# EDGAR Filing Document

**Accession Number:** 0001766016
**File Stem:** 0001766016-25-000004
**Filing Date:** 2025-11
**Character Count:** 119089
**Document Hash:** 27c78f0a3cb4b784ebe146b405c9373c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001766016-25-000004.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001766016-25-000004

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crucial Innovations, Corp.
- **CENTRAL INDEX KEY:** 0001766016
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-229638
- **FILM NUMBER:** 251486599

**BUSINESS ADDRESS:**
- **STREET 1:** 122 LEADENHALL STREET, 30TH FLOOR
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC3V 4AB
- **BUSINESS PHONE:** 44(0)207-043-1541

**MAIL ADDRESS:**
- **STREET 1:** 122 LEADENHALL STREET, 30TH FLOOR
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC3V 4AB

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒&nbsp;&nbsp;&nbsp;&nbsp;**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended September 30, 2025

☐ **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 333-229638

**CRUCIAL INNOVATIONS CORP.**

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

---

| | |
|:---|:---|
| **Nevada** | **98-1446012** |
| **(State or other jurisdiction of** | **(I.R.S. Employer** |
| **incorporation or organization)** | **Identification No.)** |
| **86-90 Paul Street**<br> **London, United Kingdom** | <br> **EC2A 4NE** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**<u>________________________________________________________________</u>**

**(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)**

**Registrant's telephone number, including area code: +44 (0) 203 148 1452**

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

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 such filing requirements for the past 90 days. Yes ☐ No☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 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, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ 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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company. Yes ☐ No☒

There were 418,694,150 shares of the registrant's common stock, $0.001 par value, outstanding, as of September 30, 2025, and 418,694,150 shares of the registrant's common stock, $0.001 par value, outstanding as of November 14, 2025.

[**Table of Contents**](#TableOfContents)

**CRUCIAL INNOVATIONS CORP.**

**(A Nevada Corporation)**

**INDEX**

---

| | |
|:---|:---|
|  | **Page** |
| PART I. FINANCIAL INFORMATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. Condensed Consolidated Financial Statements (unaudited) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Balance Sheets | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Operations and Comprehensive Loss | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Stockholders' Deficit | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Cash Flows | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Condensed Consolidated Financial Statements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. Quantitative and Qualitative Disclosures about Market Risk | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. Controls and Procedures | 30 |
| PART II. OTHER INFORMATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. Legal Proceedings | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1A. Risk Factors | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. Defaults Upon Senior Securities | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. Mine Safety Disclosures | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 5. Other Information | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6. Exhibits | 32 |
| SIGNATURES | 33 |

---

[**Table of Contents**](#TableOfContents)

**<u>Part I. Financial Information</u>**

**Item 1. Consolidated Condensed Financial Statements (Unaudited)**

**CRUCIAL INNOVATIONS CORP. AND ITS SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $317 | $52668 |
| &nbsp;&nbsp;&nbsp;VAT receivable | 26582 | 15605 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 6130 | 12 |
| &nbsp;&nbsp;&nbsp;Advances to supplier | 667924 |  |
| &nbsp;&nbsp;&nbsp;Other receivable | 2139 |  |
| &nbsp;&nbsp;Total Current Assets | 703092 | 68285 |
| &nbsp;&nbsp;Property and equipment, net | 25795 | 23306 |
| &nbsp;&nbsp;Restricted cash | 67951 |  |
| &nbsp;&nbsp;**Total Assets** | $796838 | $91591 |
| &nbsp;&nbsp;**LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| &nbsp;&nbsp;Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $1298604 | $784788 |
| &nbsp;&nbsp;&nbsp;Contract advances | 102988 | 33942 |
| &nbsp;&nbsp;&nbsp;Advances | 67010 |  |
| &nbsp;&nbsp;&nbsp;Due to related parties | 2186942 | 1052743 |
| &nbsp;&nbsp;Total Current Liabilities | 3655544 | 1871473 |
| &nbsp;&nbsp;&nbsp;Convertible notes | 633720 |  |
| &nbsp;&nbsp;Total Liabilities | 4289264 | 1871473 |
| &nbsp;&nbsp;Commitments and contingencies |  |  |
| &nbsp;&nbsp;Stockholders' Deficit |  |  |
| &nbsp;&nbsp;Preferred stock: 100,000,000 authorized; $0.001 par value, no shares issued and outstanding |  |  |
| &nbsp;&nbsp;Common stock: 1,000,000,000 authorized; par value of $0.001, 418,694,150 shares and 381,320,798 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 418694 | 381321 |
| &nbsp;&nbsp;Additional paid-in capital | 93331613 | 89117267 |
| &nbsp;&nbsp;Treasury stock , at cost : 20,000,000 shares | (20000) |  |
| &nbsp;&nbsp;Accumulated deficit | (97139503) | (91302923) |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | (83230) | 24453 |
| &nbsp;&nbsp;Total Stockholders' Deficit | (3492426) | (1779882) |
| &nbsp;&nbsp;**Total Liabilities and Stockholders' Deficit** | $796838 | $91591 |

---

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

[**Table of Contents**](#TableOfContents)

**CRUCIAL INNOVATIONS CORP. AND ITS SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the** | **For the** | **For the** | **For the** |
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;**Revenues** | $**—** | $— | $— | $**—** |
| &nbsp;&nbsp;**Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees |  |  | 1323000 | 30014014 |
| &nbsp;&nbsp;&nbsp;Professional fees | 723142 | 170308 | 3937849 | 53356994 |
| &nbsp;&nbsp;&nbsp;Marketing | 53273 | 19626 | 127840 | 5352377 |
| &nbsp;&nbsp;&nbsp;Impairment of inventory |  | 279150 |  | 610884 |
| &nbsp;&nbsp;&nbsp;Impairment loss on fixed assets - acquisition Ember Pharms (Pty) Ltd |  |  |  | 834611 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 136185 | 40517 | 394834 | 150981 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 912600 | 509601 | 5783523 | 90319861 |
| &nbsp;&nbsp;**Loss from operations** | (912600) | (509601) | (5783523) | (90319861) |
| &nbsp;&nbsp;**Other Income (Expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (46896) | (14218) | (77722) | (17322) |
| &nbsp;&nbsp;&nbsp;Gain on settlement of liabilities |  |  | 24665 |  |
| &nbsp;&nbsp;&nbsp;Total other expenses | (46896) | (14218) | (53057) | (17322) |
| &nbsp;&nbsp;**Net loss before taxes** | (959496) | (523819) | (5836580) | (90337183) |
| &nbsp;&nbsp;&nbsp;Provision for income taxes |  |  |  |  |
| &nbsp;&nbsp;**Net loss** | $(959496) | $(523819) | $(5836580) | $(90337183) |
| &nbsp;&nbsp;**Other comprehensive income (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency adjustment | (35582) | (63765) | (107683) | (79792) |
| &nbsp;&nbsp;**Total comprehensive loss** | $**(995078)** | $**(587584)** | $**(5944263)** | $**(90416975)** |
| &nbsp;&nbsp;**Basic and diluted loss per common share** | $(0.00) | $(0.00) | $(0.01) | $(0.29) |
| &nbsp;&nbsp;**Weighted average number of common shares outstanding, basic and diluted** | 395819880 | 382713615 | 392355596 | 310003100 |

---

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

[**Table of Contents**](#TableOfContents)

**CRUCIAL INNOVATIONS CORP. AND ITS SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**(UNAUDITED)**

**For the Three and Nine Months ended September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional**<br>**Paid-in** |<br>**Accumulated** | **Treasury Stock** | **Treasury Stock** | **Accumulated**<br>**Comprehensive** | **Total**<br>**Stockholders'** |
| | **Shares** | **Amount** | **Capital** | **Deficit** | **Shares** | **Amount** | **Income (Loss)** | **Deficit** |
| Balance, December 31, 2024 | 381320798 | $381321 | $89117267 | $(91302923) |  | $— | $24453 | $(1779882) |
| &nbsp;&nbsp;Common stock issued for stock subscription | 1271096 | 1271 | (1271) |  |  |  |  |  |
| &nbsp;&nbsp;Common stock issued for acquisition of Ember Pharms (Pty) Ltd. | 750000 | 750 | (750) |  |  |  |  |  |
| &nbsp;&nbsp;Common stock issued for services | 7500000 | 7500 | 1977000 |  |  |  |  | 1984500 |
| &nbsp;&nbsp;Common issued for settlement of liabilities | 375000 | 375 | 187125 |  |  |  |  | 187500 |
| &nbsp;&nbsp;Imputed interest on related party loans | **—** | **—** | 11884 | **—** |  |  |  | 11884 |
| &nbsp;&nbsp;Foreign currency translation adjustments | **—** | **—** |  | **—** |  |  | (29005) | (29005) |
| &nbsp;&nbsp;Net loss |  |  |  | (2312187) |  |  |  | (2312187) |
| Balance, March 31, 2025 | 391216894 | 391217 | 91291255 | (93615110) |  |  | (4552) | (1937190) |
| &nbsp;&nbsp;Common stock issued for services |  |  | 1944281 |  |  |  |  | 1944281 |
| &nbsp;&nbsp;Imputed interest on related party loans | **—** | **—** | 15481 | **—** |  |  |  | 15481 |
| &nbsp;&nbsp;Foreign currency translation adjustments | **—** | **—** |  | **—** |  |  | (43096) | (43096) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Net loss |  |  |  | (2564897) |  |  |  | (2564897) |
| Balance, June 30, 2025 | 391216894 | 391217 | 93251017 | (96180007) |  |  | (47648) | (2585421) |
| &nbsp;&nbsp;Stock subscriptions for common stock |  |  | 68603 |  |  |  |  | 68603 |
| &nbsp;&nbsp;Common stock issued for stock subscription | 129256 | 129 | (129) |  |  |  |  |  |
| &nbsp;&nbsp;Common stock issued for services | 7348000 | 7348 | (7348) |  |  |  |  |  |
| &nbsp;&nbsp;Common stock issued , held as treasury stock | 20000000 | 20000 |  |  | (20000000) | (20000) |  |  |
| &nbsp;&nbsp;Imputed interest on related party loans | **—** | **—** | 19470 | **—** |  |  |  | 19470 |
| &nbsp;&nbsp;Foreign currency translation adjustments | **—** | **—** |  | **—** |  |  | (35582) | (35582) |
| &nbsp;&nbsp;Net loss |  |  |  | (859217) |  |  |  | (859217) |
| Balance, September 30, 2025 | 418694150 | $418694 | $93331613 | $(97039224) | (20000000) | $(20000) | $(83230) | $(3492426) |

