# EDGAR Filing Document

**Accession Number:** 0001497649
**File Stem:** 0001903596-25-000341
**Filing Date:** 2025-7
**Character Count:** 160267
**Document Hash:** 45cdef2e48069f36fb55164d39a83891
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001903596-25-000341.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001903596-25-000341

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20240930

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Graphene & Solar Technologies Ltd
- **CENTRAL INDEX KEY:** 0001497649
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 272888719
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-174194
- **FILM NUMBER:** 251124059

**BUSINESS ADDRESS:**
- **STREET 1:** 11201 NORTH TATUM BOULEVARD
- **STREET 2:** SUITE 300
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85028
- **BUSINESS PHONE:** 602-388-8335

**MAIL ADDRESS:**
- **STREET 1:** 11201 NORTH TATUM BOULEVARD
- **STREET 2:** SUITE 300
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Solar Quartz Technologies Corp
- **DATE OF NAME CHANGE:** 20170929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vanguard Energy Corp
- **DATE OF NAME CHANGE:** 20100728

?xml version='1.0' encoding='ASCII'?

**FORM 10-K**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION
 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended **September 30, 2024**

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: **333-174194**

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

------

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **colorado** | **27-2888719** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **11201 North Tatum Boulevard Suite 300**<br> **Phoenix, AZ** | **85028** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(602) 388-8335**

Securities registered pursuant to Section 12(b) of the Act: None.

Title of Each Class. N/A

Trading Symbol. N/A

Name of Each Exchange as which registered. N/A

Securities registered pursuant to Section 12(g) of the Act: None.

------

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such filing). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, and/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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes ☐ No ☒

The aggregate market value of the voting stock held by non-affiliates of the registrant on September 30, 2024 was approximately $1,662,850.45.

As of July 14, 2025, the registrant had 705,444,059 outstanding shares of common stock.

Documents Incorporated by Reference: None

*Table of Contents*

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **Part I** | **Part I** |  |
| [Item 1.](#a_001) | [Business.](#a_001) | [5](#a_001) |
| [Item 1A.](#a_002) | [Risk Factors.](#a_002) | [7](#a_002) |
| [Item 1B.](#a_003) | [Unresolved Staff Comments.](#a_003) | [7](#a_003) |
| [Item 2.](#a_004) | [Properties.](#a_004) | [7](#a_004) |
| [Item 3.](#a_005) | [Legal Proceedings.](#a_005) | [7](#a_005) |
| **Part II** | **Part II** |  |
| [Item 5.](#a_006) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.](#a_006) | [7](#a_006) |
| [Item 6.](#a_007) | [Selected Financial Data.](#a_007) | [8](#a_007) |
| [Item 7.](#a_008) | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#a_008) | [8](#a_008) |
| [Item 7A.](#a_009) | [Quantitative and Qualitative Disclosures About Market Risk.](#a_009) | [12](#a_009) |
| [Item 8.](#a_010) | [Financial Statements and Supplementary Data.](#a_010) | [13](#a_010) |
| [Item 9.](#a_011) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.](#a_011) | [15](#a_011) |
| [Item 9A.](#a_012) | [Controls and Procedures.](#a_012) | [15](#a_012) |
| [Item 9B.](#a_013) | [Other Information.](#a_013) | [16](#a_013) |
| **Part III** | **Part III** |  |
|  |  | 17 |
| [Item 10.](#a_014) | [Directors, Executive Officers and Corporate Governance.](#a_014) |  |
|  |  | 21 |
| [Item 11.](#a_015) | [Executive Compensation.](#a_015) |  |
| [Item 12.](#a_016) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.](#a_016) | [22](#a_016) |
| [Item 13.](#a_017) | [Certain Relationships and Related Transactions, and Director Independence.](#a_017) | [24](#a_017) |
| [Item 14.](#a_018) | [Principal Accountant Fees and Services.](#a_018) | [24](#a_018) |

---

 

***FORWARD-LOOKING STATEMENTS***

*This report contains forward-looking statements. The Securities and Exchange Commission (the "Commission") encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This report and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management's plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results.*

*We caution that the factors described herein, and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.*

**PART I**

**ITEM 1. BUSINES**S

**Overview**

The core business of GSTX is manufacturing the materials and technologies for a greener more sustainable future. In line with the UN Sustainable Development Goals (https://sdgs.un.org/goals), the company is focused on two key sectors, energy and water. GSTX has established/acquired a portfolio of businesses specializing in using advanced manufacturing to make advanced materials for energy and water production. With a strong ESG focus the company is committed to establishing local manufacturing of tangible products for local markets.

In the energy space, the company is leveraging its existing business and management's core competency to reshore solar manufacturing. The initial target markets are USA and Australia but exploring opportunities in Southeast Asia and Europe. A made locally approach.

The solar market is growing strongly (>10% annual growth). In addition to its strong environmental credentials, solar is now the cheapest form of electricity generation. The fundamental economics of solar are driving this market growth. With the market adoption, and price reductions, of short-term battery storage, many solar and battery installations are completely independent of grid-based distribution. Solar is a mature, proven technology.

During Q1 in the USA alone a record 11GW of solar was installed. This accounted for 75% of new energy installations in America. Currently in the US alone there are approximately 15GW of solar cell and panel manufacturing factories under construction. There are an additional approximate 15GW of factories in planning. The solar market in the USA at present is very strong. A solar panel is made up of multiple solar cells made from silicon wafers. At present 99% of all silicon wafers are made in China. US-based silicon wafer production and the majority of cell and panel production ceased over a decade ago. As a result, China completely dominates solar manufacturing. All but one of the new American based factories are relying on Chinese produced wafers for their production. GSTX plans to be one of the first companies in production of American made silicon wafers during Q1/Q2 2026.

**Silicon Wafer Manufacturing**

The solar supply chain can be depicted as follows:

Quartz -> silicon -> polysilicon -> silicon ingots -> silicon wafers -> solar cells -> solar modules (panels)

GSTX has established a new, wholly owned, subsidiary, The Quartz & Silicon Materials Company Ltd ("QSM") to hold its businesses involved in the solar manufacturing sector. QSM is the parent company for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ausquartz Group Holdings (AUSQUARTZ) – An Australian based company with world class expertise in high purity quartz. Ausquartz operates a test and pilot production facility in Melbourne Australia. The company is successfully producing solar and semiconductor grade quartz sand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wafer Manufacturing Company (WMC) – A USA based company developing silicon wafer manufacturing operations for supplying downstream solar cell manufacturers. WMC is a joint venture with American Solar Manufacturing Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Southern Silicon – A New Zealand based company developing a silicon metal smelter and a polysilicon production plant on the South Island of New Zealand. These two facilities will utilise local resources and green (renewable) power.

QSM is in advanced discussion with several large incumbent manufacturers to reshore manufacturing of silicon ingots, wafers and cells to the US and Australia. QSM is structured to take advantage of the American "Inflation Reduction Act" and the Australian "Made in Australia" programs to reshore critical solar manufacturing. Producing wafers locally (Made in America/Made in Australia) is key to being able to claim government incentives (production credits). QSM is a low technology risk enterprise, no new inventions, just manufacturing.

**Water Harvesting**

Water scarcity is at the center of the world's most significant challenges. The United Nations estimates approximately 30% of the world's population will face severe water shortages by 2025. Many people do not realise that the atmosphere, the air we breathe, contains a significant amount of water. Humidity is water in the air. Air can hold 1-2 ounces of water per cubic yard. At any one instant, the Earth's atmosphere contains 37.5 trillion gallons of water vapor – enough to cover the entire surface of the planet with 1.5 inches of rain if condensed.

In parallel, massive population growth and urbanisation has led to an unprecedented demand for fresh water. Investment in infrastructure has been woefully inadequate, resulting in severe and critical water stress globally. There are an estimated 13 trillion litres (3.4 trillion gal) of water floating in the atmosphere at any one time. There is 6 times as much fresh water in the air as in all rivers and lakes in the world.

The company maintains a strong interest in the development of water harvesting products, however the current focus of the company is on development and commercialization of its solar business.

To that end, the company has temporarily paused these development activities to focus on establishing its solar manufacturing business.

**Graphene Material**

The company has a strong interest in the downstream, commercial, applications of graphene. Unfortunately, the graphene sector has struggled to achieve significant commercial adoption of its materials. In addition, the scalable, bulk, production of graphene is also yet to be achieved at commercially economic levels. Graphene continues to show early stage promising technological improvements, but larger scale business opportunities remain elusive. GSTX management remain active in the sector and believe that graphene has a commercial future, but at present GSTX has paused actively developing its graphene opportunities. Graphene remains an interest of the company and continues to monitor the sector. The company remains interested in bulk production of graphene for the additive markets.

**US Thin Films**

GSTX has recently restructured its shareholding in US Thin-Film Corporation. GSTX is now a minority shareholder (19%) of US Thin-Film Corporation.

The company is presently in discussions with several contract manufacturing groups to produce initial samples of its thin film technology, branded Dragonfly film, for product qualification and pre-sales activity purposes.

**Other areas of interest**

The Company is also exploring acquisition opportunities for Critical Resource Assets (Minerals with identified supply chain risk), rare earth mineral extraction, zero emission fossil fuel replacement, green hydrogen, and ammonia production.

**Government Product Approvals.**

There are no identified government approvals required for our products and no export restrictions for the products.

**Effect of Existing or Probable Governmental Regulations on the Business.**

Management believes that there are no identified existing or probable government regulations that will adversely impact our business.

Management believes that the proposed introduction/increase of import duties/tariffs on solar equipment and products from China and South East Asia will benefit the proposed company operations in the US.

**Research and Development Activities.**

The primary research and development during the next fiscal year will involve further development and evaluation of new efficient material processing techniques. The company plans to manufacture samples of its products for customer validation and presales activity purposes.

**Compliance with Environmental Laws.**

Based upon our long-term experience, management believes that the nature of our proposed processing operations does not involve any onerous environmental compliance requirements. Compliance costs have been identified and quantified in the company plan of operations, business plan including financial plan.

**Employees.**

Certain members of our management team have been involved in this industry since 2005 and this has resulted in an experienced team of learned employees, advisors and technical experts in various locations and capacities within both Australia, Central Europe, and in the United States. It is planned to increase fulltime and part time employees/contractors from the present levels to a minimum of 30 within the next 12 months, subject to the company securing additional funding.

At the present time we rely upon experienced consultants with whom management has long-term relationships.

**Executive Management and Technical Team.**

Our executive management and technical team have largely co-worked together since 2005, and especially the last 5 years in Melbourne, Australia, China and the USA. All the specialized human resources are available to us.

**ITEM 1. A. RISK FACTORS.**

Not applicable.

**ITEM 1. B. UNRESOLVED STAFF COMMENTS.**

Not Applicable

**ITEM 2. PROPERTIES.**

We own general office, lab and factory equipment with a net book value of $26,262 and $937 as of September 30, 2024 and 2023 respectively, net of depreciation.

We currently maintain a representative office at 11201 North Tatum Boulevard suite 300 Phoenix, Arizona 85028 (the Company pays monthly rent in the amount of $278 for this office).

**ITEM 3. LEGAL PROCEEDINGS.**

Not applicable

**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.**

Our common stock at September 30, 2024 trades in the OTC Markets OTC Pink Market under the symbol "GSTX". Shown below is the range of high and low closing prices for our common stock for the periods indicated. The market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commissions and may not necessarily represent actual transactions.

---

| | | |
|:---|:---|:---|
| **Quarter Ended** | **High** | **Low** |
| September 30, 2022 | $0.16 | $0.16 |
| December 31, 2022 | $0.07 | $0.06 |
| March 31, 2023 | $0.00 | $0.00 |
| June 30, 2023 | $0.00 | $0.00 |
| September 30, 2023 | $0.00 | $0.00 |
| December 31, 2023 | $0.03 | $0.02 |
| March 31, 2024 | $0.02 | $0.01 |
| June 30, 2024 | $0.01 | $0.01 |
| September 30, 2024 | $0.00 | $0.00 |

---

Holders of our common stock are entitled to receive dividends as may be declared by the Board of Directors. Our Board of Directors is not restricted from paying any dividends but is not obligated to declare a dividend. No cash dividends have ever been declared and it is not anticipated that cash dividends will ever be paid.

Our Articles of Incorporation authorize our Board of Directors to issue up to 800,000,000 shares of common stock and up to 10,000,000 shares of preferred stock. The provisions in the Articles of Incorporation relating to the preferred stock allow our directors to issue preferred stock with multiple votes per share and dividend rights which would have priority over any dividends paid with respect to the holders of our common stock. The issuance of preferred stock with these rights may make the removal of management difficult even if the removal would be considered beneficial to shareholders, generally, and will have the effect of limiting shareholder participation in certain transactions such as mergers or tender offers if these transactions are not favored by our management.

