# EDGAR Filing Document

**Accession Number:** 0001648087
**File Stem:** 0001493152-26-022768
**Filing Date:** 2026-5
**Character Count:** 244015
**Document Hash:** a6a60cdbf3cf37a3cb2224728bb6f121
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-022768.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001493152-26-022768

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN REBEL HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001648087
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 473892903
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41267
- **FILM NUMBER:** 26974321

**BUSINESS ADDRESS:**
- **STREET 1:** 218 3RD AVENUE NORTH, #400
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37201
- **BUSINESS PHONE:** 833-267-3235

**MAIL ADDRESS:**
- **STREET 1:** 218 3RD AVENUE NORTH, #400
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CUBESCAPE INC
- **DATE OF NAME CHANGE:** 20150714

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

(Mark One)

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

For the Quarterly Period Ended March 31, 2026

OR

☐ 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 **<u>001-41267</u>**

**AMERICAN REBEL HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **47-3892903** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **218 3<sup>rd</sup> **Avenue North**, #400**<br> **Nashville, Tennessee** | **37201** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(833) 267-3235**

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

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

The number of shares of the registrant's common stock outstanding as of May 12, 2026 was 12,519,387.

**<u>AMERICAN REBEL HOLDINGS, INC.</u>**

**INDEX TO QUARTERLY REPORT ON FORM 10-Q**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| [PART I. FINANCIAL INFORMATION](#Y-001) | [PART I. FINANCIAL INFORMATION](#Y-001) | 3 |
| Item 1. | [Interim Condensed Consolidated Financial Statements (Unaudited)](#Y-002) | 3 |
|  | [Condensed Consolidated Balance Sheets of American Rebel Holdings, Inc. at March 31, 2026 (Unaudited) and December 31, 2025 (Audited)](#Y-003) | 3 |
|  | [Condensed Consolidated Statements of Operations of American Rebel Holdings, Inc. for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#Y-004) | 4 |
|  | [Condensed Consolidated Statements of Stockholders' Equity (Deficit) of American Rebel Holdings, Inc. for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#Y-005) | 5 |
|  | [Condensed Consolidated Statements of Cash Flows of American Rebel Holdings, Inc. for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#Y-006) | 6 |
|  | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](#Y-007) | 7 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#sq_001) | 37 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#sq_002) | 43 |
| Item 4. | [Controls and Procedures](#sq_003) | 43 |
| [PART II. OTHER INFORMATION](#sq_004) | [PART II. OTHER INFORMATION](#sq_004) | 44 |
| Item 1. | [Legal Proceedings](#sq_005) | 44 |
| Item 1A. | [Risk Factors](#sq_006) | 44 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#sq_007) | 44 |
| Item 3. | [Defaults Upon Senior Securities](#sq_008) | 46 |
| Item 4. | [Mine Safety Disclosure](#sq_009) | 46 |
| Item 5. | [Other Information](#sq_010) | 46 |
| Item 6. | [Exhibits](#sq_011) | 47 |
| [Signatures](#sq_012) | [Signatures](#sq_012) | 50 |

---

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

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

**AMERICAN REBEL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | (Unaudited) | (Audited) |
| **ASSETS** |  |  |
| **CURRENT ASSETS:** |  |  |
| Cash and cash equivalents | $475793 | $147586 |
| Accounts receivable, net | 692715 | 949515 |
| Prepaid expense | 1983644 | 1792567 |
| Inventory | 2387343 | 2755320 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 5539495 | 5644988 |
| Property and Equipment, net | 14233758 | 14345741 |
| **OTHER NON-CURRENT ASSETS:** |  |  |
| Restricted cash | 1874501 | 2624501 |
| Lease deposits and other | 136159 | 59730 |
| Investments | 6487233 | 6499851 |
| Right-of-use lease assets | 2065734 | 2248784 |
| Intangible assets, net | 387500 | 400000 |
| &nbsp;&nbsp;&nbsp;**Total Other Assets** | 10951127 | 11832866 |
| **TOTAL ASSETS** | $30724380 | $31823595 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| **CURRENT LIABILITIES:** |  |  |
| Accounts payable and other payables | $3983032 | $3502362 |
| Accrued expense and other | 1224906 | 722324 |
| Accrued interest | 135611 | 554375 |
| Deferred revenue | 391912 | 369607 |
| Loan – Officers – related party | 9300 | 3800 |
| Loans – Working capital, net | 15280182 | 19616386 |
| Loan – Director – related party | 400000 | 400000 |
| Right-of-use lease liability, current | 811847 | 797447 |
| &nbsp;&nbsp;&nbsp;Total Current Liabilities | 22236790 | 25966301 |
| Right-of-use lease liability, long-term | 1301792 | 1475523 |
| **TOTAL LIABILITIES** | 23538582 | 27441824 |
| **STOCKHOLDERS' EQUITY** |  |  |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,083,381 and 1,521,701 issued and outstanding, at March 31, 2026 and December 31, 2025, respectively, comprised of Preferred Shares A, B, D and E |  |  |
| &nbsp;&nbsp;&nbsp;Preferred - Series A | 123 | 123 |
| &nbsp;&nbsp;&nbsp;Preferred - Series B | 75 | 75 |
| &nbsp;&nbsp;&nbsp;Preferred - Series C |  |  |
| &nbsp;&nbsp;&nbsp;Preferred - Series D | 883 | 1321 |
| &nbsp;&nbsp;&nbsp;Preferred - Series E | 2 | 2 |
| Common stock, $0.001 par value; 600,000,000 shares authorized; 233,366 and 3,362 issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 233 | 3 |
| Additional paid in capital | 113570436 | 103791736 |
| Noncontrolling interest in American Rebel Licensing NIL I, Inc. | (767) |  |
| Accumulated deficit | (106385187) | (99411489) |
| **TOTAL STOCKHOLDERS' EQUITY** | 7185798 | 4381771 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $30724380 | $31823595 |

---

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

(1) The
 Company's common stock outstanding as of December 31, 2025, has been retroactively restated for the various reverse stock splits
 as described in the footnotes.

**AMERICAN REBEL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Revenue | $1985191 | $2511324 |
| Cost of goods sold | 2379236 | 2222270 |
| Gross margin | (394045) | 289054 |
| Expenses: |  |  |
| Consulting/payroll and other costs | 1081869 | 738977 |
| Compensation expense – officers – deferred comp – related party | 62500 | 164063 |
| Rental expense, warehousing, outlet expense | 45688 | 57114 |
| Product development costs | 5506 | 93467 |
| Marketing and brand development costs | 1259798 | 695491 |
| Administrative and other | 1169182 | 1470587 |
| Depreciation and amortization expense | 124484 | 35774 |
| Total operating expenses | 3749027 | 3255473 |
| Operating loss | (4143072) | (2966419) |
| Other income (expense) |  |  |
| Interest expense | (1345882) | (723942) |
| Interest income | 131 | 264 |
| Other income | 6500 | 18000 |
| Loss on debt extinguishment | (903573) | (499794) |
| Remeasurement and loss on settlement of liabilities | (455718) | (887365) |
| Net income (loss) before income tax provision | (6841614) | (5059256) |
| Provision for income tax | - | - |
| Loss on equity method investments | (12617) | - |
| Net income (loss) | $(6854231) | $(5059256) |
| Less: net income (loss) attributable to noncontrolling interest | (767) | - |
| Net income (loss) attributable to American Rebel Holdings, Inc. | $(6853464) | $(5059256) |
| Series E preferred stock dividends | (119000) | - |
| Net income (loss) attributable to common stockholders | $(6972464) | $(5059256) |
| Basic and diluted income (loss) per share | $(71.28) | $(937997.93) |
| Weighted average common shares outstanding - basic and diluted | 97816 | 5 |

---

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

(1) The
 Company's common stock outstanding for the three months ended March 31, 2025, has been retroactively restated for the various
 reverse stock splits as described in the footnotes.

**AMERICAN REBEL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY/(DEFICIT)**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock Amount** | **Preferred Stock** | **Preferred Stock Amount** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interest** | **Total** |
| Balance - December 31, 2025 | 3362 | $3 | 1521701 | $1521 | $103791736 | $(99411489) | $- | 4381771 |
| Series A compensation expense |  |  |  |  | 62500 |  |  | 62500 |
| Issuance of Series D preferred stock and common stock for notes payable settlement | 45220 | 45 | 281560 | 282 | 6965791 |  |  | 6966118 |
| Issuance of Series D preferred stock |  |  | 70000 | 70 | 524930 |  |  | 525000 |
| Issuance of Series D preferred stock and common stock for liabilities settlement | 7781 | 8 | 53334 | 53 | 1984440 |  |  | 1984501 |
| Issuance of Series D preferred stock and common stock for consulting services |  |  | 18000 | 18 | 134982 |  |  | 135000 |
| Conversion of Series D preferred stock to common stock | 89820 | 90 | (860843) | (861) | (3443) |  |  | (4214) |
| Issuance of Series E preferred stock for preferred returns |  |  | 119 |  | 120234 | (120234) |  |  |
| Conversion of Series E preferred stock to common stock | 24500 | 25 | (490) |  | (2) |  |  | 23 |
| Offering costs |  |  |  |  | (30000) |  |  | (30000) |
| Effect of reverse stock split round lot shares | 62683 | 63 |  |  | 19268 |  |  | 19331 |
| Net loss | - | - | - | - | - | (6853464) | (767) | (6854231) |
| **Balance - March 31, 2026** | 233366 | $233 | 1083381 | $1083 | $113570436 | $(106385187) | $(767) | $7185798 |
| Balance - December 31, 2024 | 2 | $- | 398256 | $398 | $57453920 | $(65086200) | $- | $(7631882) |
| Series A compensation expense |  |  |  |  | 164063 |  |  | 164063 |
| Issuance of common stock for liabilities settlement | 7 |  |  |  | 2597427 |  |  | 2597427 |
| Issuance of Series D preferred stock in connection with loans – working capital, net |  |  | 18736 | 19 | 190352 |  |  | 190371 |
| Issuance of common stock in connection with consulting and financing arrangements |  |  |  |  | 2206 |  |  | 2206 |
| Conversion of Series D preferred stock into common stock |  |  | (88334) | (89) | 89 |  |  |  |
| Conversion of notes payable into common stock | 8 |  |  |  | 1724398 |  |  | 1724398 |
| Effect of reverse stock split round lot shares | 1 |  |  |  |  |  |  |  |
| Net loss | - | - | - | - | - | (5059256) | - | (5059256) |
| **Balance - March 31, 2025** | 17 | $- | 328658 | $328 | $62132455 | $(70145456) | $- | $(8012673) |

---

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

(1) The
 Company's changes in stockholders' equity for the three months ended March 31, 2025 has been retroactively restated for
 the various reverse stock splits as described in the footnotes.

**AMERICAN REBEL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| CASH FLOW FROM OPERATING ACTIVITIES: |  |  |
| Net loss | (6854231) | (5059256) |
| Depreciation and amortization | 124484 | 129124 |
| Non-cash, in-kind interest | 1219518 | 245108 |
| Deferred compensation in connection with Series A preferred shares | 62500 | 164063 |
| Loss on debt extinguishment | 903573 | 499794 |
| Loss on remeasurement and settlement of liabilities | 455718 | 887365 |
| Loss on equity method investments | 12617 |  |
| Adjustments to reconcile net loss to cash (used in) operating activities: |  |  |
| Accounts receivable | 256800 | (106690) |
| Prepaid expense and other | (56077) | (57821) |
| Inventory | 367977 | 351888 |
| Lease deposits and other | (76429) | 38655 |
| Accounts payable | 2009453 | 1938031 |
| Accrued expenses | 502582 | 77849 |
| Accrued interest |  | 455030 |
| Deferred revenue | 22305 | (7640) |
| Right-of-use lease liabilities | 23719 | (101975) |
| Net Cash (Used in) Operating Activities | (1025491) | (546475) |
| CASH FLOW FROM INVESTING ACTIVITIES: |  |  |
| (Purchase) Disposition of property and equipment | - | (2272) |
| Net Cash (Used in) Investing Activities | - | (2272) |
| CASH FLOW FROM FINANCING ACTIVITIES: |  |  |
| Offering costs paid | (30000) |  |
| Proceeds from loans - officer - related party | 5500 | 7745 |
| Proceeds from working capital loans, net | 305900 | 849830 |
| Repayments of working capital loans, net | (202702) | (92713) |
| Origination fees paid |  | (13000) |
| Payments on line of credit |  | (150000) |
| Proceeds from issuance of Series D preferred stock | 525000 | - |
| Net Cash Provided by Financing Activities | 603698 | 601862 |
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (421793) | 53115 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 2772087 | 287546 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 475793 | 340661 |
| RESTRICTED CASH AT END OF PERIOD | 1874501 | - |
| TOTAL CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 2350294 | 340661 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |
| Cash paid for: |  |  |
| Interest | $40952 | $134665 |
| Income taxes | - | - |
| Non-cash operating activities: |  |  |
| Prepaid expenses paid for with issuance of Company stock | 778130 | - |
| Liabilities settled with issuance of Company stock | 1131042 | 1631103 |
| Non-cash financing activities: |  |  |
| Debt converted to Company stock | $5617113 | $897712 |

---

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

**AMERICAN REBEL HOLDINGS, INC.**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(Unaudited)**

**NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Organization

American Rebel Holdings, Inc. ("the Company") was incorporated on December 15, 2014, under the laws of the State of Nevada, as CubeScape, Inc. Effective January 5, 2017, the Company amended its articles of incorporation and changed its name to American Rebel Holdings, Inc. On June 19, 2017, the Company completed a business combination with its majority stockholder, American Rebel, Inc. As a result, American Rebel, Inc. became a wholly owned subsidiary of the Company.

Nature of Operations

The Company develops and sells branded products in the self-defense, safe storage and other patriotic product areas using a wholesale distribution network, utilizing personal appearances, musical venue performances, as well as e-commerce and television. The Company's products are marketed under the American Rebel Brand and are proudly imprinted with such branding. Through its "Champion Entities" (which consists of Champion Safe Co., Inc., Superior Safe, LLC, Safe Guard Security Products, LLC, and Champion Safe De Mexico, S.A. de C.V.), the Company promotes and sells its safe and storage products through a growing network of dealers, in select regional retailers and local specialty safe, sporting goods, hunting and firearms retail outlets, as well as through online avenues, including website and e-commerce platforms. The Company sells its products under the Champion Safe Co., Superior Safe Company and Safe Guard Safe Co. brands as well as the American Rebel Brand. On August 9, 2023, the Company entered into a Master Brewing Agreement (the "Brewing Agreement") with Associated Brewing Company, a Minnesota limited liability company ("Associated Brewing"). Under the terms of the Brewing Agreement, Associated Brewing has been appointed as the exclusive producer and seller of American Rebel branded spirits, with the initial product being the American Rebel Light Beer ("American Rebel Beer"). We established American Rebel Beverages, LLC as a wholly owned subsidiary to hold our licenses with respect to the beer business. American Rebel Beer launched in 2024. In June of 2025 formed, ARH Sub, LLC, a Utah limited liability company ("ARH Sub") to facilitate the Streeterville Capital Note (see Note 6). In September of 2025, the Company entered into an agreement for the acquisition of 100% of the membership interests of 218 LLC ("ARH Properties"), a limited liability company whose sole asset is a 20,829 square foot, four-story commercial retail building located at 218 3rd Avenue North, Nashville, Tennessee. In February of 2026, the Company formed a new majority owned subsidiary, American Rebel Licensing NIL I, Inc., to pursue licensing opportunities.

Interim Financial Statements and Basis of Presentation

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information, and with the rules and regulations of the SEC set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by the U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read along with the Annual Report filed on Form 10-K of the Company for the period ended December 31, 2025, and notes thereto contained, filed on March 31, 2026.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, American Rebel, Inc., American Rebel Beverages, LLC, the Champion Entities, and ARH Sub, LLC, and ARH Properties. The Company owns 95% of the outstanding equity interests of the American Rebel Licensing NIL I, Inc. The remaining 5% equity interest is held by a third-party investor and is presented as noncontrolling interest ("NCI") in the accompanying condensed consolidated financial statements. The Company has determined that it has a noncontrolling financial interest in American Rebel Licensing NIL I, Inc. in accordance with ASC 810 Consolidation and, accordingly, consolidates the subsidiary. All significant intercompany accounts and transactions have been eliminated.

As discussed further in Note 12, the Company effected a series of reverse stock splits. Common shares and related earnings per share in the accompanying condensed consolidated financial statements have been adjusted to reflect the effect of the reverse stock splits.

Year-end

The Company's year-end is December 31.

Cash and Cash Equivalents

For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value.

Restricted Cash

Restricted cash consists of cash balances that are legally or contractually restricted as to withdrawal or use. Such restrictions may arise from contractual agreements, regulatory requirements, or other legal restrictions that limit the Company's ability to use the funds for general operating purposes. Restricted cash is presented separately from cash and cash equivalents in the condensed consolidated balance sheets.

Inventory and Inventory Deposits

Finished goods inventory primarily consists of backpacks, jackets, and related accessories, safes, and packaged beer available for sale. Raw materials primarily consists of component parts used in the assembly of safes and packaging materials. Apart from safes, the Company's finished goods are manufactured or otherwise produced by outside parties to the Company's specifications. Inventory is carried at the lower of cost (First-in, First-out Method) or net realizable value. The Company determines an estimate for the reserve of slow moving or obsolete inventories by regularly evaluating individual inventory levels, projected sales and current economic conditions. From time-to-time, the Company makes deposit payments on certain inventory purchases that are presented separately in the accompanying condensed consolidated financial statements as inventory deposits until the goods are received into inventory.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation. Additions and improvements are capitalized while ordinary maintenance and repair expenditures are charged to expense as incurred. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset. Estimated useful lives are as follows:

---

| | |
|:---|:---|
| *Asset Class* | *Useful Life* |
| Buildings and improvements | 5 – 39 years |
| Machinery and equipment | 5 – 10 years |
| Office Furniture and fixtures | 10 years |
| Vehicles | 5 – 8 years |

---

Revenue Recognition and Accounts Receivable

In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: (*1) Identify the contract with a client; (2) Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to performance obligations in the contract; and (5) Recognize revenues when or as the company satisfies a performance obligation.*

These steps are met when an order is received, a price is agreed to, and the product is shipped or delivered to that customer. Additionally, the Company offers extended warranties for the locking mechanism of its safes, which are separately purchased by customers. Warranty income is recognized over time based on the estimated useful life of the locks, which approximates 10 years. Unrecognized warranty income is presented as deferred revenue in the accompanying consolidated financial statements. Warranty income recognized was not significant for the three months ended March 31, 2026 and 2025.

The carrying amount of accounts receivable is reduced by an allowance for bad debts and expected credit losses, as necessary, that reflects management's best estimate of the amount that will not be collected. This estimation takes into consideration historical experience, current conditions and as applicable, reasonable supportable forecasts. Actual results could vary from the estimate. Accounts are charged against the allowance when management deems them to be uncollectible. The allowance for doubtful accounts was approximately $279,000 and $270,000 at March 31, 2026 and December 31, 2025, respectively. Net accounts receivable was $692,715 and $949,515 at March 31, 2026 and December 31, 2025, respectively.

The following table sets forth the approximate percentage of revenue by primary category:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended<br>March 31,** | **For the Three Months Ended<br>March 31,** |
| <br>**Percentage of revenue** | **2026** | **2025** |
| Safes | 90.8% | 96.0% |
| Soft goods and other | 0.7% | 2.0% |
| Beverages | 3.0% | 2.0% |
| Rental | 5.5% | -% |
| Total | 100% | 100% |

---

Deferred Revenue

Deferred revenue as of March 31, 2026 and December 31, 2025, were $391,912 and $369,607, respectively, and represent unearned warranty income sold separately to customers. Warranty income is recognized over a 10-year estimated life.

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2026 and December 31, 2025, respectively. The respective carrying value of certain financial instruments approximated their fair values as of year-end. These financial instruments include cash, accounts receivable and accounts payable. Fair values were assumed to approximate carrying values for cash, accounts receivable and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

The three levels of inputs used to measure fair value are as follows:

Level 1: The preferred inputs to valuation efforts are "quoted prices in active markets for identical assets or liabilities," with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets.

Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations.

Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as "unobservable," and limits their use by saying they "shall be used to measure fair value to the extent that observable inputs are not available." This category allows "for situations in which there is little, if any, market activity for the asset or liability at the measurement date". Earlier in the standard, FASB explains that "observable inputs" are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants.

Stock-Based Compensation

The Company records stock-based compensation in accordance with the guidance in ASC Topic 718, which requires the Company to recognize expense related to the grant date fair value of its employee stock awards. The Company recognizes the cost of employee share-based awards over the requisite service period, which represents the vesting period of the award. Stock-based compensation primarily relates to the Company's Series A Preferred Stock awards.

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from non-employees in accordance with ASC 718-10, as amended by ASU 2018-07. Costs are measured at the estimated fair value of the equity instruments issued. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASU 2018-07.

Earnings Per Share

Net loss per common share is computed by dividing net loss, as adjusted for dividends accrued for Series E Preferred stock, by the weighted average common shares outstanding during the period as defined by ASC 260 - Earnings per Share. Basic earnings per common share ("EPS") calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year and the effect of pre-funded warrants issued. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Because the Company incurred net losses for each of the years presented, the effect of dilutive securities, excluding pre-funded warrants, have been excluded as the effect on EPS is antidilutive.

Fully diluted shares outstanding is the total number of shares that the Company would theoretically have if all dilutive securities were exercised and converted into shares. Dilutive securities include options, warrants, convertible debt, preferred stock and anything else that can be converted into shares. Potential dilutive shares consist of the incremental common shares issuable upon the exercise of dilutive securities, calculated using the treasury stock method. The calculation of dilutive shares outstanding excludes out-of-the-money options (i.e., such options' exercise prices were greater than the average market price of our common shares for the period) because their inclusion would have been antidilutive.