---

[**Table of Contents**](#TableOfContents)

**For the Three and Nine Months ended September 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional**<br>**Paid-in** |<br>**Accumulated** | **Accumulated**<br>**Comprehensive** | **Total**<br>**Stockholders'** |
| | **Shares** | **Amount** | **Capital** | **Deficit** | **Income (Loss)** | **Deficit** |
| Balance, December 31, 2023 | 74417002 | $74417 | $76515 | $(197385) | $— | $(46453) |
| Common stock issued for prepaid asset acquisition | 500000 | 500 | 135500 |  |  | 136000 |
| Common stock issued for management fees | 110345637 | 110346 | 29903668 |  |  | 30014014 |
| Common stock issued for services | 194737361 | 194737 | 52773825 |  |  | 52968562 |
| Imputed interest on related party loans | **—** | **—** | 872 | **—** |  | 872 |
| Net loss |  |  |  | (83086044) |  | (83086044) |
| Balance, March 31, 2024 | 380000000 | 380000 | 82890380 | (83283429) |  | (13049) |
| Stock purchase option granted for services |  |  | 5285970 |  |  | 5285970 |
| Stock subscriptions for common stock |  |  | 343219 |  |  | 343219 |
| Imputed interest on related party loans | **—** |  | 2232 | **—** |  | 2232 |
| Common stock payable for acquisition of Ember Pharms (Pty) Ltd. |  |  | 194869 | **—** |  | 194869 |
| Foreign currency translation adjustments | **—** | **—** |  | **—** | (16027) | (16027) |
| Net loss |  |  |  | (6727320) |  | (6727320) |
| Balance, June 30, 2024 | 380000000 | 380000 | 88716670 | (90010749) | (16027) | (930106) |
| Stock subscriptions for common stock |  |  | 191649 |  |  | 191649 |
| Common stock issued for stock subscriptions | 1320798 | 1321 | (1321) |  |  |  |
| Imputed interest on related party loans | **—** | **—** | 14218 | **—** |  | 14218 |
| Foreign currency translation adjustments | **—** | **—** |  | **—** | (63765) | (63765) |
| Net loss |  |  |  | (523819) |  | (523819) |
| Balance, September 30, 2024 | 381320798 | $381321 | $88921216 | $(90534568) | $(79792) | $(1311823) |

---

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

[**Table of Contents**](#TableOfContents)

**CRUCIAL INNOVATIONS CORP. AND ITS SUBSIDIARIES**

 **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **For the** | **For the** |
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(5836580) | $(90337183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imputed interest | 46835 | 17322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock- based compensation | 3928781 | 58254532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation-related parties |  | 30014014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 4864 | 6579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of inventory |  | 610884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization debt discount | 7043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on fixed assets |  | 40633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on settlement of liabilities | (24665) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT receivable | (9530) | (7018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (6116) | (18768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to supplier | (667925) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory |  | (610884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivable | (2139) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract advances | 65900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 615420 | 240434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued litigation and claims | 108955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in right-of-use asset and lease liability |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Operating Activities | (1769157) | (995299) |
| &nbsp;&nbsp;**Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Ember Pharms (Pty) Ltd |  | 5615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (5432) | (17765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Investing Activities | (5432) | (12150) |
| &nbsp;&nbsp; **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related parties | 1294137 | 1033538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of related party loans | (252558) | (534868) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from common stock for stock subscription | 68603 | 534868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances | 67010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank overdraft | 968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from convertible notes | 626677 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 1804837 | 1033538 |
| &nbsp;&nbsp;Effect of exchange rate changes on cash | (14648) | (25790) |
| &nbsp;&nbsp;Net change in cash, equivalent cash and restricted cash | 15600 | 299 |
| &nbsp;&nbsp;Cash, equivalent cash and restricted cash at the beginning of period | 52668 | - |
| &nbsp;&nbsp;Cash, equivalent cash and restricted cash at the end of period | $68268 | $299 |
| &nbsp;&nbsp;Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $1940 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes | $— | $- |
| &nbsp;&nbsp;Supplemental disclosure of non-cash financing activity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common issued for settlement of liabilities | $187500 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for acquisition Ember Pharms (Pty) Ltd. | $— | $330869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for stock subscription | $7348 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued, held as treasury stock | $20000 | $— |

---

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

[**Table of Contents**](#TableOfContents)

**CRUCIAL INNOVATIONS CORP. AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

**NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS**

Crucial Innovations Corp. (referred as the "Company", "we", "our" or "us") was incorporated in the State of Nevada and established on February 28, 2018. We were initially engaged in the business of English language tutoring over the Internet. However, we were not able to execute our original business plan, develop significant operations or achieve commercial sales.

On May 8, 2023, the Company entered into an agreement to acquire all of the share capital of Ember Pharms (Pty) Ltd. (formerly, WLR Farming (Pty) Ltd), a company organized under the laws of South Africa and a licensed grower and exporter of medical cannabis (hereinafter, "Ember Pharms"), in exchange for (i) Six Million South Africa Rand (ZAR 6,000,000) which amount was intended to be paid over twelve months from the date of agreement, and (ii) 500,000 shares of our common stock. On March 5, 2024, we issued the owners of Ember Pharms an aggregate of 500,000 shares of our common stock. On November 8, 2024, this agreement was amended to provide for the payment of Fifty Thousand Pounds (GBP 50,000) in cash in lieu of the ZAR 6,000,000 described above, together with the issuance of an aggregate of 1,250,000 shares of common stock, inclusive of the 500,000 shares issued on March 5, 2024, and 750,000 shares issued on January 6, 2025. No solicitation was made and no underwriting discounts were given or paid in connection with this transaction. The Company believes that the issuance of its shares of common stock in connection with the agreement with the shareholders of WLR was exempt from registration with the Securities and Exchange Commission pursuant to Section 4(2) of the Securities Act of 1933. The cash payment obligation was satisfied on November 11, 2024. The owners of WLR transferred 100% of their WLR shares to the Company on April 2, 2024. In connection with the agreement to acquire WLR, we determined to change our business to become a supplier and distributor of medical cannabis in the United Kingdom and continental Europe.

On January 20, 2024, the Company entered into a distribution and service agreement with U Mir Pharma Limited, a company formed under the laws of England & Wales, doing business in the United Kingdom as Inspire Pharmacy (hereafter, "Inspire"). Inspire is a licensed pharmacy that is able to sell and distribute medical cannabis to qualified patients. The distribution and service agreement with Inspire was superseded by a joint venture agreement between the Company and Inspire which was entered into in May 2024. The joint venture was intended to be operated through a company jointly owned by the Company and Inspire. Accordingly, on March 25, 2024, the Company formed Crop Circle Dispensary Limited under the laws of England and Wales (hereafter, "Crop Circle"). The share capital of Crop Circle is allocated as to 92.5% to the Company and 7.5% to Inspire. Crop Circle is included in the consolidation of the financial statements of the Company even though it did not have any business transactions since inception through September 30, 2025.

On April 8, 2024, the Company entered into a cultivation and supply agreement with Tomanic Trading (Pty) Ltd, a supplier in South Africa. The supplier is a licensed cultivator and manufacturer of medical cannabis.

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

***Basis of Presentation***

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP) and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these consolidated condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) balance sheet; (b) the statement of operations; and (c) cash flows, have been made in order to make the consolidated condensed financial statements presented not misleading. The results of operations for the periods presented are not necessarily indicative of operations for a full year. The accompanying consolidated condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K, for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission ("SEC") on August 14, 2025.

[**Table of Contents**](#TableOfContents)

***Principles of Consolidation***

The consolidated condensed financial statements include the accounts of Crucial Innovations Corp. and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated.

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Included in these estimates is the fair value of shares of our capital stock issued during the relevant reporting period(s).

 ***Cash and Cash Equivalents***

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2025 | December 31,<br>2024 |
| &nbsp;&nbsp;Cash and cash equivalent | $317 | $52668 |
| &nbsp;&nbsp;Restricted cash - long - term | 67951 |  |
| &nbsp;&nbsp;Total cash, cash equivalent and restricted cash | $68268 | $52668 |

---

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company did not have any cash equivalents as of September 30, 2025, and December 31, 2024. The Company had cash of $317 and $52,668, as of September 30, 2025, and December 31, 2024, respectively.

Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The Company has not experienced losses on account balances and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

***Foreign Currency Transactions***

The Company has operations outside of the United States, which results in exposure to market risks from changes in foreign currency rates. The financial risk arises from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included as other comprehensive income.

***Fair Value Measurements***

The Company follows accounting guidelines on fair value measurements for financial instruments measured on a recurring basis, as well as for certain assets and liabilities that are initially recorded at their estimated fair values. Fair Value is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value its financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Observable inputs such as unadjusted quoted
prices in active markets for identical instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Quoted prices for similar instruments that
are directly or indirectly observable in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Significant unobservable inputs which are
supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted
cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires a significant
judgment or estimation.

 ****

[**Table of Contents**](#TableOfContents)

Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires the Company to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial amounts recorded, may not be indicative of the amount that the Company or holders of the instruments could realize in a current market exchange.

 ****

***Intangible Assets***

Intangible assets with an indefinite life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives of the respective assets. Acquired intangible assets from business combinations and asset acquisitions are recognized and measured at fair value at the time of acquisition. Those assets represent assets with finite lives and are further amortized on a straight-line basis over the estimated economic useful lives of the respective assets.

***Impairment of Long-lived Assets Other Than Goodwill***

 

Long-lived assets with finite lives, primarily property and equipment, intangible assets, and operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value.

***Business Combinations***

Business combinations are recorded using the acquisition method of accounting. The purchase price of the acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling interest, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses are expensed as incurred. Consideration transferred in a business acquisition is measured at the fair value as of the date of acquisition. Transaction costs directly attributable to the acquisition are expensed as incurred.

***Asset Acquisitions***

The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transactions should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs which would meet the requirements of a business in which case the transaction is accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date, and that the fair value of acquired intangibles be recorded on the balance sheet. If the transaction is accounted for under the acquisition method of accounting, the Company expenses the transaction costs as incurred, and any excess of the purchase price over the assigned fair value of the net assets acquired is recorded as goodwill. In connection with acquisitions, contingent consideration can be earned by the sellers upon completion of certain future performance milestones. In these cases, a liability is recorded on the acquisition date, as a component of accrued liabilities and/or other long-term liabilities, for an estimate of the acquisition date fair value of the contingent consideration.

[**Table of Contents**](#TableOfContents)

The Company accounts for an asset acquisition under ASC, *Business Combinations Topic 805*, which requires the acquiring entity in an asset acquisition to recognize net assets based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration paid. Goodwill is not recognized in an asset acquisition, and excess consideration transferred over the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on relative fair values. Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired). Upon recognition of the contingent consideration payment, the amount is included in the cost of the acquired asset or group of assets.

***Property and Equipment***

Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets' estimated useful lives, using the straight-line method. Currently our assets consist of machinery and equipment, vehicle and greenhouse upgrade which we amortize over a useful life of 5 years.

Maintenance and repairs are charged to expense as incurred. Improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any gains or losses are reflected in income.

 ****

***Inventories***

Inventories are stated at the lower of cost or net realizable value. The cost of inventory includes capitalized production costs, including labor, materials, post-harvest costs and depreciation. Inventories costs are expensed to cost of goods sold on the Consolidated Statement of Operations and comprehensive loss in the same period as finished products are sold. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period when the write-down or loss occurs.

***Share-Based Compensation***

The Company accounts for employee and non-employee stock awards under ASC 718, "*Compensation – Stock Compensation,*" whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to nonemployees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. Equity grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service.

The Company valued common stock compensation expense to employees and non-employees, as a Level 2 fair value measurement, based on a price of shares issued to unrelated parties for cash proceeds in connection with a private offering of our common stock at prices between $0.25 and $0.50 per share which commenced in the first quarter of 2024.

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

Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued.

***Related Parties***

The Company follows ASC 850*, "Related Party Disclosures,"* for the identification of related parties and disclosure of related party transactions.

[**Table of Contents**](#TableOfContents)

***Recently issued accounting pronouncements***

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker ("CODM"). ASU 2023-07 is effective for the Company for fiscal years beginning after December 15, 2024. The Company does not expect this update to have a material impact on its financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for our year ending December 31, 2025. The Company is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively.

In March 2024, the FASB issued ASU 2024-02 "*Codification Improvements – Amendments to Remove References to the Concepts Statements*" ("ASU 2024-02"), which contains amendments to the Codification to remove references to various FASB Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. Generally, ASU 2024-02 is not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective for the Company for fiscal years beginning after December 15, 2024. The Company does not expect this update to have a material impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

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

 ****

***Convertible Notes***

The Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

***Derivative Financial Instruments***

The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For our derivative financial instruments, the Company used a Black Scholes valuation model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of the balance sheet date. As of September 30, 2025, the convertible notes and unpaid interest are convertible on the first, second or third anniversary of the original issue dates (May through September 2025).

[**Table of Contents**](#TableOfContents)

***Subsequent Events***

The Company follows ASC 855-10-20, "Types of Subsequent Events", for events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements.

 ****

***Segment Information***

Our Chief Executive Officer ("CEO") is the chief operating decision maker who reviews consolidated financial information for purposes of allocating resources and evaluating financial performance. Accordingly, we determined we operate in a single reporting segment.

Our CEO assesses performance and decides how to allocate resources primarily based on net income, which is reported on our Consolidated Statements of Operations. Total assets on the Balance Sheets represent our segment assets.

***Leases***

ASC 842 supersedes the lease requirements in ASC 840 "Leases" and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use ("ROU") assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For ROU assets, the Company has elected to account for non-lease components as part of the lease.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU assets and lease liabilities on the balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

The Company determines the present value of minimum future lease payments for operating leases by estimating a rate of interest that it would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments and a similar economic environment (the "incremental borrowing rate" or "IBR").The Company determines the appropriate IBR by identifying a reference rate and making adjustments that take into consideration financing options and certain lease-specific circumstances.

During the year ended December 31, 2024, the Company's lease agreement was for occupancy of land and it is accounted for as an operating lease. As of December 31, 2024, the lease agreement was terminated.

***Deferred Offering Costs***

Pursuant to ASC 340-10-S99-1, costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. Deferred offering costs consist of underwriting, legal, accounting, and other expenses incurred through the balance sheet date that are directly related to the proposed offering. Should the proposed offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be expensed.

As of September 30, 2025, and December 31, 2024, deferred offering costs was $0.

***Reclassification***

Certain amounts from prior periods have been reclassified to conform to the current period presentation.

[**Table of Contents**](#TableOfContents)

**NOTE 3 – GOING CONCERN**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of September 30, 2025, the Company had an accumulated deficit of $97,139,503, a net loss of $5,836,580 for the nine months ended September 30, 2025, and has not earned any revenue since inception. Until the Company is able to realize regular and consistent cash flow in connection with recent commercial activities summarized in Note 16-*Subsequent Events* below, it intends to fund operations through equity financing arrangements and related party advances, all of which may be insufficient to fund its capital expenditure, working capital and other cash requirements.

The ability of the Company to emerge from an early stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these challenges, the Company has, subsequent to the date of these financial statements, entered into a Management Services Agreement with Cannabudgrow (Pty) Ltd, a licensed cultivator and exporter of medicinal cannabis in South Africa ("CBG"), to provide strategic management and administration services. In addition, Company management intends to raise additional funds through public or private placement offerings.

These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**NOTE 4 – RESTRICTED CASH**

During the nine months ended September 30, 2025, the Company conducted an offering of convertible notes with two- and three-year maturities to eighteen separate investors (Note 9). Pursuant to the Custody Agreement entered into by the Company in connection with the note offering, 10% of principal amounts of the notes are to be held in a separate custodial account as a retention to protect the investors. The amounts in held in the custody account are to be utilized on the maturity dates of the notes.

**NOTE 5 – ADVANCES TO SUPPLIER AND CONTRACT ADVANCES**

The amounts included within advances to supplier ($667,924) and contract advances ($102,988) are related to the Company's sale, purchase and service agreements with two entities. The Company accounts for the payments and obtains funds as advances to supplier and contract advances. The cost and revenue are released after completion of the transaction.

**NOTE 6 – PROPERTY AND EQUIPMENT**

At September 30, 2025, and December 31, 2024, property and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;September 30,<br>&nbsp;&nbsp;2025 | &nbsp;&nbsp;December 31,<br>&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;Machinery and equipment | $&nbsp;&nbsp;21911 | $&nbsp;&nbsp;16786 |
| &nbsp;&nbsp;Vehicle | &nbsp;&nbsp;11578 | &nbsp;&nbsp;10596 |
| &nbsp;&nbsp;Office equipment | &nbsp;&nbsp;1862 | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;35351 | &nbsp;&nbsp;27382 |
| &nbsp;&nbsp;Accumulated depreciation | &nbsp;&nbsp;(9556) | &nbsp;&nbsp;(4076) |
| &nbsp;&nbsp;Total property and equipment | $&nbsp;&nbsp;25795 | $&nbsp;&nbsp;23306 |

---

During the nine months ended September 30, 2025, and 2024, the Company recorded depreciation expense of $4,864 and $6,579, respectively.

[**Table of Contents**](#TableOfContents)

**NOTE 7 – LEASE**

The Company had the right to occupy certain real property in South Africa which contains the operations of Ember Pharms, commencing June 1, 2023, by paying a monthly lease payment of $6,320 (GBP 5,000). The Company occupied the land starting September 1, 2023, and recognized ROU assets and lease liabilities from this date.

