# EDGAR Filing Document

**Accession Number:** 0001374881
**File Stem:** 0001477932-26-000840
**Filing Date:** 2026-2
**Character Count:** 117002
**Document Hash:** be6c78a6c4d862abf90dacba4aa6b75e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-26-000840.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001477932-26-000840

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kingfish Holding Corp
- **CENTRAL INDEX KEY:** 0001374881
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-MISC DURABLE GOODS [5090]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 204838580
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52375
- **FILM NUMBER:** 26638361

**BUSINESS ADDRESS:**
- **STREET 1:** 822 62ND STREET CIRCLE EAST
- **CITY:** BRADENTON
- **STATE:** FL
- **ZIP:** 34208
- **BUSINESS PHONE:** 941-870-2986

**MAIL ADDRESS:**
- **STREET 1:** 822 62ND STREET CIRCLE EAST
- **CITY:** BRADENTON
- **STATE:** FL
- **ZIP:** 34208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kesselring Holding Corporation.
- **DATE OF NAME CHANGE:** 20070608

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OFFLINE CONSULTING INC
- **DATE OF NAME CHANGE:** 20060907

?xml version='1.0' encoding='ASCII'? king_10q.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________________

**FORM 10-Q**

______________________________

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

For the Quarterly Period Ended **December 31, 2025**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number 000-52375**

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| |
|:---|
| **Kingfish Holding Corporation** |
| (Exact Name of Registrant as Specified in its Charter) |

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| | |
|:---|:---|
| **Delaware** | **20-4838580** |
| (State or Other Jurisdiction of | (IRS Employer |
| Incorporation or Organization) | (Identification No.) |
| **822 62nd Street Circle East, Suite 105** |  |
| **Bradenton, Florida** | **34208** |
| (Address of Principal Executive Offices) | (Zip Code) |

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**<u>(941) 487-3653</u>**

(Registrant's Telephone Number, Including Area Code)

______________________________

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |

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

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| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer: | ☐ | Accelerated Filer: | ☐ |
| Non-Accelerated Filer: | ☒ | Smaller Reporting Company: | ☒ |
|  |  | Emerging Growth Company: | ☐ |

---

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

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

As of February 12, 2026, the number of issued and outstanding common shares of the registrant was 843,177.

**KINGFISH HOLDING CORPORATION**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **Item Number in**<br>**Form 10-Q** |  | <br>**Page** |
| **[PART I – Financial Information](#P1)** | **[PART I – Financial Information](#P1)** |  |
| [Item 1.](#P1I1) | [Financial Statements](#P1I1) | 3 |
|  | [Consolidated Balance Sheets – December 31, 2025 (Unaudited) and September 30, 2025](#BS) | 3 |
|  | [Consolidated Statements of Operations (Unaudited) for the Three Months Ended December 31, 2025 and 2024](#SO) | 4 |
|  | [Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) for the Three Months Ended December 31, 2025 and 2024](#SE) | 5 |
|  | [Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended December 31, 2025 and 2024](#CF) | 6 |
|  | [Notes to Consolidated Financial Statements (Unaudited)](#NTS) | 7 |
| [Item 2.](#P1I2) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#P1I2) | 21 |
| [Item 3.](#P1I3) | [Quantitative and Qualitative Disclosures About Market Risk](#P1I3) | 29 |
| [Item 4.](#P1I4) | [Controls and Procedures](#P1I4) | 29 |
| **[PART II – Other Information](#P2)** | **[PART II – Other Information](#P2)** |  |
| [Item 1.](#ITEM1LEGALPROCEEDINGS) | [Legal Proceedings](#ITEM1LEGALPROCEEDINGS) | 30 |
| [Item 1A.](#P2I1A) | [Risk Factors](#P2I1A) | 30 |
| [Item 2.](#P2I2) | [Unregistered Sales of Equity Securities and Use of Proceeds](#P2I2) | 30 |
| [Item 3](#P2I3) | [Defaults on Senior Securities](#P2I3) | 30 |
| [Item 4.](#P2I4) | [Mine Safety Disclosures](#P2I4) | 30 |
| [Item 5.](#P2I5) | [Other Information](#P2I5) | 30 |
| [Item 6.](#P2I6) | [Exhibits](#P2I6) | 31 |
| [Signatures](#SIG) | [Signatures](#SIG) | 32 |

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| 2 |
| *[**Table of Contents**](#TOC)* |

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**PART I - FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**KINGFISH HOLDING CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **September 30, 2025** |
|  | **Unaudited** |  |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $474578 | $1030185 |
| Accounts receivable, net | 8111 |  |
| Deferred income tax asset | 131466 | 98308 |
| Inventory, net | 97096 | 108441 |
| **Total current assets** | 711251 | 1236934 |
| Due from related party | 1009580 | 1009580 |
| Right of use asset, net | 79735 | 197369 |
| Property and equipment, net | 333986 | 33533 |
| Other assets | 960 | 960 |
| **Total assets** | $2135512 | $2478376 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | $22330 | $23132 |
| Accrued compensation | 18920 | 113520 |
| Accrued interest payable | 274924 | 257371 |
| Related party loans, current | 1327171 | 1327171 |
| Taxes payable | 160532 | 209981 |
| Lease liability - current | 79735 | 197369 |
| **Total liabilities** | 1883612 | 2128544 |
| **Commitments and contingencies (Note 11)** |  |  |
| **Stockholders' equity** |  |  |
| Preferred stock, par $0.0001, 20,000,000 shares authorized, 0 shares issued and outstanding |  |  |
| Common stock, par $0.0001, 200,000,000 shares authorized, 843,177 and 837,962 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively  | 85 | 84 |
| Shares to be issued |  | 280 |
| Paid-in capital | 2085 |  |
| Retained earnings  | 249730 | 349468 |
| Total stockholders' equity | 251900 | 349832 |
| **Total liabilities and stockholders' equity** | $2135512 | $2478376 |

