# EDGAR Filing Document

**Accession Number:** 0001919182
**File Stem:** 0001171520-26-000088
**Filing Date:** 2026-5
**Character Count:** 53888
**Document Hash:** 1d15bba80ce57eae787c3280922e2151
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171520-26-000088.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001171520-26-000088

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Universal Token
- **CENTRAL INDEX KEY:** 0001919182
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 872595314
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56658
- **FILM NUMBER:** 26961459

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** WORLD TRADE CENTER
- **STREET 2:** CALLE EL MIRADOR, 87 AVE NORTE
- **CITY:** SAN SALVADOR
- **PROVINCE COUNTRY:** H3
- **BUSINESS PHONE:** 8018715225

**MAIL ADDRESS:**
- **STREET 1:** 5211 READING CIR
- **CITY:** ROSENBERG
- **STATE:** TX
- **ZIP:** 77471

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Eco Bright Future, Inc.
- **DATE OF NAME CHANGE:** 20220323

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended **March 31, 2026**

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from ____________ to ____________.

Commission file number: **000-54457**

**UNIVERSAL TOKEN, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Wyoming** | **87-2595314** |
| (State of incorporation) | (IRS Employer Identification No.) |
| **World Trade Center El Salvador**<br> **Calle El Mirador, 87 Ave Norte<br> San Salvador, El Salvador 00000** | **World Trade Center El Salvador**<br> **Calle El Mirador, 87 Ave Norte<br> San Salvador, El Salvador 00000** |
| (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) |
| **(727) 692-3348** | **(727) 692-3348** |
| (Registrant's Telephone Number, Including Area Code) | (Registrant's Telephone Number, Including Area Code) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** | **Ticker symbol** |
| N/A | N/A | N/A |

---

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 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 such files). Yes ☑ No ☐

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

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

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards 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 April 30, 2026, there were 101,561,000 issued and outstanding shares of common stock.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| PART I. FINANCIAL INFORMATION | PART I. FINANCIAL INFORMATION |  |
| Item 1. | Financial Statements | 1 |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 10 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 13 |
| Item 4. | Controls and Procedures | 13 |
| PART II. OTHER INFORMATION | PART II. OTHER INFORMATION | 14 |
| Item 1. | Legal Proceedings | 14 |
| Item 1A. | Risk Factors | 14 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 14 |
| Item 3. | Defaults Upon Senior Securities | 14 |
| Item 4. | Mine Safety Disclosures | 14 |
| Item 5. | Other Information | 15 |
| Item 6. | Exhibits | 15 |
|  | Signatures | 16 |

---

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **December 31, <br> 2025** |
| ASSETS |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $223 | $1842 |
| &nbsp;&nbsp;&nbsp;Other current assets | 6675 | 11088 |
| &nbsp;&nbsp;&nbsp;Total current assets | 6898 | 12930 |
| NON-CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Intangible assets | 4806 | 4806 |
| &nbsp;&nbsp;&nbsp;Software development | 1143500 | 1133500 |
| &nbsp;&nbsp;&nbsp;Total non-current assets | 1148306 | 1138306 |
| TOTAL ASSETS | $1155204 | $1151236 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 7693 | 30000 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 7693 | 30000 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Loans payable, related party | 44000 |  |
| &nbsp;&nbsp;&nbsp;Total non-current liabilities | 44000 |  |
| TOTAL LIABILITIES | $51693 | $30000 |
| STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock; $0.001 par value, 100,000,000 shares authorized and 10,000,000 shares issued and outstanding | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Common stock; $0.001 par value, 750,000,000 and 750,000,000 shares authorized, 101,561,000 and 101,561,000 shares issued and outstanding, respectively | 101561 | 101561 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1544894 | 1544894 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (552944) | (535219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity Attributable to Parent | 1103511 | 1121236 |
| &nbsp;&nbsp;&nbsp;Equity Attributable to Noncontrolling interest | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 1103504 | 1121229 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1155204 | 1151236 |

---

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

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
|  | **2026** | **2025** |
| REVENUES | $— | $— |
| OPERATING EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 11999 | 88335 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5726 | 4818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 17725 | 93153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Loss | (17725) | (93153) |
| OTHER INCOME (EXPENSES) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expenses) |  | (808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expenses) |  | (808) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Net Loss | $(17725) | $(93961) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net loss attributable to noncontrolling interest |  | 1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Net Loss Attributable to Parent | $(17725) | $(93960) |
| BASIC AND DILUTED LOSS PER COMMON SHARE | $(0.00) | $(0.00) |
| BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 101561000 | 101064444 |

