

*<u>Goodwill</u>*

Goodwill is not amortized but is subject to periodic testing for impairment in accordance with ASC Topic 350 "Intangibles – Goodwill and Other – Testing Indefinite-Lived Intangible Assets for Impairment" ("ASC Topic 350"). The Company tests goodwill for impairment on an annual basis as of the last day of the Company's fiscal December each year or more frequently if events occur or circumstances change indicating that the fair value of the goodwill may be below its carrying amount. The Company uses an income-based approach to determine the fair value of the reporting units. This approach uses a discounted cash flow methodology and the ability of our reporting units to generate cash flows as measures of fair value of our reporting units.

As of December 31, 2025 and 2024, the Company has an asset of $7,818,805 and $5,415 of goodwill on its consolidated balance sheets, respectively, and recorded an impairment charge of $226,613 and $0, respectively.

*<u>Derivative Liability</u>*

The Company evaluates its debt and equity issuances to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 815-10-05-4 and Section 815-40-25 of the FASB ASC. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated statements of operations and comprehensive loss as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the date of conversion or exercise or cancellation and then the related fair value is reclassified to equity. Upon extinguishment or cancellation of a derivative instrument, any difference between the fair value and the settlement amount is recognized as a gain or loss under change in derivative liability on the consolidated statements of operations and comprehensive loss.

In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date.

The Company adopted Section 815-40-15 of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("Section 815-40-15") to determine whether an instrument (or an embedded feature) is indexed to the Company's own stock. Section 815-40-15 provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument's contingent exercise and settlement provisions.

The Company utilizes a Monte Carlo simulation model for the make whole feature in the Company's outstanding Equity Line of Credit and for convertible notes that have an option to convert at a variable number of shares to compute the fair value of the derivative and to mark to market the fair value of the derivative at each balance sheet date. The inputs utilized in the application of the Monte Carlo model included a starting stock price, an expected term of each debenture remaining from the valuation date to maturity, an estimated volatility, drift, and a risk-free rate. The Company records the change in the fair value of the derivative as other income or expense in the consolidated statements of operations.

*<u>Revenue Recognition</u>*

Under ASC Topic 606, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

We determine revenue recognition through the following steps:

● identification of the contract, or contracts, with a customer;

● identification of the performance obligations in the contract;

● determination of the transaction price. The transaction price for any given subscriber could decrease based on any payments made to that subscriber. A subscriber may be eligible for payment through one or more of the monetization features offered to Vocal creators, including earnings through reads (on a cost per mile basis) and cash prizes offered to Challenge winners;

● allocation of the transaction price to the performance obligations in the contract; and

● recognition of revenue when, or as, we satisfy a performance obligation.

*<u>Deferred Revenue</u>*

Deferred revenue consists of billings and payments from clients in advance of revenue recognition. The Company has two types of deferred revenue, subscription revenue whereas the revenue is recognized over the subscription period and contract liabilities where the performance obligation was not satisfied. The Company will recognize the deferred revenue within the next twelve months. As of December 31, 2025 and 2024, the Company had deferred revenue of $285,379 and $146,950, respectively.

*<u>Stock-Based Compensation</u>*

The Company recognizes a compensation expense for all equity-based payments granted in accordance with ASC 718 *"Compensation - Stock Compensation".* Under fair value recognition provisions, the Company recognizes equity-based compensation over the requisite service period of the award. The company has a relatively low forfeiture rate of stock-based compensation and forfeitures are recognized as they occur.

Restricted stock awards are granted at the discretion of the Company. These awards are restricted as to the transfer of ownership and generally vest over the requisite service periods.

The fair value of an option award is estimated on the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model requires the development of assumptions that are inputs into the model. These assumptions are the value of the underlying share, the expected stock volatility, the risk-free interest rate, the expected life of the option, the dividend yield on the underlying stock and forfeitures are recognized as they occur. Expected volatility is derived from the Company's historical data over the expected option life and other appropriate factors. Risk-free interest rates are calculated based on continuously compounded risk-free rates for the appropriate term. The dividend yield is assumed to be zero as the Company has never paid or declared any cash dividends on its Common stock and does not intend to pay dividends on its Common stock in the foreseeable future. Forfeitures are recognized as they occur.

Determining the appropriate fair value model and calculating the fair value of equity-based payment awards requires the input of the subjective assumptions described above. The assumptions used in calculating the fair value of equity-based payment awards represent management's best estimates, which involve inherent uncertainties and the application of management's judgment. As a result, if factors change and the Company uses different assumptions, our equity-based compensation could be materially different in the future. The Company issues awards of equity instruments, such as stock options and restricted stock units, to employees and certain non-employee directors. Compensation expense related to these awards is based on the fair value of the underlying stock on the award date and is amortized over the service period, defined as the vesting period. The vesting period is generally one to three years. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock units. Compensation expense is reduced for actual forfeitures as they occur.

*<u>Recently Adopted Accounting Guidance</u>*

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the CODM and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 did not have a material impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 – *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which enhances income tax disclosure requirements by:

● Standardizing and disaggregating rate reconciliation categories.

● Requiring disclosure of income taxes paid by jurisdiction.

This ASU is effective for annual periods beginning after December 15, 2024, and may be applied on a prospective or retrospective basis. Early adoption is permitted.

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements.

*Recently Issued Accounting Standards Not Yet Adopted*

In November 2024, the FASB issued ASU 2024-03 – *Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses*, which enhances expense disclosure requirements by:

● Requiring tabular disclosure of certain natural expense categories—such as employee compensation, depreciation, amortization, and inventory purchases—within relevant income statement line items.

● Requiring qualitative descriptions of any remaining expenses included within those line items that are not separately disclosed.

● Requiring annual disclosure of total selling expenses and the Company's definition of selling expenses, where applicable.

This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted.

The Company is currently evaluating the impact of ASU 2024-03 on its expense disclosures and related reporting requirements.

In November 2024, the FASB issued ASU 2024-04 – *Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments*, which clarifies the accounting for inducements offered to holders of convertible debt. The amendments:

● Require application of the "pre-existing contract" approach when determining whether a transaction qualifies as an induced conversion.

● Clarify that induced conversion accounting may apply whether settlement is in cash or equity, provided the original conversion terms are preserved.

● Provide guidance for evaluating inducements when the underlying convertible debt was modified or exchanged within the prior 12 months.

This ASU is effective for annual periods beginning after December 15, 2025, and for interim periods within those annual periods. Early adoption is permitted.

The Company is currently assessing the applicability and potential impact of ASU 2024-04.

ASU 2025-01 – Clarifying the Effective Date of ASU 2024-03

In January 2025, the FASB issued ASU 2025-01 – *Income Statement—Reporting Comprehensive Income (Topic 220): Clarifying the Effective Date*, which clarifies the effective date provisions of ASU 2024-03 for all public business entities. The amendments confirm that the guidance in ASU 2024-03 is effective for:

● Annual periods beginning after December 15, 2026, and

● Interim periods within annual periods beginning after December 15, 2027.

Early adoption remains permitted.

The Company is evaluating the impact of ASU 2025-01 in conjunction with its assessment of ASU 2024-03.

**Revision of Previously Issued Consolidated Financial Statements**

During the preparation of the Company's consolidated financial statements for the current period, management identified immaterial errors within stockholders' equity for the comparative period ended December 31, 2024. These errors were corrected by revising the prior periods to ensure consistency of presentation Please refer to Equity Reclassification and Correction of Prior-Period Presentation under Note 2 – Significant Accounting Policies and Practices to the condensed consolidated financial statements for further detail.

**BUSINESS**

Creatd operates a diversified portfolio of businesses generating revenue across media, and publishing. Our operations include direct-to-consumer product sales, subscription memberships, advertising, licensing, and strategic investments. These businesses are supported by a shared operational infrastructure and a focus on monetizing first-party data, intellectual property, and scalable creative assets.

 **Current Business Operations**

Creatd, Inc. operates a diversified portfolio of businesses across media, and publishing. As of the date of this filing, the Company conducts revenue-generating operations through its wholly owned subsidiaries Vocal, Inc., and OG Collection, Inc., as well as through certain revenue-generating services provided directly by the parent company.

 **Creatd, Inc. (Parent Company Services)**

In addition to overseeing its operating subsidiaries, Creatd, Inc. generates revenue by providing advertising, technology, and compliance-related advisory services. These services are developed and standardized across the Company's portfolio companies and are also offered to third-party businesses seeking similar operational support. Revenue generated by Creatd, Inc. consists primarily of fees for these services and leverages the Company's centralized operational infrastructure and expertise.

 **Vocal, Inc.**

Vocal operates a creator-focused digital publishing platform. Revenue is generated through a combination of recurring subscription memberships and transactional activity. The platform offers paid membership tiers, including monthly and annual subscription options, as well as free user access.

Transactional revenue is generated primarily through the Company's "Vocal for Brands" offering, pursuant to which brands pay to advertise on the platform and engage with Vocal's audience. These arrangements typically involve sponsored content and advertising placements presented to readers and creators on the platform.

Vocal has achieved scale in terms of user adoption, with approximately three million registered free users, but continues to focus on increasing paid subscriber conversions and enhancing platform functionality.

 **OG Collection, Inc.**

OG Collection operates a media and publishing business focused on the monetization of archival intellectual property. Revenue is currently transactional in nature and derived primarily from the sale of books and archival materials. OG Collection is in active operation but remains sub-scale and in an early stage of development. The Company continues to expand its product offerings derived from its archival assets, including additional books, art, and related materials.

 **Studio 96 Publishing**

Studio 96 Publishing is being wound down, and its operations and assets are being consolidated into OG Collection, Inc.

 **Proposed and Planned Business Operations**

The Company's proposed business operations consist of two principal components: (i) the continued expansion and scaling of its existing operating subsidiaries, and (ii) the pursuit of acquisitions of established, cash-flowing small and middle-market operating companies intended to be operated as additional subsidiaries within the Company's portfolio.

With respect to its acquisition strategy, the Company intends to pursue a sector-agnostic roll-up of operating companies that demonstrate consistent cash flow, durable customer relationships, and the capacity to benefit from the Company's centralized operational infrastructure, including its advertising, technology, and compliance-related capabilities. The Company's approach draws on its prior operational experience with Fly Flyte, Inc., which the Company acquired, operated, and scaled prior to its divestiture during the first quarter of 2026, and which provided the Company with experience in integrating and developing acquired operating businesses. Management intends to evaluate acquisition candidates based on financial performance, integration potential, valuation, and the expected accretion to consolidated earnings, and to apply a similar operational approach of investment and scaling to future acquired businesses. The Company has not entered into any binding agreements with respect to any specific acquisition as of the date of this filing, and there can be no assurance that any acquisition will be completed on acceptable terms or at all.

Vocal intends to focus on further development of its platform, including enhanced creator monetization tools, additional feature development to improve user engagement, and marketing initiatives designed to increase paid membership conversions.

OG Collection intends to continue expanding its existing business through the publication of additional books and the creation of new art and products derived from its archival assets. OG Collection is expected to remain sub-scale over the next twelve months while continuing to grow its operations.

The execution of these proposed business operations is dependent on the availability of capital, the identification and successful negotiation of acquisition opportunities, the Company's ability to integrate acquired businesses into its existing operations, and, with respect to organic growth at the Company's existing subsidiaries, continued investment in platform development, marketing, and personnel.

 **Plan of Operations for the Next Twelve Months**

Over the next twelve months, the Company's primary operational focus will be on (i) scaling its existing media and publishing businesses and (ii) sourcing, evaluating, and executing acquisitions of cash-flowing operating companies consistent with the Company's strategy.

The Company expects that its capital deployment during this period will be directed primarily toward acquisition consideration and related transaction costs, continued investment in platform development at Vocal, and expansion of OG Collection's product offerings. Advertising expenditures across the Company's businesses are expected to be meaningful and will be focused primarily on digital advertising platforms, optimized based on the objectives of each business, including paid subscriber growth for Vocal. Technology development expenditures, particularly at Vocal, are expected to be moderate relative to acquisition-related capital deployment.

Management expects the Company to continue operating at a net loss as it invests in the growth and scaling of its businesses and in the execution of its acquisition strategy. The Company has already made significant investments in building foundational infrastructure across its portfolio and intends to deploy future capital primarily toward scaling existing operations and completing acquisitions.

The Company expects to fund its operations over the next twelve months through a combination of existing cash resources, cash generated from operations, the remaining proceeds from financings associated with this registration statement, and, where appropriate, acquisition-specific financing arrangements, which may include the issuance of equity or debt securities, seller financing, or third-party debt.

Creatd operates a diversified portfolio of businesses generating revenue across media and publishing. Our operations include direct-to-consumer product sales, subscription memberships, advertising, licensing, and strategic investments. These businesses are supported by a shared operational infrastructure and a focus on monetizing first-party data, intellectual property, and scalable creative assets.

**Corporate History and Information**

The Company was originally incorporated under the laws of the State of Nevada on December 30, 1999, under the name LILM, Inc. The Company changed its name on December 3, 2013, to Great Plains Holdings, Inc. ("GTPH") as part of its plan to diversify its business.

On February 5, 2016 (the "Closing Date"), GTPH, GPH Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of GTPH ("Merger Sub"), and Jerrick Ventures, Inc., a privately-held Nevada corporation headquartered in New Jersey ("Jerrick"), entered into an Agreement and Plan of Merger (the "Merger") pursuant to which the Merger Sub was merged with and into Jerrick, with Jerrick surviving as a wholly-owned subsidiary of GTPH (the "Merger"). GTPH acquired, pursuant to the Merger, all of the outstanding capital stock of Jerrick in exchange for issuing Jerrick's shareholders (the "Jerrick Shareholders"), pro-rata, a total of 950 shares of GTPH's common stock. In connection therewith, GTPH acquired 33,415 shares of Jerrick's Series A Convertible Preferred Stock (the "Jerrick Series A Preferred") and 8,064 shares of Series B Convertible Preferred Stock (the "Jerrick Series B Preferred").

In connection with the Merger, on the Closing Date, GTPH and Kent Campbell entered into a Spin-Off Agreement (the "Spin-Off Agreement"), pursuant to which Mr. Campbell purchased from GTPH (i) all of GTPH's interest in Ashland Holdings, LLC, a Florida limited liability company, and (ii) all of GTPH's interest in Lil Marc, Inc., a Utah corporation, in exchange for the cancellation of 79 shares of GTPH's Common Stock held by Mr. Campbell. In addition, Mr. Campbell assumed all debts, obligations and liabilities of GTPH, including any existing prior to the Merger, pursuant to the terms and conditions of the Spin-Off Agreement.

Upon closing of the Merger on February 5, 2016, the Company changed its business plan to that of Jerrick.

Effective February 28, 2016, GTPH entered into an Agreement and Plan of Merger (the "Statutory Merger Agreement") with Jerrick, pursuant to which GTPH became the parent company of Jerrick Ventures, LLC, a wholly-owned operating subsidiary of Jerrick (the "Statutory Merger") and GTPH changed its name to Jerrick Media Holdings, Inc. to better reflect its new business strategy.

On June 26, 2017, the Company filed to form Abacus Pty Ltd, an Australian-based entity, as a wholly-owned subsidiary of the Company.

On July 25, 2019, we filed a certificate of amendment to our articles of incorporation, as amended (the "Amendment"), with the Secretary of State of the State of Nevada to effectuate a one-for-twenty (1:20) reverse stock split (the "2019 Reverse Stock Split") of our common stock without any change to its par value. The Amendment became effective on July 30, 2019. The number of shares of authorized common stock was proportionately reduced as a result of the 2019 Reverse Stock Split. The number of shares of authorized preferred stock was not affected by the 2019 Reverse Stock Split. No fractional shares were issued in connection with the 2019 Reverse Stock Split as all fractional shares were "rounded up" to the next whole share.

On September 11, 2019, the Company acquired 100% of the membership interests of Seller's Choice, LLC, a New Jersey limited liability company ("Seller's Choice"). Seller's Choice is digital e-commerce agency based in New Jersey. On March 3, 2022, the Company settled the Seller's Choice Note for a cash payment of $799,000.

On July 13, 2020, upon approval from our board of directors and stockholders, we filed Second Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada for the purpose of increasing our authorized shares of Common Stock to 100,000,000.

On August 13, 2020, we filed a certificate of amendment to our second amended and restated articles of incorporation (the "Amendment"), with the Secretary of State of the State of Nevada to effectuate a one-for-three (1:3) reverse stock split (the "August 2020 Reverse Stock Split") of our common stock without any change to its par value. The Amendment became effective on August 17, 2020. No fractional shares were issued in connection with the August 2020 Reverse Stock Split as all fractional shares were rounded down to the next whole share.

On September 9, 2020, the Company filed a certificate of amendment with the Secretary of State of the State of Nevada to change our name to "Creatd, Inc.", which became effective on September 10, 2020.

Between October 21, 2020, and August 16, 2021, the Company acquired 21% of the membership interests of Dune, Inc. Dune, Inc. is a direct-to-consumer brand focused on promoting wellness through its range of health-oriented beverages.

On June 4, 2021, the Company acquired 89% of the membership interests of Plant Camp, LLC, a Delaware limited liability company ("Plant Camp"), which the Company subsequently rebranded as Camp. Camp is a direct-to-consumer (DTC) food brand which creates healthy upgrades to classic comfort food favorites. The results of Plant Camp's operations have been included since the date of acquisition in the Statements of Operations.

On July 20, 2021, the Company acquired 44% of the membership interests of WHE Agency, Inc. WHE Agency, Inc, is a talent management and public relations agency based in New York ("WHE"). WHE has been consolidated due to the Company's ownership of 55% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

Between October 21, 2020, and August 16, 2021, the Company acquired 21% of the membership interests of Dune, Inc. Dune, Inc. is a direct-to-consumer brand focused on promoting wellness through its range of health-oriented beverages.

On September 16, 2021, the Company filed a Certificate of Incorporation with the State of Delaware to form OG Gallery, Inc, a wholly owned subsidiary of the Company.

On October 3, 2021, the Company acquired an additional 29% of the membership interests of Dune, Inc., bringing our total membership interests to 50%. Dune, Inc., has been consolidated due to the Company's ownership of 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On March 7, 2022, the Company acquired 100% of the membership interests of Denver Bodega, LLC, d/b/a Basis, a Colorado limited liability company ("Basis"). Basis is a direct-to-consumer functional beverage brand that makes high-electrolyte mixes meant to aid hydration. Denver Bodega, LLC has been consolidated due to the Company's ownership of 100% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On August 1, 2022, the Company acquired 51% of the membership interests of Orbit Media LLC, a New York limited liability company. Orbit is an app-based stock trading platform designed to empower a new generation of investors. Orbit has been consolidated due to the Company's ownership of 51% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On September 13, 2022, the Company acquired 100% of the membership interests of Brave Foods, LLC, a Maine limited liability company. Brave is a plant-based food company that provides convenient and healthy breakfast food products. Brave Foods, LLC has been consolidated due to the Company's ownership of 100% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On December 13, 2022, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc., a subsidiary of the Company ("OG"), 150,000 shares of common stock of OG for a purchase price of $750,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.

On January 9, 2023, the Company acquired an additional 51% of the equity interest in WHE Agency, Inc. bringing our total ownership to 95%. WHE Agency, Inc., has been consolidated due to the Company's ownership of over 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On January 11, 2023, the Company filed a membership agreement to form CEOBLOC, LLC a wholly owned subsidiary of the Company.

On January 25, 2023, the Company acquired an additional 24.3% equity interest in Dune, Inc. bringing its total ownership to 75%. Dune, Inc., has been consolidated due to the Company's ownership of over 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On February 1, 2023, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc., a subsidiary of the Company ("OG"), 50,000 shares of common stock of OG for a purchase price of $250,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.

On February 3, 2023, the Company acquired an additional 5% of the membership interests of Orbit Media, LLC., bringing our total membership interests to 56%. Orbit Media LLC., has been consolidated due to the Company's ownership of 56% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On February 7, 2023, the Company acquired an additional 11% equity interest in Dune, Inc. bringing its total ownership to 85%.

On May 30, 2023, the Company acquired an additional 11% equity interest in Dune, Inc. bringing our total ownership to 96%. Dune, Inc., has been consolidated due to the Company's ownership of over 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On June 30, 2023, the Company acquired an additional 10% of the membership interests of Plant Camp, LLC. Plant Camp, LLC has been consolidated due to the Company's ownership of 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.

On July 28, 2023, the Company acquired an additional 17.5% of the membership interests of Orbit Media, LLC., bringing our total membership interests to 74%. Orbit has been consolidated due to the Company's ownership of 74% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.

On July 31, 2023, the Company filed a Certificate of Incorporation with the state of Nevada to form Vocal, Inc., a wholly owned subsidiary. Vocal's assets, which had been developed directly under the Company since 2016, were reorganized into this new entity. This restructuring marked a significant step in the growth and evolution of Vocal, which began as part of the Company's business strategy to create a digital publishing platform supporting creators.

On October 8, 2023, the Company entered into an Assignment and Assumption Agreement whereby Omega Eats, LLC was assigned 92.5% of the assets owned by Creatd Ventures, LLC pertaining to the operations of Brave and Denver Bodega DBA Basis in exchange for $1 in cash consideration at closing and the assumption of $214,295 in liabilities related to the operations of these products.

On July 17, 2024, Creatd entered into a strategic securities swap agreement with Hollywall Entertainment, Inc. Under this agreement, Creatd issued 829 shares of its common stock (CRTD) to Hollywall, while Hollywall issued 726,769 shares of its common stock (HWAL) to Creatd. This swap represents a minimum of 0.5% equity in each company, with the agreement forming part of a broader commitment towards potential expanded collaboration, subject to further due diligence.

On July 26, 2024, Creatd acquired 100% of the membership interests in S96 NYC, LLC (Studio 96 Publishing) from Ayelet Abitbul, an employee of the Company. The terms of the acquisition involved Creatd issuing 1,750 shares of common stock at a cost basis of $24.00 per share and 3,250 warrants with an exercise price of $24.00.

On August 1, 2024, Vocal, Inc. granted 48.61% of its membership interests, in the form of shares of Preferred Stock to officers, board members, employees, and consultants ("Key Drivers") involved with operations of Vocal.

On August 1, 2024, OG Collection, Inc. granted 46% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 9, 2024, the OG Collection, Inc. amended its Articles of Incorporation, increasing its authorized shares from 2,000,000, all of which was Common Stock, to 1,050,000,000, of which 1,000,000,000 shares became Common Stock and 50,000,000 shares became Preferred Stock.

On August 9, 2024, Vocal, Inc. granted an additional 3.01% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On August 12, 2024, OG Collection, Inc. granted an additional 1.5% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 20, 2024, the Company acquired 0.5% of equity in Geopulse Explorations, Inc. a holding company focused on owning and developing technologies in the cannabis industry. As consideration for this acquisition, Geopulse Explorations received 1,084 shares of the Company's common stock.

On October 21, 2024, Vocal, Inc. granted an additional 8.26% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On November 11, 2024, the Company acquired 5% of equity in THEPOWERHOUSE, LLC, the parent company of thehouseofarts.com and several influential ventures spanning art, fashion, and design. As consideration for this acquisition, THEPOWERHOUSE, LLC received 16,667 shares of the Company's common stock.

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992 shares of the Company's common stock.

On November 27, 2024, the Company rescinded 1.5% of its membership interests in OG Collection, Inc. and 1.70% of its membership interests in Vocal, Inc. previously issued to a board member after their resignation.

On February 27, 2025, the Company completed the acquisition of Flewber Global, Inc. ("Flewber"), a private on-demand aviation company, in an all-equity transaction. Upon closing, Flewber was renamed Flyte, Inc. and became a wholly owned subsidiary of the Company. Flewber Global, Inc. had three subsidiaries included in the acquisition: (i) Flewber, Inc.; (ii) Ponderosa Air LLC, which holds the Company's FAA Part 135 Operating Certificate; and (iii) Vision FGAR 1 LLC, which was dissolved after the acquisition but prior to June 30, 2025. The total purchase price, measured as the fair value of the consideration transferred, was approximately $14.4 million and consisted of shares of the Company's common stock, Series G Preferred Stock, warrants, and forgiveness of an intercompany note. The acquisition was accounted for as a business combination under ASC 805, *Business Combinations*, and the results of Flyte, Inc.'s operations have been included in the Company's consolidated financial statements from the date of acquisition. Additional information about the transaction, including the purchase price allocation, is provided in *Note 10 – Acquisitions*.

On May 6, 2025, the Company acquired 1% of equity in MineralRite Corporation in the form of 17,000,000 shares of its common stock. As consideration for this acquisition, MineralRite Corporation received 4,500 shares of the Company's common stock.

On June 23, 2025, an investor entered into a Securities Purchase Agreement whereby it purchased from the Company 10% ownership interest in the entity Fly Flyte, Inc. for a purchase price of $100,000. Proceeds were allocated to operating and marketing expenses of Fly Flyte, Inc., which the Company plans to make the operating entity for the Hops side of Flyte's operations. The agreement includes customary investor protections such as down-round anti-dilution rights, a right of first refusal on future financings for 12 months, reinvestment rights, and participation in a potential spin-off of Flyte Luxe. Additionally, the investor received flight credits as non-cash consideration. On September 16, 2025, the Company entered into a Conversion Agreement with said investor whereby they exchanged 10% ownership interest in the entity Fly Flyte, Inc., previously purchased for $100,000, into 134 shares of Preferred Series G. The 10% ownership interest in Fly Flyte, Inc. was returned to Creatd, Inc.

On September 9, 2025, Fly Flyte, Inc. and Ponderosa Air LLC entered into a Side Letter Agreement with SEG Jets, LLC ("SEG Jets"), the lessor of the 2020 Cirrus Design Corp. SF50 aircraft that is being leased by the Company pursuant to an Exclusive Aircraft Dry Lease Agreement. Under the terms of the Side Letter Agreement, Fly Flyte, Inc. agreed to issue to SEG Jets, or its designees, 19.98% of the issued and outstanding common stock of Fly Flyte, Inc. as of the date of the agreement as consideration for strategic business cooperation. The shares were issued as fully paid, non-assessable restricted common stock, duly authorized and validly issued. The 2020 Cirrus Design Corp. SF50 aircraft continues to be leased to the Company under the terms of the Exclusive Aircraft Dry Lease Agreement, with SEG Jets, LLC serving as the lessor.

On January 24, 2024, we filed a certificate of amendment to our articles of incorporation, as amended (the "Amendment"), with the Secretary of State of the State of Nevada to effectuate a one-for-five hundred (1:500) reverse stock split (the "2024 Reverse Stock Split") of our common stock without any change to its par value. The Amendment became effective on January 24, 2024. The number of shares of authorized common stock was proportionately reduced as a result of the 2024 Reverse Stock Split. The number of shares of authorized preferred stock was not affected by the 2024 Reverse Stock Split. No fractional shares were issued in connection with the 2024 Reverse Stock Split as all fractional shares were "rounded up" to the next whole share.

On November 18, 2025, the Company's Board of Directors approved a 1-for-20 reverse stock split of the Company's issued and outstanding common stock (the "Reverse Stock Split"). The Reverse Stock Split was subsequently implemented on February 24, 2026. In connection with the implementation, the per share amounts for loss per share calculations related to prior period and current period were adjusted on the basis of the new number of shares of common stock in the consolidated financial statements. 10,361 shares with a fair value of $103,610 were issued pursuant to rounding from this Reverse Stock Split.

On March 8, 2026, the Company entered into a Stock Purchase Agreement with Catheter Precision, Inc., a Delaware corporation listed on the NYSE American under the symbol "VTAK," whereby the Company sold its entire 80.02% equity interest in Fly Flyte, Inc., representing all of the Company's ownership in the subsidiary, for total consideration of $11,554,827. The consideration consists of a cash component of $5,776,827 and a non-cash component of $5,778,000, payable through the issuance to the Company of 5,778 shares of VTAK Preferred Series D Stock. The agreement includes customary representations, warranties, and indemnification provisions. In connection with the closing, the February 27, 2025 loan obligation previously held at the Fly Flyte level was transferred to the purchaser and derecognized from the Company's consolidated balance sheet. As a result of the transaction, Fly Flyte, Inc. ceased to be a subsidiary of the Company as of March 8, 2026.

**Recent Developments**

*Board of Directors and Management*

On November 27, 2024, Erica Wagner resigned as a director of the Company.

On August 1, 2024, Vocal, Inc. issued an aggregate of 48.72% of its membership interests, in the form of shares of Preferred Stock, to certain officers, directors, employees, and consultants involved in its operations ("Key Drivers"). On the same date, OG Collection, Inc. issued an aggregate of 46% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved in its operations. On August 9, 2024, Vocal, Inc. issued an additional 3.01% of its membership interests, in the form of shares of Preferred Stock, to its Key Drivers. On August 12, 2024, OG Collection, Inc. issued an additional 1.5% of its membership interests, in the form of shares of Preferred Stock, to its Key Drivers. On October 21, 2024, Vocal, Inc. issued an additional 8.26% of its membership interests, in the form of shares of Preferred Stock, to its Key Drivers.

On August 18, 2025, the Board appointed Arthur Rosen to serve as a member of the Company's Board of Directors. Mr. Rosen will serve as a director and a member of the audit committee, with a term expiring at the 2026 annual meeting of stockholders and until, or until his earlier resignation or removal.

*Amendment to Articles of Incorporation* 

 

On January 24, 2024, we filed a certificate of amendment to our articles of incorporation, as amended (the "Amendment"), with the Secretary of State of the State of Nevada to effectuate a one-for-twenty (1:20) reverse stock split (the "2024 Reverse Stock Split") of our common stock without any change to its par value. The Amendment became effective on January 24, 2024. The number of shares of authorized common stock was proportionately reduced as a result of the 2024 Reverse Stock Split. The number of shares of authorized preferred stock was not affected by the 2024 Reverse Stock Split. No fractional shares were issued in connection with the 2024 Reverse Stock Split as all fractional shares were "rounded up" to the next whole share.

On November 18, 2025, the Company's Board of Directors approved a 1-for-20 reverse stock split of the Company's issued and outstanding common stock (the "Reverse Stock Split"). The Reverse Stock Split was subsequently implemented on February 24, 2026. In connection with the implementation, the per share amounts for loss per share calculations related to prior period and current period were adjusted on the basis of the new number of shares of common stock in the consolidated financial statements. 10,361 shares with a fair value of $103,610 were issued pursuant to rounding from this Reverse Stock Split.

*Acquisition Transactions*

 

*<u>Studio 96 Publishing</u>*

 

On July 26, 2024, the Company acquired 100% of the membership interests in S96 NYC, LLC (Studio 96 Publishing) from Ayelet Abitbul, an employee of the Company. As consideration for the acquisition, the Company issued 1,750 shares of common stock with a fair value of $38,150 and 65,000 warrants with an exercise price of $24.00 per share and an expected term of five years, valued at $70,850. The total purchase price was $109,000.

The acquisition was accounted for as a business combination in accordance with ASC 805. The total purchase consideration was allocated to the identified intangible assets and goodwill based on their estimated fair values. Of the total purchase price, $43,600 was allocated to know-how, $16,350 to the Company's website and app, and $43,600 to the acquired customer list. The remaining $5,450 was recorded as goodwill.

The know-how and customer list were valued using the income approach, specifically the multi-period excess earnings method, which estimates the present value of future cash flows attributable to each asset. The website and app were valued using the cost approach, which reflects the estimated cost to replace the existing digital infrastructure. Goodwill represents the expected synergies and benefits from the integration of Studio 96 Publishing with the Company's existing operations. The goodwill recognized is not deductible for tax purposes.

*<u>Hollywall Entertainment, Inc.</u>*

 

Creatd entered into a strategic securities swap agreement with Hollywall Entertainment, Inc. on July 17, 2024. Under this agreement, Creatd issued 829 shares of its common stock with a fair value of $16,578 to Hollywall, while Hollywall issued 726,769 shares of its common stock (HWAL) to Creatd. This swap represents a minimum of 0.5% equity in each company, with the agreement forming part of a broader commitment towards potential expanded collaboration, subject to further due diligence. The agreement outlines confidentiality measures and is non-binding outside of the stock exchange. The value of the shares issued by the Company were recorded to marketable securities on the Company's consolidated balance sheets.

 

*<u>Geopulse Explorations, Inc.</u>*

 

On August 20, 2024, the Company acquired 0.5% of equity in Geopulse Explorations, Inc. a holding company focused on owning and developing technologies in the cannabis industry. As consideration for this acquisition, Geopulse Explorations received 1,084 shares of the Company's common stock with a fair value of $18,208. The value of the shares issued by the Company were recorded to marketable securities on the Company's consolidated balance sheets.

*<u>Murge E-Commerce, Inc.</u>*

 

On September 20, 2024, Creatd entered into a definitive agreement with Murge E-commerce Inc., acquiring a 49% equity stake in Murge in exchange for establishing an equity reserve. Murge's initial assets include Letters of Intent with four named, target companies, each meeting a collective $30 million in revenue for 2024. Creatd's equity stake is protected by anti-dilution measures contingent upon successful acquisitions. Financing utilizes non-dilutive Creatd preferred shares backed by a 100 million share reserve, capped at 4.99% voting rights for new holders. The agreement includes a 90-day exclusivity period and mandates confidentiality regarding transaction terms.

*<u>Investment in THEPOWERHOUSE, LLC</u>*

On November 11, 2024, the Company acquired 5% of equity in THEPOWERHOUSE, LLC, the parent company of thehouseofarts.com and several influential ventures spanning art, fashion, and design. As consideration for this acquisition, THEPOWERHOUSE LLC received 16,667 shares of the Company's common stock. The value of the shares issued by the Company were recorded to long-term assets under Minority interest in business on the Company's consolidated balance sheets.

*<u>Enzylotics, Inc.</u>*

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992 shares of the Company's common stock at a fair value of $32,855. The value of the shares issued by the Company were recorded to marketable securities on the Company's consolidated balance sheets.

 *<u>Enzylotics, Inc</u>*

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992 shares of the Company's common stock. On May 6, 2025, the Company and Enzylotics, Inc. agreed to rescind this agreement. The 1,992 shares of Creatd Common stock were cancelled, as were the Company's shares of Enzylotics, Inc.

**Acquisition of Flewber Global, Inc.**

On February 27, 2025, Creatd, Inc. ("Creatd" or the "Company") completed the acquisition of Flewber Global, Inc. ("Flewber"), a private on-demand aviation company. Upon closing, Flewber was renamed Flyte, Inc. and became a wholly owned subsidiary of the Company. The acquisition included three subsidiaries: (i) Flewber, Inc.; (ii) Ponderosa Air LLC, which holds the Company's FAA Part 135 Operating Certificate; and (iii) Vision FGAR 1 LLC, which was dissolved following the acquisition and had no active operations at the time of its dissolution.

The total purchase price was approximately $14.4 million, paid through the issuance of 52,807 shares of common stock, 9,475 shares of Series G Preferred Stock, forgiveness of $367,609 in intercompany receivables, and the issuance of 375,503 common stock purchase warrants.

The Company acquired Flyte as part of its strategy to identify businesses where operational efficiencies and data-driven processes can drive growth and margin expansion, and views the private aviation sector as an industry with strong underlying demand and infrastructure that can benefit from these capabilities.

On June 23, 2025, an investor entered into a Securities Purchase Agreement whereby it purchased from the Company 10% ownership interest in the entity Fly Flyte, Inc. for a purchase price of $100,000. Proceeds were allocated to operating and marketing expenses of Fly Flyte, Inc., which the Company plans to make the operating entity for the Hops side of Flyte's operations. The agreement includes customary investor protections such as down-round anti-dilution rights, a right of first refusal on future financings for 12 months, reinvestment rights, and participation in a potential spin-off of Flyte Luxe. Additionally, the investor received flight credits as non-cash consideration. On September 16, 2025, the Company entered into a Conversion Agreement with said investor whereby they exchanged 10% ownership interest in the entity Fly Flyte, Inc., previously purchased for $100,000, into 134 shares of Preferred Series G. The 10% ownership interest in Fly Flyte, Inc. was returned to Creatd, Inc.

On March 8, 2026, the Company entered into a Stock Purchase Agreement with Catheter Precision, Inc., a Delaware corporation listed on the NYSE American under the symbol "VTAK," whereby the Company sold its entire 80.02% equity interest in Fly Flyte, Inc., representing all of the Company's ownership in the subsidiary, for total consideration of $11,554,827. The consideration consists of a cash component of $5,776,827 and a non-cash component of $5,778,000, payable through the issuance to the Company of 5,778 shares of VTAK Preferred Series D Stock. The agreement includes customary representations, warranties, and indemnification provisions. In connection with the closing, the February 27, 2025 loan obligation previously held at the Fly Flyte level was transferred to the purchaser and derecognized from the Company's consolidated balance sheet. As a result of the transaction, Fly Flyte, Inc. ceased to be a subsidiary of the Company as of March 8, 2026.

 **MineralRite Corporation**

On May 6, 2025, the Company acquired 1% of equity in MineralRite Corporation in the form of 17,000,000 shares of its common stock. As consideration for this acquisition, MineralRite Corporation received 4,500 shares of the Company's common stock.

 **Financing**

On November 9, 2025, the Company entered into a financing arrangement (the "Uplisting Financing") with a group of nine accredited investors (the "nine Accredited Investors"). The financing provides for the issuance of senior convertible promissory notes (the "Notes") and accompanying warrants (the "Warrants") in an aggregate principal amount of up to $7,777,778, to be funded in four tranches. This includes a 20% original issue discount, yielding net cash proceeds to the Company of $6,222,222.

On November 9, 2025, the first tranche (the "First Tranche of Uplist Financing") of $1,244,445 was funded at closing, whereby the nine Accredited Investors issued the Company a convertible promissory note of $1,555,556 with an original issuance discount of $311,111. The Company received net cash proceeds after the original issue discount. In addition, the Company recorded an additional $777,817 debt discount relating to the issuance of warrants as part of the financing arrangement, which is being amortized over the life of the note. Between November 9, 2025 to December 31, 2025, the Company recorded $155,135 in amortization of debt discount expense. As of December 31, 2025, the balance of debt discount is $933,793.

On December 5, 2025, the second tranche (the "Second Tranche of Uplist Financing") of $933,333 was funded upon the submission of the Company's Registration Statement to the Securities and Exchange Commission, whereby the nine Accredited Investors issued the Company a convertible promissory note of $1,166,667 with an original issuance discount of $233,334. The Company received net cash proceeds after the original issue discount. In addition, the Company recorded an additional $722,222 debt discount relating to the issuance of warrants as part of the financing arrangement, which is being amortized over the life of the note. Between December 5, 2025 to December 31, 2025, the Company recorded $70,182 in amortization of debt discount expense. As of December 31, 2025, the balance of debt discount is $885,374.

On December 9, 2025, an additional accredited investor (the "Tenth Accredited Investor") subscribed to the Uplisting Financing on substantially the same terms as the nine Accredited Investors. On such date, the Tenth Accredited Investor funded the first and second tranches of its investment. The first tranche of $20,000 was funded at closing, whereby the Tenth Accredited Investor issued the Company a convertible promissory note of $25,000 with an original issue discount of $5,000. The second tranche of $15,000 was also funded at closing, whereby the Tenth Accredited Investor issued the Company a convertible promissory note of $18,750 with an original issue discount of $3,750. The Company received aggregate net cash proceeds of $35,000 from the Tenth Accredited Investor on December 9, 2025. In addition, the Company recorded an additional debt discount of $16,489 from the first tranche and $10,568 from the second tranche, relating to the issuance of warrants as part of the financing arrangement, which is being amortized over the life of the notes. Between December 5, 2025 to December 31, 2025, the Company recorded $4,513 in amortization of debt discount expense. As of December 31, 2025, the balance of debt discount is $31,294.

All tranches are held in third-party escrow until each respective milestone is achieved. The full subscription amount was divided among all investors, and the Company issued individual Notes to each of those investors.

On January 16, 2026, one of the Purchasers funded $375,000 of its agreed portion toward the full third tranche of $933,333, yielding net cash proceeds to the Company of $300,000 after the original issue discount.

In connection with the closing of the Company's sale of its 80.02% equity interest in Fly Flyte, Inc. on March 8, 2026, the Purchasers were released from their obligations to fund the remaining portion of the third tranche and the entirety of the fourth tranche, and accordingly no further funding under the Uplist Financing is required or expected. The Company issued individual Notes and Warrants to each Purchaser only in respect of the tranches actually funded.

The Notes carry no stated interest unless in default, mature twelve months from the initial closing, and are convertible at the holder's option at $10.00 per share, or mandatorily upon an approved national-exchange uplisting at the lower of (i) $10.00 per share, (ii) the uplist offering price, or (iii) a twenty percent (20%) discount to the lowest daily VWAP during the ten trading days prior to uplist. Each Note holder received Warrant coverage equal to one hundred percent (100%) of the Note face value, exercisable at $10.00 per share for a five-year term, with customary cashless-exercise provisions and full ratchet anti-dilution protection, as well as a 9.99% beneficial ownership limitation which can be adjusted on 61 days' notice. The warrants are automatically cashlessly exercised upon formal approval of the Company's uplisting to a national securities exchange.

The Company entered into customary registration rights requiring it to file and maintain a resale Registration Statement for the shares underlying the Notes and Warrants. The agreement sets specific deadlines for filing and effectiveness and provides investors with protections and remedies if the Company fails to meet these requirements.

The Purchasers who invested at least $1,000,000 were also granted participation rights allowing them to purchase their pro rata portion of up to 50% of any future financing the Company conducts for a period of twelve months following the uplist, on the same terms and conditions as the new offering.

**Employees**

As of May 4, 2026, we had 4 full-time employees. None of our employees are subject to a collective bargaining agreement, and we believe our relationship with our employees to be good.

We believe that our future success will depend in part on our continued ability to attract, hire and retain qualified personnel. Our human capital resources objectives include identifying, recruiting, retaining, incentivizing and integrating our existing and new employees, advisors and consultants. The principal purposes of our equity and cash incentive plans are to attract, retain and reward personnel through the granting of stock-based and cash-based compensation awards, in order to increase stockholder value and the success of our company by motivating such individuals to perform to the best of their abilities and achieve our objectives.

**Facilities**

The Company's mailing address is 1111B S Governors Ave, STE 20721 Dover, DE 19904. The Company's telephone number is (646) 859-5747. Our website is https://creatd.com. The information on, or that can be accessed through, this website is not part of this Form S-1, and you should not rely on any such information in making the decision whether to purchase the Common Stock.

During 2024, the Company entered into and then subsequently amended the lease agreement for 419 Lafayette Street, with the goal of terminating the lease going forward contingent upon a payment plan for amounts owed under the lease. Under this agreement $120,000 was owed prior to February 4, 2025, which amount was satisfied via the issuance of 125,000 shares of common stock in August 2024 (see Common Stock for full details on this issuance). An additional $220,000 is due in monthly installments of $19,000 between February 2025 and February 2026, and an additional $252,000 is due in monthly installments of $21,000 per month between February 2026 and February 2027. These payments were subject to acceleration based upon the Company's financing proceeds.

During the year ended December 31, 2025, the Company issued 640 shares of Series G Preferred stock with a fair value of $192,000 to settle an outstanding payable of $480,000 for the office at 419 Lafayette Street, resulting in a gain on settlement of vendor liabilities of $288,000.

**Legal Proceedings**

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

**Corporate Information**

The Company's mailing address is 1111B S Governors Ave, STE 20721 Dover, DE 19904. The Company's telephone number is (646) 859-5747. Our website is https://creatd.com. The information on, or that can be accessed through, this website is not part of this Form S-1, and you should not rely on any such information in making the decision whether to purchase the Common Stock.

**MANAGEMENT**

The following table and biographical summaries set forth information, including principal occupation and business experience, about our directors and executive officers as of the date of this prospectus:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Age** | **Positions** |
| Jeremy Frommer |  | 57 | Chief Executive Officer, Chief Financial Officer, Executive Chairman of the Board of Directors |
| Peter Majar |  | 61 | Director |
| Justin Maury |  | 37 | Chief Operating Officer, President and Director |
| Arthur Rosen |  | 52 | Director |

---

**Jeremy Frommer –** *Chief Executive Officer, Chief Financial Officer, Executive Chairman of the Board of Directors*

Mr. Frommer was appointed Executive Chairman in February 2022, appointed Chief Executive Officer in September 2022, and appointed Chief Financial Officer in October 2023, and has been a member of our board of directors since February 2016. Previously, he served as our Chief Executive Officer from February 2016 to August 2021, and Co-Chief Executive Officer from August 2021 to February 2022. Mr. Frommer has over 20 years of experience in the financial technology industry. Previously, Mr. Frommer held key leadership roles in the investment banking and trading divisions of large financial institutions. From 2009 to 2012, Mr. Frommer was briefly retired until beginning concept formation for Jerrick Ventures which he officially founded in 2013. From 2007 to 2009, Mr. Frommer was Managing Director of Global Prime Services at RBC Capital Markets, the investment banking arm of the Royal Bank of Canada, the largest financial institution in Canada, after the sale of Carlin Financial Group, a professional trading firm. From 2004 to 2007, Mr. Frommer was the Chief Executive Officer of Carlin Financial Group after the sale of NextGen Trading, a software development company focused on building equity trading platforms. From 2002 to 2004, Mr. Frommer was Founder and Chief Executive Officer of NextGen Trading. From 2000 to 2002, he was Managing Director of Merger Arbitrage Trading at Bank of America, a financial services firm. Mr. Frommer was also a director of LionEye Capital, a hedge fund from June 2012 to June 2014. He holds a B.A. from the University of Albany. We believe Mr. Frommer is qualified to serve on our board of directors due to his financial and leadership experience.

**Peter Majar–** *Director*

Mr. Majar joined the Board in November 2022. Mr. Majar, Founder and Managing Member of Majar Advisors, previously held numerous senior management and executive positions including Chief Financial Officer, Head of Financial Technology, Head of Strategy, as well as several Managing Director positions. From 2015 to 2017, Mr. Majar served as Managing Director in Investment Banking and co-Head of Diversified Financial Services at Piper Jaffray & Co. (now Piper Sandler Companies). From 2017 to 2018, Mr. Majar provided management consulting services through his self-established firm, Majar Advisors LLC, which remains in operation through the present. From 2018 to 2021, Mr. Majar served as Managing Director, Head of Financial Technology at New York-based investment banking and financial advisory firm, TAP Advisors, LLC. Between 2021 and 2022, Mr. Majar served as Chief Financial Officer at information technology company Hoyos Integrity Corp., having previously served as a longtime advisor to the firm. Mr. Majar holds an undergraduate degree from University of Washington and an MBA from Columbia University. As a board director, Mr. Majar will add considerable value, including through his comprehensive and diverse investment management experience, deep knowledge of financial technology services and transactions, and broad experience with corporate development, strategy consulting, and executive leadership.

**Justin Maury –** *Chief Operating Officer, President and Director*

Mr. Maury has served as our President since January 2019, and was appointed Chief Operating Officer in August 2021. He is a full stack design director with an expertise in product development. With over ten years of design and product management experience in the creative industry, Mr. Maury's passion for the creative arts and technology ultimately resulted in the vision for Vocal. Since joining Creatd in 2013, Maury has overseen the development and launch of the company's flagship product, Vocal, an innovative platform that provides storytelling tools and engaged communities for creators and brands to get discovered while funding their creativity. Under Maury's supervision, Vocal has achieved growth to over 380,000 creators across 34 genre-specific communities in its first two years since launch.

