# EDGAR Filing Document

**Accession Number:** 0001497649
**File Stem:** 0001903596-25-000523
**Filing Date:** 2025-11
**Character Count:** 85916
**Document Hash:** d6f0274e121568b17dd3c4e37415ded8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001903596-25-000523.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001903596-25-000523

**CONFORMED SUBMISSION TYPE**: 10-Q/A

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**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-Q/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-174194
- **FILM NUMBER:** 251471505

**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'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q/A**

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended **June 30, 2025**

☐ Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission File Number: **333-174194**

---

| |
|:---|
| **GRAPHENE & SOLAR TECHNOLOGIES LTD** |
| (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 Blvd., Suite 300**

 **Phoenix, AZ 85028**

(Address of principal executive offices, including Zip Code)

**(602) 388-8335**

(Issuer's telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by section 13 or 15(d) of the Exchange Act during the past 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 and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," and "smaller reporting 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 Exchange Act). Yes ☐ No ☒

As of November 10, 2025, the registrant had 718,194,059 outstanding shares of common stock.

 **EXPLANATORY NOTE**

The Company is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q (this "Amendment") to correct a labeling error in the Form 10-Q originally filed with the Securities and Exchange Commission on November 12, 2025 (the "Original Filing"). In the financial statements included in the Original Filing, the prior fiscal year balance sheet amounts were incorrectly labeled as of *September 30, 2025* rather than the correct date of *September 30, 2024*.

This Amendment corrects only that labeling error in the balance sheet caption. The correction does not affect any of the amounts previously reported, nor does it impact the Company's financial position, results of operations, cash flows, or related disclosures.

Except as described above, this Amendment does not modify or update any other information presented in the Original Filing and continues to speak as of the date of the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing and the Company's other filings with the SEC.

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**FORM 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I — FINANCIAL INFORMATION** | **PART I — FINANCIAL INFORMATION** | **Page** |
| [Item 1.](#a_001) | [Condensed Consolidated Balance Sheets (Unaudited)](#a_001) | [3](#a_001) |
| [Item 2.](#a_002) | [Condensed Consolidated Statements of Operations (Unaudited)](#a_002) | [4](#a_002) |
| [Item 3.](#a_003) | [Condensed Consolidated Statements of Changes in Stockholders' Deficiency (Unaudited)](#a_003) | [5](#a_003) |
| [Item 4.](#a_004) | [Condensed Consolidated Statements of Cash Flows (Unaudited)](#a_004) | [8](#a_004) |
| [Item 5.](#a_005) | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#a_005) | [19](#a_005) |
| [Item 6.](#a_006) | [Controls and Procedures.](#a_006) | [21](#a_006) |
| **PART II — OTHER INFORMATION** | **PART II — OTHER INFORMATION** |  |
| [Item 1](#a_007) | [Legal Proceedings](#a_007) | [22](#a_007) |
| [Item 1A](#a_008) | [Risk Factors](#a_008) | [22](#a_008) |
| [Item 2](#a_009) | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_009) | [22](#a_009) |
| [Item 3](#a_010) | [Defaults on Senior Securities](#a_010) | [22](#a_010) |
| [Item 4](#a_011) | [Mine Safety Disclosures](#a_011) | [22](#a_011) |
| [Item 5](#a_012) | [Other Information](#a_012) | [22](#a_012) |
| [Item 6.](#a_013) | [Exhibits.](#a_013) | [22](#a_013) |
| [SIGNATURES](#a_014) | [SIGNATURES](#a_014) | [23](#a_014) |

---

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025<br> (Unaudited)** | **September 30, 2024** |
| **Assets** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $42791 | $1845 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 11266 | 11923 |
| Total Current Assets | 54057 | 13768 |
| Other Assets: |  |  |
| Furniture and equipment, net of depreciation $83,461 and $88,064 | 23929 | 26262 |
| Other Receivable | 3498 | 89864 |
| Other Assets | 191071 | 16204 |
| Right of Use Asset | 117994 | 160615 |
| **Total Assets** | $**390549** | $**306713** |
| **Liabilities and Stockholders' Deficit** |  |  |
| Current Liabilities: |  |  |
| Accounts payable and other payable | $1603671 | $1295394 |
| Accrued interest payable | 260062 | 222679 |
| Due to related party | 2209249 | 852743 |
| Lease Liability | 49618 | 46968 |
| Notes payable – $60,000 in default, at 06/30/25 and 09/30/24 | 310328 | 324928 |
| Notes payable – related party | 94610 | 97395 |
| Convertible notes payable, net of discount $142,209 and $1,129 | 178644 | 101876 |
| Convertible notes payable – related party, net of discount $69,298 and $4,083 | 153379 | 84426 |
| Total Current Liabilities | 4859561 | 3026409 |
| Lease Liability | 72710 | 117277 |
| **Total Liabilities** | $**4932271** | $**3143686** |
| **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; 702,944,059 and 569,779,887 shares issued and outstanding | 7031 | 5698 |
| Additional paid-in capital | 69567502 | 68769472 |
| Stock Receivable | (795000) | (795000) |
| Stock Payable | 13100 |  |
| Accumulated deficit | (73581011) | (71015630) |
| Accumulated other comprehensive income | 247269 | 198672 |
| Non-Controlling Interest | (613) | (185) |
| Total Stockholders' Deficit | (4541722) | (2836973) |
| **Total Liabilities and Stockholders' Deficit** | $**390549** | $**306713** |