SCHEDULE OF EARNINGS PER SHARE

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended <br>March 31, 2025** |
| Shares used in computation of basic earnings per share for the period ended | 97816 | 5 |
| Pre-funded warrants | - | - |
| Total denominator | 97816 | 5 |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(6972464) | $(5059256) |

---

In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential shares outstanding would be antidilutive.

Income Taxes

The Company follows ASC Topic 740 for recording provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expense or benefit is based on the changes in the asset or liability for each period. If available evidence suggests that it is more likely than not that some portion or the entire deferred tax asset will not be realized, a valuation allowance is required to reduce the deferred tax asset to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income tax in the period of change. For the three months ended March 31, 2026 and 2025, respectively, no income tax expense has been recorded given significant losses incurred and resulting valuation allowance on such losses.

Deferred income tax may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.

The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by taxing authorities. As of March 31, 2026 and December 31, 2025, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihoodof being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months and maintains sufficient net operating loss carryforwards in the event uncertain tax positions are identified. As necessary, the Company classifies tax-related penalties and net interest as income tax expense.

Leases

ASC 842 requires lessees to recognize substantially all leases on the balance sheet as a Right-of-use ("ROU") asset and a lease liability and requires leases to be classified as either an operating or a finance type lease. The standard excludes leases of intangible assets or inventory. The Company elected the practical expedient related to treating lease and non-lease components as a single lease component for all equipment leases as well as electing a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the ROU assets and lease liabilities.

Under ASC 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of the Company's leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in determining the present value of lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.

Operating leases are included in operating lease Right-of-use assets and operating lease liabilities, current and non-current, on the Company's condensed consolidated balance sheets. The Company had no financing leases as of and for the three months ended March 31, 2026 and 2025, nor at December 31, 2025.

The Company leases real retail space to third parties under operating leases. The Company evaluates lease arrangements in accordance with ASC 842 to determine lease classification and recognizes lease income based on the terms of the underlying agreements. Rental income from operating leases is recognized on a straight-line basis over the lease term when collectability of the lease payments is probable.

Recent Accounting Pronouncements

In October 2023, the FASB issued ASU No. 2023-06, *Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative*. This update modifies the disclosure or presentation requirements of a variety of topics in the Accounting Standards Codification to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification. The amendments in this update should be applied prospectively, and the effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or S-K becomes effective. However, if the SEC has not removed the related disclosure from its regulations by June 30, 2027, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. We are currently evaluating the potential impact of this guidance on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures*, to improve the disclosures about public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU will require the Company to disclose specified information about certain costs and expenses in the notes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-04 on *Induced Conversions of Convertible Debt Instruments*. The ASU provides additional guidance on whether induced conversion or extinguishment accounting should be applied to certain settlements of convertible debt instruments that do not occur in accordance with the instruments' preexisting terms. The ASU requires entities to apply a preexisting contract approach. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU did not have a material effect on the Company's financial statements.

In December 2025, the FASB issued ASU 2025-11, *Interim Reporting (Topic 270): Narrow-Scope Improvements*. This accounting pronouncement is intended to improve the navigability of guidance in ASC 270, Interim Reporting, and clarify when it applies. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027. The Company is currently assessing the impact that adopting this accounting pronouncement will have on its future interim reporting.

In December 2025, the FASB issued ASU 2025-12, *Codification Improvements*. This accounting pronouncement addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to GAAP that clarify, correct errors in, or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026. The Company is currently assessing the impact that adopting this accounting pronouncement will have on its Consolidated Financial Statements.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's financial statements.

Concentration Risk

The Company had two customers that accounted for $151,465 (or 16%) and $93,035 (or 10%) of accounts receivable, respectively, as of March 31, 2026. The Company did not have any vendor or customer concentrations at December 31, 2025.

**NOTE 2 – GOING CONCERN**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the growth and acquisition stage and, accordingly, has not yet reached profitability from its operations. Since inception, the Company has been engaged in financing activities and executing its plan of operations and incurring costs and expenses related to product development, branding, inventory buildup and product launch. As a result, the Company has continued to incur significant net losses for the three months ended March 31, 2026 of ($6,854,231). The Company's accumulated deficit was ($106,385,187) as of March 31, 2026 and ($99,411,489) as of December 31, 2025. The Company's working capital deficit was $(16,697,295) as of March 31, 2026, compared to a working capital deficit of $(20,321,313) as of December 31, 2025. On February 4, 2026, the Company received a written notice (the "Notice") from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Nasdaq staff (the "Staff") determined that the Company's common stock failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, in violation of Nasdaq Listing Rule 5550(a)(2) (the "Rule"). As a result of non-compliance with the Rule, the Staff determined to delist the Company's securities (common stock ("AREB") and publicly traded warrants ("AREBW")) from The Nasdaq Capital Market at the opening of business on February 13, 2026, unless the Company was to request an appeal of the determination by February 11, 2026. On February 11, 2026, the Company requested a hearing and appeal the Staff's delisting determination. The filing of the hearing request resulted in a stay of any suspension or delisting action pending the conclusion of the hearing process. The Nasdaq appeal hearing was held on March 24, 2026. On March 23, 2026, the Company effectuated a 1-for-100 reverse stock split, which resulted in the Company failing to comply with the minimum 500,000 publicly held shares requirement for continued inclusion set forth in Nasdaq Listing Rule 5550(a)(4). The Company's common stock was halted from trading pending compliance with the minimum publicly held share rule through April 27, 2026.

On May 12, 2026, the Company received notice from the Nasdaq appeal panel denying the Company's request to continue its listing on Nasdaq. **Trading in the Company's securities will be suspended at the open of trading on May 13, 2026.** The Company may appeal the decision to the Nasdaq Listing and Hearing Review Council within 15 days of the date of the notice. As of the date of this report, the Company has not determined whether or not it will appeal the decision.

The ability of the Company to continue as a going concern is dependent upon its ability to raise capital from the sale of its equity and, ultimately, the achievement of significant operating revenues and profitability.

Management believes that sufficient funding can be secured through the obtaining of loans, as well as future offerings of its preferred and common stock. However, no assurance can be given that the Company will obtain this additional working capital, or if obtained, that such funding will not cause substantial dilution to its existing stockholders. As indicated in the footnotes to the consolidated financial statements, most of the current debt instruments are charging high interest rates. These interest payments and/or premium repayments and prepayments may make it difficult for the Company to enter into new debt agreements. If the Company is unable to secure such additional funds from these sources, it may be forced to change or delay some of its business objectives and efforts. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**NOTE 3 – PREPAID EXPENSE**

Prepaid expenses include the following:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | (Unaudited) | (Audited) |
| Tony Stewart racing | $754506 | $1006008 |
| MZ Digital |  | 35000 |
| FMW Media Works | 244444 | 311111 |
| Hudson Consulting | 405292 | 325716 |
| Shelor Motor Mile | 400005 |  |
| Other | 179397 | 114732 |
| &nbsp;&nbsp;&nbsp;Total prepaid expense | $1983644 | $1792567 |

---

Prepaid expenses represent payments or stock issuances made by the Company for which the related benefits will be recognized in future periods. These amounts are expensed over the periods in which the benefits are expected to be realized. Prepaid expenses are classified as current assets on the condensed consolidated balance sheets. During the three months ended March 31, 2026 and 2025, the Company paid $778,130 and $0, respectively, in prepaids with the issuance of Company stock.

**NOTE 4 – INVENTORY**

Inventory and deposits include the following:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | (Unaudited) | (Audited) |
| Raw materials | $1413432 | $1560050 |
| Finished goods | 1609073 | 1664640 |
| Less reserve for excess and obsolete inventory | (635162) | (469370) |
| &nbsp;&nbsp;&nbsp;Total Inventory, net | $2387343 | $2755320 |

---

The Company accounts for excess and obsolete inventory with a reserve that is established based on management's estimates of the net realizable value of the related products. These reserves are product specific and are based upon analyses of product lines that are slow moving or expected to become obsolete due to significant product enhancements.

When inventory is physically disposed of, the Company accounts for the write-offs by making a debit to the reserve and a credit to inventory for the standard cost of the inventory item. The valuation reserve is applied as an estimate to specific product lines. Since the inventory item retains its standard cost until it is either sold or written off, the reserve estimates will differ from the actual write-off. For the three months ended March 31, 2026 and 2025, inventory write-offs were $0 and $66,454, respectively.

Included in finished goods is approximately $243,000 and $291,000 in finished products related to our American Rebel branded beer lager as of March 31, 2026 and December 31, 2025, respectively. This inventory is immediately available to the consumer and for distribution.

**NOTE 5 – PROPERTY AND EQUIPMENT**

Property and equipment include the following:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | (Unaudited) | (Audited) |
| Property and equipment | $611954 | $611954 |
| Building and leasehold improvements | 12458107 | 12458107 |
| Land | 1524800 | 1524800 |
| Vehicles | 439555 | 439555 |
|  | 15034416 | 15034416 |
| Less: Accumulated depreciation | (800658) | (688675) |
| Net property and equipment | $14233758 | $14345741 |

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For the three months ended March 31, 2026 and 2025, the Company recognized $111,984 and $23,274 in depreciation expense, respectively.

**NOTE 6 – INVESTMENTS** 

218 LLC

On September 15, 2025, the Company entered into an agreement for the acquisition of 100% of the membership interests of 218 LLC, a limited liability company whose sole asset is a 20,829 square foot, four-story commercial retail building located at 218 3rd Avenue North, Nashville, Tennessee (the "Property"). The total purchase price for the acquisition was $14,100,000, payable in a combination of Series D Convertible Preferred Stock, cash, and a promissory note. The Property is presented within Property and Equipment, net in the accompanying consolidated balance sheets. Rental income earned from the Property was approximately $108,000 and $0 for the three months ended March 31, 2026 and 2025, respectively.

Pursuant to the Membership Interest Purchase Agreement, the Company issued 280,000 shares of Series D Convertible Preferred Stock, valued at $7.50 per share ($2,100,000 in aggregate), to acquire 30% of the membership interests of 218 LLC. The Company also agreed to pay the Seller $300,000 in three non-refundable $100,000 installments, each payment acquiring an additional 1% of the membership interests. The remaining $11,700,000 of the purchase price was funded through a 12-month promissory note bearing interest at 6% per annum. The Seller may, from time to time, convert portions of principal and interest under the note into Series D Convertible Preferred Stock, which may subsequently be converted into common stock and applied toward the note balance, subject to a 4.99% beneficial ownership limitation. Any conversion of the promissory note balance would result in additional membership interests in 218 LLC being issued to the Company.

The Company also agreed to issue an additional 18,800 shares of Series D Convertible Preferred Stock, valued at $141,000, as a convenience fee. The acquisition was accounted for as an asset acquisition. The assets acquired are presented within property and equipment in the consolidated balance sheet.

Minority Investment in RAEK Data, LLC

On September 30, 2025, the Company entered into a Membership Interest Purchase Agreement with RAEK Data, LLC ("RAEK") to acquire a 3% minority membership interest in RAEK. As consideration, the Company issued 200,000 shares of Series D Convertible Preferred Stock, valued at $7.50 per share, for an aggregate transaction value of $1,500,000. The investment provides the Company with additional exposure to data and analytics capabilities supporting its brand and marketing strategy.

On December 26, 2025, the Company exercised its option to purchase additional membership interests of RAEK pursuant to Section 1.06 of that certain Minority Membership Interest Purchase Agreement. The Company purchased from RAEK additional membership interests in RAEK equal to a fully diluted ownership interest percentage of two percent (2.0%) (the "Additional Interests"). The purchase price for the Additional Interests was $1,000,000 (the "Option Purchase Price"). The Company paid the Option Purchase Price in shares of its Series D Convertible Preferred Stock, with a stated value of $7.50 per share. Based on such stated value, the Company delivered 133,334 shares of Series D Preferred (aggregate stated value $1,000,005), the additional $5.00 shall be documented as an administrative fee for the transaction.

The investment in RAEK is accounted for using the measurement alternative basis of accounting. The measurement alternative basis of accounting requires the investment to be initially recorded at cost and subsequently adjusted for impairment or observable changes in price. For the periods ended March 31, 2026 and December 31, 2025, no such adjustments were recognized.

Minority Investment in Schmitty's Herbal Snuff and Pouches

On September 2, 2025, the Company entered into a Membership Interest Purchase Agreement with Sydona Enterprises, LLC, doing business as Schmitty's Herbal Snuff and Pouches ("Schmitty's"), to acquire a 19.01% ownership interest. The consideration for the investment consisted of 11 shares of common stock and a prefunded warrant to purchase 30 shares of common stock at an exercise price of $0.01 per share, valued in total at approximately $1,990,000. This strategic investment provides the Company with a platform to participate in the growing smokeless market and expand its portfolio under the "America's Patriotic Brand" umbrella.

The investment in Schmitty's is accounted for using the equity method of accounting. As of March 31, 2026 and December 31, 2025 the Company had an equity method investment in Schmitty's of approximately $1,987,000 and $2,000,000, respectively, recorded on the condensed consolidated balance sheets. In accordance with ASC 323, the Company uses the equity method of accounting for its investments in an unconsolidated entity over which it does not have a controlling interest and has significant influence. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company's share of equity in the unconsolidated entity's earnings or losses. The Company evaluates the carrying amount of this investment for impairment in accordance with ASC 323. If the Company determines that a loss in the value of the investment is other than temporary, the Company writes down the investment to its estimated fair value. Any such losses are recorded in the Company's consolidated statements of operations. The Company recorded a loss of $12,617 for the unconsolidated entity's earnings for the three months ended March 31, 2026.

Damon Note Purchase Agreement

On August 22, 2025, the Company entered into a note purchase agreement (the "NPA") with Streeterville Capital, LLC, a Utah limited liability company ("Streeterville"), for the purchase by the Company of a portion of a certain $6,470,000 secured promissory note dated June 26, 2024 (the "Damon Note") in Damon, Inc., a British Columbia corporation ("Damon") held by Streeterville. Damon is a public company, registered as a foreign private issuer with the SEC, with its common shares traded on the OTCID Basic Market under the symbol "DMNIF".

Upon the terms and conditions set forth in the NPA, Streeterville sold, transferred and assigned to the Company, and the Company agreed to purchase from Streeterville, $2,000,000 of the Damon Note in consideration for the issuance to Streeterville of 2,000 shares of the Company's newly authorized Series E Preferred Stock, par value $0.001 per share. In the event the Company's common stock is ever delisted from Nasdaq, Streeterville will have the right to repurchase the portion of the purchased Damon Note from the Company in exchange for cancellation of the shares of Series E Preferred Stock.

The Damon Note is secured by certain collateral of Damon as set forth in the transaction documents between Streeterville and Damon. The Company and Streeterville agreed that the security interest held in the collateral by Streeterville will be held pari passu for benefit of both parties. Any and all rights, benefits and proceeds of the collateral will be shared pro rata by the Company and Streeterville (based on the then-outstanding balances of the Damon Note and the portion of the Damon Note purchased by the Company). Any decision regarding when, how and whether to pursue collections or other actions against Damon will be determined by Streeterville in consultation with the Company. The Company covenanted and agreed that it will not pursue any collections or other action against Damon without Streeterville's consent.

Investments includes the following:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | (Unaudited) | (Audited) |
| RAEK | $2500000 | $2500000 |
| Schmitty's | 1987233 | 1999851 |
| Damon note | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;Total investments | $6487233 | $6499851 |

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**NOTE 7 – ACCRUED EXPENSE AND OTHER**

Accrued expense and other includes the following:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | (Unaudited) | (Audited) |
| Accrued officer bonus | $184204 | $213614 |
| Accrued liabilities - Champion | 571147 | 263377 |
| Accrued liabilities - Beer | 30045 | 60797 |
| Accrued liabilities - Properties | 23150 | 34270 |
| Accrued officer compensation |  | 37373 |
| Other accrued expenses | 416360 | 112893 |
| &nbsp;&nbsp;&nbsp;Total accrued expense and other | $1224906 | $722324 |

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Accrued expenses represent obligations for goods and services received that have not yet been invoiced or paid as of the reporting date. These liabilities are recorded when incurred in accordance with the accrual basis of accounting and are classified as current liabilities on the condensed consolidated balance sheets.

**NOTE 8 – RELATED PARTY NOTES PAYABLE AND RELATED PARTY TRANSACTIONS**

Employment Agreements

Charles A. Ross, Jr. serves as the Company's Chief Executive Officer. Compensation for Mr. Ross was $81,564 and $153,707 plus stock awards, respectively for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, approximately $116,000 and $16,000 in accrued and unpaid compensation was outstanding and included in accrued expenses and other in the accompanying condensed consolidated balance sheets, respectively.

Doug E. Grau served as the Company's President and Interim Principal Accounting Officer through June 30, 2025. Compensation for Mr. Grau was $12,140 and $34,546 plus stock awards, respectively, for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, approximately $2,000 and $135,000 in accrued and unpaid compensation was outstanding and included in accrued expenses and other in the accompanying condensed consolidated balance sheets, respectively.

Effective July 1, 2025, Darin Fielding began serving as the Company's Interim Principal Accounting Officer. Compensation for Mr. Fielding was $62,830 and $42,400, respectively for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, approximately $145,575 and $75,000 in accrued and unpaid compensation was outstanding and included in accrued expenses and other in the accompanying condensed consolidated balance sheets, respectively.

Corey Lambrecht serves as the Company's President and Chief Operating Officer. Compensation for Mr. Lambrecht was $78,492 and $124,887 plus stock awards, respectively, for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, approximately $124,000 and $15,000 in accrued and unpaid compensation was outstanding and included in accrued expenses and other in the accompanying condensed consolidated balance sheets, respectively.

There were no new stock awards granted and issued to Messrs. Ross, Grau, Fielding and Lambrecht during 2026 and 2025. Additionally, the aforementioned officers advanced the Company approximately $9,000 and $8,000 for the three months ended March 31, 2026 and 2025, respectively, of which approximately $9,000 and $4,000 was outstanding as of March 31, 2026 and December 31, 2025, respectively. The advances are unsecured non-interest-bearing demand notes. These officers provided these loans as short-term funding.

Series A Convertible Preferred Stock

Per Mr. Lambrecht's employment agreement entered into on November 20, 2023, the share-award grant is to vest 1/4th upon the signing of Mr. Lambrecht's employment, another 1/4th on January 1, 2024, another 1/4th on January 1, 2025 and the remaining 1/4th on January 1, 2026. Mr. Lambrecht's employment agreement has a term running from November 20, 2023 through December 31, 2026, a term of 37 and ½ months. For the three months ended March 31, 2026 and 2025, the Company recognized $0 and $39,063 in compensation expense attributable to the share award grant and respective earn-out. On January 1, 2026 another 6,250 shares of Series A preferred stock vested for Mr. Lambrecht, providing for a total of 12,500,000 shares of common stock that Mr. Lambrecht may convert his Series A preferred shares into.

Mr. Ross's amended employment agreement had an effective date of November 20, 2023. The share-award grant will vest 1/5th on January 1, 2024, another 1/5th on January 1, 2025, 1/5th on January 1, 2026, 1/5th on January 1, 2027 and the remaining 1/5th on January 1, 2028. Mr. Ross's amended employment agreement has an effective term running from November 20, 2023 through December 31, 2026, a term of 37 and ½ months. For the three months ended March 31, 2026 and 2025, the Company recognized $62,500 and $62,500 in compensation expense attributable to the share award grant and respective earn-out. On January 1, 2026 an additional 10,000 shares of Series A preferred stock vested for Mr. Ross, providing for a total of 15,000,000 shares of common stock that Mr. Ross may convert his Series A preferred shares into at any time.

Mr. Grau's amended employment agreement had an effective date of November 20, 2023, with a termination date of July 1, 2025. The share-award grant originally vested 1/5th on January 1, 2024, another 1/5th on January 1, 2025, 1/5th on January 1, 2026, 1/5th on January 1, 2027 and the remaining 1/5th on January 1, 2028. Mr. Grau's amended employment agreement has an effective term running from November 20, 2023 through June 30, 2025. For the three months ended March 31, 2026 and 2025, the Company recognized $0 and $62,500 in compensation expense attributable to the share award grant and respective earn-out. The employment agreement was terminated on July 1, 2025.

For the three months ended March 31, 2026, no shares of Series A preferred stock were converted to common stock.

Stock-Based Compensation

The Company, in connection with various employment and independent directors' agreements, is required to issue shares of its common stock as payment for services performed or to be performed. The value of the shares issued is determined by the fair value of the Company's common stock that trades on the Nasdaq Capital Market. This value on the date of grant is afforded to the Company for the recording of stock compensation to employees and other related parties or control persons and the recognition of this expense over the period in which the services were incurred or performed. Most of the Company's agreement for stock compensation provide for the grant to be earned over a service period from the initial grant, thereby expensing the cost over the service period.

Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, "Compensation – Stock Compensation" ("ASC 718"). Under the provisions of ASC 718, the Company is required to estimate the fair value of share-based payment awards on the date of grant for which the Company generally uses an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statements of operations. Where the stock-based compensation is not an award, option, warrant or other common stock equivalent, the Company values the shares based on fair value with respect to its grant date and the price that investors may have been paying for the Company's common stock on that date in its various exempt private placement offerings. Stock-based compensation expense totaled $62,500 and $164,063 for the three months ended March 31, 2026 and 2025, respectively, and primarily relates to the aforementioned Series A preferred stock awards.