---

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

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| 3 |
| *[**Table of Contents**](#TOC)* |

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**KINGFISH HOLDING CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**UNAUDITED**

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| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | $686500 | $1536631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 399733 | 987212 |
| Gross profit | 286767 | 549419 |
| **Expenses:** |  |  |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 95797 | 99681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent expense | 120000 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative  | 70270 | 51404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director compensation | 18920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll expense | 97121 | 91013 |
| Total operating expenses | 402108 | 362098 |
| (Loss) Income from operations | (115341) | 187321 |
| Other income (expense): |  |  |
| Interest expense | (17553) | (18672) |
| Gain on extinguishment of accounts payable | - | 95150 |
| Total other income (expense) | (17553) | 76478 |
| Net income (loss) before income taxes | (132894) | 263799 |
| Provision for income taxes | (33156) | 65818 |
| Net income (loss) | $(99738) | $197981 |
| Basic and diluted earnings per share on net income (loss) | Basic and diluted earnings per share on net income (loss) | Basic and diluted earnings per share on net income (loss) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.12) | $0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.12) | $0.24 |
| Weighted average shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 838739 | 837962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 838739 | 838152 |

---

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

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| 4 |
| *[**Table of Contents**](#TOC)* |

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**KINGFISH HOLDING CORPORATION**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**UNAUDITED**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Shares to be Issued** | **Shares to be Issued** | | | |
|  | <br>**Shares** | **Par**<br>**$0.0001** | <br>**Shares** | <br>**Amount** | <br>**Paid In**<br>**Capital** | <br>**Retained**<br>**Earnings** | <br><br>**Total** |
| Balance - September 30, 2025  | 837962 | $84 | 700 | $280 | $- | $349468 | $349832 |
| Common stock issued for services  | 5215 | 1 | (700) | (280) | 2085 |  | 1806 |
| Net loss  |  |  |  |  |  | (99738) | (99738) |
| Balance - December 31, 2025  | 843177 | $85 | - | $- | $2085 | $249730 | $251900 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Shares to be Issued** | **Shares to be Issued** | | | |
|  | <br>**Shares** | **Par**<br>**$0.0001** | <br>**Shares** | <br>**Amount** | <br>**Paid In**<br>**Capital** | <br>**Retained**<br>**Earnings** | <br><br>**Total** |
| Balance - September 30, 2024  | 837962 | $84 |  | $- | $- | $(111719) | $(111635) |
| Net income  |  |  |  |  |  | 197981 | 197981 |
| Balance - December 31, 2024  | 837962 | $84 |  | $- | $- | $86262 | $86346 |

---

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

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| 5 |
| *[**Table of Contents**](#TOC)* |

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**KINGFISH HOLDING CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**UNAUDITED**

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| | | |
|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  |
|  | **December 31,** | **December 31,** |
|  | **2025**  | **2024**  |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net (loss) income  | $(99738) | $197981 |
| Adjustment to reconcile net (loss) income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 15799 | 3650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for services | 1806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of accounts payable | 7126 | (95150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right of use asset | 117634 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (8111) | (14697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 11345 | (40802) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax asset | (33158) | 50154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (7929) | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | (94600) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 17554 | 18672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | (49449) | 15665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (117634) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | (239355) | 134689 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Purchase of property and equipment | (316252) | - |
| Net cash (used in) provided by investing activities | (316252) | - |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Related party loans, net | - | (500) |
| Net cash provided by (used in) financing activities | - | (500) |
| Net (Decrease) Increase in Cash  | (555607) | 134189 |
| Cash - Beginning of the Period | 1030185 | 425706 |
| Cash - End of the Period | $474578 | $559895 |
| Supplemental Disclosures of Cash Flows |  |  |
| Cash paid for Interest | $135551 | $- |
| Cash paid for income taxes | $- | $- |

---

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

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| 6 |
| *[**Table of Contents**](#TOC)* |

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**KINGFISH HOLDING CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**December 31, 2025**

**Unaudited**

**1. Business:**

*Our Business:*

Kingfish Holding Corporation (the "Company") was incorporated in the State of Delaware on April 11, 2006 as Offline Consulting, Inc. It became Kesselring Holding Corporation on June 8, 2007 and on November 25, 2014 it changed its name to Kingfish Holding Corporation.

The primary business of the Company is to serve the recycling needs of the south Tampa Bay region. The Company built a recycling center on 10 plus acres in the southern area of the county to service customers of Manatee and Sarasota Counties. The Company purchases and containerizes both ferrous and non-ferrous materials for resale to a variety of off-take partners in more than 60 product categories. Customers are both residential and commercial in nature.