On December 8, 2024, the lease was terminated, and the Company amended its Deed of Sale, dated May 11, 2023, to require, in lieu of cash, a payment of $365,543 (ZAR 6,900,000), payable in shares of the Company's common stock at $0.50 per share. During the six months ended June 30, 2025, the Company issued 375,000 shares of common stock for a settlement commitment of $365,543.

The components of lease expense were as follows:

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2025 | September 30,<br>2024 |
| &nbsp;&nbsp;Operating lease cost | $- | $58514 |
| &nbsp;&nbsp;Variable lease cost (foreign currency adjustment) | - | (2534) |
| &nbsp;&nbsp;Total lease cost | $- | $55980 |

---

Supplemental cash flow information related to leases was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Cash paid for operating cash flows from operating leases | $- | $| 55980 |
| &nbsp;&nbsp;Supplemental balance sheet information related to leases was as follows: |  |  |  |
| &nbsp;&nbsp;Weighted-average discount rate — operating leases |  |  | 6.25% |
| &nbsp;&nbsp;Weighted-average remaining lease term - operating lease (months) |  |  | 2 Months |

---

Supplemental balance sheet information related to leases was as follows:

As of September 30, 2025, and December 31, 2024, the operating lease right-of-use asset and operating lease liabilities were $0.

The following table outlines maturities of our lease liability as of September 30, 2024:

---

| | |
|:---|:---|
| Year ending December 31, | Total |
| &nbsp;&nbsp;2024 (excluding the nine months ended September 30, 2024) | $13394 |
| &nbsp;&nbsp;Thereafter |  |
|  | $13394 |
| &nbsp;&nbsp;Less imputed interest | (35) |
| &nbsp;&nbsp;Operating lease liability | $13359 |

---

**NOTE 8 – CONVERTIBLE NOTE**

On April 14, 2021, the Company issued a convertible note with a conversion price equal to a 60% discount on the market price to pay operating expenses of $6,480. As of September 30, 2024, the Company had a convertible note of $6,480 and accrued interest of $3,520 for an aggregate of $10,000 and was in default.

On October 4, 2024, the Company paid $10,000 to the SEC, a judgment creditor of the holder of the promissory note described in the preceding paragraph, as full payment against this obligation.

[**Table of Contents**](#TableOfContents)

**NOTE 9 – CONVERTIBLE NOTES LONG-TERM** 

Commencing in the second quarter of 2025, the Company undertook an offering of 2-year and 3-year convertible promissory notes, solely to non-U.S. investors ("Note Offering"). The components of convertible notes long-term as of September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuance date** | **Principal Amount \*** | **Home Currency** | **Maturity date** | **Interest <br> rate** | **September 30, <br> 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 8, 2025 | 50000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;May 7, 2027 | 13% | $58692 |
| &nbsp;&nbsp;June 12, 2025 | 25000 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;June 11, 2028 | 18% | 33605 |
| &nbsp;&nbsp;June 13, 2025 | 25000 | &nbsp;&nbsp; US$ | &nbsp;&nbsp;June 12, 2028 | 20% | 25000 |
| &nbsp;&nbsp;June 16, 2025 | 25000 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;June 15, 2028 | 20% | 33605 |
| &nbsp;&nbsp;June 17, 2025 | 25000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;June 16, 2027 | 13% | 29346 |
| &nbsp;&nbsp;June 18, 2025 | 25000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;June 17, 2027 | 13% | 29346 |
| &nbsp;&nbsp;June 23, 2025 | 45000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;June 22, 2027 | 13% | 52823 |
| &nbsp;&nbsp;June 25, 2025 | 50000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;June 24, 2027 | 13% | 58692 |
| &nbsp;&nbsp;June 29, 2025 | 25000 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;June 28, 2027 | 15% | 33605 |
| &nbsp;&nbsp;July 3, 2025 | 50000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;July 2, 2027 | 13% | 58692 |
| &nbsp;&nbsp;July 3, 2025 | 25000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;July 2, 2027 | 13% | 29346 |
| &nbsp;&nbsp;July 8, 2025 | 25000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;July 7, 2027 | 13% | 29346 |
| &nbsp;&nbsp;July 15, 2025 | 25000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;July 14, 2027 | 13% | 29346 |
| &nbsp;&nbsp;July 22, 2025 | 25000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;July 21, 2027 | 13% | 29346 |
| &nbsp;&nbsp;July 25, 2025 | 50000 | &nbsp;&nbsp; US$ | &nbsp;&nbsp;July 24, 2028 | 18% | 50000 |
| &nbsp;&nbsp;August 5, 2025 | 10000 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;August 4, 2028 | 18% | 13442 |
| &nbsp;&nbsp;August 26, 2025 | 35000 | &nbsp;&nbsp; US$ | &nbsp;&nbsp;August 25, 2028 | 18% | 35000 |
| &nbsp;&nbsp;September 22, 2025 | 12000 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;September 21, 2028 | 18% | 16130 |
| &nbsp;&nbsp;September 26, 2025 | 15000 | &nbsp;&nbsp; US$ | &nbsp;&nbsp;September 25, 2028 | 20% | 15000 |
| &nbsp;&nbsp;September 26, 2025 | 25000 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;September 25, 2028 | 20% | 33605 |
|  |  |  |  |  | $693967 |
| &nbsp;&nbsp;Less: Unamortized debt discount |  |  |  |  | (60247) |
| &nbsp;&nbsp;Total convertible notes payable |  |  |  |  | 633720 |
| &nbsp;&nbsp;Less: Current portion |  |  |  |  |  |
| &nbsp;&nbsp;Long-term portion |  |  |  |  | $633720 |

---

\*The principal amount is home currency.

[**Table of Contents**](#TableOfContents)

Convertible notes payable consists of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maturities ranging from two
(2) years to three (3) years from the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual interest rate of 13%
for two (2) year notes with cash interest payment required on a semi-annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual interest rate of 15%
for two (2) year notes with cash interest payment required on the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual interest rate of 18%
for three (3) year notes with cash interest payment required on a semi-annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual interest rate of 20%
for three (3) year notes with cash interest payment required on the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Two (2) year notes, together
with unpaid interest, are convertible on the first or second anniversary of the original issue date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Three (3) year notes, together
with unpaid interest, are convertible on the first, second or third anniversary of the original issue date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conversion price is equal to
a twenty five percent (25%) discount to the closing trading price of the Company's common stock on the relevant anniversary date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Collateral – The Company
has pledged to 20,000,000 shares of common stock as collateral for repayment of the issuance notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 10% of the principal amount
of each note is required to be held in a separate custody account as a retention for the protection of investors.

On July 21, 2025, pursuant to a Custody Agreement entered into by the Company in connection with the Note Offering, the Company issued 20,000,000 shares of common stock to its custodian to hold in trust as partial security for the repayment of the notes.

During the nine months ended September 30, 2025, the Company recognized interest expense of $23,590, amortization debt discount of $7,038 and paid interest of $1,930.

As of September 30, 2025, the Company had convertible notes payable of $693,967, unamortized debt discount of $60,247 and accrued interest of $21,660.

[**Table of Contents**](#TableOfContents)

**NOTE 10 – ACCOUNTS PAYABLE, ACCRUED LIABILITIES** 

The following table summarizes the components of the Company's accounts payable and accrued liabilities as of the dates presented:

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2025 | December 31,<br>2024 |
| &nbsp;&nbsp;Accounts Payable | $367521 | $155377 |
| &nbsp;&nbsp;Accrued litigation and claim | 108954 |  |
| &nbsp;&nbsp;Accrued expenses | 769836 | 628043 |
| &nbsp;&nbsp;Accrued interest | 21660 |  |
| &nbsp;&nbsp;Bank Overdraft | 968 |  |
| &nbsp;&nbsp;Others payable | 29665 | 1368 |
|  | $1298604 | $784788 |

---

**NOTE 11 – ADVANCES**

On September 17, 2025, the Company obtained $67,010 (GBP 50,000) in cash from one investor for the issuance of a convertible note. As of September 30, 2025, the convertible note was not issued and the Company recognized it as advances.

**NOTE 12 – RELATED PARTY TRANSACTIONS**

The related parties that had material transactions for the nine months ended September 30, 2025, and 2024 consist of the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Related Party | &nbsp;&nbsp;Nature of Relationship to the Company |
| &nbsp;&nbsp;A | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;B | &nbsp;&nbsp;President, Chief Operating Officer |
| &nbsp;&nbsp;C | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;D | &nbsp;&nbsp;A UK company owned by a related party A (JPD Capital) |
| &nbsp;&nbsp;E | &nbsp;&nbsp;Shareholders and non-executive members of Board |
| &nbsp;&nbsp;F | &nbsp;&nbsp;A UK company owned by related party A (Eco-Equity Ltd) |

---

As of September 30, 2025, and December 31, 2024, amounts owing to related parties consist as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;September 30, | &nbsp;&nbsp;December 31, |
| &nbsp;&nbsp;Related Party | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 |
| &nbsp;&nbsp;B | $&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27688 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;2186942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025055 |
|  | $&nbsp;&nbsp;2186942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052743 |

---

The amounts owing to related parties are unsecured, non-interest bearing and due on demand.