Taxable value of the stock-based compensation is recorded in accordance with the Internal Revenue Service's regulations as it pertains to employees, control persons and others whereby they receive share-based payments. This may not always align with what the Company records these issuances in accordance with GAAP. There are no provisional tax agreements or gross-up provisions with respect to any of our share-based payments to these entities. The payment or withholding of taxes is strictly left to the recipient of the share-based payments, or the modification of share-based payments.

Director's Note

On June 28, 2024, the Company entered into a short-term loan with a director, Lawrence Sinks ("Mr. Sinks"), evidenced by a promissory note in the principal amount of $400,000 (the "Director's Note"). Proceeds from the Director's Note were utilized solely by the Company's wholly-owned subsidiary, American Rebel Beverages, LLC. The Director's Note was due on September 30, 2024, with a repayment amount of $520,000. As of March 31, 2026, the note had not been repaid and remained outstanding, of which $400,000 is presented in the accompanying consolidated balance sheet within Loan – Director – related party, and the remaining $120,000 within accrued interest in the accompanying condensed consolidated balance sheet.

**NOTE 9 – LINE OF CREDIT – FINANCIAL INSTITUTION**

During February 2023, the Company entered into a $2 million master credit agreement (credit facility) with Bank of America ("LOC"). The LOC accrues interest at a rate determined by the Bloomberg Short-Term Bank Yield Index ("BSBY") Daily Floating Rate plus 2.05 percentage points (which at December 31, 2024 was 7.25%) and is secured by all the assets of the Champion Entities.

On May 30, 2025, the Company entered into a Forbearance Agreement (the "Forbearance Agreement"). Subject to the terms of the Forbearance Agreement, Bank of America has agreed to forbear, during the Forbearance Period (as defined below), from exercising certain of their available remedies under the Credit Agreement with respect to or arising out of the Company's failure to make payment on the outstanding principal amount on the Line of Credit. As a result of the uncured default, Bank of America filed a complaint against the Company on March 21, 2025 in the Fourth Judicial District Court, in and for Utah County, Utah (Case No. 250401345) seeking no less than $1,906,743, plus outstanding and accruing attorneys' fees, all pre and post- judgment interest, equitable relief in favor of Bank of America, and any other relief that the Court deemed just and proper (collectively, the "Litigation"). Subject to the terms of the Forbearance Agreement, Bank of America will abstain from pursuing its claims against the Company in the Litigation through the Forbearance Period (defined below), provided that the Company not breach any terms of the Forbearance Agreement. Further, the Company executed a Confession of Judgment and Verified Statement in connection with the Forbearance Agreement. Bank of America agrees to forbear from exercising its rights and remedies under the Credit Agreement through the close of business on June 30, 2025 (the "Forbearance Period") on the following terms and conditions:

● On the sooner to occur of (i) June 30, 2025 or (ii) the termination of the Forbearance Period in accordance with the Termination of Forbearance Period Section of the Forbearance Agreement, all remaining unpaid principal, accrued interest, fees, attorneys' fees, and expenses and other amounts owing under the Credit Agreement shall be due and payable in full;

● The Company made a principal payment in the amount of $100,000 on the execution of the Forbearance Agreement; and

● Should the Company fail to pay Bank of America all remaining unpaid principal, accrued interest, fees, attorneys' fees, and expenses and other amounts owing under the Credit Agreement and the Forbearance Agreement by close of business on June 30, 2025, the Company may, upon an additional payment of $100,000 to Bank of America by close of business on July 1, 2025, extend the Forbearance Period for an additional 30 days through and including July 31, 2025. The Company made an additional payment of $100,000 on July 1, 2025.

On June 26, 2025, the Company entered into a note purchase agreement with Streeterville Capital, LLC ("Streeterville") pursuant to which the Company issued and sold to Streeterville a secured promissory note in the original principal amount of $5,470,000. The Note carries an original issue discount of $450,000 and the Company agreed to pay $20,000 to Streeterville to cover its legal fees, accounting costs, due diligence, monitoring and other transaction costs, each of which were deducted from the proceeds of the Note received by the Company. On the Closing Date, Streeterville paid $375,000 to the Company and $4,625,000 was sent to an account at Lakeside Bank owned by the Company's newly formed wholly-owned subsidiary, ARH Sub, to be held pursuant to the Deposit Account Control Agreement ("DACA"). On September 10, 2025, the Company entered into a global amendment to the Purchase Agreement and Note, in order to release $2,000,000 of the funds held in the DACA, which was utilized to repay the Bank of America loan. Under the terms of the Amendment, Streeterville agreed to release the $2,000,000 of the DACA held funds for the express purposes of repaying the Bank of America loan. The Company agreed to pay Streeterville a funds release fee of $1,000,000, which was added to the Note increasing the current balance due to $6,580,486. Payoff on the Bank of America loan was $1,860,955 and the remaining $139,045 was released to the Company.

The LOC originally expired February 28, 2024, and was extended to April 30, 2024. The balance at the maturity was approximately $1.9 million and access to the line of credit with Bank of America was terminated.

As of March 31, 2026 and December 31, 2025, the Company had restricted cash of $1,874,501 and $2,624,501, respectively. Pursuant to a Deposit Account Control Agreement between ARH Sub and Streeterville ("Investor"), the Company shall have the right to use such cash to repay any portion of the outstanding balance (but only so long as such payment does not cause the outstanding balance to drop below the Minimum Balance Amount), and so long as no Trigger Event (as defined in the Note) under the Note has occurred and with Investor's consent, to withdraw from the Deposit Account any funds in excess of the Minimum Balance Amount. Company may only request withdrawals from the Deposit Account once per month and in an amount no less than $25,000.00. Company hereby grants to Investor a first-position security interest in the Deposit Account and acknowledges and agrees that Investor will have the right to file a UCC-1 Financing Statement with respect to the Deposit Account. Company acknowledges and agrees that Investor will have control over the Deposit Account within the meaning of Section 9-104 of the Uniform Commercial Code pursuant to the terms of the DACA.

**NOTE 10 – NOTES PAYABLE – WORKING CAPITAL**

The Company has several working capital loan agreements in place, which are described in detail below:

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|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | (Unaudited) | (Audited) |
| On May 27, 2025, the Company entered into five two year promissory notes with five accredited investors in the gross principal amount of $450,000. An original issue discount of $67,500 and guaranteed interest of $67,500 was applied on the issuance date, resulting in net loan proceeds to the Company of $315,000. The Notes are required to be paid in one lump sum payment of $450,000 on or before May 27, 2027. At any time after one hundred eighty days of the issuance date of the Notes, upon five (5) business days' written notice to Lenders, the Company has the option of prepaying the outstanding principal amount of the Notes, in whole or in part, by paying to the Lenders a sum of money equal to one hundred twenty-five percent (125%) of the principal amount to be redeemed, together with any and all other sums due, accrued or payable to the Lenders arising under the Notes. During the notice period, Lenders shall have the option of converting the Notes, in whole or in part, pursuant to the terms set forth below. At any time after one hundred eighty days of the issuance date of the Notes, the Lenders may convert the outstanding unpaid principal amount of the Notes into restricted shares of Series D Convertible Preferred Stock of the Company at $7.50 per share (each share of Series D Convertible Preferred Stock in convertible into five shares of common stock). Each Lender agreed to limit the amount of stock received to less than 4.99% of the total outstanding common stock into which the Series D Convertible Preferred Stock is convertible into. There are no warrants or other derivatives attached to these Notes. The Company granted the Lenders piggy-back registration rights on the shares of common stock issuable upon conversion of the Series D Convertible Preferred Stock. The Company agreed to reserve a number of shares of Series D Convertible Preferred Stock, and common stock issuable upon conversion thereof, equal to three times the number of shares of Series D Convertible Preferred Stock (153,000 shares of Series D Convertible Preferred Stock in total), and common stock issuable upon conversion thereof (765,000 shares of common stock in total), which may be issuable upon conversion of the Notes at all times. In January of 2026, the Company converted the remaining balance into 60,000 Series D preferred shares. |  | 450000 |
| On June 26, 2025, the Company entered into a note purchase agreement (the "Purchase Agreement") with Streeterville Capital, LLC ("Streeterville"), pursuant to which the Company issued and sold to Streeterville a secured promissory note (the "Note") in the original principal amount of $5,470,000. The Note carries an original issue discount of $450,000, and the Company agreed to pay $20,000 to Streeterville to cover its legal fees, accounting costs, due diligence, monitoring, and other transaction costs, each of which were deducted from the proceeds of the Note received by the Company. On the closing date, Streeterville paid $375,000 to the Company, and $4,625,000 was sent to an account at Lakeside Bank owned by the Company's newly formed wholly owned subsidiary, ARH Sub, to be held pursuant to a Deposit Account Control Agreement ("DACA"), which is presented as restricted cash in the accompanying condensed consolidated balance sheets. Interest under the Note accrues at 10% per annum. The unpaid amount of the Note, together with any accrued interest, fees, and late charges, is due twenty-four months following the date of issuance. The Company may prepay all or any portion of the outstanding balance of the Note after 120 days from issuance. Commencing six months after the date of issuance and at any time thereafter until the Note is paid in full, Streeterville has the right to redeem up to $950,000 under the Note per month, which amount will be due and payable in cash within two trading days of the Company's receipt of a redemption notice from Streeterville. The Company's obligations under the Note and related agreements are secured by the DACA, a guaranty from ARH Sub (the "Guaranty"), and a pledge by the Company of all membership interests in ARH Sub (the "Pledge") (collectively, the "Security Agreements"). On September 10, 2025, the Company entered into a global amendment to the Purchase Agreement and Note, pursuant to which Streeterville agreed to release $2,000,000 of funds held in the DACA to repay the Company's outstanding Bank of America loan. In connection with the amendment, the Company agreed to pay Streeterville a $1,000,000 funds release fee. The Company and Streeterville further agreed to exchange $1,300,000 of the outstanding principal balance of the Note for a new convertible note (the "Convertible Note"). The transaction was accounted for as a debt extinguishment and the Company recognized a loss on debt extinguishment of $747,461 during the year ended December 31, 2025. The Convertible Note bears interest at 10% per annum and matures twenty-four months from issuance, consistent with the original Note. At any time following 180 days from the issuance date, Streeterville may elect to convert all or a portion of the outstanding principal and accrued interest into shares of the Company's common stock at a 25% discount to the five-day VWAP preceding the conversion date. The number of shares issuable upon conversion is subject to a beneficial ownership limitation of 4.99%. The Company agreed to reserve a sufficient number of shares of common stock to satisfy future conversion obligations. During the three months ended March 31, 2026, the Company converted a portion of the balance into 10,164,495 shares of common stock. | 4104157 | 6480000 |

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|:---|
| On July 7, 2025, the Company entered into a Securities Purchase Agreement with 1800 Diagonal, pursuant to which 1800 Diagonal made a loan to the Company, evidenced by a promissory note in the principal amount of $296,700 (the "1800 Note"). An original issue discount of $38,700 and fees of $8,000 were applied on the issuance date, resulting in net loan proceeds to the Company of $250,000. Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in ten payments, with the first payment of $229,015.15 due on January 15, 2026, and remaining nine payments of $13,701.76 on the fifteenth day of each month thereafter (a total payback to 1800 of $352,331). Upon the occurrence and during the continuation of any Event of Default, the 1800 Note shall become immediately due and payable and the Company will be obligated to pay to 1800 Diagonal, in full satisfaction of its obligations, an amount equal to 150% times the sum of (w) the then outstanding principal amount of the 1800 Note plus (x) accrued and unpaid interest on the unpaid principal amount of the 1800 Note to the date of payment plus (y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to 1800 pursuant to the conversion rights referenced below. Only upon an occurrence of an event of default under the 1800 Note, 1800 Diagonal may convert the outstanding unpaid principal amount of the 1800 Note into restricted shares of common stock of the Company at a discount of 25% of the market price. 1800 Diagonal agreed to limit the amount of stock received to less than 4.99% of the total outstanding common stock. There are no warrants or other derivatives attached to the 1800 Note. The Company agreed to reserve a number of shares of common stock equal to four times the number of shares of common stock which may be issuable upon conversion of the 1800 Note at all times. In January of 2026, the Company converted the remaining balance into 830,901 shares of common stock. – 296700 |
| On July 7, 2025, the Company entered into a Securities Purchase Agreement with Boot Capital LLC, an accredited investor ("Boot"), pursuant to which Boot made a loan to the Company, evidenced by a promissory note in the principal amount of $57,500 (the "Boot Note"). An original issue discount of $7,500 was applied on the issuance date, resulting in net loan proceeds to the Company of $50,000. Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in ten payments, with the first payment of $44,382.65 due on January 15, 2026, and remaining nine payments of $2,655.38 on the fifteenth day of each month thereafter (a total payback to Boot of $68,281.00). Upon the occurrence and during the continuation of any Event of Default, the Boot Note shall become immediately due and payable and the Company will be obligated to pay to Boot, in full satisfaction of its obligations, an amount equal to 150% times the sum of (w) the then outstanding principal amount of the Boot Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Boot Note to the date of payment plus (y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to Boot. Only upon an occurrence of an event of default under the Boot Note, Boot may convert the outstanding unpaid principal amount of the Boot Note into restricted shares of common stock of the Company at a discount of 25% of the market price. Boot agreed to limit the amount of stock received to less than 4.99% of the total outstanding common stock. There are no warrants or other derivatives attached to the Boot Note. The Company agreed to reserve a number of shares of common stock equal to four times the number of shares of common stock which may be issuable upon conversion of the Boot Note at all times. In January of 2026, the Company converted the remaining balance into 134,267 shares of common stock. – 57500 |

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|:---|:---|:---|
| On August 25, 2025, the Company entered into a note agreement with 1800 Diagonal for a principal amount of $152,950, resulting in net proceeds of $125,000 after accounting for a $19,950 original issue discount and $8,000 in fees. The loan terms include a repayment schedule totaling $181,637, with the first payment of $118,064.05 due on February 28, 2026, followed by monthly payments of $7,063.67 and a final payment of $7,063.59 on November 30, 2026. In the event of default, the outstanding balance becomes immediately due, with an additional 22% annual interest and potential conversion rights into common stock at a 25% discount, subject to a 4.99% ownership cap. During the three months ended March 31, 2026, the Company converted the remaining balance into 1,790,514 shares of common stock. |  | 152950 |
| The Company entered into a Membership Interest Purchase Agreement ("MIPA") on September 15, 2025, to acquire all of the outstanding membership interests in 218 LLC, whose sole asset is a 20,829 square foot commercial retail building located at 218 3rd Avenue North, Nashville, Tennessee, for a total purchase price of $14.1 million. The purchase price is payable over twelve months, including the issuance of 280,000 shares of Series D Convertible Preferred Stock valued at $2.1 million for 30% of the membership interests, three non-refundable cash installments of $100,000 each to acquire an additional 3% of membership interests, and a 12-month promissory note of $11.7 million bearing 6% interest. The Seller may convert portions of principal and interest under the note into Series D Convertible Preferred Stock and subsequently into common stock, subject to a 4.99% beneficial ownership limitation, with each conversion acquiring an additional 1% ownership interest in 218 LLC. In March of 2026, the Company converted a portion of the balance into 33,335 Series D preferred shares. | 11559710 | 11700000 |
| On October 14, 2025, the Company entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (the "Lender"), pursuant to which the Lender made a loan to the Company, evidenced by a promissory note in the principal amount of $183,280 (the "Note"). An original issue discount of $25,280 and fees of $8,000 were applied on the issuance date, resulting in net loan proceeds to the Company of $158,000. Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in fifteen payments. | 103867 | 152868 |
| On December 4, 2025, the Company, and two of its subsidiaries (American Rebel, Inc. and Champion Safe Company, Inc.) entered into a commercially reasonable working capital line for Champion Safe Company, Inc. in the form of a subordinated business loan and security agreement ("Loan") with Agile Lending, LLC and Agile Capital Funding, LLC as collateral agent, which provides for a term loan in the amount of $787,500, which principal and interest is due on June 25, 2026. Commencing December 18, 2025, the Company is required to make weekly payments of $40,500 until the due date, for a full repayment of $1,134,000. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $37,500 was paid on the loan. A default interest rate of an additional 5% will become effective upon the occurrence of an event of default. Funds were received by the Company on December 11, 2025. In connection with the Loan, Agile was issued a subordinated secured promissory note, dated December 4, 2025, in the principal amount of $787,500 (the "Note"), which Note is secured by a second lien against all of the Borrower's assets, including receivables, subject to certain outstanding liens and agreements. Further, the Note, at any time on or after June 4, 2026, is convertible into shares of the Company's common stock at $1.02 per share (the closing price of the Company's common stock on December 3, 2025). As part of the Note and Loan, the Company reserved 2,893,010 shares of common stock for issuance upon conversion of the Loan. During the three months ended March 31, 2026, the Company converted a portion of the balance into 128,240 Series D preferred shares. | 255385 | 748681 |

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|:---|:---|
| On December 15, 2025, the Company entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor ("1800"), pursuant to which 1800 made a loan to the Company, evidenced by a promissory note in the principal amount of $152,950 (the "1800 Note"). An original issue discount of $19,950 and fees of $8,000 were applied on the issuance date, resulting in net loan proceeds to the Company of $125,000. Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in ten payments, with the first payment of $90,814 due on June 15, 2026, eight payments of $10,090.45 on the fifteenth day of each month thereafter and a final payment of $10,090.40 due on March 15, 2027 (a total payback to 1800 of $181,628). Upon the occurrence and during the continuation of any Event of Default, the 1800 Note shall become immediately due and payable and the Company will be obligated to pay to 1800, in full satisfaction of its obligations, an amount equal to 150% times the sum of (w) the then outstanding principal amount of the 1800 Note plus (x) accrued and unpaid interest on the unpaid principal amount of the 1800 Note to the date of payment plus (y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to 1800 pursuant to the conversion rights referenced below. Only upon an occurrence of an event of default under the 1800 Note, 1800 may convert the outstanding unpaid principal amount of the 1800 Note into restricted shares of common stock of the Company at a discount of 25% of the market price. 1800 agreed to limit the amount of stock received to less than 4.99% of the total outstanding common stock. There are no warrants or other derivatives attached to the 1800 Note. The Company agreed to reserve a number of shares of common stock equal to four times the number of shares of common stock which may be issuable upon conversion of the 1800 Note at all times. | 152950 |
| On December 15, 2025, the Company entered into a Securities Purchase Agreement with Boot Capital LLC, an accredited investor ("Boot"), pursuant to which Boot made a loan to the Company, evidenced by a promissory note in the principal amount of $86,250 (the "Boot Note"). An original issue discount of $11,250 was applied on the issuance date, resulting in net loan proceeds to the Company of $75,000. Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in ten payments, with the first payment of $51,210.50 due on June 15, 2026, eight payments of $5,690.06 on the fifteenth day of each month thereafter and a final payment of $5,690.02 due on March 15, 2027 (a total payback to Boot of $102,421). Upon the occurrence and during the continuation of any Event of Default, the Boot Note shall become immediately due and payable and the Company will be obligated to pay to Boot, in full satisfaction of its obligations, an amount equal to 150% times the sum of (w) the then outstanding principal amount of the Boot Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Boot Note to the date of payment plus (y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to Boot pursuant to the conversion rights referenced below. Only upon an occurrence of an event of default under the Boot Note, Boot may convert the outstanding unpaid principal amount of the Boot Note into restricted shares of common stock of the Company at a discount of 25% of the market price. Boot agreed to limit the amount of stock received to less than 4.99% of the total outstanding common stock. There are no warrants or other derivatives attached to the Boot Note. The Company agreed to reserve a number of shares of common stock equal to four times the number of shares of common stock which may be issuable upon conversion of the Boot Note at all times. | 86250 |

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|:---|:---|:---|
| On April 23, 2025, the Company entered into a promissory note with a supplier. The note has a three year term, principle balance of $110,976.80, bears interest at 7% and requires 36 monthly payments of $3,426.64. | 79497 | 88283 |
| On January 15, 2026, the Company entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (the "Lender"), pursuant to which the Lender made a loan to the Company, evidenced by a promissory note in the principal amount of $181,700 (the "Note"). An original issue discount of $23,700 and fees of $8,000 were applied on the issuance date, resulting in net loan proceeds to the Company of $150,000. Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in fifteen payments (six payments of $21,576.80 and nine payments of $9,589.69) for a total payback of $215,768. Upon the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and the Company will be obligated to pay to the Lender, in full satisfaction of its obligations, an amount equal to 150% times the sum of (w) the then outstanding principal amount of the Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Note to the date of payment plus (y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Lender pursuant to the conversion rights referenced below. Only upon an occurrence of an event of default under the Note, the Lender may convert the outstanding unpaid principal amount of the Note into restricted shares of common stock of the Company at a discount of 25% of the market price. The Lender agreed to limit the amount of stock received to less than 4.99% of the total outstanding common stock. There are no warrants or other derivatives attached to this Note. The Company agreed to reserve a number of shares of common stock equal to four times the number of shares of common stock which may be issuable upon conversion of the Note at all times. | 148202 |  |
| On March 9, 2026, the Company entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (the "Lender"), pursuant to which the Lender made a loan to the Company, evidenced by a promissory note in the principal amount of $124,200 (the "Note"). An original issue discount of $16,200 and fees of $8,000 were applied on the issuance date, resulting in net loan proceeds to the Company of $100,000. Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in fifteen payments (six payments of $14,748.70 and nine payments of $6,555) for a total payback of $147,487. Upon the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and the Company will be obligated to pay to the Lender, in full satisfaction of its obligations, an amount equal to 150% times the sum of (w) the then outstanding principal amount of the Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Note to the date of payment plus (y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Lender pursuant to the conversion rights referenced below. Only upon an occurrence of an event of default under the Note, the Lender may convert the outstanding unpaid principal amount of the Note into restricted shares of common stock of the Company at a discount of 25% of the market price. The Lender agreed to limit the amount of stock received to less than 4.99% of the total outstanding common stock. There are no warrants or other derivatives attached to this Note. The Company agreed to reserve a number of shares of common stock equal to four times the number of shares of common stock which may be issuable upon conversion of the Note at all times. | 124200 | - |
| Less: note discount and fees | (1334036) | (749796) |
| Total recorded as a current liability | $15280182 | $19616386 |

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Accrued interest was approximately $0.1 million and $0.1 million as of March 31, 2026 and December 31, 2025.