**Arthur Rosen–** *Director*

Mr. Rosen joined the Board in 2025. He is an experienced investment executive with deep expertise in public markets, event-driven strategies, and portfolio management. He is the co-founder and former President of LionEye Capital Management, an event-driven hedge fund that he grew from an initial $3 million in 2009 to $1.5 billion in assets under management by 2015, including a strategic partnership negotiated with the founders of Jana Partners.

Before establishing LionEye, Mr. Rosen held senior roles across several major financial institutions. From 2002 to 2008, he served as Managing Director at Ramius, where he co-managed the North American arbitrage fund as Head Risk Manager and Trader and contributed to the incubation and development of the Starboard Value activist platform. From 2001 to 2002, he was Managing Director at Bank of America Merrill Lynch, co-managing a global merger arbitrage portfolio. Earlier in his career, he served as a Trader and Risk Manager of the North American merger arbitrage portfolio at RBC Dominion Securities, and prior to that, he began his career at Cantor Fitzgerald after graduating first in the firm's semi-annual training program.

In addition to his investment career, Mr. Rosen has served on the Board of Wings for Kids since 2018 and was Chairman of the Board from 2023 to 2025. He also advises Eldridge as a full-time consultant and was the Founder of Pearl Digital, a venture capital fund focused on digital media technology.

Mr. Rosen holds a B.A. in Economics from Duke University.

As a board director of Creatd, Inc., Mr. Rosen provides substantial value through his extensive public markets experience, leadership in building and scaling investment platforms, and longstanding background in event-driven and arbitrage strategies.

***Director Terms; Qualifications***

Members of our board of directors serve until the next annual meeting of stockholders, or until their successors have been duly elected.

When considering whether directors and nominees have the experience, qualifications, attributes and skills to enable the board of directors to satisfy its oversight responsibilities effectively in light of the Company's business and structure, the board of directors focuses primarily on the industry and transactional experience, and other background, in addition to any unique skills or attributes associated with a director.

***Director or Officer Involvement in Certain Legal Proceedings***

There are no material proceedings to which any director or officer, or any associate of any such director or officer, is a party that is adverse to our Company or any of our subsidiaries or has a material interest adverse to our Company or any of our subsidiaries. No director or executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy petition filed against it during the past ten years. No director or executive officer has been convicted of a criminal offense or is the subject of a pending criminal proceeding during the past ten years. No director or executive officer has been the subject of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities during the past ten years. No director or officer has been found by a court to have violated a federal or state securities or commodities law during the past ten years.

***Directors and Officers Liability Insurance***

The Company has directors' and officers' liability insurance insuring its directors and officers against liability for acts or omissions in their capacities as directors or officers, subject to certain exclusions. Such insurance also insures the Company against losses, which it may incur in indemnifying its officers and directors. In addition, officers and directors also have indemnification rights under applicable laws, and the Company's Second Amended and Restated Articles of Incorporation and Amended and Restated Bylaws.

***Director Independence***

The listing rules of the New York Stock Exchange (the "NYSE") require that a majority of the members of a listed company's board of directors be independent. In addition, the NYSE rules provide that, subject to specified exceptions, each member of the company's audit committee, compensation committee and nominating/corporate-governance committee must be independent. The NYSE rules further require that audit committee members satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. Under the rules of NYSE, a director will only qualify as "independent" if the board of directors affirmatively determines that the director has no material relationship with the company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company) and that such relationship would not interfere with the exercise of the director's independent judgment.

Our board of directors has undertaken a review of the independence of our directors and considered whether any director has a material relationship with the Company that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities. Based upon information requested from and provided by each director concerning his or her background, employment and affiliations (including family relationships), the board of directors has determined that Peter Majar and Arthur Rosen are "independent" as that term is defined under the applicable rules and regulations of the SEC and the listing standards of the NYSE. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with the Company, and all other facts and circumstances the board deemed relevant in determining their independence—including the beneficial ownership of the Company's capital stock by each non-employee director and any transactions involving them described in the section captioned "—Certain Relationships and Related Transactions and Director Independence."

**Board Committees**

The Company's Board has established three standing committees: Audit, Compensation, and Nominating and Corporate Governance. Each of the committees operates pursuant to its charter. The committee charters will be reviewed annually by the Nominating and Corporate Governance Committee. If appropriate, and in consultation with the chairs of the other committees, the Nominating and Corporate Governance Committee may propose revisions to the charters. The responsibilities of each committee are described in more detail below.

The NYSE provides phase-in periods for companies listing in connection with an initial public offering to comply with the independence requirements applicable to the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. Under these NYSE phase-in provisions, a company is required to have at least one independent member on each of these committees as of the listing date. A majority of the members of each committee must be independent within 90 days of the listing date, and all members of each committee must be independent within one year of the listing date. In addition, audit committee members must meet the heightened independence standards of Rule 10A-3 under the Exchange Act as incorporated into Section 303A.06 of the NYSE Listed Company Manual.

***Audit Committee***

The Audit Committee, among other things, will be responsible for:

● Appointing; approving the compensation of; overseeing the work of; and assessing the independence, qualifications, and performance of the independent auditor;

● Reviewing the internal audit function, including its independence, plans, and budget;

● Approving, in advance, audit and any permissible non-audit services performed by our independent auditor;

● Reviewing our internal controls with the independent auditor, the internal auditor, and management;

● Reviewing the adequacy of our accounting and financial controls as reported by the independent auditor, the internal auditor, and management;

● Overseeing our financial compliance system; and

● Overseeing our major risk exposures regarding the Company's accounting and financial reporting policies, the activities of our internal audit function, and information technology.

The board of directors has affirmatively determined that each member of the Audit Committee meets the additional independence criteria applicable to audit committee members under SEC rules and NYSE listing rules. The board of directors has adopted a written charter setting forth the authority and responsibilities of the Audit Committee. The Board has affirmatively determined that each member of the Audit Committee is financially literate, and that Mr. Majar meets the qualifications of an Audit Committee financial expert.

The Audit Committee consists of Mr. Majar, Chair and Mr. Rosen.

***Compensation Committee***

The Compensation Committee will be responsible for:

● Reviewing and making recommendations to the Board with respect to the compensation of our officers and directors, including the CEO;

● Overseeing and administering the Company's executive compensation plans, including equity-based awards;

● Negotiating and overseeing employment agreements with officers and directors; and

● Overseeing how the Company's compensation policies and practices may affect the Company's risk management practices and/or risk-taking incentives.

The board of directors has adopted a written charter setting forth the authority and responsibilities of the Compensation Committee.

The Compensation Committee consists of Mr. Majar, who serves as chair. The board of directors has affirmatively determined that Peter Majar meets the independence criteria applicable to compensation committee members under SEC rules and NYSE listing rules. The Company believes that the composition of the Compensation Committee meets the requirements for independence under, and the functioning of such Compensation Committee will comply with, any applicable requirements of the rules and regulations of NYSE listing rules and the SEC.

 

***Nominating and Corporate Governance Committee***

The Nominating and Corporate Governance Committee, among other things, is responsible for:

● Reviewing and assessing the development of the executive officers and considering and making recommendations to the Board regarding promotion and succession issues;

● Evaluating and reporting to the Board on the performance and effectiveness of the directors, committees and the Board as a whole;

● Working with the Board to determine the appropriate and desirable mix of characteristics, skills, expertise and experience, including diversity considerations, for the full Board and each committee;

● Annually presenting to the Board a list of individuals recommended to be nominated for election to the Board;

● Reviewing, evaluating, and recommending changes to the Company's Corporate Governance Principles and Committee Charters;

● Recommending to the Board individuals to be elected to fill vacancies and newly created directorships;

● Overseeing the Company's compliance program, including the Code of Conduct; and

● Overseeing and evaluating how the Company's corporate governance and legal and regulatory compliance policies and practices, including leadership, structure, and succession planning, may affect the Company's major risk exposures.

The board of directors has adopted a written charter setting forth the authority and responsibilities of the Corporate Governance/Nominating Committee.

The Nominating and Corporate Governance Committee consists of Mr. Majar, who serves as chair. The Company's board of directors has determined that Peter Majar is independent within the meaning of the independent director guidelines of NYSE listing rules.

***Compensation Committee Interlocks and Insider Participation***

None of the Company's executive officers serves, or in the past has served, as a member of the board of directors or compensation committee, or other committee serving an equivalent function, of any entity that has one or more executive officers who serve as members of the Company's board of directors or its compensation committee. None of the members of the Company's compensation committee is, or has ever been, an officer or employee of the company.

 ****

**Code of Business Conduct and Ethics**

The Company's Board of Directors has adopted a code of business conduct and ethics applicable to its employees, directors and officers, in accordance with applicable U.S. federal securities laws and the corporate governance rules of NYSE. The code of business conduct and ethics will be publicly available on the Company's website. Any substantive amendments or waivers of the code of business conduct and ethics or code of ethics for senior financial officers may be made only by the Company's board of directors and will be promptly disclosed as required by applicable U.S. federal securities laws and the corporate governance rules of NYSE.

 ****

**Corporate Governance Guidelines**

The Company's board of directors has adopted corporate governance guidelines in accordance with the corporate governance rules of NYSE.

**EXECUTIVE COMPENSATION**

The following information is related to the compensation paid, distributed or accrued by us for the years ended December 31, 2025 and December 31, 2024 for our Chief Executive Officer (principal executive officer) serving during the year ended December 31, 2025 and the one other executive officer serving at December 31, 2025 whose total compensation exceeded $100,000 (the "Named Executive Officers").

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br> ($)** | **Bonus<br> ($)** | **Stock<br> Awards<br> ($)** | **Option<br> Awards<br> ($)** | **Non-Equity<br> Incentive Plan<br> Compensation<br> ($)** | **Nonqualified<br> Deferred<br> Compensation<br> Earnings <br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> ($)** |
| Jeremy Frommer | 2025 | 375000 |  |  | 648500 |  |  | 77443&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> | $1100943 |
| &nbsp;&nbsp;&nbsp; Chief Executive Officer | 2024 | 356250 |  |  | 690418 |  |  | 57313&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> | $1103981 |
| Justin Maury | 2025 | 375000 |  |  | 648500 |  |  | 72000&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> | $1095500  |
| &nbsp;&nbsp;&nbsp; President & Chief Operating Officer | 2024 | 356250 |  |  | 690418 |  |  | 65691&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> | $1112359 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The $57,313 includes payment to Mr. Frommer for living expenses.

(2) The $77,443 includes payment
 to Mr. Frommer for living expenses.

(3) The $65,691 includes payment to Mr. Maury for living expenses.

(4) The $72,000 includes payment
 to Mr. Maury for living expenses and health insurance.

**Employment Agreements**

As of the date of this filing, the Company does not have employment agreements with its executives or any other employees.

 **2024 Equity Incentive Plan**

Our Omnibus Securities and Incentive Plan (the "2024 Plan") provides for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), and other stock-based awards and there are 103,238 shares originally reserved under the 2024 Plan. The 2024 Plan contains a clause whereby the plan shall increase to 30% of the fully diluted shares issued and outstanding on the final day of the immediately preceding calendar year. As of the date of this filing, there are 842,470 shares available for issuance under the 2024 Plan.

No further awards may be issued under the Jerrick Ventures 2015 Incentive and Award Plan (the "2015 Plan"), the 2020 Equity Incentive Plan (the "2020 Plan"), or the 2022 Equity Incentive Plan (the "2022 Plan") but all awards under the 2015 Plan, the 2020 Plan, and the 2022 Plan that are outstanding as of the Effective Date will continue to be governed by the terms, conditions and procedures set forth in the respective plans and any applicable award agreement.

**Outstanding Equity Awards at Fiscal Year-End 2024**

At December 31, 2025, we had outstanding equity awards as follows to the officers of the Company:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Number of<br> Securities<br> Underlying<br> Unexercised<br> Options<br> Exercisable** | **Number of<br> Securities<br> Underlying<br> Unexercised<br> Options<br> Unexercisable** | **Equity<br> Incentive<br> Plan<br> Awards:<br> Number of<br> Securities<br> Underlying<br> Unexercised<br> Unearned<br> Options** | **Weighted Average<br> Exercise Price** | **Expiration<br> Date** | **Number of<br> Shares or<br> Units of<br> Stock<br> That<br> Have<br> Not<br> Vested** | **Market<br> Value of<br> Shares or<br> Units of<br> Stock<br> That<br> Have<br> Not<br> Vested** | **Equity<br> Incentive<br> Plan<br> Awards:<br> Number of<br> Unearned<br> Shares,<br> Units or<br> Other<br> Rights<br> That<br> Have<br> Not<br> Vested** | **Equity<br> Incentive<br> Plan<br> Awards:<br> Market or<br> Payout<br> Value of<br> Unearned<br> Shares,<br> Units or<br> Other<br> Rights<br> That<br> Have<br> Not<br> Vested** |
| Jeremy Frommer | 119662 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;41.94 | September 25, 2035<sup>(1)</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  |
| Justin Maury | 119650 |  |  | $37.32 | September 25, 2035<sup>(2)</sup> |  | $- |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 9
 options expire April 1, 2026; 13 options expire October 28, 2026; 20 options expire February
 19, 2027; 13 options expire April 5, 2027; 20 options expire June 1, 2027; 21 options expire
 June 3, 2027; 20 options expire February 19, 2028; 1,800 options expire September 9, 2028;
 8,246 options expire February 12, 2034; 10,500 options expire April 30, 2034; 35,000 options
 expire January 2, 2035; 32,500 options expire April 10, 2035; 31,500 options expire September
 25, 2035.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 7 options expire April 1, 2026;
 9 options expire October 28, 2026; 19 options expire February 19, 2027; 9 options expire
 April 5, 2027; 20 options expire June 1, 2027; 21 options expire June 3, 2027; 19 options
 expire February 19, 2028; 1,800 options expire September 9, 2028; 8,246 options expire February
 12, 2034; 10,500 options expire April 30, 2034; 35,000 options expire January 2, 2035; 32,500
 options expire April 10, 2035; 31,500 options expire September 25, 2035.

**Director Compensation**

The following table presents the total compensation for each person who served as a non-employee member of our board of directors and received compensation for such service during the fiscal year ended December 31, 2025. Other than as set forth in the table and described more fully below, we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any of the non-employee members of our board of directors in 2025.

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| | | | |
|:---|:---|:---|:---|
| **Director** | **Option<br> Awards<sup>(1)</sup>** | **Fees<br> Earned or<br> Paid in Cash** | **Total** |
| &nbsp;&nbsp; Peter Majar | $288500 | $155667 | $444167 |
| &nbsp;&nbsp; Arthur Rosen<sup>(2)</sup> | $12500 | $12531 | $25031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts shown in this column
 do not reflect dollar amounts actually received by our non-employee directors. Instead, these amounts represent the aggregate grant
 date fair value of stock option awards determined in accordance with FASB ASC Topic 718.

(2) Arthur Rosen joined the board
 effective August 18, 2025.

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

The following includes a summary of transactions during our fiscal years ended December 31, 2025 and December 31, 2024 to which we have been a party, including transactions in which the amount involved in the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years, and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than equity and other compensation, termination, change in control and other arrangements, which are described elsewhere in this Prospectus. We are not otherwise a party to a current related party transaction, and no transaction is currently proposed, in which the amount of the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years and in which a related person had or will have a direct or indirect material interest.

None

**PRINCIPAL STOCKHOLDERS**

The following table sets forth certain information, as of May 4, 2026, with respect to the beneficial ownership of the outstanding common stock by (i) any holder of more than five (5%) percent; (ii) each of the Company's executive officers and directors; and (iii) the Company's directors and executive officers as a group. Except as otherwise indicated, each of the stockholders listed below has sole voting and investment power over the shares beneficially owned. Except as otherwise indicated, each of the stockholders listed below has sole voting and investment power over the shares beneficially owned.

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| | | |
|:---|:---|:---|
|  | **Shares<br> Beneficially<br> Owned<sup>(1)</sup>** | **Percentage<br> Ownership** |
|  *Executive Officers and Directors* |  |  |
|  Jeremy Frommer | 812719<sup>(2)</sup> | 10.10% |
|  Justin Maury | 629185<sup>(3)</sup> | 7.82% |
|  Peter Majar | 324825<sup>(4)</sup> | 4.04% |
|  Arthur Rosen | 88518<sup>(5)</sup> | 1.10% |
|  **All current directors and officers as a group** | **1855247** | **23.06%** |

---

(1) The securities "beneficially owned" by a person
are determined in accordance with the definition of "beneficial ownership" set forth in the regulations of the SEC and accordingly,
may include securities owned by or for, among others, the spouse, children or certain other relatives of such person, as well as other
securities over which the person has or shares voting or investment power or securities which the person has the right to acquire within
60 days. All share amounts give effect to the Company's 1-for-20 reverse stock split implemented on February 24, 2026.

(2) Includes
 39,507 shares of common stock, 12,490 shares of common stock underlying convertible preferred
 stock, 234,525 shares of common stock underlying warrants, 106,540 shares of common stock
 underlying cashless-exercise warrants, and 419,657 shares of common stock underlying stock
 options.

(3) Includes 70,470 shares
 of common stock, 12,374 shares of common stock underlying convertible preferred stock, 126,696
 shares of common stock underlying cashless-exercise warrants, and 419,645 shares of common
 stock underlying stock options.

(4) Includes 70,461 shares of common stock, 12,257 shares of
common stock underlying convertible preferred stock, 124,444 shares of common stock underlying cashless-exercise warrants, and 117,663
shares of common stock underlying stock options.

(5) Includes 51,018 shares of common stock underlying warrants
and 37,500 shares of common stock underlying stock options.

**Securities Authorized for Issuance Under Equity Compensation Plans**

As of December 31, 2025, we had awards outstanding under our 2024 Equity Incentive Plan:

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| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> securities to be<br> issued upon<br> exercise of<br> outstanding<br> options and<br> warrants<br> and rights** | **Weighted-<br> average<br> exercise<br> price of<br> outstanding<br> options,<br> warrants <br> and rights** | **Number of<br> securities<br> remaining<br> available for<br> future<br> issuance<br> under equity<br> compensation<br> plans<br> (excluding<br> securities<br> reflected in<br> column (a)** |
|  | (a) | (b) | (c) |
| Plan Category |  |  |  |
| Equity compensation plans approved by security holders | 1758405 | $6.73 | 842470 |
| Equity compensation plans not approved by stockholders | N/A | N/A | N/A |
| Total | 1758405 | $6.73 | 842470 |

---

**SELLING SHAREHOLDERS**

On November 9, 2025, the Selling Stockholders purchased senior convertible promissory notes (the "Notes") and accompanying common stock purchase warrants (the "Warrants") from the Company pursuant to a Securities Purchase Agreement entered into between the Company and nine accredited investors (the "Initial Investors"). On December 9, 2025, an additional accredited investor (the "Tenth Investor," and together with the Initial Investors, the "Purchasers") subscribed to the financing on substantially the same terms. Under the teOkay, a couple things. The number of common outstanding we're using is rms of the Securities Purchase Agreement, the Purchasers committed to fund the Notes across four tranches, each of which was held in escrow and released upon satisfaction of specified milestones, including the filing and effectiveness of the Registration Statement and the Company's approval for uplisting to a national securities exchange. The Purchasers funded the first and second tranches in full, and one Purchaser funded an additional $375,000 toward the third tranche on January 16, 2026. In connection with the closing of the Company's sale of its 80.02% equity interest in Fly Flyte, Inc. on March 8, 2026, the Purchasers were released from their obligations to fund the remaining portion of the third tranche and the entirety of the fourth tranche, and accordingly no further funding under the financing is required or expected. The Company has issued individual Notes and Warrants to each Purchaser only in respect of the tranches actually funded, and as of the date of this filing, all securities overlying the shares being registered have been fully issued and are no longer subject to any conditions of issuance.

The shares of Common Stock being registered for resale consist of (i) shares of Common Stock previously issued and outstanding held by certain of the Selling Stockholders, including shares held by holders that did not participate in the financing described above, (ii) shares issuable upon conversion of the Notes, and (iii) shares issuable upon exercise of the Warrants. As provided in the Securities Purchase Agreement, this Registration Statement covers the resale of up to 100% of the maximum number of shares issuable upon conversion of the Notes and exercise of the Warrants registered hereunder, without regard to conversion or exercise limitations solely for purposes of this calculation. The Selling Stockholders may convert their Notes and exercise their Warrants in accordance with their terms, subject to beneficial ownership limitations set forth in those instruments. We will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Warrants are exercisable on a cashless basis, and accordingly we do not expect to receive any proceeds from the exercise of the Warrants.

The selling stockholders identified in this prospectus may offer and sell:

180,030 Shares of our Common Stock, registered for resale herein, which would represent approximately 23.70% of our issued and outstanding shares of common stock as of May 4, 2026;

The selling security holders identified in the table below may from time to time offer and sell under this prospectus any or all of the shares of common stock described under the column "Shares to be Offered" in the table below.

We cannot give an estimate as to the number of shares of common stock that will actually be held by the selling stockholders upon termination of this offering, because the selling security holders may offer some or all of the common stock being registered on its behalf under the offering contemplated by this prospectus or acquire additional shares of common stock. The total number of shares that may be sold hereunder will not exceed the number of shares offered hereby. Please read the section entitled "Plan of Distribution" in this prospectus.

The following table sets forth the name of the selling stockholders, the number of shares of our common stock beneficially owned by such stockholder before this offering, the number of shares to be offered for such stockholders' account and the number and (if one percent or more) the percentage of the class to be beneficially owned by such stockholders after completion of the offering. The number of shares owned are those beneficially owned, as determined under the rules of the SEC, and such information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares of our common stock as to which a person has sole or shared voting power or investment power and any shares of common stock which the person has the right to acquire within 60 days of the date as of which the information is provided, through the exercise of any option, warrant or right, through conversion of any security or pursuant to the automatic termination of a power of attorney or revocation of a trust, discretionary account or similar arrangement, and such shares are deemed to be beneficially owned and outstanding for computing the share ownership and percentage of the person holding such options, warrants or other rights, but are not deemed outstanding for computing the percentage of any other person. Beneficial ownership percentages are calculated based on 771,232 shares of our common stock outstanding as of May 4, 2026 and including the issuance of such shares to be purchased.

Unless otherwise set forth below, the persons and entities named in the table have sole voting and sole investment power with respect to the shares set forth opposite the selling stockholder's name, subject to community property laws, where applicable.

Except for ownership of the securities listed in the table below, no Selling Stockholder has had any material relationship with us within the past three (3) years, other than as described in the footnotes to the table below. Such relationships include, with respect to certain Selling Stockholders, (i) service as an officer, director, or employee of the Company or its subsidiaries, (ii) the entry into the Securities Purchase Agreement and acquisition of the Notes and Warrants thereunder, and (iii) prior financing transactions, including purchases of debt or equity securities of the Company.

The number of shares of common stock shown as beneficially owned before the offering is based on information furnished to us or otherwise based on information available to us at the timing of the filing of the registration statement of which this prospectus forms a part.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Selling Stockholder** | **Shares<br> Beneficially<br> Owned<br> Prior to<br> Offering** | **Shares <br> to be<br> Offered<sup>(1)(2)</sup>** | **Shares<br> Beneficially<br> Owned After<br> Offering <sup>(2)</sup>** | **Amount<br> Beneficially<br> Owned After<br> Offering <sup>(2)</sup>** |  |
| Anson Investments Master Fund LP<sup>(3)</sup> | 12450 | 13500 | 12450 | 1.53 | % |
| Anson East Master Fund LP<sup>(4)</sup> | 11500 | 11500 | 11500 | 1.41 | % |
| SEG Opportunity Fund LLC<sup>(5)</sup> | 0 | 25000 |  |  | %\* |
| Iroquois Capital Investment Group LLC<sup>(6)</sup> | 0 | 340 |  |  | %\* |
| Iroquois Master Fund Ltd.<sup>(7)</sup> | 0 | 565 |  |  | %\* |
| Robert Forster<sup>(8)</sup> | 0 | 12500 |  |  | %\* |
| Sixth Borough Capital Fund, LP<sup>(9)</sup> | 0 | 12500 |  |  | %\* |
| Richard Molinsky<sup>(10)</sup> | 667 | 625 | 667 | 0.08 | % |
| Jason Adelman<sup>(11)</sup> | 0 | 1250 |  |  | %\* |
| Leonard Warner<sup>(12)</sup> | 0 | 1250 |  |  | %\* |
| Jeremy Frommer<sup>(13)</sup> | 39506 | 25000 | 39506 | 4.86 | % |
| Justin Maury<sup>(14)</sup> | 70470 | 25000 | 70470 | 8.66 | % |
| Robert Tal<sup>(15)</sup> | 34856 | 25000 | 34856 | 4.28 | % |
| Ayelet Abitbul<sup>(16)</sup> | 34850 | 8000 | 34850 | 4.28 | % |
| Christopher Riggio<sup>(18)</sup> | 34845 | 8000 | 34845 | 4.28 | % |
| Peter Majar<sup>(18)</sup> | 70461 | 5000 | 70461 | 8.66 | % |
| MACK Financial Solutions<sup>(19)</sup> | 34350 | 5000 | 34350 | 4.22 | % |

---

\* Less than 1%

Notes:

(1) Beneficial
 ownership is determined in accordance with Securities and Exchange Commission rules and generally
 includes voting or investment power with respect to shares of common stock. Shares of common
 stock subject to options, warrants and convertible debentures currently exercisable or convertible,
 or exercisable or convertible within 60 days, are counted as outstanding. The actual number
 of shares of common stock issuable upon the conversion of the convertible debentures is subject
 to adjustment depending on, among other factors, the future market price of our common stock,
 and could be materially less or more than the number estimated in the table.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Because
 the selling security holder may offer and sell all or only some portion of their shares of
 our common stock being offered pursuant to this prospectus and may acquire additional shares
 of our common stock in the future, we can only estimate the number and percentage of shares
 of our common stock that the selling stockholder will hold upon termination of the offering.
 The column titled "Amount Beneficially Owned After Offering" assumes that the
 selling stockholders will sell all of its Shares.

(3) Shares
 Beneficially Owned Prior to the Offering consists of 12,450 shares of common stock. Shares
 to be Offered consists of 13,500 shares of common stock. Shares Beneficially Owned Prior
 to the Offering excludes 103,907 shares underlying the exercise of warrants. Anson Advisors
 Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master
 Fund LP ("AIMF"), hold voting and dispositive power over the Common Shares held
 by AIMF. Amin Nathoo is a director of Anson Advisors Inc. Mr. Nathoo disclaims beneficial
 ownership of these Common Shares except to the extent of his pecuniary interest therein.
 The principal business address of AIMF is Maples Corporate Services Limited, PO Box 309,
 Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

(4) Shares
 Beneficially Owned Prior to the Offering consists of 11,500 shares of common stock. Shares
 to be Offered consists of 11,500 shares of common stock. Shares Beneficially Owned Prior
 to the Offering excludes 32,813 shares underlying the exercise of warrants. Anson Advisors
 Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson East Master Fund LP
 ("AEMF"), hold voting and dispositive power over the Common Shares held by AEMF.
 Amin Nathoo is a director of Anson Advisors Inc. Mr. Nathoo disclaims beneficial ownership
 of these Common Shares except to the extent of his pecuniary interest therein. The principal
 business address of AEMF is Maples Corporate Services Limited, PO Box 309, Ugland House,
 Grand Cayman, KY1-1104, Cayman Islands.

(5) Shares
 Beneficially Owned Prior to the Offering excludes 2,602 shares underlying the conversion
 of Series G Preferred stock and 390,463 shares underlying the exercise of warrants. Shares
 to be Offered consists of 25,000 shares underlying warrants. Joseph Reda is Managing Member
 of SEG Opportunity Fund, LLC and may be deemed to have voting and dispositive power over
 the securities listed in the table above. Such Selling Stockholder's address is 135 Sycamore
 Drive, Roslyn, NY 11576.

(6) Shares
 Beneficially Owned Prior to the Offering excludes 500 shares underlying the conversion of
 Series G Preferred stock and 39,352 shares underlying the exercise of warrants. Shares to
 be Offered consists of 340 shares underlying warrants. Mr. Richard Abbe is the managing member
 of Iroquois Capital Investment Group LLC. Mr. Abbe has voting control and investment discretion
 over securities held by Iroquois Capital Investment Group LLC. The address for Iroquois Capital
 Investment Group LLC and Mr. Abbe is 2 Overhill Rd., Suite 400, Scarsdale, New York 10583.

(7) Shares
 Beneficially Owned Prior to the Offering excludes 834 shares underlying the conversion of
 Series G Preferred stock and 65,636 shares underlying the exercise of warrants. Shares to
 be Offered consists of 565 shares underlying warrants. Iroquois Capital Management L.L.C.
 is the investment manager of Iroquois Master Fund, Ltd. Iroquois Capital Management, LLC
 has voting control and investment discretion over securities held by Iroquois Master Fund.
 As Managing Members of Iroquois Capital Management, LLC, Richard Abbe and Kimberly Page make
 voting and investment decisions on behalf of Iroquois Capital Management, LLC in its capacity
 as investment manager to Iroquois Master Fund Ltd. As a result of the foregoing, Mr. Abbe
 and Mrs. Page may be deemed to have beneficial ownership (as determined under Section 13(d)
 of the Securities Exchange Act) of the securities held by Iroquois Capital Management and
 Iroquois Master Fund. The address for Iroquois Master Fund Ltd., Mr. Abbe and Mrs. Page is
 c/o Iroquois Capital Management, LLC, 2 Overhill Road, Suite 400, Scarsdale, New York 10583.

(8) Shares
 Beneficially Owned Prior to the Offering excludes 535 shares underlying the conversion of
 Series G Preferred stock and 108,485 shares underlying the exercise of warrants. Shares to
 be Offered consists of 12,500 shares underlying warrants.

(9) Shares
 Beneficially Owned Prior to the Offering excludes 735 shares underlying the conversion of
 Series G Preferred stock and 123,485 shares underlying the exercise of warrants. Shares to
 be Offered consists of 12,500 shares underlying warrants. Robert D. Keyser, Jr. serves as
 the president and has voting and dispositive control over the Common Stock held by Sixth
 Borough Capital Fund LP. The address for Sixth Borough Capital Fund LP is 1515 N Federal
 Hwy, Suite 300, Boca Raton, FL, 33432.

(10) Shares
 Beneficially Owned Prior to the Offering consists of 667 shares of common stock. Shares Beneficially
 Owned Prior to the Offering excludes 110 shares underlying the conversion of Series G Preferred
 stock and 13,011 shares underlying the exercise of warrants. Shares to be Offered consists
 of 625 shares underlying warrants.

(11) Shares
 Beneficially Owned Prior to the Offering excludes 6,836 shares underlying the exercise of
 warrants. Shares to be Offered consists of 1,250 shares underlying convertible notes.

(12) Shares
 Beneficially Owned Prior to the Offering excludes 301 shares underlying the conversion of
 Series G Preferred stock and 19,436 shares underlying the exercise of warrants. Shares to
 be Offered consists of 1,250 shares underlying warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(13) Shares
 Beneficially Owned Prior to the Offering consists of 39,506 shares of common stock. Shares
 Beneficially Owned Prior to the Offering excludes 261,161 shares underlying the exercise
 of warrants, 419,658 shares underlying the exercise of options, and 642 shares underlying
 the conversion of Series H Preferred stock. Shares to be Offered consists of 25,000 shares
 of common stock.

(14) Shares
 Beneficially Owned Prior to the Offering consists of 70,470 shares of common stock. Shares
 Beneficially Owned Prior to the Offering excludes 31,675 shares underlying the exercise of
 warrants, 419,645 shares underlying the exercise of options, and 636 shares underlying the
 conversion of Series H Preferred stock. Shares to be Offered consists of 25,000 shares of
 common stock.

(15) Shares
 Beneficially Owned Prior to the Offering consists of 34,856 shares of common stock. Shares
 Beneficially Owned Prior to the Offering excludes 40,116 shares underlying the exercise of
 warrants, 418,767 shares underlying the exercise of options, and 632 shares underlying the
 conversion of Series H Preferred stock. Shares to be Offered consists of 25,000 shares of
 common stock.

(16) Shares
 Beneficially Owned Prior to the Offering consists of 34,850 shares of common stock. Shares
 Beneficially Owned Prior to the Offering excludes 23,612 shares underlying the exercise of
 warrants, 113,538 shares underlying the exercise of options, and 224 shares underlying the
 conversion of Series H Preferred stock. Shares to be Offered consists of 8,000 shares of
 common stock.

(17) Shares
 Beneficially Owned Prior to the Offering consists of 34,845 shares of common stock. Shares
 Beneficially Owned Prior to the Offering excludes 2,111 shares underlying the exercise of
 warrants, 123,741 shares underlying the exercise of options, and 140 shares underlying the
 conversion of Series H Preferred stock. Shares to be Offered consists of 8,000 shares of
 common stock.

(18) Shares
 Beneficially Owned Prior to the Offering consists of 70,461 shares of common stock. Shares
 Beneficially Owned Prior to the Offering excludes 31,111 shares underlying the exercise of
 warrants, 117,663 shares underlying the exercise of options, and 630 shares underlying the
 conversion of Series H Preferred stock. Shares to be Offered consists of 5,000 shares of
 common stock.

(19) Shares
 Beneficially Owned Prior to the Offering consists of 34,350 shares of common stock. Shares
 Beneficially Owned Prior to the Offering excludes 35,073 shares underlying the exercise of
 warrants, 12,221 shares underlying the exercise of options, and 563 shares underlying the
 conversion of Series H Preferred stock. Shares to be Offered consists of 5,000 shares of
 common stock. Chelsea Pullano has voting and dispositive control over the Common Stock held
 by MACK Financial Solutions. The principal business address of MACK Financial Solutions is
 78 Dudley Drive, Bergenfield, NJ 07621.

**DESCRIPTION OF SECURITIES**

The following description of the Company's capital stock and provisions of its Amended and Restated Articles of Incorporation and Amended and Restated Bylaws are summaries and are qualified by reference to the Company's Amended and Restated Articles of Incorporation and Amended and Restated Bylaws.

**Description of Stock**

The Company is authorized to issue 3,020,000,000 shares of capital stock, par value $0.001 per share, of which 3,000,000,000 are shares of common stock and 20,000,000 are shares of "blank check" preferred stock. On January 26, 2023, the Company filed an amendment to the Company's Second Amended and Restated Articles of Incorporation increasing the number of common shares that the Company is authorized to issue to 1.5 billion. On August 15, 2024, the Company filed an amendment to the Company's Second Amended and Restated Articles of Incorporation increasing the number of common shares that the Company is authorized to issue to 3 billion.

As of May 4, 2026, there were 771,232 shares of Common Stock issued and outstanding, and there were 1,087 shares of Preferred Series A Stock outstanding, 450 shares of Preferred Series E Stock outstanding, 2,283 shares of Preferred Series F stock outstanding, 17,280 shares of Preferred Series G stock outstanding, 3,798 shares of Preferred Series H stock outstanding, and 37,812 shares of Preferred Series I stock outstanding.

 **Series A Convertible Preferred Stock.**

The Series A Convertible Preferred Stock has a stated value of $100 per share and a fixed conversion price of $12.000.60 per share, as expressly set forth in its certificate of designation. As of the reporting date, there are 46 holders of Series A Preferred Stock. This series represents the most recent preferred issuance and was used primarily to exchange notes, payables, and other approved obligations.

 **Series E Convertible Preferred Stock.**

The Series E Convertible Preferred Stock has a stated value of $1,000 per share and is convertible into common stock at a conversion price of $41,200.00 per share, subject to the terms and limitations set forth in the certificate of designation. As of the relevant reporting date, the Series E Preferred Stock is held by 5 holders. The Series E Preferred Stock does not bear a dividend and is intended to be realized through conversion into common stock rather than long-term retention as preferred equity.

 **Series F Convertible Preferred Stock.**

The Series F Convertible Preferred Stock has a stated value of $1,000 per share and is convertible into common stock at a conversion price of $100.00 per share, subject to customary ownership limitations and adjustment provisions. As of the reporting date, there are 2 holders of Series F Preferred Stock. The Series F Preferred Stock was primarily issued in connection with exchanges of existing obligations and functions as structured equity rather than yield-bearing preferred capital.

 **Series G Convertible Preferred Stock.**

The Series G Convertible Preferred Stock carries a stated value of $750 per share and is convertible into common stock at a conversion price of $20.00 per share, in accordance with the terms of the applicable certificate of designation, of which currently outstanding shares are convertible at either $10.00 or $5.14 per share, due to adjustments pursuant to the full-ratchet anti-dilution provisions of the Series G Certificate of Designation. As of the applicable date, the Series G Preferred Stock is held by 37 holders. The Series G Preferred Stock was primarily issued in connection with cash and exchanges of existing obligations and functions as structured equity rather than yield-bearing preferred capital. The Series G Convertible Preferred Stock includes price-protection provisions pursuant to which the conversion price is subject to adjustment based on subsequent issuances of equity or equity-linked securities, as set forth in the applicable certificate of designation.

 **Series H Convertible Preferred Stock.**

The Series H Convertible Preferred Stock has a stated value of $100 per share and is convertible into common stock at a conversion price of $5.14 per share, subject to the conversion mechanics and ownership limitations set forth in the governing documents. As of the reporting date, there are 8 holders of Series H Preferred Stock. The Series H Preferred Stock is a narrowly scoped series designed for employees and key drivers and later-stage restructuring activity. The Series H Convertible Preferred Stock includes price-protection provisions pursuant to which the conversion price is subject to adjustment based on subsequent issuances of equity or equity-linked securities, as set forth in the applicable certificate of designation.

 **Series I Convertible Preferred Stock.**

The Series I Convertible Preferred Stock has a stated value of $100 per share and is convertible into common stock at a conversion price of $20.00 per share, pursuant to the certificate of designation and related exchange agreements. As of the relevant reporting date, the Series I Preferred Stock is held by 5 holders. This series represents the most recent preferred issuance and was used primarily to exchange notes, payables, and other approved obligations. The Series G Preferred Stock was primarily issued in connection with acquisitions. The Series I Convertible Preferred Stock includes price-protection provisions pursuant to which the conversion price is subject to adjustment based on subsequent issuances of equity or equity-linked securities, as set forth in the applicable certificate of designation.

 **Common Stock**

The holders of the Common Stock are entitled to one vote per share. In addition, the holders of the Company's common stock will be entitled to receive dividends ratably, if any, declared by the Company's board of directors out of legally available funds; however, the current policy of the board of directors is to retain earnings, if any, for operations and growth. Upon liquidation, dissolution or winding-up, the holders of the Company's common stock are entitled to share ratably in all assets that are legally available for distribution. The holders of the Company's common stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action of the board of directors and issued in the future.

The Common Stock is quoted on the OTCQB marketplace operated by OTC Markets Group Inc. under the trading symbol "CRTD."

The Company's transfer agent is Pacific Stock Transfer Company.

 **Exclusive Forum Provision**

Each of our Second Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws provide that unless the Company consents in writing to the selection of an alternative forum, the Eighth Judicial District Court of Clark County, Nevada shall be the sole and exclusive forum for state law claims with respect to: (i) any derivative action or proceeding brought in the name or right of the Company or on its behalf, (ii) any action asserting a claim for breach of any fiduciary duty owed by any director, officer, employee or agent of the Company to the Company or the Company's stockholders, (iii) any action arising or asserting a claim arising pursuant to any provision of Nevada Revised Statutes Chapters 78 or 92A or any provision of the Company's Second Amended and Restated Articles of Incorporation or Amended and Restated Bylaws or (iv) any action asserting a claim governed by the internal affairs doctrine, including, without limitation, any action to interpret, apply, enforce or determine the validity of the Company's Second Amended and Restated Articles of Incorporation or Amended and Restated Bylaws.

**Applicable Anti-Takeover Law**

Set forth below is a summary of provisions in our Articles of Incorporation and the Bylaws that could have the effect of delaying or preventing a change in control of the Company. The following description is only a summary and it is qualified by refence our Articles of Incorporation, Bylaws and relevant provisions of the Nevada Revised Statutes.

*No Cumulative Voting*

Our Articles of Incorporation and the Bylaws do not provide holders of our common stock cumulative voting rights in the election of directors. The absence of cumulative voting could have the effect of preventing stockholders holding a minority of our shares of common stock from obtaining representation on our board of directors. The absence of cumulative voting might also, under certain circumstances, render more difficult or discourage a merger, tender offer or proxy contest favored by a majority of our stockholders, the assumption of control by a holder of a large block of our stock or the removal of incumbent management.

**PLAN OF DISTRIBUTION**

We are registering the Common Shares to permit the resale of those Common Shares under the Securities Act from time to time after the date of this Prospectus at the discretion of the holders of such Common Shares. We will not receive any of the proceeds from the sale by the selling stockholders of the Common Shares. We will bear all fees and expenses incident to our obligation to register the Common Shares.

Each selling stockholder and any of its pledgees, assignees and successors-in-interest may, from time to time, sell any or all of its Common Shares on the OTCQB, or any other stock exchange, market, quotation service or trading facility on which the shares are traded or in private transactions, provided that all applicable laws are satisfied. The selling stockholder may also sell its Common Shares directly or through one or more underwriters, broker-dealers, or agents. If the Common Shares are sold through underwriters or broker-dealers, the selling stockholder will be responsible for underwriting discounts or commissions or agent's commissions. The Common Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. A selling stockholder may use any one or more of the following methods when selling shares:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● settlement of short sales entered into after the effective date of the registration statement of which this Prospectus is a part;

● broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● a combination of any such methods of sale; and

● any other method permitted pursuant to applicable law.

The selling stockholders may also sell shares pursuant to Rule 144 under the Securities Act, if available, rather than under this Prospectus.

If the selling stockholders effect such transactions by selling Common Shares to or through underwriters, broker-dealers, or agents, such underwriters, broker-dealers, or agents may receive commissions in the form of discounts, concessions, or commissions from the selling stockholder or commissions from purchasers of the Common Shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions, or commissions as to particular underwriters, broker-dealers, or agents may be in excess of those customary in the types of transactions involved). Broker-dealers engaged by any selling stockholder may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholder (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

In connection with sales of Common Shares or interests therein, the selling stockholder may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the Common Shares in the course of hedging in positions they assume. The selling stockholder may also sell Common Shares short and deliver Common Shares covered by this Prospectus to close out its short positions and to return borrowed shares in connection with such short sales. The selling stockholder may also loan or pledge Common Shares to broker-dealers that in turn may sell such Common Shares. The selling stockholder may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of Common Shares offered by this Prospectus, which Common Shares such broker-dealer or other financial institution may resell pursuant to this Prospectus (as supplemented or amended to reflect such transaction).

There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the selling stockholder.

Under the securities laws of some states, the Common Shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the Common Shares may not be sold unless such shares have been registered or qualified for sale in such state, or an exemption from registration or qualification is available and is complied with.

There can be no assurance that any selling stockholder will sell any or all of the Common Shares registered pursuant to the registration statement of which this Prospectus forms a part.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the Common Shares may not simultaneously engage in market making activities with respect to the Common Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling stockholder will be subject to applicable provisions of the Exchange Act, and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of Common Shares by the selling stockholder or any other person. All of the foregoing provisions may affect the marketability of the Common Shares and the ability of any person or entity to engage in market-making activities with respect to the Common Shares.

We will pay all expenses of the registration of the Common Shares, estimated to be approximately $15,157 in total, including, without limitation, SEC filing fees, expenses of compliance with state securities or "blue sky" laws, and legal and accounting fees; provided, however, that a selling stockholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholder against liabilities, including some liabilities under the Securities Act, in accordance with applicable registration rights agreements, if any, or the selling stockholder will be entitled to contribution. We may be indemnified by the selling shareholder against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling stockholder specifically for use in this Prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.

We agreed to keep this Prospectus effective until the earlier of (i) the date on which the Common Shares may be resold by the selling stockholder without registration and without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144 or (ii) all of the Common Shares have been sold pursuant to this Prospectus or Rule 144 under the Securities Act or any other rule of similar effect.

Once sold under the registration statement of which this Prospectus forms a part, the Common Shares will be freely tradable in the hands of persons other than our affiliates.

 ****

**LEGAL MATTERS**

The validity of the securities offered hereby will be passed upon for us by Lucosky Brookman LLP. Lucosky Brookman LLP, and certain members of Lucosky Brookman LLP own 19,445 shares of our Common Stock.

**EXPERTS**

The financial statements as of and for the fiscal years ended December 31, 2025 and 2024 have been audited by Astra Audit & Advisory LLC, an independent registered public accounting firm, as stated in their reports. Such financial statements have been so included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

**Available Information**

We file reports, proxy statements and other information with the SEC and with OTC Markets. Information filed with the SEC by us can be inspected and copied at the Public Reference Room maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You may also obtain copies of this information by mail from the Public Reference Room of the SEC at prescribed rates. Further information on the operation of the SEC's Public Reference Room in Washington, D.C. can be obtained by calling the SEC at 1-800-SEC-0330. The SEC also maintains a web site that contains reports, proxy and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. Information filed by us with OTC Markets can be located at the web address *https://www.otcmarkets.com/stock/crtd/disclosure.*

Our website address is *https://creatd.com*. The information on our website, however, is not, and should not be deemed to be, a part of this prospectus.

This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement at the SEC's Public Reference Room in Washington, D.C. or through the SEC's website, as provided above.

 **Creatd, Inc.**

 **December 31, 2025**

 **Index to the Consolidated Financial Statements**

---

| | |
|:---|:---|
| **Contents** | **Page(s)** |
| [Report of Independent Registered Public Accounting Firm](#R_001) | F-2 |
| [Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024](#F_001) | F-3 |
| [Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2025 and 2024](#F_002) | F-4 |
| [Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Years Ended December 31, 2025 and 2024](#F_003) | F-5 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#F_004) | F-7 |
| [Notes to the Consolidated Financial Statements](#F_005) | F-8 |

---

![](ea028857601_img2.jpg)

 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and

Stockholders of Creatd, Inc.

 **Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheets of Creatd, Inc. (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, stockholders' deficit, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

 **Substantial Doubt about the Company's Ability to Continue as a Going Concern** 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3, the Company has recurring net losses and negative cash flow from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Our opinion is not modified with respect to that matter

 **Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ea028857601_img3.jpg)

We have served as the Company's auditor since 2024.