As of September 30, 2024, we had approximately 398 shareholders of record**.**

We have not declared or paid any dividends on our common stock since our inception, and we do not anticipate declaring or paying any dividends on our common stock for the foreseeable future. We currently intend to retain any future earnings to finance future growth. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements and other factors the board of directors considers relevant.

**ITEM 6. SELECTED FINANCIAL DATA.**

Not applicable.

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-K. Our Management's Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements can be by their very nature, uncertain and risky. Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.*

**Overview**

In July 2017, the Company acquired Solar Quartz Technologies Limited, a New Zealand corporation with substantial mineral resource and technical engineering assets.

In September 2021, the Company through its 100% owned subsidiary, US Thin Film Corporation, acquired Specialty Material Group, Cayman Island corporation who holds a significant group of invention and processing patents in making Nanoparticle conductive thin film material for various industrial and technology applications.

We continue to seek new financing in the form of equity, debt, or a combination thereof to meet further development and general operating obligations. Achieving sufficient funds soon is of vital importance. The Company has managed to raise sufficient capital by sale of shares, but as of September 30, 2024, the Company has not been successful in raising sufficient funds to maintain primary operations. However, substantial efforts are underway to secure funding, and we believe that funding for the Company is imminent in the near future, although no assurance can be made as to the amount of funds, if any, or the terms thereof.

**Current Business and Operation**

The company has a renewed focus and strategy to supply silicon wafers and solar cells for the photovoltaic manufacturing sector. This leverages the existing company operations and upstream supply chain components (quartz sand, crucibles). The company is exploring partnerships with established incumbent manufacturers to reshore production to the USA and Australia.

The Company is actively recruiting new members of the management team to assist with implementing its strategic plan. The company is re-engaging various opportunities that it was pursuing pre-pandemic.

Currently, GSTX is primarily focused upon completing development and initial sample production of commercially viable silicon wafers and solar cells. The goal for the FY 2025 is to establish initial production and begin generating revenue.

**Results of Operations.** 

Years Ended September 30, 2024 and 2023

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | |
|  | **September 30,** | **September 30,** | |
|  | **2024** | **2023** |<br>**Changes ($)** |
| Operating expenses | $2560850 | 1273106 | $(1287744) |
| Other Expense | $(23421) | 31956 | $(55377) |
| Net Income (loss) | $(2537429) | $(1305062) | $1232367 |

---

For the years ended September 30, 2024 and 2023, we generated no revenues, and thus no cost of sales or gross profits.

For the years ended September 30, 2024 and 2023, we incurred $2,560,850 and $1,273,106, respectively in operating expenses. The operating expense increases are due primarily to increased costs of contracting professional services in the development of markets, financing, legal fees, and other general and administrative expenses.

For the years ended September 30, 2024 and 2023, our other income (expenses) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | |
|  | **September 30,** | **September 30,** | |
|  | **2024** | **2023** |<br>**Changes ($)** |
| Other (Income) Expense: |  |  |  |
| Interest expense | $(50076) | $(23249) | $(26827) |
| Other income | 75197 | 31455 | 43742 |
| Impairment of assets |  |  |  |
| Foreign currency transaction gain |  |  |  |
| Change in fair value of derivative liability |  |  |  |
| Loss on extinguishment of debt | (1700) | (40162) | 38462 |
|  | $23421 | $(31956) | $55377 |

---

For the year ended September 30, 2024, we reported a net loss before taxes of $2,533,799 compared to a net loss before taxes of $1,305,062 for the year ended September 30, 2023. Since there were no tax obligations in either year, net loss in each year was the same as that reported before taxes.

**Cash Flows**

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | |
|  | **September 30,** | **September 30,** | |
|  | **2024** | **2023** |<br>**Changes ($)** |
| Cash Flows used in Operating Activities | $(96029) | (72180) | $(23849) |
| Cash Flows Provided (Used) by Investing Activities | $319 |  | $319 |
| Cash Flows provided by Financing Activities | $117857 | 71713 | $46144 |
| Effect of exchange rate in cash | (21396) | (1296) | (20100) |
| Net Change in Cash During Period | $751 | $(1763) | $2514 |

---

*Cash Flow from Operating Activities*

Cash flows used in operating activities was $96,029 in the year ended September 30, 2024, while for the year ended September 30, 2023, the Company expended $72,180.

The increase in the year ended September 30, 2024 was primarily due to an increase in accounts payable and accrued expenses, primarily for legal and consulting expenses and due to related parties.

*Cash Flow from Investing Activities*

Shareholder loans and some minimal funding activities were mainly significant in the year ended September 30, 2024 and 2023.

*Cash Flow from Financing Activities*

Cash from financing activities in the year ended September 30, 2024 contributed $117,857, $110,857 from proceeds of convertible notes payable and $7,000 from the sales of shares. Cash from financing activities in the year ended September 30, 2023 contributed $71,713, $138,093 from the sales of shares to unaffiliated investors and $133,005 from proceeds of a convertible note payable.

**Liquidity and Capital Resources.** 

<u>Years Ended September 30, 2024 and 2023</u>.

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** | **Changes ($)** |
| Cash | $1845 | $1094 | $751 |
| Working capital deficit | $(3012641) | $(4984957) | $1972316 |
| Total assets | $306713 | $18130 | $288583 |
| Total liabilities | $(3143686) | $(4997159) | $1853473 |
| Total stockholders' deficit | $(2836973) | $(4979029) | $2142056 |

---

As of September 30, 2024, we had total current liabilities of $3,026,409, while as of September 30, 2023 we had total current liabilities of $4,997,159, a decrease of $1,970,750. The decrease in current liabilities was primarily due to the sale of US Thin-Films Corporation.

As of September 30, 2024, we had a working capital deficit of $3,012,641 compared to a working capital deficit of $4,984,957 as of September 30, 2023. As of September 30, 2024, we had cash and cash equivalents of $1,845 and total assets of $16,109 compared to cash and cash equivalents of $1,094 and total assets of $306,713 as of September 30, 2023.

<u>General Discussion</u>.

Whereas management has been successful in the past in raising capital, there are no assurances that these sources of financing will continue to be available to us and/or that demand for our common stock will be sufficient to meet our capital needs, or that financing will be available on terms favorable to us. If funding is insufficient at any time in the future, we may not be able to take advantage of business opportunities or respond to competitive pressures or may be required to reduce the scope of our planned product development and marketing efforts, any of which could have a negative impact on its business and operating results. In addition, insufficient funding may have a material adverse effect on our financial condition, which could require it to:

● seek joint venture partners;

● monetize its assets;

● seek arrangements with strategic partners or other parties that may require the company to relinquish significant rights to products, technologies or markets; or

● explore other strategic alternatives, including a merger or sale of our company.

● Cease current operations

To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of such securities may result in dilution to our existing stockholders. If additional funds are raised through the issuance of debt securities, these securities may have rights, preferences, and privileges senior to holders of common stock and the terms of such debt could impose restrictions on our operations. Regardless of whether our cash assets prove to be inadequate to meet its operational needs, we may seek to compensate providers of services by issuance of stock in lieu of cash, which may also result in dilution to our existing stockholders.

**Inflation.**

The impact of inflation on our costs and the ability to pass on cost increases to its customers over time is dependent upon market conditions. We are not aware of any inflationary pressures that have had any significant impact on its operations over the past quarter and we do not anticipate that inflationary factors will have a significant impact on future operations.

**Impact of the Inflation Reduction Act.**

The Inflation Reduction Act of 2022 (the "IRA") was signed into law on August 16, 2022. Among other things, the IRA contained certain clean energy incentives and initiatives. The Company operates in sectors that management believe will benefit from these initiatives.

**Going Concern and Management's Liquidity Plans.**

As reflected in the consolidated financial statements, the Company had an accumulated deficit at September 30 2023, a net loss and net cash used in operating activities for the year then ended and has generated no revenues since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year from the issuance date of the consolidated financial statements.

The ability of the Company to continue its operations is dependent on management's plans, which include the raising of capital through debt and/or equity markets. The Company may need to incur additional liabilities with certain related parties to sustain the Company's existence until such time that funds provided by operations are sufficient to fund working capital requirements. There can be no assurance that the Company will be able to raise any additional capital.

The Company may also require additional funding to finance the growth of our anticipated future operations as well as to achieve its strategic objectives. There can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all. In that event, the Company would be required to change its growth strategy and seek funding on that basis, if at all.

The Company's plan regarding these matters is to raise additional debt and/or equity financing to allow the Company the ability to cover its current cash flow requirements and meet its obligations as they become due. There can be no assurances that financing will be available or if available, that such financing will be available under favorable terms. In the event that the Company is unable to generate adequate revenues to cover expenses and cannot obtain additional financing in the near future, the Company may seek protection under bankruptcy laws. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary.

**Off-Balance Sheet Arrangements.**

We do not maintain off-balance sheet arrangements, nor do we participate in non-exchange traded contracts requiring fair value accounting treatment.

**Critical Accounting Policies and New Accounting Pronouncements.**

The Securities and Exchange Commission SEC has issued Financial Reporting Release No. 60, *"Cautionary Advice Regarding Disclosure About Critical Accounting Policies,"* suggesting companies provide additional disclosure and commentary on their most critical accounting policies. In FRR 60, the Securities and Exchange Commission has defined the most critical accounting policies as the ones that are most important to the portrayal of a company's financial condition and operating results and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, our most critical accounting policies are set forth below. The methods, estimates, and judgments the company uses in applying these most critical accounting policies have a significant impact on the results the company reports in its financial statements.

A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows:

*Stock-Based Compensation* – We account for employee and non-employee stock-based compensation using the fair value method. The fair value attributable to stock options is calculated based on the Black-Scholes option pricing model and is amortized to expense over the service period which is equivalent to the time required to vest the stock options.

*Income Taxes* – Income taxes are provided based on the liability method for financial reporting purposes. Under this method deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized.

Uncertain tax positions are recognized in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.

We are required to file federal income tax returns in the United States and in various state and local jurisdictions. Our tax returns filed since inception are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance with the normal statutes of limitations in the applicable jurisdiction.

*Earnings Per Share* – Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share have been calculated based upon the weighted-average number of common and potential shares and is not presented when anti-dilutive.

***Financial Instruments and Fair Value Measurements*** - As defined in ASC 820 *"Fair Value Measurements,"* fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

The Company's financial instruments consist of cash, accounts receivable, accounts payable, accrued interest, and due to related parties. The carrying amounts of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing rates unless otherwise disclosed in these financial statements.

***Derivative Financial Instruments*** - The Company accounts for freestanding contracts that are settled in a company's own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company's balance sheet, with any changes in fair value recorded as a gain or loss in a company's results of operations.

The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows.

At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital.

The Company determines our derivative liabilities to be a Level 3 fair value measurement and uses the Binomial pricing model to calculate the fair value. There are no derivative liabilities as of September 30, 2024 and 2023. The Binomial model requires six basic data inputs: the exercise or strike price, time to expiration, the risk-free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each convertible note is estimated using the Binomial valuation model.

*Recently Issued Accounting Pronouncements* – For discussion of recently issued accounting pronouncements, please see Note 2 to the consolidated financial statements included in this report.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

Not applicable.

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.**

---

| | |
|:---|:---|
|  | **Page** |
| Report of Independent Registered Public Accounting Firm (Firm ID 2738) | F-1 |
| Consolidated Balance Sheets | F-3 |
| Consolidated Statements of Operations and Comprehensive Loss | F-4 |
| Consolidated Statements of Changes in Stockholders' Deficit | F-5 |
| Consolidated Statements of Cash Flows | F-6 |
| Notes to the Consolidated Financial Statements | F-7 |

---

![](image_001.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of Graphene & Solar Technologies Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Graphene & Solar Technologies Limited (the Company) as of September 30, 2024 and 2023, 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 September 30, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two- year period ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company had a net loss from continuing operations, net cash used in operations, and a lack of revenues to-date, which raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters are discussed in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

*Going Concern*

As discussed in Note 1 to the consolidated financial statements, the Company had a net loss from continuing operations, net cash used in operations, and a lack of revenues to-date.

Auditing management's evaluation of a going concern can be a significant judgement given the fact that the Company uses management estimates on future revenues and expenses which are not able to be substantiated.

To evaluate the appropriateness of the going concern, we examined and evaluated the financial information that was the initial cause along with management's plans to mitigate going concern and management's disclosure on going concern.

