# EDGAR Filing Document

**Accession Number:** 0001822415
**File Stem:** 0001096906-25-001284
**Filing Date:** 2025-8
**Character Count:** 81343
**Document Hash:** 4049d473a7de7c358c1c0ef101e4061a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-25-001284.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001096906-25-001284

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACK UNICORN FACTORY
- **CENTRAL INDEX KEY:** 0001822415
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 852000692
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289247
- **FILM NUMBER:** 251208119

**BUSINESS ADDRESS:**
- **STREET 1:** 5777 W CENTURY BLVD
- **STREET 2:** SUITE 1125-106
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90045
- **BUSINESS PHONE:** 310-362-6999

**MAIL ADDRESS:**
- **STREET 1:** 5777 W CENTURY BLVD
- **STREET 2:** SUITE 1125-106
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90045

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Black Unicorn Factory
- **DATE OF NAME CHANGE:** 20200824

?xml version='1.0' encoding='ASCII'? Black Unicorn Factory - Form S-1/A SEC filing

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

FORM S-1/A

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Black Unicorn Factory**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **State or Other Jurisdiction**<br>**of Incorporation** | **IRS Employer**<br>**Identification No.** | **Primary Standard**<br>**Industrial Classification**<br>**Code Number** |
| California (CA) | 85-2000692 | 7389 |

---

Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices

5777 West Century Blvd, Suite 1125-106

Los Angeles, CA 90045

(310) 362-6999

Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service

John Stewart, Chief Executive Officer

Black Unicorn Factory

5777 West Century Blvd, Suite 1125-106

Los Angeles, CA 90045

(310) 362-6999

------

Hugh D. Kelso III, Esq., Managing Attorney

H.D. Kelso & Associates

8799 Balboa Avenue, Suite 155

San Diego, CA 92123

(619) 840-5056

Copies to:

Johnny Stewart

Brent Davis

Terrence Stephens

Black Unicorn Factory

5777 West Century Blvd, Suite 1125-106

Los Angeles, CA 90045

Approximate Date of Commencement of Proposed Sale to the Public:

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

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

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

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

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

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

\| Large accelerated filer [ ] \| Accelerated filer [ ] \| Non-accelerated filer [X] \| Smaller reporting company ☒ \| Emerging growth company ☒ \|

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

------

**CALCULATION OF REGISTRATION FEE**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title of Each Class**<br>**of Securities to be**<br>**Registered** | **Amount to be**<br>**Registered** | **Proposed**<br>**Maximum**<br>**Offering Price**<br>**Per Unit** | **Proposed**<br>**Maximum**<br>**Aggregate**<br>**Offering Price** | **Amount of**<br>**Registration**<br>**Fee** |
| Common Stock | 77368436 | $154  | Not applicable (direct listing) | $0 (no fee for direct listing) |

---

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

**EXPLANATORY NOTE**

On August 5, 2025, Black Unicorn Factory (the "Company") filed a Registration Statement on Form S-1 (Registration No. 333-289247), which is being amended by this Amendment No. 1 to provide additional clarity and complete certain disclosures in response to SEC staff comments. This Amendment is being filed solely to update and expand the narrative description of the Company's direct listing strategy, clarify certain aspects of the business model, and revise the exhibits to improve formatting and completeness. No new securities are being registered under this Amendment.

Please do not hesitate to contact the undersigned at (310) 362-6999 or realstewmoney@gmail.com if you have any questions or require further information.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Page** | **Section** |
| 1 | Cover Page |
| 2 | Calculation of Registration Fee |
| 3 | Part I - INFORMATION REQUIRED IN PROSPECTUS |
| 3 | Cover Page |
| 4 | Prospectus Summary |
| 5 | Risk Factors |
| 6 | Use of Proceeds |
| 6 | Determination of Offering Price |
| 7 | Dilution |
| 7 | Selling Securityholders |
| 8 | Plan of Distribution |
| 8 | Description of Securities to be Registered |
| 9 | Interest of Named Experts and Counsel |
| 9 | Information with Respect to the Registrant |
| 9 | Business |
| 11 | Management's Discussion and Analysis of Financial Condition and Results of Operations |
| 12 | Properties |
| 12 | Security Ownership of Certain Beneficial Owners and Management |
| 13 | Directors and Executive Officers |
| 13 | Executive Compensation |
| 13 | Certain Relationships and Related Transactions |

---

------

---

| | |
|:---|:---|
| 14 | Legal Proceedings |
| 14 | Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters |
| 14 | Financial Statements and Supplementary Data |
| 18 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
| 18 | Defaults Upon Senior Securities |
| 18 | Mine Safety Disclosure |
| 18 | Other Information |
| 18 | Disclosure of Commission Position on Indemnification for Securities Act Liabilities |
| 19 | Part II - Information Not Required in Prospectus |
| 19 | Other Expenses of Issuance and Distribution |
| 19 | Indemnification of Directors and Officers |
| 20 | Recent Sales of Unregistered Securities |
| 20 | Exhibits |
| 20 | Undertakings |
| 21 | Signatures |

---

------

**PART I - INFORMATION REQUIRED IN PROSPECTUS**

**COVER PAGE (Page 3)**

Black Unicorn Factory is filing this Registration Statement on Form S-1 in connection with a proposed direct listing of its Common Stock on the Nasdaq Capital Markets under the Market Value Listing Standard, with no capital raise intended. The company believes it may qualify for this listing standard, subject to Nasdaq and SEC review, but no assurance can be provided regarding approval. This is not an offer to sell new securities; all 77,368,436 shares have been previously sold to existing shareholders. The information in this prospectus is for Nasdaq filing purposes to inform the market and may be changed. This prospectus is included in the Registration Statement that Black Unicorn Factory has filed with the U.S. Securities and Exchange Commission (SEC).

Date: Tuesday, August 05, 2025 (12:30 PM PDT)

**PROSPECTUS SUMMARY (Page 4)**

Black Unicorn Factory, a California corporation founded on July 12, 2020, is working to transform the gig workers economy through its Follow Me for Equity (FMFE) app, a platform that leverages equity crowdsourcing to build a Social Media Broadcasting Network of Equity Crowdsourcers. With over 12,000 participants, a valuation of $18 billion by a nationally accredited expert, and total assets of $549,187,272.35 as of December 31, 2024, the company aims to provide liquidity for existing shareholders holding 77,368,436 shares through a proposed direct listing on Nasdaq. The company's reach of 120 million touchpoints, scalable to 1 billion, aligns with emerging trends in equity compensation, including the Gig Worker Equity Compensation Act (H.R. 2799), recently sent to the Senate for voting on August 02, 2025. Headquartered at 5777 West Century Blvd, Suite 1125-106, Los Angeles, CA 90045, BUF seeks to redefine wealth-building through collaborative efforts.

**RISK FACTORS (Page 5)**

· Early-Stage Risks: As an early-stage company with a limited operating history, Black Unicorn Factory faces uncertainties in achieving sustained profitability and managing rapid growth.

· Market Volatility: A direct listing under the Nasdaq Capital Markets Market Value Listing Standard, for which the company believes it may qualify pending review, involves no underwriter to stabilize price, potentially leading to fluctuations due to limited initial trading volume and lack of a prior public market.