For the three months ended March 31, 2026, the Company recognized a net loss on debt extinguishment totalling $903,573, for various working capital loan arrangements. Because the loss on debt extinguishment represents a non-recurring measurement based on the fair value of financial instruments exchanged by the Company in settling such obligations, the following summarizes the approximate fair value of instruments issued by the Company as of the settlement dates:

**March 31, 2026**

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Fair Value | (Level 1) | (Level 2) | (Level 3) |
| Common stock | $4867291 | $4867291 | $– $|  |

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**March 31, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Fair Value | (Level 1) | (Level 2) | (Level 3) |
| Common stock | $1641617 | $1641617 | $– $|  |

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Level 2 fair value measurements in the table above were primarily measured through the Company's publicly traded common stock price, which is an observable input in determining fair value. Convertible notes were valued on an as-converted basis at the time of settlement as conversion into common stock occurred shortly after.

**NOTE 11 – INTANGIBLE ASSETS**

As of March 31, 2026 and December 31, 2025, the Company had intangible assets, representing a trade name subject to amortization over a 10-year life, of $387,500 and $400,000, respectively, directly related to the 2022 acquisition of the Champion Entities. Annual amortization expense related to trade name approximates $50,000.

The Company will review its trade name intangible asset for impairment periodically (based on indicators of impairment) and determine whether impairment is to be recognized within its consolidated statement of operations. No impairment charge was recognized during the three months ended March 31, 2026 and 2025.

**NOTE 12 – SHARE CAPITAL**

The Company is authorized to issue 600,000,000 shares of its $0.001 par value common stock and 10,000,000 shares of its $0.001 par value preferred stock. The 10,000,000 shares of $0.001 par value preferred stock were comprised of 150,000 shares authorized and 123,412 shares issued and outstanding of its Series A convertible preferred stock at March 31, 2026 and December 31, 2025, 350,000 shares authorized and 75,000 shares issued and outstanding of its Series B convertible preferred stock at March 31, 2026 and December 31, 2025,3,100,000 shares authorized and 0 shares issued and outstanding of its Series C convertible preferred stock at March 31, 2026 and December 31, 2025, 3,000,000 shares authorized and 883,340 and 1,321,289 shares issued and outstanding of its Series D convertible preferred stock at March 31, 2026 and December 31, 2025, respectively and 10,000 shares authorized and 1,579 and 2,000 issued and outstanding of its Series E preferred stock at March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, there were 233,366 and 3,362 shares of common stock issued and outstanding, respectively.

The share numbers and pricing information in this report have been adjusted to reflect the effects of the following reverse stock splits, which occurred during 2025 and 2026:

● On March 31, 2025, the Company effectuated a reverse split of its issued and outstanding shares of common stock at a ratio of 1-for-25 .

● On October 3, 2025, the Company effectuated a reverse split of its issued and outstanding shares of common stock at a ratio of 1-for-20 .

● On February 2, 2026, the Company effectuated a reverse split of its issued and outstanding shares of common stock at a ratio of 1-for-20 .

● On March 23, 2026, the Company effectuated a reverse split of its issued and outstanding shares of common stock at a ratio of 1-for-100 .

Silverback Conversions

During the three months ended March 31, 2026, the Company issued 2,271,107 shares of common stock (Level 1 inputs) to Silverback Capital Corporation ("SCC"), representing total accounts payable settlements of $1.1 million, resulting in a loss on conversion of $0.5 million.

During the three months ended March 31, 2025, the Company issued 249 shares of common stock (Level 1 inputs) to SCC, representing total accounts payable settlements of $1.7 million, resulting in a loss on conversion of $0.9 million.

Debt to Equity Conversions

The conversions occurred over multiple tranches throughout the year, during which the Company's stock price experienced substantial volatility. The trading price of the Company's common stock ranged from a low of approximately $0.10 to a high of $1.30 during the period. The Company recognized a loss on extinguishment of debt of $0.9 million due to the volatility of the Company's common stock price.

Shares Issuances

On January 6, 2026, the Company issued Streeterville Capital, LLC ("Streeterville") 99 shares of common stock pursuant to an exchange of a partitioned note in the amount of $100,000.

On January 8, 2026, SCC requested the issuance of 135 shares of common stock to SCC, representing a payment of approximately $137,500.

On January 8, 2026, Boot Capital LLC converted $33,063 of the principal amount owed under the July 7, 2025 promissory note into 33 shares of common stock.

On January 8, 2026, 1800 Diagonal Lending LLC converted $50,000 of the principal amount owed under the July 7, 2025 promissory note into 49 shares of common stock.

On January 9, 2026, 1800 Diagonal Lending LLC converted $50,000 of the principal amount owed under the July 7, 2025 promissory note into 49 shares of common stock.

On January 9, 2026, the Company authorized the issuance of 1 share of common stock to James T. Porter pursuant to the Rescission Agreement set forth in Item 5.03 below.

On January 12, 2026, 1800 Diagonal Lending LLC converted $55,000 of the principal amount owed under the July 7, 2025 promissory note into 56 shares of common stock.

On January 12, 2026, the Company issued Agile 30,240 shares of Series D Convertible Preferred Stock pursuant to the Securities Exchange Agreement.

On January 13, 2026, the Company issued Streeterville 141 shares of common stock pursuant to an exchange of a partitioned note in the amount of $125,000.

On January 13, 2026, Boot Capital LLC converted $33,063 of the principal amount owed under the July 7, 2025 promissory note into 35 shares of common stock.

On January 14, 2026, 1800 Diagonal Lending LLC converted $60,000 of the principal amount owed under the July 7, 2025 promissory note into 67 shares of common stock.

On January 15, 2026, 1800 Diagonal Lending LLC converted $38,250 of the principal amount owed under the July 7, 2025 promissory note into 50 shares of common stock.

On January 16, 2026, the Company issued Streeterville 176 shares of common stock in an exchange for a partitioned note in the principal amount of $115,000.

On January 16, 2026, 1800 Diagonal Lending LLC converted $50,000 of the principal amount owed under the July 7, 2025 promissory note into 66 shares of common stock. On the same day, 1800 Diagonal Lending LLC converted the remaining $59,581 of the amount owed under the July 7, 2025 promissory note into 79 shares of common stock.

On January 20, 2026, SCC requested the issuance of 191 shares of common stock to SCC, representing a payment of approximately $125,258.

On January 21, 2026, SCC requested the issuance of 225 shares of common stock to SCC, representing a payment of approximately $143,438.

On January 22, 2026, SCC requested the issuance of 235 shares of common stock to SCC, representing a payment of approximately $145,700.

On January 22, 2026, the Company issued Streeterville 3,504 shares of common stock pursuant to eighteen exchanges of partitioned notes in the amounts totaling $2,234,400.

On January 26, 2026, the Company issued Streeterville 17 shares of common stock pursuant to an exchange of a partitioned note in the amount of $7,618.

On January 30, 2026, five holders of OID promissory notes dated May 27, 2025, in the gross principal amount of $450,000, converted the notes into 60,000 shares of the Company's Series D Convertible Preferred Stock.

On February 2, 2026, the Company effectuated a 1-for-20 reverse stock split of its outstanding shares of common stock.

On February 2, 2026, holders of 1,846 shares of Series D Convertible Preferred Stock converted such shares into 923,170 shares of common stock.

On February 2, 2026, Streeterville converted $60,000 of the Exchange Note dated September 10, 2025 (the "Note") into 8,000 shares of the Company's Series D Convertible Preferred Stock, which were immediately converted into 400 shares of the Company's common stock.

On February 3, 2026, holders of 96,840 shares of Series D Convertible Preferred Stock converted such shares into 4,842 shares of common stock.

On February 3, 2026, Streeterville converted $389,888 of the Exchange Note dated September 10, 2025 (the "Note") into 51,985 shares of the Company's Series D Convertible Preferred Stock, which were immediately converted into 2,599 shares of the Company's common stock.

On February 4, 2026, SCC, pursuant to the Settlement Agreement and Stipulation dated as of October 28, 2025, as amended, requested the issuance of 1,270 shares of Common Stock to SCC, representing a payment of approximately $126,359.

On February 5, 2026, holders of 54,000 shares of Series D Convertible Preferred Stock converted such shares into 2,700 shares of common stock.

On February 5, 2026, SCC, pursuant to the Settlement Agreement and Stipulation dated as of October 28, 2025, as amended, requested the issuance of 2,730 shares of common stock to SCC, representing a payment of approximately $229,814.

On February 6, 2026, holders of 42,934 shares of Series D Convertible Preferred Stock converted such shares into 2,147 shares of common stock.

On February 6, 2026, SCC requested the issuance of 1,500 shares of common stock to SCC, representing a payment of approximately $111,567.

On February 9, 2026, a holder of 35,000 shares of Series D Convertible Preferred Stock converted such shares into 1,750 shares of common stock.

On February 9, 2026, SCC requested the issuance of 1,495 shares of common stock to SCC, representing a payment of approximately $111,195.

On February 10, 2026, holders of 80,000 shares of Series D Convertible Preferred Stock converted such shares into 4,000 shares of common stock.

On February 2, 2026, the Company effectuated a 1-for-20 reverse stock split. On February 11, 2026, in connection with the round lot share rounding associated with the reverse stock split, the Company issued 58,685 shares of common stock to CEDE & Co. for distribution to stockholders effected by the rounding.

On February 13, 2026, the Company issued Streeterville 13,855 shares of common stock pursuant to three exchanges of partitioned notes totaling $304,000.

On February 13, 2026, holders of 260,001 shares of Series D Convertible Preferred Stock converted such shares into 13,000 shares of common stock.

On February 18, 2026, the Company issued Streeterville 6,500 shares of common stock pursuant to two exchanges of partitioned notes totaling $130,000.

On February 25, 2026, the Company issued Streeterville 24,500 shares of common stock pursuant to five exchanges of 490 shares of Series E Preferred Stock.

On March 4, 2026, 1800 Diagonal Lending LLC converted $152,950 of the principal amount owed under the August 25, 2025 promissory note into 17,905 shares of common stock.

On March 12, 2026, the Company sold 70,000 shares of Series D Convertible Preferred Stock at $7.50 per share to an accredited investor for cash consideration of $525,000.

On March 19, 2026, the Company issued 33,335 shares of Series D Convertible Preferred Stock to an investor pursuant to a Purchase and Exchange Agreement.

On March 23, 2026, the Company effectuated a 1-for-100 reverse stock split of its outstanding shares of common stock.

On March 23, 2026, holders of 9,000 shares of Series D Convertible Preferred Stock converted such shares into 45,000 shares of common stock.

On March 24, 2026, the Company issued 18,000 shares of Series D Convertible Preferred Stock to a strategic advisor for services to be rendered pursuant to a strategic advisory agreement for the period from March 24, 2026 through March 31, 2028.

On March 24, 2026, the Company issued 98,000 shares of Series D Convertible Preferred Stock to Agile Capital Funding LLC pursuant to an Exchange and Settlement Agreement.

On March 27, 2026, a holder of 450 shares of Series D Convertible Preferred Stock converted such shares into 2,250 shares of common stock.

On March 30, 2026, we entered into an agreement to purchase two additional primary sponsorships for the 2026 NHRA Tony Stewart Racing Nitro team racing season. Whereby the Company issued 53,334 shares of our Series D Convertible Preferred Stock.

LTIP Shares

On April 9, 2025, the Company registered an aggregate of 25,383 shares of common stock pursuant to the 2021 Long-Term Incentive Plan and the 2025 Stock Incentive Plan. No shares have been issued under the 2025 Stock Incentive Plan through March 31, 2026.

New Preferred Stock Series and Designations and Reg. A+ Offering

On May 10, 2024, the Company's board of directors approved the designation of a new Series D Convertible Preferred Stock (the "Series D Designation"). The Series D Designation was filed by the Company with the Secretary of State of Nevada on May 10, 2024, and designated 2,500,000 shares of Series D Preferred Stock, $0.001 par value per share. The Series D Preferred Stock has the following rights:

*<u>Stated Value</u>*. Each share of Series D Preferred Stock has an initial stated value of $7.50.

*<u>Conversion at Option of Holder</u>*. Each share of Series D Preferred Stock shall be convertible into shares of Common Stock at a fixed ratio of 1:5 (1 share of Series D Preferred Stock converts into 5 shares of Common Stock), at the option of the holder thereof, at any time following the issuance date of such share of Series D Preferred Stock at the Company's office or any transfer agent for such stock. The conversion ratio shall not be adjusted for stock splits, stock dividends, recapitalizations or similar events.

*<u>Forced Conversion</u>* – If the closing price of the Company's Common Stock during any ten consecutive trading day period has been at or above $2.25 per share (as adjusted for stock splits, stock dividends recapitalizations and similar events), then the Company shall have the right to require the holder of the Series D Preferred Stock to convert all, or any portion of, the shares of Series D Preferred Stock held by such holder for shares of Common Stock. If the Company elects to cause a forced conversion of the shares of Series D Preferred Stock, then it must simultaneously take the same action with respect to all of the other shares of Series D Preferred Stock then outstanding on a pro rata basis.

*<u>Voting Rights</u>*. The Series D Preferred Stock has no voting rights relative to matters submitted to a vote of the Company's stockholders (other than as required by law). The Company may not amend its articles of incorporation or the Series D Designation (whether by merger, consolidation, or otherwise) to materially and adversely change the rights, preferences or voting power of the Series D Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on such matter by holders of the Company's outstanding shares of Series D Preferred Stock, voting together as a class.

On August 22, 2025 (as amended on March 29, 2026), the Company's board of directors approved the designation of a new Series E Preferred Stock (the "Series E Designation"). The Series E Designation was filed by the Company with the Secretary of State of Nevada on August 22, 2025 and designated 10,000 shares of Series E Preferred Stock, $0.001 par value per share. Each share of Series E Preferred Stock shall have an initial stated value of $1,000.00. The Series E Preferred Stock has the following rights:

*<u>Ranking</u>*. Except to the extent that the holders of at least a majority of the outstanding Series E Preferred Stock (the "Required Holders") expressly consent to the creation of Parity Stock (as defined below), all shares of capital stock of the Company shall be junior in rank to all Series E Preferred Stock with respect to the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (such junior stock is referred to herein collectively as "Junior Stock"). The rights of all such shares of capital stock of the Company shall be qualified by the rights, powers, preferences and privileges of the Series E Preferred Stock. Without limiting any other provision of the Certificate of Designations, without the prior express consent of the Required Holders, voting separately as a single class, and with each share of Series E Preferred Stock having one vote on such matter, the Company shall not hereafter authorize or issue any additional or other shares of capital stock that is (i) of senior rank to the Series E Preferred Stock in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (collectively, the "Senior Preferred Stock"), or (ii) of pari passu rank to the Series E Preferred Stock in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (collectively, the "Parity Stock"). In the event of the merger or consolidation of the Company with or into another corporation wherein the Company is the surviving entity, the shares of Series E Preferred Stock shall maintain their relative rights, powers, designations, privileges and preferences provided for herein and no such merger or consolidation shall provide for a result inconsistent therewith, subject to the other terms and conditions herein.

*<u>Preferred Return</u>*. Each share of Series E Stock shall accrue a rate of return on the Stated Value at the rate of 10% per year, compounded daily to the extent not paid as set forth herein, and to be determined pro rata for any fractional year periods (the "Preferred Return"). The Preferred Return shall accrue on each share of Series E Stock from the date of its issuance, and shall be payable or otherwise settled as set forth herein. Accrued and unpaid Preferred Return shall be cumulative and shall remain payable in cash or additional shares of Series E Stock, in each case at the Corporation's election. Failure to pay Preferred Return on any quarterly date shall not give any holder the right to require redemption, repurchase or other settlement of the Series E Stock. In the event that the Corporation elects to pay any Preferred Return via the issuance of shares of Series E Stock, no fractional shares of Series E Stock shall be issued, and the Corporation shall round the number of shares of Series E Stock to be issued to the nearest whole share.

*<u>Voluntary Liquidation, Dissolution or Winding Up</u>*. In the event of any voluntary liquidation, dissolution or winding up of the Corporation, each share of Series E Stock shall be entitled to be paid out of the assets of the Corporation available for distribution to its shareholders, before any payment shall be made to the holders of Common Stock or any other class or series of capital stock junior to the Series E Stock with respect to liquidation, an amount per share equal to the Stated Value then in effect plus any accrued but unpaid Preferred Return (the "Series E Preferred Liquidation Amount"). If upon any such voluntary liquidation, dissolution or winding up of the Corporation the assets of the Corporation available for distribution to its shareholders shall be insufficient to pay in full the Series E Preferred Liquidation Amount, the Series E Holders shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts that would otherwise be payable in respect of the shares held by them if all amounts payable thereon were paid in full. Following payment of the Series E Preferred Liquidation Amount, the Series E Stock shall not participate in any further distributions. For the avoidance of doubt, no merger, consolidation, recapitalization, Fundamental Transaction, sale or disposition of assets, change of control, reverse split, delisting, covenant breach, insolvency event or similar transaction or occurrence shall constitute a liquidation, dissolution or winding up of the Corporation or otherwise entitle any Series E Holder to require the redemption, repurchase or other settlement of any shares of Series E Stock.

*<u>No Conversions</u>*. The Series E Preferred Stock shall not be convertible into shares of common stock or into any other class or series of stock of the Company.

*<u>Company Optional Redemption</u>*. Subject to the terms and conditions herein, at any time the Corporation may elect, in the sole discretion of the Board, to redeem all or any portion of the Series E Stock then issued and outstanding from all of the Series E Holders (a "Corporation Optional Redemption") by paying to the applicable Series E Holders an amount in cash equal to the Series E Preferred Liquidation Amount then applicable to such shares of Series E Stock being redeemed in the Corporation Optional Redemption (the "Redemption Price"). Redemption of the Series E Stock shall at all times remain solely at the election of the Corporation, and no Series E Holder shall have any right to require, accelerate or condition any redemption, repurchase or other settlement of the Series E Stock. The Corporation shall provide written notice of any Corporation Optional Redemption to the applicable Series E Holder(s) within five (5) Business Days following the determination of the Board to consummate the applicable Corporation Optional Redemption, and thereafter such Corporation Optional Redemption shall be completed within five days following the delivery of such notice, and at such time the Corporation shall deliver to the applicable Series E Holder(s) the Redemption Price in valid funds. Each applicable Series E Holder agrees to execute and deliver to the Corporation such instruments and documents, and to take such actions, as reasonably required to consummate the Corporation Optional Redemption. Failure of any Series E Holder to execute any instrument or deliver any certificate shall not delay or prevent a Corporation Optional Redemption.

*<u>Dividends and Distributions</u>.* The Series E Preferred Stock shall not participate in any dividends, distributions or payments to the holders of the common stock.

*<u>Vote/Amendment</u>*. Other than as set forth in Section 10(b), the Series E Stock shall not have any voting rights and shall not vote on any matter submitted to the holders of the Common Stock, or any class thereof, for a vote. The Corporation may not, and shall not, amend or repeal this Certificate of Designations without the prior written consent of Series E Holders holding a majority of the Series E Stock then issued and outstanding, in which vote each share of Series E Stock then issued and outstanding shall have one vote, voting separately as a single class, in person or by proxy, either in writing without a meeting or at an annual or a special meeting of such Series E Holders, and any such act or transaction entered into without such vote or consent shall be null and void ab initio, and of no force or effect.

*<u>Covenants</u>*. Until such time as no shares of Series E Stock remain outstanding, the Corporation will at all times comply with the following covenants:

(a) The Corporation will use its best efforts to timely file on the applicable deadline all reports required to be filed with the SEC pursuant to Sections 13 or 15(d) of the Exchange Act, and will take all reasonable action under its control to ensure that adequate current public information with respect to the Corporation, as required in accordance with Rule 144 of the Securities Act, is publicly available, and will not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would permit such termination.

(b) Reserved.

(c) After six (6) months from the Initial Issuance Date, the Corporation will not have the right to repay any outstanding indebtedness owed to any Series E Holder or its Affiliates.

(d) The Corporation will not increase the authorized shares of Common Stock or Preferred Stock without the prior written consent of the Required Holders, which consent may be granted or withheld in the Required Holders' sole and absolute discretion.

(e) Reserved.

(f) The Corporation will not make any Restricted Issuance without the Required Holders' prior written consent, which consent may be granted or withheld in the Required Holders' sole and absolute discretion.

(g) The Corporation shall not enter into any agreement or otherwise agree to any covenant, condition, or obligation that locks up, restricts in any way or otherwise prohibits the Corporation (a) from entering into a variable rate transaction with any Series E Holder or any Affiliate of any Series E Holder, or (b) from issuing Common Stock, Preferred Stock, warrants, convertible notes, other debt securities, or any other of the Corporation's securities to any Series E Holder or any Affiliate of any Series E Holder without the Required Holders' prior written consent, which consent may be granted or withheld in the Required Holders' sole and absolute discretion.

(h) The Corporation will not pledge or grant a security interest in any of its or its subsidiaries' assets without the Required Holders' prior written consent, which consent may be granted or withheld in the Required Holders' sole and absolute discretion, other than those security interests in effect for the benefit of the Series E Holders.