[**Table of Contents**](#TableOfContents)

For the nine months ended September 30, 2025, and 2024, advances to related parties and their nature consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the | For the |  |  |
|  | Nine Months Ended | Nine Months Ended |  |  |
|  | September 30, | September 30, |  |  |
| Related Party | 2025 | 2024 | Nature of transaction | Financial Statement Line Item |
| &nbsp;&nbsp;A | $18750 | $12500 | &nbsp;&nbsp;Accrued management fees | &nbsp;&nbsp;General and administrative expenses, |
| &nbsp;&nbsp;B | $— | $28733134 | &nbsp;&nbsp; 105,636,521 shares of common stock issued for compensation | &nbsp;&nbsp;Management fees |
| &nbsp;&nbsp;B | $37174 | $12500 | &nbsp;&nbsp;Cash paid for management fees | &nbsp;&nbsp;General and administrative expenses, |
| &nbsp;&nbsp;B | $758 | $478 | &nbsp;&nbsp;Imputed interest | &nbsp;&nbsp;Interest expenses |
| &nbsp;&nbsp;B | $— | $19000 | &nbsp;&nbsp;Cash paid for operating expenses on behalf of the Company | &nbsp;&nbsp;Professional fees |
| &nbsp;&nbsp;B | $27688 | $— | &nbsp;&nbsp;Repayment due to related party B | &nbsp;&nbsp;Due to related party |
| &nbsp;&nbsp;C | $— | $1046467 | &nbsp;&nbsp; 3,847,304 shares of common stock issued for compensation | &nbsp;&nbsp;Management fees |
| &nbsp;&nbsp;C | $46176 | $23047 | &nbsp;&nbsp;Cash paid for management fees | &nbsp;&nbsp;General and administrative expenses |
| &nbsp;&nbsp;D | $302567 | $376589 | &nbsp;&nbsp;Cash paid to Ember Pharm (Pty) Ltd | &nbsp;&nbsp;Due to related party |
| &nbsp;&nbsp;D | $991570 | $210997 | &nbsp;&nbsp;Cash paid for operating expenses on behalf of the Company | &nbsp;&nbsp;General and administrative expenses, Professional fees and management fees |
| &nbsp;&nbsp;D | $— | $406660 | &nbsp;&nbsp;Acquired Genetics | &nbsp;&nbsp;Inventory |
| &nbsp;&nbsp;D | $224870 | $534868 | &nbsp;&nbsp;Repayment due to related party D | &nbsp;&nbsp;Due to related party |
| &nbsp;&nbsp;D | $46077 | $16730 | &nbsp;&nbsp;Imputed interest | &nbsp;&nbsp;Interest expenses |
| &nbsp;&nbsp;E | $— | $234413 | &nbsp;&nbsp; 861,812 shares of common stock issued for compensation to our directors | &nbsp;&nbsp;Management fees |

---

**NOTE 13 – STOCKHOLDER'S EQUITY**

On September 10, 2025, the Company's Board of Directors approved an increase in the number of shares of capital stock authorized to be issued by the Company from 550,000,000 to 1,100,000,000, consisting of 1,000,000,000 shares of common stock, par value $0.001 per share, and 100,000,000 shares of undesignated preferred stock, par value $0.001 per share.

[**Table of Contents**](#TableOfContents)

***Preferred Stock***

The Company has authorized 100,000,000 shares of preferred stock with a par value of $0.001 per share. No preferred stock was issued or outstanding as of September 30, 2025, and December 31, 2024.

***Common Stock***

During the year ended December 31, 2024, par value of common stock was changed from $0.0001 per share to $0.001 per share.

The Company has authorized 1,000,000,000 shares of common stock with a par value of $0.001 per share.

During the nine months ended September 30, 2024, the Company issued 305,082,998 shares under the Company's 2024 Equity Incentive Plan ("Incentive Plan") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· 110,345,637 shares of common
stock to the Company's CFO, director and non-executive board members, valued at $30,014,014.

&nbsp;&nbsp;&nbsp;&nbsp;· 194,737,361 shares of common
stock for services, valued at $52,968,562.

During the nine months ended September 30, 2024, the Company in connection with the Company's agreement to acquire the share capital of Ember Pharms (Pty) Ltd. (Note 1), the Company issued 500,000 shares of common stock to the shareholders of WLR, valued at $136,000.

During the nine months ended September 30, 2025, the Company issued 12,500,000 shares under the Company's 2024 Equity Incentive Plan ("Incentive Plan") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· 7,500,000 shares of common stock
for services, valued at $1,984,500.

&nbsp;&nbsp;&nbsp;&nbsp;· 5,000,000 shares of common stock
for services, valued at $1,323,000.

During the nine months ended September 30, 2025, the Company issued the following shares of common stock:

&nbsp;&nbsp;&nbsp;&nbsp;· 375,000 shares of common stock
were issued for settlement of commitment in connection with the land purchase agreement dated December 8, 2024, formerly used by Ember
Pharms for the amount of $187,500.

&nbsp;&nbsp;&nbsp;&nbsp;· 750,000 shares of common stock
were issued, valued at $194,869, to the former shareholders of Ember Pharms (Note 1) in connection with the Company's agreement
to acquire the share capital of Ember Pharms.

&nbsp;&nbsp;&nbsp;&nbsp;· 1,400,352 shares of common stock
were issued in connection with subscriptions related to the Company's private offering of common stock $361,369 in cash received
during 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· 2,348,000 shares of common stock
was issued for services, valued at $621,281 recorded to additional paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;· 20,000,000 shares of common
stock was issued to a custodian in connection with certain convertible notes issued by the Company, held as treasury stock, valued at
$20,000.

&nbsp;&nbsp;&nbsp;&nbsp;· During the three months ended
September 30, 2025, the Company received stock subscriptions of $68,603 in cash for 274,412 shares of common stock. As of September 30,
2025, the shares had not been issued and the Company recorded the net proceeding from stock subscription of $68,603 to additional paid-in
capital.

As of September 30, 2025, and December 31, 2024, there were 418,694,150 and 381,320,798 shares of common stock issued and outstanding, respectively.

[**Table of Contents**](#TableOfContents)

***Treasury stock***

The Company records treasury stock at cost. Treasury stock is presently comprised of 20,000,000 shares of common stock that was issued in connection with an offering of convertible notes, as partial collateral for repayment of such notes (Note 9). As of September 30, 2025, the Company had 20,000,000 shares of treasury stock valued at $20,000.

 ****

***2024 Equity incentive plan***

On February 26, 2024, the Company's Board of Directors adopted the Incentive Plan, the purpose of which was to promote the interests of the Company by encouraging directors, officers, employees, and consultants of CINV to develop a long-term interest in the Company, align their interests with that of our stockholders, and provide a means whereby they may develop a proprietary interest in the development and financial success of the Company and its stockholders. The Incentive Plan is also intended to enhance the ability of the Company and its subsidiaries to attract and retain the services of individuals who are essential for the growth and profitability of the Company. The Incentive Plan permits the award of restricted stock, common stock purchase options, restricted stock units, and stock appreciation awards. The maximum number of shares of our common stock that are subject to awards granted under the Incentive Plan is 350,000,000 shares. The term of the Incentive Plan will expire on February 25, 2034. As of September 30, 2025, our Board of Directors, which serves as the administrator of the Incentive Plan, has granted awards under the Incentive Plan to certain directors, executive officers, employees, and consultants in the aggregate amount of 312,582,998 shares, all of which became fully-vested at the time of grant. No solicitation was made and no underwriting discounts were given or paid in connection with these transactions. The Company believes that the issuance of its shares of common stock in connection with the Incentive Plan was exempt from registration with the Securities and Exchange Commission pursuant to Section 4(2) of the Securities Act of 1933. As of September 30, 2025, 32,417,002 shares are available to be issued under the Incentive Plan.

***Stock Purchase Options***

 ****

On May 24, 2024, the Company entered into an agreement with a musician and entertainer to endorse and promote the Company's business and the Company recorded marketing expense of $5,285,970. In consideration for services to be provided by the entertainer, the Company granted a 10-year stock purchase option to acquire 20,000,000 shares of common stock, at exercise price of $0.01 per share. The option was vested as of the grant date, and could be exercised in whole or in part, at any time. This agreement was terminated on August 19, 2025, and the options granted thereunder were accordingly canceled.

**NOTE 14 – COMMITMENTS**

In January 2024, the Company entered into a strategic consulting agreement with a consultant to work alongside management teams to create value by commercializing business plans, optimizing financial and operational performance, making introductions, negotiating agreements, executing partnerships and formulating acquisition and exit strategies. The agreement, as amended, provides for a monthly fee of GBP 5,000 (approximately $6,320) per month and a one-time payment of 14,000,000 shares of our common stock. The agreement is for a free duration term, and the Company may terminate the consultancy at any time. During the nine months ended September 30, 2024, the Company issued 14,000,000 shares of common stock in satisfaction of this obligation, valued at $3,808,000.

On July 5, 2024, the Company entered into a purchase agreement with Cannabudgrow (Pty) Ltd, a company licensed to cultivate cannabis for the proposes of producing the Medicines and Related Substances. The Company's commitment is to purchase a minimum quantity of 1,200 Kgs per annum for a period of two years.

We have entered into indemnification agreements with certain of our current directors and officers. The indemnification agreements indemnify the indemnitee to the fullest extent permitted by law, including against third-party claims and claims by or in right of the Company or any subsidiary or majority-owned partnership of the Company by reason of that person (including the advancement of expenses subject to certain conditions) (a) being a director, officer employee or agent of the Company, or of any subsidiary or majority-owned partnership of the Company or (b) serving at our request as a director, officer, employee or agent of another entity. If appropriate, we are entitled to assume the defense of the claim with counsel selected by us and approved by the indemnitee (which approval may not be unreasonably withheld). Separate counsel employed by the indemnitee will be at his or her own expense unless (1) the employment of separate counsel has been previously authorized by us, (2) the indemnitee reasonably concludes there may be a conflict of interest or (3) we have not, in fact, employed counsel to assume the defense of such claim.