· Regulatory Changes: Dependence on the passage of H.R. 2799 and ongoing compliance with SEC regulations, including Rule 701, could impact operations. The company's intent to change the gig workers economy through equity compensation introduces additional regulatory uncertainty.

· Scalability Challenges: Expanding the Equity Crowdsourcer network to 100,000+ users may

------

strain technology infrastructure, operational capacity, and financial resources.

· Going Concern Uncertainty: The 2024 audited financial statements note substantial doubt about the company's ability to continue as a going concern without additional funding or revenue growth, as management's plans may not fully mitigate cash flow risks.

· Reliance on Ad Revenue: The company's revenue model depends heavily on advertising and partnerships, subject to market conditions and advertiser demand.

· Equity Dilution: Future share issuances to expand the crowdsourcer network or fund operations could dilute existing shareholders' ownership.

**USE OF PROCEEDS (Page 6)**

As this is a proposed direct listing with no capital raise or new share sales, no proceeds will be generated from the registration of the 77,368,436 existing Common Stock shares. This filing is intended to provide liquidity for existing shareholders to trade shares on Nasdaq, and no funds will be allocated to the company.

**DETERMINATION OF OFFERING PRICE (Page 6)**

The offering price for the Common Stock in this proposed direct listing is set at $154 per share, reflecting the current valuation held by all 77,368,436 existing shareholders, as assessed by a nationally accredited expert. This valuation, totaling $18 billion, is based on the company's asset base ($549,187,272.35 as of December 31, 2024), revenue growth, and potential reach of 1 billion touchpoints. However, the market price upon listing on Nasdaq under the symbol BLKS will be determined by supply, demand, and investor sentiment, and this filing is for informational purposes only, not an IPO or new share offering.

**DILUTION (Page 7)**

Since this is a proposed direct listing with no new shares issued, there will be no immediate dilution to existing shareholders from the registration itself. The 77,368,436 shares outstanding are fully allocated to existing shareholders. Future equity issuances to expand the Equity Crowdsourcer network or meet operational needs could dilute ownership percentages.

**SELLING SECURITYHOLDERS (Page 7)**

The selling securityholders include existing shareholders, notably John Stewart (11.4% ownership pre-listing, approximately 8,818,981 shares of 77,368,436 total) and other holders of the 13,100 total shareholders. These shareholders may trade up to 77,368,436 shares in the proposed direct listing. A detailed list of selling securityholders, including the number of shares each intends to sell, will be provided by amendment prior to the effective date.

**PLAN OF DISTRIBUTION (Page 8)**

This proposed direct listing involves the registration of 77,368,436 existing Common Stock shares for trading by current shareholders on the Nasdaq Capital Markets under the symbol

------

BLKS, with no underwriter or new share sales. The company will not receive proceeds, and the trading will be facilitated through market makers or designated market participants. No commissions or fees will be paid by the company, though shareholders may incur standard brokerage fees.

**DESCRIPTION OF SECURITIES TO BE REGISTERED (Page 8)**

· Common Stock: Each share carries one vote per share on all matters submitted to shareholders. No dividends are currently planned, and shares rank junior to any future debt in liquidation. As of today, 77,368,436 shares are outstanding, with a fair value of $154 per share per internal valuation. All shares are registered for potential trading.

· Transfer Restrictions: Shares are subject to a one-year holding period post-issuance under Regulation CF, with transfers limited to the company, accredited investors, or registered offerings, per Rule 501.

**INTEREST OF NAMED EXPERTS AND COUNSEL (Page 9)**

The financial statements have been audited by Accountingexecs LLC, 311 Elm Street Ste 270, Cincinnati, OH, USA, contact Mary Williams (CPA), (774) 322-1209. Legal opinions will be provided by Hugh D. Kelso III, Esq., Managing Attorney, H.D. Kelso & Associates.

**INFORMATION WITH RESPECT TO THE REGISTRANT**

**BUSINESS (Page 9)**

Black Unicorn Factory (the "Company"), headquartered at 5777 West Century Blvd, Suite 1125-106, Los Angeles, CA 90045, is pioneering a transformation of the gig workers economy through its Follow Me for Equity (FMFE) app. Founded on July 12, 2020, the company empowers over 12,000 independent contractors—Equity Crowdsourcers—to collaborate on tasks, such as following the company across 25 social media platforms, each with an average following of 400 individuals. This generates a current reach of 120 million touchpoints, with potential to scale to 1 billion, unlocking ad revenue through targeted advertising, sponsored content, and brand collaborations. The FMFE app offers liquid equity—up to $100 per task—positioning it as a leader in equity compensation, a trend supported by the recent Senate consideration of H.R. 2799 (Gig Worker Equity Compensation Act) on August 02, 2025. With total assets of $549,187,272.35, $645 million raised in prior rounds, and 13,100 shareholders, the company's $18 billion valuation reflects its innovative approach to empowering underserved entrepreneurs and redefining wealth-building.

------

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Page 11)**

· Overview: The company's financials reflect revenue growth from $52,642,760.00 in 2023 to $245,317,104.20 in 2024, driven by barter and service income. Net income rose to $73,459,479.47 from $52,553,346.99, though expenses increased to $2,457,624.73. This growth stems from the Social Media Broadcasting Network's expanding reach, with 120 million touchpoints generating ad revenue potential.

· Liquidity and Capital Resources: Cash increased to $128,314,681.63, supported by $74,878,380.38 from operations, though investing activities used $23,901,236.00. The company relies on existing assets and equity, with no debt, to fund its proposed direct listing under the Nasdaq Capital Markets Market Value Listing Standard, for which it believes it may qualify pending review.

· Going Concern: The 2024 audit notes substantial doubt, mitigated by management's plan to leverage ad revenue and listing liquidity, though success is not assured.

· Trends: Growth in Equity Crowdsourcers and touchpoints suggests potential, but scalability costs remain a risk. The company aims to influence the gig workers economy, with equity compensation gaining traction, notably through H.R. 2799's recent Senate consideration, which could enhance flexibility under Rule 701 if enacted.

**PROPERTIES (Page 12)**

The company operates from its headquarters at 5777 West Century Blvd, Suite 1125-106, Los Angeles, CA 90045, under a lease agreement. No other significant properties are owned or leased.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT (Page 12)**

· John Stewart: 11.4% (8,818,981 shares of 77,368,436 total).

· Other Shareholders: 13,100 total, with no other individual exceeding 5%.

**DIRECTORS AND EXECUTIVE OFFICERS (Page 13)**

· John Stewart: CEO and Chairman since 2020, with 30+ years of entrepreneurial experience in technology and capital markets.

**EXECUTIVE COMPENSATION (Page 13)**

No formal compensation is paid to John Stewart, who serves voluntarily, dedicating 90% of his time. Future plans may include equity-based incentives.

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS (Page 13)**

No material related-party transactions beyond owner adjustments ($93,582.46 in 2024).

------

**LEGAL PROCEEDINGS (Page 14)**

No pending or threatened litigation.

**MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS (Page 14)**

No public market exists; the proposed direct listing will establish the initial price under the symbol BLKS, with a reference valuation of $154 per share. No dividends are planned.

**FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Page 14)**

· Balance Sheet (Audited, December 31, 2024)

· Total Assets: $549,187,272.35

· Current Assets: $350,665.47 (Bank Accounts), $398,775.88 (Accounts Receivable), $548,438,831.00 (Other Current Assets including $129,726,585.00 in Barter Dollars and $167,706,000.00 in Prepaid Expense)

· Total Liabilities: $153,796.00

· Total Equity: $549,033,476.35 (Additional Paid-In Capital $420,402,875.00, Retained Earnings $54,008,748.99, Net Income $73,459,479.47)

· Statement of Income (Audited, December 31, 2024)

· Total Income: $245,317,104.20 (Barter Revenue $169,400,000.00, Services Revenue $75,917,104.20)

· Total Expenses: $2,457,624.73

· Net Income: $73,459,479.47

· Cash Flow Statement (Audited, December 31, 2024)

· Net Cash Provided by Operating Activities: $74,878,380.38

· Net Cash Used in Investing Activities: -$23,901,236.00

· Net Cash Provided by Financing Activities: $24,140,425.55

· Net Cash Increase: $75,117,569.93

· Ending Cash Balance: $128,314,681.63

· Notes to Financial Statements (Audited, December 31, 2024)

· Overview: Focuses on empowering underserved entrepreneurs with a pre-IPO program, using GAAP for small- and medium-sized entities.

· Going Concern: Management believes the company can continue operations, though substantial doubt remains without additional funding.

· Significant Policies: Includes cash management, revenue recognition (barter and services), and treatment of Barter Dollars as non-cash assets.

· Shareholder Equity: Reflects 77,368,436 shares, all Restricted under SEC Rule 144, with a fair value of $154 per share.

· Auditor: Accountingexecs LLC, 311 Elm Street Ste 270, Cincinnati, OH, USA, contact Mary Williams (CPA), (774) 322-1209.

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE (Page 18)**

None.

**DEFAULTS UPON SENIOR SECURITIES (Page 18)**

None, as no senior securities exist.

**MINE SAFETY DISCLOSURE (Page 18)**

Not applicable.

**OTHER INFORMATION (Page 18)**

No additional material information.

**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES (Page 18)**

The company may indemnify directors and officers under California law for expenses like attorney's fees, unless gross negligence or willful misconduct is found, subject to court approval.

------

**PART II - INFORMATION NOT REQUIRED IN PROSPECTUS**

**OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION (Page 19)**

· Legal Fees: $75,000

· Accounting Fees: $35,000

· NASDAQ Listing Fees: $80,000

· Miscellaneous: $25,000

· Total: $215,000

**INDEMNIFICATION OF DIRECTORS AND OFFICERS (Page 19)**

Indemnification is authorized under California law for directors and officers against expenses, judgments, and fines, unless gross negligence or willful misconduct is adjudged, per a court of competent jurisdiction.

**RECENT SALES OF UNREGISTERED SECURITIES (Page 20)**

· 2020-2021: 45,579,176 shares issued to initial investors.

· 2022-2024: 7,098,998 shares via Transfer Online.

· 2024: 12,100 shares via Follow Me for Equity App.

· 2025: 77,368,436 shares confirmed with Colonial.

All exempt under Rule 701 or Regulation CF.

**EXHIBITS (Page 20)**

· Exhibit 3.1: [Articles of Incorporation](buf_ex3z1.htm)

· Exhibit 3.2: [Bylaws](buf_ex3z2.htm)

· Exhibit 4.1: [Specimen common stock certificate](buf_ex4z1.htm)

· Exhibit 5.1: [Legal opinion re: legality of the shares](buf_ex5z1.htm)

· Exhibit 23.1: [Audited Financial statements 2023](buf_ex23z1.htm)

Exhibit 23.2: [Audited Financial statements 2024](buf_ex23z2.htm)

· Exhibit 107: [Ex-Filing Fees](buf_ex107.htm)

**UNDERTAKINGS (Page 20)**

The undersigned registrant undertakes to:

· File any required post-effective amendments.

· Provide updated information to the SEC as needed.

· Respond to SEC requests for additional information.

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**SIGNATURES (Page 21)**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on August 05, 2025.

**Black Unicorn Factory**

By: /s/ John Stewart

John Stewart

CEO

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

/s/ John Stewart

John Stewart

CEO and Director

Date: August 05, 2025

------

## Exhibit 3.1

![Picture 403850339](bufex3z1_1.jpg)

------

![Picture 1651789392](bufex3z1_2.jpg)

## Exhibit 3.2

**ARTICLE I: OFFICES**

**AMENDED AND RESTATED BYLAWS OF**

**BLACK UNICORN FACTORY INC.**

1.1**Registered Office**: The registered office and registered agent shall be as set forth in the Articles of Incorporation or as otherwise designated by the Board of Directors in compliance with applicable law.

1.2**Other Offices**: The Corporation may maintain offices and places of business at such locations as the Board may determine.

**ARTICLE II: SHAREHOLDER MEETINGS**

2.1**Annual Meetings**: Shall be held on the first Saturday of May each year, or such other time as the Board determines. Business includes election of directors and other corporate matters.

2.2**Special Meetings**: May be called by the President, the Board, or holders of 20% or more of voting shares.

2.3**Notice**: Written notice must be delivered at least 10 and no more than 50 days in advance.

2.4**Quorum**: A majority of shares entitled to vote, present in person or by proxy, constitutes a quorum.

2.5**Voting**: Shareholders may vote in person or by written proxy. All actions require a majority unless otherwise specified by law or these Bylaws.

2.6**Record Date**: Set by the Board, no more than 50 and no less than 10 days before a meeting.

**ARTICLE III: STOCK**

3.1**Certificates and Book-Entry**: Stock may be certificated or uncertificated. Transfer is valid only when recorded in corporate records.

3.2**Transfer Agent**: The Board shall appoint a registered transfer agent (e.g., Colonial Stock Transfer Co.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3**Lost Certificates**: May be replaced upon satisfactory evidence and indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4**Fractional Shares**: May be issued or handled as determined by the Board.

------

**ARTICLE IV: BOARD OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1**Powers**: The Board manages all corporate affairs.

4.2**Number and Qualifications**: The Board shall consist of no fewer than three (3) and no more than seven (7) directors. Directors are not required to be shareholders.

4.3**Committees**: As required by NASDAQ Rule 5605, the Board shall maintain: - An **Audit Committee** composed entirely of independent directors - A **Compensation Committee** composed entirely of independent directors - A **Nominating and Governance Committee** composed of a majority of independent directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4**Meetings**: May be held at any location or virtually, with or without notice.

4.5**Quorum and Voting**: A majority of directors constitutes a quorum. Majority vote of present directors is required for actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6**Written Consent and Telephonic Meetings**: Permitted for Board actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7**Vacancies**: May be filled by majority of remaining directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8**Remuneration**: Compensation may be established by Board resolution.