---

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

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ending June 30,** | **Three Months Ending June 30,** | **Nine Months Ending June 30,** | **Nine Months Ending June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $— | $— | $— | $— |
| **Operating Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Professional Services | 785329 | 275151 | 2279549 | 972805 |
| &nbsp;&nbsp;&nbsp;General and administrative | 18545 | 29674 | 101380 | 68598 |
| **Total operating expenses** | 803874 | 304825 | 2380929 | 1041403 |
| **Loss from operations** | (803874) | (304825) | (2380929) | (1041403) |
| **Other Income (Expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expense) | (5) | 4792 | (56119) | 18632 |
| &nbsp;&nbsp;&nbsp;Interest expense | (73837) | (13098) | (128761) | (35822) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | (1700) |  | (1700) |
| **Total Other Income (Expense)** | (73842) | (10006) | (184880) | (18890) |
| **Net Income (Loss) from continuing operations** | $(877716) | $(314831) | $(2565809) | $(1060293) |
| **Net Loss from discontinued operations** |  | 103308 |  | 103308 |
| **Net Income (Loss)** | $(877716) | $(418139) | $(2565809) | $(1163601) |
| **Net Loss attributed to non-controlling interest** | $29 | $— | $428 | $— |
| **Net Loss attributed to Graphene & Solar Technologies Ltd.** | $(877687) | $(418139) | $(2565381) | $(1163601) |
| **Other Comprehensive Income** | $(40851) | $(38243) | $48597 | $(59386) |
| **Net Comprehensive Loss** | $(918538) | $(456382) | $(2516784) | $(1222987) |
| **Net Loss available to common shareholders** | $(918538) | $(456382) | $(2516784) | $(1222987) |
| Income (Loss) per share: |  |  |  |  |
| **Basic and diluted** | $(0.00) | $(0.00) | (0.00) | $(0.00) |
| **Weighted average shares outstanding** | 684016586 | 427075459 | 649041287 | 424277899 |

---

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

 

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY**

**(Unaudited)**

**Three and Nine Months Ended June 30, 2025 and 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional** | **Stock** | **Non-Controlling** | **Accumulated** | **Accumulated Comprehensive** | **Stockholders'** |
|  | **Shares** | **Amount** | **Paid-in** | **Receivable** | **Interest** | **Deficit** | **Income** | **Deficit** |
| **Balance September 30, 2024** | **569779887** | **5698** | **68769472** | **(795000)** | **(185)** | **(71015630)** | **198672** | **(2836973)** |
| Stock-based compensation | 53453544 | 535 | 321311 |  |  |  |  | 321846 |
| Debt Discount on Notes Payable | 20000000 | 200 | 179800 |  |  |  |  | 180000 |
| Foreign currency translation adjustment |  |  |  |  |  |  | 102104 | 102104 |
| Other comprehensive income, net of tax |  |  |  |  | (105) | (1042512) |  | (1042617) |
| **Balance December 31, 2024** | **643233431** | **6433** | **69270583** | **(795000)** | **(290)** | **(72058142)** | **300776** | **(3275640)** |
| Debt Discount on Notes Payable | 12010628 | 121 | 102896 |  |  |  |  | 103017 |
| Foreign currency translation adjustment |  |  |  |  |  |  | (12656) | (12656) |
| Other comprehensive income, net of tax |  |  |  |  | (294) | (645182) |  | (645476) |
| **Balance March 31, 2025** | **655244059** | **6554** | **69373479** | **(795000)** | **(584)** | **(72703324)** | **288120** | **(3830755)** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in** | **Stock**<br>**Receivable** | **Stock**<br>**Payable** | **Non-Controlling**<br>**Interest** | **Accumulated**<br>**Deficit** | **Accumulated Comprehensive**<br>**Income** | **Stockholders'**<br>**Deficit** |
| **Balance March 31, 2025** | **655244059** | **6554** | **69373479** | **(795000)** |  | **(584)** | **(72703324)** | **288120** | **(3830755)** |
| Shares issued for cash | 1000000 | 10 | 9990 |  | 13100 |  |  |  | 23100 |
| Stock-based compensation | 22000000 | 220 | 65780 |  |  |  |  |  | 66000 |
| Debt Settlement | 22200000 | 222 | 110778 |  |  |  |  |  | 111000 |
| Debt Discount on Notes Payable | 2500000 | 25 | 7475 |  |  |  |  |  | 7500 |
| Foreign currency translation adjustment |  |  |  |  |  |  |  | (40851) | (40851) |
| Other comprehensive income, net of tax |  |  |  |  |  | (29) | (877687) |  | (877716) |
| **Balance <br>June 30, <br>2025** | **702944059** | **7031** | **69567502** | **(795000)** | **13100** | **(613)** | **(73581011)** | **247269** | **(4541722)** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | | |
|  | **Shares** | **Amount** |<br>**Additional**<br>**Paid-in** |<br>**Stock**<br>**Receivable** |<br>**Stock**<br>**Payable** |<br>**Accumulated'**<br>**Deficit** | **Accumulated**<br> **Comprehensive**<br>**Income** | **Total**<br> **Stockholders**'<br>**Deficit** |
| &nbsp;&nbsp;&nbsp;**Balance <br>September 30, <br>2023** | **421292610** | **4213** | **63883859** | **(795000)** | **—** | **(68375078)** | **302977** | **(4979029)** |
| &nbsp;&nbsp;&nbsp;Stock Based <br>Compensation |  |  |  |  | 44400 |  |  | 44400 |
| &nbsp;&nbsp;&nbsp;Debt Discount on <br>Notes Payable | 600000 | 6 | 11577 |  | 7096 |  |  | 18679 |
| &nbsp;&nbsp;&nbsp;Foreign currency <br>translation <br>adjustment |  |  |  |  |  |  | (109130) | (109130) |
| Net loss |  |  |  |  |  | (369136) |  | (369136) |
| &nbsp;&nbsp;&nbsp;**Balance <br>December 31, <br>2023** | **421892610** | **4219** | **63895436** | **(795000)** | **51496** | **(68744214)** | **193847** | **(5394216)** |
| &nbsp;&nbsp;&nbsp;Shares issued for <br>cash | 500000 | 5 | 4995 |  |  |  |  | 5000 |
| &nbsp;&nbsp;&nbsp;Stock Based <br>Compensation | 2000000 | 20 | 51980 |  |  |  |  | 52000 |
| &nbsp;&nbsp;&nbsp;Debt Discount on <br>Notes Payable | 250000 | 3 | 923 |  |  |  |  | 926 |
| Debt Extinguishment | 500000 | 5 | 1695 |  |  |  |  | 1700 |
| &nbsp;&nbsp;&nbsp;Foreign currency <br>translation <br>adjustment |  |  |  |  |  |  | 87987 | 87987 |
| Net loss |  |  |  |  |  | (376326) |  | (376326) |
| &nbsp;&nbsp;&nbsp;**Balance <br>March 31, <br>2024** | **425142610** | **4252** | **63955029** | **(795000)** | **51496** | **(69120540)** | **281834** | **(5622929)** |
| &nbsp;&nbsp;&nbsp;Shares issued for <br>cash | 200000 | 2 | 1998 |  |  |  |  | 2000 |
| &nbsp;&nbsp;&nbsp;Stock Based <br>Compensation | 10500000 | 105 | 109669 |  | (44400) |  |  | 65374 |
| Debt Settlement | 14677307 | 147 | 2003040 |  |  |  |  | 2003187 |
| &nbsp;&nbsp;&nbsp;Debt Discount on <br>Notes Payable | 750000 | 7 | 8205 |  | (7096) |  |  | 1116 |
| Sale of Subsidiary |  |  | 1646819 |  |  |  |  | 1646819 |
| &nbsp;&nbsp;&nbsp;Foreign currency <br>translation <br>adjustment |  |  |  |  |  |  | (38243) | (38243) |
| Net loss |  |  |  |  |  | (418139) |  | (418139) |
| &nbsp;&nbsp;&nbsp;**Balance <br>June 30, <br>2024** | **451269917** | **4513** | **67724760** | **(795000)** | **—** | **(69538679)** | **243591** | **(2360815)** |