---

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

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(UNAUDITED)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | **Additional Paid-in <br> Capital** | **Accumulated <br> Deficit** | **Accumulated Other Comprehensive Income (Loss)** | **Noncontrolling Interest** | **Total Stockholders' Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | | | |  |  |
| Balance, December 31, 2024 | 10000000 | $10000 | 100690000 | $100690 | $(90935) | $(178971) | $3409 | $5 | $(155802) |
| Common stock issued for cash |  |  | 350000 | 350 | 594650 |  |  |  | 595000 |
| Common stock issued for related party debt |  |  | 195000 | 195 | 487305 |  |  |  | 487500 |
| Currency translation |  |  |  |  |  |  | 58 |  | 58 |
| Net loss for the three months ended March 31, 2025 |  |  |  |  |  | (93961) |  | 1 | (93960) |
| Balance, March 31, 2025 | 10000000 | $10000 | 101235000 | $101235 | $991020 | $(272932) | $3467 | $6 | $832796 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | **Additional Paid-in <br> Capital** | **Accumulated <br> Deficit** | **Accumulated <br> Other<br> Comprehensive <br> Income (Loss)** | **Total Stockholders' Equity<br> Attributable to Parent** | **Noncontrolling Interest** | **Total Stockholders' Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | | | | | | |
| Balance, December 31, 2025 | 10000000 | $10000 | 101561000 | $101561 | $1544894 | $(535219) | $— | $1121236 | $7 | $1121229 |
| Net loss for the three months ended March 31, 2026 |  |  |  |  |  | (17725) |  | (17725) |  | (17725) |
| Balance, March 31, 2026 | 10000000 | $10000 | 101561000 | $101561 | $1544894 | $(552944) | $— | $1103511 | $7 | $1103504 |

---

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

 **UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
|  | **2026** | **2025** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(17725) | $(93961) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation |  | 58 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 4413 | (2742) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (22307) | (4013) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (35619) | (100658) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Software development costs | (10000) | (175000) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (10000) | (175000) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock issued for cash |  | 595000 |
| &nbsp;&nbsp;&nbsp;Loans from related party | 44000 |  |
| &nbsp;&nbsp;&nbsp;Repayment of loans from related party |  | (51803) |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 44000 | 543197 |
| Net change in cash | (1619) | 267539 |
| Cash, beginning of period | 1842 | 67784 |
| Cash, end of period | $223 | $335323 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $— | $— |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes | $— | $— |
| NON-CASH FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock issued for related party debt | $487500 | $— |

---

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

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The unaudited consolidated financial statements presented are those of Universal Token, Inc. and its wholly owned subsidiary United Heritage, Sociedad Anonmima De Capital Variable ("UHS") , collectively, "Universal Token", or the "Company". During the year ended December 31, 2025, UHS disposed of its wholly owned subsidiary Universa Hub Africa ("UHA"). Universal Token was incorporated on August 31, 2021, under the laws of the State of Wyoming under the name Eco Bright Future, Inc., the name was changed to Universal Token, Inc. in October 2025. UHS was incorporated on July 12, 2023, under the laws of the country of El Salvador and UHA was incorporated on March 28, 2019, under the laws of the country of Tunisia.

The Company is an artificial intelligence and blockchain technology company that intends to utilize real world asset tokenization to create a virtual investment vehicle on the blockchain linked to tangible assets such as real estate, precious metals, art and collectibles. The Company intends to provide digital assets from El Salvador, tokenize assets and develop blockchain tools for entry to countries such as the United Arab Emirates and Thailand.

 ****

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements of Universal Token have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in Universal Token 's Annual Report on Form 10-K for the year ending December 31, 2025 filed with the SEC.

In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim period presented herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for fiscal 2025 as reported in the Form 10-K have been omitted.

***Cash Equivalents***

Universal Token considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

***Use of Estimates***

The preparation of financial statements 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.