[**Table of Contents**](#TableOfContents)

**NOTE 15 – LEGAL PROCEEDINGS**

On June 23, 2025, the Company and Ember Pharms (Pty) Ltd., its wholly-owned subsidiary, entered into a Deed of Settlement with Vertical Up Manufacturing (Pty) Ltd. ("Vertical Up) concerning a lawsuit filed by Vertical Up in the High Court of South Africa, Free State Division, Bloemfontein. The Deed of Settlement required that the Company vacate the premises and make a series of installment payments to Vertical Up totaling ZAR 2,758,500 in the aggregate, which payments may be offset from Vertical Up's sale of cannabis inventory on the premises.

Pursuant to the terms of the Deed of Settlement, the Company recognized accrued liability of $153,378 (ZAR 2,758,500). During the nine-month period ended September 30, 2025, the Company paid installment payments of $48,857 (ZAR 876,416).

**NOTE 16 – INCOME TAXES**

The Company has not made provision for income taxes for the nine months ended September 30, 2025, and the year ended December 31, 2024 since the Company has the benefit of net operating losses in these periods.

Due to uncertainties surrounding the Company's ability to generate future taxable income to realize deferred income tax assets arising as a result of net operating losses carried forward, the Company has not recorded any deferred income tax assets as of September 30, 2025. The Company has incurred a net operating loss (NOL) of $1,907,799. The net operating loss carry forwards will begin to expire in varying amounts beginning with the year ended December 31, 2040, subject to its eligibility as determined by respective tax regulating authorities. NOLs generated in tax years prior to December 31, 2018, can be carryforward for twenty years, whereas NOLs generated after December 31, 2018, can be carryforward indefinitely. The Company's net operating loss carry forwards may be subject to annual limitations, which could eliminate, reduce or defer the utilization of the losses because of an ownership change as defined in Section 382 of the Internal Revenue Code. U.S. Federal tax returns are closed by statute for years through 2015. The status of state and non-U.S. tax examinations varies due to the numerous legal entities and jurisdictions in which the Company operates.

Net deferred tax assets consist of the following components as of September 30, 2025, and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;September 30,<br>&nbsp;&nbsp;2025 | &nbsp;&nbsp;December 31<br>&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;Net loss for the year | $&nbsp;&nbsp;(1907799) | &nbsp;&nbsp;(988450) |
| &nbsp;&nbsp;Effective tax rate | &nbsp;&nbsp;21% | &nbsp;&nbsp;21% |
| &nbsp;&nbsp;Tax Recovery | &nbsp;&nbsp;(400638) | &nbsp;&nbsp;(207575) |
| &nbsp;&nbsp;Less: valuation allowance | &nbsp;&nbsp;400638 | &nbsp;&nbsp;207575 |
| &nbsp;&nbsp;Net deferred asset | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;September 30,<br>&nbsp;&nbsp;2025 | &nbsp;&nbsp;December 31<br>&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;Net Operating Loss carryforward | $&nbsp;&nbsp;649661 | $&nbsp;&nbsp;249023 |
| &nbsp;&nbsp;Less: Valuation allowance | &nbsp;&nbsp;(649661) | &nbsp;&nbsp;(249023) |
| &nbsp;&nbsp;Net deferred tax asset | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- |

---

Tax returns for the years ended 2018 to 2024, have not been filed by the Company, and are subject to review by the tax authorities. The Company has no liabilities related to uncertain tax positions or unrecognized benefits as of September 30, 2025. The Company has not accrued interest or penalties associated with unrecognized tax liabilities.

[**Table of Contents**](#TableOfContents)

**NOTE 16 – SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date these consolidated financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure, except as follows:

During October 2025, the Company accepted subscriptions from four investors to acquire an aggregate of 566,898 shares of common stock in exchange for $141,724 in cash.

On October 31, 2025, the Company received a payment of approximately $78,000 in connection with the bulk sale of medicinal cannabis via the Company's distribution partner in the United Kingdom.

On November 13, 2025, the Company entered into a Management Services Agreement with Cannabudgrow (Pty) Ltd., a licensed cultivator and exporter of medicinal cannabis in South Africa ("CBG"). Pursuant to the Management Services Agreement, the Company is obligated to provide CBG a variety of management, administrative, and strategic services to CBG in return for 95% of the net revenue of CBG, after deduction of revenues and costs associated with regulated activities.

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

Crucial Innovations Corp. (collectively with our subsidiary, "we," "us," "our," "CINV" or the "Company"), a Nevada corporation, was formed on February 28, 2018. We were initially engaged in the business of English language tutoring over the Internet. However, we were not able to execute our original business plan, develop significant operations or achieve commercial sales. In May 2023, we determined to change our business to become a supplier and distributor of medical cannabis in Europe, and signed an agreement to acquire a grower of medical cannabis and associated real property in South Africa. During the first quarter of 2024, we paid a partial payment toward this acquisition, and subsequently made additional payments during 2024 and 2025 (See *Subsequent Events* below).

Our principal office is located at 86-90 Paul Street, London EC2A 4NE United Kingdom, and our telephone number is +44 (0) 203 148 1452. Our corporate website is located at www.cinvcorp.com, although it does not constitute a part of this Quarterly Report. We make available free of charge on our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed or furnished to the Securities and Exchange Commission ("SEC"). Our shares have previously traded on the OTC Markets expert trading platform under the symbol 'CINV'. We intend to re-apply to OTC Markets to resume trading in our shares.

The information contained in this section should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company's Annual Report on Form 10-K, and any amendments thereto ("10-K"). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Qu arterly Report, as well as in future oral and written statements by management of CINV, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward- looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar words. Important assumptions include our ability to generate revenues, achieve certain margins and levels of profitability, and the availability of additional capital. In light of these and other uncertainties, the inclusion of a forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this Quarterly Report may include statements as to:

[**Table of Contents**](#TableOfContents)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our business prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· currency volatility, foreign exchange, and inflation risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our contractual arrangements with our customers and other relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· political instability in the countries in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· uncertainty regarding certain legal systems in the countries in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our dependence upon external sources of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our expected financings and capital raising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our regulatory structure and tax treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the timing of cash flows from our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· market conditions and our ability to access additional capital, if deemed necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· natural or man-made disasters and other external events that may disrupt our operations.

[**Table of Contents**](#TableOfContents)

There are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. For a discussion of factors that could cause our actual results to differ from forward- looking statements contained in this Quarterly Report, please see the discussion in "*Item 1A. Risk Factors"* in our 10-K. You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.

**Business Operations**

The Company functions as an operating company engaged in the medical cannabis industry with active business operations spanning cultivation, processing, import, and distribution. We maintain operational and financial control over our business activities through contractual arrangements with our operating partners in South Africa and the United Kingdom, including management services agreements and account control agreements that grant us authority over day-to-day operations, financial management, strategic planning, and revenue collection. We conduct substantive, active business operations, generate operating revenues, exercise operational control over our business activities, and maintain an active corporate governance structure.

*Operational Control Framework*. We have a Management Services Agreement with our South African cultivation and distribution partner Cannabudgrow (Pty) Ltd ("CBG") (see *Subsequent Events* below). Through the Management Services Agreement, we exercise exclusive management authority over all non-regulated business functions, including financial management, strategic planning, marketing, supply chain oversight, and personnel administration. These agreements grant us the authority to establish and maintain accounting systems, bill and collect receivables, prepare financial statements, develop operating budgets, manage administrative and marketing personnel, coordinate logistics, and execute contracts on behalf of our operating partners. Additionally, through an account control agreement with CBG, we maintain authorized signatory status over one or more dedicated lockbox accounts, providing us with direct control over revenue collection, fund disbursement, and cash flow management. This contractual framework ensures that we direct day-to-day business operations and capture the economic benefits of cultivation, processing, and distribution activities.

*Revenue-Generating Operations and Vertical Integration*. Our business operates through a vertically integrated supply chain encompassing cultivation, processing, export, import, manufacturing, and distribution. In South Africa, we oversee cultivation operations at SAHPRA-licensed facilities operated by CBG, including genetic development, crop management, and quality control. Following harvest, cannabis undergoes processing, testing, and packaging before export to the United Kingdom. Upon importation in the United Kingdom, our UK partner Xeal Pharma, a licensed importer and manufacturer, converts the imported flower into Cannabis-Based Products for Medicinal use (CBPMs) under our strategic oversight. Distribution is managed through our partnership with The VOR Group, which handles wholesale and retail sales to UK and European pharmacies, clinics, and healthcare providers. We have successfully conducted research and development shipments from South Africa to the UK, which have been invoiced and recorded as commercial transactions, establishing proof of international trade execution and revenue generation. We market our products under the 4TP ("For The People") brand across our distribution channels.

*Corporate Governance and Management*. We maintain an active corporate governance structure including a majority of independent directors, an executive management team (Chief Executive Officer, Chief Financial Officer, and operational leadership), and functional departments responsible for operations, finance, compliance, marketing, and business development. We fulfill our obligations as a public reporting company, including quarterly and annual financial reporting, investor communications, and SEC compliance activities. Our ongoing business activities include contract negotiation and execution, partnership development and management, regulatory compliance across multiple jurisdictions, research and development initiatives, brand development and marketing, and strategic planning for market expansion and operational scaling.