As disclosed in the Company's previous filings, on April 19, 2024 (the "Closing Date"), the Company and Renovo Resource Solutions, Inc., a Florida corporation ("Renovo"), consummated a merger transaction pursuant to which Renovo was merged with and into the Company (the "Merger"), with the Company being the legal successor or surviving corporation in the Merger (the "Closing"). As a condition to the Merger, on April 18, 2024, the Company effected a reverse stock split at a ratio of one-for-five hundred, meaning that each 500 shares of the Company's common stock ("Common Stock") were converted into one share of the Common Stock. Subsequently, on the Closing Date, Kingfish and Renovo consummated the Merger and the transactions contemplated thereby, including the issuance of 600,000 shares of Common Stock (the "Merger Shares") to the owners of Renovo (the "Renovo Owners").

**2. Summary of Significant Accounting Policies:**

*Basis of presentation and consolidation:*

The accompanying unaudited consolidated financial statements, which include the presentation and accounts of the Company and Renovo have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"), and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three months ended December 31, 2025 and 2024. The unaudited consolidated financial statements have been prepared using the accrual basis of accounting in accordance with GAAP and presented in US dollars. They should be read in conjunction with the annual consolidated financial statements reported in the latest Form 10-K filed for the year ended September 30, 2025. The results of operations of any interim period are not necessarily indicative of the results for the full year. The fiscal year end is September 30.

The unaudited consolidated financial statements include the accounts of Kingfish and Renovo. Renovo is a wholly owned subsidiary of Kingfish. All significant intercompany balances and transactions have been eliminated.

*Use of estimates:*

The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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*Cash:*

Cash is maintained at a financial institution and, at times, the balance may exceed federally insured limits. The Company has never experienced any losses related to the balance. Currently, the FDIC provides insurance coverage up to $250,000 per depositor at each financial institution. The amount in excess of FDIC limits at December 31, 2025 and September 30, 2025 was $40,114 and $566,519, respectively.

For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid investments with a maturity of three months or less when purchased to be cash.

*Inventories:*

Inventories are stated at the lower of cost or net realizable value. Cost, which includes raw materials is determined on a first-in, first-out basis. On a monthly basis, the Company analyzes its inventory levels and reserve for inventory that is expected to expire prior to being sold, inventory that has a cost basis in excess of its expected net realizable value, inventory in excess of expected net realizable value, inventory in excess of expected sales requirements, or inventory that fails to meet commercial sale specifications. Expired inventory is disposed of and the related costs are written off to inventory obsolescence. As of December 31, 2025 and September 30, 2025, the balance of inventory was $97,096 and $108,441, respectively. As of December 31, 2025 and September 30, 2025, there was no inventory reserve.

*Accounts Receivable and Credit Losses*

Accounts receivable is stated at net realizable value. The Company estimates and records a provision for expected credit losses related to its consolidated financial instruments, including its trade receivables. The Company considers historical collection rates, the current financial status of its customers, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, the Company believes that the carrying value, net of expected losses, approximates fair value and therefore, the Company relies more on historical and current analysis of such financial instruments, including its trade receivables.

Further, the Company considers macroeconomic factors and the status of the technology industry to estimate if there are current expected credit losses within its trade receivables based on the trends and its expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default. As of December 31, 2025 and September 30, 2025, there was no allowance.

*Property and equipment, net:*

Property and equipment are stated at cost at the date of purchase less accumulated depreciation. Depreciation is calculated using the accelerated methods over the lesser of the estimated useful lives of the assets or the lease term. The useful lives range from three to seven years. The Company's policy is to capitalize renewals and betterments acquired for greater than $500 and expense normal repairs and maintenance as incurred. The Company's management periodically evaluates whether events or circumstances have occurred indicating that the carrying amount of long-lived assets may not be recovered.

*Convertible Debentures*

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The Company adheres to the guidance in Accounting Standards Updated ("ASU") 2020-06, *Accounting for Convertible Instruments and Contracts in an Entity's Own Equity*. ASU 2020-06 simplifies an issuer's accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. Additionally, ASU 2020-06 removes the requirements for accounting for beneficial conversion features.

*Fair Value of Financial Instruments:*

The carrying amounts of cash and current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. Management does not hold or issue financial instruments for trading purposes, nor does the Company utilize derivative instruments in the management of the Company's foreign exchange, commodity price or interest rate market risks.

The Financial Accounting Standards Board ("FASB") Codification clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. It also requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows:

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| | |
|:---|:---|
| Level 1: | Quoted prices in active markets for identical assets or liabilities |
| Level 2: | Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability |
| Level 3: | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |

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The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

*Revenue Recognition:*

The Company recognizes revenues in accordance with Accounting Standards Codification ("ASC") Topic 606, "*Revenue from Contracts with Customers*," and all related interpretations for recognition of its revenue from services. Revenue is recognized when the following criteria are met:

· identification of the contract, or contracts, with the customer;

· identification of the performance obligations in the contract;

· determination of the transaction price;

· allocation of the transaction price to the performance obligations in the contract; and

· recognition of revenue when, or as, the Company satisfies the performance obligation.

The Company primarily generates revenue by purchasing scrap metal from businesses and retail customers, processing it, and selling the ferrous and non-ferrous metals to clients.

The Company realizes revenue upon the fulfillment of its performance obligations to customers. The performance obligation is fulfilled when the product is shipped or picked up by the customer.

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*Cost of Goods Sold:*

Cost of goods sold is primarily comprised of direct costs of purchasing materials from customers, including hauling, freight and fuel and labor from the process of containerizing the materials.

*Leases:*

The Company accounts for leases in accordance with ASC 842, "*Leases*."

Operating leases right-of use ("ROU") assets represents the right to use the leased assets for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is presented on the consolidated statements of operations.