 ****

***Revenue Recognition Policy***

 

Universal Token recognizes revenue in accordance with the provisions of Accounting Series Codification ("ASC") 606, *Revenue From Contracts With Customers* ("ASC 606"), which provides guidance on the recognition, presentation, and disclosure of revenue in financial statements. ASC 606 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue based on the allocation of the transaction price to each performance obligation as each performance obligation in a contract is satisfied.

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

The Company intends to provide digital assets from El Salvador for sale, tokenize assets for sale and develop blockchain tools for sale that will provide entry to the market for countries such as Tunisia and United Arab Emirates. During 2026, the Company plans to enter into agreements in connection with its blockchain products in Thailand, Indonesia, and United Arab Emirates. Revenue recognition for the sale of digital and tokenized assets will be based on the allocation of the transaction price to each performance obligation as each performance obligation in a contract is satisfied, title or access to digital assets are transferred and amounts are due are collected or collectible.

Universal Token did not recognize any revenue during the three months ended March 31, 2026 and 2025.

 **

***Accounts Receivable***

 **

Trade accounts receivable are recorded at invoiced amounts. Universal Token does not provide any unusual contractual trade terms, sales incentive programs or discounts. Allowances for doubtful accounts are established for estimated losses resulting from the inability of customers to make required payments. Allowances are determined based on a review of specific customer accounts where collection is doubtful, as well as an assessment of the collectability of total receivables. Receivables are written off against the allowance when it is determined that the amounts will not be recovered. Due to exceptional collections history, Universal Token has not had any bad debt write-offs and there were no allowances for doubtful accounts as of March 31, 2026 or December 31, 2025. There were no outstanding receivables as of March 31, 2026 and 2025.

 **

***Software Development Costs***

 **

In accordance with ASC 350-40, *Internal Use Software,* Universal Token capitalizes certain internal use software development costs associated with creating and enhancing internally developed software related to its platforms. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and development stage, and (iii) the post-implementation stage. Costs incurred in the planning and post-implementation stages of software development, or other maintenance and development expenses that do not meet the qualification for capitalization are expensed as incurred. Costs incurred in the application and infrastructure development stage, including significant enhancements and upgrades, are capitalized. Capitalized costs include personnel and related employee benefits expenses for employees or consultants who are directly associated with and who devote time to software projects, and external direct costs of materials obtained in developing the software. These software development costs, when placed in service, will be amortized on a straight-line basis over the estimated useful life upon initial release of the software or additional features. See Note 2 for further details.

 ****

***Stock-Based Compensation***

Universal Token records stock-based compensation using the fair value method. Equity instruments issued to employees and the cost of the services received as consideration are accounted for in accordance with ASC 718, *Stock Compensation* and are measured and recognized based on the fair value of the equity instruments issued. All transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for in accordance with ASC 515, *Equity-Based Payments to Non-Employees*, based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. There were no outstanding stock-based compensation plans or awards issued as of March 31, 2026 and December 31, 2025.

 ****

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

***Fair Value of Financial Instruments***

ASC 820, *Fair Value Measurements* ("ASC 820") and ASC 825, *Financial Instruments* ("ASC 825"), requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying values of cash, other current assets, property, accounts payable and accrued expenses approximate fair value. Pursuant to ASC 820 and 825, the fair value of cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets.

 ****

***New Accounting Pronouncements***

Universal Token has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements. The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or results of operations.

***Basic and Diluted Loss Per Share***

Universal Token presents basic earnings per share (EPS) on the face of the statements of operation. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible debt instrument, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

The calculation of basic and diluted net loss per share is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
|  | **2026** | **2025** |
| Basic and Fully Diluted Loss Per Share: |  |  |
| Numerator: |  |  |
| Net loss | $(17725) | $(93960) |
| Denominator: |  |  |
| Basic and fully diluted weighted average common shares outstanding: | 101561000 | 101064444 |
| Net income (loss) per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.00) | $(0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.00) | $(0.00) |

---

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

***Income Taxes***

Universal Token records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. Accounting standards regarding income taxes requires a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a "more likely than not" realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with operating loss and tax credit carryforwards not expiring unused, and tax planning alternatives.

Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty in income taxes provides a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely, based solely on the technical merits, of being sustained on examinations. Universal Token considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes.