---

 

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

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS**

**For the Nine-Month Period Ended June 30, 2025 and 2024**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net Income (loss) | $(2565809) | $(1163601) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income/(loss) to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 387846 | 161774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 246 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on Debt Extinguishment |  | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount | 81231 | 12161 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 349776 | 295850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 46797 | 23661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (175760) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 79681 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use assets | 33028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (32146) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 1467621 | 611027 |
| **Net cash used in operating activities** | (327489) | (53161) |
| **Cash flows from investing activities** |  |  |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 23100 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Affiliates | (1034) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of convertible note | 220106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of convertible note – related party | 125000 | 70399 |
| **Net cash from financing activities** | 367172 | 77399 |
| Effect of currency translations to cash flow | 1263 | (24189) |
| Net change in cash and cash equivalents | 40946 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1845 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $42791 | $1083 |

---

 

 

---

| | | |
|:---|:---|:---|
| **Supplemental cash flow information** | **Quarter ended June 30,** | **Quarter ended June 30,** |
|  | **2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Interest paid | $— | $— |
| Taxes | $— | $— |
| Noncash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Settlement of Debt for Common Stock | $111000 | $2003187 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Stock as Debt Discount | 290517 | 20721 |
| &nbsp;&nbsp;&nbsp;Capitalization of Interest | 9168 |  |

---

 

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

 

 

**GRAPHENE & SOLAR TECHNOLOGIES LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**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. These financial statements should be read along with Graphene & Solar Technologies audited financial statements as of September 30, 2024.

*Going Concern* – The Company has incurred cumulative net losses since inception of $73,581,011 at June 30, 2025. 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.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION**

*Principles of Consolidation and Basis of Presentation* – The consolidated financial statements include the accounts of Graphene & Solar Technologies Limited and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company's Annual Report in form 10-K for the year ended September 30, 2024.

*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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment, and the liquidation of liabilities.

*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 June 30, 2025 and September 30, 2024, the Company had $42,791 and $1,845 in cash, respectively, and no cash equivalents.

*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 three months ended June 30, 2025, the Company issued 47,700,000 shares of the Company's common stock.

During the nine months ended June 30, 2025, the Company issued an aggregate of 135,664,172 shares of the Company's common stock.

*Foreign Currency Translations* – The functional currency of the Company's foreign subsidiary is primarily the respective local currency. Assets and liabilities of the Company's foreign subsidiary are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders' equity. All other foreign currency transaction gains and losses are included in other (income) expense, net.

Other comprehensive income loss was $40,851 and $38,43 for the three months ended June 30, 2025 and 2024, respectively.

Other comprehensive income was $48,597 for the nine months ended June 30, 2025, and an other comprehensive loss of $59,386 for the nine months ended June 30, 2024.

Accumulated other comprehensive income was $247,269 and $198,672, as of June 30, 2025 and September 30, 2024, respectively.

*Earnings Per Share* – Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share were not calculated as such potential shares would be anti-dilutive.

*Reclassifications* – Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net loss, working capital or equity previously reported.

**NOTE 3 – PROPERTY AND EQUIPMENT**

Property and equipment as of June 30, 2025 and September 30, 2024 are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **September 30,**<br>**2024** |
| Laboratory and factory equipment | $79104 | $76609 |
| Computers |  | 4094 |
| Furniture and fixtures | 28286 | 33623 |
| **Property and equipment, gross** | 107390 | 114326 |
| Less accumulated depreciation | (83461) | (88064) |
| Net property and equipment | $23929 | $26262 |

---

Depreciation expense for the quarter ended June 30, 2025 and the year-end September 30, 2024 were $164 and $338, respectively.