PCAOB Firm ID #6920

Tampa, Florida

May 3, 2026

**3702 W Spruce St #1430 ● Tampa, Florida 33607 ● +1.813.441.9707**

 **Creatd, Inc.** 

 **Consolidated Balance Sheets** 

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31, <br> 2025** | **As of**<br> **December 31, <br> 2024** |
| **Assets** | | |
| **Current Assets** | | |
| &nbsp;&nbsp;&nbsp; Cash | $247413 | $15490 |
| &nbsp;&nbsp;&nbsp; Accounts receivable,Net | 11530 | 2000 |
| &nbsp;&nbsp;&nbsp; Marketable securities | 251983 | 67676 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 335413 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Assets** | **846339** | **85166** |
| **Total Non-current Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 183041 | 18062 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 7486004 | 103550 |
| &nbsp;&nbsp;&nbsp; Goodwill | 7818805 | 5415 |
| &nbsp;&nbsp;&nbsp; Deposits and other assets | 48615 | 83616 |
| &nbsp;&nbsp;&nbsp; Minority investment in businesses | 1172833 | 333333 |
| &nbsp;&nbsp;&nbsp; Operating lease right of use asset, net | 586310 | 1633207 |
| &nbsp;&nbsp;&nbsp; **Total Non-current Assets** | **17295608** | **2177183** |
| **Total Assets** | $**18141947** | $**2262349** |
| **Liabilities and Stockholders' Equity (Deficit)** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $5624838 | $8450804 |
| &nbsp;&nbsp;&nbsp; Convertible Notes, net of debt discount and issuance costs | 383374 | 1216158 |
| &nbsp;&nbsp;&nbsp; Current portion of operating lease payable | 331137 | 547439 |
| &nbsp;&nbsp;&nbsp; Note payable, net of debt discount and issuance costs | 467962 | 926413 |
| &nbsp;&nbsp;&nbsp; Deferred revenue | 285379 | 146950 |
| &nbsp;&nbsp;&nbsp; Derivative Liability | 1668038 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Liabilities** | **8760728** | **11287764** |
| **Non-current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Note payable | 72224 | 21586 |
| &nbsp;&nbsp;&nbsp; Operating lease payable | 236286 | 1251319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Non-current Liabilities** | **308510** | **1272905** |
| **Total Liabilities** | **9069238** | **12560669** |
| **Commitments and contingencies (Note 11)** |  |  |
| **Mezzanine Equity** |  |  |
| &nbsp;&nbsp;&nbsp; Redeemable Preferred Stock in Vocal, Inc. | 84790 | 84790 |
| **Stockholders' Equity (Deficit)** |  |  |
| &nbsp;&nbsp;&nbsp; Preferred stock, $0.001 par value, 20,000,000 shares authorized |  |  |
| &nbsp;&nbsp;&nbsp; Series A Preferred stock, $0.001 par value, 1,087 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1 |  |
| &nbsp;&nbsp;&nbsp; Series E Preferred stock, $0.001 par value, 8,000 shares authorized; 450 shares issued and outstanding as of December 31, 2025 and 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp; Series F Preferred stock, $0.001 par value, 5,500,000 shares authorized; 2,283 and 3,118 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 2 | 3 |
| &nbsp;&nbsp;&nbsp; Series G Preferred stock, $0.001 par value, 500,000 shares authorized; 17,280 and 2,085 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 17 | 2 |
| &nbsp;&nbsp;&nbsp; Series H Preferred stock, $0.001 par value, 50,000 shares authorized; 3,798 shares issued and outstanding as of December 31, 2025 and 2024 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; Series I Preferred stock, $0.001 par value, 100,000 shares authorized; 37,812 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 38 |  |
| &nbsp;&nbsp;&nbsp; Common stock par value $0.001: 3,000,000,000 shares authorized; 757,792 issued and 757,783 outstanding and 230,701 issued and 230,514 outstanding as of December 31, 2025 and 2024, respectively | 759 | 230 |
| &nbsp;&nbsp;&nbsp; Less: Treasury stock, 9 shares as of December 31, 2025 and 2024 | (78456) | (78456) |
| &nbsp;&nbsp;&nbsp; Additional paid in capital | 266973016 | 239186990 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | (262926318) | (252800800) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (298405) | (297717) |
| Total Creatd, Inc. Stockholders' Equity (Deficit) | 3670658 | (13989744) |
| &nbsp;&nbsp;&nbsp; Non-controlling interest in consolidated subsidiaries | 5317261 | 3606634 |
| Total Stockholders' Equity (Deficit) | **8987919** | **(10383110)** |
| **Total Liabilities and Stockholders' Equity (Deficit)** | $**18141947** | $**2262349** |

---

 *The accompanying notes are an integral part of these consolidated financial statements.*

 **Creatd, Inc.**

 **Consolidated Statements of Operations and Comprehensive Loss**

---

| | | |
|:---|:---|:---|
|  | **For the Year<br> ended**<br> **December 31, <br> 2025** | **For the Year<br> ended**<br> **December 31, <br> 2024** |
| **Net revenue** | $3192437 | $1498874 |
| **Cost of revenue** | 1790231 | 63144 |
| **Gross margin (loss)** | 1402206 | 1435730 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Compensation | 2318972 | 1941672 |
| &nbsp;&nbsp;&nbsp; Research and development | 1843 | 204043 |
| &nbsp;&nbsp;&nbsp; Marketing | 609300 | 274039 |
| &nbsp;&nbsp;&nbsp; Stock based compensation | 8190318 | 9442717 |
| &nbsp;&nbsp;&nbsp; Impairment of goodwill | 226613 |  |
| &nbsp;&nbsp;&nbsp; Impairment of intangible assets | 35723 |  |
| &nbsp;&nbsp;&nbsp; General and administrative | 2747027 | 1910480 |
| &nbsp;&nbsp;&nbsp; **Total operating expenses** | 14129796 | 13772951 |
| &nbsp;&nbsp;&nbsp; **Loss from operations** | (12727590) | (12337221) |
| **Other income (expenses)** |  |  |
| &nbsp;&nbsp;&nbsp; Other income | 1154885 | 9474 |
| &nbsp;&nbsp;&nbsp; Interest expense | (780597) | (319155) |
| &nbsp;&nbsp;&nbsp; Fees & Penalties | (230311) |  |
| &nbsp;&nbsp;&nbsp; Accretion of debt discount and issuance cost | (415094) | (2120640) |
| &nbsp;&nbsp;&nbsp; Change in derivative liability | (992731) | 7836522 |
| &nbsp;&nbsp;&nbsp; Settlement of liabilities | 3749308 | 3312414 |
| &nbsp;&nbsp;&nbsp; Inducement expense | (17840) | (1465308) |
| &nbsp;&nbsp;&nbsp; Unrealized gain on marketable securities | 166114 |  |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt | 729304 | 413903 |
| &nbsp;&nbsp;&nbsp; **Other income (expenses), net** | 3363038 | 7667210 |
| **Loss before income tax provision** | (9364552) | (4670011) |
| **Equity in net loss from equity method investment -** |  |  |
| **Income tax provision** | - | - |
| **Net loss** | $**(9364552)** | $**(4670011)** |
| **Net loss attributable to noncontrolling interest** | $**(1310081)** | $**(2555059)** |
| **Net loss attributable to Creatd, Inc.** | $**(8054471)** | $**(2114952)** |
| &nbsp;&nbsp;&nbsp; Deemed dividend | 2071047 | 33017888 |
| **Net loss attributable to common stockholders** | $**(10125518)** | $**(35132840)** |
| **Comprehensive loss** |  |  |
| **Net loss** | **(9364552)** | **(4670011)** |
| &nbsp;&nbsp;&nbsp; Currency translation loss | $(688) | $(123574) |
| **Comprehensive loss** | $**(9365240)** | $**(4793585)** |
| **Per-share data** |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted loss per share | $(16.87) | $(36.40) |
| &nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding | $555189 | $128301 |

---

 *The accompanying notes are an integral part of these consolidated financial statements.*

 **Creatd, Inc.**

 **Consolidated Statement of Changes in Stockholders' Equity (Deficit)**

 **For the Years Ended December 31, 2025 and 2024**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A<br> Preferred<br> Stock** | **Series A<br> Preferred<br> Stock** | **Series E<br> Preferred<br> Stock** | **Series E<br> Preferred<br> Stock** | **Series F<br> Preferred<br> Stock** | **Series F<br> Preferred<br> Stock** | **Series G<br> Preferred<br> Stock** | **Series G<br> Preferred<br> Stock** | **Series H<br> Preferred<br> Stock** | **Series H<br> Preferred<br> Stock** | **Series I<br> Preferred<br> Stock** | **Series I<br> Preferred<br> Stock** | **Common Stock** | **Common Stock** | **Treasury stock** | **Treasury stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br> Paid In**<br> **Capital** | **Accumulated**<br> **Deficit** | **Non-<br> Controlling**<br> **Interest** | **Other<br> Comprehensive**<br> **Income** | **Stockholders'<br> Equity**<br> **(Deficit)** |
| Balance, January 1, 2025 |  | $- | 450 | $- | 3118 | $3 | 2085 | $2 | 3798 | $4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 230700 | $230 | (9) | $(78456) | $239186990 | $(252800800) | $3606634 | $(297717) | $(10383110) |
| Cash received for stock |  |  |  |  |  |  | 2419 | 2 |  |  |  |  | 13807 | 13 |  |  | 2077124 |  |  |  | 2077139 |
| Common stock issued for financing fees |  |  |  |  |  |  |  |  |  |  |  |  | 92 | 1 |  |  | 2122 |  |  |  | 2123 |
| Deemed Dividend |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2071047 | (2071047) |  |  |  |
| Fair value allocation of warrants issued with debt |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  |  |  |  |  | 1561528 |  |  |  | 1561528 |
| Sale of noncontrolling interest in Flyte, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 100000 |  | 100000 |
| Shares issued as part of acquisition of consolidated subsidiaries |  |  |  |  |  |  | 9475 | 9 |  |  |  |  | 52807 | 53 |  |  | 14072253 |  |  |  | 14072315 |
| Shares issued for acquisition of marketable securities |  |  |  |  |  |  |  |  |  |  |  |  | 2508 | 3 |  |  | 16254 |  |  |  | 16257 |
| Common stock issued upon conversion of notes payable | 200 |  |  |  |  |  | 1642 | 2 |  |  |  |  |  |  |  |  | 1110102 |  |  |  | 1110104 |
| Shares issued for conversion of preferred to common |  |  |  |  | (835) | (1) |  |  |  |  |  |  | 8350 | 9 |  |  | (8) |  |  |  |  |
| Shares issued for exercise of warrants |  |  |  |  |  |  |  |  |  |  |  |  | 367870 | 368 |  |  | 1632 |  |  |  | 2000 |
| Shares issued for minority interest |  |  |  |  |  |  | 134 |  |  |  | 23000 | 23 |  |  |  |  | 939477 |  | (100000) |  | 839500 |
| Shares issued for settlement of liabilities | 687 | 1 |  |  |  |  | 640 | 1 |  |  |  |  | 24533 | 26 |  |  | 443909 |  | 135611 |  | 579548 |
| Stock based compensation in Creatd, Inc. | 200 |  |  |  |  |  | 885 | 1 |  |  | 14812 | 15 | 57125 | 56 |  |  | 5305149 |  |  |  | 5305221 |
| Stock based compensation in consolidated subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2885097 |  | 2885097 |
| Shares issued for prepaid services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 185437 |  |  |  | 185437 |
| Foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (688) | (688) |
| Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (8054471) | (1310081) | - | $(9364552) |
| Balance, December 31, 2025 | 1087 | $1 | 450 | $- | 2283 | $2 | 17280 | $17 | 3798 | $4 | 37812 | $38 | 757792 | $759 | (9) | $(78456) | $266973016 | $(262926318) | $5317261 | $(298405) | $8987919 |

---

 *The accompanying notes are an integral part of these consolidated financial statements.*

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series E Preferred Stock** | **Series E Preferred Stock** | **Series F Preferred Stock** | **Series F Preferred Stock** | **Series G Preferred Stock** | **Series G Preferred Stock** | **Series H Preferred Stock** | **Series H Preferred Stock** | **Common Stock** | **Common Stock** | **Treasury stock** | **Treasury stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional <br> Paid In**<br> **Capital** | **Accumulated**<br> **Deficit** | **Non-<br> Controlling**<br> **Interest** | **Comprehensive**<br> **Income** | **Stockholders'<br> Equity**<br> **(Deficit)** |
| Balance, January 1, 2024 | 450 | $- |  | $- |  | $- |  | $- | 25370 | $25 | (9) | $(78456) | $191456411 | $(217655876) | $852206 | $(174143) | $(25599833) |
| Cash received for common stock |  |  |  |  |  |  |  |  | 8882 | 9 |  |  | 221591 |  |  |  | 221600 |
| Cash received for preferred stock |  |  |  |  | 284 |  |  |  |  |  |  |  | 210000 |  |  |  | 210000 |
| Common stock issued for financing fees |  |  |  |  |  |  |  |  | 1651 | 2 |  |  | 78254 |  |  |  | 78256 |
| Common stock issued upon conversion of notes payable |  |  |  |  |  |  |  |  | 64967 | 65 |  |  | 1377185 |  |  |  | 1377250 |
| Deemed Dividend |  |  |  |  |  |  |  |  |  |  |  |  | 33017888 | (33017888) |  |  |  |
| Foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (123574) | (123574) |
| Preferred stock issued upon conversion of notes payable |  |  | 7863 | 8 | 692 | 1 |  |  |  |  |  |  | 3589002 |  |  |  | 3589011 |
| Shares issued for acquisition of consolidated subsidiary |  |  |  |  |  |  |  |  | 1750 | 2 |  |  | 108998 |  |  |  | 109000 |
| Shares issued for acquisition of marketable securities |  |  |  |  |  |  |  |  | 3904 | 4 |  |  | 67637 |  |  |  | 67641 |
| Shares issued for acquisition of minority interest |  |  |  |  |  |  |  |  | 16667 | 17 |  |  | 333316 |  |  |  | 333333 |
| Shares issued for conversion of preferred to common |  |  | (4745) | (5) |  |  |  |  | 47450 | 47 |  |  | (42) |  |  |  |  |
| Shares issued for rounding in reverse stock split |  |  |  |  |  |  |  |  | 178 |  |  |  | 12084 | (12084) |  |  |  |
| Shares issued for settlement of accounts payable |  |  |  |  | 975 | 1 | 3798 | 4 | 40406 | 40 |  |  | 4225037 |  |  |  | 4225082 |
| Stock based compensation in consolidated subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5309487 |  | 5309487 |
| Stock based compensation in Creatd, Inc. |  |  |  |  | 134 |  |  |  | 19476 | 19 |  |  | 4132833 |  |  |  | 4132852 |
| Fair value allocation of warrants issued with debt |  |  |  |  |  |  |  |  |  |  |  |  | 356796 |  |  |  | 356796 |
| Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | (2114952) | (2555059) | - | (4670011) |
| Balance, December 31, 2024 | 450 | $- | 3118 | $3 | 2085 | $2 | 3798 | $4 | 230701 | $230 | (9) | $(78456) | $239186990 | $(252800800) | $3606634 | $(297717) | $(10383110) |

---

 *The accompanying notes are an integral part of these consolidated financial statements.*

 **Creatd, Inc.**<br> **Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **For the year<br> ended**<br> **December 31,<br> 2025** | **For the year<br> ended**<br> **December 31, <br> 2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | | |
| Net loss | $(9364552) | $(4670011) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation and amortization | $504732 | $66081 |
| Accretion of debt discount and issuance cost | $415094 | $2120640 |
| Inducement expense | $17840 | $- |
| Stock-based compensation | $8190246 | $9442717 |
| Unrealized gain on marketable securities | $(166114) | $- |
| Impairment of goodwill | $226613 | $- |
| Impairment of intangible assets | $35723 | $- |
| Change in fair value of derivative liabilities | $992731 | $(7836522) |
| Amortization of right of use asset | $144138 | $121655 |
| Settlement of liabilities | $(3749308) | $(3726317) |
| Non-controlling interest in consolidated subsidiary | $- | $2555059 |
| (Gain) loss on extinguishment of debt | $(729304) | $- |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | $(9530) | $2000 |
| Prepaid expenses | $(332021) | $- |
| Deposits and other assets | $10164 | $- |
| Accounts payable and accrued liabilities | $1143363 | $1916129 |
| Deferred revenue | $(89942) | $(119087) |
| Operating lease liability | $(1231335) | $(303415) |
| **Net Cash Used In Operating Activities** | $(3991462) | $(431071) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| Cash paid for property and equipment | $(5060) | $- |
| Cash paid for marketable securities, net of proceeds | $- | $- |
| **Net Cash Used In Investing Activities** | $(5060) | $- |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| Proceeds from the exercise of warrant | $2000 | $- |
| Proceeds from issuance of notes payable | $813829 | $430730 |
| Repayment of notes payable | $(580915) | $(339277) |
| Repayment of convertible notes payable | $(395699) | $(326173) |
| Proceeds from issuance of convertible notes | $2212778 | $300000 |
| Proceeds from issuance of common stock and warrants | $276140 | $221600 |
| Proceeds from issuance of preferred stock (Creatd) | $1901000 | $210000 |
| **Net Cash Provided By Financing Activities** | $4229133 | $496880 |
| Effect of exchange rate changes on cash | $(688) | $(123574) |
| **Net Change in Cash** | $231923 | $(57765) |
| Cash - Beginning of period | $15490 | $73255 |
| **Cash - End of period** | $247413 | $15490 |
| **SUPPLEMENTARY CASH FLOW INFORMATION:** |  |  |
| Cash Paid During the Period for: |  |  |
| Income taxes: | $- | $- |
| Interest | $67806 | $61829 |
| **SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:** |  |  |
| Warrants issued with debt | $1561525 | $356796 |
| Shares issued with debt | $2123 | $78256 |
| Stock paid for acquisitions | $14072315 | $109000 |
| Stock paid for marketable securities, net of rescission of Enzylotics | $16257 | $67641 |
| Stock paid for minority investments | $839500 | $333333 |
| Common stock issued upon conversion of notes payable | $1110104 | $1377250 |
| Non-cash settlement of liabilities | $579548 | $- |
| Derivative liability at inception | 1329072 |  |
| Deemed dividend | 2071047 | 33017888 |

---

 *The accompanying notes are an integral part of these consolidated financial statements.*

 **Creatd, Inc.**

 **December 31, 2025**

 **Notes to the Consolidated Financial Statements**

 **Note 1 – Organization and Operations**

Creatd, Inc., formerly Jerrick Media Holdings, Inc. (the "Company" or "Creatd"), is a technology company focused on providing economic opportunities for creators, which it accomplishes through its four main business pillars: Vocal, OG Collection, Inc., Flyte, Inc., and Corporate. Vocal delivers a robust long-form, digital publishing platform organized into highly engaged niche-communities capable of hosting all forms of rich media content. Through Creatd's proprietary algorithm dynamics, Vocal enhances the visibility of content and maximizes viewership, providing advertisers access to target markets that most closely match their interests. OG Collection, Inc. leverages Creatd's digital and physical media assets to develop and monetize intellectual property, including photography, film, and historical archives, often through publishing, licensing, and brand development. Flyte, Inc. is a private aviation business that operates both charter and brokered flights, supported by proprietary technology that facilitates seamless booking and optimized aircraft utilization, with a focus on premium short-hop routes and high-margin clientele.

The Company was originally incorporated under the laws of the State of Nevada on December 30, 1999, under the name LILM, Inc. The Company changed its name on December 3, 2013, to Great Plains Holdings, Inc. ("GTPH") as part of its plan to diversify its business.

On February 5, 2016 (the "Closing Date"), GTPH, GPH Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of GTPH ("Merger Sub"), and Jerrick Ventures, Inc., a privately-held Nevada corporation headquartered in New Jersey ("Jerrick"), entered into an Agreement and Plan of Merger (the "Merger") pursuant to which the Merger Sub was merged with and into Jerrick, with Jerrick surviving as a wholly-owned subsidiary of GTPH (the "Merger"). GTPH acquired, pursuant to the Merger, all of the outstanding capital stock of Jerrick in exchange for issuing Jerrick's shareholders (the "Jerrick Shareholders"), pro-rata, a total of 950 shares of GTPH's common stock. In connection therewith, GTPH acquired 33,415 shares of Jerrick's Series A Convertible Preferred Stock (the "Jerrick Series A Preferred") and 8,064 shares of Series B Convertible Preferred Stock (the "Jerrick Series B Preferred").

In connection with the Merger, on the Closing Date, GTPH and Kent Campbell entered into a Spin-Off Agreement (the "Spin-Off Agreement"), pursuant to which Mr. Campbell purchased from GTPH (i) all of GTPH's interest in Ashland Holdings, LLC, a Florida limited liability company, and (ii) all of GTPH's interest in Lil Marc, Inc., a Utah corporation, in exchange for the cancellation of 79 shares of GTPH's Common Stock held by Mr. Campbell. In addition, Mr. Campbell assumed all debts, obligations and liabilities of GTPH, including any existing prior to the Merger, pursuant to the terms and conditions of the Spin-Off Agreement.

Upon closing of the Merger on February 5, 2016, the Company changed its business plan to that of Jerrick.

Effective February 28, 2016, GTPH entered into an Agreement and Plan of Merger (the "Statutory Merger Agreement") with Jerrick, pursuant to which GTPH became the parent company of Jerrick Ventures, LLC, a wholly-owned operating subsidiary of Jerrick (the "Statutory Merger") and GTPH changed its name to Jerrick Media Holdings, Inc. to better reflect its new business strategy.

On June 26, 2017, the Company filed to form Abacus Pty Ltd, an Australian-based entity, as a wholly-owned subsidiary of the Company.

On September 9, 2020, the Company filed a certificate of amendment with the Secretary of State of the State of Nevada to change its name to "Creatd, Inc.", which became effective on September 10, 2020.

On September 16, 2021, the Company filed a Certificate of Incorporation with the State of Delaware to form OG Gallery, Inc, a wholly owned subsidiary of the Company.

On April 24, 2022, the Company filed a certificate of amendment with the Secretary of State of the State of Delaware to change the name of OG Gallery, Inc. to "OG Collection, Inc."

On December 13, 2022, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc., a subsidiary of the Company ("OG"), 150,000 shares of common stock of OG for a purchase price of $750,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.

On January 11, 2023, the Company filed a membership agreement to form CEOBLOC, LLC a wholly owned subsidiary of the Company.

On February 1, 2023, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc, 50,000 shares of common stock of OG for a purchase price of $250,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.

On July 31, 2023, the Company filed a Certificate of Incorporation with the state of Nevada to form Vocal, Inc., a wholly owned subsidiary. Vocal's assets, which had been developed directly under the Company since 2016, were reorganized into this new entity. This restructuring marked a significant step in the growth and evolution of Vocal, which began as part of the Company's business strategy to create a digital publishing platform supporting creators.

On July 17, 2024, Creatd entered into a strategic securities swap agreement with Hollywall Entertainment, Inc. Under this agreement, Creatd issued 829 shares of its common stock (CRTD) to Hollywall, while Hollywall issued 726,769 shares of its common stock (HWAL) to Creatd. This swap represents a minimum of 0.5% equity in each company, with the agreement forming part of a broader commitment towards potential expanded collaboration, subject to further due diligence.

On July 26, 2024, Creatd acquired 100% of the membership interests in S96 NYC, LLC (Studio 96 Publishing) from Ayelet Abitbul, an employee of the Company. The terms of the acquisition involved Creatd issuing 1,750 shares of common stock at a cost basis of $24.00 per share and 3,250 warrants with an exercise price of $24.00.

On August 1, 2024, Vocal, Inc. granted 48.72% of its membership interests, in the form of shares of Preferred Stock to officers, board members, employees, and consultants ("Key Drivers") involved with operations of Vocal.

On August 1, 2024, OG Collection, Inc. granted 46% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 9, 2024, the OG Collection, Inc. amended its Articles of Incorporation, increasing its authorized shares from 2,000,000, all of which was Common Stock, to 1,050,000,000, of which 1,000,000,000 shares became Common Stock and 50,000,000 shares became Preferred Stock.

On August 9, 2024, Vocal, Inc. granted an additional 3.01% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On August 12, 2024, OG Collection, Inc. granted an additional 1.5% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 20, 2024, the Company acquired 0.5% of equity in Geopulse Explorations, Inc. a holding company focused on owning and developing technologies in the cannabis industry. As consideration for this acquisition, Geopulse Explorations received 1,084 shares of the Company's common stock.

On October 21, 2024, Vocal, Inc. granted an additional 8.26% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On November 11, 2024, the Company acquired 5% of equity in THEPOWERHOUSE, LLC, the parent company of thehouseofarts.com and several influential ventures spanning art, fashion, and design. As consideration for this acquisition, THEPOWERHOUSE, LLC received 16,667 shares of the Company's common stock.

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 39,824 shares of the Company's common stock. On May 6, 2025, the Company and Enzylotics, Inc. agreed to rescind this agreement. The 1,992 shares of Creatd Common stock were cancelled, as were the Company's shares of Enzylotics, Inc.

On November 27, 2024, the Company rescinded 1.5% of its membership interests in OG Collection, Inc. and 1.70% of its membership interests in Vocal, Inc. previously issued to a board member after their resignation.

On February 27, 2025, the Company completed the acquisition of Flewber Global, Inc., a private on-demand aviation company, in an all-equity transaction. Flewber Global, Inc. had three subsidiaries included in the acquisition: (i) Flewber, Inc., which contains all operations; (ii) Ponderosa Air LLC, which holds the Company's FAA Part 135 Operating Certificate; and (iii) Vision FGAR 1 LLC, which was dissolved after the acquisition. On August 11, 2025, Flewber Global, Inc. was dissolved, and Flewber Inc., which contained all the operational infrastructure, was renamed to Fly Flyte, Inc ("Flyte"). Both Ponderosa Air LLC and Fly Flyte Inc. subsequently became a direct subsidiary of Creatd, Inc. The total purchase price, measured as the fair value of the consideration transferred, was approximately $14.4 million and consisted of shares of the Company's common stock, Series G Preferred Stock, warrants, and forgiveness of an intercompany note. The acquisition was accounted for as a business combination under Accounting Standards Codification ("ASC") 805, *Business Combinations*, and the results of Fly Flyte, Inc.'s operations have been included in the Company's consolidated financial statements from the date of acquisition. Additional information about the transaction, including the purchase price allocation, is provided in *Note 12 – Acquisitions*.

On May 6, 2025, the Company acquired 1% of equity in MineralRite Corporation in the form of 17,000,000 shares of its common stock. As consideration for this acquisition, MineralRite Corporation received 4,500 shares of the Company's common stock.

On June 23, 2025, an investor entered into a Securities Purchase Agreement whereby it purchased from the Company 10% ownership interest in the entity Fly Flyte, Inc. for a purchase price of $100,000. Proceeds were allocated to operating and marketing expenses of Fly Flyte, Inc., which the Company plans to make the operating entity for the Hops side of Flyte's operations. The agreement includes customary investor protections such as down-round anti-dilution rights, a right of first refusal on future financings for 12 months, reinvestment rights, and participation in a potential spin-off of Flyte Luxe. Additionally, the investor received flight credits as non-cash consideration. On September 16, 2025, the Company entered into a Conversion Agreement with said investor whereby they exchanged 10% ownership interest in the entity Fly Flyte, Inc., previously purchased for $100,000, into 134 shares of Preferred Series G. The 10% ownership interest in Fly Flyte, Inc. was returned to Creatd, Inc.

On September 9, 2025, Fly Flyte, Inc. and Ponderosa Air LLC entered into a Side Letter Agreement with SEG Jets, LLC ("SEG Jets"), the lessor of the 2020 Cirrus Design Corp. SF50 aircraft that is being leased by the Company pursuant to an Exclusive Aircraft Dry Lease Agreement. Under the terms of the Side Letter Agreement, Fly Flyte, Inc. agreed to issue to SEG Jets, or its designees, 19.98% of the issued and outstanding common stock of Fly Flyte, Inc. as of the date of the agreement as consideration for strategic business cooperation. The shares were issued as fully paid, non-assessable restricted common stock, duly authorized and validly issued. The 2020 Cirrus Design Corp. SF50 aircraft continues to be leased to the Company under the terms of the Exclusive Aircraft Dry Lease Agreement, with SEG Jets, LLC serving as the lessor.

On October 22, 2025, the Company's common stock was approved to trade on the OTCQB Venture Market, a higher tier of the OTC Markets requiring current reporting and additional eligibility standards, from the OTCID Market (formerly known as the OTC Pink Market) where it had previously traded. The uplisting became effective on October 22, 2025.

On December 26, 2025, Vocal, Inc. issued an additional 21.73% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of Vocal. In connection with this issuance, 40,404 shares were issued with an aggregate fair value of approximately $78,010, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in Vocal, Inc. decreased from 41.73% to 20.00%.

On December 26, 2025, OG Collection, Inc. issued an additional 24.00% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of OG Collection. In connection with this issuance, 480,000 shares were issued with an aggregate fair value of approximately $57,600, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in OG Collection, Inc. decreased from 44.00% to 20.00%.

 

 

 **Note 2 – Significant Accounting Policies and Practices** 

Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness of accounting policies and their application. Critical accounting policies and practices are those that are both most important to the portrayal of the Company's financial condition and results and require management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The Company's significant and critical accounting policies and practices are disclosed below as required by the accounting principles generally accepted in the United States of America ("U.S. GAAP").

 *Use of Estimates and Critical Accounting Estimates and Assumptions*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.

These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the consolidated financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. The Company uses estimates in accounting for, among other items, derivatives, acquisitions, revenue recognition, allowance for credit losses, stock-based compensation, income tax provisions, and impairment of intangible assets.

Actual results could differ from those estimates.

 *Principles of consolidation*

The Company consolidates all majority-owned subsidiaries in which the parent's power to control exists.

As of December 31, 2025 and 2024, the Company's consolidated subsidiaries and/or entities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Company Ownership Interest** | **Company Ownership Interest** |
| <br> **Name of combined affiliate** | <br> **State or other jurisdiction of<br> incorporation or organization** | **December 31,** <br> **2025**  | **December 31,** <br> **2024**  |
| Jerrick Ventures LLC | Delaware | 100% | 100% |
| Abacus Tech Pty Ltd | Australia | 100% | 100% |
| OG Collection, Inc. | Delaware | 20% | 44.00% |
| Vocal, Inc. | Nevada | 20% | 41.73% |
| S96 NYC, LLC | New York | 100% | 100% |
| Fly Flyte, Inc. | New York | 80.02% | -% |
| Flewber Global, Inc. | Delaware | N/A - Entity Closed | -&nbsp;&nbsp;&nbsp;&nbsp;% |
| Ponderosa Air, LLC | New York | 100% | -&nbsp;&nbsp;&nbsp;&nbsp;% |

---

All intercompany balances and transactions have been eliminated.

Although the Company holds a minority equity interest in Vocal, Inc. and OG Collection, Inc. (the "Subsidiaries"), it consolidates these entities in its audited financial statements based on its controlling financial interest.

Under ASC Topic 810, *Consolidation*, a reporting entity consolidates an entity when it has a controlling financial interest, which is typically evidenced by ownership of a majority voting interest or, in certain circumstances, through contractual or governance rights that provide control. The Company maintains control over the Subsidiaries through its rights to direct key operating, financial, and strategic decisions, including control over budgeting, business plans, and significant transactions.

The Company also provides ongoing financial support to the Subsidiaries, including funding of operations and working capital requirements, and the Subsidiaries are dependent on such support. While employees and other service providers hold a majority of the economic equity interests in the Subsidiaries through stock-based compensation arrangements, these interests do not provide substantive participating rights that would overcome the Company's control.

 *Fair Value of Financial Instruments*

The fair value measurement disclosures are grouped into three levels based on valuation factors:

● Level 1 – quoted prices in active markets for identical investments

● Level 2 – other significant observable inputs (including quoted prices for similar investments and market corroborated inputs)

● Level 3 – significant unobservable inputs (including Company assumptions in determining the fair value of investments)

The Company's Level 1 assets/liabilities include cash, accounts receivable, accounts payable, and prepaid and other current assets. Management believes the estimated fair value of these accounts at December 31, 2025 and 2024 approximate their carrying value as reflected in the consolidated balance sheets due to the short-term nature of these instruments or the use of market interest rates for debt instruments.

The Company does not currently hold any Level 2 assets/liabilities.

The Company's Level 3 assets/liabilities include goodwill, intangible assets, and derivative liabilities. Inputs to determine fair value are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined by using model-based techniques, including option pricing models and discounted cash flow models. Unobservable inputs used in the models are significant to the fair values of the assets and liabilities.

The following tables provide a summary of the relevant assets and liabilities that are measured at fair value on a recurring basis:

 **Fair Value Measurements as of**

 **December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Assets:** | | | | |
| **Marketable securities** | $251983 | $251983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp; **Total assets** | $251983 | $251983 | $- | $- |
| **Liabilities:** |  |  |  |  |
| **Derivative liabilities** | $- | $- | $- | $1668038 |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | $- | $- | $- | $1668038 |

---

 **Fair Value Measurements as of<br> December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Assets:** | | | | |
| **Marketable securities** | $67676 | $67676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp; **Total assets** | $67676 | $67676 | $- | $- |

---

The Company's marketable equity securities are publicly traded stocks measured at fair value using quoted prices for identical assets in active markets and classified as Level 1 within the fair value hierarchy. There have been no material changes to the Company's fair value measurement techniques since December 31, 2024.

The following tables provide a summary of the relevant assets that are measured at fair value on a non-recurring basis:

 **Fair Value Measurements as of**

 **December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Intangible assets | $7486004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7486004 |
| &nbsp;&nbsp;&nbsp; Goodwill | 7818805 | - | - | 7818805 |
| Total assets | $15304809 | $- | $- | $15304809 |

---

 **Fair Value Measurements as of**

 **December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Intangible assets | $103550 | $- | $- | $103550 |
| &nbsp;&nbsp;&nbsp; Goodwill | 5415 | - | - | 5415 |
| Total assets | $108965 | $- | $- | $108965 |

---

 *Other accounting policies*

In May 2021, the Financial Accounting Standards Board ("FASB") issued authoritative guidance intended to clarify and reduce diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. (ASU 2021-04), *Derivatives and Hedging Contracts in Entity's Own Equity* (Topic 815). This guidance's amendments provide measurement, recognition, and disclosure guidance for an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. During the years ended December 31, 2025 and 2024, the Company recognized a deemed dividend of $2,071,047 and $30,946,827 from the modification of warrants, respectively.

The Company accounts for credit losses in accordance with Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 326, Financial Instruments – Credit Losses. The Company recognizes an allowance for expected credit losses for financial assets measured at amortized cost, including trade receivables, based on historical experience, current conditions, and reasonable and supportable forecasts.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity's own equity, and also improves and amends the related EPS guidance for both Subtopics. ASU 2020-06 is effective for the fiscal year beginning after December 15, 2022, including interim periods within that fiscal year. The adoption of the guidance did not have a material impact on the Company's consolidated financial statements.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805), which aims to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in recognition and payment terms that affect subsequent revenue recognition. ASU 2021-08 is effective for the fiscal year beginning after December 15, 2022, including interim periods within that fiscal year. There was no material impact on the Company's consolidated financial statements upon the adoption of this ASU.

 *Cash Equivalents*

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

At times, cash balances may exceed the Federal Deposit Insurance Corporation ("FDIC") or Financial Claims Scheme ("FCS") insurable limits. The Company has never experienced any losses related to these balances. The uninsured cash balance as of December 31, 2025 was zero. The Company does not believe it is exposed to significant credit risk on cash and cash equivalents.

 *Concentration of Credit Risk and Other Risks and Uncertainties*

The Company provides credit in the normal course of business. The Company maintains allowances for credit losses on factors surrounding the credit risk of specific customers, historical trends, and other information.

The Company operates in Australia and holds total assets of zero. It is reasonably possible that operations located outside an entity's home country will be disrupted in the near term.

 *Property and Equipment*

Property and equipment are recorded at cost, or at fair value at the date of acquisition for assets acquired through business acquisitions. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the respective assets as follows:

---

| | | |
|:---|:---|:---|
|  | **Estimated<br> Useful Life<br> (Years)** | **Estimated<br> Useful Life<br> (Years)** |
| Computer equipment and software |  | 3 - 5 |
| Furniture and fixtures |  | 5 |
| Automobile |  | 5 |

---

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of operations.

 *Goodwill*

Goodwill is not amortized but is subject to periodic testing for impairment in accordance with ASC and ASC Topic 350 "*Intangibles – Goodwill and Other – Testing Indefinite-Lived Intangible Assets for Impairment*" ("ASC Topic 350"). The Company tests goodwill for impairment on an annual basis as of the last day of the Company's fiscal year or more frequently if events occur or circumstances change indicating that the fair value of the goodwill may be below its carrying amount. The Company uses an income-based approach to determine the fair value of the reporting units. This approach uses a discounted cash flow methodology and the ability of the reporting units to generate cash flows as measures of fair value of the reporting units.

During the year ended December 31, 2025, the goodwill of the Company increased from $5,415 to $7,818,805 due to the acquisition of Fly Flyte, Inc. During the years ended December 31, 2025 and 2024, the Company recorded an impairment charge of $226,613 and $0, respectively.

 *Impairment of Long-lived Assets Including Acquired Intangible Assets*

The Company evaluates the recoverability of property and equipment and acquired finite-lived intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate from the use and eventual disposition. During the years ended December 31, 2025 and 2024, the Company recorded $35,723 and $0, respectively, in charges for impairment on intangible assets.

Acquired finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. The Company routinely reviews the remaining estimated useful lives of property and equipment and finite-lived intangible assets. If the Company changes the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life. As of December 31, 2025 and 2024, the Company has $7,486,004 and $103,550, respectively, in net intangible assets on its consolidated balance sheets. Amortization expense was $403,778 and $0 for the years ended December 31 2025 and 2024, respectively, recorded under general and administrative expenses on the consolidated statements of operations.

 *Commitments and Contingencies*

The Company follows subtopic 450-20 of the FASB to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.

 *Foreign Currency*

Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet dates. Results of operations and cash flows are translated using the average exchange rates throughout the periods. The effect of exchange rate fluctuations on the translation of assets and liabilities is included as a component of stockholders' deficit in accumulated other comprehensive loss. Gains and losses from foreign currency transactions, which are included in operating expenses, have not been significant in any period presented.

 

 *Derivative Liability*

The Company evaluates its debt and equity issuances to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 815-10-05-4 and Section 815-40-25 of the FASB ASC. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the date of conversion or exercise or cancellation and then the related fair value is reclassified to equity. Upon extinguishment or cancellation of a derivative instrument, any difference between the fair value and the settlement amount is recognized as a gain or loss under change in derivative liability on the consolidated statements of operations.

In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the consolidated balance sheet dates.

The Company adopted Section 815-40-15 of the FASB ASC ("Section 815-40-15") to determine whether an instrument (or an embedded feature) is indexed to the Company's own stock. Section 815-40-15 provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument's contingent exercise and settlement provisions.

The Company utilizes a Monte Carlo simulation model for the make whole feature in the Company's outstanding convertible notes that have an option to convert at a variable number of shares to compute the fair value of the derivative and to mark to market the fair value of the derivative at each consolidated balance sheet date. The inputs utilized in the application of the Monte Carlo model included a starting stock price, an expected term of each debenture remaining from the valuation date to maturity, an estimated volatility, drift, and a risk-free rate. The Company records the change in the fair value of the derivative as other income or expense in the consolidated statements of operations.

 *Shipping and Handling Costs*

The Company classifies freight billed to customers as sales revenue and the related freight costs as cost of revenue.

 

 *Revenue Recognition*

Under ASC Topic 606, revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The Company determines revenue recognition through the following steps:

● identification of the contract, or contracts, with a customer;

● identification of the performance obligations in the contract;

● determination of the transaction price. The transaction price for any given subscriber could decrease based on any payments made to that subscriber. A subscriber may be eligible for payment through one or more of the monetization features offered to Vocal creators, including earnings through reads (on a cost per mile basis) and cash prizes offered to Challenge winners;

● allocation of the transaction price to the performance obligations in the contract; and

● recognition of revenue when, or as, the Company satisfies a performance obligation.

Revenue disaggregated by revenue source for the years ended December 31, 2025 and 2024 consists of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Agency (Managed Services & Branded Content) | $483550 | $714548 |
| Air Mobility | 1913443 |  |
| Platform (Creator Subscriptions) | 569901 | 736567 |
| Other Revenue | 225543 | 47759 |
|  | $3192437 | $1498874 |

---

The Company utilizes the output method to measure the results achieved and value transferred to a customer over time. Timing of revenue recognition for the years ended December 31, 2025 and 2024 consists of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Products and services transferred over time | $1207251 | $1451151 |
| Products transferred at a point in time | 1985186 | 47723 |
|  | $3192437 | $1498874 |

---

 *Customer and Sales Concentrations*

 

The Company's revenue stream may be dependent on a limited number of key customers. A loss of any significant customer, a decline in demand from such customers, or a deterioration in their financial condition could negatively impact the Company's future revenues and profitability.

During the year ended December 31, 2025, one customer represented 15.46% of total revenue and 99.27% of Agency revenue.

 **Agency Revenue**

  ****

 ***Managed Services***

The Company provides Studio/Agency Service offerings to business-to-business ("B2B") and business-to-consumer ("B2C") product and service brands which encompasses a full range of digital marketing and e-commerce solutions. The Company's services include the setup and ongoing management of clients' websites, Amazon and Shopify storefronts and listings, social media pages, search engine marketing, and other various tools and sales channels utilized by e-commerce sellers for sales and growth optimization. Contracts are broken into three categories: Partners, Monthly Services, and Projects. Contract amounts for Partner and Monthly Services clients range from approximately $5,000-$45,000 per month while Project amounts vary depending on the scope of work. Partner and Monthly clients are billed monthly for the work completed within that month. Revenue is recognized over time as service obligations and milestones in the contract are met.

  ****

 ***Branded Content***

Branded content revenue represents consideration earned from the Company's obligation to create and publish branded articles and/or branded challenges for clients on the Vocal platform, including related promotional activities and engagement tracking. Contracts typically include explicit, binary milestones that define when the Company's performance obligations are satisfied.

For branded articles, revenue is recognized at a point in time when the applicable contractual milestones are achieved, which generally occurs upon publication of the content on the Company's platform and completion of any required promotional activities. In certain arrangements, contracts may specify milestones related to development or other pre-publication activities, in which case revenue is recognized when those milestones are achieved.

For branded challenges, revenue is recognized at a point in time upon achievement of the contractual milestones, which generally occurs upon closure of the challenge and announcement of winners. In certain arrangements, revenue may be recognized earlier upon completion of defined milestones, such as the launch or development of the challenge page on the platform.

When contracts include multiple promised goods or services, the Company identifies each as a separate performance obligation and allocates the transaction price to each performance obligation based on their observable standalone selling prices.

Below are the significant components of a typical agreement pertaining to branded content revenue:

● The Company collects fixed fees ranging from $5,000 to $60,000 per month, with branded challenges ranging from $10,000 to $25,000 and branded articles ranging from $2,500 to $10,000 per article.

● Branded articles are created and published, and challenges are completed, within three months of the signed agreement, or as previously negotiated with the client.

● Branded articles and challenges are promoted per the contract and engagement reports are provided to the client.

 **Platform Revenue**

  ****

 ***Creator Subscriptions***

Vocal+ is a premium subscription offering for Vocal creators. In addition to joining for free, Vocal creators now have the option to sign up for a Vocal+ membership for either $9.99 monthly or $99 annually, though these amounts are subject to promotional discounts and free trials. Vocal+ subscribers receive access to value-added features such as increased rate of cost per mille (thousand) ("CPM") monetization, a decreased minimum withdrawal threshold, a discount on platform processing fees, member badges for their profiles, access to exclusive Vocal+ Challenges, and early access to new Vocal features. Subscription revenues stem from both monthly and annual subscriptions, the latter of which is amortized over a twelve-month period. Any customer payments received are recognized over the subscription period, with any payments received in advance being deferred until they are earned. Any discounts are run as coupon codes applied at the time of transaction and accounted for as a reduction in gross revenue.

The transaction price for any given subscriber could decrease based on any payments made to that subscriber. A subscriber may be eligible for payment through one or more of the monetization features offered to Vocal creators, including earnings through reads (on a cost per mille basis) and cash prizes offered to Challenge winners. Potential revenue offset is calculated by reviewing a subscriber's earnings in conjunction with payments made by the subscriber on a monthly and/or annual basis.

Discounts, promotions, and any flight credits issued are treated as reductions to gross revenue. Refunds or pricing adjustments are reflected in the period in which they occur.

 **Air Mobility Revenue**

Fly Flyte, Inc., acquired by the Company during the year ended December 31, 2025 and operating under the brand name of Flyte, generates revenue through three primary private aviation services: Flyte Hops, Flyte Luxe, and Jet Card Memberships.

Flyte Hops refers to short-haul private flights operated directly by Flyte under its Part 135 certificate. These flights are conducted on Flyte-managed aircraft and typically service high-demand regional routes throughout the New York Metro Area, Long Island, New England and the Eastern seaboard, to any destination within 400 nautical miles of Flyte's base in Farmingdale, New York. Revenue is recognized upon completion of each flight segment and includes base charter rates, repositioning fees, and ancillary charges. Customer payments received in advance are recorded as deferred revenue until the related flight is completed.

Flyte Luxe is Flyte's brokerage division, offering clients access to on-demand charters through a vetted network of third-party operators. In these transactions, Flyte acts as an agent and earns revenue on a net basis through booking fees or a markup over the wholesale cost. Revenue is recognized when the flight occurs. Deposits or prepayments made prior to flight are deferred until service is rendered.

Jet Card Memberships allow clients to prepay for charter credit in U.S. dollars, which can be applied to both Flyte Hops and Flyte Luxe flights. Members benefit from preferred booking access, flexible terms, and loyalty-based perks. Flyte retains full discretion over flight pricing, and credit may be applied across both operated and brokered flights. Revenue is recognized as credit is drawn down for completed charters. Any unused credit at period-end is recorded as deferred revenue.

Discounts, promotions, and any flight credits issued are treated as reductions to gross revenue. Refunds or pricing adjustments are reflected in the period in which they occur.

 *Deferred Revenue*

Deferred revenue consists of billings and payments received from clients in advance of revenue recognition. The Company has two types of deferred revenue: (i) subscription revenue, where revenue is recognized ratably over the subscription period, and (ii) contract liabilities, where revenue is recognized when the related performance obligation is satisfied.

For subscription revenue, the Company expects to recognize the deferred revenue within the next twelve months, over the life of the subscription. For contract liabilities, the Company will recognize the deferred revenue at the point in time the related service is performed, which can vary depending on the nature of the contract but is generally expected to occur within one year.

As of December 31, 2025 and 2024, the Company had deferred revenue of $285,379 and $146,950, respectively. Changes in the balance of deferred revenue for the periods presented are as follows:

---

| | |
|:---|:---|
|  | **Deferred <br> Revenue** |
| Balance as of December 31, 2023 | $266037 |
| Billings for the period | 1379787 |
| Revenue recognized | (1498874) |
| Balance as of December 31, 2024 | 146950 |
| Billings for the period | 3330866 |
| Revenue recognized | (3192437) |
| Balance as of December 31, 2025 | $285379 |

---

 

 *Accounts Receivable and Allowances*

Accounts receivable are recorded and carried when the Company has performed the work in accordance with managed services, project, partner, consulting and branded content agreements. For example, the Company bills a branded content client and records the receivable once milestones are reached that are set in the agreement. The Company makes estimates for the allowance for doubtful accounts and allowance for unbilled receivables based upon its assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, and other factors that may affect its ability to collect from customers.