**NOTE 2 - SOFTWARE DEVELOPMENT COSTS**

The Company is developing an open-source platform and developer infrastructure to enable access to a global economy using real-world asset tokenization built on a proprietary blockchain. Research and planning phase costs are expensed as incurred. Costs incurred in the application and infrastructure development stage, including significant enhancements and upgrades, are capitalized. These costs to date have only included external consultants, but in the future could include Company personnel and related employee benefits expenses for employees who are directly associated with and who devote time to software projects and external direct costs of materials obtained in developing the software.

Universal Token incurred and capitalized software development costs of $10,000 and $175,000 during the three months ended March 31, 2026 and 2025, respectively. Total capitalized software development costs totaled $1,143,500 and $1,133,500 as of March 31, 2026 and December 31, 2025, respectively. Upon completion, the Company will amortize its software development costs on a straight-line basis over the estimated useful life.

**NOTE 3 - RELATED PARTY TRANSACTIONS**

During the three months ended March 31, 2026, the Company borrowed a total of $44,000 in loans from a significant shareholder and director of the Company. The loans are due December 31, 2028, unsecured and do not bare interest. The balance of the loans was $44,000 and $0 as of March 31, 2026 and December 31, 2025, respectively.

**NOTE 4 - GOING CONCERN**

Universal Token's consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, Universal Token has recently accumulated losses since its inception and has had negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about Universal Token 's ability to continue as a going concern are as follows:

**UNIVERSAL TOKEN, INC. AND SUBSIDIARY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

The ability to continue Universal Token's operations depends on its ability to generate and grow revenue and results of operations as well as our ability to access capital markets when necessary to accomplish strategic objectives. We expect to continue to incur losses for the immediate future and will need additional equity or debt financing until we can achieve profitability and positive cash flows from operating activities. Our future capital requirements for operations will depend on many factors, including the ability to generate revenues and obtain capital.

There can be no assurance that Universal Token will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. The ability of Universal Token to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS*

*This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, statements concerning: our plans, strategies and objectives for future operations; new products or developments; future economic conditions, performance or outlook; the outcome of contingencies; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future; and assumptions underlying any of the foregoing. Forward-looking statements may be identified by their use of forward-looking terminology, such as* "*believes,*" "*expects,*" "*may,*" "*should,*" "*would,*" "*will,*" "*intends,*" "*plans,*" "*estimates,*" "*anticipates,*" "*projects*" *and similar words or expressions. You should not place undue reliance on these forward-looking statements, which reflect our management*'*s opinions only as of the date of the filing of this Quarterly Report on Form 10-Q and are not guarantees of future performance or actual results.*

***Overview***

The Company is an artificial intelligence and blockchain technology company that intends to utilize real world asset tokenization to create a virtual investment vehicle on the blockchain linked to tangible assets such as real estate, precious metals, art and collectibles. The Company intends to provide digital assets from El Salvador, tokenize assets and develop blockchain tools for entry to countries such as the United Arab Emirates and Thailand.

***Going Concern***

At March 31, 2026, we had $6,898 in current assets, $1,155,204 in total assets, $7,639 in current liabilities and a $552,944 accumulated deficit. Our current liquidity resources are not sufficient to fund the anticipated level of operations for at least the next 12 months from the date these consolidated financial statements were issued. As a result, there is substantial doubt regarding the Company' ability to continue as a going concern.

The ability to continue Universal Token's operations depends on its ability to generate and grow revenue and results of operations as well as our ability to access capital markets when necessary to accomplish strategic objectives. We expect to continue to incur losses for the immediate future and will need additional equity or debt financing until we can achieve profitability and positive cash flows from operating activities. Our future capital requirements for operations will depend on many factors, including the ability to generate revenues and obtain capital.

There is no assurance that we will ever be profitable or that debt or equity financing will be available to us. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should we be unable to continue as a going concern. There is no assurance we will be successful in any of these goals.

**Results of Operations**

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***For the Three Months Ended March 31, 2026 and 2025***

***Revenues***

We did not recognized any revenues during the three months ended March 31, 2026 and 2025.

***Operating Expenses***

Operating expenses were $17,725 during the three months ended March 31, 2026, compared to $93,153 during the three months ended March 31, 2025. Operating expenses consisted of $11,999 and $88,335 in professional fees and $5,726 and $4,818 in general and administrative expenses during the three months ended March 31, 2026 and 2025, respectively. Decreases in professional fees are the result of decreases in audit, consulting and legal fees. General and administrative expenses remained fairly flat during expenses during the three months ended March 31, 2026 compared to the comparable 2025 period.