**NOTE 4 – OTHER ASSETS**

Other assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **September 30,**<br>**2024** |
| Security deposit – rental bond (Melbourne, Australia) | $15311 | $16204 |
| Deferred offering costs | 175760 |  |
| Total other assets | $191071 | $16204 |

---

The security deposit represents a rental bond paid in connection with the Company's commercial lease agreement in Melbourne, Australia. The deposit is refundable at the conclusion of the lease, subject to the terms of the lease agreement.

Deferred offering costs consist of legal, accounting, and other professional fees incurred in connection with anticipated capital raising transactions. As of June 30, 2025, no offering had been completed. These costs have been capitalized in accordance with ASC 340-10 and will be offset against the proceeds of such offerings, if and when they occur

**NOTE 5 – NOTES PAYABLE**

The Company's indebtedness as of June 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Description** | **June 30, <br>2025** | **September 30, 2024** |
| Convertible notes payable, net of discount $142,209 and $1,129 | $178644 | $101876 |
| Convertible notes payable – related party, net of discount $69,298 and $4,083 | 153379 | 84426 |
| Notes Payable – $60,000 in default, at 06/30/25 and 09/30/24 | $310328 | $324928 |
| Notes Payable – Related Parties | $94610 | $97395 |

---

***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 June 30, 2025 and September 30, 2024, the exchange obligation payable was $198,088 and $190,151, including accrued interest of $127,341 and $119,403, respectively. As of June 30, 2025 and September 30, 2024, the exchange obligation was for 59,845 shares and 57,447 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 share. The Company has not extended the maturity date and the note is in default. As of June 30, 2025 and September 30, 2024, the total convertible note payable balance was $58,249 and $56,005, including accrued interest of $28,249 and $26,005 respectively. As of June 30, 2025 and September 30, 2024, the exchange obligation was for 116,498 shares and 112,010 shares of common stock, respectively.

On November 21, 2024, the Company issued a convertible secured note payable of $100,000 to an individual. The note matures on November 21, 2026, and includes interest at 10%. The note is convertible at discretion of the holder into common shares of the Company at the rate of $0.25 per share. As of June 30, 2025 and September 30, 2024, the total convertible note payable balance is $105,808 and $0, including accrued interest of $5,808 and $0, respectively. As of June 30, 2025 and September 30, 2024, the exchange obligation is for 423,232 shares and 0 shares of common stock, respectively. In return for providing the loan, the Company authorized and issued 10,000,000 shares of common stock to the lender. The Company recorded an initial debt discount of $90,000 upon the issuance of the notes, with subsequent amortization of debt discount totaling $27,247.

On January 21, 2025, the Company issued a convertible secured note payable of $100,000 to an individual. The note matures on January 21, 2027, and includes interest at 10%. The note is convertible at discretion of the holder into common shares of the Company at the rate of $0.25 per share. As of June 30, 2025 and September 30, 2024, the total convertible note payable balance is $104,959 and $0, including accrued interest of $4,959 and $0, respectively. As of June 30, 2025 and September 30, 2024, the exchange obligation is for 419,836 shares and 0 shares of common stock, respectively. In return for providing the loan, the Company authorized and issued 10,000,000 shares of common stock to the lender. The Company recorded an initial debt discount of $100,000 upon the issuance of the notes, with subsequent amortization of debt discount totaling $21,918.

On February 26, 2025, the Company issued a convertible secured note payable of $16,665 to an individual. The note matures on February 26, 2027, and includes interest at 10%. The note is convertible at discretion of the holder into common shares of the Company at the rate of $0.25 per share. As of June 30, 2025 and September 30, 2024, the total convertible note payable balance is $17,350 and $0, including accrued interest of $685 and $0, respectively. As of June 30, 2025 and September 30, 2024, the exchange obligation is for 69,400 shares and 0 shares of common stock, respectively. In return for providing the loan, the Company authorized and issued 1,666,500 shares of common stock to the lender. The Company recorded an initial debt discount of $2,500 upon the issuance of the notes, with subsequent amortization of debt discount totaling $425.

On February 26, 2025, the Company issued a convertible secured note payable of $3,441 to an individual. The note matures on February 26, 2027, and includes interest at 10%. The note is convertible at discretion of the holder into common shares of the Company at the rate of $0.25 per share. As of June 30, 2025 and September 30, 2024, the total convertible note payable balance is $3,583 and $0, including accrued interest of $141 and $0, respectively. As of June 30, 2025 and September 30, 2024, the exchange obligation is for 14,332 shares and 0 shares of common stock, respectively. In return for providing the loan, the Company authorized and issued 344,128 shares of common stock to the lender. The Company recorded an initial debt discount of $516 upon the issuance of the notes, with subsequent amortization of debt discount totaling $88.

***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. The notes matured in 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 June 30, 2025 and September 30, 2024, the total balance of promissory notes payable stood at $58,198 and $54,459, inclusive of accrued interest totaling $8,198 and $4,459, respectively. Moreover, as of June 30, 2025 and September 30, 2024, the exchange obligation associated with these notes amounted to 581,980 and 544,590 shares of common stock, respectively. 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 $18,679. During the quarter ended December 31, 2024, the Company amended the note to extend the maturity date from October 2024 and December 2024 to December 2025. Additionally, the noteholder agreed to capitalize $5,294 of accrued interest into the principal balance of the note. As consideration for the extension, the Company issued 1,105,884 shares of common stock to the lender, valued at approximately $111, which was recorded as an expense during the period. All other terms of the note remain unchanged.

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. The note matured in 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 June 30, 2025 and September 30, 2024, the total balance of promissory notes payable stood at $32,777 and $30,696, inclusive of accrued interest totaling $4,949 and $2,868, respectively. Moreover, as of June 30, 2025 and September 30, 2024, the exchange obligation associated with these notes amounted to 327,770 and 306,960 shares of common stock, respectively. 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 $2,493. During the quarter ended December 31, 2024, the Company amended the note to extend the maturity date from March 2025 to December 2025. Additionally, the noteholder agreed to capitalize $3,333 of accrued interest into the principal balance of the note. As consideration for the extension, the Company issued 623,220 shares of common stock to the lender, valued at approximately $62, which was recorded as an expense during the period. All other terms of the note remain unchanged.