The Company adheres to the provisions of ASC 326, *Financial Instruments – Credit Losses*, which requires the measurement of credit losses based on an expected loss model, known as the Current Expected Credit Losses ("CECL") model. The CECL model replaces the incurred loss methodology and requires the Company to estimate credit losses over the life of its receivables, considering historical data, current conditions, and reasonable and supportable forecasts.

During the years ended December 31, 2025 and 2024, the Company recorded $0 as a credit loss.

 *Cost of Revenues* 

Cost of revenues consists of costs that are directly attributable to the generation of the Company's revenues and varies by business and operating segment.

For the Vocal segment, cost of revenues primarily includes amounts paid to content creators based on engagement metrics, such as the number of reads generated by published content, as well as prize payments awarded in connection with branded and non-branded writing challenges.

For the Fly Flyte, Inc. segment, cost of revenues reflects costs incurred to fulfill individual flight services and varies by revenue stream. For Flyte Luxe, cost of revenues consists primarily of third-party Part 135 operator charges, which generally include crew services, aircraft usage, and other trip-specific operating costs incurred in connection with completed flights. For Flyte Hops, cost of revenues includes landing fees and fuel costs that are directly attributable to individual flights and fluctuate based on flight activity, distance, and airport usage, as well as an allocation of salaries of management personnel and pilots, rent expense for aircraft, and a travel and meal stipend for pilots.

For the OG Collection segment, cost of revenues includes contract assembly labor, materials used to produce goods, and shipping and packaging costs associated with fulfilling customer orders. The Company does not carry inventory on its balance sheet, as inventory balances have been previously written down as obsolete.

Gross margin includes all costs that are allocable to cost of revenues in accordance with GAAP. The Company does not include depreciation or amortization within cost of revenues, as it does not own or utilize depreciable or amortizable assets that are directly attributable to revenue-producing activities. Accordingly, no depreciation or amortization is allocable to cost of revenues.

 *Advertising Costs*

Advertising costs are expensed as incurred, in accordance with ASC 720-35, "Advertising Costs." These costs are recognized as operating expenses in the period in which they are incurred and are classified within general and administrative expenses in the consolidated statements of operations.

The Company does not capitalize direct-response advertising costs, as they do not meet the criteria for deferral under ASC 720-35-25-1.

The Company recognized $609,300 and $274,039 in marketing and advertising costs during the years ended December 31 2025 and 2024, respectively.

 *Stock-Based Compensation*

The Company recognizes compensation expense for all equity–based payments granted in accordance with ASC 718 "*Compensation – Stock Compensation*". Under fair value recognition provisions, the Company recognizes equity–based compensation over the requisite service period of the award. The Company has a relatively low forfeiture rate of stock-based compensation and forfeitures are recognized as they occur.

Restricted stock awards are granted at the discretion of the Company. These awards are restricted as to the transfer of ownership and generally vest over the requisite service periods.

The fair value of an option award is estimated on the date of grant using the Black–Scholes option valuation model. The Black–Scholes option valuation model requires the development of assumptions that are inputs into the model. These assumptions are the value of the underlying share, the expected stock volatility, the risk–free interest rate, the expected life of the option, the dividend yield on the underlying stock and forfeitures are recognized as they occur. Expected volatility is derived from the Company's historical data over the expected option life and other appropriate factors. Risk–free interest rates are calculated based on continuously compounded risk–free rates for the appropriate term. The dividend yield is assumed to be zero as the Company has never paid or declared any cash dividends on its Common stock and does not intend to pay dividends on its Common stock in the foreseeable future. Forfeitures are recognized as they occur.

Determining the appropriate fair value model and calculating the fair value of equity–based payment awards requires the input of the subjective assumptions described above. The assumptions used in calculating the fair value of equity–based payment awards represent management's best estimates, which involve inherent uncertainties and the application of management's judgment. As a result, if factors change and the Company uses different assumptions, our equity–based compensation could be materially different in the future. The Company issues awards of equity instruments, such as stock options and restricted stock units, to employees and certain non-employee directors. Compensation expense related to these awards is based on the fair value of the underlying stock on the award date and is amortized over the service period, defined as the vesting period. The vesting period is generally one to three years. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock units. Compensation expense is reduced for actual forfeitures as they occur.

 *Loss Per Share*

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. For the years ended December 31, 2025 and 2024, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

The Company had the following common stock equivalents at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Series A preferred | 10870 |  |
| Series E preferred | 11 | 23 |
| Series F preferred | 114150 | 31180 |
| Series G preferred | 1296000 | 78188 |
| Series H preferred | 73891 | 73891 |
| Series I preferred | 378120 |  |
| Options | 569922 | 103679 |
| Warrants | 2401378 | 1310343 |
| Convertible notes | 276597 | 14808 |
| Totals | 4181859 | 1612112 |

---

 *Segment Reporting*

The Company operates in three reportable segments: Vocal, OG Collection, and Air Mobility. The Company's segments are determined based on the economic characteristics of its products and services, the internal organizational structure, and the manner in which operations are managed. Segment determinations are also based on the information regularly reviewed by the Company's Chief Operating Decision Maker ("CODM"), who evaluates segment performance primarily using measures such as revenue, gross margin, operating profit, and platform engagement metrics.

The Company discloses segment information in accordance with ASC Topic 280, *Segment Reporting*, including the identification of reportable segments and the presentation of measures of segment profit or loss that are regularly reviewed by the CODM. With the adoption of ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, the Company now provides enhanced disclosures of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment performance. The amended guidance also requires disclosure of the CODM's role and expands required interim segment disclosures.

The Company adopted ASU 2023-07 as of January 1, 2024. The adoption did not have a material impact on the Company's consolidated financial statements; however, it resulted in expanded qualitative and quantitative disclosures regarding the Company's segment results and significant segment expenses.

 

 *Recently Adopted Accounting Guidance*

 

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the CODM and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 did not have a material impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*, which enhances income tax disclosure requirements by:

● Standardizing and disaggregating rate reconciliation categories.

● Requiring disclosure of income taxes paid by jurisdiction.

This ASU is effective for annual periods beginning after December 15, 2024, and may be applied on a prospective or retrospective basis. Early adoption is permitted.

 

 *Recently Issued Accounting Standards Not Yet Adopted*

In November 2024, the FASB issued ASU 2024-03 – *Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses*, which enhances expense disclosure requirements by:

● Requiring tabular disclosure of certain natural expense categories—such as employee compensation, depreciation, amortization, and inventory purchases—within relevant income statement line items.

● Requiring qualitative descriptions of any remaining expenses included within those line items that are not separately disclosed.

● Requiring annual disclosure of total selling expenses and the Company's definition of selling expenses, where applicable.

This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted.

The Company is currently evaluating the impact of ASU 2024-03 on its expense disclosures and related reporting requirements.

In November 2024, the FASB issued ASU 2024-04 – *Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments*, which clarifies the accounting for inducements offered to holders of convertible debt. The amendments:

● Require application of the "pre-existing contract" approach when determining whether a transaction qualifies as an induced conversion.

● Clarify that induced conversion accounting may apply whether settlement is in cash or equity, provided the original conversion terms are preserved.

● Provide guidance for evaluating inducements when the underlying convertible debt was modified or exchanged within the prior 12 months.

This ASU is effective for annual periods beginning after December 15, 2025, and for interim periods within those annual periods. Early adoption is permitted.

The Company is currently assessing the applicability and potential impact of ASU 2024-04.

ASU 2025-01 – Clarifying the Effective Date of ASU 2024-03

In January 2025, the FASB issued ASU 2025-01 – *Income Statement—Reporting Comprehensive Income (Topic 220): Clarifying the Effective Date*, which clarifies the effective date provisions of ASU 2024-03 for all public business entities. The amendments confirm that the guidance in ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027.

Early adoption remains permitted.

The Company is evaluating the impact of ASU 2025-01 in conjunction with its assessment of ASU 2024-03.

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements.

 **Revision of Previously Issued Consolidated Financial Statements**

During the preparation of the Company's consolidated financial statements for the year ended December 31, 2025, management identified certain errors in stockholders' equity (deficit) of its previously issued unaudited condensed consolidated financial statements as of September 30, 2025 within the Company's third quarter 2025 Quarterly Report.

The Company assessed the materiality of the errors on the prior period condensed consolidated financial statements and concluded they were not material to the prior interim period. The Company corrected these errors by revising its unaudited interim financial information for the nine months ended September 30, 2025 to correct for the impact of such errors. These errors are related to (i) the reporting of the par value of Stock in Subsidiaries: Vocal, Inc. Preferred stock, $0.001 par value, (ii) the reporting of the par value of Stock in Subsidiaries: OG Collection, Inc. Preferred stock, $0.001 par value, and (iii) the reporting of the value of non-controlling interest in consolidated subsidiaries.

These revisions had no impact on total assets, total liabilities, total stockholders' deficit, or the Company's previously reported net loss for the period as of and for the three and nine months ended September 30, 2025. The revisions have been reflected in the accompanying consolidated financial statements.

The following table summarizes the effects these corrections had on the Company's unaudited condensed consolidated statement of changes in stockholders' equity (deficit) by financial statement line item:

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| | | | |
|:---|:---|:---|:---|
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | |
|  | **As Reported** | **Adjustment** |<br> **As Revised** |
| Stock in Subsidiaries: Vocal, Inc. Preferred stock, $0.001 par value | $178 | $(178) | $- |
| Stock in Subsidiaries: OG Collection, Inc. Preferred stock, $0.001 par value | 200 | (200) |  |
| Non-Controlling Interest | 5541786 | 378 | 5542164 |
| Total Stockholders' (Deficit) | 9048046 |  | 9048046 |

---

 **Note 3 – Going Concern**

The Company's consolidated financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

As reflected in the consolidated financial statements as of December 31, 2025 the Company had an accumulated deficit of $262,926,318, a net loss of $9,364,552 and net cash used in operating activities of approximately $3,918,886 for the reporting period then ended. These factors raise substantial doubt about the Company's ability to continue as a going concern for a period of one year from the issuance of these consolidated financial statements.

The Company is attempting to further implement its business plan and generate sufficient revenues; however, its cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to further implement its business plan and generate sufficient revenues and in its ability to raise additional funds by way of a public or private offering of its debt or equity securities, there can be no assurance that it will be able to do so on reasonable terms, or at all. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenues and its ability to raise additional funds by way of a public or private offering.

The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 **Note 4 – Property and Equipment**

Property and equipment stated at cost, less accumulated depreciation, consisted of the following at:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2025** | **December 31,<br> 2024** |
| Computer Equipment | $457893 | $466397 |
| Furniture and Fixtures | 184524 | 184524 |
| Automobile | 45558 |  |
| Software | 227106 |  |
| Leasehold Improvements | - | 47616 |
|  | 915080 | 698537 |
| Less: Accumulated Depreciation | (732039) | (680475) |
|  | $183041 | $18062 |

---

Depreciation expense was $100,953 and $66,081 for the years ended December 31, 2025 and 2024, respectively.

 **Note 5 - Intangible Assets** 

Intangibles consisted of the following at December 31, 2025 and December 31, 2024, respectively:

---

| | | | |
|:---|:---|:---|:---|
| <br> **Type** |<br> **December 31, 2025** |<br> **December 31, 2024** | **Estimated <br> Useful**<br> **Lives <br> (Years)** |
| &nbsp;&nbsp;&nbsp; Tradenames/trademarks | $1489254 | $59254 | 15 |
| &nbsp;&nbsp;&nbsp; Customer relationships | 3258401 | 1082813 | 5 to 15 |
| &nbsp;&nbsp;&nbsp; Knowhow | 2157502 | 43600 | 5 to 15 |
| &nbsp;&nbsp;&nbsp; Licensing agreements | 429000 |  | 15 |
| &nbsp;&nbsp;&nbsp; FAA Part 135 Operating Certificate | 1523767 |  | Indefinite |
| &nbsp;&nbsp;&nbsp; Websites and apps | 157487 | 43600 | 3 to 5 |
| Less: accumulated amortization | (1529407) | (1125717) |  |
| Intangibles – net | $7486004 | $103550 |  |

---

Amortization expense for the year ended December 31, 2025 and 2024 was $403,778 and $0, respectively. Impairment expense for the year ended December 31, 2025 and 2024 was $35,723 and $0, respectively.

 **Note 6 – Notes Payable**

Notes payable as of December 31, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Outstanding Principal <br> as of <br> December 31, <br> 2025**  | **Outstanding <br> Principal <br> as of <br> December 31, <br> 2024**  | **Interest<br> Rate (%)** | **Original<br> Maturity Date** |
| The April 2020 PPP Loan Agreement | $- | $198577 | 1% | April 2022 |
| The June 13, 2020 Loan Agreement | 57913 |  | 3.75 | June 2050 |
| The Second September 2022 Loan Agreement |  | 408625 |  | August 2023 |
| The April 20 2023 Loan Agreement | 31213 | 41213 |  | June 2026 |
| The April 5, 2024 Loan Agreement |  | 56250 |  | February 2025 |
| The May 3, 2024 Loan Agreement |  | 48489 |  | May 2025 |
| The May 31, 2024 Loan Agreement\* | 55000 | 57000 | 15 | May 2025 |
| The August 20, 2024 Loan Agreement |  | 14645 |  | February 2025 |
| The October 18, 2024 Loan Agreement |  | 21586 |  | April 2026 |
| The December 30, 2024 Loan Agreement | 23965 | 117615 | 20 | February 2026 |
| The February 27, 2025 Loan Agreement | 361143 |  |  | February 2026 |
| The June 1, 2025 Loan Agreement | 81 |  |  | December 2026 |
| The July 23, 2025 Loan Agreement | 358 |  |  | January 2027 |
| The October 1, 2025 Loan Agreement | 18677 | – | –- | April 2027 |
|  | 548350 | 964000 |  |  |
| Less: Debt Discount | (8164) | (16000) |  |  |
| Total Debt | 540186 | 948000 |  |  |
| Less: Current Debt | (467962) | (926414) |  |  |
| Total Long Term Debt | $72224 | $21586 |  |  |

---

\* In default as of December 31, 2025

 *<u>The April 2020 PPP Loan Agreement</u>*

On April 30, 2020, the Company was granted a loan with a principal amount of $282,432 (the "Loan"), pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which was enacted on March 27, 2020. The Loan, which was in the form of a Note dated April 30, 2020, matures on April 30, 2022, and bears interest at a fixed rate of 1.00% per annum, payable monthly commencing on October 30, 2020. The Note may be prepaid by the Company at any time prior to maturity without payment of any premium. Funds from the Loan may only be used to retain workers and maintain payroll or make mortgage payments, lease payments and utility payments.

On July 1, 2025, the SBA forgave the amount due, including interest and penalties, and refunded the Company $86,130 in payments already made. The SBA also furnished the Company with a Zero Balance letter, resulting in a $198,577 gain on settlement of debt.

As of December 31, 2025, this note is no longer outstanding.

 

 *<u>The June 13, 2020 Loan Agreement</u>*

 

On June 13, 2020, Flewber Global, Inc. received a loan of $63,800 from the United States' Small Business Administration ("SBA") under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). This loan was assumed by the Company on February 27, 2025 as part of the acquisition of Flewber Global, Inc.

This loan accrues interest at 3.75% per annum. The balance of principal and interest will be fully repaid thirty years from the date the loan was received. Future payments of $3,732 will be made each year, in the form of monthly payments of $311 until the principal balance is fully repaid.

Between the acquisition of Flewber Global, Inc. and December 31, 2025, the note accrued $1,304 in interest.

Between the acquisition of Flewber Global, Inc. and December 31, 2025, the Company repaid $3,110 in principal and $0 in interest towards the balance of this note.

As of December 31, 2025, this note is outstanding.

 

 

 *<u>The Second September 2022 Loan Agreement</u>*

On September 22, 2022, the Company entered into a loan agreement (the "Second September 2022 Loan Agreement") with a lender (the "First September 2022 Lender"), whereby the Second September 2022 Lender issued the Company a promissory note of $876,000 (the "Second September 2022 Note"). The Company received cash proceeds of $272,614 and rolled the remaining $303,386 of principal from the First May 2022 Loan Agreement. Pursuant to the Second September 2022 Loan Agreement, the Second September 2022 Note has a flat interest fee of $321,637, for an effective interest rate of 100%. The maturity date of the Second September 2022 Note was May 5, 2023 (the "Second September 2022 Maturity Date"). The Company is required to make weekly payments of $27,375. The Second September 2022 Note is secured by officers of the Company. On June 23, 2023, the Company and the Second September 2022 Lender executed an agreement amending the payment terms and extending the Second September 2022 Maturity Date to December 31, 2023.

On June 13, 2025, the Company entered into a Settlement Agreement with the Second September 2022 Lender, whereby the Company agreed to make a payment of $2,500 by June 13, 2025, and two subsequent payments of $25,000 to close out the remaining note.

On July 9, 2025, the Company amended the Settlement Agreement with the Second September 2022 Lender, whereby the Second September 2022 Lender agreed to a payment of $40,000 and forgive the remainder of the note.

During the year ended December 31, 2025, the Company paid $65,000 towards this note and recorded a gain on settlement of debt of $343,625.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The April 20 2023 Loan Agreement</u>*

On April 20, 2023, the Company entered into a loan agreement (the "April 2023 Loan Agreement") with Arthur Rosen, who would subsequently, in August 2025, be named a director of the Company (the "April 2023 Lender"), whereby Mr. Rosen issued the Company a promissory note of $130,000 (the "April 2023 Note"). Pursuant to the April 2023 Loan Agreement, the April 2023 Note has an effective interest rate of 18%. The maturity date of the April 2023 Note was April 26, 2023 (the "April 2023 Maturity Date") at which time all outstanding principal, accrued and unpaid interest and other amounts due under the April 2023 Loan Agreement were due.

In May 2024, Mr. Rosen agreed to extend the maturity date of the April 2023 Note until December 28, 2024 in exchange for warrants to purchase 3,778 shares of the Company's common stock at an exercise price of $35.00, together valued at $177,560.

The May 2024 modification of the note was accounted for as a debt modification under ASC 470-50, with no gain or loss recognized and the carrying amount of the note unchanged. The fair value of the warrants issued ($177,560) was recorded as an additional debt discount. The full amount of this debt discount was amortized during the year ended December 31, 2024, which is included within Accretion of debt discount and issuance cost on the Consolidated Statements of Operations.

On December 30, 2024, the Lender agreed to extend the maturity date of the April 2023 Note until March 31, 2025. The amendment was accounted for as a debt modification in accordance with ASC 470-50.

On July 8, 2025, the Lender agreed to extend the maturity date of the April 2023 Note to December 31, 2025. The amendment was accounted for as a debt modification in accordance with ASC 470-50.

On December 30, 2025, the Lender agreed to extend the maturity date of the April 2023 Note to June 30, 2026. The amendment was accounted for as a debt modification in accordance with ASC 470-50.

As of December 31, 2025 and 2024, the Loan had a principal balance of $31,213 and $41,213 respectively and interest balance of $3,024 and $7,521, respectively. During the years ended December 31, 2025 and 2024, the note accrued $5,503 and $7,521 in interest, respectively.

During the year ended December 31, 2025, the Company paid $10,000 in principal and $10,000 in interest towards the note.

As of December 31, 2025, this note is outstanding.

 

 

 *<u>The April 5th, 2024 Loan Agreement</u>*

 

On April 5, 2024, the Company entered into a promissory note agreement (the "April 5 Loan Agreement") with a lender ("April 5 lender"), whereby the April 5 lender issued the Company a promissory note of $56,250 (the "April 5 Note"). The original maturity date of the April 5 Note is February 15, 2025. This note has a flat interest fee of 15%.

The Company recorded a $11,250 debt discount relating to an original issue discount and debt issuance costs of $5,000, both of which were amortized across the life of the note. In 2025 and 2024, the Company recorded $2,366 and $13,884 in accretion of debt discount and issuance cost, respectively. The debt discount was fully amortized as of December 31, 2025.

On December 4, 2024, the Lender agreed to extend the note's maturity date to March 31, 2025.

As of December 31, 2024, the Loan had a principal balance of $56,250 and an interest balance of $7,209. During the year ended December 31, 2025 and 2024, the note accrued $1,228 and $7,209 in interest, respectively.

On August 14, 2025, the Lender and the Company reached a Settlement Agreement, whereby the Lender agreed to accept $60,000 to satisfy all remaining principal, interest and penalties due. The Company paid this settlement amount on August 14, 2025, resulting in a gain on settlement of debt of $4,687.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The May 3rd, 2024 Loan Agreement</u>*

 

On May 3, 2024, the Company entered into a promissory note agreement (the "May 3 Loan Agreement") with a lender ("May 3 lender"), whereby the May 3 lender issued the Company a convertible promissory note of $60,000 (the "May 3rd Note"). This note does not accrue interest. The May 3 Note has a maturity date of May 3, 2025.

The Company recorded a $24,600 debt discount relating to an original issue discount and debt issuance costs of $2,400, both of which were amortized across the life of the note. In 2025 and 2024, the Company recorded $9,099 and $17,901 in accretion of debt discount and issuance cost, respectively. The debt discount was fully amortized as of December 31, 2025.

During the years ended December 31, 2025 and 2024, the Company paid $40,800 and $38,511 in principal towards this note.

On July 7, 2025, the Company and the May 3 Lender agreed to settle the note with a $11,000 cash payment against the balance and forgave the remainder of the balance, resulting in a gain on settlement of debt of $7,689.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The May 31, 2024 Loan Agreement</u>*

On May 31, 2024, the Company entered into a promissory note agreement (the "May 31 Loan Agreement") with a lender (the "May 31 Lender") whereby the May 31 Lender issued the Company a promissory note in the amount of $60,000. The Maturity Date of the note is May 31, 2025. The principal of the note shall be due and payable in full on the Maturity Date.

This note has a flat interest fee of 15%.

The Company recorded debt issuance costs of $1,800 for an original issue discount, amortized over the life of the note. During the years ended 2025 and 2024, the company recorded $745 and $1,055 in accretion of debt discount and issuance cost, respectively. The debt discount has been fully amortized as of December 31, 2025.

During the years ended December 31, 2025 and 2024, the note accrued $6,166 and $5,101 in interest, respectively.

During the years ended December 31, 2025 and 2024, the Company paid $2,000 and $3,000 in principal towards this note.

As of December 31, 2025, this note is in default. Subsequent to December 31, 2025, the Company entered into a Settlement Agreement with the Lender. See Note 15 - *<u>Subsequent Events.</u>*

 *<u>The August 20th, 2024 Loan Agreement</u>*

On August 20, 2024, the Company entered into a loan agreement (the "August 20 Loan Agreement") with a lender (the "August 20 Lender"), whereby the August 20 Lender issued the Company a promissory note of $15,415 (the "August 20 Note"). The estimated term of the August 20 Note was approximately 181 days, or February 17, 2025, based on the Lender's projection of daily collections at 10% of the Company's receivables until the total payment amount was satisfied. Although payments continued beyond the estimated 181-day period, the note remained in good standing, all payment obligations were satisfied, and the note did not go into default.

The Company recorded a $1,615 debt discount relating to an original issue discount amortized across the life of the note. During the years ended 2025 and 2024, the Company recorded $428 and $1,187 in accretion of debt discount and issuance costs, respectively. The debt discount was fully amortized as of December 31, 2025.

During the years ended December 31, 2025 and 2024, the Company repaid $14,645 and $770, respectively, towards the balance of this note, and the note is paid in full.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The October 18, 2024 Loan Agreement</u>*

 

On October 18, 2024, the Company entered into a loan agreement (the "October 18 Loan Agreement") with a lender (the "October 18 Lender"), whereby the October 18 Lender issued the Company a promissory note of $43,041 (the "October 18 Note"). The maturity date of the October 18 Note is April 18, 2025 (the "Maturity Date"). The Company is required to make a minimum payment every 60 days of $4,782. The note does not accrue interest.

The Company recorded a $3,841 debt discount relating to an original issue discount, amortized across the life of the note. During the years 2025 and 2024, the Company recorded $3,364 and $477 in accretion of debt discount and issuance costs, respectively. The debt discount was fully amortized as of December 31, 2025.

During the years ended December 31, 2025 and 2024, the Company repaid $21,586 and $21,455 in principal towards this note, and the note is paid in full.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The December 30, 2024 Loan Agreement</u>*

On December 30, 2024, the Company entered into a Loan Agreement with CEO Jeremy Frommer, where the Company consolidated the outstanding notes with Mr. Frommer (the February 22 Loan Agreement, the March 26 Loan Agreement, and the June 13 Loan Agreement). The Company issued the promissory note with a principal amount of $117,615, the sum of the balances of the three consolidated notes. The note has a maturity date of February 28, 2026.

The Company accrues interest at the rate of 20% per annum on the outstanding balance of the note. During the years ended December 31, 2025 and 2024, this note accrued $13,943 and $64 of interest, respectively.

On March 30, 2025, the Lender agreed to extend the maturity date of the December 30, 2024 Note until February 28, 2026.

During the year ended December 31, 2025, the Company paid $93,649 in principal and $14,007 in interest towards the note.

As of December 31, 2025, this note is outstanding.

 *<u>The February 4, 2025 Loan Agreement</u>*

 

On February 4, 2025, Flewber Global, Inc. entered into a Loan Agreement (the "February 4, 2025 Loan Agreement") with a lender (the "February 4, 2025 Lender") whereby the February 4, 2025 Lender issued the Company a promissory note of $67,500 (the "February 4, 2025 Note"). The note has a maturity date of December 31, 2025.

Prior to February 27, 2025, Flewber Global, Inc. repaid $2,500 towards the principal of this note. On February 27, 2025, the outstanding note balance of $65,000 became a liability of the Company via the acquisition of Flewber Global, Inc.

Between February 27 and November 13, 2025, the note accrued $4,250 in interest.

Between February 27 and November 13, 2025, the Company paid $20,250 in principal and $4,250 in interest towards this note.

On November 13, 2025, the Lender agreed to a $25,000 cash payment against the balance, and to convert the remainder of the balance to 200 shares of Series A preferred stock, for a consideration value of $24,000.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The February 27, 2025 Loan Agreement</u>*

 

On February 27, 2025, as part of the acquisition of Flewber Global, Inc., the Company assumed a demand loan between Flewber Global, Inc. and its CEO, Marc Sellouk in the amount of $365,000. The Company formalized the loan through a written agreement (the "February 27, 2025 Loan Agreement"). The Loan Agreement has a maturity date of February 27, 2026 and accrues interest at a flat monthly rate of $3,000 per month.

During the year ended December 31, 2025, the note accrued $29,984 in interest.

During the year ended December 31, 2025, the Company paid $3,554 in principal and $27,239 towards interest of this note.

As of December 31, 2025, this note is outstanding.

 *<u>The June 1, 2025 Loan Agreement</u>*

 

On June 1, 2025, the Company entered into a loan agreement (the "June 1, 2025 Loan Agreement") with a lender (the "June 1, 2025 Lender"), whereby the June 1, 2025 Lender issued the Company a promissory note of $44,871 (the "June 1, 2025 Note"). The maturity date of the June 1, 2025 Note is December 1, 2026 (the "Maturity Date"). The Company is required to make a minimum payment every 60 days of $4,986. The note does not accrue interest.

The Company recorded debt issuance costs of $4,771, which is being amortized over the life of the note. In the year ended December 31, 2025, the Company amortized $1,331 of this discount, which was recorded under Accretion of debt discount and issuance cost on the consolidated statements of operations. As of December 31, 2025, the discount balance is $3,440.

During the year ended December 31, 2025, the Company repaid $44,790 towards the principal of this note.

As of December 31, 2025, there is $81 in principal remaining on this note.

 *<u>The First June 4, 2025 Loan Agreement</u>*

 

On June 4, 2025, the Company entered into a loan agreement (the "First June 4, 2025 Loan Agreement") with a lender (the "First June 4, 2025 Lender") whereby the First June 4, 2025 Lender issued the Company a promissory note of $12,500 (the "First June 4, 2025 Notes"). The note had a maturity date of June 30, 2025.

As additional consideration, the First June 4, 2025 Lender was issued 37,500 5-year warrants to purchase the Company's common stock at an exercise price of $1.00 per share. The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $6,477 to the debt instrument (52%) and $6,023 to the warrants (48%). The Company recorded a $6,023 debt discount over the life of the note. As of December 31, 2025 the discount has been fully amortized.

During the year ended December 31, 2025, the Company repaid $12,500 towards the principal of this note and satisfied the balance.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The Second June 4, 2025 Loan Agreement</u>*

 

On June 4, 2025, the Company entered into a loan agreement (the "First June 4, 2025 Loan Agreement") with Jeremy Frommer, whereby Mr. Frommer issued the Company a promissory note of $12,500 (the "First June 4, 2025 Notes"). The note has a maturity date of June 30, 2025.

As additional consideration, Mr. Frommer was issued 1,875 5-year warrants to purchase the Company's common stock at an exercise price of $20.00 per share. The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $6,477 to the debt instrument (52%) and $6,023 to the warrants (48%). The Company recorded a $6,023 debt discount over the life of the note. As of December 31, 2025 the discount has been fully amortized.

During the year ended December 31, 2025, the Company repaid $12,500 towards the principal of this note and satisfied the balance.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The June 13, 2025 Loan Agreement</u>*

 

On June 13, 2025, the Company entered into a loan agreement (the "June 13, 2025 Loan Agreement") with a lender (the "June 13, 2025 Lender") whereby the June 13, 2025 Lender issued the Company a promissory note of $100,000 (the "June 13, 2025 Note"). The note has a maturity date of February 15, 2026, and has repayment rights upon the return of the security deposit of a leased aircraft by the Company or any sale of Fly Flyte, Inc. or Ponderosa Air LLC or its assets.

As additional consideration for the issuance of the promissory note, the Company granted the lender seven complimentary Hops flights on the Company's aircraft, with a total fair value of $7,805 ($1,115 per flight). The flights are redeemable at the lender's discretion and are recorded as a flight obligation liability until redeemed under accounts payable and accrued liabilities on the consolidated balance sheet. The full value was recognized as interest expense upon issuance of the note.

On September 18, 2025, the Lender agreed to convert the remaining principal balance due on the Note of $100,000 to 134 shares of Series G Preferred Stock.

As of December 31, 2025, the note is no longer outstanding.

 *<u>The July 23, 2025 Loan Agreement</u>*

 

On July 23, 2025, the Company entered into a loan agreement (the "July 23, 2025 Loan Agreement") with a lender (the "July 23, 2025 Lender") whereby the July 23, 2025 Lender issued the Company a promissory note of $7,827. The maturity date of the July 23, 2025 Note is January 23, 2027 (the "Maturity Date"). The note does not accrue interest.

The Company recorded a debt discount of $1,027, which is being amortized over the life of the note. During the year ended December 31, 2025, the company recorded $392 in accretion of debt discount cost. As of December 31, 2025, the debt discount balance is $634.

During the year ended December 31, 2025, the Company repaid $7,469 towards the principal of this note.

As of December 31, 2025, this note is outstanding.

 

 

 *<u>The October 1, 2025 Loan Agreement</u>*

On October 1, 2025, the Company entered into a loan agreement (the "October 1, 2025 Loan Agreement") with a lender, (the "October 1, 2025 Lender") whereby the October 1, 2025 Lender issued the Company a promissory note of $43,758. The maturity date of the October 1, 2025 Loan Agreement is April 2, 2027 (the "Maturity Date"). The Company is required to make a minimum payment every 60 days of $4,862. The note does not accrue interest.

The Company recorded a debt discount of $4,862. The debt discount is being accreted over the life of the note. During the year ended December 31, 2025, the company recorded $772 in accretion debt discount issuance cost. As of December 31, 2025, the discount balance is $4,090.

During the year ended December 31, 2025, the Company repaid $25,081 towards the principal of this note.

As of December 31, 2025, this note is outstanding.

 *<u>The October 21, 2025 Loan Agreement</u>*

On October 21, 2025, the Company entered into a loan agreement (the "October 21, 2025 Loan Agreement") with Jeremy Frommer, whereby Mr. Frommer issued the company a promissory note of $14,000. The note has a maturity date of December 31, 2025. In addition, the company recorded a $12,069 debt discount associated with the issuance of warrants, which is being amortized over the life of the note.

As additional consideration, Mr. Frommer was issued 17,500 5-year warrants to purchase the Company's common stock at an exercise price of $20.00 per share. The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $1,931 to the debt instrument (14%) and $12,069 to the warrants (86%).

On October 30, 2025, the Company repaid $14,000 towards the principal of this note and satisfied the balance, at which the debt discount was fully amortized.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The October 30, 2025 Loan Agreement</u>*

On October 30, 2025, the Company entered into a short-term bridge loan agreement (the "October 30, 2025 Loan Agreement") with a lender, (the "October 30, 2025 Lender") whereby the October 30, 2025 Lender issued the Company a promissory note of $97,995, prior to the closing of the Uplist Financing. Upon closing of the first tranche of the Uplisting Financing (the "First Tranche of Uplist Financing"), the Company paid $97,995 in cash to the October 30, 2025 Lender, and this note was completed..

The Company recorded a debt discount of $7,614. The debt discount is being accreted over the life of the note. As of December 31, 2025, the discount balance is $0.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The November 3, 2025 Loan Agreement</u>*

On November 3, 2025, the Company entered into a loan agreement (the "November 3, 2025 Loan Agreement") with Jeremy Frommer, whereby Mr. Frommer issued the Company a promissory note of $12,100. The note has a maturity date of November 15, 2025. In addition, the Company recorded a $10,314 debt discount associated with the issuance of warrants, which is being amortized over the life of the note.

As additional consideration, Mr. Frommer was issued 12,050 5-year warrants to purchase the Company's common stock at an exercise price of $20.00 per share. The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $1,786 to the debt instrument (15%) and $10,314 to the warrants (85%).

On November 10, 2025, the Company repaid $12,100 towards the principal of this note and satisfied the balance, at which point the debt discount has been fully amortized.

As of December 31, 2025, this note is no longer outstanding.

 *Debt Maturities*

 

Of the $72,224 in long-term debt, $0 has maturity dates in the year ended December 31, 2026, $14,311 has maturity dates in the year ended December 31, 2027, and the remaining $57,913 matures thereafter.

 **Note 7 – Convertible Notes Payable**

Convertible notes payable as of December 31, 2025 and 2024 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Warrants Granted** | **Warrants Granted** |
|  | **Outstanding <br> Principal <br> as of**<br> **December 31, <br> 2025**  | **Outstanding <br> Principal <br> as of**<br> **December 31, <br> 2024**  | <br> **Interest Rate** | <br> **Conversion Price** | <br> **Maturity Date** | **Quantity** | **Exercise Price** |
| The March 13, 2024 Loan Agreement | $– | $1100000 | 18% | 170 | Sep 2025 |  |  |
| The First April 2nd Loan Agreement |  | 105370 | 18 | 50 | Apr 2026 | 11112 | $5 |
| The November 22, 2024 Loan Agreement |  | 30000 | 18 | 20 | Apr 2026 | 120000 | $0.87 |
| The First Tranche of Uplist Financing | 1580556 |  |  | 10 \* | Nov 2026 |  |  |
| The Second Tranche of Uplist Financing | 1185417 | – |  | 10 \* | Dec 2026 |  |  |
|  | 2765973 | 1235370 |  |  |  |  |  |
| Less: Debt Discount | (2382599) | (19212) |  |  |  |  |  |
| Total | $383374 | $1216158 |  |  |  |  |  |

---

\* Variable conversion price, as further described below

 *<u>The March 13 Loan Agreement</u>*

On March 13, 2024, the Company entered into a restructuring agreement with two of the remaining holders of the May 2022 Convertible Notes (the "First March 13 Loan Agreement"). As part of the agreement, the principal balance of the notes, each $495,000, was combined into a single note and increased to $1,100,000 and the conversion price was reduced to $170 per share. The notes accrue interest at a rate of 10% per annum for the first 12 months following closing and 15% thereafter, with interest payable monthly in cash beginning April 15, 2024. The maturity date was extended to 18 months from the date of closing, to September 13, 2025.

As additional consideration for the exchange, the Company cancelled all Series C and Series D Warrants held by the noteholders and issued preferred shares convertible into 1,500 shares of the Company's common stock. The Company also granted the noteholders a first-priority security interest in all of its assets and those of its subsidiaries.

Since the present value of the cash flows of the new and old debt were more than 10% different, the Company used extinguishment accounting under ASC 470-50. As part of the agreement, the Company recognized a $110,000 loss on extinguishment of debt due to the additional principal and a $148,907 gain on extinguishment of debt due to the forgiveness of accrued interest.

On September 13, 2025, the Note went into default incurring 18% interest rate. On November 4, 2025, the Lender and the Company reached a settlement agreement. The Lender agreed to a $350,000 cash payment against the balance, and to convert the remainder of the balance to 1,249 shares of Series G preferred stock, for a consideration value of $936,750. As additional consideration, the Company issued 134 shares of Series G Preferred stock, for a consideration of $100,500. As a result of the settlement, the Company recorded $81,354 in gain on settlement.

 

During the years ended December 31, 2025 and 2024, the note accrued $179,661 and $88,301 in interest, respectively.

During the year ended December 31, 2025, the Company paid $186,608 towards interest of this note.

 

As of December 31, 2025, this note is no longer outstanding.

 *<u>The First April 2nd Loan Agreement</u>*

On April 2, 2024, the Company entered into a loan agreement (the "First April 2 Loan Agreement") with a lender (the "First April 2 Lender"), whereby the First April 2 Lender issued the Company a promissory note of $55,556 (the "First April 2 Note"). The maturity date of the First April 2 Note was October 2, 2024 (the "Maturity Date"). The First April 2 Note is convertible into shares of the Company's common stock, par value $0.001 per share ("Conversion Shares") equal to $50.00. As additional consideration for entering in the First April 2 Loan Agreement, the Company issued 556 warrants of the Company's common stock. The Company recorded a $5,556 debt discount relating to an original issue discount, and a $24,346 debt discount relating to the issuance of warrants with the debt. The debt discount and issuance costs had been fully amortized in 2024.

The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $31,210 to the debt instrument (56%) and $24,346 to the warrants (44%). The Company recorded $5,556 of debt discount relating to an original issue discount, which was amortized over the life of the note to accretion of debt discount and issuance cost. The debt discount is fully amortized as of December 31, 2024.

On October 15, 2024 the Lender agreed to amend the loan agreement, whereby the Maturity Date was extended to April 2, 2025. As consideration for the exchange, the Company agreed to increase the principal to $108,970, which was inclusive of all penalty principal additions and original issue discounts. The amendment was accounted for as a debt modification in accordance with ASC 470-50. As part of the agreement, the Company is required to make monthly payments of $1,800 towards the balance of the note per month.

On April 10, 2025, the Lender agreed to amend the loan agreement, whereby the Maturity Date was extended to June 30, 2025. As consideration for the extension, the Company agreed to pay a one-time payment of $7,500 against the note, reinstate an 18% annualized interest rate, and continue $1,800 monthly payments. The amendment was evaluated in accordance with ASC 470-50, and as the change in the present value of the cash flows was less than 10%, the amendment was accounted for as a debt modification.

On July 8, 2025, the Lender agreed to amend the loan agreement, whereby the Maturity Date was extended to September 30, 2025.

On September 4, 2025, the Lender agreed to extend the Maturity Date of the Note to April 2, 2026.

On November 5, 2025, the Company entered a settlement agreement with the April 2 Lender. The Lender agreed to a $26,157 cash payment against the balance, and to convert the remainder of the balance to 93 shares of Series G Preferred stock, for a consideration value of $69,127. As additional consideration, the Company issued 162 shares of Series G Preferred stock, for a consideration of $121,389.

During the year ended December 31, 2025, the note accrued $9,813 in interest.

During the years ended December 31, 2025 and 2024, the Company paid $36,856 and $3,600 in cash, respectively, towards principal of this note. During the year ended December 31, 2025, the Company paid $9,202 in cash towards the interest of this note. As part of the settlement agreement, the Company allocated the Preferred G stock issuance of $69,127 in value as $68,515 towards principal and $612 towards interest, satisfying the remainder owed on the note

As of December 31, 2025, this note is no longer outstanding.

 *<u>The November 22nd Loan Agreement</u>*

On November 22, 2024, the Company entered into a promissory note agreement (the "November 22 Loan Agreement") with a lender ("November 22 lender"), whereby the November 22 lender issued the Company a convertible promissory note of $30,000 (the "November 22 Note") with an original issuance discount of $5,000. The November 22 Note is convertible into shares of the Company's common stock, par value $0.001 per share ("Conversion Shares") equal to $20.00, or the lesser of and the lowest per-share amount of any financing consummated after the date of the Agreement. As additional consideration for entering in the November 22 Loan Agreement, the Company issued 120,000 warrants of the Company's common stock. The original maturity date of the November 22 Note was March 22, 2025.

The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $6,537 to the debt instrument (22%) and $24,463 to the warrants (78%).

During the year ended December 31, 2024, the Company recorded a $28,463 debt discount relating to an original issue discount and the issuance of warrants, which is being amortized over the life of the note to accretion of debt discount and issuance cost. During the years ended December 31, 2025 and 2024, the Company recorded $19,213 and $9,250, respectively, in amortization of debt discount expense. As of December 31, 2025, the debt discount had been fully amortized.

On April 10, 2025, the Lender agreed to amend the loan agreement, whereby the Maturity Date was extended to July 1, 2025. As consideration for the extension, the Company agreed to reinstate an 18% annualized interest rate. The amendment was accounted for as a debt modification in accordance with ASC 470-50.

On July 7, 2025, the Lender agreed to amend the loan agreement, whereby the Maturity Date was extended to September 30, 2025.

On September 4, 2025, the Lender agreed to extend the Maturity Date of the Note to April 2, 2026.

On November 5, 2025, the Company settled the note with the Lender. The Lender agreed to a $8,843 cash payment against the balance, and to convert the remainder of the balance to 32 shares of Series G Preferred stock, for a consideration value of $23,386. As additional consideration, the Company issued 55 shares of Series G Preferred stock, for a consideration of $41,123.

 

During the years ended December 31, 2025 and 2024, the note accrued $6,282 and $577 in interest, respectively.

During the year ended December 31, 2025, the Company paid, in cash, $8,843 towards principal and $2,000 towards interest of this note. As part of the settlement agreement, the Company allocated the Preferred G stock issuance of $23,386 in value as $21,157 towards principal and $2,229 towards interest, satisfying the remainder owed on the note.

As of December 31, 2025, this note is no longer outstanding.

 

 *<u>Uplist Financing</u>*

On November 9, 2025, the Company entered into a financing arrangement (the "Uplisting Financing") with a group of nine accredited investors (the "nine Accredited Investors"). The financing provides for the issuance of senior convertible promissory notes (the "Notes") and accompanying warrants (the "Warrants") in an aggregate principal amount of up to $7,777,778, to be funded in four tranches. This includes a 20% original issue discount, yielding net cash proceeds to the Company of $6,222,222.

On November 9, 2025, the first tranche (the "First Tranche of Uplist Financing") of $1,244,445 was funded at closing, whereby the nine Accredited Investors issued the Company a convertible promissory note of $1,555,556 with an original issuance discount of $311,111. The Company received net cash proceeds after the original issue discount. In addition, the Company recorded an additional $777,817 debt discount relating to the issuance of warrants as part of the financing arrangement, which is being amortized over the life of the note. Between November 9, 2025 to December 31, 2025, the Company recorded $155,135 in amortization of debt discount expense. As of December 31, 2025, the balance of debt discount is $933,793.

On December 5, 2025, the second tranche (the "Second Tranche of Uplist Financing") of $933,333 was funded upon the submission of the Company's Registration Statement to the Securities and Exchange Commission, whereby the nine Accredited Investors issued the Company a convertible promissory note of $1,166,667 with an original issuance discount of $233,334. The Company received net cash proceeds after the original issue discount. In addition, the Company recorded an additional $722,222 debt discount relating to the issuance of warrants as part of the financing arrangement, which is being amortized over the life of the note. Between December 5, 2025 to December 31, 2025, the Company recorded $70,182 in amortization of debt discount expense. As of December 31, 2025, the balance of debt discount is $885,374.

On December 9, 2025, an additional accredited investor (the "Tenth Accredited Investor") subscribed to the Uplisting Financing on substantially the same terms as the nine Accredited Investors. On such date, the Tenth Accredited Investor funded the first and second tranches of its investment. The first tranche of $20,000 was funded at closing, whereby the Tenth Accredited Investor issued the Company a convertible promissory note of $25,000 with an original issue discount of $5,000. The second tranche of $15,000 was also funded at closing, whereby the Tenth Accredited Investor issued the Company a convertible promissory note of $18,750 with an original issue discount of $3,750. The Company received aggregate net cash proceeds of $35,000 from the Tenth Accredited Investor on December 9, 2025. In addition, the Company recorded an additional debt discount of $16,489 from the first tranche and $10,568 from the second tranche, relating to the issuance of warrants as part of the financing arrangement, which is being amortized over the life of the notes. Between December 5, 2025 to December 31, 2025, the Company recorded $4,513 in amortization of debt discount expense. As of December 31, 2025, the balance of debt discount is $31,294.

All tranches are held in third-party escrow until each respective milestone is achieved. The full subscription amount was divided among all investors, and the Company issued individual Notes to each of those investors.

Subsequent to December 31, 2025, one investor funded $375,000 towards the full third tranche of $933,333. Refer to Note 15 - *Subsequent Events* for more information.

The fourth tranche of $3,173,611 is to be funded upon formal approval of the Company's uplisting to a national securities exchange.

Subsequent to December 31, 2025, the investors were released from the obligation to fund the remaining third and fourth tranches as part of the sale of Fly Flyte, Inc. Refer to Note 15 - *Subsequent Events* for more information.

The Notes carry no stated interest unless in default, mature twelve months from the initial closing, and are convertible at the holder's option at $10.00 per share, or mandatorily upon an approved national-exchange uplisting at the lower of (i) $10.00 per share, (ii) the uplist offering price, or (iii) a twenty percent (20%) discount to the lowest daily VWAP during the ten trading days prior to uplist. Each Note holder received Warrant coverage equal to one hundred percent (100%) of the Note face value, exercisable at $10.00 per share for a five-year term, with customary cashless-exercise provisions and full ratchet anti-dilution protection, as well as a 9.99% beneficial ownership limitation which can be adjusted on 61 days' notice. The warrants are automatically cashlessly exercised upon formal approval of the Company's uplisting to a national securities exchange.

The Company entered into customary registration rights requiring it to file and maintain a resale Registration Statement for the shares underlying the Notes and Warrants. The agreement sets specific deadlines for filing and effectiveness and provides investors with protections and remedies if the Company fails to meet these requirements.

The Purchasers who invested at least $1,000,000 were also granted participation rights allowing them to purchase their pro rata portion of up to 50% of any future financing the Company conducts for a period of twelve months following the uplist, on the same terms and conditions as the new offering.

As part of the Uplisting Financing, holders representing approximately 90.38% of the Company's outstanding preferred stock have agreed to convert their preferred shares into common stock upon uplist approval. The Company is continuing to obtain agreements from the remaining preferred stockholders representing approximately 9.62% of the outstanding preferred shares. Following the uplist, the Company expects to have almost entirely common stock outstanding and very few to no outstanding convertible debt or preferred securities.