(i) The Corporation will not dispose of any of its or its subsidiaries' assets or operations that are material to the Corporation's or its subsidiaries' operations without the Required Holders' prior written consent, which consent may be granted or withheld in the Required Holders' sole and absolute discretion.

(j) Except in connection with satisfaction of a Nasdaq deficiency notice, the Corporation will not, and will not enter into any agreement or commitment to, undertake or complete any reverse split of the Common Stock or any class of Preferred Stock without the Required Holders' prior written consent, which consent may be granted on withheld in the Required Holders' sole and absolute discretion.

(k) The Corporation will not create, authorize, or issue any class of Preferred Stock (including additional issuances of Series E Stock, other than as set forth herein) without the Required Holders' prior written consent, which consent may be granted or withheld in the Required Holders' sole and absolute discretion.

(l) The Corporation will not consummate a Fundamental Transaction or enter into an agreement to consummate a Fundamental Transaction without the Required Holders' prior written consent, which consent may be granted on withheld in the Required Holders' sole and absolute discretion.

(m) For the avoidance of doubt, no breach of any covenant in this Section 11 shall constitute a redemption event or give any Series E Holder any right to require the Corporation to redeem, repurchase or otherwise settle any shares of Series E Stock in cash or other assets.

*<u>Remedies; No Holder Redemption.</u>*

 

(a) If the Corporation breaches any covenant, obligation or agreement in this Certificate of Designations, the Required Holders may deliver written notice specifying the breach and, if such breach is reasonably capable of cure, the Corporation shall have five (5) Business Days to cure.

(b) Upon the occurrence and during the continuance of an uncured breach, the Series E Holders may pursue only such remedies as are available at law or in equity to enforce the specific provision breached, including damages, specific performance and injunctive relief.

(c) Notwithstanding anything herein to the contrary, no breach, Event of Default, covenant default, bankruptcy event, change of control, Fundamental Transaction, delisting, reverse split, financing, asset sale or similar event shall give any Series E Holder any right to require the Corporation to redeem, repurchase, acquire or otherwise settle any share of Series E Stock in cash or other assets.

(d) Without limiting clause (c), no remedy available to the Series E Holders shall include the right to prohibit or condition any issuance of securities on the prior or simultaneous redemption of the Series E Stock.

(e) Redemption of the Series E Stock shall at all times remain solely at the option of the Corporation pursuant to Section 8.

Conversion of Revenue Interest Loan for Preferred Stock Series D and Potential Issuance of Common Stock Equivalents from the Conversion of Series D

Refer to Note 10 for additional information regarding the settlement of debt liabilities through the issuances of Series D Preferred Stock, common stock, pre-funded warrants and convertible notes during the three months ended March 31, 2026 and 2025.

**NOTE 13 – LEASES AND LEASED PREMISES**

Rental Payments under Non-cancellable Operating Leases and Equipment Leases

The Company, through its purchase of Champion, acquired several long-term leases for two manufacturing facilities, three office spaces, five distribution centers, and five retail spaces. Four of its distribution centers also have retail operations for which it leases its facilities. Lease terms on the various spaces' range from a month-to-month lease (30 days) to a long-term lease expiring in August of 2029. Of the acquired long-term leases the Company is no longer leasing four of the distribution centers and four of the retail spaces.

Rent expense for operating leases totaled approximately $46,000 and $57,000 for the three months ended March 31, 2026 and 2025, respectively. These amounts are included in our condensed consolidated statement of operations in Rental expense, warehousing, outlet expense and Administrative and other. Rental expense, warehousing, outlet expense is specific to warehousing and final manufacturing of our products.

The Company does not have any equipment leases whereby we finance this equipment needed for operations at competitive finance rates. New equipment to be financed in the near term, if necessary, may not be obtainable at competitive pricing with increasing interest rates.

Right of Use Assets and Lease Liabilities

Lease expense for operating leases consists of the lease payments plus any initial direct costs, net of lease incentives, and is recognized on a straight-line basis over the lease term.

The Company's operating leases are comprised primarily of facility leases. and as such we have no finance leases for our vehicles or equipment currently at this time.

Balance sheet information related to our leases is presented below:

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| | | | |
|:---|:---|:---|:---|
|  | **Balance Sheet location** | **March 31, 2026** | **December 31, 2025** |
|  |  | (Unaudited) | (Audited) |
| Operating leases: |  |  |  |
| Right-of-use lease assets | Right-of-use operating lease assets | $2065734 | $2248784 |
| Right-of-use lease liability, current | Other current liabilities | $811847 | $797447 |
| Right-of-use lease liability, long-term | Right-of-use operating lease liability | $1301792 | $1475523 |

---

As of March 31, 2026, weighted-average remaining lease term and discount rate were as follows:

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| Weighted Average Remaining Lease Term: |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 2.67 years |
| Weighted Average Discount Rate: |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 12.00% |

---

The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows:

---

| | |
|:---|:---|
|  | **Operating leases** |
| 2026 | $791256 |
| 2027 | 874388 |
| 2028 | 520241 |
| 2029 | 278328 |
| Total future minimum lease payments, undiscounted | 2464213 |
| Less: Imputed interest | (350574) |
| Present value of future minimum lease payments | $2113639 |

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**NOTE 14 – COMMITMENTS AND CONTINGENCIES**

Legal Proceedings

During the three months ended March 31, 2026 and 2025, various claims and lawsuits, incidental to the ordinary course of our business, may be brought against the Company. In the opinion of management, after consultation with legal counsel, resolution of any of these matters is not expected to have a material effect on the Company's consolidated financial statements.

*Liberty Safe and Security Products, Inc.*

On July 23, 2024, the Company received notice of a complaint filed in the U.S. District Court for the District of Utah by Liberty Safe and Security Products, Inc. ("Liberty"), in connection with the marketing and sale of the Company's and its subsidiaries, Champion Safe Company, Inc., line of safe products. As of the date of this Report, the complaint has not been served on the Company or Champion Safe. In the complaint, Liberty alleges trademark infringement as a result of the purported use of the term "Freedom" in the sale of safes, federal false designation of origin and unfair competition, violation of Utah deceptive trade practices, Utah unfair competition, and damages to Liberty. Management believes that this lawsuit is without merit; however, has initiated settlement discussions with Liberty and anticipates an amicable settlement to be forthcoming. At this time, Management does not believe a settlement with Liberty will have a material effect on its business or financial condition.

Contractual Obligations

The Company does not believe there are any off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on the condensed consolidated financial statements. As of March 31, 2026 and December 31, 2025 there were no outstanding letters of credit issued during the normal course of business.

Nasdaq Compliance

As previously disclosed, on February 19, 2025, the Company received a letter (the "Notification Letter") from The Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the "Rule") because the stockholders' equity of the Company as of September 30, 2024, as reported in the Company's Quarterly Report on Form 10-Q filed with the SEC on February 7, 2025, was below the minimum requirement of $2,500,000 (the "Stockholders' Equity Requirement").

Pursuant to Nasdaq's Listing Rules, the Company had 45 calendar days (until April 7, 2025), to submit a plan to evidence compliance with the Rule (a "Compliance Plan"). The Company submitted a Compliance Plan within the required time and amended it subsequently to provide additional information to Nasdaq.

On June 11, 2025, the Company received a letter from Nasdaq accepting the Compliance Plan and granting an extension through August 18, 2025 to evidence compliance with the Rule.

On August 20, 2025, the Company received a subsequent notice from Nasdaq citing continued non-compliance with the Rule due to insufficient stockholders' equity. The Company requested a hearing before the Nasdaq Hearings Panel, which was held on September 30, 2025. On October 20, 2025, the Panel granted a conditional extension to continue the Company's Nasdaq listing, requiring the Company to demonstrate compliance with the Stockholders' Equity Requirement by November 15, 2025.

On October 20, 2025, the Company received a decision letter from the Nasdaq Hearings Panel granting the Company's request to continue its listing on Nasdaq, subject to the condition that, on or before November 15, 2025, the Company shall demonstrate compliance with Nasdaq Listing Rule 5550(b)(1) (the "*Equity Rule*"). This decision follows the Company's hearing before the Panel on September 30, 2025, regarding its non-compliance with the Equity Rule.

On November 21, 2025, the Company received a compliance letter from the Nasdaq Hearings Panel ("Panel") confirming the Company is in compliance with Nasdaq Listing Rule 5550(b)(1) (the "Equity Rule").

In its November 21, 2025 letter, the Panel advised that, based on the Nasdaq Listing Qualifications Staff's compliance worksheet, American Rebel has satisfied the exception previously granted under the Equity Rule. Under Nasdaq Listing Rule 5815(d)(4)(B), the Company will be subject to a mandatory one-year Panel monitoring period beginning on the date of the letter.

On February 4, 2026, the Company received a written notice (the "Notice") from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Nasdaq staff (the "Staff") determined that the Company's common stock failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, in violation of Nasdaq Listing Rule 5550(a)(2) (the "Rule"). As a result of non-compliance with the Rule, the Staff determined to delist the Company's securities (common stock ("AREB") and publicly traded warrants ("AREBW")) from The Nasdaq Capital Market at the opening of business on February 13, 2026, unless the Company was to request an appeal of the determination by February 11, 2026. On February 11, 2026, the Company requested a hearing and appeal the Staff's delisting determination. The filing of the hearing request resulted in a stay of any suspension or delisting action pending the conclusion of the hearing process. The Nasdaq appeal hearing was held on March 24, 2026. On March 23, 2026, the Company effectuated a 1-for-100 reverse stock split, which resulted in the Company failing to comply with the minimum 500,000 publicly held shares requirement for continued inclusion set forth in Nasdaq Listing Rule 5550(a)(4). The Company's common stock was halted from trading pending compliance with the minimum publicly held share rule through April 27, 2026.

On May 12, 2026, the Company received notice from the Nasdaq appeal panel denying the Company's request to continue its listing on Nasdaq. **Trading in the Company's securities will be suspended at the open of trading on May 13, 2026.** The Company may appeal the decision to the Nasdaq Listing and Hearing Review Council within 15 days of the date of the notice. As of the date of this report, the Company has not determined whether or not it will appeal the decision.

Executive Employment Agreements and Independent Contractor Agreements

The Company has written employment agreements with various other executive officers. All payments made to its executive officers and significant outside service providers are analyzed and determined by the board of directors' compensation committee; some payments made to independent contractors (or officer payments characterized as non-employee compensation) may be subject to backup withholding or general withholding of payroll taxes, may make the Company responsible for the withholding and remittance of those taxes. Generally outside service providers are responsible for their own withholding and payment of taxes. Certain state taxing authorities may otherwise disagree with that analysis and Company policy.

**NOTE 15 – SEGMENT REPORTING**

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM") in making decisions regarding resource allocation and assessing performance.

The Company views its operations and manages its business as one operating segment engaged in patriotic goods comprised of safes, soft goods, and beer. The Company's Chief Executive Officer, as the CODM, regularly reviews the entity-wide financial and operational performance as a single unit. No financial information is disaggregated into separate lines of business. The CODM makes resource allocation and business process decisions regarding the overall level of resources available and how to best deploy the resources.

The single segment's principal measure of segment profit and loss is consolidated revenue, gross margin, and total operating expenses. The CODM considers actual and forecasted numbers when evaluating performance.

The following table provides information about the Company's one reportable segment and includes the reconciliation to consolidated net loss.

SCHEDULE OF SEGMENT REPORTING INFORMATION AND RECONCILIATION

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Total revenues | $1985191 | $2511324 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues (excluding amortization and depreciation) | 2379236 | 2222270 |
| &nbsp;&nbsp;&nbsp;Consulting/payroll and other costs | 1081869 | 738977 |
| &nbsp;&nbsp;&nbsp;Share based compensation expense | 62500 | 164063 |
| &nbsp;&nbsp;&nbsp;Product development costs | 5506 | 93467 |
| &nbsp;&nbsp;&nbsp;Marketing and brand development costs | 1259798 | 695491 |
| &nbsp;&nbsp;&nbsp;Administrative and other <sup>(1)</sup> | 1339354 | 1563475 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 1345751 | 723678 |
| &nbsp;&nbsp;&nbsp;Remeasurement and loss on debt extinguishment and settlement of liability | 1359291 | 1387159 |
| &nbsp;&nbsp;&nbsp;Other income | (6500) | (18000) |
| &nbsp;&nbsp;&nbsp;Loss on equity investments | 12617 | - |
| Segment net loss | (6854231) | (5059256) |
| Reconciliation of net loss: |  |  |
| &nbsp;&nbsp;&nbsp;Adjustments and reconciling items | - | - |
| Consolidated net loss | $(6854231) | $(5059256) |

---

<sup>(1)</sup> Inclusive of administrative and other, depreciation and amortization, and rental expense, warehousing and outlet expense.

**NOTE 16 – SUBSEQUENT EVENTS**

The Company evaluated all events that occurred after the balance sheet date of March 31, 2026, through the date the financial statements were issued and determined that there were the following subsequent events:

Subsequent to March 31, 2026, Company issued 3,531,110 shares of common stock pursuant to various exchanges of 1,510 shares of Series E Preferred Stock.

On April 13, 2026, two holders of 66,448 shares of Series D Convertible Preferred Stock converted such shares into 332,240 shares of common stock.

On April 17, 2026, two holders of 69,750 shares of Series D Convertible Preferred Stock converted such shares into 348,750 shares of common stock.

On April 27, 2026, seven holders of 183,553 shares of Series D Convertible Preferred Stock converted such shares into 917,765 shares of common stock.

On April 28, 2026, Silverback Capital Corporation ("SCC"), pursuant to the Settlement Agreement and Stipulation dated as of October 28, 2025, as amended, requested the issuance of 200,000 shares of Common Stock to SCC, representing a payment of approximately $75,000.

On April 10, 2026, the Company entered into a two-year promissory note with an accredited investor (the "Lender") in the gross principal amount of $270,000 (the "Note"). An original issue discount of $40,500 and guaranteed interest of $40,500 was applied on the issuance date, resulting in net loan proceeds to the Company of $189,000. The Notes are required to be paid in one lump sum payment of $270,000 on or before April 6, 2028. In addition, on the 150th day after the issuance date of the Note, the Company shall pay the Lender a monitoring fee of $10,000.00.

On May 5, 2026, the Company entered into an Exchange Agreement (the "Note Exchange") with Streeterville. The Company previously entered into that certain Secured Promissory Note (the "Note"), with an original issuance date of June 26, 2025 in the principal amount of $5,470,000. Pursuant to the Note Exchange, the Company and Streeterville agreed to partition new Secured Promissory Note in the original principal amount of $63,000 (the "Partitioned Note") from the Note and then cause the outstanding balance of the Note to be reduced by an amount equal to the initial outstanding balances of the Partitioned Note. Concurrently, the Partitioned Note was exchanged for 262,500 shares of the Company's common stock.

On May 6, 2026, the Company entered into eleven additional Note Exchanges with Streeterville. Pursuant to the Note Exchanges, the Company and Streeterville agreed to additional Partitioned Notes in the original principal amounts totaling $759,000 from the Note and then cause the outstanding balance of the Note to be reduced by an amount equal to the initial outstanding balances of the Partitioned Notes. Concurrently, the Partitioned Notes were exchanged for 2,790,436 shares of the Company's common stock.

**FORWARD LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as "may," "could," "should," "anticipate," "expect," "project," "position," "intend," "target," "plan," "seek," "believe," "foresee," "outlook," "estimate" and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. These risks and uncertainties include, but are not limited to, the following:

● our ability to maintain compliance with the continued listing standards of Nasdaq;

● the effect of new tariffs on our business and financial condition;

● we consummated the purchase of our safe manufacturer and sales organizations, and future acquisitions and operations of new manufacturing facilities and/or sales organizations might prove unsuccessful and could fail;

● risk that we will not be able to remediate identified material weaknesses in our internal control over financial reporting and disclosure controls and procedures;

● our failure to timely file certain periodic reports with the SEC and our prior restatements have had, and may in the future have further, material adverse consequences to our business, our financial condition, results of operations and our cash flows;

● our success depends on our ability to introduce new products that track customer preferences;

● if we are unable to protect our intellectual property, we may lose a competitive advantage or incur substantial litigation costs to protect our rights;

● as a significant portion of our revenues are derived by demand for our safes and the personal security products for firearms storage, we depend on the availability and regulation of ammunition and firearm storage;

● as we continue to integrate the purchase of our safe manufacturer and sales organization, any compromised operational capacity may affect our ability to meet the demand for our safes, which in turn may affect our generation of revenue;

● shortages of components and materials, as well as supply chain disruptions, may delay or reduce our sales and increase our costs, thereby harming our results of operations;

● we do not have long-term purchase commitments from our customers, and their ability to cancel, reduce, or delay orders could reduce our revenue and increase our costs;

● our inability to effectively meet our short- and long-term obligations;

● given our limited corporate history, it is difficult to evaluate our business and future prospects, and increases the risks associated with an investment in our securities;

● our inability to raise additional financing for working capital;

● our ability to generate sufficient revenue in our targeted markets to support operations;

● significant dilution resulting from our financing activities;

● the actions and initiatives taken by both current and potential competitors;

● our ability to diversify our operations;

● the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require management to make estimates about matters that are inherently uncertain;

● changes in U.S. GAAP or in the legal, regulatory and legislative environments in the markets in which we operate;

● the deterioration in general of global economic, market and political conditions;

● the inability to efficiently manage our operations;

● the inability to achieve future operating results;

● the unavailability of funds for capital expenditures;

● the inability of management to effectively implement our strategies and business plans; and

● the other risks and uncertainties detailed in this report.

Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by us, you should not place undue reliance on any such forward-looking statements. New factors emerge from time to time, and their emergence is impossible for us to predict. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

This Quarterly Report should be read completely and with the understanding that actual future results may be materially different from what we expect. The forward-looking statements included in this Quarterly Report are made as of the date of this Quarterly Report and should be evaluated with consideration of any changes occurring after the date of this Quarterly Report. We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Except as otherwise indicated by the context, references in this report to "Company," "American Rebel Holdings," "American Rebel," "we," "us" and "our" are references to American Rebel Holdings, Inc. and its operating subsidiaries, American Rebel, Inc., American Rebel Beverages, LLC, ARH Sub, LLC, Champion Safe Co., Inc., Superior Safe, LLC, Safe Guard Security Products, LLC, Champion Safe De Mexico, S.A. de C.V and American Rebel Licensing NIL I, Inc. All references to "USD" or United States Dollar refer to the legal currency of the United States of America.

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

The Financial Statements have been prepared in accordance with generally accepted accounting policies in the United States ("GAAP"). Except as otherwise disclosed, all dollar figures included therein and in the following management discussion and analysis are quoted in United States dollars.

**Description of Our Business**

**Overview**

We are boldly positioning ourselves as America's Patriotic Brand. We have identified the market opportunity to design, manufacture, and market beverages and innovative concealed carry products and safes. We access our market uniquely through our positioning as America's Patriotic Brand and the appeal of our products as well as through the profile and public persona of our founder and Chief Executive Officer, Andy Ross. Andy hosted his own television show for 12 years, has made multiple appearances over the years at trade shows, and is well-known in the archery world as the founder of Ross Archery, which was the world's fastest-growing bow company in 2007 and 2008. Andy has released 3 CDs, done numerous radio and print interviews, and performed many concerts in front of thousands of people. Andy has the ability to present American Rebel to large numbers of potential customers through the appeal of his music and other supporting appearances. For example, his appearance on the History Channel hit show *Counting Cars* in February 2014 has been viewed by over 2 million times. Bringing innovative products that satisfy an existing demand to the market through exciting means is the American Rebel blueprint for success.

As a corporate policy, we will not incur any cash obligations that we cannot satisfy with known resources, of which there are currently none except as described in "Liquidity" below or elsewhere in this Quarterly Report. We believe that the perception that many people have of a public company makes it more likely that they will accept restricted securities from a public company as consideration for indebtedness to them than they would from a private company. We have not performed any studies of this matter. Our conclusion is based on our own observations. Additionally, the issuance of restricted shares will dilute the percentage of ownership interest of our stockholders.

The Company operates primarily as a designer, manufacturer and marketer of beverages, branded safes and personal security and self-defense products. Additionally, the Company designs and produces branded apparel and accessories.

We believe that when it comes to their homes, consumers place a premium on their security and privacy. Our products are designed to offer our customers convenient, efficient and secure home and personal safes from a provider that they can trust. We are committed to offering products of enduring quality that allow customers to keep their valuable belongings protected and to express their patriotism and style, which is synonymous with the American Rebel brand.

Our safes and personal security products are constructed primarily of U.S.-made steel. We believe our products are designed to safely store firearms, as well as store our customers' priceless keepsakes, family heirlooms and treasured memories and other valuables, and we aim to make our products accessible at various price points for home and office use. We believe our products are designed for safety, quality, reliability, features and performance.

To enhance the strength of our brand and drive product demand, we work with our manufacturing facilities and various suppliers to emphasize product quality and mechanical development in order to improve the performance and affordability of our products while providing support to our distribution channel and consumers. We seek to sell products that offer features and benefits of higher-end safes at mid-line price ranges.

We believe that safes are becoming a 'must-have appliance' in a significant portion of households. We believe our current safes provide safety, security, style and peace of mind at competitive prices.

In addition to branded safes, we offer an assortment of personal security products as well as apparel and accessories for men and women under the Company's American Rebel brand. Our backpacks utilize what we believe is a distinctive sandwich-method concealment pocket, which we refer to as Personal Protection Pocket, to hold firearms in place securely and safely. The concealment pockets on our Freedom 2.0 Concealed Carry Jackets incorporate a silent operation opening and closing with the use of a magnetic closure.