*Income Taxes:*

Deferred taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Future tax benefits for net operating loss carry forwards are recognized to the extent that realization of these benefits is considered more likely than not. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company follows the provisions of FASB ASC 740-10 "*Uncertainty in Income Taxes*" (ASC 740-10). A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there are no unrecognized benefits for all periods presented. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefit in interest expense and penalties in operating expenses.

*Net income per share:*

Basic income per share is computed by dividing net income available to common stockholders by the weighted average number of outstanding common shares during the period of computation. Diluted loss per share gives effect to potentially dilutive common shares outstanding. The Company gives effect to these dilutive securities using the If-Converted Method. Potentially dilutive securities include convertible financial instruments.

At December 31, 2025, there were no potentially dilutive securities. However, as of December 31, 2024, convertible notes payable to related party of $90,000 could potentially convert into 180 shares of Common Stock. For the three months ended December 31, 2025, the Company had a net loss.

*Segment Reporting:*

In November 2023, the FASB issued ASU 2023-07, \**Segment Reporting* (Topic 280): *Improvements to Reportable Segment Disclosures*\*, enhancing segment expense transparency. The Company has adopted this standard in the current fiscal year. The Company has determined that it has one reportable segment, which includes acquiring salvage and reselling scrap metals. The scrap metals consist of processed and unprocessed ferrous and nonferrous metals from a variety of sources including, manufacturing and industrial plants, metal fabrication plants, electric utilities, machine shops, factories, refineries, demolition businesses, wrecking companies, contractors, and retail individuals. The single segment was identified based on how the Chief Operating Decision Maker, who they have determined to be its Chief Executive Officer, manages and evaluates performance and allocates resources.

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*Going Concern:*

Management has evaluated the Company's ability to continue as a going concern in accordance with ASC 205-40. In prior periods, substantial doubt existed regarding the Company's ability to meet its obligations due to recurring losses and negative operating cash flows. However, for the year ended September 30, 2025, the Company generated net income of $461,187 and positive cash flows from operations of $744,979. These results reflect improved operating performance and strengthened liquidity. For the three months ended December 31, 2025, the Company had a net loss of $99,738, negative working capital of $1,172,361 and net cash used in operations in the amount of $239,355. The Company does not anticipate the current period loss to be indicative of long-term performance and current actions being taken to overcome the current period's shortfall. If it becomes necessary, the Company has the ability to defer certain obligations and site improvements temporarily, or renegotiate any number of loans and agreements to increase its cash position without going into additional debt.

Based on this assessment, management has concluded that substantial doubt about the Company's ability to continue as a going concern has been alleviated. Accordingly, the financial statements have been prepared on a going concern basis.

**3. Operating Lease Right-of-Use Asset and Operating Lease Liability**

In connection with the closing on the merger (See "Note 1"), the Company entered into a lease agreement with 6 LLC, a Florida limited liability company ("6 LLC"), a related party, on April 19, 2024. Under the terms of the Lease the Company is leasing the buildings and property ("Property") on which the Company conducts its operations from 6 LLC for annual rent of $480,000 paid in twelve (12) monthly payments of $40,000, which is inclusive of electrical, water, sewer, and other utilities. The Lease has an initial term of two years, and may be extended for a period of up to five (5) additional years by the Company. The terms of the Lease include customary terms regarding alterations to the Property, maintenance by 6 LLC, insurance, and indemnification and generally reflect terms that would be typically negotiated in an at arm's-length transaction with modifications to the termination provisions of the Lease to limit 6 LLC's ability to terminate the Lease in light of the Purchase Option Agreement. Further, the Lease limits 6 LLC's ability to assign the Lease, while preserving the right of the Company to assign the Lease under certain circumstances.

Operating lease right-of-use asset and liability are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is the incremental borrowing rate, estimated to be 8%, as the interest rate implicit in most of the Company's leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. Since the common area maintenance expenses are expenses that do not depend on an index or rate, they are excluded from the measurement of the lease liability and recognized in general and administrative expenses on the consolidated statements of operations. During the three months ended December 31, 2025 and 2024, the Company recorded $120,000 in rent expense, related to this lease.

Right-of-use asset is summarized below:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **September 30,**<br>**2025** |
| Office lease | $890318 | $890318 |
| Less: accumulated amortization | (810583) | (692949) |
| Right-of-use asset, net | $79735 | $197369 |

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Operating lease liability is summarized below:

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **September 30,**<br>**2025** |
| Office lease | $79735 | $197369 |
| Less: current portion | (79735) | (197369) |
| Long term portion | $- | $- |

---

Maturity of the lease liability is as follows:

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| | |
|:---|:---|
|  | **Total** |
| Year ending September 30, 2026 | $80000 |
| Less: imputed interest | (265) |
| Present value of payments | $79735 |

---

**4. Receivables and Loans from Related Parties:**

The Company has paid operational expenses and debt on behalf of 6 LLC, a related party who holds the real estate on which the business operates. As of December 31, 2025 and September 30, 2025, the total paid on behalf of 6 LLC and payable to the Company is $1,009,580. These advances bear no interest, are uncollateralized and have no specific due date.

The above transactions and amounts are not necessarily what third parties would have agreed to.