In connection with this note, the Company recognized a derivative liability of $648,464 for tranche 1 and $680,609 for tranche 2. These derivatives are remeasured at fair value at each reporting period and a gain or loss on derivative recorded on the statement of operations as of the balance sheet date. These liabilities were recorded as additional debt discounts and amortized over the life of the note. However, because the liabilities, when added to the pre-existing debt discounts, exceeded the fair value of the notes, an immediate loss on derivative of $652,766 was recorded.

 **Note 8 – Related Party**

 

 *<u>Officer compensation</u>*

During the years ended December 31, 2025 and 2024, the Company paid $171,316 and $153,004, respectively for living expenses for officers of the Company under general and administrative expenses in the consolidated statements of operations.

During the years ended December 31, 2025 and 2024, the Company paid $58,750 and $0 in insurance and consulting services to board members of the Company, respectively, under general and administrative expenses in the consolidated statements of operations.

 *<u>The April 20 2023 Loan Agreement</u>*

On April 20, 2023, the Company entered into a loan agreement (the "April 2023 Loan Agreement") with Arthur Rosen, who would subsequently, in August 2025, be named a director of the Company (the "April 2023 Lender"), whereby Mr. Rosen issued the Company a promissory note of $130,000 (the "April 2023 Note"). Pursuant to the April 2023 Loan Agreement, the April 2023 Note has an effective interest rate of 18%. The maturity date of the April 2023 Note was April 26, 2023 (the "April 2023 Maturity Date") at which time all outstanding principal, accrued and unpaid interest and other amounts due under the April 2023 Loan Agreement were due.

In May 2024, Mr. Rosen agreed to extend the maturity date of the April 2023 Note until December 28, 2024 in exchange for warrants to purchase 3,778 shares of the Company's common stock at an exercise price of $35.00, together valued at $177,560.

The May 2024 modification of the note was accounted for as a debt modification under ASC 470-50, with no gain or loss recognized and the carrying amount of the note unchanged. The fair value of the warrants issued ($177,560) was recorded as an additional debt discount. The full amount of this debt discount was amortized during the year ended December 31, 2024, which is included within accretion of debt discount and issuance cost in the consolidated statements of operations.

On December 30, 2024, the Lender agreed to extend the maturity date of the April 2023 Note until March 31, 2025. The amendment was accounted for as a debt modification in accordance with ASC 470-50.

On July 8, 2025, the Lender agreed to extend the maturity date of the April 2023 Note to December 31, 2025. The amendment was accounted for as a debt modification in accordance with ASC 470-50.

On December 30, 2025, the Lender agreed to extend the maturity date of the April 2023 Note to June 30, 2026. The amendment was accounted for as a debt modification in accordance with ASC 470-50.

As of December 31, 2025 and 2024, the Loan had a principal balance of $31,213 and $41,213 respectively and interest balance of $3,024 and $7,521, respectively. During the years ended December 31, 2025 and 2024, the note accrued $5,503 and $7,521 in interest, respectively.

During the years ended December 31, 2025 and 2024, the Company paid $10,000 and $0 in principal and $10,000 and $0 in interest towards the note, respectively.

As of December 31, 2025, this note is outstanding.

 *<u>The December 30, 2024 Loan Agreement</u>*

On December 30, 2024, the Company entered into a Loan Agreement with CEO Jeremy Frommer, where the Company consolidated the outstanding notes with Mr. Frommer (the February 22 Loan Agreement, the March 26 Loan Agreement, and the June 13 Loan Agreement). The Company issued the promissory note with a principal amount of $117,615, the sum of the balances of the three consolidated notes. The note has a maturity date of February 28, 2026.

The Company accrues interest at the rate of 20% per annum on the outstanding balance of the note. During the years ended December 31, 2025 and 2024, this note accrued $13,943 and $64 of interest, respectively.

On March 30, 2025, the Lender agreed to extend the maturity date of the December 30, 2024 Note until February 28, 2026.

During the year ended December 31, 2025, the Company paid $93,649 in principal and $14,007 in interest towards the note.

As of December 31, 2025, this note is outstanding.

 *<u>The February 27, 2025 Loan Agreement</u>*

On February 27, 2025, as part of the acquisition of Flewber Global, Inc., the Company assumed a demand loan between Flewber Global, Inc. and its CEO, Marc Sellouk in the amount of $365,000. The Company formalized the loan through a written agreement (the "February 27, 2025 Loan Agreement"). The Loan Agreement has a maturity date of February 27, 2026 and accrues interest at a flat monthly rate of $3,000 per month.

During the year ended December 31, 2025, the note accrued $29,984 in interest.

During the year ended December 31, 2025, the Company paid $3,554 in principal and $27,239 towards interest of this note.

As of December 31, 2025, this note is outstanding.

 *<u>The Second June 4, 2025 Loan Agreement</u>*

 

On June 4, 2025, the Company entered into a loan agreement (the "First June 4, 2025 Loan Agreement") with Jeremy Frommer, whereby Mr. Frommer issued the Company a promissory note of $12,500 (the "First June 4, 2025 Notes"). The note has a maturity date of June 30, 2025.

As additional consideration, Mr. Frommer was issued 1,875 5-year warrants to purchase the Company's common stock at an exercise price of $20.00 per share. The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $6,477 to the debt instrument (52%) and $6,023 to the warrants (48%). The Company recorded a $6,023 debt discount over the life of the note. As of December 31, 2025 the discount has been fully amortized.

During the year ended December 31, 2025, the Company repaid $12,500 towards the principal of this note and satisfied the balance.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The October 21, 2025 Loan Agreement</u>*

On October 21, 2025, the Company entered into a loan agreement (the "October 21, 2025 Loan Agreement") with Jeremy Frommer, whereby Mr. Frommer issued the company a promissory note of $14,000. The note has a maturity date of December 31, 2025. In addition, the company recorded a $12,069 debt discount associated with the issuance of warrants, which is being amortized over the life of the note.

As additional consideration, Mr. Frommer was issued 17,500 5-year warrants to purchase the Company's common stock at an exercise price of $20.00 per share. The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $1,931 to the debt instrument (14%) and $12,069 to the warrants (86%).

On October 30, 2025, the Company repaid $14,000 towards the principal of this note and satisfied the balance, at which the debt discount was fully amortized.

As of December 31, 2025, this note is no longer outstanding.

 *<u>The November 3, 2025 Loan Agreement</u>*

On November 3, 2025, the Company entered into a loan agreement (the "November 3, 2025 Loan Agreement") with Jeremy Frommer, whereby Mr. Frommer issued the company a promissory note of $12,100. The note has a maturity date of November 15, 2025. In addition, the company recorded a $10,314 debt discount associated with the issuance of warrants, which is being amortized over the life of the note.

As additional consideration, Mr. Frommer was issued 12,050 5-year warrants to purchase the Company's common stock at an exercise price of $20.00 per share. The Company accounted for the issuance of the warrants and the note using the relative fair value method. The total relative fair value was allocated as follows: $1,786 to the debt instrument (15%) and $10,314 to the warrants (85%).

On November 10, 2025, the Company repaid $12,100 towards the principal of this note and satisfied the balance, at which point the debt discount has been fully amortized.

As of December 31, 2025, this note is no longer outstanding.

**Note 9 – Derivative Liabilities**

The Company has identified derivative instruments arising from convertible notes that have an option to convert at a variable number of shares in the Company's convertible notes payable during the year ended December 31, 2025. For the terms of the conversion features see Note 7. The Company had no derivative liabilities measured at fair value on a recurring basis as of December 31, 2024.

The Company utilizes a Monte Carlo simulation model for the make whole feature in the Company's outstanding convertible notes that have an option to convert at a variable number of shares to compute the fair value of the derivative and to mark to market the fair value of the derivative at each balance sheet date. The inputs utilized in the application of the Monte Carlo model included a starting stock price, an expected term of each debenture remaining from the valuation date to maturity, an estimated volatility, drift, and a risk-free rate. The Company records the change in the fair value of the derivative as other income or expense in the consolidated statements of operations.

Risk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note adjusted to be on a continuous return basis to align with the Monte Carlo simulation model and binomial model.

Dividend yield: The Company uses a 0% expected dividend yield as the Company has not paid dividends to date and does not anticipate declaring dividends in the near future.

Volatility: The Company calculates the expected volatility based on the Company's historical stock prices with a look back period commensurate with the period to maturity.

Expected term: The Company's remaining term is based on the remaining contractual maturity of the convertible notes.

The following are the changes in the derivative liabilities during the years ended December 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31, 2025 and 2024** | **Years Ended December 31, 2025 and 2024** | **Years Ended December 31, 2025 and 2024** | |
|  | **Level 1** | **Level 2** | **Level 3** |<br> **Total** |
| Derivative liabilities as January 1, 2024 | $- | $- | $7836521 | $7836521 |
| &nbsp;&nbsp;&nbsp; Addition |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Changes in fair value |  |  | 6370621 | 6370621 |
| &nbsp;&nbsp;&nbsp; Extinguishment | - | - | 1465900 | 1465900 |
| Derivative liabilities as December 31, 2024 | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp; Addition |  |  | 1329072 | 1329072 |
| &nbsp;&nbsp;&nbsp; Changes in fair value |  |  | 338966 | 338966 |
| &nbsp;&nbsp;&nbsp; Extinguishment | - | - | - | - |
| Derivative liabilities as December 31, 2025 | $- | $- | $1668038 | $1668038 |

---

 **Note 10 – Stockholders' Equity**

 

 *Shares Authorized*

The Company is authorized to issue up to three billion and twenty million (3,020,000,000) shares of capital stock, of which three billion (3,000,000,000) shares are designated as common stock, par value $0.001 per share, and twenty million (20,000,000) are designated as preferred stock, par value $0.001 per share.

 *Equity Line of Credit*

 

On October 20, 2022, the Company entered into a common stock purchase agreement (the "Equity Line of Credit") with an otherwise unaffiliated third party (the "Investor"). Pursuant to the terms of the Equity Line of Credit, for a period of thirty-six (36) months commencing on the trading day immediately following the date of effectiveness of the Registration Statement, the Investor can purchase up to $15,000,000 of the Company's common stock, par value $0.001 per share, pursuant to drawdown notices, covering the registrable securities. The purchase price of the shares under the Equity Line of Credit is equal to 82% of the lowest volume weighted average price (VWAP) during the last ten trading days after the Company delivers to the Investor a put notice or drawdown notice in writing requiring Investor to purchase shares of the Company, subject to the terms of the Equity Line of Credit.

During the year ended December 31, 2024, the Company sold 33,837 shares under this Equity Line of Credit for proceeds of $111,600. No sales have been made in 2025 under this Equity Line of Credit.

 

 *Preferred Stock*

 

 *Series A Convertible Preferred Stock*

On November 20, 2025, the Company filed a Certificate of Designation for the Preferred Series A class of stock. The Company has designated 50,000 shares of Series A Convertible Preferred stock and has 1,087 shares issued and outstanding as of December 31, 2025.

The shares of Series A Preferred Stock have a stated value of $120 per share and are convertible into Common Stock at the election of the holder, at any time beginning 18 months following the Original Issue Date, at a price of $12.00 per share, subject to adjustment. Each holder of Series A Preferred Stock shall be entitled to receive, with respect to each share of Series A Preferred Stock then outstanding and held by such holder, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common Stock. No other dividends shall be paid on shares of Preferred Stock.

The Holder shall be entitled to vote on an as-converted basis (subject to the Beneficial Ownership Limitation), together with the holders of Common Stock, with respect to any question upon which the holders of Common Stock have the right to vote, except as may be otherwise provided by applicable law. Except as otherwise expressly provided herein or as required by law, the Holders and the holders of Common Stock shall vote together and not as separate classes. Moreover, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing. The "Beneficial Ownership Limitation" shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred Stock held by the applicable Holder.

On November 12, 2025, the Company issued 125 shares of its Series A Convertible Preferred Stock with a fair value of $15,000 to settle outstanding liabilities.

On November 14, 2025, the company issued 215 shares of Series A Convertible Preferred Shares with a fair value of $25,750 to settle outstanding liabilities. In addition, the Company issued 200 shares of Series A Preferred with a fair value of $24,400 as consideration for services performed.

 

On November 24, 2025, a lender converted $24,000 in notes payable into 200 shares of Series A Preferred with a fair value of $24,000.

On December 5, 2025, the Company issued 347 shares of Series A Convertible Preferred Stock with a fair value of $41,462 to settle outstanding liabilities. The Company recognized a gain of $4,957 on the settlement, which is included in settlement of liabilities in the consolidated statement of operations.

During the years ended December 31, 2025, investors converted 0 shares of the Company's Series A Convertible Preferred Stock into shares of the Company's common stock.

 *Series E Convertible Preferred Stock*

The Company has designated 8,000 shares of Series E Convertible Preferred stock and had 450 shares issued and outstanding as of December 31, 2025 and 2024.

The shares of Series E Preferred Stock have a stated value of $1,000 per share and are convertible into Common Stock at the election of the holder of the Series E Preferred Stock, at any time following the Original Issue Date at a price of $41,200 per share, subject to adjustment. Each holder of Series E Preferred Stock shall be entitled to receive, with respect to each share of Series E Preferred Stock then outstanding and held by such holder, dividends on an as-converted basis in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common Stock.

The holders of Series E Preferred Stock shall be paid pari passu with the holders of Common Stock with respect to payment of dividends and rights upon liquidation and shall have no voting rights. In addition, as further described in the Series E Designation, as long as any of the shares of Series E Preferred Stock are outstanding, the Company shall not, without the affirmative vote of the holders of a majority of the then outstanding shares of Series E Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series E Preferred Stock or alter or amend this Series E Designation, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the holders of the Series E Preferred Stock, (c) increase the number of authorized shares of Series E Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing.

Each share of Series E Preferred Stock shall be convertible, at any time and from time to time at the option of the holder of such shares, into that number of shares of Common Stock determined by dividing the Series E Stated Value by the Conversion Price, subject to certain beneficial ownership limitations.

During the years ended December 31, 2025 and 2024, investors converted 0 shares of the Company's Series E Convertible Preferred Stock into shares of the Company's common stock.

 *Series F Convertible Preferred Stock*

 

The Company has designated 5,500,000 shares of Series F Convertible Preferred stock and has 2,283 and 3,188 shares issued and outstanding as of December 31, 2025 and 2024, respectively.

The shares of Series F Preferred Stock have a stated value of $1,000 per share and are convertible into Common Stock at the election of the holder of the Series F Preferred Stock, at any time following the Original Issue Date at a price of $100.00 per share, subject to adjustment. Each holder of Series F Preferred Stock shall be entitled to receive, with respect to each share of Series F Preferred Stock then outstanding and held by such holder, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common Stock. No other dividends shall be paid on shares of Preferred Stock.

The Holder shall be entitled to vote on an as-converted basis (subject to the Beneficial Ownership Limitation), together with the holders of Common Stock, with respect to any question upon which the holders of Common Stock have the right to vote, except as may be otherwise provided by applicable law. Except as otherwise expressly provided herein or as required by law, the Holders and the holders of Common Stock shall vote together and not as separate classes. Moreover, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing.

During the year ended December 31, 2024, investors were issued 3,939 shares of Series F Preferred stock for the conversion of $3,930,001 in outstanding notes for a loss on settlement of debt of $3,589,203 and 3,774 shares of Series F Preferred stock for the exchange of 1,501,353 warrants, resulting in an inducement expense of $1,441,908.

During the year ended December 31, 2024, investors were issued 150 shares of Series F Preferred stock in exchange for 1,800 warrants with an exercise price of $480 as part of the restructuring of a previously outstanding note payable. See Note 7 - *Convertible Notes Payable, The March 13 Loan Agreement* for further details on the restructuring.

During the year ended December 31, 2024, 17 investors converted 4,745 shares of Preferred Series F stock into 949,000 shares of common stock.

On January 2, 2025, 2 investors converted 835 shares of Preferred Series F stock into 8,350 shares of common stock.

On October 30, 2025, the remaining Series F Preferred shareholders approved to amend the Preferred Series F Certificate of Designation to reduce the conversion price from $100 to $20.

 *Series G Convertible Preferred Stock*

 

The Company has designated 500,000 shares of Series G Convertible Preferred stock and has 17,280 and 2,085 shares issued and outstanding as of December 31, 2025 and 2024, respectively.

The shares of Series G Preferred Stock have a stated value of $750 per share and are convertible into Common Stock at the election of the holder of the Series G Preferred Stock, at any time following the Original Issue Date at a price of $20.00 per share, subject to adjustment. Each holder of Series G Preferred Stock shall be entitled to receive, with respect to each share of Series G Preferred Stock then outstanding and held by such holder, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common Stock. No other dividends shall be paid on shares of Preferred Stock.

The Holder shall be entitled to vote on an as-converted basis (subject to the Beneficial Ownership Limitation), together with the holders of Common Stock, with respect to any question upon which the holders of Common Stock have the right to vote, except as may be otherwise provided by applicable law. Except as otherwise expressly provided herein or as required by law, the Holders and the holders of Common Stock shall vote together and not as separate classes. Moreover, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing. The "Beneficial Ownership Limitation" shall be 4.99% (or, upon election by a Holder prior to the issuance of any shares of Preferred Stock, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred Stock held by the applicable Holder.

The Series G Preferred Stock contains a full-ratchet anti-dilution provision. If the Company issues Common Stock or Common Stock Equivalents at an effective price below the then-current conversion price (a "Dilutive Issuance"), the conversion price is automatically reduced to equal that lower price (the "Base Conversion Price"), effective simultaneously with, or upon announcement of, such issuance. This adjustment applies to variable rate or floating-price instruments as well, using the lowest actual conversion or exercise price at the time of conversion/exercise. Exempt Issuances are excluded from triggering an adjustment. The Company is required to notify the Holder of any Dilutive Issuance no later than the following Trading Day.

During the year ended December 31, 2024, investors were issued 284 shares of Series G Preferred stock for gross proceeds of $210,000. As additional incentive, the Company issued 210,500 warrants with an exercise price of $1.00 and a fair value of $152,742.

During the year ended December 31, 2024, the Company issued 644 shares of Series G Preferred with a fair value of $355,305 for the conversion of $408,334 in notes payable, resulting in a gain on settlement of debt of $76,429. Additionally, the Company issued 48 shares of Series G Preferred in exchange for the cancellation of 71,230 warrants, resulting in an inducement expense of $23,400.

Additionally, on August 27, 2024, 134 shares of Series G Preferred were issued to a consultant of the company as compensation for services rendered at a value of $76,380.

On November 25, 2024, the Company entered into agreements with 2 vendors to settle a total of $665,620 in accounts payable for 437,347 shares of common stock with a fair value of $362,998 and 975 shares of Series G Preferred with a fair value of $606,938. This resulted in a loss on settlement of debt of $304,316.

During the year ended December 31, 2025, 5 investors purchased 238 shares of Series G Preferred stock for proceeds to the Company of $175,000, and also received 176,500 warrants to purchase the Company's common stock at an exercise price of $20.00.

During the first quarter of 2025, 22 investors purchased 1,419 shares of Series G Preferred stock for proceeds to the Company of $1,056,000. These purchases were made in conjunction with the Company's acquisition of Flewber Global, Inc. Additionally, 24 debtholders of Flewber Global, Inc. were issued 9,475 shares of Series G Preferred stock with a fair value of $6,395,625 to eliminate their debt in Flewber Global, Inc. as part of the acquisition purchase price. See *<u>Acquisition of Flewber Global, Inc.</u>* in Note 12 for further details on the acquisition structure.

During the year ended December 31, 2025, the Company issued 301 shares of Series G Preferred stock with a fair value of $88,793 to a consultant as payment for services.

On April 22, 2025, the Company issued 640 shares of Series G Preferred stock with a fair value of $192,000 to settle an outstanding payable of $480,000 for the office at 419 Lafayette Street, resulting in a gain on settlement of vendor liabilities of $288,000. See *<u>Lease Agreements</u>* for more information on the settlement of this liability.

On November 9, 2025, in connection with the issuance of the First Tranche of the Uplist Financing (see Note 7 - *Convertible Notes*), a Dilutive Issuance occurred, triggering the full-ratchet anti-dilution provision described above. As a result, the conversion price for all outstanding shares of Series G Preferred Stock was repriced from $20.00 to $10.00 per share, effective as of that date.

During the year ended December 31, 2025, a lender converted $100,000 in notes payable into 134 shares of Series G Preferred with a fair market value of $28,140, resulting in a loss on conversion of $71,680.

During the year ended December 31, 2025, a shareholder in Fly Flyte, Inc. entered into a Conversion Agreement with the Company whereby they exchanged 10% ownership interest in the entity Fly Flyte, Inc., previously purchased for $100,000, into 134 shares of Preferred Series G. The 10% ownership interest in Fly Flyte, Inc. was returned to Creatd, Inc.

On November 5, 2025, the Company issued 217 shares of preferred stock with an aggregate fair value of $44,594 as consideration for consulting services performed.

On November 7, 2025, the Company issued consultants 367 shares with a fair value of $88,080 for services provided to the Company.

During the year ended December 31, 2025, a lender converted $92,512, including interest, from the First April 2 Loan Agreement and the November 22 Loan Agreement into 125 total shares of Series G Preferred with a fair value of $92,512.

During the year ended December 31, 2025, a lender converted $936,608 from the First March 13 Loan Agreement into 1,249 shares of Series G Preferred with a fair value of $936,608. Additionally, the company issued 134 shares of Series G Preferred with a fair value of $28,844 for additional consideration. This was recorded as a $28,844 loss on extinguishment of debt, which is recorded in Gain (loss) on extinguishment of debt on the consolidated statement of operations.

 

 *Series H Convertible Preferred Stock*

The Company has designated 50,000 shares of Series H Convertible Preferred stock and has 3,798 shares issued and outstanding as of December 31, 2025 and 2024.

The shares of Series H Preferred Stock have a stated value of $100 per share and are convertible into Common Stock at the election of the holder of the Series H Preferred Stock, at any time following the Original Issue Date at a price of $5.14 per share, subject to adjustment. Each holder of Series H Preferred Stock shall be entitled to receive, with respect to each share of Series H Preferred Stock then outstanding and held by such holder, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common Stock. No other dividends shall be paid on shares of Preferred Stock.

The Holder shall be entitled to vote on an as-converted basis (subject to the Beneficial Ownership Limitation), together with the holders of Common Stock, with respect to any question upon which the holders of Common Stock have the right to vote, except as may be otherwise provided by applicable law. Except as otherwise expressly provided herein or as required by law, the Holders and the holders of Common Stock shall vote together and not as separate classes. Moreover, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing. The "Beneficial Ownership Limitation" shall be 4.99% (or, upon election by a Holder prior to the issuance of any shares of Preferred Stock, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred Stock held by the applicable Holder.

The Series H Preferred Stock contains a full-ratchet anti-dilution provision. If the Company issues Common Stock or Common Stock Equivalents at an effective price below the then-current conversion price (a "Dilutive Issuance"), the conversion price is automatically reduced to equal that lower price (the "Base Conversion Price"), effective simultaneously with, or upon announcement of, such issuance. This adjustment applies to variable rate or floating-price instruments as well, using the lowest actual conversion or exercise price at the time of conversion/exercise. Exempt Issuances are excluded from triggering an adjustment. The Company is required to notify the Holder of any Dilutive Issuance no later than the following Trading Day. There were no events that occurred during the years ended December 31, 2025 or 2024 triggering the anti-dilution provision.

During the year ended December 31, 2024, investors were issued 3,798 shares of Series H Preferred stock for the conversion of outstanding payroll and payables to Key Drivers of the Company.

There was no activity in the Series H Preferred stock during the year ended December 31, 2025.

 *Series I Convertible Preferred Stock*

 

On June 27, 2025, the Company filed a Certificate of Designation for the Preferred Series I class of stock. The Company has designated 100,000 shares of Series I Convertible Preferred stock and has 37,812 shares issued and outstanding as of December 31, 2025.

 

The shares of Series I Preferred Stock have a stated value of $100 per share and are convertible into Common Stock at the election of the holder of the Series I Preferred Stock, at any time beginning 18 months after the Original Issue Date, at a price of $20.00 per share, subject to adjustment. Each holder of Series I Preferred Stock shall be entitled to receive, with respect to each share of Series I Preferred Stock then outstanding and held by such holder, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common Stock. No other dividends shall be paid on shares of Preferred Stock.

The Series I Preferred Stock contains a full-ratchet anti-dilution provision. If the Company issues Common Stock or Common Stock Equivalents at an effective price below the then-current conversion price (a "Dilutive Issuance"), the conversion price is automatically reduced to equal that lower price (the "Base Conversion Price"), effective simultaneously with, or upon announcement of, such issuance. This adjustment applies to variable rate or floating-price instruments as well, using the lowest actual conversion or exercise price at the time of conversion/exercise. Exempt Issuances are excluded from triggering an adjustment. The Company is required to notify the Holder of any Dilutive Issuance no later than the following Trading Day.

The Holder shall be entitled to vote on an as-converted basis (subject to the Beneficial Ownership Limitation), together with the holders of Common Stock, with respect to any question upon which the holders of Common Stock have the right to vote, except as may be otherwise provided by applicable law. Except as otherwise expressly provided herein or as required by law, the Holders and the holders of Common Stock shall vote together and not as separate classes. Moreover, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing. The "Beneficial Ownership Limitation" shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred Stock held by the applicable Holder. No adjustment, increase, or decrease in the Beneficial Ownership Limitation shall be permitted.

The Series I Preferred Stock contains a full-ratchet anti-dilution provision. If the Company issues Common Stock or Common Stock Equivalents at an effective price below the then-current conversion price (a "Dilutive Issuance"), the conversion price is automatically reduced to equal that lower price (the "Base Conversion Price"), effective simultaneously with, or upon announcement of, such issuance. This adjustment applies to variable rate or floating-price instruments as well, using the lowest actual conversion or exercise price at the time of conversion/exercise. Exempt Issuances are excluded from triggering an adjustment. The Company is required to notify the Holder of any Dilutive Issuance no later than the following Trading Day

On June 27, 2025, the Company acquired 25% of equity in PCG Advisory, Inc. As consideration for this acquisition, PCG Advisory, Inc. received 12,500 shares of the Company's Series I Preferred stock with a fair value of $456,250. This minority equity investment was booked in *Minority interest in business* on the consolidated balance sheets at cost.

On June 27, 2025, the Company acquired 25% of equity in PRISM Media Holdings, Inc. As consideration for this acquisition, PRISM Media Holdings, Inc. received 5,000 shares of the Company's Series I Preferred stock with a fair value of $182,500. This minority equity investment was booked in *Minority interest in business* on the consolidated balance sheets at cost.

On June 27, 2025, the Company acquired 25% of equity in PRISM MediaWire, Inc. As consideration for this acquisition, PRISM MediaWire, Inc. received 2,500 shares of the Company's Series I Preferred stock with a fair value of $91,250. This minority equity investment was booked in *Minority interest in business* on the consolidated balance sheets at cost.

On June 27, 2025, the Company acquired 20% of equity in AIRHub, Inc. As consideration for this acquisition, AIRHub, Inc. received 3,000 shares of the Company's Series I Preferred stock with a fair value of $109,500. This minority equity investment was booked in *Minority interest in business* on the consolidated balance sheets at cost.

On June 30, 2025, the Company issued 14,812 shares of Series I Preferred stock with a fair value of $592,465 to Marc Sellouk, CEO of Fly Flyte, Inc. as part of a retention bonus after the Company's acquisition of the former parent, Flewber Global, Inc. in February of 2025. See *<u>Stock based compensation</u>* under *Common Stock* below for more details on this overall retention package.

On November 9, 2025, in connection with the issuance of the First Tranche of the Uplist Financing (see Note 7 - *Convertible Notes*), a Dilutive Issuance occurred, triggering the full-ratchet anti-dilution provision described above. As a result, the conversion price for all outstanding shares of Series I Preferred Stock was repriced from $20.00 to $10.00 per share, effective as of that date.

 *Common Stock*

 

 *<u>Common stock issued upon conversion of notes payable</u>*

 

On January 9, 2024, the Company issued 1,000 shares of its common stock pursuant to a conversion of $100,000 in convertible notes and accrued interest at a price of $100.00 per share.

On February 2, 2024, the Company issued 822 shares of its common stock pursuant to a conversion of $82,103 in accrued interest on convertible notes at a price of $100.00 per share.

On March 15, 2024, the Company issued 65 shares pursuant to a conversion of $4,500 in promissory notes at a price of $70.00 per share.

On March 18, 2024, the Company agreed to the cancellation of a previous conversion of $4,285 in notes payable and rescinded the issuance of 18 shares of its common stock.

On March 19, 2024, the Company issued 250 shares pursuant to the conversion of $40,000 in convertible notes at a price of $160.00 per share.

On July 2, 2024, the Company issued 11,591 shares of common stock in exchange for $278,179 in convertible notes payable at a price of $23.99 per share.

On July 10, 2024, the Company issued 13,750 shares of common stock in exchange for $330,000 in notes payable and accrued interest at a price of $20.00 per share, resulting in a gain on settlement of debt of $55,000.

On July 11, 2024, the Company issued 6,411 shares of common stock in exchange for $41,129 in notes payable and $58,871 in interest at a price of $15.59 per share, resulting in a loss on settlement of debt of $28,205.

On July 22, 2024, the Company issued 8,552 shares of common stock in exchange for $133,411 in notes payable at a price of $18.00 per share, resulting in a loss on settlement of debt of $20,524. Additionally, the Company issued 524 shares with a fair value of $9,414 as penalties and fees in relation to the conversion of a note payable.

On July 29, 2024, the Company issued 4,097 shares of common stock for the conversion of $98,309 in notes payable and accrued interest at a price of $24.00 per share.

On September 12, 2024, the Company issued 8,068 shares of common stock for the conversion of $41,429 in notes payable at a price of $5.20 per share, resulting in a loss on settlement of debt of $40,857.

On November 6, 2024, a noteholder converted $54,000 in principal for 7,500 shares of common stock at a price of $7.60 per share, resulting in a loss on settlement of debt of $43,500.

On December 2, 2024, a noteholder converted $9,683 in principal and $11,999 in interest into 2,882 shares of common stock at a price of $7.52 per share, resulting in a loss on settlement of debt of $19,815.

 

 *<u>Shares issued for settlement of liabilities</u>*

On February 28, 2024, the Company issued 115 shares at a fair value of $11,270 to a vendor to settle $2,300 in outstanding liabilities, resulting in a loss on settlement of liabilities of $8,970.

On February 28, 2024, the Company issued 900 shares of common stock with a fair value of $88,200 to a vendor to settle $15,120 in outstanding liabilities, resulting in a loss on settlement of liabilities of $73,080.

On March 22, 2024, the Company issued 1,695 shares of common stock with a fair value of $203,370 to a vendor to settle $27,472 in outstanding liabilities, resulting in a loss on settlement of liabilities of $174,898.

On August 22, 2024, the Company issued 6,250 shares of common stock with a fair value of $121,250 to a vendor in exchange for $120,000, resulting in a loss on settlement of liabilities of $1,250. This issuance satisfied the first stage of a payment plan entered into relating to the termination of the Company's lease at 419 Lafayette Street. See *Lease Agreements* for further details on the lease agreement and its settlement.

On November 12, 2024, Jessica Skube and the Company executed a settlement agreement for the matter of Skube v WHE Agency Inc., et al. As part of the agreement, Ms. Skube received 7,500 shares of the Company's common stock, with an additional 1,750 shares of common stock issued in legal fees with a fair value of $145,410 to settle the outstanding balance of $191,360, resulting in a gain on settlement of liabilities of $45,950.

On November 25, 2024, the Company entered into agreements with 2 vendors to settle a total of $665,620 in accounts payable for 21,868 shares of common stock with a fair value of $362,998 and 975 shares of Series G Preferred with a fair value of $606,938. This resulted in a loss on settlement of liabilities of $304,316.

On December 23, 2024, the Company entered into agreements with 2 vendors to settle a total of $13,400 in accounts payable for 670 common shares with a fair value of $5,360, resulting in a gain on settlement of liabilities of $8,040.

On January 2, 2025, the Company issued 40 shares to a vendor with a fair value of $264 to settle $800 in outstanding accounts payable liabilities, resulting in a gain on settlement of liabilities of $536.

On January 17, 2025, the Company issued 500 shares to a vendor at a fair value of $5,800 to settle $5,790 in outstanding liabilities.

On March 4, 2025, the Company issued 207 shares to a vendor at a fair value of $3,094 to settle $1,250 in outstanding liabilities, resulting in a loss on settlement of liabilities of $1,844.

On June 25, 2025, the Company issued 18,600 common shares to 2 employees of Fly Flyte, Inc. at a fair value of $127,968 to settle $372,000 in outstanding liabilities, resulting in a gain on settlement of liabilities of $244,032.

 *<u>Shares issued for settlement of compensation to employees and consultants</u>*

 

On April 22, 2024, the Company issued 34,593 shares of common stock with a fair value of $1,252,239 in exchange for $609,535 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $642,704.

On June 7, 2024, the Company issued 10,977 shares of common stock with a fair value of $392,968 in exchange for $144,502 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $248,466.

On June 26, 2024, the Company issued 10,836 shares of common stock with a fair value of $343,476 in exchange for $84,514 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $258,962.

On July 31, 2024, the Company issued 12,517 shares of common stock with a fair value of $367,998 in exchange for $78,048 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $289,950.

During the year ended December 31, 2024, the Company reversed the majority of the above conversions and rescinded 69,263 shares of common stock previously issued for the conversion of net pay owed to employees, officers, and directors, and payables to key consultants. The rescinded shares had a fair value of $581,807, and resulted in the reinstatement of $881,304 of the net pay owed to employees and payables and key consultants previously converted on April 22, June 7, June 26, and July 31, 2024.

On October 1, 2024, the Company re-offered employees, officers, directors, and key consultants the ability to convert their payables into Preferred Series H stock, and issued 3,798 shares of Preferred Series H stock with a fair value of $755,422 in exchange for $379,405 in net pay owed to employees, officers, and directors, and payables to key consultants. These conversions resulted in a loss on settlement of debt of $376,017. The Series H Preferred shares issue contain all the standard terms and conditions under the certificate of destination for that class of stock, including conversion price adjustment upon the sale of equity at a lower price subsequent to the issuance of these shares. See Series H Convertible Preferred Stock for additional information on the terms of Series H Preferred.

 

On September 16, 2025, the Company entered into a Conversion Agreement with a consultant, pursuant to which the consultant's balance of $36,820 in accrued payables owed to the consultant by Fly Flyte, Inc. was settled through the issuance of stock options under the Company's 2025 Omnibus Securities and Incentive Plan. Under the terms of the agreement, the Company converted the full amount of the accrued payroll liability into 5,406 fully vested stock options with an exercise price of $0.37 per share and 12,500 additional stock options at the same exercise price that vest as follows: 3,125 on March 31, 2026, 3,125 on June 30, 2026, 3,125 on September 30, 2026, and 3,125 on December 31, 2026, with a 10-year term expiring September 16, 2035. The options cumulatively have a fair value of $100,271. As a result, the Company recognized $33,541 of stock compensation expense for the year ended December 31, 2025 and $66,730 of additional expense that will be recognized through December 31, 2026.

 

 *<u>Common stock issued for financing fees</u>*

 

On January 10, 2024, the Company issued 700 shares of its restricted common stock at a fair value of $28,000 as commitment shares pursuant to the extension of the maturity date of a promissory note.

On March 21, 2024, the Company issued 175 shares of its restricted common stock at a fair value of $21,700 as commitment shares pursuant to the extension of the maturity date of a promissory note.

On March 25, 2024, the Company issued 150 shares of its restricted common stock at a fair value of $16,710 as commitment shares pursuant to the extension of the maturity date of a promissory note.

On July 2, 2024, the Company issued 103 shares of common stock with a fair value of $2,431 to an investor for fees and penalties associated with a convertible note.

 

On February 7, 2025, the Company issued 89 shares of common stock with a fair value of $2,122 to an investor for fees and penalties associated with a convertible note.

 

 

 *<u>Shares issued for acquisition of consolidated subsidiary</u>*

 

On July 26, 2024, the Company issued 1,750 common shares with a fair value of $38,150 to acquire 100% of the membership interests in S96 NYC, LLC (Studio 96 Publishing) from Ayelet Abitbul, an employee of the Company. Additionally, the Company issued 3,250 warrants with an exercise price of $24.00 and an expected life of 5 years with a value of $70,850, for a total purchase price of $109,000. Of this purchase price, $5,450 was recorded as Goodwill and $103,550 was recorded as intangible assets.

On February 27, 2025, the Company issued 52,807 shares of common stock with a fair value of $950,526 to the shareholders of Flewber Global, Inc. in exchange for their equity in Flewber Global, Inc. as part of the acquisition of that entity. See *<u>Acquisition of Flewber Global, Inc.</u>* in Note 12 for further details on the acquisition structure.

 

 *<u>Cash received for common stock</u>*

On January 3, 2024, the Company sold 500 shares of its common stock pursuant to the Equity Line of Credit entered into on October 20, 2022, between the Company and Coventry Enterprises for gross proceeds of $27,728 to the Company.

On March 6, 2024, the Company sold 358 shares of its common stock for proceeds of $25,000. Additionally, the Company issued 358 warrants with an exercise price of $140.00 and an expected life of 5 years with a fair value of $33,215.

On March 25, 2024, the Company sold 1,193 shares of its common stock pursuant to the Equity Line of Credit entered into on October 20, 2022, between the Company and Coventry Enterprises for gross proceeds of $83,872.

On April 8, 2024, the Company issued 500 shares of its restricted common stock for gross proceeds of $25,000. Additionally, the Company issued 500 warrants with an exercise price of $100.00 with an expected life of 5 years, and a fair value of $35,100.

On November 18, 2024, the Company entered into a purchase agreement with 2 investors whereby the Company issued 1,334 shares of common stock for net proceeds of $20,000. Additionally, the Company issued 6,334 warrants with an exercise price of $25.00, an expected life of 5 years, and a combined fair value of $114,000.

On December 10, 2024, the Company entered into a purchase agreement with 2 investors whereby the Company issued 5,000 shares of common stock for net proceeds of $40,000. Additionally, the Company issued 5,000 warrants with an exercise price of $20.00 and an expected term of 5 years with a fair value of $64,375.

During February 2025, 13 investors purchased 13,807 shares of Common stock for proceeds to the Company of $276,140. These purchases were made in conjunction with the Company's acquisition of Flewber Global, Inc. See *<u>Acquisition of Flewber Global, Inc.</u>* in Note 12 for further details on the acquisition structure.

 

 *<u>Stock based compensation in Creatd, Inc.</u>*

On March 1, 2024, the Company issued 500 shares at a fair value of $51,100 to a vendor for services rendered. On May 17, 2024, these shares were then rescinded as part of a renegotiation of the agreement with this vendor.

On April 22, 2024, the Company issued 572 shares at a fair value of $20,699 to a vendor for services rendered.

On May 28, 2024, the Company issued 2,750 shares of common stock with a fair value of $99,000 to a vendor for services rendered.

On March 5, 2024, the Company issued 500 shares at a fair value of $46,000 to a vendor for services rendered.

On March 6, 2024, the Company issued 750 shares with a fair value of $69,750 to a vendor for services.

On July 8, 2024, the Company issued 481 shares of common stock with a fair value of $10,288 to a vendor for services rendered.

On July 24, 2024, the Company issued 8,250 shares with a fair market value of $155,100 to a vendor for services rendered.

On August 20, 2024, the Company issued 500 shares of common stock with a fair value of $8,400 to 2 vendors for services rendered.

On September 27, 2024, the Company issued 29 shares with a fair value of $217 to 2 directors of the Company for services rendered.

On November 7, 2024, the Company issued 5,385 shares with a fair market value of $77,536 to consultants for services rendered.

On December 18, 2024, the Company issued 260 shares with a fair market value of $2,079 to consultants for services rendered.

On January 6, 2025, the Company issued 2,433 shares with a fair value of $22,377 to a vendor for services rendered.

On February 6, 2025, the Company issued 6,250 shares with a fair value of $131,250 to a vendor for services rendered for a service contract of 6 months. $109,250 of this was recognized in the current period, and $21,875 was recognized as prepaid expenses.

On February 27, 2025, the Company issued 25,000 shares with a fair value of $450,000 to Marc Sellouk, CEO of Flewber Global, Inc., as part of a retention package associated with the Company's acquisition of that entity. Under this agreement, these 25,000 shares were to be issued at acquisition in exchange for his equity in Flewber Global, Inc. and another 23,442 shares, as well as 14,812 shares of Preferred Series I stock, were to be issued on June 30, 2025, if Mr. Sellouk's employment at the Company continued through that date. Mr. Sellouk continues his employment with the Company, and on June 30, 2025, the Company issued the additional 23,442 shares of Common stock with a fair value of $187,583 and the 14,812 shares of Preferred Series I stock with a fair value of $592,465 under this agreement.

On October 31, 2025, the Company issued 10,000 shares to a vendor with a total fair value of approximately $60,000 in exchange for $68,000 in services to be provided. The Company recognized $19,890 of expense during the period, representing the portion of services rendered through December 31, 2025, with the remaining balance recorded as prepaid expense to be recognized over the service term.

On November 1, 2025, the Company issued 2,500 shares at a fair value of $15,000 for consulting services provided during the fourth quarter of 2025.

On December 1, 2025, the Company issued 2,686 shares at a fair value of $22,557 to settle $20,000 in outstanding liabilities, resulting in a loss on settlement of debt of $2,557.

On December 5, 2025, the Company issued 15,000 shares with a fair value of $157,800 to consultants for services rendered.

 

 *<u>Stock based compensation in consolidated subsidiaries</u>*

 

On August 1, 2024, Vocal, Inc. granted 48.72% of its membership interests, in the form of shares of Preferred Stock to officers, board members, employees, and consultants ("Key Drivers") involved with operations of Vocal.

On August 1, 2024, OG Collection, Inc. granted 46% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 9, 2024, the OG Collection, Inc. amended its Articles of Incorporation, increasing its authorized shares from 2,000,000, all of which was Common Stock, to 1,050,000,000, of which 1,000,000,000 shares became Common Stock and 50,000,000 shares became Preferred Stock.

On August 9, 2024, Vocal, Inc. granted an additional 3.01% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On August 12, 2024, OG Collection, Inc. granted an additional 1.5% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On November 27, 2024, the Company rescinded 1.5% of its membership interests in OG Collection, Inc. and 1.70% of its membership interests in Vocal, Inc. previously issued to a board member after their resignation.

On September 9, 2025, Fly Flyte, Inc. and Ponderosa Air LLC entered into a Side Letter Agreement with SEG Jets, LLC ("SEG Jets"), the lessor of the 2020 Cirrus Design Corp. SF50 aircraft that is being leased by the Company pursuant to an Exclusive Aircraft Dry Lease Agreement. Under the terms of the Side Letter Agreement, Fly Flyte, Inc. agreed to issue to SEG Jets, or its designees, 19.98% of the issued and outstanding common stock of Fly Flyte, Inc. as of the date of the agreement as consideration for strategic business cooperation. The stock has a fair value of $2.89 million and was recorded as stock based compensation on the consolidated statement of operations and comprehensive loss.

On December 26, 2025, Vocal, Inc. issued an additional 21.73% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of Vocal. In connection with this issuance, 40,404 shares were issued with an aggregate fair value of approximately $78,010, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in Vocal, Inc. decreased from 41.73% to 20.00%.

On December 26, 2025, OG Collection, Inc. issued an additional 24.00% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of OG Collection. In connection with this issuance, 480,000 shares were issued with an aggregate fair value of approximately $57,600, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in OG Collection, Inc. decreased from 44.00% to 20.00%.

 

 *<u>Shares issued for acquisition of marketable securities</u>*

On July 17, 2024, the Company acquired 0.5% of equity in Hollywall Entertainment Inc., in exchange for 829 shares of the Company's common stock.

On August 20, 2024, the Company acquired 0.5% of equity in Geopulse Explorations, Inc. a holding company focused on owning and developing technologies in the cannabis industry. As consideration for this acquisition, Geopulse Explorations received 1,084 shares of the Company's common stock.

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992 shares of the Company's common stock. On May 6, 2025, the Company and Enzylotics, Inc. agreed to rescind this agreement. The 1,992 shares of Creatd Common stock were cancelled, as were the Company's shares of Enzylotics, Inc.

On May 6, 2025, the Company acquired 17,000,000 shares in MineralRite Corporation, in exchange for 4,500 shares of the Company's common stock.

 

 

 *<u>Exercise of warrants to stock</u>*

Between February 12, 2025, and February 26, 2025, the Company issued 224,820 shares of common stock pursuant to the cashless exercise of warrants.

On June 23, 2025, the Company issued 100 shares of common stock pursuant to the exercise of warrants for gross proceeds of $2,000.

On June 30, 2025, the Company issued 10,000 shares of common stock pursuant to the cashless exercise of warrants.

On October 21, 2025, the Company issued 110,450 shares of common stock pursuant to the cashless exercise of warrants.

On December 31, 2025, the Company issued 22,500 shares of common stock pursuant to the cashless exercise of warrants.

 

 *<u>Shares issued for rounding in reverse stock split</u>*

 

On January 24, 2024, the Company effectuated a 1-for-500 reverse stock split. 3,554 shares with a fair value of $12,084 were issued pursuant to rounding from this reverse stock split.

 

 *<u>Mezzanine Equity</u>*

 

On August 18, 2023, The Company commenced a Regulation CF offering to raise funds at the subsidiary level by issuing convertible preferred stock in Vocal, Inc., a subsidiary of Creatd, Inc. The offering closed in February 2024, with a total of 12,204 shares sold for proceeds to the Company of $84,790. Prior to this offering, a total of 100,000,000 shares were issued and outstanding, owned by the Company.

As of December 31, 2025, these amounts are classified under mezzanine equity on the consolidated balance sheets.

The preferred stock issued carries limited rights, including no voting rights unless converted into common stock, a fixed liquidation preference, a quarterly dividend right based on the subsidiary's GAAP net revenues, and a redemption right exercisable after five years at a fixed face value. The preferred stock converts into common stock at a conversion price of $0.60.

 

 *<u>Stock Options</u>*

The assumptions used for options granted during the year ended December 31, 2025 and 2024, are as follows:

---

| | |
|:---|:---|
|  | **December 31, <br> 2025** |
| Exercise Price | $5.00 - $7.40 |
| Expected dividends | 0% |
| Expected volatility | 363.00% - 366.01 |
| Risk free interest rate | 4.04% - 4.57 |
| Expected life of option | 10 years |

---

---

| | |
|:---|:---|
|  | **December 31, <br> 2024** |
| Exercise Price | $35.60 - $38.40 |
| Expected dividends | 0% |
| Expected volatility | 215.44% - 218.11 |
| Risk free interest rate | 4.17% - 4.69 |
| Expected life of option | 10 years |

---

The following is a summary of the Company's stock option activity:

---

| | | | |
|:---|:---|:---|:---|
|  | **Options** | **Weighted<br> Average<br> Exercise<br> Price** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Life<br> (in years)** |
| Balance – December 31, 2024 – outstanding | 103679 | $178.60 | 8.84 |
| Granted | 466243 | $4.34 | 10.00 |
| Exercised |  |  |  |
| Forfeited/Cancelled | - | - | - |
| Balance – December 31, 2025 – outstanding | 569922 | $36.05 | 9.06 |
| Balance – December 31, 2025 – exercisable | 557277 | $34.96 | 9.04 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Option Outstanding** | **Option Outstanding** | **Option Outstanding** | **Option Exercisable** | **Option Exercisable** | **Option Exercisable** |
| **Weighted Average<br> Exercise Price** | **Number<br> Outstanding** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Life<br> (in years)** | **Weighted Average<br> Exercise Price** | **Number<br> Exercisable** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Life<br> (in years)** |
| $36.05 | 569922 | 9.06 | $34.96 | 557277 | 9.04 |

---

As of December 31, 2025, outstanding options and exercisable options had an aggregate intrinsic value of $3,850,678 and $3,759,178, respectively, based on the per share market price of $11.40 of the Company's common stock as of such date.