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. The note matures in 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 June 30, 2025 and September 30, 2024, the total balance of promissory notes payable stood at $11,919 and $11,121 inclusive of accrued interest totaling $1,238 and $440, respectively. Moreover, as of June 30, 2025 and September 30, 2024, the exchange obligation associated with these notes amounted to 119,190 and 111,210 shares of common stock, respectively. 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 $1,116. During the quarter ended December 31, 2024, the Company amended the note to extend the maturity date from June 2025 to December 2025. Additionally, the noteholder agreed to capitalize $541 of accrued interest into the principal balance of the note. As consideration for the extension, the Company issued 224,440 shares of common stock to the lender, valued at approximately $22, which was recorded as an expense during the period. All other terms of the note remain unchanged.

During the quarter ended December 31, 2024, the Company entered into an agreement to issue a convertible note payable with two officers of the Company. The note carries an aggregate principal balance of $100,000 and accrues interest at a rate of 10% per annum. The note matures in November 2026. 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 $0.25 per share. As of June 30, 2025 and September 30, 2024, the total balance of promissory notes payable stood at $105,808 and $0, inclusive of accrued interest totaling $5,808 and $0, respectively. Moreover, as of June 30, 2025 and September 30, 2024, the exchange obligation associated with these notes amounted to 423,232 and 0 shares of common stock, respectively. In return for providing the loan, the Company authorized and issued 10,000,000 shares of common stock to the lender. The Company recorded an initial debt discount of $90,000 upon the issuance of the notes, with subsequent amortization of debt discount totaling $27,370.

During the quarter ended June 30, 2025, the Company entered into an agreement to issue a convertible note payable with two officers of the Company. The note carries an aggregate principal balance of $25,000 and accrues interest at a rate of 10% per annum. The note matures in April 2027. 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 $0.25 per share. As of June 30, 2025 and September 30, 2024, the total balance of promissory notes payable stood at $25,623 and $0, inclusive of accrued interest totaling $623 and $0, respectively. Moreover, the exchange obligation associated with these notes amounted to 102,492 and 0 shares of common stock, respectively. In return for providing the loan, the Company authorized and issued 2,500,000 shares of common stock to the lender. The Company recorded an initial debt discount of $7,500 upon the issuance of the notes, with subsequent amortization of debt discount totaling $832.

***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 June 30, 2025 and September 30, 2024, the total promissory notes payable balance was $119,214 and $114,726 including accrued interest of $59,214 and $54,726, 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 $160,925, 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 June 30, 2025 and September 30, 2024, the total notes payable balance was $170,203 and $167,570, including interest of $6,453 and $3,820, 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 June 30, 2025) 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.

**NOTE 6 – 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 three months ended June 30, 2025, the Company incurred charges to operations of $75,000 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 three months ended June 30, 2025, the Company incurred charges to operations of $60,000 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 three months ended June 30, 2025, the Company incurred charges to operations of $90,000 with respect to this arrangement.

Russell Krause, the Chief Executive Officer for Ausquartz Group Holdings Pty Ltd, provides management services to the Company for which the Company was charged $25,000 monthly. During the three months ended June 30, 2025, the Company incurred charges to operations of $75,000 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 three months ended June 30, 2025, the Company incurred charges to operations of $60,000 with respect to this arrangement.

Parallel40 LLC, a management company controlled by Ms. Kristi Steele, a Company Officer, and Mr. David Hare, a Company Officer, entered into a convertible note agreement with the Company – see NOTE 3.

Pagemark Limited, a management company controlled by Mr. David Halstead, a Company Director, entered into a convertible note agreement with the Company – see NOTE 3.

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 3.

STR Ventures is considered a related party of the Company due to its ownership of more than 5% of the Company's outstanding stock. As of the period ended June 30, 2025, the Company owed STR Ventures $290,300 in accrued consulting fees. These fees relate to ongoing consulting services provided by STR Ventures under the terms of an existing consulting agreement.

During nine-months period ended June 30, 2025 and 2024, stock-based compensation expense relating to directors, officers, affiliates and related parties was $387,650 (73,500,000 shares) and $184,685 (14,005,500 shares), respectively.

**NOTE 7 – STOCKHOLDERS' EQUITY**

133,164,172 new common shares were issued during the nine-month period ending June 30, 2025. 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 June 30, 2024.

Pursuant to the terms of a consulting agreement, the Company issued 5,000,000 shares of common stock to Mr. Jason May as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $35,500 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued 2,000,000 shares of common stock to Mr. Paul Saffron as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $14,200 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued 1,000,000 shares of common stock to Ms. Kristi Steele as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $7,100 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued 1,000,000 shares of common stock to Mr. David Hare as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $7,100 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued 2,000,000 shares of common stock to Mr. Andrew Hamilton as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $14,200 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued 10,000,000 shares of common stock to Mr. Neil Morris as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $71,000 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued a total of 2,000,000 shares of common stock to STR Ventures as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $14,200 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued a total of 20,000,000 shares of common stock to STR Ventures as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $110,000 on the grant date, based on the closing market price of $0.0055 per share.

Pursuant to the terms of a consulting agreement, the Company issued 1,000,000 shares of common stock to Mr. Anthony Leigh as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $7,100 on the grant date, based on the closing market price of $0.0071 per share.

Pursuant to the terms of a consulting agreement, the Company issued 7,500,000 shares of common stock to Mr. Russell Krause as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $41,250 on the grant date, based on the closing market price of $0.0055 per share.

On November 20, 2024, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 10,000,000 shares of common stock to the noteholder. The shares were valued at a fair value of $90,000, based on the market price of $0.0090 per share on the date of issuance.