**5. Property and Equipment:**

Property and equipment consisted of the following at December 31, 2025 and September 30, 2025:

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **September 30,**<br>**2025** |
| Leasehold improvements | $22826 | $7826 |
| Software | 19744 | 19744 |
| Furniture and equipment | 976866 | 675614 |
|  | 1019436 | 703184 |
| Less: Accumulated depreciation | (685450) | (669651) |
| Total | $333986 | $33533 |

---

During the three months ended December 31, 2025 and 2024, the Company recorded $15,799 and $3,650 of depreciation expense, respectively. Depreciation expense is recorded in general and administrative expenses in the consolidated statements of operations.

**6. Accounts Payable**

During the three months ended December 31, 2024, the Company wrote off accounts payable balances from three vendors aggregating $95,150 due to the balances being past the statute of limitations for collectability. The amount was recorded as a gain on extinguishment of accounts payable in statement of operations.

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**7. Related Party Loans:**

Related party loans (the "Related Party Loans") consisted of the following at December 31, 2025 and September 30, 2025:

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **September 30,**<br>**2025** |
| Passing Through, LLC | $531249 | $531249 |
| Conch and Shell Holdings, Inc. | 247775 | 247775 |
| J. Toomey and L. Toomey | 333147 | 333147 |
| K. Toomey | 35000 | 35000 |
| J. Toomey | 180000 | 180000 |
| Total | $1327171 | $1327171 |
| Total current | 1327171 | 1327171 |
| Total long term | $- | $- |

---

The Company entered into a note with Passing Through, LLC, for $600,000 effective July 1, 2016. The note bears interest, commencing on the date of the loan, at an initial rate of 5% per annum. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 5% per annum, commencing on the date of any such extension. On October 28, 2022, the note was modified and the maturity date was extended to December 31, 2023. On December 31, 2023, the note was extended to September 30, 2025. On June 30, 2025, the note was extended to December 31, 2025. On December 24, 2025, the note was extended to December 31, 2026 and the interest rate was increased to 6%. During the three months ended December 31, 2025 and 2024, the Company recorded $6,797 and $7,325 in interest expense, respectively. During the year ended September 30, 2025, the Company repaid $25,000 in accrued interest. As of December 31, 2025 and September 30, 2025, the balance of accrued interest was $264,168 and $257,371, respectively.

The Company entered into a note with Conch and Shell Holdings, Inc, for $250,000 effective November 20, 2018. The note bears interest, commencing on the date of the loan, at an initial rate of 8% per annum. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 8% per annum, commencing on the date of any such extension. On October 28, 2022, the note was modified and the maturity date was extended to December 31, 2023. Interest as of December 31, 2023 in the amount of $121,666 was paid during December 2023. On December 31, 2023, the note was extended to September 30, 2025. On June 30, 2025, the note was extended to December 31, 2025. On December 24, 2025, the note was extended to December 31, 2026. During the three months ended December 31, 2025 and 2024, the Company recorded $5,006 in interest expense, respectively. During the year ended September 30, 2025, the Company repaid $34,765 in accrued interest. As of December 31, 2025 and September 30, 2025, the balance of accrued interest was $5,006 and $0, respectively.

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The Company entered into a note with James K. and Lori M. Toomey, directors, for $338,000 effective November 20, 2018. The note bears interest, commencing on the date of the loan, at an initial rate of 5% per annum. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 5% per annum, commencing on the date of any such extension. On October 28, 2022, the note was modified and the maturity date was extended to December 31, 2023. Interest as of December 31, 2023 in the amount of $103,045 was paid during December 2023. On December 31, 2023, the note was extended to September 30, 2025. On June 30, 2025, the note was extended to December 31, 2025. On December 24, 2025, the note was extended to December 31, 2026 and the interest rate was increased to 6%. During the three months ended December 31, 2025 and 2024, the Company recorded $4,262 and $4,199, in interest expense, respectively. During the year ended September 30, 2025, the Company repaid $29,282 in accrued interest. As of December 31, 2025 and September 30, 2025, the balance of accrued interest was $4,262 and $0, respectively.

The Company entered into a note with K. Toomey, director, for $35,000 effective November 20, 2018. The note bears interest, commencing on the date of the loan, at an initial rate of 5% per annum. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 5% per annum, commencing on the date of any such extension. On October 28, 2022, the note was modified and the maturity date was extended to December 31, 2023. Interest as of December 31, 2023 in the amount of $103,045 was paid during December 2023. On December 31, 2023, the note was extended to September 30, 2025. On June 30, 2025, the note was extended to December 31, 2025. On February 13, 2026, the note was extended to December 31, 2026. During the three months ended December 31, 2025 and 2024, the Company recorded $441, in interest expense, respectively. During the year ended September 30, 2025, the Company repaid $3,066 in accrued interest. As of December 31, 2025 and September 30, 2025, the balance of accrued interest was $441 and $0, respectively.

The Company entered into a note to convert prior advances in a note payable with Mr. Toomey, a director, for $130,000 effective February 1, 2021 (the "2021 Promissory Note"). The 2021 Promissory Note bears interest, commencing on the date of the loan, at an initial rate of 2% per annum and the note matures on September 30, 2024. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 5% per annum, commencing on the date of any such extension. On December 31, 2025, Mr. Toomey and the Company entered into Amendment to the 2021 Promissory Note to extend the maturity date of the 2021 Promissory Note to December 31, 2025. On December 24, 2025, the note was extended to December 31, 2026 and the interest rate was increased to 6%. During the three months ended December 31, 2025 and 2024, the Company recorded $755 and $655, in interest expense, respectively. During the year ended September 30, 2025, the Company repaid $12,124 in accrued interest. As of December 31, 2025 and September 30, 2025, the balance of accrued interest was $755 and $0, respectively.