Stock-based compensation for stock options has been recorded in the consolidated statements of operations and totaled $3,567,402, for the year ended December 31, 2024.

As of December 31, 2024, there was $0 of total unrecognized compensation expense related to unvested employee options granted under the Company's share-based compensation plans.

On February 12, 2024, the Company issued 47,938 stock options with an exercise price of $38.40, a vesting date of August 1, 2024, and an expiration date of February 12, 2034.

On April 30, 2024, the Company issued 48,500 stock options with an exercise price of $35.60, a vesting date of August 1, 2024, and an expiration date of April 30, 2034.

On February 12, 2024, the Company's Board voted to lower the exercise price of 6,800 stock options from $300 to $38.40. As the fair value of the options after this modification was greater than the fair value previously recorded, no additional compensation expense was recorded.

On April 30, 2024, the Company's Board voted to lower the exercise price of 54,738 stock options from $38.40 to $35.60. As the fair value of the options after this modification was greater than the fair value previously recorded, no additional compensation expense was recorded.

On August 9, 2024, the Company's Board voted to lower the exercise price of 103,238 stock options from $35.60 to $17.40. As the fair value of the options after this modification was greater than the fair value previously recorded, no additional compensation expense was recorded.

On September 23, 2024, the Company's Board voted to lower the exercise price of 103,238 stock options from $17.40 to $6.00. As the fair value of the options after this modification was greater than the fair value previously recorded, no additional compensation expense was recorded.

Stock-based compensation for stock options has been recorded in the consolidated statements of operations and comprehensive loss and totaled $3,025,061, for the year ended December 31, 2025.

As of December 31, 2025, there was $45,239 of total unrecognized compensation expense related to unvested employee options granted under the Company's share-based compensation plans.

On September 25, 2025, the Company's Board voted to lower the exercise price of 466,162 stock options from their former exercise prices to $5.00. As the fair value of the options after this modification was greater than the fair value previously recorded, no additional compensation expense was recorded.

 

 *Warrants*

The Company applied fair value accounting for all share-based payments awards. The fair value of each warrant granted is estimated on the date of grant using the Black-Scholes option-pricing model.

 *Warrant Activities*

The assumptions used for warrants granted during the year ended December 31, 2025, are as follows:

---

| | |
|:---|:---|
|  | **December 31, <br> 2025** |
| Exercise Price | $6.80 - 24.00 |
| Expected dividends | 0% |
| Expected volatility | 196.11% - 279.01 |
| Risk free interest rate | 3.57% - 4.45 |
| Expected life of warrants | 5 years |

---

 

---

| | |
|:---|:---|
|  | **December 31, <br> 2024** |
| Exercise Price | $5.20 - 140.00 |
| Expected dividends | 0% |
| Expected volatility | 201.06% - 309.08 |
| Risk free interest rate | 3.41% - 4.66 |
| Expected life of warrants | 5 years |

---

 

The following is a summary of the Company's warrant activity:

---

| | | | |
|:---|:---|:---|:---|
|  | **Warrants** | **Weighted<br> Average<br> Exercise<br> Price** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Life<br> (in years)** |
| Balance – December 31, 2024 – outstanding | 1310343 | $8.00 | 3.64 |
| Granted | 1183367 | $14.71 | 5.00 |
| Exercised | (92043) | $5.14 |  |
| Forfeited/Cancelled | (290) | $2363 | - |
| Balance – December 31, 2025 – outstanding | 2401378 | $6.73 | 3.55 |
| Balance – December 31, 2025 – exercisable | 2401378 | $6.73 | 3.55 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Warrants Outstanding** | **Warrants Outstanding** | **Warrants Outstanding** | **Warrants Exercisable** | **Warrants Exercisable** | **Warrants Exercisable** |
| **Weighted Average<br> Exercise Price** | **Number<br> Outstanding** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Life<br> (in years)** | **Weighted Average<br> Exercise Price** | **Number<br> Exercisable** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Life<br> (in years)** |
| $6.73 | 2401378 | 3.55 | $6.73 | 2401378 | 3.55 |

---

During the year ended December 31, 2024, a deemed dividend of $33,017,888 was recorded to the Consolidated Statements of Operations and Comprehensive Loss, of which $2,071,061 as in relation to the issuance of new warrants and $30,946,827 was in relation to the trigger of down round provision in outstanding warrants.

During the year ended December 31, 2024, a total of 20,562 warrants with a fair value of $363,173 were issued with convertible notes and promissory notes.

During the year ended December 31, 2024, a total of 266,883 warrants with a fair value of $4,526,593 were issued with the sale of common stock, the conversion of promissory notes, or the conversion of payables. This includes the settlement of $250,000 in accounts payable for consideration of 15,000 warrants with an exercise price of $20.00 and a fair value of $149,990, resulting in a gain on settlement of liability of $100,003.

565,971 warrants were cancelled on September 30, 2024 pursuant to the rescission of converted payroll and payable amounts (see Shares issued for settlement of compensation to employees and consultants for further detail on these conversions and their cancellation), leading to the reversal of $2,455,532 in deemed dividend related to the issuance of new warrants and $7,515,455 in deemed dividend related to the trigger of down round provisions.

During the year ended December 31, 2025, a deemed dividend of $2,071,047 was recorded to the consolidated statements of operations and comprehensive loss.

During the year ended December 31, 2025, a total of 23,275 warrants with a fair value of $1,561,528 were issued with convertible notes and promissory notes.

During the year ended December 31, 2025, a total of 157,983 warrants with a fair value of $1,070,291 were issued as compensation to consultants. 250 of these warrants, with a fair value of $26,229, contain a mandatory exercise provision that permits the Company, subject to specified equity conditions, to require holders to exercise the warrants if the Company's common stock trades at or above $15.00 per share for ten consecutive trading days.

On February 27, 2025, the Company issued 375,503 warrants with an exercise price of $20.00 and a cumulative fair value of $6,726,164 as part of the acquisition of Flewber Global, Inc. This fair value was treated as part of the purchase price for Flewber Global, Inc. See *<u>Acquisition of Flewber Global, Inc.</u>* in Note 12 for further details on the acquisition structure.

During February 2025, a total of 82,289 warrants with a fair value of $1,363,243 were issued with the sale of common and preferred stock not associated with the acquisition of Flewber Global, Inc., the conversion of promissory notes, or as stock based compensation.

 

 *<u>Bonus Warrants</u>*

 

On November 11, 2025, the Company issued 145,483 warrants as bonus compensation to key employees and directors, with an exercise price of $10.20. The warrants had a fair value of $991,423.

 **Note 11 – Commitments and Contingencies** 

The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.

 *<u>Litigation</u>*

 

 *Michael Grecco Productions, Inc. v. Creatd, Inc.*

 

A complaint against Creatd, Inc. dated September 12, 2025, was filed in the United States District Court for the Southern District of New York by Michael Grecco Productions, Inc. ("MGPI"), alleging direct, contributory, and vicarious copyright infringement under the Copyright Act, 17 U.S.C. §§ 101 et seq. The complaint concerns an image of actress Nana Visitor from Star Trek: Deep Space Nine that MGPI asserts was used without authorization in a user-submitted article published on the Company's Vocal platform in July 2024. The plaintiff seeks statutory damages, attorney's fees, and injunctive relief. The Company disputes the allegations, maintains that the claim lacks merit, and intends to vigorously defend the matter.

Subsequent to December 31, 2025, the Company reached a settlement with Michael Grecco Productions where the Company paid $13,000 to close out the case. See Note 15 - *Subsequent Events.* 

 *Third Row LLC and Patrick Leung v. Flewber Global Inc.*

 

A motion for summary judgment in lieu of complaint was filed on June 3, 2025 in the Supreme Court of the State of New York, County of New York, by Third Row LLC and Patrick Leung against Flewber Global Inc., then doing business as Flyte, Inc., seeking recovery under a $200,000 Unsecured Subordinated Promissory Note executed on November 17, 2023. The note accrued interest at 12% per annum and was amended four times, with a final maturity date of September 30, 2024.

Service of process in the action was accepted by Flewber Global Inc.'s former counsel and its former registered agent prior to the Company's involvement. Management was not made aware of the action at that time. The court subsequently entered a judgment in the approximate amount of $240,000, inclusive of principal and accrued interest, against "Flewber Global Inc. d/b/a Flyte." Flewber Global Inc. was the former parent entity and is now defunct. The current operating aviation subsidiary conducts business as Fly Flyte, Inc. Nonetheless, the judgment remains outstanding as entered against the named entity.

Following the entry of the judgment, post-judgment enforcement efforts commenced. The Company became aware of the matter after receiving a subpoena directed to Ponderosa Air, LLC. A deposition hearing was scheduled in connection with those enforcement proceedings and has since been rescheduled. The Company has been responding to discovery requests as presented.

In the interim, counsel has filed motions seeking to vacate or lift the judgment on the basis of lack of knowledge of service and related procedural grounds.

Subsequent to December 31, 2025, Fly Flyte, Inc. was sold and the case was transferred to the buyer, and is no longer a liability of the Company as of the date of this filing. See Note 15 - *Subsequent Events.* 

 *Avner Nebel v. Flewber Global Inc., et al.*

On September 10, 2025, JAMS issued a Notice of Intent to Initiate Arbitration in the matter of Avner Nebel v. Flewber Global Inc., et al., pursuant to a pre-dispute arbitration clause contained in an employment agreement between the parties. The demand named Flewber Global Inc., since dissolved, and Creatd, Inc. as respondents and was filed under the JAMS Employment Arbitration Rules and Procedures.

The matter proceeded to JAMS; however, the Company declined to participate in the arbitration and did not remit the administrative fees required by JAMS to move the proceeding forward. As a result, the arbitration has not advanced. Under the applicable procedural framework, the claimant's remaining avenue for relief would be to initiate litigation in court.

Subsequent to December 31, 2025, Fly Flyte, Inc. was sold and the case was transferred to the buyer, and is no longer a liability of the Company as of the date of this filing. See Note 15 - *Subsequent Events.*

 *<u>Lease Agreements</u>*

The Company currently does not own any properties.

On May 1, 2022, the Company entered into a lease agreement for its former corporate headquarters, consisting of a total of 8,000 square feet and is located at 419 Lafayette Street, 6<sup>th</sup> Floor, New York, NY, 10003. The lease term was 7 years commencing May 1, 2022.

During 2024, the Company entered into and then subsequently amended the lease agreement for 419 Lafayette Street, with the goal of terminating the lease going forward contingent upon a payment plan for amounts owed under the lease. Under this agreement $120,000 was owed prior to February 4, 2025, which amount was satisfied via the issuance of 125,000 shares of common stock in August 2024 (see *Common Stock* for full details on this issuance). An additional $220,000 is due in monthly installments of $19,000 between February 2025 and February 2026, and an additional $252,000 is due in monthly installments of $21,000 per month between February 2026 and February 2027. These payments are subject to acceleration based upon the Company's financing proceeds. During the year ended December 31, 2025, the Company settled the remaining $480,000 in Accounts Payable under this lease with the issuance of 640 shares of the Company's Series G Preferred Stock with a fair value of $192,000, resulting in a gain on settlement of debt of $288,000. As of December 31, 2025, due to the settlement of the lease, there are no remaining Right of Use assets or liabilities on the Company's consolidated balance sheets related to this lease.

On July 28, 2022, the Company signed a 3-year lease for approximately 1,364 square feet of office space at 1674 Meridian Ave., Miami Beach, FL, 33131. Commencement date of the lease is July 28, 2022. The total amount due under this lease is $181,299. During the year ended December 31, 2022, it was decided the Company would not be using the office space and recorded an impairment of $101,623 on the right-of-use asset. During the year ended December 31, 2025, the Company settled the remaining accounts payable balance under this lease of $120,597 for a cash payment of $10,000, resulting in a $110,597 gain on settlement of liability, which is recorded in settlement of vendor liabilities in the consolidated statements of operations.

On February 27, 2025, as a result of the acquisition of Flewber Global, Inc., the Company assumed a 3-year lease agreement for an office suite and hangar space at the air-taxi's base of operation located at 7160 Republic Airport, Farmingdale, NY 11735. The lease agreement was originally signed on August 18, 2021, and was amended and extended on August 27, 2024, prior to the Company's purchase of Flewber Global, Inc. The extended term commenced September 1, 2024 and expires August 31, 2027. The lease provides exclusive use of office space and non-exclusive use of hangar space sufficient to cover the footprint of the Company's leased aircraft.

The lease is classified as an operating lease. Lease payments consist of fixed monthly base rent — initially $2,590 per month for the office space and $3,000 per month for the hangar space — subject to scheduled 3% annual escalations through the remainder of the term, plus reimbursement of the Company's proportionate share of operating expenses. There are no residual value guarantees, purchase options, renewal options, or material restrictions or covenants imposed on the Company under the lease.

On September 9, 2025, the Company, through its subsidiary Ponderosa Air LLC, entered into an Exclusive Aircraft Dry Lease Agreement with SEG Jets LLC for the lease of one 2020 Cirrus Design Corp. SF50 aircraft (U.S. Registration No. N25MG) for a term of twenty-four (24) months commencing upon delivery of the aircraft. The lease is recognized as an operating lease and requires fixed monthly payments of approximately $23,778, additional variable costs that may be incurred for operating expenses, including maintenance, fuel, hangar-related costs, taxes, and other operational expenses, which are the responsibility of the lessee under the lease agreement, and a security deposit equal to one month's rent, which may be applied to the final month's payment at the Lessor's discretion. The lease includes a right of first refusal for Ponderosa Air LLC to extend the lease at market terms or to match any bona fide third-party offer to purchase the aircraft during the lease term. Under the terms of the agreement, the lessee is responsible for all operational costs, including crew, fuel, maintenance, hangar, and insurance expenses, as well as maintaining compliance with FAA Part 135 operational standards. The aircraft is leased on an "as is" basis and must be returned in airworthy condition at the end of the lease. The lease agreement contains certain restrictions and obligations, including that the Company is responsible for all operating, maintenance, and insurance costs associated with the leased assets, may not sublease the leased assets without prior consent, must maintain required insurance coverage and comply with applicable regulatory requirements, and is obligated to make fixed payments regardless of usage, with provisions for interest on overdue amounts and other compliance requirements.

Operating lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is the Company's incremental borrowing rate, estimated to be 7% for real estate leases and 5.5% for equipment leases, including the aircraft lease, as the interest rate implicit in most of its leases is not readily determinable.

During the year ended December 31, 2025, the Company recorded $162,862 as operating lease expense, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive loss.

In connection with the execution of the aircraft dry lease described above, the Company recognized a new right-of-use asset and corresponding lease liability of $542,373 based on the present value of future lease payments under the 24-month term, using a discount rate of 5.5%.

Operating right-of-use assets are summarized below.

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31,<br> 2025** | **As of<br> December 31,<br> 2024** |
| Office and Plane Leases | $725501 | $2243971 |
| Less accumulated amortization | (139191) | (610764) |
| Right-of-use asset, net | $586310 | $1633207 |

---

Operating lease liabilities are summarized below

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| Office and Plane Leases | $567423 | $1822053 |
| Less: current portion | 331137 | (547439) |
| Long term portion | $236286 | $1274614 |

---

Total future minimum payments required under the lease as of December 31, are as follows:

---

| | |
|:---|:---|
| **For the Twelve Months Ended December 31,** | **Operating<br> Leases** |
| 2026 | $355117 |
| 2027 | 237666 |
| **Total** | 592783 |
| Less imputed interest | (25360) |
| **PV of Payments** | $**567423** |

---

 *<u>Short Term Lease</u>*

 

On June 12, 2025, Ponderosa Air LLC entered into an agreement for a 2-month lease for one aircraft. Commencement of the lease began on the date of pickup of the aircraft model, Cirrus Design Corp. SF50. Upon entering the agreement, a $15,000 security deposit was made. In conjunction with the lease terms, a $54,000 payment was made for two months and ten days of usage. Upon completion of the advance payment usage, the Company is required to pay $600 per hour for use of the aircraft, not to exceed 90 hours total. Short-term lease cost for the year ended December 31, 2025 amounted to $108,800. The Company has elected the short-term lease practical expedient under ASC 842 and, accordingly, does not recognize a right-of-use asset or lease liability for this lease.

The components of the lease expense were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended December 31, <br> 2024** |
| Operating lease cost | $162862 | $488047 |
| Short term lease cost | 108800 | - |
| Total lease cost | $271662 | $488047 |

---

Supplemental cash flow and other information related to leases was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating lease payments | $162862 | $323292 |
| Weighted average remaining lease term (in years): | 1.69 | 6.25 |
| Weighted average discount rate: | 6.25% | 12.50% |

---

 *<u>Employment Agreements</u>*

As of December 31, 2025, the Company does not have employment agreements with its executives or any other employees.

 **Note 12 – Acquisitions and Investments**

 *<u>Acquisition of Flewber Global, Inc.</u>*

On February 27, 2025, Creatd, Inc. ("Creatd" or the "Company") completed the acquisition of Flewber Global, Inc. ("Flewber"), a private on-demand aviation company. Flewber Global, Inc. had three subsidiaries included in the acquisition: (i) Flewber, Inc., which contains all operations; (ii) Ponderosa Air LLC, which holds the Company's FAA Part 135 Operating Certificate; and (iii) Vision FGAR 1 LLC. On August 11, 2025, Vision FGAR 1 LLC and Flewber Global, Inc. were dissolved, and Flewber Inc., which contained all the operational infrastructure, was renamed to Fly Flyte, Inc ("Flyte"). Both Ponderosa Air LLC and Fly Flyte Inc. subsequently became a direct subsidiary of Creatd, Inc. At the time of its dissolution, this entity had no active operations. The acquisition was accounted for as a business combination under ASC 805, *Business Combinations*, using the acquisition method of accounting.

The Company acquired Flyte as part of its strategy to identify businesses where operational efficiencies and data-driven processes can drive growth and margin expansion. Management viewed Flyte and the private aviation sector as an industry with strong underlying demand and infrastructure that could benefit from the Company's expertise in implementing scalable systems and optimizing operations.

 **Transaction Terms**

The total purchase price, measured as the fair value of the consideration transferred, was $14,439,924, comprised of the following:

● 52,807 shares of common stock, with a fair value of $950,526

● 9,475 shares of Series G Preferred Stock, with a fair value of $6,395,625

● Forgiveness of $367,609 in intercompany receivables due from Flewber

● 375,503 common stock purchase warrants, with a total fair value of $6,726,164

The terms of the consideration varied by stakeholder:

Flewber equity holders who participated in a concurrent offering received Creatd common stock at a $20.00 exchange ratio and 10% warrant coverage. Non-participating equity holders received only warrants.

Flewber debt holders agreed to waive all outstanding interest and default penalties in exchange for Series G Preferred Stock (with a 25% original issue discount), 100% warrant coverage, and conversion of legacy Flewber warrants into Series G Preferred Stock at $10.00 per warrant.

Shares of Series G Preferred Stock were valued based upon a common stock equivalent of 750 shares underlying each share of Series G Preferred Stock multiplied by the $0.90 per share closing price of the Company's common stock on the closing date of the acquisition.

The warrants issued in connection with the acquisition were valued at fair value on the acquisition date using the Black-Scholes option pricing model. The valuation incorporated the following key inputs and assumptions: an expected term of five years, equal to the contractual life of the warrants, with no assumptions regarding early exercise; expected volatility based on the historical volatility of comparable companies over a five-year lookback period, consistent with the expected term of the warrants; a risk-free interest rate of 4.09%, derived from U.S. Treasury yields with a maturity corresponding to the expected term; an exercise price of $1.00 per share, subject to anti-dilution provisions; and a dividend yield of zero, as no dividends are expected to be paid. The fair value of the warrants at issuance was determined to be approximately $0.90 per warrant based on these assumptions. The warrants are equity-classified and were measured at fair value at initial recognition only.

 **Allocation of Consideration**

The Company engaged a third-party valuation specialist to identify and measure the fair value of assets acquired and liabilities assumed. The non-intangible assets and liabilities acquired were short-term in nature, and their carrying values approximated fair value at the acquisition date. The final purchase price allocation is as follows:

---

| | |
|:---|:---|
| **Asset Description** | **Amount** |
| Intangible Assets | $7821867 |
| Cash | 389 |
| Prepaid Expenses | 3392 |
| Property & Equipment | 201452 |
| Deposits and Other Assets | 24837 |
| Operating Lease ROU Asset | 491830 |
| **Total Assets Acquired** | $**8543767** |
| Less: Deferred Revenue | (228371) |
| Less: Notes Payable | (312697) |
| Less: Operating Lease Liability | (547438) |
| Less: Accounts Payable and Accrued Liabilities | (1103239) |
| **Net Assets Acquired** | $**6352022** |
| Goodwill | 8087902 |
| **Total Purchase Price** | $**14439924** |

---

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired and is primarily attributable to expected synergies, assembled workforce, and other intangible benefits that do not qualify for separate recognition under ASC 805. Goodwill is not deductible for tax purposes.

The identifiable intangible assets acquired in the transaction consist of the FAA Part 135 Operating Certificate, developed technology (app), customer relationships, know-how, licensing agreements/vendor & supplier contracts, and trademark/tradename. The fair values of these intangible assets were determined in accordance with the guidance in ASC 805 and valuation best practices.

The FAA Part 135 Operating Certificate and developed technology (app) were valued using the Cost Approach, which estimates the cost to reproduce or replace the asset with one of equal utility, including applicable overhead and profit margins where appropriate. This method was considered appropriate given the lack of direct revenue generation by these assets and the ability to reliably estimate replacement costs.

The remaining intangible assets—customer relationships, know-how, licensing agreements/vendor & supplier contracts, and the trademark/tradename—were valued using the Income Approach. Specifically, the Multi-Period Excess Earnings Method (MPEEM) was applied to customer relationships and know-how, and the Relief-from-Royalty Method was applied to the trademark/tradename. These methods are based on projected cash flows attributable to the respective intangible assets, discounted at rates reflective of the risk profile of each asset. Where applicable, tax amortization benefits (TAB) were included in the fair value determinations.

The FAA Part 135 Operating Certificate was determined to have an indefinite useful life. The developed technology (app) is being amortized over an estimated useful life of 5 years. The trademark/tradename, licensing agreements/vendor & supplier contracts, know-how, and customer relationships are each being amortized over an estimated useful life of 15 years. Amortization of these definite-lived intangible assets is recognized on a straight-line basis over their estimated useful lives and is included in amortization expense in the accompanying consolidated statements of operations. For the period from February 27, 2025 through December 31, 2025, the Company recorded amortization expense of $363,905 related to the definite-lived intangible assets acquired in this transaction, which is recorded in general and administrative expenses on the consolidated statement of operations.

 **Pro Forma Information**

The following pro forma information presents the combined results of operations as if the acquisitions had occurred on January 1, 2024. The pro forma results include adjustments for amortization of acquired intangible assets and the impact of the capital structure at acquisition. The pro forma information is not necessarily indicative of the actual results that would have occurred had the acquisition been completed on the date indicated, nor is it indicative of future operating results of the combined company. The unaudited pro forma results presented below do not include any material, nonrecurring items directly attributable to the acquisition.

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31,<br> 2025** | **As of<br> December 31,<br> 2024** |
| Current Assets | 846339 | 115323 |
| Non-Current Assets | 17295608 | 5983135 |
| Total Assets | $18141947 | $6098458 |
| Current Liabilities | 8760728 | 18787002 |
| Non-Current Liabilities | 308510 | 3551643 |
| Total Liabilities | $9069238 | $22338645 |
| Mezzanine Equity | 84790 | 84790 |
| Total Stockholders' Equity (Deficit) | $8987919 | $(16324977) |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended <br> December 31, <br> 2025** | **For the<br> Year Ended <br> December 31, <br> 2024** |
| **Revenue** | $3366411 | $3946445 |
| **Cost of Revenue** | 2011384 | 2201900 |
| **Gross Profit** | 1355027 | 1744545 |
| **Operating Expenses** | 14456452 | 17141229 |
| **Other income (expenses), net** | 3208409 | 6868878 |
| **Net Loss** | $(9893016) | $(8527806) |

---

For the period from February 27, 2025 through December 31, 2025, Flyte contributed revenue of $1,913,443 and net income (loss) of $(3,647,041) to the Company's consolidated results.

Subsequent to the acquisition, on June 23, 2025, an investor entered into a Securities Purchase Agreement whereby it purchased from the Company 10% ownership interest in Flewber, Inc., which was subsequently renamed Fly Flyte, Inc. prior to such issuance, for a purchase price of $100,000. Proceeds were allocated to operating and marketing expenses of Fly Flyte, Inc., which the Company plans to make the operating entity for the Hops side of Flyte's operations. On September 16, 2025, the Company entered into a Conversion Agreement with said investor whereby they exchanged 10% ownership interest in the entity Flewber, Inc., previously purchased for $100,000, into 134 shares of Preferred Series G. The 10% ownership interest in Fly Flyte, Inc. was returned to Creatd, Inc.

On September 9, 2025, Fly Flyte, Inc. and Ponderosa Air LLC entered into a Side Letter Agreement with SEG Jets, LLC ("SEG Jets"), the lessor of the 2020 Cirrus Design Corp. SF50 aircraft that is being leased by the Company pursuant to an Exclusive Aircraft Dry Lease Agreement. Under the terms of the Side Letter Agreement, Fly Flyte, Inc. agreed to issue to SEG Jets, or its designees, 19.98% of the issued and outstanding common stock of Fly Flyte, Inc. as of the date of the agreement as consideration for strategic business cooperation.

On March 8, 2026, the Company completed the sale of its 80.02% equity interest in Fly Flyte, Inc. ("Flyte") to Catheter Precision, Inc. (VTAK). As a result of the transaction, VTAK now owns 100% of Flyte, reflecting the acquisition of Creatd's remaining stake alongside VTAK's existing 19.98% ownership interest which was purchased from a third party. The sale was based on an implied full-company equity valuation of $14,439,924, resulting in a total purchase price of $11,554,827 for Creatd's 80.02% ownership interest. See Note 15 - *Subsequent Events.*

 *<u>Studio 96 Publishing</u>*

On July 26, 2024, the Company acquired 100% of the membership interests in S96 NYC, LLC (Studio 96 Publishing) from Ayelet Abitbul, an employee of the Company. As consideration for the acquisition, the Company issued 1,750 shares of common stock with a fair value of $38,150 and 65,000 warrants with an exercise price of $24.00 per share and an expected term of five years, valued at $70,850. The total purchase price was $109,000.

The acquisition was accounted for as a business combination in accordance with ASC 805. The total purchase consideration was allocated to the identified intangible assets and goodwill based on their estimated fair values. Of the total purchase price, $43,600 was allocated to know-how, $16,350 to the Company's website and app, and $43,600 to the acquired customer list. The remaining $5,450 was recorded as goodwill.

The know-how and customer list were valued using the income approach, specifically the multi-period excess earnings method, which estimates the present value of future cash flows attributable to each asset. The website and app were valued using the cost approach, which reflects the estimated cost to replace the existing digital infrastructure. Goodwill represents the expected synergies and benefits from the integration of Studio 96 Publishing with the Company's existing operations. The goodwill recognized is not deductible for tax purposes.

 *<u>Hollywall Entertainment, Inc.</u>*

Creatd entered into a strategic securities swap agreement with Hollywall Entertainment, Inc. on July 17, 2024. Under this agreement, Creatd issued 829 shares of its common stock with a fair value of $16,578 to Hollywall, while Hollywall issued 726,769 shares of its common stock (HWAL) to Creatd. This swap represents a minimum of 0.5% equity in each company, with the agreement forming part of a broader commitment towards potential expanded collaboration, subject to further due diligence. The agreement outlines confidentiality measures and is non-binding outside of the stock exchange. The value of the shares issued by the Company were recorded to marketable securities on the Company's consolidated balance sheets.

 *<u>Geopulse Explorations, Inc</u>*.

On August 20, 2024, the Company acquired 0.5% of equity in Geopulse Explorations, Inc. a holding company focused on owning and developing technologies in the cannabis industry. As consideration for this acquisition, Geopulse Explorations received 1,084 shares of the Company's common stock with a fair value of $18,208. The value of the shares issued by the Company were recorded to marketable securities on the Company's consolidated balance sheets.

 *<u>Murge E-Commerce, Inc.</u>*

On September 20, 2024, Creatd entered into a definitive agreement with Murge E-commerce Inc., acquiring a 49% equity stake in Murge in exchange for establishing an equity reserve. Murge's initial assets include Letters of Intent with four named, target companies, each meeting a collective $30 million in revenue for 2024. Creatd's equity stake is protected by anti-dilution measures contingent upon successful acquisitions. Financing utilizes non-dilutive Creatd preferred shares backed by a 100 million share reserve, capped at 4.99% voting rights for new holders. The agreement includes a 90-day exclusivity period and mandates confidentiality regarding transaction terms.

 *<u>Investment in THEPOWERHOUSE, LLC</u>*

On November 11, 2024, the Company acquired 5% of equity in THEPOWERHOUSE, LLC, the parent company of thehouseofarts.com and several influential ventures spanning art, fashion, and design. As consideration for this acquisition, THEPOWERHOUSE LLC received 16,667 shares of the Company's common stock. The value of the shares issued by the Company were recorded to long-term assets under Minority interest in business on the Company's consolidated balance sheets.

 *<u>Enzylotics, Inc.</u>*

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992shares of the Company's common stock at a fair value of $32,855. The value of the shares issued by the Company were recorded to marketable securities on the Company's consolidated balance sheets.

 *<u>Enzylotics, Inc</u>*

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992 shares of the Company's common stock. On May 6, 2025, the Company and Enzylotics, Inc. agreed to rescind this agreement. The 1,992 shares of Creatd Common stock were cancelled, as were the Company's shares of Enzylotics, Inc.

 *<u>MineralRite Corporation</u>*

On May 6, 2025, the Company acquired 1% of equity in MineralRite Corporation in the form of 17,000,000 shares of its common stock. As consideration for this acquisition, MineralRite Corporation received 4,500 shares of the Company's common stock.

 **Note 13 - Segment Reporting** 

The Company operates in three reportable segments: Vocal, OG Collection, and Air Mobility. The Company's segments were determined based on the economic characteristics of its products and services, its internal organizational structure, the manner in which operations are managed and the criteria used by the Company's Chief Operating Decision Maker ("CODM") to evaluate performance, which include revenue, gross margin, operating profit, and platform engagement metrics.

 *Vocal*

Vocal is the segment focused on development initiatives. Vocal houses the Company's proprietary technology, including its flagship platform, Vocal, as well as oversees the Company's content creation framework, and management of its digital communities and the relationships between brands and creators that this framework supports. Vocal derives revenues from Vocal creator subscriptions, platform processing fees and technology licensing fees. It also includes revenue generated from Vocal's suite of agency services, offered through Vocal for Brands.

 *OG Collection*

OG Collection is the segment focused on curation, preservation, and monetization of rare and archival media assets. This segment houses the Company's legacy media library, consisting of vintage photographs, historical film negatives, celebrity ephemera, and related intellectual property. OG Collection oversees both the physical archive and the strategic transformation of these assets into modern IP across multiple formats.

OG Collection derives revenues from the sale and licensing of archival media, framed prints, and memorabilia; the development and sale of limited-edition books and publishing projects through Studio 96; and from collaborations with brands, creators, and institutions seeking access to OG's library for creative or commercial use. This segment also includes revenue generated from custom publishing services and content creation built around OG Collection assets, with the goal of building long-term IP value through storytelling, editorial development, and collectible product releases.

 *Air Mobility*

Flyte is the segment focused on private aviation services and related travel infrastructure. This segment encompasses Flyte's operations as both a licensed charter operator and a brokerage, providing on-demand flight solutions for regional and long-range travel. Flyte operates a fleet of managed aircraft under its Part 135 certificate and maintains a network of third-party operators through which it arranges additional charter services.

Flyte derives revenues from directly operated flights through Flyte Hops, brokered flights through Flyte Luxe, and prepaid charter credit through its Jet Card Membership program. Revenue sources include base charter fares, booking fees, repositioning charges, and ancillary service add-ons. The segment also generates revenue from concierge-level travel planning and bespoke client services offered in connection with both operated and brokered flights.

The following tables present certain financial information related to our reportable segments and Corporate:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Vocal** | **OG** | **Flyte** | **Creatd** | **Total** |
| Cash | $124536 | $5772 | $25671 | $91434 | $247413 |
| Accounts receivable,Net |  |  | 1530 | 10000 | 11530 |
| Prepaid expenses and other current assets | 93731 |  | 74492 | 167190 | 335413 |
| Deposits and other assets |  |  | 48615 |  | 48615 |
| Intangible Assets, net |  |  |  | 7486004 | 7486004 |
| Goodwill |  |  |  | 7818805 | 7818805 |
| All other assets |  |  | 763176 | 1430991 | 2194167 |
| Total Assets | $218267 | $5772 | $913484 | $17004424 | $18141947 |
| Accounts payable and accrued liabilities | $399864 | $250 | $339074 | $4885650 | $5624838 |
| Note payable, net of debt discount and issuance costs | 66228 | 4398 | 539104 | (69544) | 540186 |
| Deferred revenue | 118862 |  | 166517 |  | 285379 |
| Convertible Notes, net of debt discount and issuance costs |  |  |  | 383374 | 383374 |
| All other liabilities |  |  | 567423 | 1668038 | 2235461 |
| Total Liabilities | $584954 | $4648 | $1612118 | $6867518 | $9069238 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Vocal** | **OG** | **Flyte** | **Creatd** | **Total** |
| Net Revenue | $1053451 | $71743 | $1913443 | $153800 | $3192437 |
| Cost of Revenue | 150602 | 12095 | 1570826 | 56708 | 1790231 |
| Gross margin | $902849 | $59648 | $342617 | $97092 | $1402206 |
| Research and development | $1843 |  |  |  | $1843 |
| Marketing | 417071 | 101522 | 90707 |  | 609300 |
| Compensation | 430126 | 301252 | 754760 | 832834 | 2318972 |
| Stock Based Compensation |  |  | 2885097 | 5305221 | 8190318 |
| General and administrative | 335177 | 57028 | 627377 | 1727445 | 2747027 |
| Impairment of intangible assets |  |  |  | 35723 | 35723 |
| Impairment of goodwill | - | - | - | 226613 | 226613 |
| Total Operating Expenses | $1184217 | $459802 | $4357941 | $8127836 | $14129796 |
| Interest Expense | $(7729) |  | $(57048) | $(715820) | $(780597) |
| All other (expenses) income, net | (6361) | 3192 | 425330 | 3721474 | 4143635 |
| Other expenses, net | $(14090) | $3192 | $368282 | $3005654 | $3363038 |
| **Loss before income tax provision and equity in net loss from unconsolidated investments** | $(295458) | $(396962) | $(3647042) | $(5025090) | $(9364552) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December, 31 2024** | **As of December, 31 2024** | **As of December, 31 2024** | **As of December, 31 2024** | **As of December, 31 2024** |
|  | **Vocal** | **OG Collection** | **Air Mobility** | **Corporate** | **Total** |
| Cash | $5152 | $1319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9019 | $15490 |
| Accounts receivable,Net |  |  |  | 2000 | 2000 |
| Deposits and other assets |  |  |  | 83616 | 83616 |
| Intangible assets, net |  |  |  | 103550 | 103550 |
| Goodwill |  |  |  | 5415 | 5415 |
| All other assets | - | - | - | 2052278 | 2052278 |
| **Total Assets** | $5152 | $1319 | $- | $2255878 | $2262349 |
| Accounts payable and accrued liabilities | $507374 | $17447 | $- | $7925983 | $8450804 |
| Note payable, net of debt discount and issuance costs | 88695 |  |  | 859304 | 947999 |
| Deferred revenue | 146950 |  |  |  | 146950 |
| Convertible Notes, net of debt discount and issuance costs |  |  |  | $1216158 | 1216158 |
| All other Liabilities | - | - | - | 1798758 | 1798758 |
| **Total Liabilities** | $743019 | $17447 | $- | $11800203 | $12560669 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Vocal** | **OG Collection** | **Air Mobility** | **Corporate** | **Total** |
| Net revenue | $1444458 | $37348 | $- | $17068 | $1498874 |
| Cost of revenue | 63002 | - | - | 142 | 63144 |
| Gross margin | $1381456 | $37348 | $- | $16926 | $1435730 |
| Research & Development | $204043 | $- | $- | $- | $204043 |
| Marketing | 252436 | 16719 |  | 4884 | 274039 |
| Compensation | 2500 |  |  | 1939172 | 1941672 |
| Stock based compensation | 709926 | 4600000 |  | 4132791 | 9442717 |
| General and administrative | 316089 | 43714 | - | 1550678 | 1910480 |
| **Total operating expenses** | $1484994 | $4660433 | $- | $7627525 | $13772951 |
| **Interest expense** | $(19265) | $- | $- | $(299890) | $(319155) |
| **All other income, net** | 954958 | 5000 | - | 7026407 | 7986365 |
| **Other income, net** | $935693 | $5000 | $- | $6726517 | $7667210 |
| **Income (loss) before income tax provision and equity in net loss from unconsolidated investments** | $832155 | $(4618085) | $- | $(884081) | $(4670011) |

---

 **Note 14 –Income Taxes**

Components of deferred tax assets are as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,<br> 2025** | **December 31,<br> 2024** |
| **Net deferred tax assets – Non-current:** | | |
| Depreciation | $(100953) | $(66080) |
| Stock based compensation | 8190318 | 9442717 |
| Expected income tax benefit from NOL carry-forwards | 2041393 | 6017949 |
| Less valuation allowance | (10130758) | (15394586) |
| Deferred tax assets, net of valuation allowance | $- | $- |

---

 *Income Tax Provision in the Consolidated Statements of Operations*

The Company has elected to prospectively adopt the guidance in ASU 2023-09. A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes in accordance with the guidance prior to the adoption of ASU 2023-09 is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| Federal statutory income tax rate | 21.0% | 21.0% |
| State tax rate, net of federal benefit | 7.1% | 7.1% |
| Change in valuation allowance on net operating loss carry-forwards | (28.1)% | (28.1)% |
| Effective income tax rate | 0.0% | 0.0% |

---

Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets of the Company will not be fully realizable for the years ended December 31, 2025 and 2024. Accordingly, management applied a full valuation allowance against net deferred tax assets as of December 31, 2025 and 2024. The valuation allowance for 2025 was $(10,130,758), in comparison to a valuation allowance in 2024 of $(15,394,586), a decrease in valuation allowance of $5,263,828.

As of December 31, 2025, the Company had approximately $110.9 million of federal net operating loss carryforwards available to reduce future taxable income which will begin to expire in 2035 for both federal and state purposes.

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Act") was signed into law making significant changes to the Internal Revenue Code of 1986, as amended (the "Code"). The Act reduces the federal corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. ASC 470 requires the Company to remeasure the existing net deferred tax asset in the period of enactment. The Act also provides for immediate expensing of 100% or the costs of qualified property that is incurred and placed in service during the period from September 27, 2017, to December 31, 2022. Beginning January 1, 2023, the immediate expensing provision is phased down by 20% per year until it is completely phased out as of January 1, 2027. Additionally, effective January 1, 2018, the Act imposes possible limitations on the deductibility of interest expense. As a result of the provisions of the Act, the Company's deduction for interest expense could be limited in future years. The effects of other provisions of the Act are not expected to have a material impact on the Company's consolidated financial statements.

The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are evaluated for realizability, and a valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. As of [balance sheet date], the Company has determined that it is more likely than not that its deferred tax assets will not be realized and has recorded a full valuation allowance; accordingly, no deferred tax asset is reflected on the consolidated balance sheet. The components of the deferred tax assets and the related valuation allowance are disclosed in the accompanying footnotes. The Company will continue to assess the realizability of its deferred tax assets in future periods and will adjust the valuation allowance as necessary.

Federal and state tax laws impose limitations on the utilization of net operating losses and credit carryforwards in the event of an ownership change for tax purposes, as defined in Section 382 of the Internal Revenue Code. Accordingly, the Company's ability to utilize these carryforwards may be limited as a result of an ownership change which may have already happened or may happen in the future. Such an ownership change could result in a limitation in the use of the net operating losses in future years and possibly a reduction of the net operating losses available.

 **Note 15 – Subsequent Events** 

 

 *Note Issuances*

Subsequent to December 31, 2025, the Company entered into a loan agreement with Jeremy Frommer, whereby Mr. Frommer issued the Company a promissory note of $125,000 on January 29, 2026. The note was issued with an original issue discount equal to 20% and has a maturity date of July 29, 2026. This note has a flat interest fee of 20% over the initial six-month term. No payments of principal or interest are due prior to the maturity date.

On February 13, 2026, the Company issued a $145,000 promissory note to a lender, bearing interest at 12% per annum and increasing to 18% upon default. The note had a maturity date of March 8, 2026. The note was repaid in full in connection with the sale of Fly Flyte, Inc. on March 8, 2026 and, accordingly, was no longer outstanding as of the date of this filing.

Subsequent to December 31, 2025, the Company entered into a loan agreement with a Lender whereby the Lender issued the Company a promissory note of $9,963 on January 5, 2026. The note was issued with an original issue discount equal to 8.3% and has a maturity date of January 5, 2027.

 *Note Defaults*

On February 27, 2026, the February 27, 2025 Loan Agreement with Marc Sellouk went into default. In connection with the sale of Fly Flyte, Inc. on March 8, 2026, the note was transferred to the purchaser and, accordingly, was derecognized from the Company's balance sheet as of the closing date. This note is no longer outstanding as of the date of this filing.

The December 30, 2024 Loan Agreement with Jeremy Frommer matured on February 28, 2026 and entered into default. On March 30, 2026, the outstanding principal and accrued interest were repaid in full, and the lender waived all default interest and related penalties. This note is no longer outstanding as of the date of this filing.

 *The Third Tranche of Uplist Financing*

Subsequent to December 31, 2025, as part of the Uplist Financing (see Note 7 - Convertible Notes, *Uplist Financing*) one investor funded its agreed portion of the third tranche on January 16, 2026. The Company executed and delivered a Senior Convertible Note in the aggregate principal amount of $375,000 with common stock warrants, initially exercisable for an aggregate 595,938 shares, with a term of five years from the date of the issuance. The note had a 20% original issue discount, yielding net cash proceeds to the Company of $300,000.The note is convertible into shares of the Company's common stock at the holder's option at $10.00 per share, or mandatorily upon an approved national-exchange uplisting at the lower of (i) $10.00 per share, (ii) the uplist offering price, or (iii) a twenty percent (20%) discount to the lowest daily VWAP during the ten trading days prior to uplist. Each Note holder received Warrant coverage equal to one hundred percent (100%) of the Note face value, exercisable at $10.00 per share for a five-year term, with customary cashless-exercise provisions and full ratchet anti-dilution protection, as well as a 9.99% beneficial ownership limitation which can be adjusted on 61 days' notice.

 *Settlement of May 31, 2024 Loan Agreement*

 

Subsequent to December 31, 2025, the Company entered into a settlement agreement with the May 31, 2024 Lender, whereby the Company agreed to pay $46,899 over a period of six monthly installments. Upon completion of the full settlement payment, the remainder of the balance shall be forgiven and the loan will be completed.

 

 *Share Issuance*

Subsequent to December 31, 2025, the Company issued 36,634 shares of its restricted common stock at a cost basis of $0.55 per share to BLSSM Communications, LLC in full satisfaction of the related $20,000 payable on January 1, 2026. The shares were issued as fully paid, non-assessable equity compensation in accordance with the Conversion Agreement dated October 31, 2025, and represent compensation earned upon issuance rather than a prepayment for future services. In accordance with Rule 144, the holding period for the securities begins on the issuance date.

 *Options Issuance*

 

Subsequent to December 31, 2025, the Company granted an aggregate of 1,188,500 stock options to thirteen individuals, consisting of officers, directors, employees, and consultants, under its equity incentive plan. The grants were issued in six tranches between January 10, 2026 and April 21, 2026, with exercise prices ranging from $8.00 to $12.00 per share. The options vest immediately upon grant, with the exception of 6,000 options issued on January 20, 2026, which vest on July 20, 2027.

 *Reverse Stock Split Implementation*

On November 18, 2025, the Company's Board of Directors approved a 1-for-20 reverse stock split of the Company's issued and outstanding common stock. The reverse stock split was subsequently implemented on February 24, 2026. In connection with the implementation, the per share amounts for loss per share calculations related to prior period and current period were adjusted on the basis of the new number of shares of common stock in the consolidated financial statements. 10,361 shares with a fair value of $103,610 were issued pursuant to rounding from this reverse stock split.

 *Michael Grecco Productions Settlement* 

On March 4, 2026, Creatd, Inc. entered into a confidential settlement agreement with Michael Grecco Productions, Inc. to resolve a pending legal matter in the United States District Court for the Southern District of New York (Case No. 1:25-cv-07594). The dispute related to claims arising from a photograph displayed by a third-party user on Creatd's platform.

Under the terms of the agreement, Creatd agreed to pay a total settlement amount of $13,000, payable in two installments of $6,500, subject to customary conditions including execution of the agreement and dismissal of the action with prejudice. The second installment is due on April 17, 2026. Both parties agreed to mutual releases of claims related to the matter, and the plaintiff agreed not to pursue future claims relating to the subject content or similar third-party content prior to the effective date.

The settlement was entered into as a compromise of disputed claims, with no admission of liability by Creatd. Each party will bear its own legal fees, and the agreement includes customary confidentiality provisions, subject to applicable disclosure requirements.

 *Sale of Fly Flyte, Inc.*

On March 8, 2026, the Company completed the sale of its 80.02% equity interest in Fly Flyte, Inc. ("Flyte") to Catheter Precision, Inc. (VTAK). As a result of the transaction, VTAK now owns 100% of Flyte, reflecting the acquisition of Creatd's remaining stake alongside VTAK's existing 19.98% ownership interest which was purchased from a third party. The sale was based on an implied full-company equity valuation of $14,439,924, resulting in a total purchase price of $11,554,827 for Creatd's 80.02% ownership interest.

At closing, the Company received total consideration of $11,554,827, structured as follows:

● 50% in VTAK Preferred Series D stock valued at $5,778,000, consisting of 5,778 shares of Preferred Series D (or D1) stock, each with a stated value of $1,000 per share and conversion price equal to the higher of $1.10 or market (per NYSE rules).

● 50% in cash totaling $5,776,827, delivered pursuant to the payment schedule set forth in the LOI, beginning with an upfront cash payment at signing and followed by scheduled monthly installments through December 31, 2026.