/s/ M&K CPAS, PLLC

M&K CPAS, PLLC

We have served as the Company's auditor since 2020 The Woodlands, TX

July 15, 2025

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

 **CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| **Assets** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $1845 | $1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 11923 | 11108 |
| Total Current Assets | 13768 | 12202 |
| Other Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment, net of depreciation $88,063 | 26262 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Receivable | 89864 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets | 16204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of Use Asset | 160615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  | 976 |
| **Total Assets** | $**306713** | $**18130** |
| **Liabilities and Stockholders' Deficit** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other payable | $1295394 | $1273453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 222679 | 184851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related party | 852743 | 1759601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Liability | 46968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable – $60,000 in default | 324928 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable – related party | 97395 | 71713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable, $100,747 in default | 101876 | 100747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable – related party, net of discount $4,083 and $0 | 84426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale |  | 1546794 |
| Total Current Liabilities | 3026409 | 4997159 |
| Lease Liability | 117277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $**3143686** | $**4997159** |
| **Stockholders' Deficit** |  |  |
| Preferred stock: 10,000,000 shares authorized; $0.00001 par value; no shares issued and outstanding |  |  |
| Common stock: 800,000,000 shares authorized; $0.00001 par value; 569,779,887 and 421,292,610 shares issued and outstanding | 5698 | 4213 |
| Additional paid-in capital | 68769472 | 63883859 |
| Stock Receivable | (795000) | (795000) |
| Stock Payable |  |  |
| Accumulated deficit | (71015630) | (68375078) |
| Accumulated other comprehensive income | 198672 | 302977 |
| Non-Controlling Interest | (185) |  |
| Total Stockholders' Deficit | (2836973) | (4979029) |
| **Total Liabilities and Stockholders' Deficit** | $**306713** | $**18130** |

---

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

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

 **CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| **Revenue** | $— | $— |
| **Operating Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2466927 | 974557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administration | 93923 | 176869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 2560850 | 1151426 |
| **Loss from operations** | (2560850) | (1151426) |
| **Other Income (Expense):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 75197 | 31455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (50076) | (23249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (1700) | (40162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Income (Expense)** | 23421 | (31956) |
| **Net Income (Loss) from continuing operations** | $**(2537429)** | $**(1183382)** |
| **Net Loss from discontinued operations** | (103308) | (121680) |
| **Net Income (Loss)** | (2640737) | (1305062) |
| **Net Loss attributed to non-controlling interest** | 185 |  |
| **Net Loss attributed to Graphene & Solar Technologies Ltd.** | $**(2640552)** | $**(1305062)** |
| **Other Comprehensive Income** | (104305) | 12414 |
| **Net Comprehensive Loss** | $**(2744857)** | $**(1292648)** |
| **Net Loss available to common shareholders** | $**(2744857)** | $**(1292648)** |
| **Basic and diluted loss per common share** | $**(0.01)** | $**(0.00)** |
| **Weighted average number of common shares outstanding** |  |  |
| **Basic and diluted** | **454398726** | **387153066** |

---

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

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional** | **Stock** | **Non-Controlling** | **Accumulated** | **Accumulated Comprehensive** | **Stockholders'** |
|  | **Shares** | **Amount** | **Paid-in** | **Receivable** | **Interest** | **Deficit** | **Income** | **Deficit** |
| **Balance September 30, 2022** | **374305480** | **3743** | $**63527518** | $**(795000** |  | $**(67070016)** | $**290563** | $**(4043192)** |
| Shares issued for cash |  |  |  |  |  |  |  |  |
| Stock-based compensation | 46750000 | 468 | 291132 |  |  |  |  | 291600 |
| Settlement of notes | 237130 | 2 | 65209 |  |  |  |  | 65211 |
| Foreign currency translation adjustment |  |  |  |  |  |  | 12414 | 12414 |
| Other comprehensive income, net of tax |  |  |  |  |  | (1305062) |  | (1305062) |
| **Balance September 30, 2023** | **421292610** | **4213** | $**63883859** | $**(795000** |  | **(68375078)** | $**302977** | $**(4979029)** |
| Shares issued for cash | 70000 | 7 | 6993 |  |  |  |  | 7000 |
| Stock-based compensation | 27000000 | 270 | 296405 |  |  |  |  | 296675 |
| Debt Settlement | 16687277 | 167 | 2204016 |  |  |  |  | 2204183 |
| Debt Discount on Notes Payable | 1600000 | 16 | 20705 |  |  |  |  | 20721 |
| Shares issued for Debt Extinguishment | 500000 | 5 | 1695 |  |  |  |  | 1700 |
| Sale of Subsidiary |  |  | 1646819 |  |  |  |  | 1646819 |
| Shares issued for acquisition of Ausquartz | 100000000 | 1000 | 709000 |  |  |  |  | 710000 |
| Investment in Subsidiary | 2000000 | 20 | (20) |  |  |  |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  | (104305) | (104305) |
| Other comprehensive income, net of tax |  |  |  |  | (185) | (2640552) |  | (2640737) |
| **Balance September 30, 2024** | **569779887** | **5698** | $**68769472** | $**(795000** | **(185)** | **(71015630)** | $**198672** | $**(2836973)** |

---

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

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp; Net Income (loss) | $(2640737) | $(1305062) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income/(loss) to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 296675 | 291600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation for acquisition of subsidiary | 710000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation to management for acquisition of subsidiary | 169503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expense | 338 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount | 18205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Settlement of Debt |  | 40162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Debt Extinguishment | 1700 |  |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 408012 | 227007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable | 32309 | 23249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Receivables | 3268 | (1921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of Use Assets | 7349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Liabilities | (6764) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | 904113 | 652447 |
| &nbsp;&nbsp;**Net cash used in operating activities** | **(96029)** | **(72180)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for purchase of fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash acquired from purchase of subsidiary | 319 |  |
| **Net cash used in investing activities** | **319** | **—** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of common stock | 7000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of convertible note – related party | 110857 | 71713 |
| &nbsp;&nbsp;&nbsp;**Net cash from financing activities** | **117857** | **71713** |
| &nbsp;&nbsp;&nbsp;Effect of currency translations to cash flow | (21396) | (1296) |
| Net change in cash and cash equivalents | 751 | (1763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 1094 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period | $1845 | $1094 |
| **Supplemental cash flow information** |  |  |
|  | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes | $— | $— |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of Debt for Common Stock | $2204183 | $25049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Common Stock as Debt Discount | 20721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares to subsidiary | $20 | $— |

---

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

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**AS OF SEPTEMBER 30, 2024 AND 2023**

**NOTE 1 – BASIS OF PRESENTATION**

These consolidated financial statements of Graphene & Solar Technologies Limited (GSTX or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations.

*Going Concern* – The Company has incurred cumulative net losses since inception of $71,015,630 at September 30, 2024. Accordingly, it requires capital to fund working capital deficits and for future operating activities to take place. The Company's ability to raise new funds through the future issuances of debt or common stock is unknown. The obtainment of additional financing, the successful development of a plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability of the Company to continue its operations is dependent on management's plans, which include the raising of capital through debt and/or equity markets, with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur additional liabilities with certain related parties to sustain the Company's existence. There can be no assurance that the Company will be able to raise any additional capital and therefore raise doubt about the Company's ability to continue as a going concern.

Future issuances of the Company's equity or debt securities will be required for the Company to finance operations and continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these uncertainties.

***Going Concern***

The Company's consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has not generated any revenues from operations to date and does not expect to do so in the foreseeable future. The Company has a stockholders' deficit as of September 30, 2024. Furthermore, the Company has experienced recurring operating losses and negative operating cash flows since inception and has financed its working capital requirements during this period primarily through the recurring sale of its equity securities.

As a result, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern within one year of the date that the consolidated financial statements are being issued. In addition, the Company's independent registered public accounting firm, in their report on the Company's consolidated financial statements for the year ended September 30, 2024, has also expressed substantial doubt about the Company's ability to continue as a going concern.

The Company's plan regarding these matters is to raise additional debt and/or equity financing to allow the Company the ability to cover its current cash flow requirements and meet its obligations as they become due. There can be no assurances that financing will be available or if available, that such financing will be available under favorable terms. In the event that the Company is unable to generate adequate revenues to cover expenses and cannot obtain additional financing in the near future, the Company may seek protection under bankruptcy laws. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary.

The spread of a novel strain of coronavirus (COVID-19) around the world from the first half of 2020 has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration.

The Company's ability to continue as a going concern is dependent upon its ability to raise additional equity capital to fund its activities and to ultimately achieve sustainable operating revenues and profits. The Company's consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Because the Company is currently engaged in an early stage of development, it may take a considerable amount of time to develop any product or intellectual property capable of generating sustainable revenues. Accordingly, the Company's business is unlikely to generate any sustainable operating revenues in the next several years. In addition, to the extent that the Company is able to generate revenues through product sales, there can be no assurance that the Company will be able to achieve positive earnings and operating cash flows.

At September 30, 2024, the Company had cash of $1,845 available to fund its operations. The Company needs to raise additional capital during the year ending September 30, 2025 to fund its ongoing business activities.

The amount and timing of future cash requirements during the year ended September 30, 2025 will depend on the extent of financing the Company is able to arrange. As market conditions present uncertainty as to the Company's ability to secure additional funds, there can be no assurances that the Company will be able to secure additional financing on acceptable terms, or at all, as and when necessary to continue to conduct operations. If cash resources are insufficient to satisfy the Company's ongoing cash requirements, the Company would be required to scale back or discontinue its technology and product development programs, or obtain funds, if available (although there can be no certainty), through strategic alliances that may require the Company to relinquish rights to certain of its assets, or to discontinue its operations entirely.

***Intangible Assets***

We amortize capitalized patent costs for internally generated patents on a straight-line basis for 7 years, which represents the estimated useful lives of the patents. The seven-year estimated useful life for internally generated patents is based on our assessment of such factors as: the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The estimated useful lives of acquired patents and patent rights, however, have been and will continue to be based on a separate analysis related to each acquisition and may differ from the estimated useful lives of internally generated patents. The average estimated useful life of acquired patents is 6.7 years. We assess the potential impairment to all capitalized net patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable.

***Assumed Liabilities***

 ****

As a result of the acquisition of Cima Specialty Materials Ltd (CSML) from CIMA Nanotech Holdings Limited, "CNHL", (a Cayman Island Registered company) the Company's wholly owned subsidiary US Thin Film Corporation (USTFC) under the terms of the of the Share Sale and Purchase agreement the Company issued 3,000,000 shares of common stock for future liability settlement for assumed liabilities. The fair value of these future assumed liabilities of $720,000 was recorded as a stock receivable.

***Revenue recognition Policies (ASC 606)***

The Company recognizes revenue on arrangements in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). The core principle of ASC 606 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services ASC 606 requires companies to assess their contracts to determine the timing and amount of revenue to recognize under the new revenue standard. The model has a five-step approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Identify the contract with the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Identify the performance obligations in the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Determine the total transaction price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Allocate the total transaction price to each performance obligation in the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; Recognize as revenue when (or as) each performance obligation is satisfied.

***Disclosure of Rental Income***

Rental income is not recognized as 'operating revenue" but as 'other income' during the period of $18,981.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Principles of Consolidation***

The consolidated financial statements include the financial statements of Graphene and its wholly owned subsidiaries, The Quartz and Silicon Materials Company ("QSM"), Ausquartz Group Holdings ("AUS"), Wafer Manufacturing Corporation ("WMC"), Southland Silicon Materials ("SSM"), Graphene and Solar Technologies Limited ("GSTXNZ"), and Adaquo, LLC ("ADQ"). All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

***Basis of Presentation***

These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP").

***Use of Estimates***

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 at the date of the financial statements and the reported amounts of expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the 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. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments issued for services, and the realization of deferred tax assets.

***Cash and Cash Equivalents***

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of September 30, 2024 and 2023, the Company had $1,845 and $1,094 in cash, respectively, and no cash equivalents.

***Financial Instruments and Fair Value Measurements***

As defined in ASC 820 *"Fair Value Measurements,"* fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

The Company's financial instruments consist of cash, accounts receivable, accounts payable, accrued interest, and due to related parties. The carrying amounts of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing rates unless otherwise disclosed in these financial statements.

***Derivative Financial Instruments***

The Company accounts for freestanding contracts that are settled in a company's own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company's balance sheet, with any changes in fair value recorded as a gain or loss in a company's results of operations.

The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows.

At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital.