The Company entered into a note with Mr. Toomey, a director, for $50,000 effective March 7, 2022 (the "2022 Promissory Note"). The note bears interest, commencing on the date of the loan, at an initial rate of 2% per annum and the note matures on December 31, 2025. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 5% per annum, commencing on the date of any such extension. On December 31, 2025, Mr. Toomey and the Company entered into an Amendment to the 2021 Promissory Note to extend the maturity date of the 2022 Promissory Note to December 31, 2025. On December 24, 2025, the note was extended to December 31, 2026 and the interest rate was increased to 6%. During the three months ended December 31, 2025 and 2024, the Company recorded $290 and $252, in interest expense, respectively. During the year ended September 30, 2025, the Company repaid $3,570 in accrued interest. As of December 31, 2025 and September 30, 2025, the balance of accrued interest was $290 and $0, respectively.

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Certain of the Related Party Loans including the Company Security (as defined below), are subordinated to a loan between 6 LLC and Hancock Whitney Bank (the "Bank Loan"). The Related Party Loans are secured by all of the assets of the Company and certain of the Related Party Loans are secured by all of the assets of 6 LLC (the "6 LLC Security"). In addition, 6 LLC's primary source of funds included loans made to 6 LLC by related parties and their affiliated entities (such loans collectively comprise the "6 LLC Affiliate Debt"). The 6 LLC Affiliate Debt, including the 6 LLC Security, is subordinated to the Bank Loan. The 6 LLC Affiliate Debt is secured by all of the assets of 6 LLC, and certain of the 6 LLC Affiliate Debt is secured by the assets of the Company (the "Company Security").

Both the 6 LLC Affiliate Debt, and the Company Security thereof, and the Company Affiliate Debt, and the 6 LLC Security thereof are subordinated to the Bank Loan which has a senior secured security interest in all of the assets of the Company and 6 LLC. Although the Bank Loan is by and between Hancock Whitney Bank and 6 LLC, all of the assets of the Company and all of the assets of 6 LLC, including the property on which the Company conducts business, are used to secure the Bank Loan. As a result, Lori Toomey (a director of the Company) has pledged her personal trust as additional collateral as security for the Bank Loan and she is required to maintain $1 million of liquid assets in her trust. The outstanding amount owed under the Bank Loan as of December 31, 2025 was $1,540,206. Interest accrues on the Bank Loan at an annual rate of 7.36% and is currently being extended on a month-to-month basis pending discussions surrounding an extension of the Bank Loan. The Bank Loan has been on a year-to-year basis since 2019 and the parties historically have extended the Bank Loan and have entered into new loan agreements each year. However, there is no agreement to extend the Bank Loan each year and, as a result, there is a risk that the Bank Loan will not be extended beyond the current maturity date and, if it is extended, that the terms of such Bank Loan may be on terms more disadvantageous as those currently in place (i.e., higher interest rates to reflect current market conditions).

In the event that the Bank Loan is not extended or is otherwise terminated prematurely, and 6 LLC is unable to pay the outstanding balance of the Bank Loan, the Company may be required to fulfil its obligations as a guarantor of the Bank Loan and repay the remaining outstanding balance of the Bank Loan, which may require the Company to sell its assets, seek equity investments, or replacement debt in order to raise sufficient capital. There is no assurance that the Company will be able to secure the necessary financing or funds to repay the Bank Loan or obtain such funds on favorable terms. If the Company is required to fulfil its obligations as a guarantor and is unable to secure the funds necessary to repay the Bank Loan, it may be difficult for us to continue our operations and if we do secure such funds, the terms thereof may be disadvantageous and have a significant negative impact on the Company's financial position.

The above transactions and amounts are not necessarily what third parties would have agreed to.

**8. Line of Credit:**

On October 21, 2024, the Company entered into a credit agreement with Conch and Shell Holdings, Inc., a Florida corporation ("CAS"), with a line of credit in the aggregate amount of $200,000 (the "CAS Credit Agreement") and a credit agreement with 6 LLC, a Florida limited liability company ("6 LLC"), with a line of credit in the aggregate amount of $100,000 (the "6 LLC Credit Agreement" and together with the CAS Credit Agreement, the "Credit Agreements").

Certain directors of the Company own shares in CAS and control 6 LLC. James K. Toomey and Lori M. Toomey, directors of the Company (together the "Toomey Directors") own shares in CAS. The shareholders who received shares in connection with the merger of Renovo Resource Solutions, Inc. with and into the Company, which includes, among others, Randall M. Moritz, director, Keri A. Moritz, director, and the Toomey Directors, also are controlling equity holders of 6 LLC.

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The CAS Credit Agreement does not bear any interest expense, but rather provides for a flat fee payment of $500 to CAS, regardless of the amount drawn under such agreement. The CAS Credit Agreement matures on December 20, 2024 and must be repaid in full on that date. Amounts due under the CAS Credit Agreement may be accelerated and be due and payable at CAS' option immediately upon any incurrence of additional indebtedness or the occurrence of any merger, consolidation, sale of assets, and other customary events of default as set forth in the CAS Credit Agreement. If any Event of Default (as defined in the CAS Credit Agreement) exists and is continuing, amounts borrowed pursuant to the CAS Credit Agreement will then bear interest at a rate of 10% per annum.