As part of the Transaction, the Buyer acquired Fly Flyte, Inc., its subsidiary Ponderosa Air LLC, and all Flyte-related assets, including:

● the FAA Part 135 operating certificate,

● all intellectual property and operational systems,

● all personnel and management structures, and

● all contracts, vendor relationships, and customer accounts.

In accordance with the Transaction terms, VTAK also assumed responsibility for all Flyte-related liabilities, including:

● $402,372 of accounts payable,

● $421,233 of promissory notes,

● $341,500 of litigation settlements and legal obligations,

for a total of $1,165,105 in identified liabilities.

Certain variable liabilities relating to Flyte operations for early 2026 were also assumed in accordance with the provisions relating to operational expenses and transition management services.

The Company is in the process of evaluating the carrying value of the Flyte assets and liabilities at the time of disposal. Any resulting gain or loss on the sale will be recognized in the period in which the sale occurred.

 

![](ea028857601_img1.jpg)

 **180,030 Shares of Common Stock**

**PROSPECTUS**

May 4, 2026

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table sets forth the expenses payable by us in connection with the offering of securities described in this registration statement. All amounts shown are estimates, except for the SEC registration fee. We will bear all expenses shown below.

---

| | |
|:---|:---|
| SEC registration fee | $75 |
| Placement agent fees | $435556 |
| Legal fees and expenses | $200000 |
| Accounting fees and expenses | $5000 |
| Miscellaneous fees and expenses | $- |
| Total | $640631 |

---

**Item 14. Indemnification of Directors and Officers.**

Each of our Second Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws provide for indemnification of our directors and officers. Our Amended and Restated Bylaws provide that we will indemnify any person who was or is a party or threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director or officer of the corporation, against expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendere* or its equivalent will not, without more, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interest of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful. The Company may by action of its Board of Directors, grant rights to indemnification and advancement of expenses to employees and agents of the Company with the same scope and effects as the indemnification provisions for officers and directors.

Insofar as indemnification for liabilities under the Securities Act may be permitted to officers, directors or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that is it is the opinion of the Securities and Exchange Commission that such indemnification is against public policy as expressed in such Securities Act and is, therefore, unenforceable.

**Item 15. Recent Sales of Unregistered Securities.** 

During the twelve months ended December 31, 2025, we issued securities that were not registered under the Securities Act and were not previously disclosed in a Current Report on Form 8-K or Quarterly Report on Form 10-Q as listed below. All of the securities discussed in this Item 2 were issued in reliance on the exemption under Section 4(a)(2) of the Securities Act.

 *Common Stock*

 

 *<u>Common stock issued upon conversion of notes payable</u>*

 

On January 9, 2024, the Company issued 1,000 shares of its common stock pursuant to a conversion of $100,000 in convertible notes and accrued interest at a price of $100.00 per share.

On February 2, 2024, the Company issued 822 shares of its common stock pursuant to a conversion of $82,103 in accrued interest on convertible notes at a price of $100.00 per share.

On March 15, 2024, the Company issued 65 shares pursuant to a conversion of $4,500 in promissory notes at a price of $70.00 per share.

On March 18, 2024, the Company agreed to the cancellation of a previous conversion of $4,285 in notes payable and rescinded the issuance of 18 shares of its common stock.

On March 19, 2024, the Company issued 250 shares pursuant to the conversion of $40,000 in convertible notes at a price of $160.00 per share.

On July 2, 2024, the Company issued 11,591 shares of common stock in exchange for $278,179 in convertible notes payable at a price of $23.99 per share.

On July 10, 2024, the Company issued 13,750 shares of common stock in exchange for $330,000 in notes payable and accrued interest at a price of $20.00 per share, resulting in a gain on settlement of debt of $55,000.

On July 11, 2024, the Company issued 6,411 shares of common stock in exchange for $41,129 in notes payable and $58,871 in interest at a price of $15.59 per share, resulting in a loss on settlement of debt of $28,205.

On July 22, 2024, the Company issued 8,552 shares of common stock in exchange for $133,411 in notes payable at a price of $18.00 per share, resulting in a loss on settlement of debt of $20,524. Additionally, the Company issued 524 shares with a fair value of $9,414 as penalties and fees in relation to the conversion of a note payable.

On July 29, 2024, the Company issued 4,097 shares of common stock for the conversion of $98,309 in notes payable and accrued interest at a price of $24.00 per share.

On September 12, 2024, the Company issued 8,068 shares of common stock for the conversion of $41,429 in notes payable at a price of $5.20 per share, resulting in a loss on settlement of debt of $40,857.

On November 6, 2024, a noteholder converted $54,000 in principal for 7,500 shares of common stock at a price of $7.60 per share, resulting in a loss on settlement of debt of $43,500.

On December 2, 2024, a noteholder converted $9,683 in principal and $11,999 in interest into 2,882 shares of common stock at a price of $7.52 per share, resulting in a loss on settlement of debt of $19,815.

 

 *<u>Shares issued for settlement of liabilities</u>*

On February 28, 2024, the Company issued 115 shares at a fair value of $11,270 to a vendor to settle $2,300 in outstanding liabilities, resulting in a loss on settlement of liabilities of $8,970.

On February 28, 2024, the Company issued 900 shares of common stock with a fair value of $88,200 to a vendor to settle $15,120 in outstanding liabilities, resulting in a loss on settlement of liabilities of $73,080.

On March 22, 2024, the Company issued 1,695 shares of common stock with a fair value of $203,370 to a vendor to settle $27,472 in outstanding liabilities, resulting in a loss on settlement of liabilities of $174,898.

On August 22, 2024, the Company issued 6,250 shares of common stock with a fair value of $121,250 to a vendor in exchange for $120,000, resulting in a loss on settlement of liabilities of $1,250. This issuance satisfied the first stage of a payment plan entered into relating to the termination of the Company's lease at 419 Lafayette Street. See *Lease Agreements* for further details on the lease agreement and its settlement.

On November 12, 2024, Jessica Skube and the Company executed a settlement agreement for the matter of Skube v WHE Agency Inc., et al. As part of the agreement, Ms. Skube received 7,500 shares of the Company's common stock, with an additional 1,750 shares of common stock issued in legal fees with a fair value of $145,410 to settle the outstanding balance of $191,360, resulting in a gain on settlement of liabilities of $45,950.

On November 25, 2024, the Company entered into agreements with 2 vendors to settle a total of $665,620 in accounts payable for 21,868 shares of common stock with a fair value of $362,998 and 975 shares of Series G Preferred with a fair value of $606,938. This resulted in a loss on settlement of liabilities of $304,316.

On December 23, 2024, the Company entered into agreements with 2 vendors to settle a total of $13,400 in accounts payable for 670 common shares with a fair value of $5,360, resulting in a gain on settlement of liabilities of $8,040.

On January 2, 2025, the Company issued 40 shares to a vendor with a fair value of $264 to settle $800 in outstanding accounts payable liabilities, resulting in a gain on settlement of liabilities of $536.

On January 17, 2025, the Company issued 500 shares to a vendor at a fair value of $5,800 to settle $5,790 in outstanding liabilities.

On March 4, 2025, the Company issued 207 shares to a vendor at a fair value of $3,094 to settle $1,250 in outstanding liabilities, resulting in a loss on settlement of liabilities of $1,844.

On June 25, 2025, the Company issued 18,600 common shares to 2 employees of Fly Flyte, Inc. at a fair value of $127,968 to settle $372,000 in outstanding liabilities, resulting in a gain on settlement of liabilities of $244,032.

 *<u>Shares issued for settlement of compensation to employees and consultants</u>*

 

On April 22, 2024, the Company issued 34,593 shares of common stock with a fair value of $1,252,239 in exchange for $609,535 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $642,704.

On June 7, 2024, the Company issued 10,977 shares of common stock with a fair value of $392,968 in exchange for $144,502 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $248,466.

On June 26, 2024, the Company issued 10,836 shares of common stock with a fair value of $343,476 in exchange for $84,514 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $258,962.

On July 31, 2024, the Company issued 12,517 shares of common stock with a fair value of $367,998 in exchange for $78,048 in net pay owed to employees, officers, and directors, and payables to key consultants, resulting in a loss on settlement of liabilities of $289,950.

During the year ended December 31, 2024, the Company reversed the majority of the above conversions and rescinded 69,263 shares of common stock previously issued for the conversion of net pay owed to employees, officers, and directors, and payables to key consultants. The rescinded shares had a fair value of $581,807, and resulted in the reinstatement of $881,304 of the net pay owed to employees and payables and key consultants previously converted on April 22, June 7, June 26, and July 31, 2024.

On October 1, 2024, the Company re-offered employees, officers, directors, and key consultants the ability to convert their payables into Preferred Series H stock, and issued 3,798 shares of Preferred Series H stock with a fair value of $755,422 in exchange for $379,405 in net pay owed to employees, officers, and directors, and payables to key consultants. These conversions resulted in a loss on settlement of debt of $376,017. The Series H Preferred shares issue contain all the standard terms and conditions under the certificate of destination for that class of stock, including conversion price adjustment upon the sale of equity at a lower price subsequent to the issuance of these shares. See Series H Convertible Preferred Stock for additional information on the terms of Series H Preferred.

 

On September 16, 2025, the Company entered into a Conversion Agreement with a consultant, pursuant to which the consultant's balance of $36,820 in accrued payables owed to the consultant by Fly Flyte, Inc. was settled through the issuance of stock options under the Company's 2025 Omnibus Securities and Incentive Plan. Under the terms of the agreement, the Company converted the full amount of the accrued payroll liability into 5,406 fully vested stock options with an exercise price of $0.37 per share and 12,500 additional stock options at the same exercise price that vest as follows: 3,125 on March 31, 2026, 3,125 on June 30, 2026, 3,125 on September 30, 2026, and 3,125 on December 31, 2026, with a 10-year term expiring September 16, 2035. The options cumulatively have a fair value of $100,271. As a result, the Company recognized $33,541 of stock compensation expense for the year ended December 31, 2025 and $66,730 of additional expense that will be recognized through December 31, 2026.

 

 *<u>Common stock issued for financing fees</u>*

 

On January 10, 2024, the Company issued 700 shares of its restricted common stock at a fair value of $28,000 as commitment shares pursuant to the extension of the maturity date of a promissory note.

On March 21, 2024, the Company issued 175 shares of its restricted common stock at a fair value of $21,700 as commitment shares pursuant to the extension of the maturity date of a promissory note.

On March 25, 2024, the Company issued 150 shares of its restricted common stock at a fair value of $16,710 as commitment shares pursuant to the extension of the maturity date of a promissory note.

On July 2, 2024, the Company issued 103 shares of common stock with a fair value of $2,431 to an investor for fees and penalties associated with a convertible note.

 

On February 7, 2025, the Company issued 89 shares of common stock with a fair value of $2,122 to an investor for fees and penalties associated with a convertible note.

 

 *<u>Shares issued for acquisition of consolidated subsidiary</u>*

 

On July 26, 2024, the Company issued 1,750 common shares with a fair value of $38,150 to acquire 100% of the membership interests in S96 NYC, LLC (Studio 96 Publishing) from Ayelet Abitbul, an employee of the Company. Additionally, the Company issued 3,250 warrants with an exercise price of $24.00 and an expected life of 5 years with a value of $70,850, for a total purchase price of $109,000. Of this purchase price, $5,450 was recorded as Goodwill and $103,550 was recorded as intangible assets.

On February 27, 2025, the Company issued 52,807 shares of common stock with a fair value of $950,526 to the shareholders of Flewber Global, Inc. in exchange for their equity in Flewber Global, Inc. as part of the acquisition of that entity. See *<u>Acquisition of Flewber Global, Inc.</u>* in Note 12 for further details on the acquisition structure.

 

 *<u>Cash received for common stock</u>*

On January 3, 2024, the Company sold 500 shares of its common stock pursuant to the Equity Line of Credit entered into on October 20, 2022, between the Company and Coventry Enterprises for gross proceeds of $27,728 to the Company.

On March 6, 2024, the Company sold 358 shares of its common stock for proceeds of $25,000. Additionally, the Company issued 358 warrants with an exercise price of $140.00 and an expected life of 5 years with a fair value of $33,215.

On March 25, 2024, the Company sold 1,193 shares of its common stock pursuant to the Equity Line of Credit entered into on October 20, 2022, between the Company and Coventry Enterprises for gross proceeds of $83,872.

On April 8, 2024, the Company issued 500 shares of its restricted common stock for gross proceeds of $25,000. Additionally, the Company issued 500 warrants with an exercise price of $100.00 with an expected life of 5 years, and a fair value of $35,100.

On November 18, 2024, the Company entered into a purchase agreement with 2 investors whereby the Company issued 1,334 shares of common stock for net proceeds of $20,000. Additionally, the Company issued 6,334 warrants with an exercise price of $25.00, an expected life of 5 years, and a combined fair value of $114,000.

On December 10, 2024, the Company entered into a purchase agreement with 2 investors whereby the Company issued 5,000 shares of common stock for net proceeds of $40,000. Additionally, the Company issued 5,000 warrants with an exercise price of $20.00 and an expected term of 5 years with a fair value of $64,375.

During February 2025, 13 investors purchased 13,807 shares of Common stock for proceeds to the Company of $276,140. These purchases were made in conjunction with the Company's acquisition of Flewber Global, Inc. See *<u>Acquisition of Flewber Global, Inc.</u>* in Note 12 for further details on the acquisition structure.

 

 *<u>Stock based compensation in Creatd, Inc.</u>*

On March 1, 2024, the Company issued 500 shares at a fair value of $51,100 to a vendor for services rendered. On May 17, 2024, these shares were then rescinded as part of a renegotiation of the agreement with this vendor.

On April 22, 2024, the Company issued 572 shares at a fair value of $20,699 to a vendor for services rendered.

On May 28, 2024, the Company issued 2,750 shares of common stock with a fair value of $99,000 to a vendor for services rendered.

On March 5, 2024, the Company issued 500 shares at a fair value of $46,000 to a vendor for services rendered.

On March 6, 2024, the Company issued 750 shares with a fair value of $69,750 to a vendor for services.

On July 8, 2024, the Company issued 481 shares of common stock with a fair value of $10,288 to a vendor for services rendered.

On July 24, 2024, the Company issued 8,250 shares with a fair market value of $155,100 to a vendor for services rendered.

On August 20, 2024, the Company issued 500 shares of common stock with a fair value of $8,400 to 2 vendors for services rendered.

On September 27, 2024, the Company issued 29 shares with a fair value of $217 to 2 directors of the Company for services rendered.

On November 7, 2024, the Company issued 5,385 shares with a fair market value of $77,536 to consultants for services rendered.

On December 18, 2024, the Company issued 260 shares with a fair market value of $2,079 to consultants for services rendered.

On January 6, 2025, the Company issued 2,433 shares with a fair value of $22,377 to a vendor for services rendered.

On February 6, 2025, the Company issued 6,250 shares with a fair value of $131,250 to a vendor for services rendered for a service contract of 6 months. $109,250 of this was recognized in the current period, and $21,875 was recognized as prepaid expenses.

On February 27, 2025, the Company issued 25,000 shares with a fair value of $450,000 to Marc Sellouk, CEO of Flewber Global, Inc., as part of a retention package associated with the Company's acquisition of that entity. Under this agreement, these 25,000 shares were to be issued at acquisition in exchange for his equity in Flewber Global, Inc. and another 23,442 shares, as well as 14,812 shares of Preferred Series I stock, were to be issued on June 30, 2025, if Mr. Sellouk's employment at the Company continued through that date. Mr. Sellouk continues his employment with the Company, and on June 30, 2025, the Company issued the additional 23,442 shares of Common stock with a fair value of $187,583 and the 14,812 shares of Preferred Series I stock with a fair value of $592,465 under this agreement.

On October 31, 2025, the Company issued 10,000 shares to a vendor with a total fair value of approximately $60,000 in exchange for $68,000 in services to be provided. The Company recognized $19,890 of expense during the period, representing the portion of services rendered through December 31, 2025, with the remaining balance recorded as prepaid expense to be recognized over the service term.

On November 1, 2025, the Company issued 2,500 shares at a fair value of $15,000 for consulting services provided during the fourth quarter of 2025.

On December 1, 2025, the Company issued 2,686 shares at a fair value of $22,557 to settle $20,000 in outstanding liabilities, resulting in a loss on settlement of debt of $2,557.

On December 5, 2025, the Company issued 15,000 shares with a fair value of $157,800 to consultants for services rendered.

 

 *<u>Stock based compensation in consolidated subsidiaries</u>*

 

On August 1, 2024, Vocal, Inc. granted 48.72% of its membership interests, in the form of shares of Preferred Stock to officers, board members, employees, and consultants ("Key Drivers") involved with operations of Vocal.

On August 1, 2024, OG Collection, Inc. granted 46% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On August 9, 2024, the OG Collection, Inc. amended its Articles of Incorporation, increasing its authorized shares from 2,000,000, all of which was Common Stock, to 1,050,000,000, of which 1,000,000,000 shares became Common Stock and 50,000,000 shares became Preferred Stock.

On August 9, 2024, Vocal, Inc. granted an additional 3.01% of its membership interests, in the form of shares of Preferred Stock, to Key Drivers involved with operations of Vocal.

On August 12, 2024, OG Collection, Inc. granted an additional 1.5% of its membership interests, in the form of shares of Preferred Stock to Key Drivers involved with operations of OG Collection.

On November 27, 2024, the Company rescinded 1.5% of its membership interests in OG Collection, Inc. and 1.70% of its membership interests in Vocal, Inc. previously issued to a board member after their resignation.

On September 9, 2025, Fly Flyte, Inc. and Ponderosa Air LLC entered into a Side Letter Agreement with SEG Jets, LLC ("SEG Jets"), the lessor of the 2020 Cirrus Design Corp. SF50 aircraft that is being leased by the Company pursuant to an Exclusive Aircraft Dry Lease Agreement. Under the terms of the Side Letter Agreement, Fly Flyte, Inc. agreed to issue to SEG Jets, or its designees, 19.98% of the issued and outstanding common stock of Fly Flyte, Inc. as of the date of the agreement as consideration for strategic business cooperation. The stock has a fair value of $2.89 million and was recorded as stock based compensation on the consolidated statement of operations and comprehensive loss.

On December 26, 2025, Vocal, Inc. issued an additional 21.73% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of Vocal. In connection with this issuance, 40,404 shares were issued with an aggregate fair value of approximately $78,010, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in Vocal, Inc. decreased from 41.73% to 20.00%.

On December 26, 2025, OG Collection, Inc. issued an additional 24.00% of its outstanding equity, in the form of shares of Common Stock, to certain officers, employees, and consultants involved with the operations of OG Collection. In connection with this issuance, 480,000 shares were issued with an aggregate fair value of approximately $57,600, which was satisfied through the application of accrued payroll obligations. As a result of the issuance, the Company's ownership interest in OG Collection, Inc. decreased from 44.00% to 20.00%.

 

 

 *<u>Shares issued for acquisition of marketable securities</u>*

On July 17, 2024, the Company acquired 0.5% of equity in Hollywall Entertainment Inc., in exchange for 829 shares of the Company's common stock.

On August 20, 2024, the Company acquired 0.5% of equity in Geopulse Explorations, Inc. a holding company focused on owning and developing technologies in the cannabis industry. As consideration for this acquisition, Geopulse Explorations received 1,084 shares of the Company's common stock.

On November 26, 2024, the Company acquired 1% of equity in Enzylotics, Inc. a biotechnology company focused on developing in the pharmaceutical industry. As consideration for this acquisition, Enzylotics received 1,992 shares of the Company's common stock. On May 6, 2025, the Company and Enzylotics, Inc. agreed to rescind this agreement. The 1,992 shares of Creatd Common stock were cancelled, as were the Company's shares of Enzylotics, Inc.

On May 6, 2025, the Company acquired 17,000,000 shares in MineralRite Corporation, in exchange for 4,500 shares of the Company's common stock.

 

 *<u>Exercise of warrants to stock</u>*

Between February 12, 2025, and February 26, 2025, the Company issued 224,820 shares of common stock pursuant to the cashless exercise of warrants.

On June 23, 2025, the Company issued 100 shares of common stock pursuant to the exercise of warrants for gross proceeds of $2,000.

On June 30, 2025, the Company issued 10,000 shares of common stock pursuant to the cashless exercise of warrants.

On October 21, 2025, the Company issued 110,450 shares of common stock pursuant to the cashless exercise of warrants.

On December 31, 2025, the Company issued 22,500 shares of common stock pursuant to the cashless exercise of warrants.

 

 *<u>Shares issued for rounding in reverse stock split</u>*

 

On January 24, 2024, the Company effectuated a 1-for-500 reverse stock split. 3,554 shares with a fair value of $12,084 were issued pursuant to rounding from this reverse stock split.

**Item 16. Exhibits and Consolidated Financial Statement Schedules.**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 2.1 | [Agreement and Plan of Merger dated February 5, 2016 by and among the Company, GPH Merger Sub., Inc., and Jerrick Ventures, Inc. (incorporated by reference to Exhibit 2.1 of the Company's current report on Form 8-K filed with the Commission on February 11, 2016).](http://www.sec.gov/Archives/edgar/data/1357671/000121390016010781/f8k020516ex2i_greatplains.htm) |
| 2.2 | [Agreement and Plan of Merger dated February 28, 2016 by and among the Company and Jerrick Ventures, Inc. (incorporated by reference to Exhibit 2.1 of the Company's current report on Form 8-K filed with the Commission on March 3, 2016).](http://www.sec.gov/Archives/edgar/data/1357671/000121390016011317/f8k022616ex2i_jerrickmedia.htm) |
| 3.1 | [Articles of Incorporation, filed with the Nevada Secretary of State on December 30, 1999 (incorporated by reference to the Company's annual report on Form 10-SB filed with the Commission on March 30, 2006).](http://www.sec.gov/Archives/edgar/data/1357671/000093173106000061/ex3-1.txt) |
| 3.2 | [Amended and Restated Articles of Incorporation, filed with the Nevada Secretary of State on November 6, 2013 (incorporated by reference to Exhibit 3.3 to the Company's current report on Form 8-K filed with the Commission on December 4, 2013).](http://www.sec.gov/Archives/edgar/data/1357671/000109690613001838/ex33.pdf) |
| 3.3 | [Certificate of Amendment to our Amended and Restated Articles of Incorporation, filed with the Nevada Secretary of State on July 25, 2019.](ea028857601ex3-3_creatd.htm) |
| 3.4 | [Second Amended and Restarted Articles of Incorporation, filed with the Nevada Secretary of State on July 13, 2020.](ea028857601ex3-4_creatd.htm) |
| 3.5 | [Certificate of Amendment to our Second Amended and Restated Articles of Incorporation, filed with the Nevada Secretary of State on August 13, 2020.](ea028857601ex3-5_creatd.htm) |
| 3.6 | [Certificate of Amendment, filed with the Nevada Secretary of State on September 9, 2020.](ea028857601ex3-6_creatd.htm) |
| 3.7 | [Certificate of Incorporation, filed with the State of Delaware on September 16, 2021.](ea028857601ex3-7_creatd.htm) |
| 3.8 | [Certificate of Amendment, filed with the Delaware Secretary of State on April 24, 2022.](ea028857601ex3-8_creatd.htm) |
| 3.9 | [Certificate of Incorporation, filed with the State of Nevada on July 31, 2023.](ea028857601ex3-9_creatd.htm) |
| 3.10 | [Certificate of Amendment to our Second Amended and Restated Articles of Incorporation, filed with the Nevada Secretary of State on January 24, 2024.](ea028857601ex3-10_creatd.htm) |
| 3.11 | [Amended and Restated Bylaws, dated January 2, 2026.](ea028857601ex3-11_creatd.htm) |
| 3.12 | [Certificate of Designation, Preferences, and Rights of Series A Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's current report on Form 8-K filed with the Commission on April 8, 2014).](http://www.sec.gov/Archives/edgar/data/1357671/000109690614000458/exhibit3-1.htm) |
| 3.13 | [Certificate of Designation, Preferences and Rights of Series B Preferred Stock (incorporated by reference to Exhibit 3.1 of the Company's current report on Form 8-K filed with the Commission on December 4, 2014).](http://www.sec.gov/Archives/edgar/data/1357671/000109690614001696/greatplainsexh31.htm) |
| 3.14 | [Certificate of Designation of Series C Preferred Stock (incorporated by reference to Exhibit 3.1 of the Company's current report on Form 8-K filed with the Commission on August 3, 2015).](http://www.sec.gov/Archives/edgar/data/1357671/000109690615000840/greatplainsexh31.htm) |
| 3.15 | [Certificate of Designation of Series D Preferred Stock (incorporated by reference to Exhibit 3.1(f) of the Company's current report on Form 8-K filed with the Commission on February 11, 2016).](http://www.sec.gov/Archives/edgar/data/1357671/000121390016010781/f8k020516ex3if_greatplains.htm) |
| 4.1 | [Form of Common Stock Purchase Warrant (incorporated herein by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed with the SEC on March 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022010496/ea156444ex10-2_creatdinc.htm) |
| 4.2 | [Form of Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company's current report on Form 8-K filed with the Commission on March 9, 2022).](http://www.sec.gov/Archives/edgar/data/1357671/000121390022011276/ea156623ex4-1_creatdinc.htm) |
| 4.3 | [Form of Original Issue Discount Senior Convertible Debenture (incorporated by reference to Exhibit 4.1 to the Company's current report on Form 8-K filed with the Commission on June 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022031042/ea161063ex4-1_creatdinc.htm) |
| 4.4 | [Form of Series C Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.2 to the Company's current report on Form 8-K filed with the Commission on June 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022031042/ea161063ex4-2_creatdinc.htm) |
| 4.5 | [Form of Series D Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.3 to the Company's current report on Form 8-K filed with the Commission on June 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022031042/ea161063ex4-3_creatdinc.htm) |
| 4.6 | [Form of Original Issue Discount Senior Convertible Debenture (incorporated by reference to Exhibit 4.1 to the Company's current report on Form 8-K filed with the Commission on July 29, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022042988/ea163418ex4-1_creatdinc.htm) |
| 4.7 | [Form of Series E Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.2 to the Company's current report on Form 8-K filed with the Commission on July 29, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022042988/ea163418ex4-2_creatdinc.htm) |
| 4.8 | [Form of Series F Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.3 to the Company's current report on Form 8-K filed with the Commission on July 29, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022042988/ea163418ex4-3_creatdinc.htm) |
| 4.9 | [Form of Common Stock Warrant (incorporated by reference to Exhibit 4.9 of the Company's Current Report on Form 8-K filed with the Commission on September 19, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022056905/ea165882ex4-9_creatdinc.htm) |
| 4.10 | [Form of Replacement Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.6 of the Company's Current Report on Form 8-K filed with the Commission on October 25, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022066012/ea167525ex4-6_creatd.htm) |
| 4.11 | [Form of November Warrant (incorporated by reference to Exhibit 4.11 of the Company's form S-1 filed with the Commission on May 15, 2023)](http://www.sec.gov/Archives/edgar/data/1357671/000121390023002078/ea171298ex4-11_creatd.htm) |
| 4.12 | [Senior Convertible Debenture issued December 12, 2022 (incorporated by reference to Exhibit 4.12 of the Company's form S-1 filed with the Commission on May 12, 2023)](http://www.sec.gov/Archives/edgar/data/1357671/000121390023002078/ea171298ex4-12_creatd.htm) |
| 4.13\*\* | Form of Senior Convertible Promissory Note |
| 4.14\*\* | Form of Warrant |
| 5.1\* | Opinion of Lucosky Brookman LLP |
| 10.1 | [Spin-Off Agreement dated as of February 5, 2016 between the Company and Kent Campbell. (incorporated by reference to Exhibit 10.9 of the Company's current report on Form 8-K filed with the Commission on February 11, 2016).](http://www.sec.gov/Archives/edgar/data/1357671/000121390016010781/f8k020516ex10ix_greatplains.htm) |
| 10.2 | [Share Exchange Agreement dated as of February 5, 2016 by and among Great Plains Holdings, Inc., Kent Campbell, Denis Espinoza and Sarah Campbell. (incorporated by reference to Exhibit 10.10 of the Company's current report on Form 8-K filed with the Commission on February 11, 2016).](http://www.sec.gov/Archives/edgar/data/1357671/000121390016010781/f8k020516ex10x_greatplains.htm) |
| 10.3 | [Form of Stock Purchase Agreement. (incorporated by reference to Exhibit 10.11 of the Company's current report on Form 8-K filed with the Commission on February 11, 2016).](http://www.sec.gov/Archives/edgar/data/1357671/000121390016010781/f8k020516ex10xi_greatplains.htm) |

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| | |
|:---|:---|
| 10.4 | [Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed with the Commission on March 21, 2017).](http://www.sec.gov/Archives/edgar/data/1357671/000121390017002657/f8k022217ex10i_jerrickmedia.htm) |
| 10.5 | [Assignment and Assumption Agreement, dated May 12, 2017 (incorporated by reference to Exhibit 10.1 of the Company's quarterly report on Form 10-Q filed with the Commission on May 15, 2017).](http://www.sec.gov/Archives/edgar/data/1357671/000121390017005272/f10q0317ex10i_jerrickmedia.htm) |
| 10.6 | [Line of Credit Agreement, dated May 9, 2017 by and between the Company and Arthur Rosen (incorporated by reference to Exhibit 10.2 of the Company's quarterly report on Form 10-Q filed with the Commission on May 15, 2017).](http://www.sec.gov/Archives/edgar/data/1357671/000121390017005272/f10q0317ex10ii_jerrickmedia.htm) |
| 10.7 | [Promissory Note Issued in Favor of Grawin, LLC, Dated May 12, 2017, (incorporated by reference to Exhibit 10.3 of the Company's quarterly report on Form 10-Q filed with the Commission on May 15, 2017).](http://www.sec.gov/Archives/edgar/data/1357671/000121390017005272/f10q0317ex10iii_jerrickmedia.htm) |
| 10.8 | [Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on March 21, 2017).](http://www.sec.gov/Archives/edgar/data/1357671/000121390017002657/f8k022217ex10i_jerrickmedia.htm) |
| 10.9 | [Form of 8.5% Convertible Redeemable Debentures due April 18, 2018 (incorporated by reference to Exhibit 10.2 of the Company's current report on Form 8-K filed with the Commission on July 21, 2017).](http://www.sec.gov/Archives/edgar/data/1357671/000121390017007810/f8k071417ex10ii_jerrickmedia.htm) |
| 10.10 | [Jerrick Media Holdings Inc. 8.5% Convertible Redeemable Note Due April 11, 2018 (incorporated by reference to Exhibit 10.2 of the Company's current report on Form 8-K filed with the Commission on September 15, 2017)](http://www.sec.gov/Archives/edgar/data/1357671/000121390017009720/f8k090817ex10-2_jerrickmedia.htm) |
| 10.11 | [First Amendment to 8.5% Convertible Redeemable Note Due April 11, 2018 (incorporated by reference to Exhibit 10.3 of the Company's current report on Form 8-K filed with the Commission on September 15, 2017)](http://www.sec.gov/Archives/edgar/data/1357671/000121390017009720/f8k090817ex10-3_jerrickmedia.htm) |
| 10.12 | [Securities Purchase Agreement between the Company and Diamond Rock LLC dated July 24, 2017 (incorporated by reference to Exhibit 10.4 of the Company's current report on Form 8-K filed with the Commission on September 15, 2017)](http://www.sec.gov/Archives/edgar/data/1357671/000121390017009720/f8k090817ex10-4_jerrickmedia.htm) |
| 10.13 | [Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on September 18, 2017)](http://www.sec.gov/Archives/edgar/data/1357671/000121390017009753/f8k082517ex10-1_jerrickmedia.htm) |
| 10.14 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.3 of the Company's current report on Form 8-K filed with the Commission on February 14, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018001900/f8k110817a2ex10-3_jerrick.htm) |
| 10.15 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on February 13, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018001735/f8k021218ex10-1_jerrickmedia.htm) |
| 10.16 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on April 2, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018003872/f8k032918ex10-1_jerrickmed.htm) |
| 10.17 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on May 29, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018006933/f8k0518ex10-1_jerrickmedia.htm) |
| 10.18 | [Form of Promissory Note (incorporated by reference to Exhibit 10.2 of the Company's current report on Form 8-K filed with the Commission on May 29, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018006933/f8k0518ex10-2_jerrickmedia.htm) |
| 10.19 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 of the Company's current report on Form 8-K filed with the Commission on August 31, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018011997/f8k0818ex10-2_jerrickmedia.htm) |
| 10.20 | [Form of Lock-Up Agreement (incorporated by reference to Exhibit 10.3 of the Company's current report on Form 8-K filed with the Commission on August 31, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018011997/f8k0818ex10-3_jerrickmedia.htm) |
| 10.21 | [Form of Series A Preferred Stock Conversion Letter Agreement (incorporated by reference to Exhibit 10.4 of the Company's current report on Form 8-K filed with the Commission on August 31, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018011997/f8k0818ex10-4_jerrickmedia.htm) |
| 10.22 | [Form of Series B Preferred Stock Conversion Letter Agreement (incorporated by reference to Exhibit 10.5 of the Company's current report on Form 8-K filed with the Commission on August 31, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018011997/f8k0818ex10-5_jerrickmedia.htm) |
| 10.23 | [Form of Promissory Note Conversion Letter Agreement (incorporated by reference to Exhibit 10.7 of the Company's current report on Form 8-K filed with the Commission on August 31, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018011997/f8k0818ex10-7_jerrickmedia.htm) |
| 10.24 | [Lease Agreement (incorporated by reference to Exhibit 10.5 of the Company's quarterly report on Form 10-Q filed with the Commission on August 20, 2018)](http://www.sec.gov/Archives/edgar/data/1357671/000121390018011442/f10q0618ex10-5_jerrick.htm) |
| 10.25+ | [Jerrick Ventures, Inc. 2015 Incentive Stock and Award Plan and forms of award agreements thereunder (incorporated by reference to Exhibit 10.53 the Company's Amendment No. 3 to Registration Statement on Form S-1/A filed with the Commission on August 21, 2020)](http://www.sec.gov/Archives/edgar/data/1357671/000121390020023163/ea125672ex10-53_jerrickmedia.htm) |
| 10.26+ | [2020 Equity Incentive Plan and forms of award agreements thereunder (incorporated by reference to Exhibit 10.54 the Company's Amendment No. 3 to Registration Statement on Form S-1/A filed with the Commission on August 21, 2020)](http://www.sec.gov/Archives/edgar/data/1357671/000121390020023163/ea125672ex10-54_jerrickmedia.htm) |
| 10.27 | [Warrant Agreement, including form of Warrant, dated September 15, 2020 (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on September 15, 2020).](http://www.sec.gov/Archives/edgar/data/1357671/000121390020026787/ea126893ex10-1_creatdinc.htm) |
| 10.28+ | [Weisberg Employment Letter Agreement, dated September 28, 2020 (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on October 1, 2020).](http://www.sec.gov/Archives/edgar/data/1357671/000121390020029640/ea127678ex10-1_creatdinc.htm) |
| 10.29 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on January 5, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021000315/ea132647ex10-1_creatdinc.htm) |

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|:---|:---|
| 10.30 | [Form of Common Stock Purchase Warrant (incorporated by reference to Exhibit 10.2 of the Company's current report on Form 8-K filed with the Commission on January 5, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021000315/ea132647ex10-2_creatdinc.htm) |
| 10.31 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.3 of the Company's current report on Form 8-K filed with the Commission on January 5, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021000315/ea132647ex10-3_creatdinc.htm) |
| 10.32 | [Form of PA Warrant (incorporated by reference to Exhibit 10.4 of the Company's current report on Form 8-K filed with the Commission on January 5, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021000315/ea132647ex10-4_creatdinc.htm) |
| 10.33 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed with the Commission on October 27, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021054783/ea149407ex10-1_creatdinc.htm) |
| 10.34 | [Placement Agency Agreement (incorporated by reference to Exhibit 10.2 to the Company's current report on Form 8-K filed with the Commission on October 27, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021054783/ea149407ex10-2_creatdinc.htm) |
| 10.35 | [Membership Interest Purchase Agreement, dated as of June 4, 2021, by and among, Creatd Partners, LLC, Angela Hein and Heidi Brown (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed with the Commission on June 10, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021031946/ea142489ex10-1_creatdinc.htm) |
| 10.36 | [Stock Purchase Agreement, dated as of July 20, 2021, by and among, Creatd Partners, LLC, WHE Agency, Inc., and individuals named therein (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on July 26, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021038665/ea144770ex10-1_creatdinc.htm) |
| 10.37 | [Voting Agreement and Proxy, dated as of July 19, 2021, by and among, Creatd Partners, LLC, and individuals named therein (incorporated by reference to Exhibit 10.2 of the Company's current report on Form 8-K filed with the Commission on July 26, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021038665/ea144770ex10-2_creatdinc.htm) |
| 10.38 | [Stock Purchase Agreement by and among Standard Holdings Inc., Mark De Luca, Stephanie Roy Dufault, Dune Inc. and Creatd Partners, LLC dated October 3, 2021 (incorporated by reference to Exhibit 10.1 of the Company's current report on Form 8-K filed with the Commission on October 7, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021051847/ea148546ex10-1_creatdinc.htm) |
| 10.39 | [Stockholders Agreement by and among Dune Inc., Creatd Partners, LLC, Mark De Luca and Standard Holdings Inc. dated October 3, 2021 (incorporated by reference to Exhibit 10.2 of the Company's current report on Form 8-K filed with the Commission on October 7, 2021).](http://www.sec.gov/Archives/edgar/data/1357671/000121390021051847/ea148546ex10-2_creatdinc.htm) |
| 10.40+ | [Executive Employment Agreement between the Company and Jeremy Frommer (incorporated by reference to Exhibit 10.40 of the Company's annual report on Form 10-K filed with the Commission on April 6, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022018351/f10k2021ex10-40_creatd.htm) |
| 10.41+ | [Executive Employment Agreement between the Company and Laurie Weisberg (incorporated by reference to Exhibit 10.41 of the Company's annual report on Form 10-K filed with the Commission on April 6, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022018351/f10k2021ex10-41_creatd.htm) |
| 10.42+ | [Executive Employment Agreement between the Company and Justin Maury (incorporated by reference to Exhibit 10.42 of the Company's annual report on Form 10-K filed with the Commission on April 6, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022018351/f10k2021ex10-42_creatd.htm) |
| 10.43+ | [Executive Employment Agreement between the Company and Chelsea Pullano (incorporated by reference to Exhibit 10.43 of the Company's annual report on Form 10-K filed with the Commission on April 6, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022018351/f10k2021ex10-43_creatd.htm) |
| 10.44 | [Form of Securities Purchase Agreement (incorporated herein by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on March 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022010496/ea156444ex10-1_creatdinc.htm) |
| 10.45 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed with the Commission on March 9, 2022).](http://www.sec.gov/Archives/edgar/data/1357671/000121390022011276/ea156623ex10-1_creatdinc.htm) |
| 10.46 | [Letter of resignation of Mark Standish (incorporated by reference to Exhibit 17.1 to the Company's current report on Form 8-K filed with the Commission on February 18, 2022).](http://www.sec.gov/Archives/edgar/data/1357671/000121390022008462/ea155924ex17-1_creatdinc.htm) |
| 10.47 | [Letter of resignation of Leonard Schiller (incorporated by reference to Exhibit 17.2 to the Company's current report on Form 8-K filed with the Commission on February 18, 2022).](http://www.sec.gov/Archives/edgar/data/1357671/000121390022008462/ea155924ex17-2_creatdinc.htm) |
| 10.48 | [Letter of resignation of LaBrena Martin (incorporated by reference to Exhibit 17.3 to the Company's current report on Form 8-K filed with the Commission on February 18, 2022).](http://www.sec.gov/Archives/edgar/data/1357671/000121390022008462/ea155924ex17-3_creatdinc.htm) |
| 10.49 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed with the Commission on June 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022031042/ea161063ex10-1_creatdinc.htm) |
| 10.50 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to the Company's current report on Form 8-K filed with the Commission on June 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022031042/ea161063ex10-2_creatdinc.htm) |

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| 10.51 | [Form of Guaranty (incorporated by reference to Exhibit 10.3 to the Company's current report on Form 8-K filed with the Commission on June 3, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022031042/ea161063ex10-3_creatdinc.htm) |
| 10.52 | [Creatd, Inc. 2022 Omnibus Securities and Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed with the Commission on June 7, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022031579/ea161150ex10-1_creatdinc.htm) |
| 10.53 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed with the Commission on July 29, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022042988/ea163418ex10-1_creatdinc.htm) |
| 10.54 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to the Company's current report on Form 8-K filed with the Commission on July 29, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022042988/ea163418ex10-2_creatdinc.htm) |
| 10.55 | [Form of Guaranty (incorporated by reference to Exhibit 10.3 to the Company's current report on Form 8-K filed with the Commission on July 29, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022042988/ea163418ex10-3_creatdinc.htm) |
| 10.56 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the Commission on September 19, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022056905/ea165882ex10-1_creatdinc.htm) |
| 10.57 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed with the Commission on September 19, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022056905/ea165882ex10-2_creatdinc.htm) |
| 10.58 | [Form of Restructuring Agreement (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K filed with the Commission on September 19, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022056905/ea165882ex10-3_creatdinc.htm) |
| 10.59 | [Form of Security Agreement (incorporated by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K filed with the Commission on September 19, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022056905/ea165882ex10-4_creatdinc.htm) |
| 10.60 | [Form of Subsidiary Guarantee (incorporated by reference to Exhibit 10.5 of the Company's Current Report on Form 8-K filed with the Commission on September 19, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022056905/ea165882ex10-5_creatdinc.htm) |
| 10.61 | [Form of Lockup Agreement (incorporated by reference to Exhibit 10.6 of the Company's Current Report on Form 8-K filed with the Commission on September 19, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022056905/ea165882ex10-6_creatdinc.htm) |
| 10.62 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the Commission on October 25, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022066012/ea167525ex10-1_creatd.htm) |
| 10.63 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed with the Commission on October 25, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022066012/ea167525ex10-2_creatd.htm) |
| 10.64 | [Form of Letter Agreement (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K filed with the Commission on October 25, 2022)](http://www.sec.gov/Archives/edgar/data/1357671/000121390022066012/ea167525ex10-3_creatd.htm) |
| 10.65 | [Common Stock Purchase Agreement (incorporated by reference to Exhibit 10.65 of the Company's form S-1/A filed with the Commission on August 29, 2023)](http://www.sec.gov/Archives/edgar/data/1357671/000121390023071836/ea184070ex10-65_creatd.htm) |
| 10.66 | [Securities Purchase Agreement dated December 12, 2022 (incorporated by reference to Exhibit 10.65 of the Company's form S-1 filed with the Commission on May 15, 2023)](http://www.sec.gov/Archives/edgar/data/1357671/000121390023002078/ea171298ex10-65_creatd.htm) |
| 10.67 | [Registration Rights Agreement dated December 12, 2022 (incorporated by reference to Exhibit 10.66 of the Company's form S-1 filed with the Commission on May 15, 2023)](http://www.sec.gov/Archives/edgar/data/1357671/000121390023002078/ea171298ex10-66_creatd.htm) |
| 10.68 | [Subsidiary Guaranty Dated December 12, 2022 (incorporated by reference to Exhibit 10.67 of the Company's form S-1 filed with the Commission on May 15, 2023)](http://www.sec.gov/Archives/edgar/data/1357671/000121390023002078/ea171298ex10-67_creatd.htm) |
| 10.69\*\* | Securities Purchase Agreement dated as of November 9, 2025 |
| 10.70\*\* | Registration Rights Agreement dated as of November 9, 2025 |
| 21.1 | [List of Subsidiaries (incorporated by reference to Exhibit 21.1 of the Company's annual report on Form 10-K filed with the Commission on March 30, 2020)](http://www.sec.gov/Archives/edgar/data/1357671/000121390020008060/f10k2019ex21-1_jerrick.htm) |
| 23.1 | [Consent of Astra Audit & Advisory LLC](ea028857601ex23-1_creatd.htm) |
| 23.2\* | Consent of Lucosky Brookman LLP (included in Exhibit 5.1) |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| 107\* | Filing Fee Table |

---

\* To be filed upon amendment. <br> + Indicates management contract or compensatory plan. <br> \*\* Previously filed.

**(b) Consolidated Financial Statement Schedules**

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

**Item 17. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high and of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

*provided, however,* that paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(ii) Each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act ("Act") in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(I) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York, State of New York, on May 4, 2026.

---

| | | |
|:---|:---|:---|
| **Creatd, Inc.** | **Creatd, Inc.** | **Creatd, Inc.** |
| By: | */s/ Jeremy Frommer* | */s/ Jeremy Frommer* |
|  | Name: | Jeremy Frommer |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

POWER OF ATTORNEY: KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Jeremy Frommer, his true and lawful attorneys-in-fact and agents with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to sign any registration statement for the same offering covered by the Registration Statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done or by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Date** |
| */s/ Jeremy Frommer* | &nbsp;&nbsp; Chief Executive Officer, Chairman, Chief Financial Officer | &nbsp;&nbsp; May 4, 2026 |
| Jeremy Frommer | &nbsp;&nbsp; (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer) |  |
| */s/ Justin Maury* | &nbsp;&nbsp; Chief Operating Officer, Director | &nbsp;&nbsp; May 4, 2026 |
| Justin Maury |  |  |
| */s/ Peter Majar* | &nbsp;&nbsp; Director | &nbsp;&nbsp; May 4, 2026 |
| Peter Majar |  |  |
| */s/ Arthur Rosen* | &nbsp;&nbsp; Director | &nbsp;&nbsp; May 4, 2026 |
| Arthur Rosen |  |  |

---

## Exhibit 3.3

**Exhibit 3.3**

![](ea028857601_ex3-3img1.jpg)

## Exhibit 3.4

**Exhibit 3.4**

![](ea028857601_ex3-4img1.jpg)

![](ea028857601_ex3-4img2.jpg)

![](ea028857601_ex3-4img3.jpg)

![](ea028857601_ex3-4img4.jpg)

![](ea028857601_ex3-4img5.jpg)

![](ea028857601_ex3-4img6.jpg)

![](ea028857601_ex3-4img7.jpg)

![](ea028857601_ex3-4img8.jpg)

## Exhibit 3.5

**Exhibit 3.5**

![](ea028857601_ex3-5img1.jpg)

![](ea028857601_ex3-5img2.jpg)

![](ea028857601_ex3-5img3.jpg)

## Exhibit 3.6

**Exhibit 3.6**

![](ea028857601_ex3-6img2.jpg)

![](ea028857601_ex3-6img3.jpg)

![](ea028857601_ex3-6img4.jpg)

## Exhibit 3.7

**Exhibit 3.7**

![](ea028857601_ex3-7img1.jpg)

![](ea028857601_ex3-7img2.jpg)

![](ea028857601_ex3-7img3.jpg)

![](ea028857601_ex3-7img4.jpg)

## Exhibit 3.8

**Exhibit 3.8**

![](ea028857601_ex3-8img1.jpg)

![](ea028857601_ex3-8img2.jpg)

![](ea028857601_ex3-8img3.jpg)

## Exhibit 3.9

**Exhibit 3.9**

![](ea028857601_ex3-9img1.jpg)

![](ea028857601_ex3-9img2.jpg)

## Exhibit 3.10

**Exhibit 3.10**

![](ea028857601_ex3-10img1.jpg)

![](ea028857601_ex3-10img2.jpg)

## Exhibit 3.11

**Exhibit 3.11**

**AMENDED AND RESTATED BYLAWS**

***of***

**CREATD, INC.**

(hereinafter called the "Corporation")

**<u>ARTICLE I</u>**

 **OFFICES**

1.1. **Registered Office.** The registered office of the corporation shall be established and maintained
at the office of VCorp Services, Inc., 701 S. Carson Street, Suite 200, Carson City, Nevada, 89701; VCorp Services, Inc. shall be the
registered agent of the corporation in charge thereof. The registered office and registered agent may be changed from time to time by
action of the board of directors of the Corporation (the "Board of Directors") and the appropriate filing by the corporation
in the office of the Secretary of State of the State of Nevada.