**ARTICLE V: OFFICERS**

5.1**Titles**: Shall include at minimum: Chief Executive Officer, President, Secretary, and Treasurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2**Election and Term**: Officers are elected by the Board and serve at its discretion.

5.3**Duties**: - **CEO**: Overall leadership and strategic direction - **President**: Operational management and board liaison - **Secretary**: Maintains corporate records, minutes, and notices - **Treasurer**: Manages financial accounts and reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4**Delegation**: Board may delegate officer duties as needed.

5.5**Removal and Vacancies**: Officers may be removed by Board at any time with or without cause.

**ARTICLE VI: STOCK ISSUANCE AUTHORITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1**Issuance of Stock**: Must be authorized by Board resolution.

6.2**FMFE and Bartered Equity Programs**: Equity may be issued for services or task-based contributions under Rule 701 or other applicable exemptions, subject to Board approval.

6.3**Transfer Restrictions**: Shares may be subject to lock-up agreements, vesting schedules, and other Board-imposed conditions.

------

**ARTICLE VII: INDEMNIFICATION**

7.1 The Corporation shall indemnify directors, officers, and agents to the fullest extent permitted by law.

**ARTICLE VIII: MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1**Fiscal Year**: The fiscal year shall be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2**Corporate Seal**: The use of a corporate seal is optional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3**Books and Records**: Must be maintained as required by law, available for inspection.

**ARTICLE IX: AMENDMENTS**

9.1 These Bylaws may be amended by: - Majority vote of shareholders entitled to vote, or - Majority of the full Board of Directors, unless shareholder approval is required by law or Articles of Incorporation.

**CERTIFICATION**

These Amended and Restated Bylaws were adopted by the Board of Directors of Black Unicorn Factory Inc. on November 11, 2024.

Below are the authorized digital signature placeholders for official filing:

*/s/ Johnny Stewart Johnny Stewart* Chairman & CEO

*/s/ Terrence Stephens Terrence Stephens* Director

*/s/ Brent Davis* 

*Brent Davis* 

Director

## Exhibit 4.1

![Picture 1947427104](bufex4z1_1.jpg)

## Exhibit 5.1

![](bufex5z1_1.jpg)

APRIL 7, 2025

To Whom It May Concern:

We have been engaged as legal counsel for Black Unicorn Factory, Inc., a California corporation ("the Company"), for the purpose of rendering this legal opinion concerning its status as a public reporting company and its general corporate and regulatory compliance.

Based upon our review of documents provided, including the Company's most recent audited ﬁnancial statements for the ﬁscal years ending 2021 through 2024, SEC ﬁlings, company valuation report,, and representations made by the Company, and subject to the limitations and qualiﬁcations stated below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Public Reporting Status**

Black Unicorn Factory, Inc. has duly ﬁled a registration statement with the U.S. Securities and Exchange Commission ("SEC") pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended. Speciﬁcally, the Company ﬁled Form 8-A on 11/15/2024 , which became eﬀective upon ﬁling, thereby registering its common stock and subjecting the Company to ongoing reporting requirements under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SEC Reporting and Financial Compliance**

As of the date of this letter, the Company is subject to Exchange Act reporting requirements. Audited ﬁnancial statements for ﬁscal years 2021, 2022, 2023, and 2024 have been prepared by a registered CPA in accordance with GAAP. The Company's ﬁnancial records reﬂect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Total revenue in 2023: $52.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Total revenue in 2024: $245.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Net income in 2024: $73.46 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Shareholder equity in 2024: $549 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Audited Financials**

The Company's ﬁnancial statements for ﬁscal years ending 2021 through 2024 have been reviewed or audited by aPCAOB-compliant accounting ﬁrm. These audits reﬂect the Company's ﬁnancial health, proper accounting procedures, and ongoing compliance with generally accepted accounting principles (GAAP).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Veriﬁed Valuation and Cap Table**

As reﬂected in the audited 2024 ﬁnancial statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○The Company reports more than 11,000 equity holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○The Company's market capitalization exceeds $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Its stock structure, including paid-in capital, retained earnings, and net income, is accurately reﬂected and reconciled in its share register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○The per-share valuation is supported by audited ﬁnancial performance and current cap table structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **NASDAQ Compliance**

Based on the audited ﬁnancial data and shareholder metrics, the Company believes it meets or exceeds the following initial listing requirements for the Nasdaq Capital Market:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Public Shareholders:** Over 11,000 (minimum requirement: 300)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Market Capitalization:** Over $500 million (minimum requirement: $40 million)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Revenue Requirement:** Over $75 million in revenue (minimum requirement: $750,000)

Although ﬁnal determination remains subject to Nasdaq's formal review process, the Company maintains that it is in material compliance and fully expects to satisfy the remaining criteria upon oﬃcial submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Corporate Good Standing**

Black Unicorn Factory, Inc. is a corporation duly incorporated under the laws of California and is in good standing with applicable state and federal regulatory agencies. The Company has maintained proper state compliance and annual ﬁlings as of the date of this opinion.

This opinion is rendered solely for the beneﬁt of any interested party, investor, ﬁnancial institution, or regulatory agency evaluating the status of Black Unicorn Factory, Inc. It may not be relied upon by any other party without prior written consent. This opinion is based on the information provided as well as information available to the public and based on current laws as of the date hereof and assumes no obligation to update due to subsequent legal or factual developments.

Sincerely,

Lewis Mao, Attorney-at-Law State Bar No. 24138685 Managing Member

LMAO LEGAL SERVICES PLLC

&nbsp;&nbsp;&nbsp;&nbsp;(281) 615-7183 Mobile

## Exhibit 23.1

------

------

**Table of Contents**

---

| | |
|:---|:---|
| Certified Public Accountants Review Report | 3 |
| Balance Sheet | 4 |
| Statement of Income | 5 |
| Cash Flow | 6 |
| Notes to Financial Statements | 7-8 |

---

------

**Certified Public Accountants Review Report**

**To: Management**

**BLACK UNICORN FACTORY**

We have reviewed the accompanying financial statements of Black Unicorn Factory, which comprise the balance sheet as of December 31, 2023, and the related statements of income, statement of equity, and cash flows for the period then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

**Management's Responsibility for the Financial Statements**

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error.

**Accountant's Responsibility**

Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.

We are required to be independent of Black Unicorn Factory and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our review.

**Accountant's Conclusion**

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.

**Going Concern Uncertainty**

The accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As discussed in the Notes to the financial statements, the Company's present financial situation raises substantial doubt about its ability to continue as a going concern.