***Other Income and Expenses***

Total other expenses were $0 and $808 during the three months ended March 31, 2026 and 2025, respectively.

***Net Income (Loss)***

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As a result of the above, we recognized net losses of $17,725 and $93,961 for the three months ended March 31, 2026 and 2025, respectively.

We anticipate losses from operations will increase during the next twelve months due to anticipated increased payroll expenses as we add necessary staff to continue planned operations and increases in legal and accounting expenses associated with maintaining a reporting company. We expect that we will continue to have net losses from operations for several years until revenues become sufficient to offset operating expenses.

**Liquidity and Capital Resources of the Company**

 

***Current Assets***

 

Current assets as of March 31, 2026 totaled $6,898, consisting of $223 in cash and prepaid assets of $6,675. Current assets as of December 31, 2025 totaled $12,930, consisting of $1,842 in cash and prepaid assets of $11,088.

***Non-Current Assets***

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Non-current assets as of March 31, 2026 and December 31, 2025 totaled $1,148,306 and $1,138,306, respectively, consisting of $1,143,500 and $1,133,500 in software development costs and $4,806 and $4,806 in intangible assets, respectively.

.

***Current Liabilities***

Total current liabilities as of March 31, 2026 and December 31, 2025 consisted of accounts payable and accrued expenses totaling $7,693 and $30,000, respectively.

***Non- Current Liabilities***

Non-current liabilities as of March 31, 2026 and December 31, 2025 consisted of related party loans totaled $44,000 and $0, respectively.

***Net Cash Used in Operating Activities***

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During the three months ended March 31, 2026, our operating activities used net cash of $35,519. Uses of cash during the three months ended March 31, 2026 are mainly due to the $17,725 net loss as well as $17,894 in net changes in operating assets and liabilities.

During the three months ended March 31, 2025, our operating activities used net cash of $100,658. Uses of cash during the three months ended March 31, 2025 are mainly due to the $93,961 in net loss as well as $6,755 in net changes in operating assets and liabilities. Uses are partially offset by $58 in non-cash currency translation.

***Net Cash Used in Investing Activities***

During the three months ended March 31, 2026 and 2025, we used $10,000 and $175,000 in cash investing activities, respectively, all from software development costs.

***Net Cash Provided by Financing Activities***

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During the three months ended March 31, 2026, we received $44,000 in related party loans.

During the three months ended March 31, 2025, we received $595,000 from the sale of common stock and repaid $51,803 in related party advances.

At March 31, 2026 and December 31, 2025, we had working capital deficits of $795 and 17,070, respectively.

**Off-Balance Sheet Arrangements**

We had no off-balance sheet arrangements of any kind as of March 31, 2026.

**Critical Accounting Policies**

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. We continuously evaluate our critical accounting policies and estimates. We base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

We believe the following critical accounting policies are important to the portrayal of our financial condition and results of operations and require our management's subjective or complex judgment because of the sensitivity of the methods, assumptions and estimates used in the preparation of our financial statements.

***Revenue Recognition Policy***

 

Universal Token recognizes revenue in accordance with the provisions of Accounting Series Codification ("ASC") 606, *Revenue From Contracts With Customers* ("ASC 606"), which provides guidance on the recognition, presentation, and disclosure of revenue in financial statements. ASC 606 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue based on the allocation of the transaction price to each performance obligation as each performance obligation in a contract is satisfied.

The Company intends to provide digital assets from El Salvador for sale, tokenize assets for sale and develop blockchain tools for sale that will provide entry to the market for countries such as Tunisia and United Arab Emirates. During 2025, the Company plans to enter into agreements in connection with its blockchain products in Thailand and Indonesia. Revenue recognition for the sale of digital and tokenized assets will be based on the allocation of the transaction price to each performance obligation as each performance obligation in a contract is satisfied, title or access to digital assets are transferred and amounts are due are collected or collectible.