The 6 LLC Credit Agreement also does not bear any interest expense, but rather provides for a flat fee payment of $250 to 6 LLC, regardless of the amount drawn under such agreement. The 6 LLC Credit Agreement matures on December 20, 2024, and must be repaid in full on that date. Amounts due under the 6 LLC Credit Agreement may be accelerated and be due and payable at 6 LLC's option immediately upon any incurrence of additional indebtedness or the occurrence of any merger, consolidation, sale of assets, and other customary events of default as set forth in the 6 LLC Credit Agreement. If any Event of Default (as defined in the 6 LLC Credit Agreement) exists and is continuing, amounts borrowed pursuant to the 6 LLC Credit Agreement will then bear interest at a rate of 10% per annum.

Under the terms of both the CAS Credit Agreement the 6 LLC Agreement, the Company must first draw down all funds available under the CAS Agreement before any amounts may be drawn under the 6 LLC Credit Agreement.

On December 16, 2024, the Company repaid all amounts due pursuant to the CAS Credit Agreement and the 6 LLC Credit Agreement.

**9. Equity:**

*Preferred stock*

The Company is authorized to issue up to 20,000,000 shares of Preferred Stock with designations, rights and preferences determined from time to time by the Board of Directors. Accordingly, the Board of Directors is empowered, without shareholder approval, to issue Preferred Stock with dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of the Common Stock. The terms of the preferred stock have not been approved. As of December 31, 2025 and September 30, 2025, there was no Preferred Stock issued and outstanding.

*Common stock*

On August 4, 2025, the Company approved an equity compensation plan for directors and employees. Each director is subject to 100 shares common stock for each year of service. As of December 31, 2025, a total of 700 shares were earned by directors. Additionally, the Company set up a plan to award each employee 100 shares each for each year of service. However, these employee shares will not be payable unless and until 90 days after the trading of the Company's common stock resumes, if ever, in the over-the-counter market or on a stock exchange, whichever should first occur.

On December 18, 2025, the Company issued 4,515 shares of common stock to a family member of a former officer. The issuance was due to a discrepancy related to the Company's previous transfer agent, Manhattan Transfer Registrar. The Shareholder was originally issued two million, two hundred fifty-seven thousand, three hundred seventy-nine shares back on 06/29/2007 by Manhattan Transfer. (premerger)

Neither the share holder or its shares were ever reported on any more recent shareholder reports originating from Manhattan Transfer for at least the last 10 years. When inquiring about the issue Manhattan Transfer, it was discovered to be out of business.

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Fortunately, prior to that the Company had changed its Transfer agent to be Colonial Stock Transfer

7840 S 700 E

Sandy, UT 84070

Main (801) 355-5740 ext. (9561)

Upon inquiry, Colonial Stock Transfer confirmed that there were no actions found in the logs forwarded by Manhattan indicating the shareholder had ever sold or transferred ownership of those shares.

After consulting with company counsel, and Colonial Stock Transfer, it was determined that the best course of action was to reissue the shares to the shareholder per the adjustment post-merger.

**10. Income Taxes:**

The Company's expenses (benefit) for income taxes consist of:

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| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| Current |  |  |
| Federal | $(45959) | $36251 |
| State | (8645) | 6819 |
| Foreign | - | - |
|  | (54604) | 43070 |
| Deferred |  |  |
| Federal | 18053 | 19147 |
| State | 3395 | 3601 |
|  | 21448 | 22748 |
| Total (benefit) expense | $(33156) | $65818 |

---

The components of the net deferred tax asset at December 31, 2025 and September 30, 2025 consist of:

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **September 30,**<br>**2025** |
| Accounts receivable | $(2024) | $- |
| Accounts payable | 5571 | 5771 |
| Accrued interest payable | 68594 | 64214 |
| Accrued compensation | 4721 | 28323 |
| Net operating loss | 54604 | - |
| Total net deferred tax asset | $131466 | $98308 |

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The following is a reconciliation of the applicable federal income tax as computed at the federal statutory tax rate to the actual income taxes reflected in the Consolidated Statements of Operations for the three months ended December 31, 2025 and 2024.

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| | | |
|:---|:---|:---|
|  | **Three months ended**<br>**December 31,** | **Three months ended**<br>**December 31,** |
|  | **2025** | **2024** |
| Tax provision at U.S. federal income tax rate | 21% | 21% |
| State income tax provision net of federal | 4% | 4% |
| Valuation allowance | - | - |
| Provision for income taxes | 25% | 25% |

---

The Company's earliest tax year that remains subject to examination by all tax jurisdictions was September 30, 2018.

**11. Commitments and Contingencies:** 

During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, "*Contingencies*". The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of December 31, 2025 and September 30, 2025, the Company is not aware of any contingent liabilities that should be reflected in the consolidated financial statements.

*Purchase Option Agreement*

In connection with the closing of the Merger (See Note 1), the Company entered into the Purchase Option Agreement (the "Purchase Option Agreement") on the Closing Date with 6 LLC, which is solely held by the Renovo Owners prior to the Merger, pursuant to which, the Company will have the exclusive option, subject to certain conditions, in its sole discretion, exercisable at any time within five (5) years after the Closing Date, to acquire 6 LLC in a post-Merger transaction (the "Future Acquisition") at a purchase price equal to (i) the fair market value of 6 LLC, as determined in accordance with the terms of the Purchase Option Agreement ("Fair Market Value") plus (ii) a premium equal to fifteen percent (15%) of the Fair Market Value. It is a condition to the exercise of the Purchase Option that the Company either repay the Bank Loan or negotiate the assumption of the Bank Loan by the Company at the closing of the Future Acquisition. Currently, the Company is a guarantor under the Bank Loan.