Management's plans regarding this matter are also described in the Notes. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

![](bufex23z1_2.jpg)

Union, KY March 7, 2025

------

**BLACK UNICORN FACTORY**

**Balance Sheet (Audited) As of December 31, 2023**

---

| | |
|:---|:---|
|  | TOTAL |
| &nbsp;&nbsp;ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Accounts |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BARTER BANK | 54703610.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUF Varo Account | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUF Wells Fargo - 3463 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at Banks | 243121.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Accounts** | **$54946731.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable (A/R) | 292414.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Accounts Receivable** | **$292414.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Current Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available for Sale - Investments | 418847450.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual property (Trade Mark) | 4459.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Plant and Equipment – Net | 7947.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related Parties Receivables | 1545390.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Other Current Assets** | **$420405246.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Current Assets** | **$475644391.00** |
| &nbsp;&nbsp;**TOTAL ASSETS** | **$475644391.00** |
| &nbsp;&nbsp;LIABILITIES AND EQUITY |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) | 127245.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Accounts Payable** | **$127245.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Current Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Department of Tax and Fee Administration Payable | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Liabilities - Unearned Revenues | 26551.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Current Liabilities** | **$26551.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Current Liabilities** | **$153796.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **$153796.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional Paid-In Capital | 420402875.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Opening Balance Equity | 1000000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner's Investment | 1088.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner's Pay & Personal Expenses | 10180.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Saving Account | 67702.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | 1455402.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | 52553346.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | **$475490595.00** |
| &nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** | **$475644391.00** |

---

------

**BLACK UNICORN FACTORY**

**Statement of Income (Audited) As of December 31, 2023**

---

| | |
|:---|:---|
|  | TOTAL |
| &nbsp;&nbsp;Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Services Revenue | 52642760.00 |
| &nbsp;&nbsp;**Total Income** | **$52642760.00** |
| &nbsp;&nbsp;GROSS PROFIT | **$52642760.00** |
| &nbsp;&nbsp;Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Charges & Fees | 687.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Car & Truck | 2869.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation Expense | 4492.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative Expenses | 7180.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 3336.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal & Professional Services | 1324.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meals & Entertainment | 18106.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office Supplies & Material | 1214.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office Supplies & Software | 5774.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Expenses | 23766.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and Wages | 3545.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Storage Charges | 2957.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes & Licenses | 267.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel | 4219.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 9670.55 |
| &nbsp;&nbsp;**Total Expenses** | **$89413.01** |
| &nbsp;&nbsp;NET OPERATING INCOME | **$52553346.99** |
| &nbsp;&nbsp;NET INCOME | **$52553346.99** |

---

------

**BLACK UNICORN FACTORY**

**Cash Flow Statement (Audited) As of December 31, 2023**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Description (To be Updated Only)** | &nbsp;&nbsp;**Amount (USD)** |
| &nbsp;&nbsp;**Cash Flows from Operating Activities** |  |
| &nbsp;&nbsp;Net Income | &nbsp;&nbsp;**$73459479.47** |
| &nbsp;&nbsp;Adjustments for Non-Cash Items (Depreciation, etc.) | &nbsp;&nbsp;**$0.00** |
| &nbsp;&nbsp;Changes in Working Capital | &nbsp;&nbsp;**$0.00** |
| &nbsp;&nbsp;**Net Cash Provided by Operating Activities** | &nbsp;&nbsp;**$73459479.47** |
| &nbsp;&nbsp;**Cash Flows from Investing Activities** |  |
| &nbsp;&nbsp;Purchase/Sale of Investments, PP&E, etc. | &nbsp;&nbsp;**$0.00** |
| &nbsp;&nbsp;**Net Cash Used in Investing Activities** | &nbsp;&nbsp;**$0.00** |
| &nbsp;&nbsp;**Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;Proceeds from Equity/Debt, Dividend Payments, etc. | &nbsp;&nbsp;**$0.00** |
| &nbsp;&nbsp;**Net Cash Provided by (Used in) Financing Activities** | &nbsp;&nbsp;**$0.00** |
| &nbsp;&nbsp;**Net Increase in Cash** | &nbsp;&nbsp;**$73459479.47** |
| &nbsp;&nbsp;Beginning Cash Balance | &nbsp;&nbsp;**$56617771.00** |
| &nbsp;&nbsp;**Ending Cash Balance** | &nbsp;&nbsp;**$130077250.47** |

---

------

**Notes to Financial Statements (Audited) As of December 31, 2023**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview and Basis of Presentation**

***Description of Business and Basis of Presentation***

At The Black Unicorn Factory (BUF), we're a pre-IPO program dedicated to serving underserved communities overlooked by traditional venture capital. We focus on closing the funding gap for businesses owned by people of color and women—groups that receive funding from only 1% of VC sources. BUF offers an inclusive alternative for socio- economically disadvantaged entrepreneurs by bypassing discriminatory practices and providing the necessary support and resources. Our mission is to empower these underrepresented entrepreneurs to access capital for growth, drive diversity and economic empowerment, and ultimately build a more equitable, prosperous society.

These financial statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP) issued by the American Institute of Certified Public Accountants, which is a special purpose framework and not U.S. generally accepted accounting principles (U.S. GAAP). The accounting principles that compose the framework are appropriate for the preparation and presentation of small- and medium-sized entity financial statements, based on the needs of the financial statement users and cost and benefit considerations.

***Use of Estimates***

The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts. Areas involving significant estimates include the allowance for doubtful accounts, depreciation of property and equipment, and the valuation of deferred revenue. Actual results may differ from these estimates, and adjustments will be made as new information becomes available.

***Risk and Uncertainties***

The Company operates in an environment of inherent risks, including market volatility, credit risk, and uncertainties in economic conditions. While management has implemented risk management strategies and controls, actual outcomes may differ from expectations due to factors beyond management's control. These uncertainties may impact asset valuations, revenue recognition, and future cash flows.

***Going Concern***

Management has evaluated the Company's ability to continue as a going concern and has concluded that, based on current operations, financial resources, and economic conditions, the Company will be able to meet its obligations for the foreseeable future. The financial statements have been prepared on a going concern basis in accordance with California generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies**

***Cash***

Cash balances include funds in multiple bank accounts, notably the BARTER BANK and other related accounts. Cash is managed to ensure liquidity for operational needs and is reconciled on a monthly basis. The Company's internal controls over cash management are designed to safeguard these resources.

***Accounts Receivable***

Accounts Receivable are recorded at their net realizable value. The Company periodically reviews the collectability of receivables and establishes an allowance for doubtful accounts when necessary. Credit risk is monitored through regular assessments and diversified customer exposures to minimize potential losses.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Management Purposes Only*** | &nbsp;&nbsp;7 |

---

------

***Internal Use Software***

Expenditures incurred for the development of software for internal use are capitalized and amortized over their estimated useful lives. Subsequent maintenance and enhancement costs are evaluated to determine if they should be capitalized or expensed in the period incurred.

***Property and Equipment***

Property, plant, and equipment are recorded at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Periodic assessments are made to determine if any asset impairment indicators exist.

***Revenue Recognition***

Revenue is recognized when control of goods or services is transferred to customers. The Company applies a systematic approach to allocate revenue based on the transfer of promised goods or services, ensuring that revenue is recorded in the period the performance obligations are satisfied.

***Performance Obligations***

The Company identifies performance obligations based on contractual arrangements with customers. Revenue is allocated to each performance obligation based on the relative stand-alone selling prices. Revenue is recognized either over time or at a point in time, depending on the nature of the obligation.

***Deferred Revenue***

Deferred revenue represents advance payments received from customers for services or goods that have not yet been delivered. This liability is recognized on the balance sheet until the related performance obligations are met, at which point revenue is recognized in the income statement.