 **

***Accounts Receivable***

 **

Trade accounts receivable are recorded at invoiced amounts. Universal Token does not provide any unusual contractual trade terms, sales incentive programs or discounts. Allowances for doubtful accounts are established for estimated losses resulting from the inability of customers to make required payments. Allowances are determined based on a review of specific customer accounts where collection is doubtful, as well as an assessment of the collectability of total receivables. Receivables are written off against the allowance when it is determined that the amounts will not be recovered.

***Software Development Costs***

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In accordance with ASC 350-40, *Internal Use Software,* Universal Token capitalizes certain internal use software development costs associated with creating and enhancing internally developed software related to its platforms. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and development stage, and (iii) the post-implementation stage. Costs incurred in the planning and post-implementation stages of software development, or other maintenance and development expenses that do not meet the qualification for capitalization are expensed as incurred. Costs incurred in the application and infrastructure development stage, including significant enhancements and upgrades, are capitalized. Capitalized costs include personnel and related employee benefits expenses for employees or consultants who are directly associated with and who devote time to software projects, and external direct costs of materials obtained in developing the software. Software development costs, when placed in service, are amortized on a straight-line basis over their estimated useful life upon initial release of the software or additional features.

***Income Tax***

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

**Item 4. Controls and Procedures**

**Evaluation of 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 in our reports filed under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial and Accounting Officer, as appropriate to allow timely decisions regarding required disclosure.

We carried out an evaluation under the supervision and with the participation of management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026, the end of the period covered by this report. Based on that evaluation, our Principal Executive Officer and Principal Financial and Accounting Officer have concluded that our disclosure controls and procedures were not effective as of March 31, 2026 due to the material weakness in our internal controls over financial reporting, including our failure to design and maintain formal accounting policies, processes, and controls to analyze, and account for complex transactions as well as a need for additional accounting personnel who have the requisite experience in SEC reporting regulation.

**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) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive officer and principal financial officer and effected by the Board, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

● Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

● Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

● Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal controls over financial reporting during the first half of 2025, which were identified in connection with management's evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, which have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

None.

**Item 1A. Risk Factors**

For information regarding risk factors, see "Part I. Item 1A. Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

N/A

**Item 5. Other Information**

None.

**Item 6. Exhibits**

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| | |
|:---|:---|
| **EXHIBIT NO.** | **DESCRIPTION** |
| 31 | [CERTIFICATION OF PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002](ex31.htm). |
| 32 | [CERTIFICATION OF PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002](ex32.htm). |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **UNIVERSAL TOKEN FUTURE INC.** | **UNIVERSAL TOKEN FUTURE INC.** | **UNIVERSAL TOKEN FUTURE INC.** |
| By: | /s/ George Athanasiadis | /s/ George Athanasiadis |
|  | Name: | George Athanasiadis |
|  | Title: | *Chief Executive Officer* |

---

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

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| /s/ Alexander Borodich | Chairman of the Board of Directors | April 30, 2026 |
| Alexander Borodich<br>| Chairman of the Board of Directors |  |
| /s/ George Athanasiadis | Chief Executive Officer, President, Secretary and Director<br> (Principal Executive Officer and Principal Financial and Accounting Officer) | April 30, 2026 |
| George Athanasiadis | Chief Executive Officer, President, Secretary and Director<br> (Principal Executive Officer and Principal Financial and Accounting Officer) | April 30, 2026 |
| /s/ Tomaz Strgar | Chief Technology Officer and Director | April 30, 2026 |
| Tomaz Strgar | Chief Technology Officer and Director | April 30, 2026 |

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## Ex-31

**Exhibit 31**

**Certification**

I, George Athanasiadis, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Eco Bright Future, Inc.

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 this 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and 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 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 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: May 5, 2026

<u>/s/ George Athanasiadis</u>

Chief Executive Officer, President, Secretary and Director<br> (Principal Executive Officer and Principal Accounting and Financial Officer)

## Ex-32

**Exhibit 32**

**CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, George Athanasiadis, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Quarterly Report on Form 10-Q of Eco Bright Future, Inc. for the quarter ended March 31, 2026 (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 Eco Bright Future, Inc.

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| | |
|:---|:---|
| Dated: May 5, 2026 | */s/ George Athanasiadis* |
|  | George Athanasiadis |
|  | Chief Executive Officer, President, Secretary and Director (Principal Executive Officer and Principal Accounting and Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Eco Bright Future, Inc. and will be retained by Eco Bright Future, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.