On November 21, 2024, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 10,000,000 shares of common stock to the noteholder. The shares were valued at a fair value of $90,000, based on the market price of $0.0090 per share on the date of issuance.

On December 2, 2024, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 1,105,884 shares of common stock to the noteholder. The shares were valued at a fair value of $111, based on the market price of $0.0001 per share on the date of issuance.

On December 2, 2024, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 847,660 shares of common stock to the noteholder. The shares were valued at a fair value of $85, based on the market price of $0.0001 per share on the date of issuance.

On January 21, 2025, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 10,000,000 shares of common stock to the noteholder. The shares were valued at a fair value of $200,000, based on the market price of $0.0015 per share on the date of issuance.

On February 26, 2025, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 1,666,500 shares of common stock to the noteholder. The shares were valued at a fair value of $2,500 based on the market price of $0.0015 per share on the date of issuance.

On February 26, 2025, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 344,128 shares of common stock to the noteholder. The shares were valued at a fair value of $516 based on the market price of $0.0015 per share on the date of issuance.

Pursuant to the terms of a consulting agreement, the Company issued 10,000,000 shares of common stock to Mr. David Halstead as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $30,000 on the grant date, based on the closing market price of $0.0030 per share.

Pursuant to the terms of a consulting agreement, the Company issued 12,000,000 shares of common stock to Mr. Yan Zhou as compensation for services rendered during the fiscal year ending September 30, 2025. The shares were valued at a fair value of $36,000 on the grant date, based on the closing market price of $0.0030 per share.

On April 10, 2025, the Company entered into a convertible loan agreement with an investor. Pursuant to the terms of the agreement, the Company issued 2,500,000 shares of common stock to the noteholder. The shares were valued at a fair value of $7,500, based on the market price of $0.0030 per share on the date of issuance.

On June 11, 2025, the Company entered into a debt conversion agreement with a consultant to settle outstanding obligations totaling $110,000. Pursuant to the terms of the agreement, the Company issued 22,000,000 shares of common stock to the consultant in full satisfaction of the debt. The shares were valued at a fair value of $4,400, based on the market price of $0.0002 per share on the date of issuance. The Company recognized a gain on debt settlement of $105,600, representing the excess of the carrying amount of the debt over the fair value of the shares issued.

On June 13, 2025, the Company completed a share purchase with a shareholder for 1,000,000 shares of common stock. The shares were issued for cash at a purchase price of $0.01 per share. The shares were valued at a fair value of $200, based on the market price of $0.0002 per share on the date of issuance.

On June 26, 2025, the Company entered into a debt conversion agreement with a consultant to settle outstanding obligations totaling $1,000. Pursuant to the terms of the agreement, the Company issued 200,000 shares of common stock to the consultant in full satisfaction of the debt. The shares were valued at a fair value of $40, based on the market price of $0.0002 per share on the date of issuance. The Company recognized a gain on the debt settlement of $960, representing the excess of the carrying amount of the debt over the fair value of the shares issued.

During the quarter ended June 30, 2025, the Company issued 46,700,000 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 $77,940.

Total stock-based compensation expense was $387,650 for the nine-months ended June 30, 2025.

***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 three months ended June 30, 2025, the Company recorded a gain of $29 attributable to the non-controlling interest in WMC, representing the portion of WMC's net loss allocable to the minority ownership.

For the nine months ended June 30, 2025, the Company recorded a gain of $428 attributable to the non-controlling interest in WMC.

**NOTE 8 – 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 June 30, 2025, the balance sheet includes a ROU asset of $117,994 and lease liabilities of $122,328 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:

---

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

---

Rent expense for the period ended June 30, 2025 and 2024 was $54,610 and $11,453, respectively, and is included in "General and Administrative" expenses on the related statements of operations.

*Finance Leases*

As of June 30, 2025 and June 30, 2024, the Company had no finance leases.

**NOTE 9 – OTHER RECEIVABLE**

As of September 30, 2024, the balance of Other Receivables included $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 2024 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. During the nine months ended June 30, 2025, the Company collected $21,705. The remainder was written off to expenses.

**NOTE 10 – SUBSEQUENT EVENTS**

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.

Brookside Communications was granted 250,000 shares per annum, per the terms of their consulting agreement. Pursuant to the terms of the agreement, the Company issued 250,000 shares in the fourth quarter of fiscal year 2025.

Pursuant to the terms of their consulting agreement, Ilgar Isayev was granted and issued 250,000 shares. The Company issued the shares in the fourth quarter of the fiscal year 2025.

Pursuant to the terms of their consulting agreement, Omnicom OCC was granted and issued 250,000 shares. The Company issued the shares in the fourth quarter of the fiscal year 2025.

Pursuant to the terms of their consulting agreement, Rocha and Associates was granted and issued 1,000,000 shares. The Company issued the shares in the fourth quarter of the fiscal year 2025.

On July 1, 2025, Mr. Russell Krause entered into a debt-to-equity agreement with the Company. Pursuant to the terms of the agreement, the Company issued 8,000,000 shares in the fourth quarter of the fiscal year 2025.

On August 11, 2025, the Company entered into a convertible loan agreement. Pursuant to the terms of the agreement, the Company issued 5,000,000 shares to the noteholder in the fourth quarter of the fiscal year 2025.

On August 13, 2025, Arran Boote entered into a debt-to-equity agreement with the Company. Pursuant to the terms of the agreement, the Company issued 500,000 shares in the fourth quarter of the fiscal year 2025.

Mr. Anthony Leigh was issued 5,000,000 shares awarded as a performance bonus. The Company issued the shares in the fourth quarter of the fiscal year 2025.

STR Ventures was issued 500,000 shares awarded as a performance bonus. The Company issued the shares in the fourth quarter of the fiscal year 2025.