***Cost of Revenue***

Cost of revenue includes direct costs incurred in providing goods and services, such as direct labor, materials, and allocated overhead. These costs are recorded on an accrual basis and matched against the related revenue in the period in which the goods or services are provided.

***Income Taxes***

Income taxes are accounted for using the asset and liability method. The Company recognizes deferred tax assets and liabilities for temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Current tax expense is recorded based on taxable income for the period.

***Advertising***

Advertising expenses are recorded as incurred. These expenses include costs related to promotional materials, media placements, and other marketing initiatives. Advertising expenditures are monitored to ensure they remain within budget and are aligned with strategic objectives.

***Concentrations of Credit Risk and Significant Customers***

The Company's credit risk is managed through diversified customer exposures. While a significant portion of receivables may be concentrated among a limited number of customers, strict credit policies and, where applicable, credit insurance, mitigate the risk of significant customer defaults. Detailed analyses of significant customers are performed regularly.

***Subsequent Events***

Management continuously monitors events occurring after the balance sheet date that could have a material impact on the financial statements. As of the date of issuance, no subsequent events have been identified that require adjustment or disclosure beyond what has been presented.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Management Purposes Only*** | &nbsp;&nbsp;8 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Shareholder Equity**

**Overview**

Shareholder equity represents the residual interest in the assets of the Company after deducting liabilities. It is composed of several components, including share capital, additional paid-in capital, retained earnings, and other equity adjustments. The consolidated shareholder equity as of December 31, 2023, is $475,490,595. This note provides a detailed breakdown of the elements of shareholder equity, the changes during the period, and the related accounting policies.

**Components of Shareholder Equity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Share Capital:**

The Company's share capital includes the opening balance as of January 1, 2023, of 52,678,178 shares, classified into Restricted (Gig Workers), Rest Controls, and Free Trading categories, along with additional issuances during 2023 totaling 25,093 shares at a per share value of $154. Details of the share capital breakdown are provided in this Note (Share Capital Details).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Additional Paid-In Capital (APIC):**

Amounting to $420,402,875, APIC represents the excess of the proceeds received from the issuance of shares over their par value. This balance reflects both the initial contributions and any additional capital injections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Opening Balance Equity:**

The opening balance equity, recorded at $1,000,000, reflects the initial capitalization of the Company and forms part of the overall equity structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Owner's Investment, Owner's Pay & Personal Expenses, and Personal Saving Account:**

These components, although smaller in magnitude, represent additional funds provided by the owners and adjustments for personal and operating expenditures. They are recorded as $1,088.00, $10,180.58, and $67,702.43, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Retained Earnings:**

Retained earnings of $1,455,402 represent the accumulated profits that have not been distributed as dividends and have been reinvested in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Net Income:**

The net income for the period, totaling $52,553,346.99, has been added to the equity, reflecting the profitability of the Company over the reporting period.

**Changes in Shareholder Equity during the Period**

During the year, the following changes occurred in shareholder equity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The issuance of 25,093 new shares at $154 per share increased both share capital and additional paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Net income of $52,553,346.99 contributed to the increase in retained earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Adjustments for owner-related transactions (investments, pay, and personal expenses) have been recorded accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The opening balance equity from January 1, 2023, continues to be carried forward.

Management has reconciled the detailed share capital transactions and equity adjustments with the balances reported in the audited financial statements, ensuring that all components are accurately recorded in accordance with California accounting standards.

**Accounting** Policies and Disclosures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Measurement and Recognition:**

All equity transactions are recorded at fair value upon issuance. Subsequent changes in equity are recognized in accordance with generally accepted accounting principles (GAAP) as applied in California.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Management Purposes Only*** | &nbsp;&nbsp;9 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Use of Estimates:**

The preparation of shareholder equity balances requires management to make estimates, particularly for items such as the valuation of share-based payments or adjustments related to owner transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Internal Controls:**

Robust internal controls are in place to ensure the accurate recording and reporting of all equity transactions, including periodic reconciliation of the share register with the financial records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Disclosures:**

Detailed information on the classification of share capital (i.e., Restricted, Rest Controls, and Free Trading) is maintained in the Company's share register. These disclosures ensure transparency regarding the rights, preferences, and restrictions associated with each class of shares.

**Conclusion**

The Company's shareholder equity reflects a strong capitalization position that supports its strategic objectives and growth initiatives. The components and changes in equity have been prepared with adherence to California GAAP, and all significant equity transactions are supported by detailed documentation, including the share register and relevant board resolutions.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Management Purposes Only*** | &nbsp;&nbsp;10 |

---

------

**Black Unicorn Factory 5777 West Century Blvd Suite 1125-106**

**Los Angeles, CA 90045 310-362-6999**

**info@blackunicornfactory.com EIN: 85-2000692**

**Name of Agency Auditing Firm: Accountingexecs LLC (3003) Contact Person Name and Title: Mary Williams (CPA) Telephone #: (774) 322-1209**

**Email Address: maryanjoy26@gmail.com Headquater: 311 Elm Street Ste 270 Cincinnati, OH**

**USA**

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Management Purposes Only*** | &nbsp;&nbsp;11 |

---

## Exhibit 23.2

![](bufex23z2_1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| Certified Public Accountants Review Report | 3 |
| Balance Sheet… | 4-5 |
| Statement of Income | 6 |
| Cash Flow | 7 |
| Notes to Financial Statements | 8-11 |

---

------

**Certified Public Accountants Review Report**

**To: Management**

**BLACK UNICORN FACTORY**

We have reviewed the accompanying financial statements of Black Unicorn Factory, which comprise the balance sheet as of December 31, 2024, and the related statements of income, statement of equity, and cash flows for the period then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

**Management's Responsibility for the Financial Statements**

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error.

**Accountant's Responsibility**

Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.

We are required to be independent of Black Unicorn Factory and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our review.

**Accountant's Conclusion**

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.

**Going Concern Uncertainty**

The accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As discussed in the Notes to the financial statements, the Company's present financial situation raises substantial doubt about its ability to continue as a going concern.

Management's plans regarding this matter are also described in the Notes. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

![](bufex23z2_2.jpg)

Union, KY March 7, 2025

------

**BLACK UNICORN FACTORY**

**Balance Sheet (Audited) As of December 31, 2024**

---

| | |
|:---|:---|
|  | TOTAL |
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;Current Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Accounts |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BUF BMO BUSINESS CHECKING-3698 | 2544.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;BUF BMO SAVINGS ACCOUNT-9730 | 105000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;BUF Varo Account | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;BUF Wells Fargo - 3463 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash at Banks | 243121.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Accounts** | **$350665.47** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable (A/R) | 398775.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Accounts Receivable** | **$398775.88** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Current Assets<br> Barter Dollars | <br> 129726585.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Available for Sale - Investments | 249447450.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intellectual property (Trade Mark) | 4459.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expense | 167706000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Plant and Equipment – Net | 7947.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related Parties Receivables | 1545390.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Other Current Assets** | **$548438831.00** |
| &nbsp;&nbsp;&nbsp;**Total Current Assets** | **$549187272.35** |
| **TOTAL ASSETS** | **$549187272.35** |
| LIABILITIES AND EQUITY |  |
| &nbsp;&nbsp;&nbsp;Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) | 127245.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Accounts Payable** | **$127245.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Current Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Department of Tax and Fee Administration Payable | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Liabilities - Unearned Revenues | 26551.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Other Current Liabilities** | **$26551.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Current Liabilities** | **$153796.00** |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **$153796.00** |
| &nbsp;&nbsp;&nbsp;Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional Paid-In Capital | 420402875.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Opening Balance Equity | 1000000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner's Investment | 1088.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner's Pay & Personal Expenses | 93582.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Saving Account | 67702.43 |