There was no derivative activity in fiscal 2024 and 2023. Therefore, no derivative liabilities were recorded during the year ended September 30, 2024:

---

| | |
|:---|:---|
| **Fair Value Measurements Using Significant Observable Inputs (Level 3)** | **Fair Value Measurements Using Significant Observable Inputs (Level 3)** |
| Balance - September 30, 2022 |  |
| Addition of new derivatives recognized as debt discounts |  |
| Settled due to conversion of debt |  |
| Loss on change in fair value of the derivative |  |
| Balance – September 30, 2023 | $— |
| Addition of new derivatives recognized as debt discounts |  |
| Settled due to conversion of debt |  |
| Loss on change in fair value of the derivative |  |
| Balance – September 30, 2024 | $— |

---

***Debt Issuance Costs***

Costs incurred in connection with the issuance of debt are amortized over the term of the related debt and netted against the liability.

***Commitments and Contingencies***

The Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the 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 unasserted 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 financial statements. If the assessment indicates that a potentially 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. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's business, financial position, and results of operations or cash flows.

***Income Taxes***

The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes pursuant to ASC 740, *"Income Taxes."* Accordingly, the Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities.

The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made.

The Company is subject to U.S. federal income taxes and income taxes of various state tax jurisdictions. As the Company's net operating losses have yet to be utilized, all previous tax years remain open to examination by Federal authorities and other jurisdictions in which the Company currently operates or has operated in the past. The Company had no unrecognized tax benefits, as of September 30, 2024, and does not anticipate any material amount of unrecognized tax benefits within the next 12 months.

The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is "more-likely-than-not" to be sustained by the taxing authority as of the reporting date. If the tax position is not considered "more-likely-than-not" to be sustained, then no benefits of the position are recognized. As of September 30, 2024, the Company had not recorded any liability for uncertain tax positions. In subsequent periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense.

On December 22, 2017, the Tax Reform Act was signed into law. The Tax Reform Act is effective for tax years beginning on or after January 1, 2018, except for certain provisions, and resulted in significant changes to existing United States tax law, including various provisions that are expected to impact the Company. Among other provisions, the Tax Reform Act reduced the federal corporate tax rate from 35% to 21% effective January 1, 2018. The Company completed the accounting for the effects of the Tax Reform Act during the year ended September 30, 2024. Given that current deferred tax assets are offset by a full valuation allowance, these changes will have no impact on the balance sheet.

The Company is currently delinquent with respect to certain of its U.S. federal and state income tax filings.

***Property and Equipment***

Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Gains and losses from disposition of property and equipment are included in the statement of operations when realized. Depreciation and amortization are provided using the straight-line method over a life of five years.

***Intangible Assets/Patents***

We capitalize external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. We expense costs associated with maintaining and defending patents subsequent to their issuance in the period incurred. We amortize capitalized patent costs for internally generated patents on a straight-line basis for 7 years, which represents the estimated useful lives of the patents.

***Long-Lived Assets***

The Company periodically evaluates the carrying value of long-lived assets to be held and used when events or circumstances warrant such a review. The carrying value of a long-lived asset to be held and used is considered impaired when the anticipated separately identifiable undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily by reference to the anticipated cash flows discounted at a rate commensurate with the risk involved. No impairment charges have been recorded in the periods presented.

***Stock-Based Compensation***

ASC 718, *"Compensation - Stock Compensation,"* prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

During the year ended September 30, 2024, the Company issued 27,000,000 shares of the Company's common stock to members of the Board of Directors, employees, and consultants. The fair value of the shares, as determined by reference to the closing price of the Company's common stock on each respective grant date, aggregated $296,675.

During the year ended September 30, 2023, the Company issued 46,750,000 shares of the Company's common stock to members of the Board of Directors, employees, and consultants. The fair value of the shares, as determined by reference to the closing price of the Company's common stock on each respective grant date, aggregated $291,600.

Total stock-based compensation expense was $296,675 and $291,600 for the years ended September 30, 2024 and 2023, respectively.

***Basic and Diluted Net Loss per Common Share***

The Company computes basic and diluted earnings (loss) per share amounts in accordance with ASC Topic 260, "*Earnings per Share*." Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company.

The common share equivalents of these securities have not been included in the calculations of loss per share because such inclusions would have an anti-dilutive effect as the Company has incurred losses during the years ended September 30, 2024 and 2023.

For the years ended September 30, 2024 and 2023, respectively, the following common stock equivalents were potentially dilutive.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years ended** | **Years ended** | **Years ended** | **Years ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | (Shares) | (Shares) | (Shares) | (Shares) |
| Convertible notes payable |  | 1144047 |  | 151021 |

---

***Foreign Currency***

The accompanying consolidated financial statements are presented in United States dollars ("USD"). The Australian dollar ("AUD") is the functional currency of Solar Quartz (the operating subsidiary) as it is the currency of Australia, which is the primary economic environment the operating subsidiary operates in and the environment in which the Company primarily utilizes cash.

Assets and liabilities are translated into USD utilizing currency exchange rates as published by <u>WM/Reuters WM/Refinitiv FX Benchmark Rates \| Refinitiv</u>. Income and expense items are translated at average exchange rates prevailing during the period. The resulting translation adjustments are recorded as a component of shareholders' deficiency. Gains and losses from foreign currency transactions are included in earnings in the period of settlement.

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Spot AUD: USD exchange rate | $0.6932 | $0.6458 |
| Average AUD: USD exchange rate | $0.6595 | $0.6661 |

---

***Related parties***

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

***Recent Accounting Pronouncements***

Management does not believe that any recently issued but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company's financial statement presentation or disclosures.

**NOTE 3 – PROPERTY AND EQUIPMENT**

Property and equipment as of September 30, 2024 and 2023 are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Laboratory and factory equipment | $76609 | $41553 |
| Computers | 4094 | 3413 |
| Furniture and fixtures | 33623 | 33027 |
|  | 114326 | 77993 |
| Less accumulated depreciation | (88064) | (77056) |
| Net property and equipment | $26262 | $937 |

---

Depreciation expense for the years ended September 30, 2024 and 2023 was $338 and $340, respectively.

**NOTE 4 – INTANGIBLE ASSETS/PATENTS**

We amortize capitalized patent costs for internally generated patents on a straight-line basis for 7 years, which represents the estimated useful lives of the patents. The seven-year estimated useful life for internally generated patents is based on our assessment of such factors as: the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The estimated useful lives of acquired patents and patent rights, however, have been and will continue to be based on a separate analysis related to each acquisition and may differ from the estimated useful lives of internally generated patents. The average estimated useful life of acquired patents is 6.7 years. We assess the potential impairment to all capitalized net patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable.

Components of intangible assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2023** |
| Patents |  | 1 |
| Accumulated amortization |  |  |
| Impairment Expense |  |  |
| Total patent costs, net | $— | $1 |

---

During the years ended September 3, 2024, and 2023, the Company recorded amortization expenses related to patents of $0 and $0, respectively.

In September 2021, the Company through its 100% owned subsidiary, US Thin Film Corporation, acquired Cima Specialty Material Limited, a Cayman Island corporation who holds a significant group of invention and processing patents in making Nanoparticle conductive thin film material for various industrial and technology applications. The patent portfolio was purchased from Cima Nanotech Holding Limited, the parent company of Specialty Material, and was paid with 31 million shares of GSTX common stock for the purchase. Subsequently the management and the auditors evaluated this intangible asset by considering its useful life, future economic benefit, and amortization, decided a value of US$6.5 million entered the book and reported in the 10K filing 2021. The delayed commercialization process for the past year prompted the management to examine the short-term revenue generating prospect of this intangible assets and to consider and accept the recommendation of our auditors for a total impairment of the patents.

**NOTE 5 – NOTES PAYABLE**

The Company's material future contractual obligations by fiscal years as of September 30, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
| Schedule of notes payable |  |  |
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Convertible Notes | $101876 | $100747 |
| Convertible Notes – Related Party, net of discount $4,083 | 84426 |  |
| Notes Payable | $324928 | $60000 |
| Notes Payable – Related Parties | $97395 | $71713 |

---

***Convertible Notes Payable***

On June 29, 2012, the Company issued convertible secured notes payable totaling $8,254,500 to a group of private investors. The notes matured on June 30, 2015. The notes, with interest at 15%, were convertible at the discretion of the holders, into common shares of the Company at the rate of $3.31 per share. Unable to make the required interest payment on March 31, 2014, the notes became due on demand. Effective June 17, 2014, with the noteholder approval, the assets securing the convertible notes were sold with the net proceeds of approximately $5,200,000 being distributed to the noteholders. Noteholders were to receive payment for the remaining balance due on the notes in the form of an exchange for the common stock of the Company at the rate of $3.31 per share. As of September 30, 2024, noteholders representing $70,747 in outstanding principal had not requested the exchange of shares of common stock. As of September 30, 2024 and 2023, the exchange obligation payable was $190,151 and $179,510, including accrued interest of $119,403 and $108,762, respectively. As of September 30, 2024 and 2023, the exchange obligation was for 57,447 shares and 54,233 shares of common stock, respectively.

On February 1, 2016, the Company issued convertible secured note payable of $30,000 to an individual. The note was due on January 31, 2017 and included interest at 10%. The note was convertible at discretion of the holder into common shares of the Company at the rate of $0.50 per shares. The Company has not extended the maturity date and the note is in default. As of September 30, 2024 and 2023, the total convertible note payable balance was $56,005 and $52,997, including accrued interest of $26,005 and $22,997, respectively. As of September 30, 2024 and 2023, the exchange obligation was for 112,010 shares and 105,994 shares of common stock, respectively.

***Convertible Notes Payable – Related Party***

During the quarter ended December 31, 2023, the Company entered into an agreement to issue convertible notes payable with an accredited investor. Notably, there exists a professional relationship between the Company and the investor, facilitated by a mutual director serving on the boards of both entities. These notes carry an aggregate principal balance of $50,000 and accrue interest at a rate of 10% per annum. Their maturity dates are set for October 2024 and December 2024. Additionally, the notes offer the option for conversion into common shares of the Company at the discretion of the holder, with a conversion rate of $0.10 per share. As of September 30, 2024, the total balance of promissory notes payable stood at $55,719, inclusive of accrued interest totaling $5,719. Moreover, the exchange obligation associated with these notes amounted to 557,190 shares of common stock. In return for providing the loan, the Company authorized and issued 1,000,000 shares of common stock to the lender. The Company recorded an initial debt discount of $18,679 upon the issuance of the notes, with subsequent amortization of debt discount totaling $16,558.

During the quarter ended March 31, 2024, the Company entered into an agreement to issue a convertible note payable with a director serving on the board. The note carries an aggregate principal balance of $27,828 and accrues interest at a rate of 10% per annum. Their maturity date is set for March 2025. Additionally, the note offers the option for conversion into common shares of the Company at the discretion of the holder, with a conversion rate of $0.10 per share. As of September 30, 2024, the total balance of promissory notes payable stood at $30,696, inclusive of accrued interest totaling $3,452. Moreover, the exchange obligation associated with these notes amounted to 306,960 shares of common stock. In return for providing the loan, the Company authorized and issued 750,000 shares of common stock to the lender. The Company recorded an initial debt discount of $2,493 upon the issuance of the notes, with subsequent amortization of debt discount totaling $1,310.

During the quarter ended June 30, 2024, the Company entered into an agreement to issue a convertible note payable with a director serving on the board. The note carries an aggregate principal balance of $10,681 and accrues interest at a rate of 10% per annum. Their maturity date is set for June 2025. Additionally, the note offers the option for conversion into common shares of the Company at the discretion of the holder, with a conversion rate of $0.10 per share. As of September 30, 2024, the total balance of promissory notes payable stood at $11,044, inclusive of accrued interest totaling $363. Moreover, the exchange obligation associated with these notes amounted to 110,440 shares of common stock. In return for providing the loan, the Company authorized and issued 350,000 shares of common stock to the lender. The Company recorded an initial debt discount of $1,116 upon the issuance of the notes, with subsequent amortization of debt discount totaling $337.

***Notes Payable and Other Loans***

During 2015 and 2016, the Company executed promissory notes payable with six individuals with an aggregate principal balance of $60,000. The notes were due on demand and included interest at 10%. As of September 30, 2024 and 2023, the total promissory notes payable balance was $114,726 and $108,710, including accrued interest of $54,726 and $48,710, respectively. On January 15, 2019, the holder of a note with a principal balance of $10,000 made demand for payment. To date, the note has not been paid.

On September 11, 2023, Ausquartz Sands Pty Ltd entered into a Loan Agreement with GVB GmbH for AU$250,000, with a fixed annual interest rate of 2.15% and a maturity date of August 31, 2025. This liability was assumed by the Company following its acquisition of Ausquartz Group Holdings Pty Ltd on July 28, 2024. As of September 30, 2024 and 2023, the total notes payable balance was AU$255,832 and AU$250,442, including interest of AU$5,832 and AU$442, respectively.