We believe that we have the potential to continue to create a brand community presence around the core ideals and beliefs of America, in part through Andy Ross, who has written, recorded and performs a number of songs about the American spirit of independence. We believe our customers identify with the values expressed by our Chief Executive Officer through the "American Rebel" brand.

Through our growing network of dealers, we promote and sell our products in select regional retailers and local specialty safe, sporting goods, hunting and firearms stores, as well as online, including our website and e-commerce platforms such as Amazon.com.

American Rebel is boldly positioning itself as "America's Patriotic Brand" in a time when national spirit and American values are being rekindled and redefined. American Rebel is an advocate for the 2nd Amendment and conveys a sense of responsibility to teach and preach good common practices of gun ownership. American Rebel products keep you concealed and safe inside and outside the home. American Rebel Safes protect your firearms and valuables from children, theft, fire and natural disasters inside the home; and American Rebel Concealed Carry Products provide quick and easy access to your firearm utilizing American Rebel's Proprietary Protection Pocket in its backpacks and apparel outside the home. The initial company product releases embrace the "concealed carry lifestyle" with a focus on concealed carry products, apparel, personal security and defense. "There's a growing need to know how to protect yourself, your family, your neighbors or even a room full of total strangers," says Andy Ross. "That need is in the forethought of every product we design."

The "concealed carry lifestyle" refers to a set of products and a set of ideas around the emotional decision to carry a gun everywhere you go. The American Rebel brand strategy is similar to the successful Harley-Davidson Motorcycle philosophy, referenced in this quote from Richard F. Teerlink, Harley's chairman and former chief executive, "It's not hardware; it is a lifestyle, an emotional attachment. That's what we have to keep marketing to." As an American icon, Harley has come to symbolize freedom, rugged individualism, excitement and a sense of "bad boy rebellion." American Rebel – America's Patriotic Brand has significant potential for branded products as a lifestyle brand. Its innovative Concealed Carry Product line and Safe line serve a large and growing market segment; but it is important to note we have product opportunities beyond Concealed Carry Products and Safes. One such opportunity is American Rebel Light Lager. American Rebel Light Beer is "America's Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer." Management believes a significant opportunity exists to enter the $110+ billion-dollar beer industry with a premium domestic beer. Current distribution agreements are in place for the states of Kansas and Tennessee and portions of Ohio and Connecticut.

**American Rebel & Champion Safes**

Keeping your guns in a location only appropriate trusted members of the household can access should be a top priorities for every responsible gun owner. Whenever a new firearm is purchased, the owner should look for a way to store and secure it. Storing the firearm in a gun safe will prevent it from being misused by young household members, and it will prevent it from being stolen in a burglary or damaged in a fire or natural disaster. Gun safes may seem pricy at first glance, but once the consumer is educated on their role to protect expensive firearms and other valuables such as jewelry and important documents, the price is justified.

Champion Safe Co. produces large floor safes in a variety of models and sizes as well as small portable keyed safes. Additional opportunities exist for us to develop Wall Safes and Handgun Boxes.

*Reasons gun owners should own a gun safe*:

● If you are a gun owner and you have children, many states have a law in place that require you to store your gun locked in a safe, away from children. This will prevent your children from getting the gun and hurting themselves or someone else.

● Some states have a law in place that require you to keep your gun locked away when it is not in use, even if you don't have children in your home. California has a law that requires you to have your gun locked in a firearms safety device that is considered safe by the California Department of Justice (DOJ). When you buy a safe, you should see if it has approval from the California DOJ.

● Many gun owners own more guns than insurance will cover. Many insurance companies only cover $3,000 worth of guns. Are your weapons worth more? If so, you should invest in a gun safe to make sure your guns are protected from fire, water, and thieves.

● Many insurance companies may give you a discount if you own a gun safe. If you own a gun safe or you purchase one, you should see if your insurance company is one that offers a discount for this. A safe can protect your guns and possibly save you money.

● Do people know you own guns? You might not know that many burglaries are carried out by people they know.

● If a person you know breaks into your home, steals your gun, and murders someone, you could be charged with a crime you didn't commit, or the victim's family could sue you.

● Gun safes can protect your guns in the event your home goes up in flames. When buying a safe, you should see if it will protect your firearm or any other valuables from fire damage.

● You might be the type of person that has a gun in your home for protection. A gun locked in a safe can still offer you protection. There are quick access gun safes on the market. With a quick access gun safe, you can still retrieve your gun in a few seconds, but when it is not needed, it will be protected.

A gun safe is the best investment a gun owner can make because the safe can protect guns from thieves, fire, water, or accidents. Bills or ballot measures to require safe storage have been discussed in Delaware, Washington, Oregon, Missouri and Virginia; and various laws are on the books in California and Massachusetts. The gun safe industry is experiencing growth and innovation. Andy Ross and the rest of the American Rebel team are committed to fulfilling the opportunity in the gun safe market and filling the identified void.

Below is a summary of the different safes we offer:

&nbsp;&nbsp;&nbsp;&nbsp;i. *Large Safes* – our current large model safe collection consists of six premium safes. All of our large safes share the same high-quality
 workmanship, are constructed out of 11-gauge U.S.-made steel and feature a double plate steel door, double-steel door casements and
 reinforced door edges. Each of these safes provide up to 75 minutes of fire protection at 1200 degrees Fahrenheit. Our safes offer
 a fully adjustable interior to fit our customers' needs. Depending on the model, one side of the interior may have shelves
 and the other side set up to accommodate long guns. There are optional additions such as Rifle Rod Kits and Handgun Hangers to increase
 the storage capacity of the safe. These large safes offer greater capacity for secure storage and protection, and our safes are designed
 to prevent unauthorized access, including in the event of an attempted theft, natural disaster or fire. We believe that a large,
 highly visible safe acts as a deterrent to any prospective thief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Personal Safes* – the safes in our compact safe collection are easy to operate and carry as they fit into briefcases, desks or under
 vehicle seats. These personal safes meet Transportation Security Administration ("TSA") airline firearm guidelines and
 fit comfortably in luggage when required by travel regulations.

iii. *Vault Doors* – our U.S.-made vault doors combine style with theft and fire protection for a look that fits any decor. Newly-built,
 higher-end homes often add vault rooms and we believe our vault doors, which we designed to facilitate secure access to such vault
 rooms, provide ideal solutions for the protection of valuables and shelter from either storms or intruders. Whether it's in
 the context of a safe room, a shelter, or a place to consolidate valuables, our American Rebel in- and out-swinging vault doors provide
 maximum functionality to facilitate a secure vault room. American Rebel vault doors are constructed of 4 ½" double steel
 plate thickness, A36 carbon steel panels with sandwiched fire insulation, a design that provides greater rigidity, security and fire
 protection. Active boltworks, which is the locking mechanism that bolts the safe door closed so that it cannot be pried open and
 three external hinges that support the weight of the door, are some of the features of the vault door. For safety and when the door
 is used for a panic or safe room, a quick release lever is installed inside the door.

**Upcoming Product Offerings**

To further complement our diverse product offerings, we intend to introduce additional products throughout 2025. Below is a summary of potential upcoming product offerings:

Wall Safes – wall safes can be easily hidden and provide "free" storage space since they are able to be tucked into the space between your wall and studs.

Economy Safe Line – we are exploring enhancing our safe line through the introduction of entry level safes built in North America to compete with other safes imported from overseas.

Our results of operations and financial condition may be impacted positively and negatively by certain general macroeconomic and industry-wide conditions.

**Recent Development**

*Expanding Scope of Operations Activities by Brand Licensing*

 

We believe that American Rebel has significant potential for branded products as a lifestyle brand. As the American Rebel Brand continues to grow in popularity, we anticipate generating additional revenues from licensing fees earned from third parties who wish to engage the American Rebel community. Along these lines, in February of 2026 we formed a new majority owned subsidiary, American Rebel Licensing NIL I, Inc., to pursue licensing opportunities in fiscal 2026. While the Company does not currently generate material revenues from licensing fees, our management team believes the American Rebel brand name may in the future have significant licensing value to third parties that seek the American Rebel name to brand their products to market to the American Rebel target demographic. For example, a tool manufacturer that wants to pursue an alternative marketing plan for a different look and feel could license the American Rebel brand name for their line of tools and market their tools under our distinct brand. This licensee would benefit from the strong American Rebel brand with their second line of American Rebel branded tools as they would continue to sell both of the lines of tools. Conversely, American Rebel could potentially benefit as a licensee of products. If American Rebel determines a third party has designed, engineered, and manufactured a product that would be a strong addition to the American Rebel catalog of products, American Rebel could license that product from the third-party and sell the licensed product under the American Rebel brand.

**Results of Operations**

From inception through March 31, 2026, we have generated an accumulated deficit of $106,385,187. We expect to incur additional losses during fiscal year ending December 31, 2026, and beyond, principally as a result of our increased investment in inventory, manufacturing capacity, marketing and sales expenses, and other growth initiatives.

***Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025***

*Revenue ('Sales') and cost of goods sold ('Cost of Sales')*

For the three months ended March 31, 2026, we reported Revenues of $1,985,191 compared to Revenues of $2,511,324 for the three months ended March 31, 2025. The decrease in Revenues of $526,133 (or (21%) period over period) for the current period compared to the three months ended March 31, 2025 is attributable to slower sales for 2026 and current market conditions. For the three months ended March 31, 2026, we reported Cost of Goods Sold of $2,379,236 compared to Cost of Goods Sold of $2,222,270 for the three months ended March 31, 2025. The increase in Cost of Goods Sold of $156,966 (or 7% period over period) for the current period is primarily attributable to increased raw materials costs. For the three months ended March 31, 2026, we reported Gross Margin of $(394,045), compared to Gross Margin of $298,054 for the three months ended March 31, 2025 and a Gross Margin percentage of (20%) for the three months ended March 31, 2026 compared to 12% for the three months ended March 31, 2025. In general, second amendment businesses have experienced a slowdown in sales volume during the past year and has incurred increased costs of operations.

*Operating Expenses*

Total operating expenses for the three months ended March 31, 2026 were $3,749,027 compared to $3,255,473 for the three months ended March 31, 2025 as further described below. Overall, we experienced a $493,554 increase in operating expenses period over period. This increase is primarily due to the new 2026 sponsorships for Tony Stewart Racing of approximately $0.2 million, other TSR related contracts of $0.1 million and marketing of $0.3 million over the previous period.

For the three months ended March 31, 2026, we incurred consulting/payroll and other costs of $1,081,869 compared to consulting/payroll and other costs of $738,977 for the three months ended March 31, 2025. The increase in consulting/payroll and other costs of $342,892 (or 46% period over period) was primarily due to the increase in payroll expenses for contract labor.

For the three months ended March 31, 2026, we incurred rental expense, warehousing, outlet expense of $45,688, compared to rental expense, warehousing, outlet expense of $57,114 for the three months ended March 31, 2025. The decrease in rental expense, warehousing, outlet expense of $11,426 is due to the reduction of leased properties that the Company rents to conduct the Champion business acquisition.

For the three months ended March 31, 2026, we incurred product development expenses of $5,506 compared to product development expenses of $93,467 for the three months ended March 31, 2025. The decrease in product development expenses of $87,961 is due to the timing of development expenses in connection with the private label beer. We expect to maintain some level of expense on a go-forward basis with new products and efforts being expended for future sales growth and product needs.

For the three months ended March 31, 2026, we incurred marketing and brand development expenses of $1,259,798 compared to marketing and brand development expenses of $695,491 for the three months ended March 31, 2025. The increase in marketing and brand development expenses of $564,307 (or 81% period over period) relates primarily to market awareness efforts for American Rebel Beer as well as expenses associated with our Tony Stewart activities and general push forward on sales efforts.

For the three months ended March 31, 2026, we incurred administrative and other expense of $1,169,182 compared to administrative and other expense of $1,470,587 for the three months ended March 31, 2025. The decrease in administrative and other expense of $301,405 (or (20%) period over period) relates directly to decreased professional fees including accounting and legal fees.

For the three months ended March 31, 2026, we incurred depreciation and amortization expense of $124,484 compared to depreciation and amortization expense of $35,774 for the three months ended March 31, 2025. The increase primarily relates to the building, furniture and equipment acquired as part of the 218 LLC investment.

*Other income and expenses*

For the three months ended March 31, 2026, we incurred interest expense of $1,345,882 compared to interest expense of $723,942 for the three months ended March 31, 2025. The increase in interest expense of $621,940 is due to a significant number of notes we have entered into and subsequently converted or modified. For the three months ended March 31, 2026, we incurred a loss on debt extinguishment of $903,573 and loss on settlement of liability of $455,718 compared to a loss on debt extinguishment of $499,794 and loss on settlement of liability of $887,365 for the three months ended March 31, 2025. This is due to the increased amount of conversions of debt into equity in 2026 and the amended Streeterville loan payable. The decrease in loss on settlement of liability is due to the decrease in the amount of conversions of liabilities to equity by SCC.

*Net Loss*

Net loss for the three months ended March 31, 2026 amounted to $6,972,464, resulting in a loss per share of $(71.28), compared to a net loss of $5,059,256 for the three months ended March 31, 2025, resulting in a loss per share of $(937,997.93) (adjusted for various reverse stock splits). The increase in the net loss for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to a myriad of increased expenses that we incurred in the quarter, such as consulting, marketing and interest as well as a significant loss on debt extinguishment.

**Liquidity and Capital Resources**

We are a company still in the growth and acquisition stage and our revenue from operations does not cover our operating expenses. Working capital increased by $3,624,018 period over period where we had a working capital deficit of $(20,321,313) at December 31, 2025 compared to a working capital deficit balance of $(16,697,295) at March 31, 2026. This working capital increase was due to decreased working capital loans and increase in prepaid expenses. We have funded our operations primarily through the issuance of capital stock, convertible debt, and other securities and will continue so into the near future and beyond.

During the three months ended March 31, 2026, we reduced anticipated cash outflows of $6.2 million through the issuance of common stock in exchange for settlement of our outstanding debt and payables.

As we continue with the launch of American Rebel Beer and continue to maintain the American Rebel branded safes and concealed carry product line, as well our Champion line of products, we expect to continue to devote significant resources in the areas of capital expenditures, marketing, sales, and operational expenditures. We may from time to time incur significant capital needs for these expenditures and for our business. We cannot fully predict what those needs will be and the impact to our business.

We expect to require additional funds to further develop our business and acquisition plan, including the launch of additional products in addition to aggressively marketing our safes and concealed carry product line. Since it is impossible to predict with certainty the timing and amount of funds required to establish profitability, we anticipate that we will raise additional funds through equity or debt offerings or otherwise in order to meet our expected future liquidity requirements. Any such financing that we undertake will likely be dilutive to existing stockholders.

In addition, we expect to need additional funds to respond to business opportunities and challenges, including our ongoing operating expenses, protecting our intellectual property, developing or acquiring new lines of business and enhancing our operating infrastructure. While we may need to seek additional funding for such purposes, we may not be able to obtain financing on acceptable terms, or at all. In addition, the terms of our financings may be dilutive to, or otherwise adversely affect, holders of our common stock. We may also seek additional funds through arrangements with collaborators or other third parties. We may not be able to negotiate any such arrangements on acceptable terms, if at all. If we are unable to obtain additional funding on a timely basis, we may be required to curtail or terminate some or all of our product lines.

*Promissory Notes – Working Capital*

Over the past twelve months, we entered into various working capital notes with a total balance of approximately $15.2 million as of March 31, 2026. The promissory notes have various terms – refer to Note 10 of our condensed consolidated financial statements for the specific terms of each promissory note.

***Critical Accounting Estimates***

Our discussion and analysis of our financial condition and results of operations are based upon our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Our critical accounting estimates include the following, which are listed in no particular order:

*Revenue Recognition*

In accordance with ASC 606, Revenue from Contracts with Customers, revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: (*1) Identify the contract with a client; (2) Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to performance obligations in the contract; and (5) Recognize revenues when or as the company satisfies a performance obligation.*

These steps are met when an order is received, a price is agreed to, and the product is shipped or delivered to that customer. Additionally, the Company offers extended warranties for the locking mechanism of its safes, which are separately purchased by customers. Warranty income is recognized over time based on the estimated useful life of the locks, which approximates 10 years. Unrecognized warranty income is presented as deferred revenue in the accompanying consolidated financial statements.

*<u>Fair Value of Financial Instruments</u>*

Fair value estimates are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain financial instruments approximates their fair values.

The three levels of inputs used to measure fair value are as follows:

Level 1: The preferred inputs to valuation efforts are "quoted prices in active markets for identical assets or liabilities," with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets.

Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations.

Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as "unobservable," and limits their use by saying they "shall be used to measure fair value to the extent that observable inputs are not available." This category allows "for situations in which there is little, if any, market activity for the asset or liability at the measurement date". Earlier in the standard, FASB explains that "observable inputs" are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants.

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

Not applicable.

**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives, and management necessarily is required to use its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

An evaluation was carried out under the supervision and with the participation of the Company's management, including the CEO and Interim Principal Accounting Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, the CEO and Interim Principal Accounting Officer have concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective.

Management has concluded that there is a material weakness in internal control over financial reporting due to deficiencies in the design and operation of internal controls. The material weakness resulted in material adjustments to the financial statements included in the Original Form 10-K for the years ended December 31, 2023 and 2022, which were driven by the following: (1) inadequate management reviews, and (2) insufficient technical accounting competencies within the organization.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements would not be prevented or detected on a timely basis. As a result of the material weakness, our CEO and Interim Principal Accounting Officer have concluded that, as of March 31, 2026, the end of the period covered by this report, our disclosure controls and procedures were not effective at a reasonable assurance level.

***Changes in Internal Control over Financial Reporting***

There were no changes in the Company's internal controls over financial reporting that occurred during the period ended March 31, 2026, that have materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

**Part II: Other Information**

**Item 1 - Legal Proceedings**

Oddo Development Company

On February 2, 2026, Oddo Development Company, Inc. filed a complaint against American Rebel, Inc. and Champion Safe Company, Inc. in the 10<sup>th</sup> Judicial District of Johnson County, Kansas (Case No. JO-2026-CV-000301) seeking unpaid rent, fees and expenses related to the 8500 Marshall Drive, Lenexa, Kansas property leased by American Rebel, Inc. This matter was resolved on March 23, 2026 with all parties entering into a Settlement and Forbearance Agreement.

From time to time, however, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.

**Item 1a – Risk Factors**

Factors that could cause or contribute to differences in our future financial and operating results include those discussed in the risk factors set forth in Item 1A of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2025. These risks are not the only risks that we face. Additional risks not presently known to us or that we do not currently consider significant may also have an adverse effect on the Company. If any of the risks actually occur, our business, results of operations, cash flows or financial condition could suffer.

**Item 2 - Unregistered Sales of Equity Securities**

Reverse Stock Splits

On February 2, 2026, the Company effectuated a 1-for-20 reverse stock split.

On March 23, 2026, the Company effectuated a 1-for-100 reverse stock split.

The share numbers and pricing information in this report are adjusted to reflect the reverse stock splits.

Issuances of Securities During the Quarter Ended March 31, 2026

On January 6, 2026, the Company issued Streeterville Capital, LLC ("Streeterville") 99 shares of common stock pursuant to an Exchange Agreement.

On January 8, 2026, Silverback Capital Corporation ("SCC") requested the issuance of 135 shares of Common Stock to SCC, representing a payment of approximately $137,500.

On January 8, 2026, Boot Capital LLC converted $33,062.50 of the principal amount owed under the July 7, 2025 promissory note into 33 shares of common stock.

On January 8, 2026, 1800 Diagonal Lending LLC converted $50,000 of the principal amount owed under the July 7, 2025 promissory note into 50 shares of common stock.

On January 9, 2026, 1800 Diagonal Lending LLC converted $50,000 of the principal amount owed under the July 7, 2025 promissory note into 50 shares of common stock.

On January 9, 2026, the Company authorized the issuance of 100 shares of common stock to James T. Porter pursuant to a Rescission Agreement.

On January 12, 2026, 1800 Diagonal Lending LLC converted $55,000 of the principal amount owed under the July 7, 2025 promissory note into 56 shares of common stock.

On January 12, 2026, the Company issued Agile Capital Funding, LLC ("Agile") 30,240 shares of Series D Convertible Preferred Stock pursuant to a Securities Exchange Agreement.

On January 13, 2026, the Company issued Streeterville 142 shares of common stock pursuant to an Exchange agreement.

On January 13, 2026, Boot Capital LLC converted $33,062.50 of the principal amount owed under the July 7, 2025 promissory note into 35 shares of common stock.

On January 14, 2026, 1800 Diagonal Lending LLC converted $60,000 of the principal amount owed under the July 7, 2025 promissory note into 133,333 shares of common stock.

On January 15, 2026, 1800 Diagonal Lending LLC converted $38,250 of the principal amount owed under the July 7, 2025 promissory note into 67 shares of common stock.

On January 16, 2026, the Company issued Streeterville 176 shares of common stock pursuant to an exchange agreement at a per share price of $653.80.

On January 22, 2026, the Company issued Streeterville 3,505 shares of common stock pursuant to certain Note Exchange agreements at a per share price of $637.60.

On January 26, 2026, the Company issued Streeterville 18 shares of common stock pursuant to an exchange agreement at a per share price of $437.40.

On February 5, 2026, the Company issued Streeterville 127 shares of common stock pursuant to certain Note Exchange agreements at a per share price of $2,600.

On February 13, 2026, the Company issued Streeterville 693 shares of common stock pursuant to certain Note Exchange agreements at a per share price of $582.80.

On February 18, 2026, the Company issued Streeterville 325 shares of common stock pursuant to certain Note Exchange agreements at a per share price of $400.