Mr. Ilgar Isayev was issued 2,000,000 shares awarded as a performance bonus. The Company issued the shares in the fourth quarter of the fiscal year 2025.

On September 30, 2025, Mr. Russell Krause entered into a debt-to-equity agreement with the Company. Pursuant to the terms of the agreement, the Company issued 20,000,000 shares in the fourth quarter of the fiscal year 2025.

On September 30, 2025, Mr. Jason May entered into a debt-to-equity agreement with the Company. Pursuant to the terms of the agreement, the Company issued 16,822,000 shares in the fourth quarter of the fiscal year 2025.

On September 30, 2025, a noteholder entered into a debt-to-equity agreement with the Company. Pursuant to the terms of the agreement, the Company issued 519,444 shares in the fourth quarter of the fiscal year 2025.

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

The Company has evaluated events occurring subsequent to June 30, 2025 through to the date these financial statements were issued and has identified no additional events requiring disclosure.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF OPERATION**

*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-Q.*

*Our Management's Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. Although the forward-looking statements in this Quarterly 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.*

**FORWARD LOOKING STATEMENTS**

The information contained in this Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including among other things, statements regarding our capital needs, business strategy and expectations. Any statement which does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology. In evaluating forward looking statements, you should consider various factors outlined in our Form 10-K report for the year ended September 30, 2024, filed with the U.S. Securities Exchange Commission ("SEC") and, from time to time, in other reports we file with the SEC. These factors may cause our actual results to differ materially from any forward-looking statement. We disclaim any obligation to publicly update these statements or disclose any difference between our actual results and those reflected in these statements.

**<u>Overview</u>**

GSTX is focused on manufacturing silicon wafers for supply into the solar manufacturing sector. Silicon wafers are the core material used for making solar cells. The solar panel supply chain can be depicted as follows:

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

The GSTX strategy is to take advantage of the geopolitical, environmental and supply chain challenges the world faces at present. GSTX is focused on reshoring solar manufacturing from China for domestic manufacturing, and sales into domestic markets. GSTX is also developing projects in the upstream supply chain to maintain its own supply chain security for its silicon wafer manufacturing. This includes quartz, silicon and polysilicon. The year end September 30, 2024, was marked by significant progress in project development activities. The company has restructured its operations. Previous business of thin films and water harvesting have been paused. The company has established a wholly owned subsidiary, The Quartz & Silicon Materials Company Limited to develop its solar manufacturing related projects. Early planning for several projects is underway, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquisition of quartz resources
 in Australia. Development of several prospective resources in Brail, USA, Canada and Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A completed acquisition
 of Ausquartz Group Holding Pty Ltd, a company associated with CEO Jason May, specializing in high purity quartz processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A 10GW wafer facility in
 the USA,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A 10GW wafer facility in
 Australia,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A 60,000 metric ton chemical
 grade silicon smelter in New Zealand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A 30,000 metric ton solar
 grade polysilicon plant in New Zealand

The US Inflation Reduction Act under the Biden era administration had strong financial support for a wide range of renewable businesses, including solar manufacturing. With the change of administration, the Trump era, significantly changed the policies and support for renewables as part of the One Big Beautiful Bill Act. This was signed into law on July 4, 2025. The US presidential election and the first 6 months of Trump's presidency caused a significant amount of uncertainty in the solar manufacturing sector. This did affect the operations of GSTX, but thankfully with the passing of the One Big Beautiful Bill there is now positive certainty regarding solar manufacturing incentives. In particular the section 45 manufacturing production credit framework has survived amendment and is a positive outcome for US solar manufacturing, and the GSTX business strategy.

**<u>Liquidity and Capital Resources</u>**

We expect to require substantial additional financing to fund the construction and commissioning of our planned manufacturing facilities. We intend to pursue a combination of equity financing, debt financing, government incentives, and customer offtake arrangements. There can be no assurance that such financing will be available on acceptable terms or at all.

**<u>Supply Chain and Development Activities</u>**

The Company has been 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 US One Big Beautiful Bill 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.

**<u>Outlook</u>**

For fiscal year 2025, the Company expects to continue project development activities, including establishing manufacturing joint ventures, detailed engineering, permitting, offtake sales and financing. We expect to continue to incur operating losses and negative operating cash flows until commercial operations commence. The timing of revenue generation is dependent on the successful completion of project financing and construction of the Company's planned manufacturing facilities.

***<u>Results of Operations</u>***

For the fiscal quarters ended June 30, 2025 and 2024, we generated no revenues, and thus no cost of sales or gross profits.

For the fiscal quarters ended June 30, 2025 and 2024, we incurred $803,874 and $304,825, respectively, in operating expenses.

For the fiscal quarters ended June 30, 2025 we recorded other expenses of $73,837, while in the fiscal quarters ended June 30, 2024, we incurred expenses of $14,798; both items are represented by accrued interest on debt. Other income/(expense) of $5 was incurred in the fiscal quarter, June 30, 2025 and a loss of $4,792 in fiscal quarter, June 30, 2024.

For the nine-months ended June 30, 2025, we reported net loss before taxes of $2,565,809 while in the nine-months ended June 30, 2024, we reported a net loss before taxes of $1,060,293.

For the periods ended June 30, 2025 and September 30, 2024, our cash positions were $42,791 and $1,845, respectively.

As of June 30, 2025, we had total current liabilities of $4,859,561 while as of September 30, 2024, we had total current liabilities of $3,026,409 an increase of about 37%. Accrued interest payable increased from $222,679 to $260,062 all attributable to accruals on the loans and the convertible notes payable. Related party debt increased from $852,743 to $2,209,249 during the period.

***<u>Liquidity and Capital Resources</u>***

As of June 30, 2025, we had $54,057 in total current assets and $4,859,561 in total current liabilities. Accordingly, we had a working capital deficit of $4,805,504.