---

------

---

| | |
|:---|:---|
|  | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | 54008748.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | 73459479.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | **$549033476.35** |
| &nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** | **$549187272.35** |

---

------

**BLACK UNICORN FACTORY**

**Statement of Income (Audited) As of December 31, 2024**

---

| | |
|:---|:---|
|  | TOTAL |
| Income |  |
| &nbsp;&nbsp;&nbsp;Barter Revenue | 169400000.00 |
| &nbsp;&nbsp;&nbsp;Services Revenue | 75917104.20 |
| **Total Income** | **$245317104.20** |
| Cost of Goods Sold |  |
| &nbsp;&nbsp;&nbsp;Cost of Goods Sold | 169400000.00 |
| **Total Cost of Goods Sold** | **$169400000.00** |
| GROSS PROFIT | **$75917104.20** |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;Bank Charges & Fees | 1588.75 |
| &nbsp;&nbsp;&nbsp;Barter Expense | 1694000.00 |
| &nbsp;&nbsp;&nbsp;Car & Truck | 24149.11 |
| &nbsp;&nbsp;&nbsp;General and Administrative Expenses | 87350.52 |
| &nbsp;&nbsp;&nbsp;Insurance | 5398.41 |
| &nbsp;&nbsp;&nbsp;Legal & Professional Services | 26782.75 |
| &nbsp;&nbsp;&nbsp;Meals & Entertainment | 37339.76 |
| &nbsp;&nbsp;&nbsp;Office Supplies & Material | 13279.03 |
| &nbsp;&nbsp;&nbsp;Office Supplies & Software | 58097.32 |
| &nbsp;&nbsp;&nbsp;Personal Expenses | 159319.13 |
| &nbsp;&nbsp;&nbsp;Salaries and Wages | 268838.38 |
| &nbsp;&nbsp;&nbsp;Storage Charges | 4039.89 |
| &nbsp;&nbsp;&nbsp;Taxes & Licenses | 1300.00 |
| &nbsp;&nbsp;&nbsp;Travel | 19195.38 |
| &nbsp;&nbsp;&nbsp;Utilities | 56946.30 |
| **Total Expenses** | **$2457624.73** |
| NET OPERATING INCOME | **$73459479.47** |
| NET INCOME | **$73459479.47** |

---

------

**BLACK UNICORN FACTORY**

**Cash Flow Statement (Audited) As of December 31, 2024**

---

| | |
|:---|:---|
|  | TOTAL |
| OPERATING ACTIVITIES |  |
| &nbsp;&nbsp;&nbsp;Net Income | 74984742.26 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net Income to Net Cash provided by operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable (A/R) | -106361.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;California Department of Tax and Fee Administration Payable | 0.00 |
| &nbsp;&nbsp;&nbsp;**Total Adjustments to reconcile Net Income to Net Cash provided by operations:** | **-106361.88** |
| **Net cash provided by operating activities** | **$74878380.38** |
| INVESTING ACTIVITIES |  |
| &nbsp;&nbsp;&nbsp;Available for Sale - Investments | 0.00 |
| &nbsp;&nbsp;&nbsp;Prepaid Expense | -23905728.00 |
| &nbsp;&nbsp;&nbsp;Property Plant and Equipment – Net | 4492.00 |
| **Net cash provided by investing activities** | **$-23901236.00** |
| FINANCING ACTIVITIES |  |
| &nbsp;&nbsp;&nbsp;Additional Paid-In Capital | 24147200.00 |
| &nbsp;&nbsp;&nbsp;Owner's Pay & Personal Expenses | -6774.45 |
| **Net cash provided by financing activities** | **$24140425.55** |
| NET CASH INCREASE FOR PERIOD | **$75117569.93** |
| Cash at beginning of period | 53197111.70 |
| CASH AT END OF PERIOD | **$128314681.63** |

---

------

**BLACK UNICORN FACTORY**

**Notes to Financial Statements (Audited) As of December 31, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview and Basis of Presentation**

***Description of Business and Basis of Presentation***

At The Black Unicorn Factory (BUF), we're a pre-IPO program dedicated to serving underserved communities overlooked by traditional venture capital. We focus on closing the funding gap for businesses owned by people of color and women—groups that receive funding from only 1% of VC sources. BUF offers an inclusive alternative for socio- economically disadvantaged entrepreneurs by bypassing discriminatory practices and providing the necessary support and resources. Our mission is to empower these underrepresented entrepreneurs to access capital for growth, drive diversity and economic empowerment, and ultimately build a more equitable, prosperous society.

These financial statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP) issued by the American Institute of Certified Public Accountants, which is a special purpose framework and not U.S. generally accepted accounting principles (U.S. GAAP). The accounting principles that compose the framework are appropriate for the preparation and presentation of small- and medium-sized entity financial statements, based on the needs of the financial statement users and cost and benefit considerations.

***Use of Estimates***

The preparation of these financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Significant estimates include allowances for doubtful accounts, useful lives of intangible assets and property, and the recognition of certain expenses. Actual results could differ from these estimates.

***Risk and Uncertainties***

The Company faces risks and uncertainties that could materially affect future operating results and financial condition. Key risks include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Market volatility and economic uncertainties that may impact cash flows and asset values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Credit risk from counterparties and significant customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Operational risks associated with cost management and revenue fluctuations.

Management continuously monitors these risks and adjusts internal controls accordingly.

***Going Concern***

Management has evaluated the Company's ability to continue as a going concern. Based on current operating performance, cash flows, and financial resources, management believes that the Company will continue its operations into the foreseeable future. No material adverse conditions exist that would cast significant doubt upon the Company's ability to remain a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies**

***Cash and Cash Equivalents***

Cash balances consist of funds held in various bank accounts, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Barter Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·BUF BMO Business Checking and Savings Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·BUF Varo and Wells Fargo accounts (as applicable)

The cash balance reported represents funds available for daily operations and liquidity purposes. Bank reconciliations are performed on a monthly basis in accordance with internal control policies.

------

***Accounts Receivable***

Accounts receivable are stated at the net amount expected to be collected. An allowance for doubtful accounts is established based on historical experience, current economic conditions, and management's assessment of customer creditworthiness. No individual account receivable is considered material to warrant separate disclosure.

***Internal Use Software***

Software developed or acquired for internal use is capitalized if the costs incurred meet the criteria under GAAP. Such costs are amortized over the estimated useful life of the software. Post-implementation costs that do not meet capitalization criteria are expensed as incurred.