On February 25, 2026, the Company issued Streeterville 1,225 shares of common stock pursuant to five exchanges of 490 shares of Series E Preferred Stock.

On March 23, 2026, the Company effectuated a 1-for-100 reverse stock split of its outstanding shares of common stock.

On March 23, 2026, holders of 9,000 shares of Series D Convertible Preferred Stock converted such shares into 45,000 shares of common stock.

On March 24, 2026, the Company issued 18,000 shares of Series D Convertible Preferred Stock to a strategic advisor for services to be rendered pursuant to a strategic advisory agreement for the period from March 24, 2026 through March 31, 2028.

On March 24, 2026, the Company issued 98,000 shares of Series D Convertible Preferred Stock to Agile pursuant to an Exchange and Settlement Agreement.

On March 27, 2026, a holder of 450 shares of Series D Convertible Preferred Stock converted such shares into 2,250 shares of common stock.

On March 30, 2026, we entered into an agreement to purchase two additional primary sponsorships for the 2026 NHRA Tony Stewart Racing Nitro team racing season. The price for the sale/transfer was $400,000 and was paid through the issuance of 53,334 shares of our Series D Convertible Preferred Stock.

On March 23, 2026, the Company effectuated a 1-for-100 reverse stock split. On April 6, 2026, in connection with the round lot share rounding associated with the reverse stock split, the Company issued 3,218,299 shares of common stock to CEDE & Co. for distribution to stockholders effected by the rounding.

Subsequent Issuances of Securities After the Quarter Ended March 31, 2026

On April 13, 2026, two holders of 66,448 shares of Series D Convertible Preferred Stock converted such shares into 332,240 shares of common stock.

On April 17, 2026, two holders of 69,750 shares of Series D Convertible Preferred Stock converted such shares into 348,750 shares of common stock.

On April 27, 2026, seven holders of 183,553 shares of Series D Convertible Preferred Stock converted such shares into 917,765 shares of common stock.

On April 28, 2026, SCC, pursuant to the Settlement Agreement and Stipulation dated as of October 28, 2025, as amended, requested the issuance of 200,000 shares of Common Stock to SCC, representing a payment of approximately $75,000.

On April 28, 2026, the Company issued Streeterville 405,000 shares of common stock pursuant to two exchanges of 445.5 shares of Series E Preferred Stock at a per share price of $1.10.

On April 29, 2026, the Company issued Streeterville 202,702 shares of common stock pursuant to an exchange of 490 shares of Series E Preferred Stock at a per share price of $0.592.

On April 30, 2026, the Company issued Streeterville 816,299 shares of common stock pursuant to three exchanges of 323.5 shares of Series E Preferred Stock at a per share price of $0.396.

On April 30, 2026, 1800 Diagonal Lending LLC converted $50,000 of the principal amount owed under the October 14, 2025 promissory note into 170,882 shares of common stock at aper share price of $0.2926.

On April 30, 2026, 1800 Diagonal Lending LLC converted $55,645 of the remaining principal amount owed under the October 14, 2025 promissory note into 185,483 shares of common stock at aper share price of $0.30.

On May 1, 2026, the Company issued Streeterville 542,902 shares of common stock pursuant to two exchanges of 205 shares of Series E Preferred Stock at a per share price of $0.378.

On May 4, 2026, the Company issued Streeterville 534,375 shares of common stock pursuant to two exchanges of 171 shares of Series E Preferred Stock at a per share price of $0.32.

On May 5, 2026, the Company issued Streeterville 1,020,832 shares of common stock pursuant to four exchanges of 245 shares of Series E Preferred Stock at a per share price of $0.24.

On May 5, 2026, the Company issued Streeterville 262,500 shares of common stock pursuant to a Note Exchange agreement at a per share price of $0.24.

On May 6, 2026, the Company issued Streeterville 2,790,436 shares of common stock pursuant to certain Note Exchange agreements at a per share price of $0.272.

On May 11, 2026, the Company issued Streeterville 541,957 shares of common stock pursuant to certain Note Exchange agreements at a per share price of $0.1716.

All of the above-described issuances (if any) were exempt from registration pursuant to Section 4(a)(2), Section 3(a)(9), Section 3(a)(10) and/or Regulation D of the Securities Act as transactions not involving a public offering. With respect to each transaction listed above, no general solicitation was made by either the Company or any person acting on its behalf. All such securities issued pursuant to such exemptions are restricted securities as defined in Rule 144(a)(3) promulgated under the Securities Act, appropriate legends have been placed on the documents evidencing the securities, and may not be offered or sold absent registration or pursuant to an exemption therefrom.

**Issuer Purchases of Equity Securities**

We did not repurchase any of our equity securities during the quarter ended March 31, 2026.

**Item 3 – Defaults upon Senior Securities**

The Company is in the growth and acquisition stage and, accordingly, has not yet reached profitability from its operations. Since inception, the Company has been engaged in financing activities and executing its plan of operations and incurring costs and expenses related to product development, branding, inventory buildup and product launch. As a result, the Company has continued to incur significant net losses from operations and cash flow difficulties. The Company's accumulated deficit was ($106,385,187) as of March 31, 2026 and ($99,411,489) as of December 31, 2025. The Company has experienced cash flow restraints and has missed payments due under several financing agreements. To date, the majority of lenders have been working with the Company towards amenable solutions to remedy any issues related to such agreements.

The ability of the Company to continue as a going concern is dependent upon its ability to raise capital from the sale of its equity and, ultimately, the achievement of significant operating revenues and profitability. The Company had previously had an effective Reg. A+ offering seeking to raise approximately $20.0 million; however, due to the termination of its prior PCAOB accountants and the requirement to re-audit its financial statements for the past two years for inclusion in the Reg. A+ offering documents the Company is unable to access any capital under the offering and the offering expired. The Company anticipates filing a new Reg. A+ offering in 2026.

Management believes that sufficient funding can be secured through the obtaining of loans, as well as future offerings of its preferred and common stock. However, no assurance can be given that the Company will obtain this additional working capital, or if obtained, that such funding will not cause substantial dilution to its existing stockholders. Most of the Company's current debt instruments are charging high interest rates. These interest payments and/or premium repayments and prepayments may make it difficult for it to enter into new debt agreements. If the Company is unable to secure such additional funds from these sources, it may be forced to change or delay some of its business objectives and efforts. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

**Item 4 – Mine Safety Disclosures**

Not applicable.

**Item 5 – Other Information**

Nasdaq Hearings Panel Decision

On February 4, 2026, the Company received a written notice (the "Notice") from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Nasdaq staff (the "Staff") determined that the Company's common stock failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, in violation of Nasdaq Listing Rule 5550(a)(2) (the "Rule"). While companies are typically afforded a 180-calendar-day compliance period to comply with the Rule, the Staff concluded that the Company was not eligible for the compliance period pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) due to the fact that the Company effected four reverse stock splits since October of 2024, specifically a 1-for-9 reverse stock split on October 2, 2024, a 1-for-25 reverse stock split on March 31, 2025 , a 1-for-20 reverse stock split on October 3, 2025, and a 1-for-20 reverse stock split on February 2, 2026, resulting in a cumulative ratio of 1-for-90,000. Listing Rule 5810(c)(3)(A) states in part, "if a Company's security fails to meet the continued listing requirement for minimum bid price and the Company has effected a reverse stock split over the prior one-year period; or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the Company shall not be eligible for any compliance period specified in this Rule 5810(c)(3)(A) and the Listing Qualifications Department shall issue a Staff Delisting Determination under Rule 5810 with respect to that security." As a result of non-compliance with the Rule, the Staff determined to delist the Company's securities (common stock ("AREB") and publicly traded warrants ("AREBW")) from The Nasdaq Capital Market at the opening of business on February 13, 2026, unless the Company was to request an appeal of the determination by February 11, 2026. On February 11, 2026, the Company requested a hearing and appeal the Staff's delisting determination. The filing of the hearing request resulted in a stay of any suspension or delisting action pending the conclusion of the hearing process. The Nasdaq appeal hearing was held on March 24, 2026. On March 23, 2026, the Company effectuated a 1-for-100 reverse stock split, which resulted in the Company failing to comply with the minimum 500,000 publicly held shares requirement for continued inclusion set forth in Nasdaq Listing Rule 5550(a)(4). The Company's common stock was halted from trading pending compliance with the minimum publicly held share rule through April 27, 2026.

On May 12, 2026, the Company received notice from the Nasdaq appeal panel denying the Company's request to continue its listing on Nasdaq. **Trading in the Company's securities will be suspended at the open of trading on May 13, 2026.** The Company may appeal the decision to the Nasdaq Listing and Hearing Review Council within 15 days of the date of the notice. As of the date of this report, the Company has not determined whether or not it will appeal the decision.

Streeterville June 2025 Note Exchange Agreement

On May 11, 2026, the Company entered into two Exchange Agreements (the "Note Exchanges") with Streeterville. The Company previously entered into that certain Secured Promissory Note (the "Note"), with an original issuance date of June 26, 2025 in the principal amount of $5,470,000. Pursuant to the Note Exchanges, the Company and Streeterville agreed to partition new Secured Promissory Notes in the original principal amount of $93,000 (the "Partitioned Notes") from the Note and then cause the outstanding balance of the Note to be reduced by an amount equal to the initial outstanding balances of the Partitioned Notes. Concurrently, the Partitioned Notes were exchanged for 541,947 shares of the Company's common stock.

The form of Note Exchange was identical for each exchange except for the Partitioned Note amounts and number of shares converted thereunder.

The foregoing description of the Note Exchanges are not a complete description of all of the parties' rights and obligations under the Note Exchanges, and are qualified in its entirety by reference to the Form Note Exchange Agreement, a copy of which was filed as Exhibit 10.1 to the Current Report on Form 8-K filed on January 29, 2026.

Streeterville Capital Funds Release

As previously disclosed, on June 26, 2025, the Company entered into a note purchase agreement with Streeterville Capital, LLC ("Streeterville") pursuant to which the Company issued and sold to Streeterville a secured promissory note in the original principal amount of $5,470,000. On the Closing Date, Streeterville paid $375,000.00 to the Company and $4,625,000.00 was sent to an account at Lakeside Bank owned by the Company's newly formed wholly-owned subsidiary, ARH Sub, LLC, a Utah limited liability company, to be held pursuant to the Deposit Account Control Agreement ("DACA"). On May 10, 2026, Streeterville and ARH Sub sent joint instructions to Lakeside Bank to release $250,000 from the DACA to the Company.

**Item 6 – Exhibits**

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| | |
|:---|:---|
| Exhibit No. | Description |
| 2.1 | [Stock Purchase Agreement, dated June 8, 2016, by and among CubeScape, Inc., American Rebel, Inc., and certain individual named therein (Incorporated by reference to Exhibit 2.1 to Form 8-K, filed June 15, 2016)](https://www.sec.gov/Archives/edgar/data/1648087/000107878216002988/f8k061516_ex2z1.htm) |
| 2.2 | [Champion Safe Co., Inc. Stock Membership Interest Purchase Agreement dated June 29, 2022 (Incorporated by reference to Exhibit 2.1 to Form 8-K, filed July 6, 2022)](https://www.sec.gov/Archives/edgar/data/1648087/000149315222018706/ex2-1.htm) |
| 3.1 | [Second Amended and Restated Articles of Incorporation effective January 22, 2022 (Incorporated by reference to Exhibit 3.4 to Form 10-K, filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1648087/000149315222008572/ex3-4.htm) |
| 3.2 | [Amended and Restated Bylaws of American Rebel Holdings, Inc. effective as of February 9, 2022 (Incorporated by reference to Exhibit 3.1 to Form 8-K, filed February 15, 2022)](https://www.sec.gov/Archives/edgar/data/1648087/000149315222004708/ex3-1.htm) |
| 3.3 | [Certificate of Amendment to the Second Amended and Restated Articles effectuating 1-for-25 Reverse Stock Split (Incorporated by reference to Exhibit 3.1 to Form 8-K filed on June 26, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223022382/ex3-1.htm) |
| 3.4 | [Certificate of Amendment to the Second Amended and Restated Articles effectuating 1-for-9 Reverse Stock Split (Incorporation by reference to Exhibit 3.1 to Form 8-K filed on September 27, 2024)](https://www.sec.gov/Archives/edgar/data/1648087/000149315224038623/ex3-1.htm) |
| 3.5 | [Certificate of Amendment to Second Amended and Restated Articles of Incorporation to be effective on March 31, 2025 (Incorporated by reference to Exhibit 3.1 to Form 8-K filed on March 28, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225001042/ex3-1.htm) |
| 3.6 | [ARH Sub Operating Guidelines (Incorporated by reference to Exhibit 3.1 to Form 8-K filed on July 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225017867/ex3-1.htm) |
| 3.7 | [Certificate of Amendment to Second Amended and Restated Articles of Incorporation to be effective on October 3, 2025 (Incorporated by reference to Exhibit 3.1 to Form 8-K filed on September 23, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225014580/ex3-1.htm) |
| 3.8 | [Certificate of Amendment to Second Amended and Restated Articles of Incorporation to be effective on February 2, 2026 (Incorporated by reference to Exhibit 3.1 to Form 8-K filed on January 22, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226003143/ex3-1.htm) |
| 4.1 | [Certificate of Designation of Series A Preferred Stock (Incorporated by reference to Exhibit 4.1 to Form 8-K filed on February 24, 2020)](https://www.sec.gov/Archives/edgar/data/1648087/000107878220000136/f8k021220_ex4z1.htm) |
| 4.2 | [Certificate of Designation of Series B Preferred Stock (Incorporated by reference to Exhibit 4.1 to Form 8-K filed on June 3, 2021)](https://www.sec.gov/Archives/edgar/data/1648087/000107878221000527/f8k052121_ex4z1.htm) |
| 4.3 | [Amended Certificate of Designation of Series B Preferred Stock (Incorporated by reference to Exhibit 4.1 to Form 8-K filed on July 28, 2021)](https://www.sec.gov/Archives/edgar/data/1648087/000149315221017990/ex4-1.htm) |
| 4.4 | [Warrant Agency Agreement with Action Stock Transfer dated February 9, 2022 (Incorporated by reference to Exhibit 4.2 to Form 8-K, filed February 10, 2022)](https://www.sec.gov/Archives/edgar/data/1648087/000149315222003814/ex4-2.htm) |
| 4.5 | [Armistice Form of New Warrant A (Incorporated by reference to Exhibit 4.1 to Form 8-K/A, filed on September 8, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223032145/ex4-1.htm) |
| 4.6 | [Armistice Form of New Warrant B (Incorporated by reference to Exhibit 4.2 to Form 8-K/A, filed on September 8, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223032145/ex4-2.htm) |
| 4.7 | [Amended and Restated Certificate of Designation of Series A Preferred Stock (Incorporated by reference to Exhibit 4.1 to Form 8-K, filed on November 6, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223039559/ex4-1.htm) |
| 4.8 | [Certificate of Designation of Series C Preferred Stock (Incorporated by reference to Exhibit 4.2 to Form 8-K, filed on November 6, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223039559/ex4-2.htm) |
| 4.9 | [Certificate of Designation of Series D Convertible Preferred Stock dated May 10, 2024 (Incorporated by reference to Exhibit 4.1 to Form 8-K filed on May 16, 2024)](https://www.sec.gov/Archives/edgar/data/1648087/000149315224020348/ex4-1.htm) |
| 4.10 | [Form of Prefunded Warrant (Incorporated by reference to Exhibit 4.1 to Form 8-K filed on April 10, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003621/ex4-1.htm) |
| 4.11 | [Form of Series A Warrant (Incorporated by reference to Exhibit 4.2 to Form 8-K filed on April 10, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003621/ex4-2.htm) |
| 4.12 | [Form of Series B Warrant (Incorporated by reference to Exhibit 4.3 to Form 8-K filed on April 10, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003621/ex4-3.htm) |
| 4.13 | [Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.4 to Form 8-K filed on April 10, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003621/ex4-4.htm) |
| 4.14 | [Streeterville Capital OID Note dated June 26, 2025 (Incorporated by reference to Exhibit 4.1 to Form 8-K, filed July 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225017867/ex4-1.htm) |
| 4.15 | [Certificate of Designation of Series E Preferred Stock dated August 22, 2025 (Incorporated by reference to Exhibit 4.1 to Form 8-K, filed August 26, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225025482/ex4-1.htm) |
| 4.16 | [Streeterville Capital Exchange Note dated September 10, 2025 (Incorporated by reference to Exhibit 4.1 to Form 8-K, filed September 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225027163/ex4-1.htm) |
| 4.17 | [Streeterville Capital Warrant dated September 10, 2025 (Incorporated by reference to Exhibit 4.2 to Form 8-K, filed September 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225027163/ex4-2.htm) |
| 4.18 | [Amended Certificate of Designation of Series D Convertible Preferred Stock dated September 24, 2025 (Incorporated by reference to Exhibit 4.1 to Form 8-K, filed September 25, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225014853/ex4-1.htm) |
| 4.19 | [Amended and Restated Certificate of Designation of Series E Preferred Stock dated March 29, 2026 (Incorporated by reference to Exhibit 4.20 to Form 10-K, filed March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226014291/ex4-20.htm) |
| 10.1† | [Ross Employment Agreement dated January 1, 2021 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed March 5, 2021)](https://www.sec.gov/Archives/edgar/data/1648087/000107878221000199/f8k010121_ex10z1.htm) |
| 10.2† | [Grau Employment Agreement dated January 1, 2021 (Incorporated by reference to Exhibit 10. 2 to Form 8-K, filed March 5, 2021)](https://www.sec.gov/Archives/edgar/data/1648087/000107878221000199/f8k010121_ex10z2.htm) |
| 10.3† | [2021 Long-Term Incentive Plan (Incorporated by reference to Exhibit 10.3 to Form 8-K, filed March 5, 2021)](https://www.sec.gov/Archives/edgar/data/1648087/000107878221000199/f8k010121_ex10z3.htm) |
| 10.4† | [Ross Amendment to Employment Agreement dated April 9, 2021 (Incorporated by reference to Exhibit 10.42 to Form 10-K, filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1648087/000107878221000459/f10k123120_ex10z42.htm) |
| 10.5† | [Grau Amendment to Employment Agreement dated April 9, 2021 (Incorporated by reference to Exhibit 10.43 to Form 10-K, filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1648087/000107878221000459/f10k123120_ex10z43.htm) |
| 10.6 | [Armistice Form of Warrant (Incorporated by reference to Exhibit 10.2 to Form 8-K filed on June 28, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223022698/ex10-2.htm) |
| 10.7 | [Master Brewing Agreement dated August 9, 2023 (Incorporated by reference to Exhibit 10.16 to Form 10-Q filed on August 14, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223028583/ex10-16.htm) |
| 10.8† | [Lambrecht Employment Agreement dated November 20, 2023 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed on November 24, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223042601/ex10-2.htm) |
| 10.9† | [Ross Amendment No. 2 to Employment Agreement dated November 20, 2023 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed on November 24, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223042601/ex10-3.htm) |
| 10.10† | [Grau Amendment No. 2 to Employment Agreement dated November 20, 2023 (Incorporated by reference to Exhibit 10.4 to Form 8-K filed on November 24, 2023)](https://www.sec.gov/Archives/edgar/data/1648087/000149315223042601/ex10-4.htm) |

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10.11 [Sinks Promissory Note dated June 28, 2024 (Incorporated by reference to Exhibit 10.1 to Form 8-K dated July 2, 2024)](https://www.sec.gov/Archives/edgar/data/1648087/000149315224026051/ex10-1.htm)

10.12 [$213,715 OID Note dated November 11, 2024 (Incorporated by reference to Exhibit 10.1 to Form 8-K dated January 15, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225000325/ex10-1.htm)

10.13 [Agile Lending Subordinated Business Loan and Security Agreement (Incorporated by reference to Exhibit 10.56 to Form 10-K filed on April 9, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003346/ex10-56.htm)

10.14 [Alumni Capital Amendment to Securities Purchase Agreement dated December 31, 2024 (Incorporated by reference to Exhibit 10.2 to Form 8-K dated January 6, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225000325/ex10-2.htm)

10.15 [Silverback Capital Settlement Agreement and Stipulation dated December 26, 2024 (Incorporated by reference to Exhibit 10.1 to Form 8-K dated January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225001851/ex10-1.htm)

10.16 [$617,100 OID Note 1 dated January 10, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K dated January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225001851/ex10-2.htm)

10.17 [$123,420 OID Note 2 dated January 10, 2025 (Incorporated by reference to Exhibit 10.3 to Form 8-K dated January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225001851/ex10-3.htm)

10.18 [1800 Diagonal Note dated February 10, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K dated February 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225006841/ex10-1.htm)

10.19 [1800 Diagonal Securities Purchase Agreement dated February 10, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K dated February 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225006841/ex10-2.htm)

10.20 [Amendment to Purchase and Exchange Agreement dated February 19, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K dated February 21, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225007929/ex10-1.htm)

10.21 [1800 Diagonal Note dated March 3, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K dated March 5, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225009257/ex10-1.htm)

10.22 [1800 Diagonal Securities Purchase Agreement dated March 3, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K dated March 5, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225009257/ex10-2.htm)

10.23 [Shelor Motor Mile Tony Stewart Two Primary Sponsorships Purchase Agreement dated March 26, 2027 (Incorporated by reference to Exhibit 10.66 to Form 10-K filed on April 9, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003346/ex10-66.htm)

10.24 [2025 Stock Incentive Plan dated April 2, 2025 (Incorporated by reference to Exhibit 10.67 to Form 10-K filed on April 9, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003346/ex10-67.htm)

10.25 [Silverback Capital Second Settlement Agreement and Stipulation dated April 2, 2025 (Incorporated by reference to Exhibit 10.68 to Form 10-K filed on April 9, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003346/ex10-68.htm)