***Related Party Loans***

On February 28, 2023, the Company entered into a Promissory Loan Note with MI Labs Pty Ltd, in the amount of US$50,000 (of which $46,043 was received by the company as of September 30, 2024) with a maturity date of February 28, 2024. The loan will accrue interest at the rate 10% per annum.

During July 2023, MI Labs Pty Ltd loaned Ausquartz Sands Pty Ltd US$31,352. The loan is a demand note on zero interest. This liability was assumed by the Company following its acquisition of Ausquartz Group Holdings Pty Ltd on July 28, 2024.

On December 5, 2022, the Company entered into a Promissory Loan Note with Mr. Andrew Liang, in the amount of US$20,000, with a maturity date of December 5, 2023. The loan will accrue interest at the rate of 10% per annum.

During the year ended September 30, 2020 a Company Advisor, A. Liang, loaned the Company $5,623. The loan is a demand note at zero interest.

During the year ended September 30, 2020 the former Company Chairman, FJ Garafalo, loaned the company $3,500. The loan is a demand note on zero interest.

**NOTE 6 – STOCKHOLDERS' EQUITY**

***Preferred Stock***

No preferred shares have been designated by the Company as of September 30, 2024 and 2023.

***Common Stock***

The Company is authorized to issue up to 800,000,000 shares of common stock (par value $0.00001). As of September 30, 2024 and 2023, the Company had 569,779,887 shares and 421,292,610 shares of common stock issued and outstanding, respectively.

The Company has a total of 5,778,367 shares that remain approved, reserved and outstanding and not yet issued by the Transfer Agent at September 30, 2024.

During the year ended September 30, 2024, the Company issued 148,487,277 shares of common stock as follows:

● 27,000,000 shares of the Company's common stock to members of the Board of Directors, employees and consultants. The fair value of the shares, as determined by reference market price of the Company's common stock on each grant date, aggregated $296,675.

● 700,000 shares of the Company's common stock at $0.01 per share for a purchase price of $7,000.

● 1,600,000 shares of the Company's common stock were issued to convertible note holders for providing loans. The fair value of the shares, as determined by reference market price of the Company's common stock on each grant date, aggregated $20,721. &nbsp;&nbsp;&nbsp;&nbsp;

· 500,000 shares of the Company's common stock were issued to a convertible note holder as an incentive to revise the terms of the note. The fair value of the shares, as determined by reference market price of the Company's common stock on the grant date, was valued at $1,700 and was expensed.

● 16,687,277 shares of the Company's common stock were issued for settlement of related party and affiliated debt and liabilities totaling $2,204,183. The fair value of the common stock issued was determined based on the market price at the time of issuance. As a result of the settlement, the Company recognized a gain of $1,945,531, representing the excess of the liabilities settled over the fair value of the shares issued. This gain was recorded as an increase to additional paid-in capital, in accordance with applicable accounting guidance for capital transactions involving related parties.

● 100,000,000 shares of the Company's common stock were issued, per the terms of the Share Sale and Purchase Agreement dated July 28, 2024. – see NOTE 11.

● 2,000,000 shares of the Company's common stock were issued, pursuant to a Memorandum of Understanding, dated September 7, 2023, as a capital contribution to Wafer Manufacturing Corporation ("WMC"), a consolidated joint venture in which the Company holds a 75% ownership interest. The transaction was treated as an investment in the joint venture and resulted in an increase to the Company's investment balance. As an inter-company transaction, it was eliminated in consolidation and had no impact on total consolidated stockholders' equity.

During the year ended September 30, 2023, the Company issued 46,987,130 shares of common stock as follows:

● 46,750,000 shares of the Company's common stock to members of the Board of Directors, employees and consultants valued at $291,600 ($0.0062 per share average).

● 237,130 new common shares were issued to settle debt on convertible note that matured on December 5, 2021, totaling $65,211. The company recognized a loss of $40,162 on this exchange.

***Non-Controlling Interest***

Wafer Manufacturing Corporation ("WMC") is a consolidated joint venture in which the Company holds a 75% ownership interest. The remaining 25% is owned by a non-controlling interest. As a majority owner, the Company consolidates WMC's financial results in its consolidated financial statements.

For the year ended September 30, 2024, the Company recorded a gain of $185 attributable to the non-controlling interest in WMC, representing the portion of WMC's net loss allocable to the minority ownership.

**NOTE 7 – RELATED PARTY**

***Due to related party***

MI Labs Pty Ltd, a management company controlled by Mr. Jason May, the Company's Chief Executive Officer and a Company Director, provides management services to the Company for which the Company is charged $25,000 monthly. During the year ended September 30, 2024, the Company incurred charges to operations of $300,000 with respect to this arrangement.

CSA Liang Pty Ltd, a management company controlled by Mr. Andrew Liang, a Company Director, provided corporate advisor services to the Company for which the Company was charged $5,000 monthly. During the year ended September 30, 2024, the Company incurred charges to operations of $60,000 with respect to this arrangement.

Sativus Investments, a management company controlled by Mr. Paul Saffron, the Company's Chief Operations Officer, provides management services to the Company for which the Company is charged $20,000 monthly. During the year ended September 30, 2024, the Company incurred charges to operations of $240,000 with respect to this arrangement.

Parallel40 LLC, a management company controlled by Ms. Kristi Steele and Mr. David Hare, the Company's Chief Sustainability Officers, provides management services to the Company for which the Company was charged $30,000 monthly. During the year ended September 30, 2024, the Company incurred charges to operations of $90,000 with respect to this arrangement.

Haminerals Pty Ltd, a management company controlled by Mr. Andrew Hamilton, the Company's Chief Operations Officer (Australia), provides management services to the Company for which the Company was charged $20,000 monthly. During the year ended September 30, 2024, the Company incurred charges to operations of $100,000 with respect to this arrangement.

Pagemark Limited, a management company controlled by Mr. David Halstead, a Company Director, entered into a convertible note agreement with the Company – see NOTE 5.

Allegro Investments Limited entered into a convertible note agreement with the Company. The Company and Allegro Investments Limited share a professional relationship wherein a director serves on the boards of both entities – see NOTE 5.

On June 27, 2024, the Company sold US Thin-Films Corporation, a wholly owned subsidiary, to Thin Film Technologies Ltd., a company controlled by Mr. David Halstead, a Company Director, for $1,000. This transaction resulted in a gain of $1,646,819, which was recorded in Additional Paid-In Capital. Prior to the sale, the Company has a net liability of $1,645,819.

During the year ended September 30, 2020 a Company Advisor, A. Liang, loaned the Company $5,623. The loan is a demand note at zero interest.

During the year ended September 30, 2020 the former Company Chairman, FJ.Garafalo loaned the company $3,500. The loan is a demand note on zero interest.

As of September 30, 2024 and 2023, due to related parties was $1,151,957 and $1,985,601, respectively.

***Due from related party***

 ****

During September 2021, the Company approved and issued 50,000,000 shares to Rod Young who became a related party subsequent to this reporting period. The shares were fully expensed during the period.

***Stock-Based Compensation***

During the years ended September 30, 2024 and 2023, stock-based compensation expense relating to directors, officers, affiliates and related parties was $296,675 (27,000,000 shares) and $291,600 (46,750,000 shares), respectively.

***Related Party Acquisition***

On July 28, 2024, the Company acquired Ausquartz Group Holdings Pty Ltd, an entity controlled by Mr. Jason May, who is a related party. The acquisition was approved by the Company's Board of Directors, with any related parties recused from the approval process.

Further details regarding the acquisition are provided in NOTE 11.

**NOTE 8 – INCOME TAXES**

Graphene & Solar Technologies Limited was formed in 2010. Prior to the acquisition of Solar Quartz Technologies Limited (SQTL) New Zealand, now known as Graphene and Solar Technologies Limited (GSTLNZ) in July 2017, the Company only had operations in the United States. In July 2017, the Company became the parent of GSTLNZ., a wholly owned New Zealand subsidiary, which files tax returns in New Zealand.

The Company provides for income taxes under ASC 740," Income *Taxes."* Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

The net loss for the year ended September 30, 2024 was $2,632,513, however the stock-based compensation of $296,675 is not used in the calculations below.

For the years ended September 30, 2024 and 2023, the local ("United States of America") and foreign components of loss before income taxes were comprised of the following:

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| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| Tax jurisdiction from: |  |  |
| - Local | $(1351865) | $(826784) |
| - Foreign | (235992) | (186678) |
| Loss before income taxes | $(1587857) | $(1013462) |

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*United States of America*

Graphene & Solar Technologies Limited is subject to the tax laws of United States of America.

The income tax provision for the years ended September 30, 2024 and 2023, consists of the following:

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| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| Net income (loss) | $(1351865) | $(826784) |
| Effective tax rate | 21% | 21% |
| Income tax expense (benefit) | (283892) | (173625) |
| Less: valuation allowance | 283892 | 173625 |
| Income tax expense (benefit) | $— | $— |

---

Net deferred tax assets consist of the following components as of September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Net operating tax carryforwards | $3810890 | $3526998 |
| Valuation allowance | (3810890) | (3526998) |
| Net deferred tax asset | $— | $— |

---

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act") resulting in significant modifications to existing law including lowering the corporate tax rate from 34% to 21%. In addition to applying the new lower corporate tax rate in 2018 and thereafter to any taxable income we may have, the legislation affects the way we can use and carry forward net operating losses previously accumulated and results in a revaluation of deferred tax assets and liabilities recorded on our balance sheet. The Company has completed the accounting for the effects of the Act during the year ended September 30, 2024. Given that current deferred tax assets are offset by a full valuation allowance, these changes will have no impact on the balance sheet.

At September 30, 2024 and 2023, the Company had $4,878,863 and $19,929,277 respectively of the U.S. net operating losses (the "U.S. NOLs"), which begin to expire beginning in 2039. NOLs generated in tax years prior to July 31, 2018, can be carryforward for twenty years, whereas NOLs generated after July 31, 2018 can be carryforward indefinitely.

*New Zealand*

The Company's subsidiary operating in New Zealand ("NZ") are subject to the New Zealand Corporate Income Tax at a standard income tax rate range of 28% on the assessable income arising in New Zealand during its tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended September 30, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| Net income (loss) | $(235992) | $(186678) |
| Effective tax rate | 28% | 28% |
| Income tax expense (benefit) | (66078) | (52270) |
| Less: valuation allowance | 66078 | 52270 |
| Income tax expense (benefit) | $— | $— |

---

Net deferred tax assets consist of the following components as of September 30, 2024 and September 30, 2023:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Net operating tax carryforwards | $1197468 | $1131390 |
| Valuation allowance | (1197468) | (1131390) |
| Net deferred tax asset | $— | $— |

---

As of September 30, 2024, the operations in New Zealand incurred $1,065,312 of cumulative net operating losses which can be carried forward to offset future taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $1,197,468 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Deferred tax assets: |  |  |
| Net operating tax carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;United States | $3810890 | $3526998 |
| &nbsp;&nbsp;&nbsp;New Zealand | 1197468 | 1131390 |
| Total | 5008357 | 4658389 |
| Valuation allowance | (5008357) | (4658389) |
| Net deferred tax asset | $— | $— |

---

**NOTE 9 – SALE OF US THIN-FILMS CORPORATION**

On June 27, 2024, the Company sold its wholly owned subsidiary, US Thin-Films Corporation, to Thin Film Technologies Ltd., a company controlled by Mr. David Halstead, a director of the Company, for a total consideration of $1,000. As Thin Film Technologies Ltd. is a related party, this transaction is classified as a related party transaction under applicable SEC regulations.

At the time of the sale, the subsidiary had a net liability position of $1,645,819, which was deconsolidated from the Company's balance sheet upon closing.

The disposal resulted in a gain of $1,646,819, calculated as the difference between the net liabilities removed and the $1,000 sale price. In accordance with accounting guidance for capital transactions with related parties, this gain was recorded as an increase to additional paid-in capital on the Company's consolidated statement of stockholders' equity.

As a result of the sale, the operations of US Thin-Films Corporation have been reported as discontinued operations for all periods presented in the consolidated statements of operations. The income and expenses of US Thin-Films Corporation have been removed from continuing operations and presented separately as a single line item titled "Loss from discontinued operations" for both the current and prior periods.

As of September 30, 2024, the net loss from discontinued operations totaled $103,308.

**NOTE 10 – LEASES**

The Company maintains its principal office at 11201 North Tatum Blvd., Suite 300 Phoenix, AZ 85028. The Company moved in November 2023 and its office is in a shared office space provider, at a cost of $278 per month and currently the lease is month-to-month.