1.2. **Principal Office.** The principal office for the transaction of the business of the Corporation
shall be at 1111B S Governors Ave, Ste 20721, Dover, Delaware, 19904. The Board of Directors is hereby granted full power and authority
to change said principal office from one location to another.

1.3. **Other Offices.** The Corporation may also have offices at such other places, both within and without
the State of Nevada, as the Board of Directors may from time to time determine.

**<u>ARTICLE II</u>**

**MEETINGS OF STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Annual Meeting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. Time and Place of Annual Meeting. An annual meeting of the stockholders shall be held each year on such
date and at such time as may be fixed from time to time by the Chairman of the Board of Directors, for the purpose of electing directors
and for the transaction of such other business as may properly come before the meeting. The Chairman will target to set such date annually,
but at a minimum within 18 months of each meeting. If the Chairman fails to fix such date and time within the 18 month window, the annual
meeting shall be held on the date and at the time agreed to by a resolution of the Board before an 18 month window has expired. The date
and time shall be stated in the notice of meeting, given in accordance with these Bylaws and applicable law. The Chairman may determine
that the meeting shall be held at any place, within or without the State of Nevada, or solely by means of remote communication to the
extent permitted by applicable law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. Failure to Hold Annual Meeting. The failure to hold an annual meeting at the designated time or within
any time period required by applicable law shall not affect the validity of any corporate action and shall not work a forfeiture or dissolution
of the Corporation, but in such event the annual meeting may be held as a special meeting called in accordance with Section 2.1 of these
Bylaws or as otherwise provided by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3. Business to Be Conducted at Annual Meetings. At an annual meeting of stockholders, only such business
shall be conducted as shall be properly brought before the meeting. Business shall be deemed properly brought before the meeting by the
Chairman if (i) specified in the Corporation's notice of meeting (or any supplement thereto), (ii) otherwise properly brought before
the meeting by or at the direction of the Board of Directors, or (iii) if and to the extent permitted by the Articles of Incorporation,
these Bylaws, and applicable law, by a stockholder of record who complies with any advance notice and other procedural requirements set
forth in these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Scheduling of Board Meetings</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. Regular Meetings. The Board of Directors shall hold regular meetings at such times and places as may
be determined by the Chairman. If the Chairman fails to fix such a time and place within an eighteen month window (18), regular meetings
shall be held on a date and at a time determined by the Chairperson of the Board or, in the absence of the Chairperson, by the Chief Operating
Officer. Notice of regular meetings shall not be required if the time and place of such meetings are fixed by Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. Special Meetings. Special meetings of the Board of Directors may be called by the Chairman of the Board.
Notice of each special meeting shall be given to each director, which notice shall state the time and place of the meeting and the business
to be transacted. Such notice may be delivered personally, by telephone, or by written communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3. Quorum and Voting. A majority of the total number of directors then in office shall constitute a quorum
for the transaction of business at any meeting of the Board of Directors. If a quorum is present, the act of the majority of the directors
present at the meeting shall be the act of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Action Without Meeting.</u> Any action required or permitted to be taken at a meeting of the Board of Directors may be taken without a meeting if all members of the
Board consent in writing to such action, styled as a Unanimous Written Consent. The action shall be effective on the date the last director
signs the consent unless the consent specifies a different effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Adjournment.</u> If a quorum
is not present at any meeting of the Board of Directors, the directors present may adjourn the meeting to a later date without further
notice. The Board may continue to adjourn until a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Special Meetings of Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1. Who May Call a Special Meeting. Special meetings of the stockholders may be called only by the Chairman
of the Board. Except as may be expressly provided otherwise in the Corporation's Articles of Incorporation or required by applicable
law, stockholders shall have no right to call a special meeting of stockholders, and no person other than those specified in this Section
2.5.1 may compel the holding of a special meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2. Purpose; Limitation of Business. A request or resolution to call a special meeting of stockholders shall
state the specific purpose or purposes for which the meeting is to be called. The notice of the special meeting shall state such purpose
or purposes, and only the business specified in the notice of meeting (or in any supplemental notice given in accordance with these Bylaws
and applicable law) shall be conducted at such special meeting. Any supplemental notice of business to be conducted at a special meeting
shall be authorized first by the Chairman, and secondly by the Board of Directors (or by an officer duly authorized by the Chairman to
issue such notice) and shall be given within the time and in the manner required by applicable law and these Bylaws for notices of meetings
of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Special Meetings of the Board of Directors</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1. Who May Call a Special Meeting. Special meetings of the Board of Directors may be called at any time
by the Chairman of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2. Notice; Purpose; Limitation of Business. Notice of any special meeting of the Board shall be given
in accordance with these Bylaws and applicable law and shall state the time and place of the meeting. The notice may, but need not, state
the purpose or purposes of the meeting; provided, however, that if the notice specifies particular business or purposes, the Board may,
but shall not be required to, limit the business conducted at such meeting to the matters so specified unless otherwise determined by
a majority of the directors present at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Adjournments.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1. Any meeting of the stockholders may be adjourned from time to time to reconvene at the same or another
place, and no new notice is required if the reconvene time and place are announced during the original meeting. At the reconvened meeting
the Corporation may address and vote on the same business that appeared in the original meeting notice. If the adjournment lasts longer
than sixty (60) days, or if the Board fixes a new shareholder record date after adjournment, a new written notice must be issued in accordance
with Section 2 and may only list the business that appeared in the original notice. The new notice must include the updated shareholder
record date for eligible voters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Quorum</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1. Unless otherwise required by applicable law or the Articles of Incorporation, the holders of a majority
of the Corporation's capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy,
shall constitute a quorum at all meetings of the stockholders for the transaction of business. A quorum, once established, shall not be
broken by the withdrawal of enough votes to leave less than a quorum. If, however, a quorum shall not be present or represented at any
meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to
adjourn the meeting from time to time, in the manner provided in Section 2.7 hereof, until a quorum shall be present or represented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1. Unless otherwise required by law, the Articles of Incorporation or these Bylaws, any question brought
before any meeting of the stockholders, other than the election of directors, shall be decided by the vote of the holders of a majority
of the votes cast on a matter at the meeting at which a quorum is present. Directors shall be elected by a plurality of the votes cast
at the election. Broker non-votes and abstentions are considered for purposes of establishing a quorum but not considered as votes cast
for or against a proposal or director nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.2. Unless otherwise provided in the Articles of Incorporation, and subject to Section 2.9, each stockholder
represented at a meeting of the stockholders shall be entitled to cast one (1) vote for each share of the capital stock entitled to vote
thereat held by such stockholder. Such votes may be cast in person or by proxy as provided in Section 2.10. The Board of Directors, in
its discretion, or the officer of the Corporation presiding at a meeting of the stockholders, in such officer's discretion, may
require that any votes cast at such meeting shall be cast by written ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. <u>Proxy Rules for Stockholder Votes.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1. A proxy authorization may remain valid for 11 months unless a longer period is specified in the proxy
itself. Any proxy used for voting must name the exact proxy holder at least seven (7) calendar days before the vote occurs. A proxy holder may only be another current
Board member and must receive written approval from the Chairman. No proxy may be exercised, amended, or transferred inside the seven
(7) day period before the vote. Shareholders must deliver proxy assignments by email or other traceable written method. All proxy records
must include date stamps, proxy holder name, Chairman approval, and shareholder identity confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.2. A stockholder may execute a writing authorizing another person or persons to act for such stockholder
as proxy. Execution may be accomplished by the stockholder or such stockholder's authorized officer, director, employee or agent
signing such writing or causing such person's signature to be affixed to such writing by any reasonable means, including, but not
limited to, by facsimile signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.3. A stockholder may authorize another person or persons to act for such stockholder as proxy by transmitting
or authorizing the transmission of an electronic record to the person who will be the holder of the proxy or to a proxy solicitation firm,
proxy support service organization or like agent duly authorized by the person who will be the holder of the proxy to receive the transmission,
provided that any such electronic record must either set forth or be submitted with information from which it can be determined that the
electronic record was authorized by the stockholder. If it is determined that such electronic record is valid, the inspectors or, if there
are no inspectors, such other persons making that determination shall specify the information on which they relied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.4. Any copy, facsimile or other electronic telecommunication or other reliable reproduction of the writing
or electronic record authorizing another person or persons to act as proxy for a stockholder may be substituted or used in lieu of the
original writing or electronic record for any and all purposes for which the original writing or electronic record could be used; p <u>rovided</u>, <u>however</u>, that such copy, facsimile telecommunication or other reproduction shall
be a complete reproduction of the entire original writing or electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. <u>Stockholder Consent Without a Meeting.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.1. If the Chairman approves corporate actions that would normally require or be allowed at an Annual or
Special Meeting of stockholders, those corporation actions may be approved without holding a meeting, if enough shareholders sign and
return a written or verified electronic consent describing the exact action being approved. The signatures must collectively equal or
exceed the votes that would have been required to approve the same action at a properly convened meeting where all voting shares were
present. Each consent must include a clear signature date stamp. All consents must be delivered within 60 days of the earliest signature
date for the approval to become valid. Any copy or electronic reproduction of a consent may be used to submit or validate votes if it
is a full unedited copy with all sections included. If approval is not unanimous, shareholders who did not consent must still be notified
by email or other written transmission that can be audited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.2. The Chairman must be involved in reviewing, approving, and documenting each step of the consent, notice,
and validation process along with the transfer agent or corporate record keeper. No presumption of approval, dissent, or voting intent
may be based on shareholder silence or non-response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.3. In order that the Corporation may determine the stockholders entitled to consent to corporate action
in writing without a meeting, the Board of Directors, upon the Chairman's consent, may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be
less than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. Any stockholder
of record seeking to have the stockholders authorize or take corporate action by written consent shall, by written notice to the Secretary
of the Corporation, request the Board of Directors to fix a record date. The Board of Directors shall promptly, but in all events within
ten (10) days after the date on which such a request is received, adopt a resolution fixing the record date. If no record date has been
fixed by the Board of Directors within ten (10) days of the date on which such a request is received, the record date for determining
stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required
by applicable law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is
delivered to the Corporation's principal place of business, or an officer or agent of the Corporation having custody of the book
in which proceedings of meetings of the stockholders are recorded, to the attention of the Secretary of the Corporation. If no record
date has been fixed by the Board of Directors and prior action by the Board of Directors is required by applicable law, the record date
for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on
the date on which the Board of Directors adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. <u>Validation of Stockholder Consent.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12.1. When shareholder consents or related revocations are delivered to the Corporation, independent inspectors
of elections must review them quickly and certify whether the returned consents equal or exceed the votes that would have been required
to pass the same corporate action at a meeting where all voting shares were present. No corporate action approved by written or electronic
consent may be considered valid until inspectors issue this certification in writing, delivered to the Corporation and to the Chairman.
Inspectors perform an administrative review, not a strategic one. Their only role is to confirm vote math and authorization trail, including
identity and time stamps. Shareholders and directors keep the right to challenge any consent or revocation, including pursuing or defending
it legally. No challenge, legal contest, or litigation can be assumed valid or actionable unless
supported by the underlying records that inspectors have reviewed. The Chairman must be involved in reviewing, approving, documenting,
and retaining each step of the notice, proxy, quorum, ballot requirement, and inspector certification process.List of Voting Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12.2. The Corporation must prepare a full and accurate list of stockholders of record who are entitled to
vote at any stockholder meeting. The list must be completed at least 10 days and no more than 60 days before the meeting. It must show
each stockholder's name, verified contact address, and the number of voting shares they own. The list must be available for shareholder
review for at least 10 days before the meeting, either at the meeting location or at the Corporation's principal place of business.
The Chairman must approve how and where the list is made available. The list becomes the governing record used to confirm who can vote.
No vote can be validated using any other record or assumption unless Nevada law explicitly requires it. If different share classes or
voting groups exist, each group must have its own separately prepared stockholder list, and the Chairman must be informed before the meeting
begins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. <u>Record Date.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13.1. The Board, upon consent of the Chairman, may set a record date to determine which shareholders can
approve a corporate action by written or electronic consent without holding a meeting. The record date cannot be earlier than the day
the Board approves the resolution setting it. The record date must be issued no more than 10 calendar days after the resolution approval
date. If the Board does not set a record date, and Nevada law does not require a separate prior Board resolution for the corporate action,
voter eligibility begins on the first business day a fully signed consent document describing the action is delivered to the Corporation.
If Nevada law requires a prior Board resolution for the underlying corporate action, and the Board did not set a separate record date
beforehand, voting eligibility defaults to the close of business on the day the required Board resolution is approved. All written or
electronic consents must state the exact corporate action being approved and must be signed, date-stamped, and traceable to a verified
shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. <u>Stock Ledger.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.1. The Corporation's stock ledger is the official record used to confirm shareholder voting rights,
proxy rights, and the right to review shareholder lists and corporate books. No other document, interpretation, broker assumption, or
external record can replace the stock ledger when determining who is eligible to vote or to appoint a proxy at a stockholder meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. <u>Conduct of Stockholder Meetings.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.1. Stockholder meetings are led by the Chairman. If the Chairman is not present, meeting leadership falls
to the next available officer or director who is legally eligible, but the Board may only designate a replacement chair in writing and
with the Chairman's consent. The acting chair may delegate responsibilities to another officer or director who is present. The acting
Secretary at the meeting maintains records, but if no Secretary is available, the chair may appoint one for administrative recordkeeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.2. The Chairman sets the agenda, enforces meeting rules, and controls voting polls. The Chairman may limit
participation to verified voting shareholders, approved Board member proxies, and any other attendees the Chairman authorizes in writing.
The Chairman may place time limits on agenda items, questions, comments, voting windows, and poll openings or closings. The Chairman may
also restrict meeting entry after the scheduled start time, if those limits were included in the meeting notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.3. All votes must be submitted affirmatively, by written or verified electronic ballot, or by a valid
proxy that has been approved and is still inside its permitted use window. The Board may not allow voice, show of hands, or assumed voting
in place of written ballots if the Chairman has required written or electronic ballots for that vote. The Chairman may require written
ballot submission for any vote, including votes delivered electronically if traceable to a verified voting shareholder. The Chairman centralizes
governance decisions but may not treat silence, abstention, or non-response as a vote for or against any proposal or director candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. <u>Inspectors of Elections.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16.1. Before any stockholder meeting, the Chairman shall appoint independent inspectors to verify shareholder
voting power, review proxy and ballot validity, count submitted votes, address any challenges to voting records, and issue written certification
of vote results. Inspectors may be officers, employees, or agents of the Corporation only if Nevada law separately requires it, but committees
or individual officers may not act as inspectors unless approved by the Chairman in writing. Every inspector must sign an oath committing
to impartiality, vote audit discipline, identity verification, and written certification of findings relied upon to validate shareholder
consent, proxy, or ballots submitted. Inspectors confirm affirmative and dissenting votes actually returned, independent of any assumed
vote, quorum disruption, or withdrawal after quorum has been validated. Inspectors issue certification directly to the Chairman and that
certification becomes the required evidence to validate vote results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. <u>Business at Stockholder Meetings.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17.1. Only business that is properly noticed and eligible for approval may be voted on
at any Annual Meeting or Special Meeting of stockholders. Director nominations and director elections must follow Section 2.18. All other
matters may only be introduced and approved if they were authorized by the Chairman or disclosed in the official meeting notice, or in
a fully completed inspector-certified written or electronic shareholder consent, returned inside its valid approval window. No
committee, officer, shareholder, proxy solicitor, or outside party may independently expand the agenda, call a Special Meeting, or presume
the outcome of any vote based on silence, abstention, or non-response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17.2. Shareholders who wish to propose business must deliver a written or verified electronic notice to the
Secretary, approved by the Chairman, at least 90 days and no more than 120 days before the anniversary of the prior Annual Meeting. If
the meeting is scheduled outside that anniversary window, the proposal notice must arrive within 10 calendar days of the first shareholder
disclosure announcing the new meeting date. Stockholder proposal deadlines cannot reset or extend due to adjournment or postponement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17.3. A valid proposal notice must contain: the shareholder's verified identity and address, the specific
business or corporate matter being proposed, the number, class, and identification of voting shares owned, disclosure of any derivative,
swap, hedge, option, warrant, short, borrow, or voting-power altering interest tied to those voting shares, and written confirmation that
the shareholder or their Chairman-approved Board member proxy will participate in the vote. The shareholder must update the proposal notice
within 5 business days of the record date, if new voter eligibility records are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17.4. Independent inspectors of elections, appointed by the Chairman, must validate all proposal notices,
proxies, ballots, and shareholder consents, and deliver written certification of vote math and authorization trail directly to the Chairman.
Votes may only be counted if submitted by written or verified electronic ballot, or by Chairman-approved Board member proxy, and delivered
inside confirmed vote polls opened or eligibility windows authorized by Chairman-approved notice. If the Chairman or the inspectors conclude
that a proposal, proxy, ballot, or consent could not be validated with written, dated, verified shareholder authorization trail, vote
math support, or if it arrived outside the approval window the Chairman must declare it invalid, and the Board cannot allow it broaden
the agenda or be voted on at the meeting. Any person or firm seeking to review proposals or voting records must direct that request to
the Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17.5. Nothing in these bylaws removes the shareholder's default right to vote by written proxy or written
consent for properly noticed business, or to discuss proposals that were already validated and noticed. No vote, proxy, or dissent is
valid based on silence. All approvals and dissents must be written, dated, identity-confirmed, issued inside the 11-month proxy
or shareholder consent period, and reviewed and certified by inspectors duly appointed by the Chairman. Rule 14a-8 rights under the Exchange
Act remain intact, may only be exercised through notices approved by the Chairman, and do not give any shareholder or outside actor the
power to independently box, manipulate, or control meeting logistics, quorum math, proxy verification, or vote sequencing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. <u>Director Nominations.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.1. Only individuals who are 18 years or older may serve on the Board. Every director candidate must be
a real person and at least 18 on the date of the vote. The Chairman may nominate and place director candidates on the ballot for any Annual
or Special stockholder meeting that was called to elect directors. No committee, officer, shareholder, proxy solicitor, or outside party
may independently nominate or place director candidates on the ballot unless the Chairman approves that nomination in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.2. If a shareholder wishes to propose a director candidate, the shareholder must deliver a written or verified
electronic nomination notice to the Chairman. The notice must arrive no later than 90 days and no more than 120 days before the anniversary
of the prior Annual Meeting. If the meeting is scheduled outside that 90 to 120 day window, the notice must be received within 10 days
after the first shareholder disclosure announcing the new meeting date. Nomination deadlines do not reset or extend due to adjournment
or postponement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.3. A valid nomination notice must contain the candidate's name, age, residence, business address,
the voting share count tied to the nominator, identity confirmation of the shareholder issuing the nomination, disclosure of any derivative,
option, warrant, hedge, borrow, lend, short or voting power altering interest tied to the voting shares, written consent from the director
candidate agreeing to serve if elected, and complete copies of all records relied on to validate identity, authorization, share math,
or proxy history if proxy participation is part of the nomination. The Chairman may require written or electronic ballots for director
elections to ensure auditability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.4. All nomination validation is administrative, mathematical, identity-confirmed, and auditable. The Chairman
shall receive copies of all nomination notices, consent records, proxy records, candidate consents, inspector certifications, ballots,
voter lists, and record date approvals. No nomination, proxy, ballot, or consent tied to a director vote may be exercised, amended, or
transferred inside the 7 day period before the vote. If the Chairman or the inspectors conclude that a nomination could not be validated
or was delivered late, the Chairman must declare it invalid, and that candidate will not be placed on the ballot or considered eligible
for the vote. Shareholders may discuss any nomination that has already been properly validated and disclosed, but discussion does not
expand agenda or vote eligibility beyond what was already noticed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.5. Written certifications from independent inspectors must be delivered to the Corporation and to the
Chairman within 5 business days of nomination record date confirmation if inspectors are being used. Any shareholder or director may contest
the validity of a nomination or proxy, but no contest becomes actionable or presumed valid unless supported by the records, share math,
signature time stamps, or authentication data that were already reviewed by inspectors or approved by the Chairman. Director candidate
consents and nominations may be updated or supplemented, if needed, by delivering full unedited copies to the Chairman and to the Secretary within 5
business days of the record date, or 7 days before the vote occurs, whichever comes first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.6. Shareholders retain Rule 14a-8 rights for submitting director proposals through the Chairman-approved
nomination lane but those rights do not give any shareholder or outside actor the power to control meeting logistics quorum proxy validity
record date selection inspector certification or ballot requirements independently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. <u>Meetings Through Electronic Communication.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19.1. Shareholders may join any stockholder meeting through videoconference, teleconference, or any electronic
system the Corporation has enabled. Participation by approved electronic format counts as in-person presence for quorum and voting rights.
The Corporation shall apply measures that confirm a participant's identity as a voting shareholder before entry or ballot submission.
Identity trails may include dated electronic records, email authentication, or inspector-reviewed copy submissions if they are full, unedited,
and traceable to a verified shareholder. Meeting notices and ballot instructions may be delivered electronically if approved by the Chairman
and retained in the Corporation's records. The Corporation shall provide shareholders fair access to view or hear proceedings during
the meeting and submit affirmative votes by written or verifiable electronic ballot, or through a valid proxy that remains inside its
approved use window. No voting intention may be presumed from silence or meeting absence.

**<u>ARTICLE III</u> <br> DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Board Size and Terms.</u> The Board
shall include 1 to 7 real individuals, all at least 18 years of age. The exact Board size may be set only by a written recommendation
of the Chairman and an approved resolution of the Board. Reducing board size may not shorten the term of any active director. Directors
serve a minimum 12-month term from election or most recent re-election and remain in place until a new Annual Shareholders meeting is
set by the Chairman, not to exceed an eighteen (18) month window. Chairman does not require annual Board re-approval, and instead stands
for re-election only by shareholders at each Annual Meeting. Directors do not need to hold shares or live in Nevada.

3.2. <u>Vacancies.</u> Vacant Board or committee seats may
be filled only by the Chairman or a majority of remaining active directors, even if less than a quorum exists, or by a sole remaining
director if only one remains. Replacement directors serve until the next formal director election, or until resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Powers and Responsibilities.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1. Company operations, major decisions, portfolio execution, corporate strategy, financing direction,
acquisitions, restructuring, and all lawful corporate acts not exclusively reserved to the stockholders shall be managed by the executive
officers of the Corporation in the ordinary course of business, subject to the oversight of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2. The Board of Directors shall act through resolutions duly adopted by the Board, and, where the offices
of Chairman of the Board and Chief Executive Officer are held by separate individuals, the Chairman shall have such supervisory, coordinating,
and approval authority over such matters as may be expressly delegated by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3. Nothing herein shall be construed to limit the authority of the Chief Executive Officer or other executive
officers to manage the day-to-day operations of the Corporation.

3.4. <u>Meeting Leadership and Records.</u> The Chairman
presides over Board meetings when present. If absent, the meeting may continue under a Board member designated by written resolution.
The Corporate Secretary maintains meeting minutes unless the Chairman authorizes another Board member to perform recordkeeping. Committees
may select their own meeting secretary if approved by Chairman notice.

3.5. <u>Resignations and Removals.</u> A director may step
down anytime by delivering written or verified electronic notice to the Chairman or Corporate Secretary. Step-down is effective immediately
or on the written date provided. Removal of directors requires an affirmative majority vote that has been properly noticed, inspector
certified, and actually returned. A committee seat may be revoked only by the Chairman.

3.6. <u>Quorum and Voting Math.</u> A majority of the full
Board forms a quorum. Once quorum is validated, it cannot be broken by vote withdrawal. A Board act is approved if a majority of ballots
or proxies actually returned vote in favor while quorum exists. Directors retain equal voting rights. Ballots may only be counted if written,
dated, traceable, or inspector certified if inspectors are used.

3.7. <u>Board Actions Without a Meeting.</u> Corporate actions
that could have been approved at a Board or committee meeting may be approved without holding a meeting if enough directors return a written
or verified electronic unanimous consent, styled as a Unanimous Written Consent, and that consent is filed in official corporate minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Remote Participation by Directors.</u> Directors may join any Board or committee meeting by conference call or electronic system if all participants can hear each other. Remote
participation counts as in-person presence for quorum and voting math.

but may operate only through resolved agendas and rules approved in writing by the Chairman or unanimous Board consent. The Corporation
shall appoint Board-approved alternates if needed. Committee decisions cannot violate Nevada law or shareholder proxy and consent rights.
The Chairman receives all committee records, charters, oaths, inspector certification, notices, ballots, and minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <u>Compensation for Directors.</u> Board members may
receive meeting expenses and compensation in cash or stock, as approved in writing by the Chairman and the Company will refresh Board
contracts upon each reelection and/or extend the existing contract for an additional term upon reelection. Committee members may receive
similar compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <u>Interested Directors and Fairness Rule.</u> Corporate
deals involving directors remain valid if: material conflicts and share interests are fully disclosed in writing and stored in corporate
records; disinterested directors approve the action with majority affirmative votes returned; underlying deal is fair to the company on
the date it was approved; inspectors review share math and conflict data if inspectors were appointed. Silent or assumed approvals cannot
validate conflicts or deals. All challenges to conflicts of interest, proxies, written consents, ballots, or the fairness of any such
transaction shall be determined by the inspectors of election, or the Chairman of the Board if the Chairman is a disinterested director.
If the Chairman is an interested director, the challenges to such transaction shall be determined by the affirmative vote of the majority
of the Board Members, excluding the Chairman.

**<u>ARTICLE IV</u> <br> OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>General.</u> The officers of
the Corporation shall consist of a chief executive officer, chief operating officer, chief financial officer and a corporate secretary,
each of whom shall be appointed by the Chairman of the Board. Such other officers and assistant officers as may be deemed necessary may
be elected or appointed by the Board. All officers must be natural persons and any natural person may hold two or more offices, except
that in the event that the Corporation shall have more than one director, the offices of corporate secretary shall be held by different
persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Election, Qualification and Term of Office.</u> Each of the officers shall be elected by the Board. None of said officers need be a director. Except as hereinafter
provided or subject to the express provisions of a contract authorized by the Board of Directors, each of said officers shall hold office
from the date of his/her election until the next annual meeting of the Board and until his/her successor shall have been duly elected
and qualified or until his or her removal or resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Voting Securities Owned by the Corporation.</u> Powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities owned
by the Corporation may be executed in the name of and on behalf of the Corporation by the Chief Executive Officer or any officer authorized
to do so by the Board of Directors, and any such officer may, in the name of and on behalf of the Corporation, take all such action as
any such officer may deem advisable to vote in person or by proxy at any meeting of security holders of any corporation in which the Corporation
may own securities and at any such meeting shall possess and may exercise any and all rights and power incident to the ownership of such
securities and which, as the owner thereof, the Corporation might have exercised and possessed if present. The Board of Directors may,
by resolution, from time to time confer like powers upon any other person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Removal.</u> Any officer of the
Corporation may be removed, with or without cause, by the unanimous affirmative vote of the Board of Directors; provided, however, that
if the officer whose removal is proposed is also a director, such director shall be recused from the vote, and unanimity shall be measured
solely among the remaining disinterested directors then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>Resignation.</u> Any officer
may resign at any time by giving notice to the Board. Any such resignation shall take effect at the date of receipt of such notice or
at any later date specified therein; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary
to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>Vacancies.</u> The Chief Executive
Officer shall fill any office which becomes vacant with a successor who shall hold office for the unexpired term and until his/her successor
shall have been duly elected and qualified by the Board of Directors, or until his or her removal or resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Powers and Duties.</u> The powers and duties of the respective corporate officers shall be determined by the
Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <u>Salaries.</u> The salaries of
all executive officers of the Corporation shall be fixed by the Board of Directors or by such committee of the Board of Directors as may
be designated from time to time by a resolution adopted by a majority of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. <u>Other Officers.</u> Such other
officers as the Board of Directors may choose shall perform such duties and have such powers as from time to time may be assigned to them
by the Board of Directors. The Board of Directors may delegate to any other officer of the Corporation the power to choose such other
officers and to prescribe their respective duties and powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. <u>Outside Business Activities of Executive Officers.</u> Executive officers of the Corporation may engage in outside business activities, including serving as an officer, director,
advisor, or employee of one or more other entities, whether for profit or not for profit. Any such outside business activity shall require
the prior approval of the Chairman of the Board, which approval may be granted or withheld in the Chairman's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.1. No executive officer shall be deemed to have a conflict of interest solely by reason of holding executive
or other positions with, or having financial interests in, any other entity, provided that such activities have been approved by the Chairman
of the Board in accordance with this Section.

**<u>ARTICLE V</u><br> STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Certificated and Uncertificated Shares.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. The Corporation may issue shares with or without stock certificates. The Chairman, with the Board acting
only by unanimous written consent, may authorize uncertificated shares at any time in writing. Any shareholder may still request and receive
a stock certificate verifying their share ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. The Board of Directors may, by resolution, delegate to the executive officers of the Corporation the
authority to approve and issue shares of the Corporation within such limits, conditions, and parameters as the Board may determine from
time to time, provided that any such issuance is permitted by the Articles of Incorporation and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Signature Validity.</u> Stock
certificates may be signed electronically if the identity of the signer and the authorization date can be verified in corporate records.
A certificate issued after a signer has left office remains valid if the signature, signing authority, and authorization trail existed
on the date it was originally approved and recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Lost or Destroyed Share Records.</u> If a shareholder claims their stock certificate was lost, stolen, or destroyed, they must submit a written or verified electronic affidavit
stating the facts, including a signature date stamp and identity record. The Chairman, or the Board acting only by unanimous written consent,
may replace the lost share record by issuing a new certificate or electronic share notation. As a condition of replacement authorization,
Chairman-approved inspectors or record agents may require identity verification, full unedited copy submission of records relied on to
confirm ownership, and/or a Chairman-authorized indemnity bond, but only if the requirements are issued in writing to, and approved by,
the Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Share Transfers.</u> All Corporation
share transfers may occur only through the official corporate stock ledger. No share transfer or proxy transfer is valid until formally
recorded in the share register and timestamped chain of verified ownership from sender to receiver. Shareholders may transfer shares in
written or electronic form, but only if signed, dated, traceable to a verified shareholder in the stock ledger. The Chairman may waive
transfer taxes or signature formalities only if doing so in writing, retained in corporate minutes, and not impeding the affirmative return
of shareholder votes, proxies, or inspector certification of submitted consents. Once a certificate is surrendered in cancellation, it
must be time-stamped, inspector-reviewed if inspectors are being used, and marked as cancelled in corporate records before a new share
record can replace it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Share Rules and Delegations.</u> The Chairman, or the Board acting only by unanimous written consent, may issue written rules governing share issuance, transfers, inspector
involvement, ballot mechanics, and record retention. No shareholder, officer, or outside agent may independently alter share rules, meeting
sequencing, proxy math, inspector recipients, or ballot format unless approved by Chairman authorization in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Dividend and Distribution Record Dates.</u> The Chairman, and the Board acting only by unanimous written consent, may set a dividend eligibility record date, which
may not be earlier than the day the resolution is approved and must fall no more than 60 days before the dividend, rights distribution,
or shareholder-eligible corporate action occurs. If no dividend eligibility date is set, eligibility is determined at the close of business
on the day the Chairman, or unanimous Board resolution, authorizes the dividend or distribution and that resolution must be retained for
corporate auditability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Registered Share Ownership Rights.</u> The Corporation may only recognize an official share owner if that owner is registered in the corporate stock ledger, verified in identity,
and positioned inside the eligible voting or dividend participation register on the date required elsewhere in the bylaws. The Corporation
is not required to recognize equity claims not entered into the stock ledger unless Nevada law separately mandates it. Silence is not
recognized as approval or dissent, but eligible shareholders who affirmatively return ballots, proxies, or written consents keep full
rights to receive dividends, inspect corporate records, appoint proxies, or vote electronically, if done in accordance with Chairman-approved
written sequencing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Transfer Agent and Registry Offices.</u> The Corporation may appoint one or more transfer agents or registrars if approved only by Chairman authorization in writing or a Board
resolution approved by unanimous written consent. Transfer agent and registrar locations may be designated anywhere if retained in corporate
records and the Chairman is informed before participation begins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. <u>Share Issuance Consideration.</u> Shares may be issued for any benefit to the Corporation, including cash, services, assets, securities, licensing, software, portfolio
contributions, restructuring benefits, or strategic exchanges, if authorized by a Board resolution approved by unanimous written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. <u>Blackout Periods for Trading Stock by Executives, Insiders, and the Board of Directors.</u> Insiders, executives, members of the Board of Directors, and any other designated
personnel, are prohibited from trading in the Company's stock during the following blackout periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.1. Year-End Financial Results: Trading in the Company's securities is prohibited after January 15th
until twenty-four (24) hours after the public announcement of the Company's year-end financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.2. Quarterly Financial Results (Q1, Q2 and Q3): Trading in the Company's securities is prohibited
 post fifteen (15) days after each quarter's end until twenty-four
(24) hours after the public announcement of the Company's quarterly financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.3. Regulatory Filings: Trading in the Company's securities is prohibited beginning one (1) week prior to any regulatory filing (excluding notification of insider
transactions) that contain material nonpublic information and ending twenty-four (24) hours after such filing is publicly disclosed. If
the existence or timing of a regulatory filing containing material nonpublic information becomes known less than one (1) week prior to
the filing, trading shall be prohibited from the time such information becomes known until twenty-four (24) hours after the filing is
publicly disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.4. Potential Special Period: The Company's Chairman may, from time to time, issue an internal blackout
period through written communication, where trading is prohibited if it is determined that significant, non-public developments warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. <u>General Policy.</u> All officers, directors, and other
insiders are required to refrain from trading based on material non-public information regarding the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12. <u>Insiders.</u> An insider is any entity or individual who owns greater than 9.99%
of common stock of Creatd, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13. <u>10b5-1 Plans.</u> Any insider,
executive officer, member of the Board of Directors, designated employee, or affiliate who has entered into a trading plan pursuant to
Rule 10b5-1 and in compliance with applicable law shall not be subject to the trading restrictions set forth in Section 5.10 and Section
5.11, solely with respect to transactions effected in accordance with such Rule 10b5-1 trading plan.

**<u>ARTICLE VI</u> <br> NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Notices Required by NRS.</u> Whenever
written notice is required by the Nevada Revised Statutes (NRS), the Articles of Incorporation or these Bylaws, to be given to any director,
member of a committee or stockholder, such notice may be given by electronic means of communication and/or mail in accordance with the
NRS, and as permitted thereby, addressed to such director, member of a committee or stockholder, at such person's address as it
appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when
the same shall be deposited in the United States mail. Written notice may also be given personally or by electronic transmission (by fax,
electronic mail, or posting on an electronic network).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Waivers of Notice.</u> Whenever
any notice is required by applicable law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee
or stockholder, a waiver thereof in writing, signed by the person or persons entitled to notice, or by transmission of an electronic record
by that person, whether before or after the time stated therein, shall be deemed equivalent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1. Attendance of a person at a meeting, present in person or represented by proxy, shall constitute a
waiver of notice of such meeting, except where the person attends the meeting for the express purpose of objecting at the beginning of
the meeting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted
at, nor the purpose of, any Annual or Special Meeting of Stockholders or any regular or special meeting of the directors or members of
a committee of directors need be specified in any written waiver of notice unless so required by law, the Articles of Incorporation or
these Bylaws.

**<u>ARTICLE VII</u> <br> MERGERS, ACQUISITIONS, **AND ASSET SALES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Board Authority Over Mergers and Acquisitions, and Asset Sales.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1. The Board of Directors shall have full, exclusive, and unrestricted authority, to the maximum extent
permitted under Nevada Revised Statutes, to authorize, approve, and consummate the sale, lease, exchange, transfer, contribution, or other
disposition of all or substantially all of the assets of the Corporation, or any material asset or group of assets, whether in a single
transaction or a series of related transactions, and whether for cash, securities, assumption of liabilities, or other consideration,
without limitation as to value, structure, counterparty, or form of transaction. In addition, the Board shall have full exclusive and
unrestricted authority to approve any material merger or acquisition as it relates to the capital structure of the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2. Such approval may be granted by majority vote of the Board at a duly called meeting or by unanimous
written consent ("UWC") in lieu of a meeting, and no stockholder approval shall be required except to the extent expressly
mandated under Nevada State law or federal regulation authority. If there is potentially a sale that may be considered to involve substantially
all of the Company's assets, then the Board shall seek legal guidance on whether it needs stockholder approval, under Nevada State
Law NRS 78.580.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Chairman of the Board-Led Execution and Direction.</u> The Board shall designate responsibilities to evaluate and negotiate potential material mergers and acquisitions
and asset sales to the Chairman of the Board. The Chairman of the Board shall develop, enhance and engage in such activities to ultimately
present to the Board a letter of intent, term sheet, memorandum of understanding, or similar formal document to discuss and evaluate.
If a LOI, term sheet, MOU and/or similar formal document is received, the Chairman of the Board will notify the Board and determine whether
it is of material strength for the Board to formally evaluate, or whether in his or her position as Chairman of the Board, will engage
in initial negotiations to improve the proposed deal structure, and subsequently, bring to the Board the improved offer.

**<u>ARTICLE VIII</u> <br> GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Dividends.</u> Dividends upon
the capital stock of the Corporation, subject to the requirements of the NRS and the provisions of the Articles of Incorporation, if any,
may be declared by the Board of Directors at any regular or special meeting of the Board of Directors (or any action by unanimous written
consent in lieu thereof in accordance with Section 2.3 hereof), and may be paid in cash or in property other than cash. Before payment
of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors
from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for purchasing any of the
shares of capital stock, warrants, rights, options, bonds, debentures, notes, scrip or other securities or evidences of indebtedness of
the Corporation, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose,
and the Board of Directors may modify or abolish any such reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Disbursements.</u> All checks
or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Chairman
may from time to time designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Fiscal Year.</u> The fiscal year of the Corporation
shall be fixed by resolution of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Corporate Seal.</u> The corporate
seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Nevada".
The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.

**<u>ARTICLE IX</u> <br> INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Power to Indemnify in Actions, Suits or Proceedings other than Those by or in the Right of the Corporation.</u> Subject to Section 9.3 and to the fullest extent permitted
by the NRS, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right
of the Corporation), by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director
or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted
in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with
respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination
of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall
not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to
be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that such person's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation.</u> Subject to Section 9.3 and to the fullest extent permitted by the NRS, the
Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was
a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses
(including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such
action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best
interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the Corporation unless and only to the extent that the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses which the court in which such action or suit was brought
deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Authorization of Indemnification.</u> Any
 indemnification under this Article IX (unless ordered by a court) shall be made by the Corporation only as permitted by the NRS and
 authorized in the specific case upon a determination that indemnification of the present or former director or officer is proper in
 the circumstances because such person has met the applicable standard of conduct set forth in Section 9.1 or Section 9.2, as the
 case may be. Such determination shall be made, with respect to a person who is a director or officer at the time of such
 determination, (i) by a majority vote of the directors
who are not parties to such action, suit or proceeding, even though less than a quorum, or (ii) by a committee of such directors designated
by a majority vote of such directors, even though less than a quorum, or (iii) if there are no such directors, or if such directors so
direct, by independent legal counsel in a written opinion. Such determination shall be made, with respect to former directors and officers,
by any person or persons having the authority to act on the matter on behalf of the Corporation. To the extent, however, that a present
or former director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
described above, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys'
fees) actually and reasonably incurred by such person in connection therewith, without the necessity of authorization in the specific
case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Good Faith Defined.</u> For
purposes of any determination under Section 9.3, a person shall be deemed to have acted in good faith and in a manner such person reasonably
believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal action or proceeding, to have
had no reasonable cause to believe such person's conduct was unlawful, if such person's action is based on the records or
books of account of the Corporation or another enterprise, or on information supplied to such person by the officers of the Corporation
or another enterprise in the course of their duties, or on the advice of legal counsel for the Corporation or another enterprise or on
information or records given or reports made to the Corporation or another enterprise by an independent certified public accountant or
by an appraiser or other expert selected with reasonable care by the Corporation or another enterprise. The provisions of this Section
9.4 shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable
standard of conduct set forth in Section 9.1 or Section 9.2, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Indemnification by a Court.</u> Notwithstanding any contrary determination in the specific case under Section 9.3, and notwithstanding the absence of any determination
thereunder, any director or officer may apply to any court of competent jurisdiction in the State of Nevada for indemnification to the
extent otherwise permissible under Section 9.1 or Section 9.2. The basis of
such indemnification by a court shall be a determination by such court that indemnification of the director or officer is proper in the
circumstances because such person has met the applicable standard of conduct set forth in Section 9.1 or Section 9.2, as the case may
be. Neither a contrary determination in the specific case under Section 9.3 nor the absence of any determination thereunder shall be a
defense to such application or create a presumption that the director or officer seeking indemnification has not met any applicable standard
of conduct. Notice of any application for indemnification pursuant to this Section 9.5 shall be given to the Corporation promptly upon
the filing of such application. If successful, in whole or in part, the director or officer seeking indemnification shall also be entitled
to be paid the expense of prosecuting such application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <u>Expenses Payable in Advance.</u> Expenses (including attorneys' fees) incurred by a director or officer in defending any civil, criminal, administrative or investigative
action, suit or proceeding shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such
person is not entitled to be indemnified by the Corporation as authorized in this Article IX. Such expenses (including attorneys'
fees) incurred by former directors and officers or other employees and agents may be so paid upon such terms and conditions, if any, as
the Corporation deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Nonexclusivity of Indemnification and Advancement of Expenses.</u> The indemnification and advancement of expenses provided by, or granted pursuant to, this Article
IX shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled
under the Articles of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested directors or otherwise, both as to
action in such person's official capacity and as to action in another capacity while holding such office, it being the policy of
the Corporation that indemnification of the persons specified in Section 9.1 and Section 9.2 shall be made to the fullest extent permitted
by law. The provisions of this Article IX shall not be deemed to preclude the indemnification of any person who is not specified in Section
9.1 or Section 9.2 but whom the Corporation has the power or obligation to indemnify under the provisions of the NRS, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Insurance.</u> The Corporation
may purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was a director
or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in
any such capacity, or arising out of such person's status as such, whether or not the Corporation would have the power or the obligation
to indemnify such person against such liability under the provisions of this Article IX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. <u>Certain Definitions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9.1. For purposes of this Article IX, references to "the Corporation" shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or
merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers, so that
any person who is or was a director or officer of such constituent corporation, or is or was a director or officer of such constituent
corporation serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article IX with respect to the
resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had
continued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9.2. The term "another enterprise" as used in this Article IX shall mean any other corporation
or any partnership, joint venture, trust, employee benefit plan or other enterprise of which such person is or was serving at the request
of the Corporation as a director, officer, employee or agent. For purposes of this Article IX, references to "fines" shall
include any excise taxes assessed on a person with respect to an employee benefit plan; and references to "serving at the request
of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties
on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and
a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation"
as referred to in this Article IX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. <u>Survival of Indemnification and Advancement of Expenses.</u> The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IX shall,
unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure
to the benefit of the heirs, executors and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. <u>Limitation on Indemnification.</u> Notwithstanding anything contained in this Article IX to the contrary, except for proceedings to enforce rights to indemnification (which
shall be governed by Section 9.5), the Corporation shall not be obligated to indemnify any director or officer (or his or her heirs, executors
or personal or legal representatives) or advance expenses in connection with a proceeding (or part thereof) initiated by such person unless
such proceeding (or part thereof) was authorized or consented to by the Chairman of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12. <u>Indemnification of Employees and Agents.</u> The Corporation may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and to the
advancement of expenses to employees and agents of the Corporation similar to those conferred in this Article IX to directors and officers
of the Corporation.

**<u>ARTICLE X</u><br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Acquisition of Controlling Interest Statute Opt–Out.</u> The provisions of NRS 78.378 to 78.3793, inclusive, shall not apply to the Corporation or to an acquisition
of a "controlling interest" (as defined in NRS 78.3785).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Forum for Adjudication of Internal Affairs Disputes.</u> To the fullest extent permitted by law, and unless the Corporation consents in writing to the selection of an
alternative forum, the Eighth Judicial District Court of Clark County, Nevada, shall, to the fullest extent permitted by law, be the sole
and exclusive forum for state law claims with respect to: (a) any derivative action or proceeding brought in the name or right of the
Corporation or on its behalf, (b) any action asserting a claim for breach of any fiduciary duty owed by any director, officer, employee
or agent of the Corporation to the Corporation or the Corporation's stockholders, (c) any action arising or asserting a claim arising
pursuant to any provision of NRS Chapters 78 or 92A or any provision of the Articles of Incorporation or these Bylaws or (d) any action
asserting a claim governed by the internal affairs doctrine, including, without limitation, any action to interpret, apply, enforce or
determine the validity of the Articles of Incorporation or these Bylaws. This exclusive forum provision

or any other claim for which the federal courts have exclusive jurisdiction. Any person or entity purchasing or otherwise acquiring any
interest in shares of capital stock of the corporation shall be deemed to have notice of and consented to the provisions of this Section
10.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Federal Forum for Securities Act Claims.</u> Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the
United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the
Securities Act of 1933, as amended. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of
the Corporation shall be deemed to have notice of and consented to the provisions of this Section 10.3.

**<u>ARTICLE XI</u> <br> AMENDMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. <u>Amendments.</u> These Bylaws may be altered, amended or repealed at any meeting of the Board of Directors, by a Unanimous
vote of the Board, provided notice of the proposed change was given in the notice of the meeting not less than two days prior to the
meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. <u>Entire Board of Directors.</u> As used in this Article XI and in these Bylaws generally, the term "entire Board of Directors" means the total number of directors
which the Corporation would have if there were no vacancies.

## Exhibit 23.1

**Exhibit 23.1**

![](ea028857601_ex23-1img1.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the use in this Offering Document on Amendment No. 1 to Form S-1 of Creatd, Inc. of our report dated May 3, 2026, relating to our audit of the consolidated financial statements of Creatd, Inc. for the years ended December 31, 2025 and 2024. We also consent to the reference to us under the caption "Experts" in the Form S-1.

![](ea028857601_ex23-1img2.jpg)

Tampa, Florida

May 4, 2026

**3702 W Spruce St #1430 ● Tampa, Florida 33607 ● +1.813.441.9707**