10.26 [OID Note Conversion Agreement dated April 4, 2025 (Incorporated by reference to Exhibit 10.69 to Form 10-K filed on April 9, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003346/ex10-69.htm)

10.27 [1800 Diagonal Note dated April 7, 2025 (Incorporated by reference to Exhibit 10.70 to Form 10-K filed on April 9, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003346/ex10-70.htm)

10.28 [1800 Diagonal Securities Purchase Agreement dated April 7, 2025 (Incorporated by reference to Exhibit 10.71 to Form 10-K filed on April 9, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003346/ex10-71.htm)

10.29 [Form of Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on April 10, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003621/ex10-1.htm)

10.30 [Form of Registration Rights Agreement (Incorporated by reference to Exhibit 10.2 to Form 8-K filed on April 10, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003621/ex10-2.htm)

10.31 [1800 Diagonal Note dated April 10, 2025 Incorporated by reference to Exhibit 10.1 to Form 8-K filed on April 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003910/ex10-1.htm)

10.32 [1800 Diagonal Securities Purchase Agreement dated April 10, 2025 Incorporated by reference to Exhibit 10.2 to Form 8-K filed on April 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225003910/ex10-2.htm)

10.33 [Form of OID Note dated May 27, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed May 30, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225012966/ex10-1.htm)

10.34 [Bank of America Forbearance Agreement dated May 30, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed June 11, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225014591/ex10-1.htm)

10.35 [Streeterville Capital Note Purchase Agreement dated June 26, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed July 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225017867/ex10-1.htm)

10.36 [Streeterville Capital DACA dated June 26, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed July 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225017867/ex10-2.htm)

10.37 [Streeterville Capital Guaranty dated June 26, 2025 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed July 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225017867/ex10-3.htm)

10.38 [Streeterville Capital Pledge Agreement dated June 26, 2025 (Incorporated by reference to Exhibit 10.4 to Form 8-K filed July 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225017867/ex10-4.htm)

10.39 [1800 Note dated July 7, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed July 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225018826/ex10-1.htm)

10.40 [1800 Securities Purchase Agreement dated July 7, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed July 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225018826/ex10-2.htm)

10.41 [Boot Note dated July 7, 2025 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed July 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225018826/ex10-3.htm)

10.42 [Boot Securities Purchase Agreement dated July 7, 2025 (Incorporated by reference to Exhibit 10.4 to Form 8-K filed July 14, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225018826/ex10-4.htm)

10.43 [OID Note dated July 31, 2025 (Incorporated by reference to Exhibit 10.80 to Form 10-Q filed August 13, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225023267/ex10-80.htm)

10.44 [Agile Capital Funding Securities Exchange Agreement dated August 15, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 21, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225025072/ex10-1.htm)

10.45 [Note Purchase Agreement dated August 22, 2025 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed August 26, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225025482/ex10-3.htm)

10.46 [1800 Diagonal Note dated August 25, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K/A filed August 28, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225025777/ex10-1.htm)

10.47 [1800 Diagonal Securities Purchase Agreement dated August 25, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K/A filed August 28, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225025777/ex10-2.htm)

10.48 [FMW Consulting Services Agreement dated August 28, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed September 8, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225026879/ex10-1.htm)

10.49 [Streeterville Capital Global Amendment dated September 10, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed September 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225027163/ex10-1.htm)

10.50 [Streeterville Capital Exchange Agreement dated September 10, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K, filed September 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225027163/ex10-2.htm)

---

| | |
|:---|:---|
| 10.51 | [Streeterville Capital Guaranty dated September 10, 2025 (Incorporated by reference to Exhibit 10.3 to Form 8-K, filed September 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225027163/ex10-3.htm) |
| 10.52 | [Streeterville Capital Security Agreement dated September 10, 2025 (Incorporated by reference to Exhibit 10.4 to Form 8-K, filed September 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225027163/ex10-4.htm) |
| 10.53 | [Streeterville Capital Pledge Agreement dated September 10, 2025 (Incorporated by reference to Exhibit 10.5 to Form 8-K, filed September 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225027163/ex10-5.htm) |
| 10.54 | [218 LLC Mutual Termination Agreement dated September 15, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed September 15, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225013542/ex10-1.htm) |
| 10.55 | [218 LLC Membership Interest Purchase Agreement dated September 15, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K, filed September 15, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225013542/ex10-2.htm) |
| 10.56 | [218 LLC Promissory Note dated September 15, 2025 (Incorporated by reference to Exhibit 10.3 to Form 8-K, filed September 15, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225013542/ex10-3.htm) |
| 10.57 | [RAEK Minority Membership Interest Purchase Agreement dated September 30, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed October 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225016838/ex10-1.htm) |
| 10.58 | [Horberg Securities Purchase Agreement dated October 1, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K, filed October 3, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225016838/ex10-2.htm) |
| 10.59 | [1800 Diagonal Note dated October 14, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed October 17, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225018445/ex10-1.htm) |
| 10.60 | [1800 Diagonal Securities Purchase Agreement dated October 14, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K, filed October 17, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225018445/ex10-2.htm) |
| 10.61 | [Silverback Capital Settlement Agreement and Stipulation dated October 28, 2025 (Incorporated by reference to Exhibit 10.98 to Form 10-Q, filed November 10, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225021519/ex10-98.htm) |
| 10.62 | [Agile Capital Funding Subordinated Business Loan and Security Agreement dated December 4, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed December 12, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225027404/ex10-1.htm) |
| 10.63 | [1800 Note dated December 15, 2025 (Incorporated by references to Exhibit 10.1 to Form 8-K, filed December 23, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225028948/ex10-1.htm) |
| 10.64 | [1800 Securities Purchase Agreement dated December 15, 2025 (Incorporated by references to Exhibit 10.2 to Form 8-K, filed December 23, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225028948/ex10-2.htm) |
| 10.65 | [Boot Note dated December 15, 2025 (Incorporated by references to Exhibit 10.3 to Form 8-K, filed December 23, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225028948/ex10-3.htm) |
| 10.66 | [Boot Securities Purchase Agreement dated December 15, 2025 (Incorporated by references to Exhibit 10.4 to Form 8-K, filed December 23, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000149315225028948/ex10-4.htm) |
| 10.67 | [RAEK Data Option Exercise Notice dated December 26, 2025 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed January 5, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226000461/ex10-1.htm) |
| 10.68 | [True Speed Enterprises Sponsorship Agreement dated December 31, 2025 (Incorporated by reference to Exhibit 10.2 to Form 8-K, filed January 5, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226000461/ex10-2.htm) |
| 10.69 | [Amended and Restated 2025 Stock Incentive Plan dated December 31, 2025 (Incorporated by reference to Exhibit 10.3 to Form 8-K, filed January 5, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226000461/ex10-3.htm) |
| 10.70 | [Streeterville Exchange Agreement dated January 6, 2026 (Incorporated by reference to Exhibit 10.1 to Form 8-K, filed January 13, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226001991/ex10-1.htm) |
| 10.71 | [Streeterville Second Exchange Agreement dated January 13, 2026 (Incorporated by reference to Exhibit 10.2 to Form 8-K, filed January 13, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226001991/ex10-2.htm) |
| 10.72 | [SB Capital Amendment to Settlement Agreement and Stipulation dated January 7, 2026 (Incorporated by reference to Exhibit 10.3 to Form 8-K, filed January 13, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226001991/ex10-3.htm) |
| 10.73 | [Agile Exchange and Settlement Agreement dated January 12, 2026 (Incorporated by reference to Exhibit 10.4 to Form 8-K, filed January 13, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226001991/ex10-4.htm) |
| 10.74† | [Amendment No.1 to Lambrecht Employment Agreement dated January 8, 2026 (Incorporated by reference to Exhibit 10.5 to Form 8-K, filed January 13, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226001991/ex10-5.htm) |
| 10.75† | [Porter Rescission Agreement dated January 9, 2026 (Incorporated by reference to Exhibit 10.6 to Form 8-K, filed January 13, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226001991/ex10-6.htm) |
| 10.76 | [1800 Diagonal Note dated January 15, 2026 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on January 22, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226003143/ex10-1.htm) |
| 10.77 | [1800 Diagonal Securities Purchase Agreement dated January 15, 2026 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed on January 22, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226003143/ex10-1.htm) |
| 10.78 | [Streeterville Exchange Agreement #3 dated January 16, 2026 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed on January 22, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226003143/ex10-3.htm) |
| 10.79 | [SB Capital Amendment to Settlement Agreement and Stipulation #2 dated January 20, 2026 (Incorporated by reference to Exhibit 10.4 to Form 8-K filed on January 22, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226003143/ex10-4.htm) |
| 10.80 | [Form of Streeterville Exchange Agreement (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on January 29, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226004105/ex10-1.htm) |
| 10.81 | [Form of Streeterville Series E Preferred Exchange Agreement (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on March 6, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226009159/ex10-1.htm) |
| 10.82 | [1800 Diagonal Note dated March 9, 2026 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on March 17, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226010361/ex10-1.htm) |
| 10.83 | [1800 Diagonal Securities Purchase Agreement dated March 9, 2026 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed on March 17, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226010361/ex10-2.htm) |
| 10.84 | [Registration Rights Agreement dated March 12, 2026 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed on March 17, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226010361/ex10-3.htm) |
| 10.85 | [218 LLC Purchase and Exchange Agreement dated March 19, 2026 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on March 27, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226013122/ex10-1.htm) |
| 10.86 | [Agile Exchange and Settlement Agreement dated March 24, 2026 (Incorporated by reference to Exhibit 10.86 to Form 10-K filed on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226014291/ex10-86.htm) |
| 10.87 | [Tony Stewart Two Primary Sponsorships Purchase Agreement dated March 30, 2026 (Incorporated by reference to Exhibit 10.87 to Form 10-K filed on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226014291/ex10-87.htm) |
| 10.88 | [Form of Streeterville Series E Preferred Exchange Agreement (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on April 29, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226019654/ex10-1.htm) |
| 10.89 | [OID Note dated April 10, 2026 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed on April 29, 2026)](https://www.sec.gov/Archives/edgar/data/1648087/000149315226019654/ex10-2.htm) |
| 14.1 | [Code of Ethics (Incorporated by reference to Exhibit 14.1 to Form S-1/A, filed February 3, 2022)](https://www.sec.gov/Archives/edgar/data/1648087/000149315222001427/ex14-1.htm) |
| 14.2 | [Whistleblower Policy (Incorporated by reference to Exhibit 14.2 to Form 10-K filed on April 12, 2024)](https://www.sec.gov/Archives/edgar/data/1648087/000149315224014473/ex14-2.htm) |
| 31.1# | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-1.htm) |
| 31.2# | [Certification of Interim Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-2.htm) |
| 32.1#\*\* | [Certification of Chief Executive Officer and Interim Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-1.htm) |
| 97.1 | [Executive Compensation Recovery Policy (Incorporated by reference to Form 10-K/A filed on April 30, 2025)](https://www.sec.gov/Archives/edgar/data/1648087/000164117225007523/ex97-1.htm) |
| 99.1# | [Nasdaq delisting press release dated May 12, 2026](ex99-1.htm) |
| 101.INS# | Inline XBRL Instance Document |
| 101.SCH\*\*\* | Inline XBRL Taxonomy Extension Schema |
| 101.CAL# | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF# | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB# | Inline XBRL Taxonomy Extension Labels Linkbase |
| 101.PRE# | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

# Filed herewith.

† Indicates management contract or compensatory plan or arrangement.

\*\* Furnished herewith.

\*\*\* The XBRL related information in Exhibit 101 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

**SIGNATURES**

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

Dated: May 13, 2026

---

| | | | |
|:---|:---|:---|:---|
| AMERICAN REBEL HOLDINGS, INC. | AMERICAN REBEL HOLDINGS, INC. |  |  |
| (Registrant) | (Registrant) |  |  |
| By: | */s/ Charles A. Ross, Jr.* | By: | */s/ Darin Fielding* |
|  | Charles A. Ross, Jr., CEO |  | Darin Fielding |
|  | (Principal Executive Officer) |  | President (Interim Principal Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Charles A. Ross, Jr., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American Rebel Holdings, Inc.;

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

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

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

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

Date: May 13, 2026

---

| |
|:---|
| */s/ Charles A. Ross, Jr.* |
| Charles A. Ross, Jr. |
| Chief Executive Officer and Principal Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Darin Fielding, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American Rebel Holdings, Inc.;

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

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

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

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

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

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

Date: May 13, 2026

---

| |
|:---|
| */s/ Darin Fielding* |
| Darin Fielding |
| President (Interim Principal Accounting Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

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

In connection with the Quarterly Report of American Rebel Holdings, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned 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;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&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.

---

| |
|:---|
| */s/ Charles A. Ross, Jr.* |
| Charles A. Ross, Jr.<br> Chief Executive Officer and Principal Executive Officer |
| */s/ Darin Fielding* |
| Darin Fielding |
| President (Interim Principal Accounting Officer) |

---

May 13, 2026

## Exhibit 99.1

**Exhibit 99.1**

**American Rebel Holdings, Inc. Announces Nasdaq Panel Determination, Shareholder Liquidity Plan, and Path Forward on OTC Markets**

 ****

***Company Remains Fully Reporting SEC Registrant; Plans Transition to OTCID and OTCQB; Committed to Building America's Patriotic Brand for 34,000+ Shareholders***

**NASHVILLE, TN / <u>ACCESS Newswire</u> / May 12, 2026 /** American Rebel Holdings, Inc. (NASDAQ:AREB)(NASDAQ:AREBW) ("American Rebel" or the "Company") today announced that a Nasdaq Hearings Panel (the "Panel") has determined to delist the Company's securities for continued non-compliance with Nasdaq's $1.00 minimum bid-price requirement (Listing Rule 5550(a)(2)). Trading in the Company's securities on Nasdaq is expected to be suspended at the open of trading on May 13, 2026.

The Company is providing this update directly to its approximately 34,000 beneficial-holder accounts and is committed to full transparency as it executes its plan to preserve shareholder liquidity and continue building long-term value.

**Shareholder Liquidity Remains the Priority**

American Rebel intends to remain a **fully reporting SEC registrant** and currently expects to pursue quotation on OTC Markets - first on **OTCID** and then on **OTCQB** as and when eligible. The Company believes this path represents the most practical and shareholder-focused framework available to maintain public market access, support trading liquidity, and continue executing its operating plan.

The Company may request further review of the Panel's decision by the Nasdaq Listing and Hearing Review Council within 15 calendar days by submitting the required $15,000 fee. Any such appeal would not stay the Panel's determination. At this time, American Rebel currently expects to focus on its OTC Markets transition planning rather than pursue further review, subject to final Board authorization and consultation with counsel. The Panel's own written decision acknowledged that the Company may be well positioned to seek relisting on a national securities exchange at a later date - an outcome the Company actively intends to pursue.

**A Word on Market Structure and Shareholder Protections**

American Rebel respects the Panel's process and the collegial dialogue it has had with Nasdaq. At the same time, the Company believes it is important to be transparent with its shareholders about the broader market dynamics that have disproportionately affected smaller-cap, thinly traded companies like American Rebel.

**Reverse stock splits are mathematically neutral corporate actions.** Like forward stock splits, they change the price-per-share and share count proportionally without altering the economic value of a shareholder's position. The Company undertook each of its reverse stock splits in calendar year 2025 and 2026 with express, proactive shareholder protections embedded in the implementation, including:

● Round-lot protection: Shareholders holding fewer than 100 shares as of each record date were rounded up to 100 shares, preserving round-lot status and avoiding the market-access consequences of falling below that threshold.

● Fractional share rounding: All fractional shares resulting from the splits were rounded up to whole shares, ensuring no shareholder received less than they were entitled to.

These provisions were among the most shareholder-friendly implementation structures available to any public company executing a reverse split. The Company's actions were designed to protect its retail base - not harm it.

**The issue, in the Company's view, is what happened in the market upon resumption of trading.** In the latest documented instance, despite American Rebel proactively coordinating with Nasdaq on a mid-day opening designed to promote an orderly market, the first trade occurred not at or near the prior session's closing price of approximately $6.46, but at approximately $1.50 - a gap-down of nearly $5.00, or approximately 76.8%, in a structured opening on a national exchange. This is not a pre-market or after-hours anomaly. This occurred during a prescribed, exchange-supervised opening.

Unlike after-hours and pre-market sessions, exchange-supervised openings carry an implied expectation of orderly price formation. Nasdaq's own limit up/limit down (LULD) protections are cited as a key benefit of national exchange listing - yet those protections did not prevent a near-77% gap-down at the open of a designed, coordinated mid-day resumption. The Company believes this raises legitimate questions about whether current Nasdaq market structure and disclosure rules surrounding reverse stock splits adequately protect the retail shareholders they are designed to serve - particularly given the role algorithmic and high-frequency trading can play in exploiting publicly disclosed corporate action timelines.

American Rebel is not alone in this experience. The Company encourages regulators, exchange operators, and market participants to evaluate whether the current framework for compliance thresholds - particularly the minimum bid price rule - creates unintended signaling effects that invite predatory trading activity and accelerate price deterioration in thinly traded names, ultimately harming the very shareholders it is designed to protect.

**Financial Update and Shareholder Snapshot**

American Rebel remains operationally active and financially progressing. Key highlights include:

**●** **2025 Full-Year Revenue**: $9.52 million, as reported in the Company's 2025 Form 10-K

● **Q1 2026 Revenue**: $1,985,191 for the period ended March 31, 2026, as reported in the Company's Form 10-Q

● **Q1 2026 Stockholders' Equity**: $7,185,798 - an increase from $4.38 million at year-end 2025, reflecting equity-strengthening activity

● **Common Shares Outstanding:** 12,245,495 as of May 12, 2026, as reported by the Company's transfer agent

The Company's capital structure remains lean: as of May 12, 2026, issued and outstanding common shares represent just **2.04%** of the Company's 600,000,000 authorized shares, with 587,754,505 shares authorized but unissued. This preserves significant structural flexibility for future capital formation and relisting efforts.

**A Shareholder Base Worth Fighting For**

A Broadridge share-range analysis as of the April 14, 2026 record date reflects the deeply retail nature of American Rebel's ownership base across approximately **33,908 positions**:

---

| | | |
|:---|:---|:---|
| **Share Range** | **Positions** | **Shares in Range** |
| 1-24 | 26565 | 28302 |
| 25-99 | 100 | 7126 |
| 100-249 | 7132 | 719103 |
| 250-499 | 52 | 18167 |
| 500-999 | 30 | 21515 |
| 1,000+ | 29 | 83317 |

---

Approximately **81.9%** of all shares in the analysis were held in the 100-249 share range, directly reflecting the round-lot protection that prior corporate actions were designed to preserve. This is not an institutional order book. These are individual Americans who believe in the brand, the company, and the mission - and American Rebel intends to honor that trust.

**CEO Commentary**

"We respect the Panel and the process," said **Andy Ross, Chairman and Chief Executive Officer of American Rebel Holdings, Inc.** "At the same time, we feel a responsibility to speak plainly to our 34,000 shareholders. Reverse stock splits are mathematically neutral - they do not destroy value. What we witnessed in the market upon resumption of trading, however, was a near-77% gap-down at the open on a national exchange. That is not an orderly market. That is real shareholder value destroyed in real time, without the limit up/limit down protections that are supposed to be one of the core benefits of a national listing."

"Our shareholders implemented round-lot protection. Our shareholders received fractional rounding. Our shareholders were protected to the greatest degree we could provide in the corporate action itself. T he market structure that surrounded it - that is a conversation the industry needs to have."

"We have strong, long-term capital partners who have continued to stand with us. Our beer business is building momentum in a year that could not be better timed - the 250th anniversary of American independence. Our safe and security products business continues to generate revenue. We are evaluating all national exchange options for future relisting, including Nasdaq, NYSE, and emerging alternatives such as the Texas Stock Exchange. We will have options. Our shareholders will have options. **We are going to Rebel up, keep building, and come back stronger. Hold my Beer!!!**"

![](ex99-1_001.jpg)

**Path Forward and Relisting Outlook**

American Rebel intends to:

1. **Transition to OTC Markets** - pursuing OTCID quotation immediately, with OTCQB eligibility to follow as applicable requirements are met

2. **Maintain full SEC reporting** - continuing to file all required periodic reports with the U.S. Securities and Exchange Commission

3. **Execute its operating plan** - growing American Rebel Light Beer distribution, leveraging the America 250 tailwind, and continuing safe and security product sales

4. **Pursue relisting on a national securities exchange** - evaluating all available options including Nasdaq, NYSE, and potential future venues such as the Texas Stock Exchange (TXSE)

5. **Keep shareholders informed** - providing regular updates through press releases, SEC filings, and direct shareholder communications

The Panel's written decision noted that the Company "may be well positioned to seek relisting at a latter date." American Rebel agrees, and intends to make that a near-term reality.

**About American Rebel Holdings, Inc.**

American Rebel Holdings, Inc. is **America's Patriotic Brand**, offering safes and security products, branded lifestyle merchandise, and American Rebel Light Beer. The Company is headquartered in Nashville, Tennessee.

For more information, visit <u>www.americanrebel.com</u>.

**Investor Relations Contact:**

American Rebel Holdings, Inc.<br> <u>ir@americanrebel.com</u>

**Forward-Looking Statements**

*This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding any potential appeal, quotation on OTC Markets, future liquidity, business execution, market conditions, revenue outlook, capital formation, and any future relisting on a national securities exchange. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including regulatory actions, market conditions, financing conditions, trading dynamics, the Company's ability to satisfy OTC Markets requirements, and the risks described from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements except as required by law.*

**SOURCE:** American Rebel Holdings