**Results of Operations**

The following summary of our results of operations should be read in conjunction with our unaudited financial statements for the three and nine months period ended September 30, 2025 and 2024, which are included herein.

Our operating results for the three and nine months ended September 30, 2025 and 2024 and the changes between those periods for the respective items are summarized as follows.

[**Table of Contents**](#TableOfContents)

***Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024:***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | |
|  | September 30, | September 30, | |
|  | 2025 | 2024 |<br>Changes ($) |
| &nbsp;&nbsp;Revenues | $— | $— | $— |
| &nbsp;&nbsp;Operating expenses | 912600 | 509601 | 402999 |
| &nbsp;&nbsp;Other (income) expenses | 46896 | 14218 | 32678 |
| &nbsp;&nbsp;Net loss | $959496 | $523819 | $435677 |

---

Although the Company generated no revenues for the three months ended September 30, 2025 and 2024, it has conducted active business operations which have subsequently resulted in revenue during the fourth quarter of 2025 and commercial relationships which are expected to generate significant future revenues. Accordingly, on October 31, 2025, the Company received a payment of approximately $78,000 in connection with the bulk sale of medicinal cannabis via the Company's distribution partner in the United Kingdom. In addition, on November 13, 2025, the Company entered into a Management Services Agreement with Cannabudgrow (Pty) Ltd., a licensed cultivator and exporter of medicinal cannabis in South Africa ("CBG"). Pursuant to the Management Services Agreement, the Company is obligated to provide CBG a variety of management, administrative, and strategic services to CBG in return for 95% of the net revenue of CBG, after deduction of revenues and costs associated with regulated activities. See *Subsequent Events* below.

Operating expenses for the three months ended September 30, 2025 consist mainly of professional fees of $723,142 and general and administrative expenses of $136,185. Operating expenses for the three months ended September 30, 2024 consist primarily of professional fees of $170,308 and the impairment of inventory of $279,150.

During the three months ended September 30, 2025 and 2024, the Company recognized $46,896 and $14,218 in interest on convertible notes.

Our financial statements report a net loss of $959,496 for the three months ended September 30, 2025, compared to a net loss of $523,819 for the three months ended September 30, 2024.

 ***Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024:***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended | |
|  | September 30, | September 30, | |
|  | 2025 | 2024 |<br>Changes ($) |
| &nbsp;&nbsp;Revenues | $— | $— | $— |
| &nbsp;&nbsp;Operating expenses | 5783523 | 90319861 | (84536338) |
| &nbsp;&nbsp;Other (income) expenses | 53057 | 17322 | 35735 |
| &nbsp;&nbsp;Net loss | $5836580 | $90337183 | $(84500603) |

---

[**Table of Contents**](#TableOfContents)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company generated no revenues for the nine months ended September 30, 2025 and 2024. Operating expenses for the nine months ended September 30, 2025 consist mainly of management fees of $1,323,000 and professional fees of $3,937,849 and general and administrative expenses of $394,834. Operating expenses for the nine months ended September 30, 2024 consist primarily of stock-based compensation, impairment loss on fixed assets-acquisition Ember Pharms (Pty) Ltd. Of 834,611, impairment inventory of $610,884, marketing expenses of $5,352,377 and general and administrative expenses of $150.981. During the nine months ended September 30, 2024, the Company issued 305,082,998 shares under the Company's 2024 Equity Incentive Plan. 110,345,637 shares of common stock were issued to the Company's CFO, director and non-executive board members, valued at $30,014,014. 194,737,361 shares of common stock were issued for professional fees, valued at $52,968,562.

During the nine months ended September 30, 2025 and 2024, the Company recognized $77,722 and $17,322 in interest on convertible notes. During the nine months ended September 30, 2025 the company recorded a gain on settlement of liabilities in the amount of $24,665.

Our financial statements report a net loss of $5,836,580 for the nine months ended September 30, 2025 compared to a net loss of $90,337,183 for the nine months ended September 30, 2024.

**Liquidity and Capital Resources**

The following tables provide selected financial data about our company as of September 30, 2025 and December 31, 2024, respectively.

**Working** **Capital**

---

| | | | |
|:---|:---|:---|:---|
|  | September 30,<br>2025 | December 31,<br>2024 |<br>Changes ($) |
| Cash | $317 | $52668 | $(52351) |
| Current Assets | $703092 | $68285 | $634807 |
| Current Liabilities | $3.655544 | $1871473 | $1784071 |
| Working Capital (Deficiency) | $(2952452) | $(1803188) | $(1149264) |

---

As of September 30, 2025 and December 31, 2024, our total current assets were $703,092 and $68,285, respectively. Current assets as of September 30, 2025 consist mainly of advances to supplier of $667,924.

As of September 30, 2025, our current liabilities were $3,655,544 compared to $1,871,473 as of December 31, 2024. Working capital deficiency was $2,952,452 as of September 30, 2025 compared to working capital deficiency of $1,803,188 as of December 31, 2024. The increase in working capital deficiency was primarily the result of an increase in current liabilities. Current liabilities increased mainly due to an increase in amounts due to related parties of $1,134,199 for payments made for operating expenses.

[**Table of Contents**](#TableOfContents)

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | Nine months ended | Nine months ended | |
|  | September 30, | September 30, | |
|  | 2025 | 2024 |<br>Changes ($) |
| &nbsp;&nbsp;Cash Flows u sed in Operating Activities | $(1769157) | $(995299) | $(773858) |
| &nbsp;&nbsp;Cash Flows used in Investing Activities | (5432) | (12150) | 6718 |
| &nbsp;&nbsp;Cash Flows provided by Financing Activities | 1804837 | 1033538 | 771299 |
| &nbsp;&nbsp;Effect of exchange rate changes on cash | (14648) | (25790) | 11142 |
| &nbsp;&nbsp;Net Change in Cash During Period | $15600 | $299 | $15301 |

---

During the nine months ended September 30, 2025 and 2024, cash flows used in operating activities were $1,769,157 and $995,299, respectively. For the nine months ended September 30, 2025, the largest items in net cash flows used in operating activities consisted of a net loss of $5,836,580, stock-based compensation of $3,928,781, change in advances to supplier of $667,925 and change in accounts payable and accrued liabilities of $615,420. For the nine months ended September 30, 2024, the largest items in net cash flows used in operating activities consisted of a net loss of $90,337,183, stock-based compensation of $88,268,546, impairment of inventory of $610,884 and change in accounts payable and accrued liabilities of $240,434.

During the nine months ended September 30, 2025 and 2024, cash flows used in investing activities were $5,432 and $12,150, respectively. For the nine months ended September 30, 2025 and 2024, all of the net cash flows used in investing activities consisted of the purchases of property and equipment.

During the nine months ended September 30, 2025 and 2024, cash flows provided by financing activities were $1,804,837 and $1,033,538, respectively. For the nine months ended September 30, 2025, net cash flows provided by financing activities consisted primarily of proceeds from related parties of $1,294,137, repayment of related party loans of $252,558 and proceeds from convertible notes of $626,677. For the nine months ended September 30, 2024, net cash flows provided by financing activities consisted of proceeds from related parties of $1,033,538, repayment of related party loans of $534,868 and proceeds from common stock to be issued of $534,868.

We expect our cash on hand and revenues received from our operations will be insufficient to meet our anticipated liquidity needs for business operations for the next twelve months, and that we will need to secure capital from various sources, including loans and sales of our equity, as well as advances from one or more related parties. There can be no assurance that we will continue to generate cash flows at or above current levels or that we will be able to raise additional financing to support our operating and compliance expenditures. Absent our success in obtaining operating capital from one or more of these sources, there exists substantial doubt as to the Company's ability to continue as a going concern.

Our future cash flows could be adversely affected by events outside of our control, including, without limitation, changes in overall economic conditions, regulatory requirements, demand for our products and services, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. The foregoing events, either individually or collectively, could affect our results.

[**Table of Contents**](#TableOfContents)

**Off Balance Sheet Arrangements**

None.

 **Subsequent Events**

Management performed an evaluation of the Company's activity through the date the financial statements were issued, noting the following subsequent events:

During October 2025, the Company accepted subscriptions from four investors to acquire an aggregate of 566,898 shares of common stock in exchange for $141,724 in cash.

On October 31, 2025, the Company received a payment of approximately $78,000 in connection with the bulk sale of medicinal cannabis via the Company's distribution partner in the United Kingdom.

On November 13, 2025, the Company entered into a Management Services Agreement with Cannabudgrow (Pty) Ltd., a licensed cultivator and exporter of medicinal cannabis in South Africa ("CBG"). Pursuant to the Management Services Agreement, the Company is obligated to provide CBG a variety of management, administrative, and strategic services to CBG in return for 95% of the net revenue of CBG, after deduction of revenues and costs associated with regulated activities.

[**Table of Contents**](#TableOfContents)

---

| | |
|:---|:---|
| <br> **Item 3.** | **Quantitative and Qualitative Disclosures About Market Risk** |

---

We are subject to financial market risks, including changes in interest rates, lease rates, credit rates, and general debt terms.