Right of use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right of use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease right of use asset also excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

As part of the acquisition of Ausquartz Group Holdings Pty Ltd on July 28, 2024, the Company assumed an existing lease for office and warehouse space located in Melbourne, Australia. The lease commenced on November 1, 2023, with a four-year term and includes annual fixed rent increases of 4%.

The Company evaluated the lease and determined that it should be classified as an operating lease, as none of the criteria for a finance lease were met. As of the lease commencement date, the Company recorded a right-of-use (ROU) asset of $158,933 and a corresponding lease liability of $161,791, representing the present value of future minimum lease payments. The present value was calculated using an incremental borrowing rate of 10%, which reflects the Company's estimated secured borrowing rate in a comparable economic environment and lease term.

As of September 30, 2024, the balance sheet includes a ROU asset of $160,615 and lease liabilities of $164,245 related to this lease.

The future minimum payments on operating leases for each of the next three years and in the aggregate amount to the following:

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| | | |
|:---|:---|:---|
| |  | **In USD** |
| 2025 | $| $46968 |
| 2026 |  | 55338 |
| 2027 |  | 61939 |
| Total operating lease liabilities | $| $164245 |

---

Rent expense for the years ended September 30, 2024 and 2023 was $32,158 and $20,184, respectively, and is included in "General and Administrative" expenses on the related statements of operations.

*Finance Leases*

As of September 30, 2024 and September 30, 2023, the Company had no finance leases.

**NOTE 11 – ACQUISITION OF AUSQUARTZ GROUP HOLDINGS PTY LTD**

On July 28, 2024, the Company entered into a Share Sale and Purchase Agreement with Henosis Limited ("the Seller"), pursuant to which the Company acquired 100% of the issued and outstanding equity interest of Ausquartz Group Holdings Pty Ltd ("Ausquartz"), an Australian-based developer of high purity quartz products used in the optic, solar, and semiconductor industries.

The transaction was completed through the issuance of 100,000,000 shares of the Company's common stock (the "Consideration Shares") to the Seller. The fair market value of the shares issued was $710,000, based on a price of $0.0071 per share as of the transaction date. In connection with the transaction, the Company assumed a net liability of $169,503. As a result, the total compensation expense recognized in connection with this transaction was $879,503, which was attributed to the Company's Chief Executive Officer, Jason May.

Net Liability Acquired is as follows:

---

| | |
|:---|:---|
| Cash & Bank | $29883 |
| Other Receivable | $98527 |
| Fixed Assets | $24199 |
| Total Assets | $281978 |
| Current Liabilities | $28182 |
| Other Payables | 45930 |
| Total Current Liabilities | $74112 |
| Non-current Liabilities | $377369 |
| Total Liabilities | $451481 |
| Net Liability Acquired | $169503 |

---

The Seller, Henosis Limited, is an entity associated with Mr. Jason May, making this a related party transaction under SEC rules. Due to the related party nature of the transaction and its classification as a business collaboration, the Company did not record a step-up in basis for the acquired assets and liabilities. The net assets of Ausquartz were recorded at the historical carrying value on the Seller's books.

The acquisition of Ausquartz aligns with the Company's long-term strategy to vertically integrate its supply chain for silicon wafer production. High purity quartz is a critical input in the manufacturing of silicon wafers, and global supply of the material is highly constrained. The addition of Ausquartz is expected to enhance the Company's control over key raw materials necessary for semiconductor and solar-related applications.

*Pro forma results for Graphene & Solar Technologies Limited, giving effect to the Ausquartz acquisition*

The following pro forma financial information presents the combined results of operations of Ausquartz and the Company for the years ended September 30, 2024 and 2023. The pro forma financial information presents the results as if the acquisition had occurred as of the beginning of fiscal years 2024 and 2023.

Pro forma financial information is present for informational purposes and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place as of the beginning of fiscal year 2024.

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Revenue | $— | $— |
| Operating Expenses | $2690006 | $1189197 |
| Other Income (Expense) | $23845 | $(31954) |
| Net Loss from discontinued operations | $(103308) | $(121680) |
| Net loss attributed to non-controlling interest | $185 | $— |
| Net Income (Loss) | (2769284) | (1342830) |
| Other Comprehensive Income | $(104305) | $12414 |
| Net Comprehensive Loss | $(2873589) | $(1330416) |

---

**NOTE 12 – OTHER RECEIVABLE**

As of September 30, 2024, the balance of Other Receivables includes $89,864 related to a research and development (R&D) tax incentive received from the Australian government. This amount represents a refundable tax offset under the Australian R&D Tax Incentive program, based on eligible R&D expenditures incurred during the relevant period.

During the fiscal year, the Company entered into an arrangement with a third-party financing provider that advanced funds to the Company based on the anticipated rebate. Upon receipt of the rebate from the Australian Taxation Office in October 2024, the financing provider deducted its fees and remitted the net proceeds to the Company. The amount recorded in Other Receivables represents the net funds received after the deduction of financing and processing fees.

**NOTE 13 – OTHER INCOME**

For the year ended September 30, 2024, the Company recognized $56,216 in Other Income related to government subsidies received by Ausquartz, a subsidiary of the Company based in Australia. These subsidies were provided by the Australian government under various support programs intended to assist businesses engaged in advanced manufacturing and innovation.

For the year ended September 30, 2024, the Company recorded $18,891 in rental income, which was classified as Other Income.

**NOTE 14 – SUBSEQUENT EVENTS**

Subsequent to September 30, 2024, the Company:

Mr. Jason May was granted 5,000,000 shares per annum, per the terms of his consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Mr. Paul Saffron was granted 2,000,000 shares per annum, per the terms of his consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Ms. Kristi Steele was granted 1,000,000 shares per annum, per the terms of her consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Mr. David Hare was granted 1,000,000 shares per annum, per the terms of his consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Mr. Andrew Hamilton was granted 2,000,000 shares per annum, per the terms of his consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Ms. Kristine Woo was granted 2,000,000 shares per annum, per the terms of her consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Mr. Anthony Leigh was granted 1,000,000 shares per annum, per the terms of his consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Mr. Russell Krause was granted 7,500,000 shares, per the terms of his consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Mr. Neil Morris was granted 10,000,000 shares, per the terms of his consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

Ms. Kristine Woo was granted 20,000,000 shares, per the terms of her consulting agreement. The company issued the shares in the first quarter of the fiscal year 2025.

On November 20, 2024, the Company entered into a Promissory Loan Note with Parallel40 LLC, in the amount of US$100,000, with a maturity date of November 20, 2026. The loan will accrue interest at the rate of 10% per annum. The Company issued 10,000,000 shares, per the terms of the agreement.

On November 21, 2024, the Company entered into a Promissory Loan Note with Corbin Hare, in the amount of US$100,000, with a maturity date of November 21, 2026. The loan will accrue interest at the rate of 10% per annum. The Company issued 10,000,000 shares, per the terms of the agreement.

On December 2, 2024, the Company entered into a Promissory Loan Note with Pagemark Limited, in the amount of US$42,383, with a maturity date of December 2, 2025. The loan will accrue interest at the rate of 10% per annum. The Company issued 847,660 shares, per the terms of the agreement.

On December 2, 2024, the Company entered into a Promissory Loan Note with Allegro Investments, in the amount of US$55,294, with a maturity date of December 2, 2025. The loan will accrue interest at the rate of 10% per annum. The Company issued 1,105,884 shares, per the terms of the agreement.

On January 21, 2025, the Company entered into a Promissory Loan Note with The Steve Gazis Trust, in the amount of US$100,000, with a maturity date of January 21, 2027. The loan will accrue interest at the rate of 10% per annum. The Company issued 10,000,000 shares, per the terms of the agreement.

On February 26, 2025, the Company entered into a Promissory Loan Note with Constantinos Vastis, in the amount of US$16,665, with a maturity date of February 26, 2027. The loan will accrue interest at the rate of 10% per annum. The Company issued 1,666,500 shares, per the terms of the agreement.

On February 26, 2025, the Company entered into a Promissory Loan Note with Theodoros Pavlou, in the amount of US$3,441, with a maturity date of February 26, 2027. The loan will accrue interest at the rate of 10% per annum. The Company issued 344,128 shares, per the terms of the agreement.

On April 10, 2025, the Company entered into a Promissory Loan Note with Parallel40 LLC, in the amount of US$25,000, with a maturity date of April 10, 2027. The loan will accrue interest at the rate of 10% per annum. The Company issued 2,500,000 shares, per the terms of the agreement.

Mr. David Halstead was granted 10,000,000 shares, per the terms of his consulting agreement. The company issued the shares in the third quarter of the fiscal year 2025.

NexChange, Inc. was granted 12,000,000 shares, per the terms of their consulting agreement. The Company issued the shares in the third quarter of the fiscal year 2025.

Stuart Allen was granted 500,000 shares, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

On June 11, 2025, Mr. Russell Krause entered into a debt-to-equity agreement with the Company. Pursuant to the terms of the agreement, the Company issued 22,000,000 shares in the third quarter of fiscal year 2025.

On June 26, 2025, Pagemark Limited entered into a debt-to-equity agreement with the Company. Pursuant to the terms of the agreement, the Company issued 200,000 shares in the third quarter of fiscal year 2025.

On June 13, 2025, the Company accepted a Share Application for the total price of $10,000 ($0.01/share). The Company issued 1,000,000 shares, per the terms of the application.

Mr. Jason May was issued 500,000 shares for their annual director compensation. The Company issued the shares in the fourth quarter of the fiscal year 2025.

Mr. David Halstead was issued 500,000 shares for their annual director compensation. The Company issued the shares in the fourth quarter of the fiscal year 2025.

Mr. Jeffrey Freedman was issued 500,000 shares for their annual director compensation. The Company issued the shares in the fourth quarter of the fiscal year 2025.

Mr. Andrew Liang was issued 500,000 shares for their annual director compensation. The Company issued the shares in the fourth quarter of the fiscal year 2025.

Mr. Charles Wantrup was issued 500,000 shares for their annual director compensation. The Company issued the shares in the fourth quarter of the fiscal year 2025.

The Company has evaluated events occurring subsequent to September 30, 2024 through to the date these financial statements were issued and has identified no additional events requiring disclosure.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.**

There are no changes in nor disagreements with accountants on accounting and financial disclosure. Effective for May 7, 2020, the firm of M&K CPAS PLLC was engaged to serve as the new principal accountant to audit our financial statements. The decision to retain this accountant for the years ended Sept 30, 2024 and 2023 was approved by our board of directors.

**ITEM 9A. CONTROLS AND PROCEDURES.**

An evaluation was carried out under the supervision and with the participation of our management, including our Principal Executive and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report on Form 10-K. Disclosure controls and procedures are procedures designed with the objective of ensuring that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this Form 10-K, is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and is communicated to our management, including our Principal Executive [and Chief Financial Officer], or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, our management concluded that, as of September 30, 2024, our disclosure controls and procedures were not effective.

Management conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 30, 2024, based on the framework established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 ("COSO").

As of period covered by this Annual Report on Form 10-K, we have concluded that our internal control over financial reporting was ineffective. The Company's assessment identified certain material weaknesses which are set forth below:

**Functional Controls and Segregation of Duties** 

Because of the Company's limited resources, there are limited controls over information processing.

There is an inadequate segregation of duties consistent with control objectives. Our Company's management is composed of a small number of individuals resulting in a situation where limitations on segregation of duties exist. In order to remedy this situation, we would need to hire additional staff to provide greater segregation of duties. Currently, it is not feasible to hire additional staff to obtain optimal segregation of duties. Management will reassess this matter in the following year to determine whether improvement in segregation of duty is feasible.

Accordingly, as the result of identifying the above material weakness we have concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the Company's internal controls.

**Management's Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. As defined by the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of our Principal Executive and Financial Officer and implemented by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements in accordance with U.S. generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Roger May, our former Principal Executive Officer, evaluated the effectiveness of our internal control over financial reporting as of September 30, 2022 based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or the COSO Framework (2013). Management's assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of those controls.

**Changes in Internal Control Over Financial Reporting**

There was no change in our internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Management has been addressing any underlying causes for our weaknesses in internal control which may have occurred as a result of limited resources. The Company has also engaged local accountants in Australia to assist Company management to prepare the Company's financial statements.

**ITEM 9B. OTHER INFORMATION.**

None.