***Property and Equipment***

Property, plant, and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Impairment reviews are performed periodically. The net carrying amount, though immaterial relative to total assets in this instance, is disclosed to provide a complete view of capitalized assets.

***Revenue Recognition and Performance Obligations***

Revenue is recognized when control of the promised goods or services transfers to the customer and the amount of revenue can be reliably measured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Barter Revenue: Recognized when an exchange of goods or services occurs, based on fair value measurement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Services Revenue: Recognized over the period in which the services are rendered.

The Company's performance obligations are identified in its contractual arrangements and are satisfied upon delivery of goods or the completion of services.

***Deferred Revenue***

Deferred revenue represents cash received in advance of performance. It is recorded as a liability until the related performance obligations are satisfied. The timing of revenue recognition aligns with the fulfillment of these obligations.

***Cost of Revenue***

Cost of revenue comprises direct costs incurred to produce goods and provide services, including those related to barter transactions. These costs are recorded in the period in which the corresponding revenue is recognized.

***Income Taxes***

Income tax expense is determined using the asset and liability method. Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The effective tax rate is based on enacted tax laws applicable to the Company's operations in California and other jurisdictions.

***Advertising***

Advertising costs are expensed as incurred. The Company records advertising expenses in the period in which related services are received, and these are included in the operating expenses section of the Profit and Loss statement.

***Concentrations of Credit Risk and Significant Customers***

The Company's financial instruments, including cash and receivables, may be concentrated with certain counterparties or significant customers. Credit risk is managed by diversifying exposures and regularly assessing customer creditworthiness. Transactions with significant customers or related parties are conducted on an arm's-length basis.

***Subsequent Events***

Management has reviewed events subsequent to the balance sheet date through the date of this report. No material subsequent events have been identified that would require adjustment or disclosure in these financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Shareholder Equity**

**Overview**

Shareholder equity represents the residual interest in the Company's assets after deducting liabilities. It is composed primarily of share capital, additional paid-in capital (APIC), retained earnings, and certain owner-related adjustments. As of December 31, 2024, consolidated shareholder equity is reported at $549,033,476.35. This note details the components of equity, the changes during the period, and the related accounting policies.

**Components of Shareholder Equity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Share Capital:**

The share capital reflects the total number of issued shares. According to the Company's share register, as of December 31, 2024, a total of 3,384,992 shares have been issued. All shares are classified as Restricted in accordance with SEC Rule 144, given the Company's status as a privately held entity.

**Supporting Documents:**

Reconciliation Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Colonial shares (2020–2021): 45,579,176 shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Transfer Online issuances (2022–2024): 7,098,998 shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Follow Me For Equity App (2024): 12,100 shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**Total Restated Shares:** 52,690,274

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Additional Issuances:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Any new share issuances during 2024 are recorded within the share register. In the current period, there have been no additional issuances; the share count remains at 3,384,992 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Additional Paid-In Capital (APIC):**

APIC is recorded at $420,402,875.00. This balance represents the funds received in excess of the par value upon issuance of shares. The fair value per share is consistently applied at $154.00, as supported by internal board resolutions and periodic independent evaluations.

**Supporting Documents:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Third-Party Valuation Report (dated March 9, 2021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Corporate Resolution authorizing the $154/share valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Opening Balance Equity:**

The opening balance equity is recorded at $1,000,000.00, reflecting the Company's initial capitalization and the historical basis for equity measurement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Owner's Investment, Owner's Pay & Personal Expenses, and Personal Saving Account:**

The following items represent transactions related to owner contributions and adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Owner's Investment: $1,088.00

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Owner's Pay & Personal Expenses: $93,582.46

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Personal Saving Account: $67,702.43

These items are separately disclosed to clarify that owner-related cash flows and adjustments have been appropriately recorded within equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Retained Earnings:**

Retained earnings of $54,008,748.99 represent the accumulated undistributed profits from prior periods that have been reinvested in the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Net Income:**

The net income earned during 2024 of $73,459,479.47 has been added to retained earnings, reflecting the period's profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Changes in Shareholder Equity during the Period**

Key adjustments during the period include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The recognition of net income of $73,459,479.47, which increased retained earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Owner-related transactions (investment, compensation adjustments, and personal expenses) have been recorded as detailed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·No additional share issuances occurred during 2024; therefore, share capital and APIC remained unchanged aside from the periodic remeasurement at fair value.

**Accounting Policies and Disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Measurement and Recognition:**

All equity transactions are recorded at fair value upon issuance. Subsequent changes are recognized in accordance with generally accepted accounting principles (GAAP) as applied in California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Use of Estimates:**

The preparation of shareholder equity balances involves management judgment and estimates, particularly for adjustments related to owner transactions and the fair value determination of share-based compensation. These estimates are periodically reviewed for reasonableness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Internal Controls:**

Robust internal controls ensure that all equity transactions are accurately recorded and reconciled. The share register is reviewed periodically to confirm that the recorded share counts and classifications (e.g., Restricted shares) are correct and consistent with supporting documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Disclosures:**

Detailed disclosures regarding the composition and classification of share capital are maintained in the Company's share register. All shares are classified as Restricted under SEC Rule 144, and this classification is consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Barter Dollars (Non-Cash Assets)**

Barter Dollars represent a form of non-cash currency used by the Company to exchange goods and services. These barter credits are treated similarly to cash for tax purposes under 26 USC 6045, which mandates that barter transactions be reported as income based on their fair market value. However, for financial reporting purposes, barter dollars are not considered cash or cash equivalents because they are not readily convertible to actual cash and do not meet the liquidity requirements defined under U.S. GAAP (ASC 350) for classification as cash or cash equivalents.

As such, barter dollars have been reclassified as non-cash assets under Other Current Assets. These assets represent the fair market value of trade dollars held by the Company for operational purposes and can be used for future exchanges of goods and services within our established barter system.

Barter dollars are periodically reconciled as part of the Company's internal controls, and the value of barter transactions is recorded at the fair market value at the time of exchange.

Barter transactions are handled in accordance with the Company's internal controls policy to ensure accurate reporting and reconciliation. These assets are not part of the Company's cash equivalents or liquid resources available for immediate use in daily operations.

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**Black Unicorn Factory 5777 West Century Blvd Suite 1125-106**

**Los Angeles, CA 90045 310-362-6999**

**info@blackunicornfactory.com EIN: 85-2000692**

**Name of Agency Auditing Firm: Accountingexecs LLC (3003) Contact Person Name and Title: Mary Williams (CPA) Telephone #: (774) 322-1209**

**Email Address: maryanjoy26@gmail.com Headquarter: 311 Elm Street Ste 270 Cincinnati, OH**

**USA**

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## Ex-Filing

**Ex-Filing Fees**

**S-8**

**Black Unicorn Factory**

**Filing Fee Exhibit**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Title of Each Class** | **Amount Being Registered** | **Proposed Maximum Offering Price Per Unit** | **Proposed Maximum Aggregate Offering Price** | **Fee Rate** | **Registration Fee** |
| Equity | Common Stock | 1 | 0.00 | 0.00 | 0.00014760 | 0.00 |

---