We are subject to risks regarding currency volatility and foreign exchange rates. In particular, we are subject to fluctuations in foreign exchange rates between the U.S. dollar, our reporting currency, and currencies of countries where we market or source our products and services, which presently consists principally of the British Pound. Such fluctuations may result in significant increases or decreases in our reported revenue and other results as expressed in dollars, and in the reported value of our assets, liabilities and cash flows. In addition, currency fluctuation may adversely affect receivables, payables, debt, firm commitments and forecast transactions denominated in non-U.S. currencies. In particular, transition risks arise where parts of the cost of sales are not denominated in the same currency of such sales. We currently do not hedge this exposure. Fluctuation in exchange rates, depreciation of local currencies, changes in monetary and/or fiscal policy or inflation in the countries in which we operate could have a material adverse effect on our business, financial condition, results of operations and prospects.

In addition to foreign currency risk, our ability to generate operating cash flows at our parent company level could depend on the ability of our subsidiaries to upstream funds. South Africa and other countries in which we may operate have exchange controls that can, from time to time, place restrictions on the exchange of local currency for foreign currency and the transfer of funds abroad. These controls and other controls that may be implemented in the future could limit the ability of our subsidiaries to transfer cash to us and make us dependent upon external sources of cash and credit.

We can offer no assurance that additional restrictions on currency exchange will not be implemented in the future or that these restrictions will not limit the ability of our subsidiaries to transfer cash to us, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

**Item 4.** **Controls and Procedures**

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) of the Securities Exchange Act of 1934. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Management assessed the effectiveness of our internal control over financial reporting as of September 30, 2025. In making this assessment, management used the criteria set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013.

Based upon our evaluation of internal controls, our CEO and CFO determined that (i) we have a material weakness over our entity level control environment as of September 30, 2025 and (ii) our internal control over financial reporting was not effective as of September 30, 2025, inasmuch as are still rectifying our accounting infrastructure and procedures to enable timely filing of our quarterly and annual reports as required under the Securities Exchange Act of 1934.

[**Table of Contents**](#TableOfContents)

**Part II. Other Information**

**Item 1.** **Legal Proceedings**

On May 12, 2025 Vertical Up Manufacturing (Pty) Ltd ("Vertical Up"), the owner of certain real property that the Company has utilized for its cannabis cultivation business, filed a lawsuit, Case No. 2242/2025, against the Company and Ember Pharms (Pty) Ltd., its wholly-owned subsidiary, in the High Court of South Africa, Free State Division, Bloemfontein. The petition sought damages for unpaid rent and utilities, damage to the property, and restitution of insurance proceeds totaling an aggregate of ZAR 6,068,434, plus ZAR 130,000 per month until the premises were vacated by the defendants. The Company engaged Hill, McHardy & Herbst Inc. to defend its interests in the lawsuit. On June 23, 2025, the parties entered into a Deed of Settlement of the lawsuit which required that the Company vacate the premises and make a series of installment payments to Vertical Up totaling ZAR 2,758,500 in the aggregate, which payments may be offset from Vertical Up's sale of cannabis inventory on the premises. Pursuant to the terms of the Deed of Settlement, the first installment payment of ZAR 500,000 was made on June 27, 2025. Subsequently, the Company paid ZAR 376,416 on August 1, 2025.

From time to time, the Company is a party to certain other proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our customers and suppliers. While the outcome of these legal proceedings cannot at this time be predicted with certainty, we do not expect that these proceedings will have a material effect upon the Company's financial condition or results of operations.

---

| | |
|:---|:---|
| **Item 1A.** | **Risk Factors** |

---

We are subject to a number of risks, many of which are identified in our Annual Report on Form 10-K for the year ended December 31, 2024, including any amendments thereto ("10-K"). As the business of the Company and its subsidiaries continues to develop, we intend to identify, as will be reasonably possible, any such additional risks and include the same in our subsequent filings and reports with the SEC.

Readers should carefully consider these risks and all other information contained in our 10-K, including the Company's financial statements and the related notes thereto. The risks and uncertainties described in our 10-K and throughout this 10-Q are not the only ones facing the Company.

Additional risks and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance**.**

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

In connection with a private offering of the Company's common stock, during the three months ended September 30, 2025, the Company accepted subscriptions for an aggregate of 274,412 shares of common stock to non-U.S. investors. No solicitation was made and no underwriting discounts were given or paid in connection with these transactions. The Company believes that the issuance of its shares of common stock in connection with private offering was exempt from registration with the Securities and Exchange Commission pursuant to Section 4(2) of the Securities Act of 1933.

During the three months ended June 30, 2025, in connection with the Company's private offering of senior secured convertible notes to non-U.S. investors, the Company issued various notes in the aggregate principal amount of approximately $338,480. No solicitation was made and no underwriting discounts were given or paid in connection with these transactions. The Company believes that the issuance of the notes was exempt from registration with the Securities and Exchange Commission pursuant to Section 4(2) of the Securities Act of 1933.

**Item 3.** **Defaults Upon Senior Securities**

None.

[**Table of Contents**](#TableOfContents)

**Item 4.** **Mine Safety Disclosures**

Not Applicable.

**Item 5.** **Other Information**

Not Applicable.

**Item 6.** **Exhibits**

---

| | | |
|:---|:---|:---|
| **3.** | **Articles of Incorporation or Bylaws** | **Articles of Incorporation or Bylaws** |
|  | (a) | Amended and Restated Articles of Incorporation of the Company (incorporated by reference to the Company's Quarterly Report on Form 10-Q for Three and Six Months Ended June 30, 2024 filed on May 21, 2025) |
|  | (b) | Amended and Restated Bylaws of the Company (incorporated by reference to the Company's Quarterly Report on Form 10-Q for the Three and Six Months Ended June 30, 2024 filed on May 21, 2025) |
| <br> **10.** | <br> **Material Contracts** | <br> **Material Contracts** |
|  | (a) | Share Purchase Agreement, dated May 8, 2023, between the Company and certain sellers, concerning the acquisition of Ember Pharms (Pty) Ltd. (incorporated by reference to the Company's Quarterly Report on Form 10-Q for the Three and Six Months Ended June 30, 2024 filed on May 21, 2025) |
|  | (b) | 2024 Equity Incentive Plan (incorporated by reference to the Company's Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2024 filed on February 18, 2025) |
| <br> **31.** | <br> **Rule 13a-14(a)/15d-14(a) Certifications** | <br> **Rule 13a-14(a)/15d-14(a) Certifications** |
|  | 1. | Certification by Chief Executive Officer\* |
|  | 2. | Certification by Chief Financial Officer\* |
| **32.** | **Rule 1350 Certifications** | **Rule 1350 Certifications** |
|  | 1. | Certification by Chief Executive Officer\* |
|  | 2. | Certification by Chief Financial Officer\* |
| <br> **101.INS** |  | **Formatted in Inline XBRL (Extensible Business Reporting Language)** (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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).** |

---

\* Filed herewith

**\*\*** The certifications furnished in Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

[**Table of Contents**](#TableOfContents)

**SIGNATURE**

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 by the undersigned, thereunto duly authorized.

Dated: November 14, 2025

**CRUCIAL INNOVATIONS CORP.**

---

| |
|:---|
| **CRUCIAL INNOVATIONS CORP.** |
| /s/ Jon-Paul Doran |
| **Jon-Paul Doran** |
| **Chief Executive Officer** |

---

---

| |
|:---|
| **CRUCIAL INNOVATIONS CORP.** |
| /s/ Darlington Ganda |
| **Darlington Ganda** |
| **Chief Financial Officer** |

---

## Exhibit 31.1

[EXHIBIT 31.1](f10q_cinv09302025.htm)

Form of Quarterly Certification Required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934

I, Jon-Paul Doran, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Crucial Innovations Corp.;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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)) for the registrant and we 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 quarterly 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 consolidated 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;

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

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a. All significant deficiencies and material weaknesses in the design or operation of internal controls 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 controls.

Dated: November 14, 2025

---

| |
|:---|
| **CRUCIAL INNOVATIONS CORP.** |
| /s/ Jon-Paul Doran |
| **Jon-Paul Doran** |
| **Chief Executive Officer** |

---

## Exhibit 31.2

[EXHIBIT 31.2](ex312_302cfocertification.htm)

Form of Quarterly Certification Required

by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934 I, Darlington Mazvidza, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Crucial Innovations Corp.;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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)) for the registrant and we 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 quarterly 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 consolidated 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;

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

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a. All significant deficiencies and material weaknesses in the design or operation of internal controls 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 controls.

Dated: November 14, 2025

---

| |
|:---|
| **CRUCIAL INNOVATIONS CORP.** |
| /s/ Darlington Ganda |
| **Darlington Ganda** |
| **Chief Financial Officer** |

---

## Exhibit 32.1

[EXHIBIT 32.1](f10q_cinv09302025.htm)

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)

In connection with the accompanying Quarterly Report of Crucial Innovations Corp. (the "Company") on Form 10-Q for the quarter ended September 30, 2025 (the "Report"), I, Jon-Paul Doran, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

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

Dated: November 14, 2025

---

| |
|:---|
| **CRUCIAL INNOVATIONS CORP.** |
| /s/ Jon-Paul Doran |
| **Jon-Paul Doran** |
| **Chief Executive Officer** |

---

## Exhibit 32.2

[EXHIBIT 32.2](f10q_cinv09302025.htm)

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)

In connection with the accompanying Quarterly Report of Crucial Innovations Corp. (the "Company") on Form 10-Q for the quarter ended September 30, 2025 (the "Report"), I, Darlington Mazvidza, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

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

Dated: November 14, 2025

---

| |
|:---|
| **CRUCIAL INNOVATIONS CORP.** |
| /s/ Darlington Ganda |
| **Darlington Ganda** |
| **Chief Financial Officer** |

---