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.**

Our officers and directors are listed below. Our directors are generally elected at our annual shareholders' meeting and hold office until the next annual shareholders' meeting, or until their successors are elected and qualified. The executive officers are elected by the directors and serve at their discretion.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Jason May | 52 | Chief Executive Officer; Director |
| David A.B. Halstead | 78 | Chief Financial Officer; <br> Director |
| Paul Saffron | 57 | Chief Operations Officer |
| Andrew Hamilton | 50 | Chief Operations Officer/Australia |
| Kristi Steele | 46 | Chief Sustainability Officer |
| David Hare | 47 | Chief Strategy Officer |
| Andrew Y. Liang | 64 | Director |
| Jeffrey Freedman | 78 | Director |
| Charles Wantrup | 78 | Director |

---

**Jason May.**

Jason is an experienced C-Level executive with a strong technical and business skillset. He possesses excellent communication skills and deep experience of complex technical project management. Jason has spent the past 15 years working on mineral projects for the cleantech supply chain from identification to development to production.

Experience includes lecturing in Communications & Electronics Engineering at RMIT University (software, hardware, networking, security), developing remote power meter readers, embedded electricity networks, numerous software and hardware development projects, wireless communications systems and numerous mining and mineral processing projects.

Jason has worked extensively in the high purity industrial minerals sector, particularly the raw material supply chain for solar and semiconductor manufacturing. Jason is an expert in high purity quartz purification. More recently Jason has been developing a process and pilot plant to extract pharmaceutical grade minerals form waste biomass.

He has direct hands-on experience of designing and building high temperature furnaces, gas diffusion systems, chemical reactors, quality systems (GMP, HACCP), regulatory approvals, health & safety systems, product development, business development, strategy, financial modelling, technical sales in China, Japan, Germany, USA and South Korea. With an extensive network of cleantech industry contacts and market knowledge Jason has an excellent technical and business background to the Company.

Mr. May graduated from RMIT University, Melbourne, Australia (1999) with a Bachelor of Engineering, Electrical, Electronics and Communications Engineering.

**David A. B. Halstead.**

Mr. Halstead has been a director since July 1, 2017. He has a wide range of corporate, secretarial and trusts experience, in both offshore and onshore companies. In 1973 he became a partner in a local chartered accounting firm and in 1984 a principal in the Hong Kong office of Coopers & Lybrand (now PWC), specializing in international corporate and secretarial services, and offshore tax structures. Upon his return to Auckland, New Zealand in 1994, Mr. Halstead established and operated, several integrated medical centers, a surgical hospital in Auckland and a "state of the art" diagnostic center. He then spent three years working with World Vision fund raising for its micro finance arm "Vision Fund" involved with the capitalization and establishment of Vision Fund Cambodia. Reflecting his interest in health care delivery, in 2003 to this day, Mr. Halstead became, and is a Trustee of the New Zealand based international medical aid charity, Medical Aid Abroad.

Since 2006, Mr. Halstead has acted as a director, company secretary and treasurer for a group of international clients. Contemporaneously he established and operated, until recently, a unique world-first web based joint venture service for the New Zealand Government processing immigration medicals online in a secure platform through a company called NZimed Limited. Mr. Halstead is a director of an immigration sector "lead generation" company, Leadgen Matrix Ltd, Business Epic Ltd, a company focused on assisting baby boomer SME owner operators maximize their business exit strategies and value, and Asia Capital (China) Ltd, a NZ registered Financial Services Provider facilitating investment into Australia and New Zealand. He is a director of several Hong Kong and Singapore companies as well as other New Zealand entities.

Mr. Halstead was educated at Kings College, Auckland, the son of a former New Zealand Cabinet Minister and diplomat. He is a graduate of the University of Auckland with a Bachelor of Commerce and further qualifications in accounting and taxation.

**Paul Saffron.**

Mr. Saffron has been a vital member of GSTX Group since late 2023. He brings over 30 years of senior executive and leadership roles across numerous business sectors, including Real Estate, Equities and Risk Management, Natural Resources and Public Utilities. As President and COO of Graphene and Solar Technologies Limited ("GSTX"), Mr. Saffron is accountable for the development and execution of corporate strategy, specific project planning from project engagement to delivery, full operation and or transactional conclusion.

Originally from Australia, Mr. Saffron has truly global experience in property trading, development and raising capital, with substantial work experience in Australia, Asia, the Americas and numerous European nations. His vast experience has been gained in working collaboratively at the C-Suite and senior executive levels of small to large organizations; developing and achieving business specific strategic and portfolio initiatives. The diverse scope of this experience is best exampled in the project that necessitated Mr. Saffron's relocation from Australia to America in December 1998 to lead the adaption and release of an insurance risk product for initial distribution in the US in advance of developing a licensing strategy and product reconfiguration plan for follow up European market partnerships.

As President of the facilitating company, Mr. Saffron was required to transact and manage relationships at top global risk carriers on 3 continents, one that was proven successful on account an innovative licensing approach that satisfied all the requirements of the lead Reinsurance carrier whilst also delivering a structure universally recognized as a "business in a box" for end users that quickly embraced simplicities that are traditionally absent from the global insurance industry.

In his role as COO of GSTX, Mr. Saffron draws on over 30 years of experience in Consulting, Marketing and Trading, as well as, more than 20 years in international finance, specifically in the arenas of risk management, portfolio management and marketing. He is well versed in all phases of project planning, finance & asset management, with a diverse skill set equally valued in existing or 'start-up' companies, he is an invaluable Business Administration asset for any and all new projects taken on by GSTX.

Mr. Saffron graduated from University of Technology, Sydney, Australia (1990) with a BA in Economics.

**Andrew Hamilton.**

Mr. Hamilton is a result-orientated experienced business development and marketing professional and senior executive with over 20 years' experience in the finance and resource sectors. This experience incorporates project management, marketing, communications, mining and exploration, logistics, foreign exchange and private banking.

His key areas of expertise include business development, financial management, strong negotiating skills, strategy and planning, team and general management, exploration and tenement management, logistics and shipping, minesite operational support, mining procurement and contracts management.

He has a wide range of general business, marketing and communication skills with strong strategic planning, project management and business development and sales skills. He has the ability to build and maintain professional relationships at board level, senior management, staff and supplier level, with a proactive 'can-do' approach and is able to liaise, influence and challenge effectively.

Mr. Hamilton graduated from Swineburne University of Technology, Melbourne, Australia (1999) with a BA in Business and Marketing Economics.

**Kristi Steele.**

Ms. Steele has worked in the fair-trade sector with anti-trafficking organizations and product development assisting in lower income and impoverished communities to craft and create fair wage and fair work for a more sustainable life.

Understanding the power of education in these communities and the transformative way it changes lives, she works in the higher education sector assisting students all around the world with the college search and admission process to better educate and provide opportunities for students and families globally.

Ms. Steele graduated from Samford University (2000) with a Bachelor of Arts in Congregational Studies and a Master's Degree in Educational/Instructional Media Design.

**David Hare.**

Mr. Hare has had an extensive professional background from award-winning photography and tech solutions to impactful business development for anti-trafficking communities in Southeast Asia. He specializes in product development, marketing, tech, innovation, digital course expertise, and not for profit Charity structure, organization, and management.

His experience includes creating organizational structures for small businesses, product management and marketing. Digital product solutions, digital course, products, and marketing and digital strategies within the nonprofit and for-profit sector. David product development work and goals include business and sustainable environmental solutions for clients and organizations.

Mr. Hare graduated from The University of Auckland (2019) with a Master of Arts in Public Policy Analysis.

**Andrew Y. Liang.**

Dr. Andrew Liang, PhD. is an established academic with a B.Sc. in Mechanical Engineering from China and a Ph.D. in Agricultural Engineering from the University of Newcastle Upon Tyne. He studied for his MBA at Monash University. He lectured in Soil Mechanics at the China Agricultural University and Politics and at the University of Newcastle Upon Tyne.

Andrew has an extensive corporate track record in executive level management. He has led and expanded high-growth business ventures, established and managed manufacturing facilities, developed successful teams, and built highly professional and diverse work environments.

Throughout Andrew's career, he has demonstrated his ability to formulate and capitalize on key opportunities. His career started in management consulting for the Danish multinational group, the East Asiatic Company (EAC), where he led their business development in China. He pioneered, facilitated, and negotiated multiple EAC investment projects in China, including securing Chinese state enterprise investment in the Australian wool industry. Following this success, Andrew was appointed Deputy Managing Director of Bloch & Behrens, EAC's Australian subsidiary.

Most recently, Andrew established and managed the production facility of Michell Wool, in China. Andrew successfully navigated complex manufacturing processes, strict environmental regulations and challenging local industrial laws, resulting in a world-class production facility running to an Australian standard.

Andrew has extensive business growth and management expertise in the Asia Pacific region, including South Korea, South-East Asia and the Pacific Islands. He spent over a decade as an Asia Regional General Manager for Ballantyne Foods, a leading Australian dairy food company in the global market for fine foods. He was also the General Manager of Asia Pacific for EKF Diagnostic plc, a global medical diagnostics company based in the UK.

Andrew spent four years driving high business growth and optimising distribution networks for Coloplast A/S, a Danish multinational company that develops, manufactures, and markets medical devices and services related to ostomy, urology, continence, and wound care. In this role, he transformed the China subsidiary from a manufacturing hub to one of the largest revenue-generating subsidiaries of the Coloplast group, which subsequently became Coloplast's Asia Pacific headquarters.

Andrew's extensive global experience in establishing and growing new companies and production facilities is of considerable value to GSTX. He is excited to bring his leadership experience, business acumen and analytical management style to develop the strategic direction and future of the GSTX group.

**Jeffrey Freedman.**

Mr. Freedman has a professional history spanning over 35 years, predominantly in the Energy and Oilfield services industries and has held various executive level and finance positions and Board Directorships in companies in these sectors. These have included Financial Executive and Capital Markets Consultant at EcoStim Energy Solutions, Inc.; CEO and CFO at Petro River Oil Corp f/k/a Gravis Oil Corporation; Executive Vice President, Corporate Development and Board Member at Allis-Chalmers Energy, Inc.; Managing Director, Oilfield Service and Equipment at Prudential Securities and Managing Director, Oilfield Service and Equipment at Smith Barney.

Jeffrey holds an MBA Finance and Investments from New York University, Stern School of Business and BSBA-Finance from Babson College.

**Charles Wantrup.**

Mr. Charles Wantrup has been practicing exclusively as a commercial solicitor for over 35 years and heads his Law practice Wantrup and Associates. He has extensive experience in funding and financing, taxation law and practice, intellectual property law, industrial relations, international trade, and investment and in corporations' law, capital raising and mergers and acquisitions. A key aspect of his approach to providing services is his concentration on structuring business enterprises. This involves an understanding of corporations and international corporate business structures. He has been closely associated providing significant advice to GSTX for the past 12 years.

He has pioneering experience in the establishment and structuring of high technology companies, mining joint ventures and venture capital funds. Specialist in international taxation with over 35 years' experience in practice. Daily reviews of taxation changes throughout the world, especially USA, Europe, and Asia generally (including China and India). Involved in advice (and currently litigation) in BEPS areas including transfer pricing and territorially distributed business structures.

Charles's firms' international network includes overseas consultants and advisers, Banking and Finance Institutions, Custodial Agents, Offshore Corporate Secretaries and Directors, Insurance Companies and Venture Capitalists. They have presences in New Zealand, Europe, Canada, the United Kingdom, and the United States.

**ITEM 11. EXECUTIVE COMPENSATION**

The following table summarizes the compensation received by our principal executive and financial officers during the two years ended September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fiscal Year** | **Salary (1)** | **Other Compensation (2)** | **Total** |
| Jason May | 2024 |  |  |  |
| Director | 2023 |  |  |  |
| Chief Executive Officer |  |  |  |  |
| David Halstead | 2024 |  |  |  |
| Director | 2023 |  |  |  |
| Financial and Accounting Officer |  |  |  |  |
| Paul Saffron | 2024 |  |  |  |
| Chief Operations Officer | 2023 |  |  |  |
| Andrew Hamilton | 2024 |  |  |  |
| Chief Operations Officer/Australia | 2023 |  |  |  |
| Kristi Steele | 2024 |  |  |  |
| Chief Sustainability Officer | 2023 |  |  |  |
| David Hare | 2024 |  |  |  |
| Chief Strategy Officer | 2023 |  |  |  |
| Andrew Y. Liang | 2024 |  |  |  |
| Director | 2023 |  |  |  |
| Jeffrey Freedman | 2024 |  |  |  |
| Director | 2023 |  |  |  |
| Charles Wantrup | 2024 |  |  |  |
| Director | 2023 |  |  |  |

---

(1) The dollar
 value of base salary (cash and non-cash) earned.

(2) All other compensation
 received that could not be properly reported in any other column of the table.

 *Long-Term Incentive Plans.* We do not provide our officers or employees with pension, stock appreciation rights, long-term incentive or other plans.

*Employee Pension, Profit Sharing or other Retirement Plans.* We do not have a defined benefit, pension plan, profit sharing or other retirement plan, although we may adopt one or more of such plans in the future.