Cash used in operating activities was $327,489 for the nine-months ended June 30, 2025, as compared to $53,161 cash used in operating activities for the nine-months ended June 30, 2024.

Net cash provided by financing activities was $367,172 for the nine-months ended June 30, 2025, as compared to $77,399 for the nine-months ended June 30, 2024.

***<u>Off-Balance Sheet Arrangements</u>***

There are no off-balance sheet arrangements.

**Critical Accounting Policies and Estimates**

For a discussion of our accounting policies and related items, please see the Notes to the Financial Statements, included in Item 1.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.**

Not applicable.

**ITEM 4. CONTROLS AND PROCEDURES.**

**Disclosure Controls and Procedures**

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Exchange Act. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were **not effective** as of September 30, 2024 due to the material weaknesses in internal control over financial reporting described below.

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

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed 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.

Management conducted an assessment of the effectiveness of our internal control over financial reporting as of September 30, 2024 based on the criteria established in *Internal Control — Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this assessment, management concluded that our internal control over financial reporting was **not effective** as of September 30, 2024 due to the existence of the material weaknesses identified below:

* Inadequate segregation
of duties in the financial reporting process;

* Lack of sufficient
personnel with appropriate accounting expertise;

* Ineffective controls
over the review of journal entries and account reconciliations;

* Insufficient controls
over the completeness and accuracy of disclosures.

These material weaknesses could result in a material misstatement of our financial statements or disclosures that may not be prevented or detected on a timely basis.

**Disclosure of Fraud**

In connection with the certifications required under Rules 15d-14(a) and 15d-14(b) of the Exchange Act, our Chief Executive Officer and Chief Financial Officer have disclosed to our auditors, the audit committee of our board of directors, and in this report, any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting. As of the date of this filing, management is not aware of any such instances of fraud that occurred during the fiscal year ended September 30, 2024.

**Remediation Efforts**

We are in the process of designing and implementing measures to remediate the material weaknesses described above. These measures include, but are not limited to:

* Hiring additional
accounting personnel with relevant expertise;

* Implementing enhanced
review procedures and formalized documentation controls;

* Establishing more
robust segregation of duties within the finance and accounting functions;

* Providing additional
training and resources to employees involved in financial reporting.

Management is committed to remediating the identified material weaknesses as quickly and effectively as possible. We will continue to assess the effectiveness of our internal control over financial reporting and will disclose any changes in future filings.

**Changes in Internal Control over Financial Reporting**

Other than the remediation efforts described above, there were **no changes** in our internal control over financial reporting that occurred during the second quarter of our fiscal year ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 **PART II**

**ITEM 1. LEGAL PROCEEDINGS**

None**.**

**ITEM 1A. RISK FACTORS**

Our business is subject to numerous risks and uncertainties including but not limited to those discussed in "Risk Factors" in our annual report on Form 10-K.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

Please see Note 5 to our Financial Statements.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

None**.**

**ITEM 5. OTHER INFORMATION**

None**.**

**ITEM 6. EXHIBITS**

**Exhibits**

---

| | |
|:---|:---|
| [31.1](ex31_1.htm) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31_1.htm) |
| [31.2](ex31_2.htm) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31_2.htm) |
| [32.1](ex32_1.htm) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act.](ex32_1.htm) |
| [32.2](ex32_2.htm) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act.](ex32_2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **GRAPHENE & SOLAR TECHNOLOGIES LIMITED** | **GRAPHENE & SOLAR TECHNOLOGIES LIMITED** |
| Date: November 12, 2025 | By: | */s/ Jason May* |
|  |  | Chief Executive Officer and Director |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATIONS**

I, Jason May, certify that;

1. I have reviewed
 this quarterly report on Form 10-Q/A of Graphene & Solar Technologies Limited;

2. Based on my knowledge,
 this 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 the
 report;

3. Based on my knowledge,
 the financial statements, and other financial information included in this 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 report;

4. The registrant's
 other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
 in Exchange Act Rules 13a-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 have:

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

b) Designed such internal
 control over financial reporting, or caused such internal control over financial reporting to be designed under our 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 report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of the end of the period covered by this 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. The registrant's
 other certifying officer(s) and I have disclosed, based on our 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: November 12, 2025 | By: | */s/ Jason May* |
|  |  | Jason May |
|  |  | Chief Executive Officer and Director |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATIONS**

I, David A.B. Halstead, certify that;

1. I have reviewed
 this quarterly report on Form 10-Q/A of Graphene & Solar Technologies Limited;

2. Based on my knowledge,
 this 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 the
 report;

3. Based on my knowledge,
 the financial statements, and other financial information included in this 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 report;

4. The registrant's
 other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
 in Exchange Act Rules 13a-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 have:

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

b) Designed such internal
 control over financial reporting, or caused such internal control over financial reporting to be designed under our 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 report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of the end of the period covered by this 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. The registrant's
 other certifying officer(s) and I have disclosed, based on our 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: November 12, 2025 | By: | */s/ David A.B. Halstead* |
|  |  | David A.B. Halstead<br> Chief Financial Officer and Director |

---

## Exhibit 32.1

**EXHIBIT 32.1**

In connection with the Quarterly Report of Graphene & Solar Technologies Limited (the "Company") on Form 10-Q/A for the period ending June 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), Jason May, the Chief Executive Officer and Director of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1) The Report
 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | */s/ Jason May* |
|  |  | Jason May |
|  |  | Chief Executive Officer and Director |

---

## Exhibit 32.2

**EXHIBIT 32.2**

In connection with the Quarterly Report of Graphene & Solar Technologies Limited (the "Company") on Form 10-Q/A for the period ending June 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), David A.B. Halstead, the Chief Financial Officer and Director of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1) The Report
 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | */s/ David A.B. Halstead* |
|  |  | David A.B. Halstead |
|  |  | Chief Financial Officer and Director |

---