*Compensation of Directors During Years Ended September 30, 2024 and 2023.* During the year ended September 30, 2024, our directors received an annual compensation of 500,000 shares. During the year ended September 30, 2023, we did not compensate our directors for acting as such.

*Compensation Committee Interlocks and Insider Participation.* During the years ended September 30, 2024 and 2023, none of our officers was also a member of the compensation committee or a director of another entity, which other entity had one of its executive officers serving as one of our directors.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.**

The following table shows the beneficial ownership of our common stock, as of September 30, 2024 (564,001,521 shares issued and outstanding) by (i) each person whom the company knows beneficially owns more than 5% of the outstanding shares of the common stock, (ii) each of the officers, (iii) each of the directors, and (iv) all the officers and directors as a group.

Unless otherwise indicated, each owner has sole voting and investment powers over his shares of common stock. Unless otherwise indicated, beneficial ownership is determined in accordance with the Rule 13d-3 promulgated under the Securities and Exchange Act of 1934, as amended, and includes voting or investment power with respect to shares beneficially owned.

---

| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Number of Shares** | |
| | **Beneficially** | **Beneficially** | |
| <br>**Name and Address of Beneficial Owner <sup>(1)</sup>** | **Owned** | **Owned** |<br>**Percentage**<br>**of Class** |
| Henosis Limited | 114005500 | (2b) | 20.2% |
| Auckland 1010 New Zealand |  |  |  |
| Phoenix Global Holdings Limited | 108681762 | (2a) | 19.3% |
| Mangawhai, 0505 New Zealand |  |  |  |
| EKH International Co. Limited | 50000000 |  | 8.9% |
| Kowloon, SAR Hong Kong |  |  |  |
| Pegasus Resources Limited | 3500000 | (2a) | 0.6% |
| Mangawhai, 0505 New Zealand |  |  |  |
| MANJI Family Trust | 1000000 | (2b) | 0.2% |
| Melbourne, Victoria 3000 Australia |  |  |  |
| NZ Macro Limited | 9000000 | (3) | 1.6% |
| Mangawhai, 0505 New Zealand |  |  |  |
| Pagemark Limited | 2000000 | (3) | 0.4% |
| Mangawhai, 0505 New Zealand |  |  |  |
| Sativus Investments LLC | 7000000 | (4) | 1.2% |
| Phoenix, Arizona 85022 USA |  |  |  |
| New Technologies Cluster Limited | 500000 | (5) | 0.1% |
| Sandringham, Auckland 1041 New Zealand |  |  |  |
| Paul Krok Limited | 6500000 | (5) | 1.2% |
| Mangawhai, Mangawhai 0505 New Zealand |  |  |  |
| The Liang Family Trust | 16009970 | (6) | 2.8% |
| St. Kilda West, Victoria 3182 Australia |  |  |  |
| Haminerals Pty Ltd | 5000000 | (7) | 0.9% |
| Melbourne, Victoria 3101 Australia |  |  |  |
| Parallel40 LLC | 5000000 | (8) | 0.9% |
| Wilmington, Delaware 19803 USA |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| Jason May | 227187262 | (2a and 2b) | 40.3 |
| Melbourne, Victoria 3000 Australia |  |  |  |
| David A.B. Halstead | 11000000 | (3) | 2.0 |
| Mangawhai, 0505 New Zealand |  |  |  |
| Paul Saffron | 7000000 | (4) | 1.2 |
| Phoenix, Arizona 85028 USA |  |  |  |
| Andrew Hamilton | 5000000 | (7) | 0.9 |
| Melbourne, Victoria 3101 Australia |  |  |  |
| Kristi Steele | 2500000 | (8) | 0.5 |
| Wilmington, Delaware 19803 USA |  |  |  |
| David Hare | 2500000 | (8) | 0.5 |
| Wilmington, Delaware 19803 USA |  |  |  |
| Andrew Liang | 16009970 | (6) | 2.8 |
| St. Kilda West, Victoria 3182 Australia |  |  |  |
| Jeffrey Freedman | 1600000 |  | 0.3 |
| Delray Beach, Florida 33446 USA |  |  |  |
| Charles Wantrup | 7000000 | (5) | 1.3 |
| Sandringham, Auckland 1041 New Zealand |  |  |  |
| All officers and directors as a group (9 persons) | 279797232 |  | 49.6 |

---

_______________

(1) Neither our
 officers and directors, nor any company they directly or indirectly control, have entered into any arrangements, agreements (including
 derivative agreements), or contracts that give or will give anyone else an interest in the company. The directors/officers have not
 used their shares in the company to secure a loan.

(2a) Roger May may be deemed
 to be the beneficial owner of the shares held on record by Phoenix Global Holdings Limited and Pegasus Resources Limited as a result
 of him being the sole shareholder of this entity which is the trustee of Phoenix Global Holdings Limited. Jason May is the inheritor
 of these shares, as the beneficiary of Roger May's estate.

(2b) Jason May may be deemed
 to be the beneficial owner of the shares held of record by Henosis Limited and MANJI Family Trust as a result of his being the sole
 Director of the entity.

(3) David Halstead may be deemed
 to be the beneficial owner of the shares held of record by NZ Macro Limited and Pagemark Limited as a result of his being the sole
 Director of the entities.

(4) Paul Saffron may be deemed
 to be the beneficial owner of the shares held of record by Sativus Investments LLC as a result of his being the sole Director of
 the entity.

(5) Charles Wantrup may be
 deemed to be the beneficial owner of the shares held of record by New Technologies Cluster Limited and Paul Krok Limited as a result
 of his being the sole Director of the entities.

(6) Andrew Liang may be deemed
 to be the beneficial owner of the shares held of record by The Liang Family Trust as a result of his being the sole Director of the
 entity.

(7) Andrew Hamilton may be
 deemed to be the beneficial owner of the shares held of record by Haminerals Pty Ltd as a result of his being the sole Director of
 the entity.

(8) Kristi Steele and David
 Hare may be deemed to be the beneficial owners of the shares held of record by Parallel40 LLC as a result of his being sole Directors
 of the entity.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The company considers Messrs. May, Halstead, Liang, Freedman, and Wantrup to be independent directors, as such term is defined by the NASDAQ Rules or Rule 10A-3 of the Exchange Act.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.**

M&K CPAS PLLC of Houston was engaged to audit our financial statements for the year ended September 30, 2024. The following table shows the fees billed to us for the period presented by M&K CPAS PLLC.

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30, 2024** | **Year Ended**<br>**September 30, 2023** |
| Audit Fees | $47500 | $36500 |
| Audit-Related Fees | $— | $— |
| Tax Fees | $— | $— |

---

Audit fees represent amounts billed for professional services rendered for the audit of our annual financial statements and reviews of our quarterly financial statements.

Audit-related fees represent amounts billed for consents related to regulatory filings, audit/review of financial statements included in our registration statements filed with the Securities and Exchange Commission, and consulting related to the implementation of accounting standards.

Tax fees include professional services for tax return preparation and income tax audit support.

The policy of our directors is to pre-approve all audit and non-audit services provided by our independent auditors.

**PART IV**

**ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Number** | **Description** |
| [3.1](https://www.sec.gov/Archives/edgar/data/1497649/000104746911005120/a2204004zex-3_1.htm) | [Articles of Incorporation, dated June 21, 2010 (incorporated by reference to Exhibit 3.1 of the Form S-1 filed on May 13, 2011).](https://www.sec.gov/Archives/edgar/data/1497649/000104746911005120/a2204004zex-3_1.htm) |
| [3.2](https://www.sec.gov/Archives/edgar/data/1497649/000164033419000550/gstx_ex32.htm) | [Articles of Amendment, dated September 29, 2015 (filed herewith).](https://www.sec.gov/Archives/edgar/data/1497649/000164033419000550/gstx_ex32.htm) |
| [3.3](https://www.sec.gov/Archives/edgar/data/1497649/000164033417002104/vnge_ex31.htm) | [Articles of Amendment, dated July 5, 2017 (incorporated by reference to Exhibit 5.03 of the Form 8-K/A filed on October 4, 2017).](https://www.sec.gov/Archives/edgar/data/1497649/000164033417002104/vnge_ex31.htm) |
| [3.4](https://www.sec.gov/Archives/edgar/data/1497649/000164033419000550/gstx_ex34.htm) | [Articles of Amendment, dated September 18, 2018 (filed herewith).](https://www.sec.gov/Archives/edgar/data/1497649/000164033419000550/gstx_ex34.htm) |
| [3.5](https://www.sec.gov/Archives/edgar/data/1497649/000104746911005120/a2204004zex-3_2.htm) | [Bylaws, dated June 21, 2010 (incorporated by reference to Exhibit 3.2 of the Form S-1 filed on May 13, 2011).](https://www.sec.gov/Archives/edgar/data/1497649/000104746911005120/a2204004zex-3_2.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1497649/000164033417002104/vnge_ex101.htm) | [Asset Acquisition Agreement to Exchange Securities between Vanguard Energy Corporation and Solar Quartz Technologies, Inc., dated June 28, 2017 (incorporated by reference to Exhibit 10 of the Form 8-K/A filed on October 4, 2017).](https://www.sec.gov/Archives/edgar/data/1497649/000164033417002104/vnge_ex101.htm) |
| [14](https://www.sec.gov/Archives/edgar/data/1497649/000104746911005120/a2204004zex-14.htm) | [Code of Ethics, dated March 2, 2011 (incorporated by reference to Exhibit 14 of the Form S-1 filed on May 13, 2011).](https://www.sec.gov/Archives/edgar/data/1497649/000104746911005120/a2204004zex-14.htm) |
| [21](https://www.sec.gov/Archives/edgar/data/1497649/000164033418001731/sqti_ex21.htm) | [Subsidiaries (incorporated by reference to Form 10-K filed on September 7, 2018).](https://www.sec.gov/Archives/edgar/data/1497649/000164033418001731/sqti_ex21.htm) |
| [31](ex31.htm) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31.htm) |
| [32](ex32.htm) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act](ex32.htm) |

---

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant has caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized on the 15th day of July 2025.

---

| | |
|:---|:---|
| By: | */s/ JASON MAY* |
|  | Jason May, Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Jason May* | CEO & Director | July 15, 2025 |
| Jason May |  |  |
| */s/ David A.B. Halstead* | CFO & Director | July 15, 2025 |
| David A.B. Halstead |  |  |
| */s/ Andrew Liang* | Director | July 15, 2025 |
| Andrew Liang |  |  |

---

---

| | | |
|:---|:---|:---|
| */s/ Jeffrey Freedman* | Director | July 15, 2025 |
| Jeffrey Freedman |  |  |
| */s/ Charles Wantrup* | Director | July 15, 2025 |
| Charles Wantrup |  |  |

---

## Ex-31

**EXHIBIT 31**

**CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER**

**UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jason May, Chief Executive Officer of Graphene & Solar Technologies, Ltd. (the "Registrant"), certify that:

1. I have reviewed this Annual
 Report on Form 10-K for the fiscal year ended September 30, 2024 of Graphene & Solar Technologies, Ltd. (the "Annual Report");

2. Based on my knowledge,
 this Annual Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
 by this Annual Report;

3. Based on my knowledge,
 the financial statements, and other financial information included in this Annual Report, fairly present in all material respects
 the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Annual
 Report;

4. I am responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
 over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and I have:

(a) Designed such disclosure
 controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material
 information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities,
 particularly during the period in which this Annual Report is being prepared;

(b) Designed such internal
 control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to
 provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness
 of the Registrant's disclosure controls and procedures and presented in this Annual Report my conclusions about the effectiveness
 of the disclosure controls and procedures, as of the end of the period covered by this Annual Report based on such evaluation; and

(d) Disclosed in this report
 any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent
 fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is
 reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. I have disclosed, based
 on my most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee
 of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies
 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
 affect the Registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not
 material, that involves management or other employees who have a significant role in the Registrant's internal control over
 financial reporting.

---

| | | |
|:---|:---|:---|
| Date: July 15, 2025 | By: | */s/ JASON MAY* |
|  | Name: | Jason May |
|  | Title: | Chief Executive Officer and Director |

---

## Ex-32

**EXHIBIT 32**

**UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the filing by Graphene Solar & Technologies, Ltd. (the "Registrant") of its Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (the "Annual Report") with the Securities and Exchange Commission, I, David Halstead, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(i) The Annual Report fully
 complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;
 and

(ii) The information contained
 in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | | |
|:---|:---|:---|
| Date: July 15, 2025 | By: | */s/ DAVID HALSTEAD* |
|  | Name: | David Halstead |
|  | Title: | Chief Financial Officer and Director |

---