The Fair Market Value will be determined by an independent appraisal of the fair market value of the 6 LLC assets (or, upon a bona fide offer with a firm price made by an unaffiliated third party within 12 months of an exercise of the Purchase Option by the Company).

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Under the terms of the Purchase Option Agreement, the Company has the option to structure the Future Acquisition in any of the following structures:

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|:---|
| a purchase in cash by the Company or any wholly owned subsidiary of the Company of all of the outstanding equity interests of 6 LLC ("6 LLC Equity Interests") from the owners of the 6 LLC Equity interests (the "6 LLC Owners"), including, without limitation, all units of membership interest, directly from all of the 6 LLC Owners; |
| an exchange transaction by the Company or any wholly owned subsidiary of Company to the 6 LLC Owners whereby all of the outstanding 6 LLC Equity Interests will be exchanged for shares of Common Stock or a combination of cash and Common Stock; |
| engage in a merger transaction by and between the 6 LLC and the Company or any wholly owned subsidiary of the Company (with the surviving subsidiary entity to be determined by Company) whereby 6 LLC Owners will receive their prorated share of the aggregate Purchase Price from the payment of the merger consideration, which merger consideration shall be payable in cash or shares of Common Stock, as determined by the Company; or |
| a purchase by the Company or any wholly owned subsidiary of the Company of all or substantially all of the assets of 6 LLC, which Purchase Price shall be payable in cash or shares of Common Stock, as determined by the Surviving Corporation. |

---

To the extent that any portion of the Bank Loan remains outstanding at the time of the Future Acquisition, either (i) the cash portion of the Purchase Price would be used to first payoff any such amount, or (ii) if the Company negotiates the assumption of the Bank Loan with the Bank, the dollar amount of the outstanding Bank Loan so assumed shall be applied to the payment of the Purchase Price. In each case, remaining Purchase Price proceeds ("Remaining Proceeds") would be paid to the 6 LLC debt holders and then to the 6 LLC Owners or 6 LLC, depending on the structure of the transaction.

In the event that the Company should determine to use an acquisition structure whereby it will pay the Remaining Proceeds in Common Stock, the value of the Common Stock will be the average of the last daily sales price of Common Stock as reported by the OTC Markets (otcmarkets.com), or if not reported thereby, another authoritative source selected by the Company) for the ten (10) consecutive full trading days in which such shares are traded ending at the close of trading on the fifth business day preceding the Future Acquisition closing.

The Purchase Option Agreement contains customary representations, warranties and covenants made by 6 LLC, including, among other things, covenants (i) to conduct its business in the ordinary course consistent with past practice during the option period and consummation of a Future Acquisition transaction; (ii) not to engage in certain kinds of transactions during such period; (iii) not to amend or propose to amend any of its organizational documents; (iv) not to incur any additional debt obligations and (v) not to enter into, amend or modify any material contract. The Purchase Option Agreement also is subject to a number of customary closing conditions.

*Pre-Merger Bonus Compensation*

As Pre-Merger Bonus Compensation, each of Messrs. Toomey, Sparling, and La Manna are eligible to receive $100,000 payable in shares of the Company's common stock if, and when, the Company's common stock resumes trading in the over-the-counter market or on a stock exchange, whichever should first occur. Assuming the satisfaction of such condition, any such Pre-Merger Bonus Compensation will not be payable unless and until 90 days after the trading of the Company's common stock resumes, if ever, in the over-the-counter market or on a stock exchange, whichever should first occur.

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**12. Recent Accounting Pronouncements:** 

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting* (Topic 280): *Improvements to Reportable Segment Disclosures*, enhancing segment expense transparency. The update requires public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and extends certain annual segment disclosures to interim periods. ASU 2023-07 is effective for fiscal three months beginning after December 15, 2023, with interim period application required starting after December 15, 2024, and early adoption permitted. The Company has adopted this new standard in the current fiscal year.

In December 2023, the FASB issued ASU 2023-09 (ASC Topic 740): *Improvements to Income Tax Disclosures*. This ASU requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. This ASU will be effective for our annual reporting for the fiscal year ending on September 30, 2026 on a prospective basis, with retrospective application permitted. We are assessing the effect of this update on our related disclosures.

**13. Subsequent Events:** 

Management has evaluated subsequent events through February 17, 2026, the date the consolidated financial statements were available to be issued. Management is not aware of any significant events that occurred after the balance sheet date that would have a material effect on the consolidated financial statements thereby requiring adjustment or disclosure.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

This Management's Discussion and Analysis of Financial Condition and Results of Operations discusses the operating results and financial condition of the Company for the fiscal quarters ended December 31, 2025 and 2024. The discussion and analysis set forth below is intended to assist you in understanding the financial condition and results of our operations and should be read in conjunction with our financial statements and the accompanying notes included elsewhere in this quarterly report. Our results of operations and financial condition, as reflected in the accompanying statements and related notes, are subject to management's evaluation and interpretations of business conditions, changing market conditions and other factors. Historical results and trends which might appear should not be taken as indicative of future operations.

**A NOTE ABOUT FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q (including the exhibits hereto) contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), such as statements relating to our financial condition, results of operations, plans, objectives, future performance or expectations, and business operations. These statements relate to expectations concerning matters that are not historical fact. Accordingly, statements that are based on management's projections, estimates, assumptions, and judgments constitute forward-looking statements. These forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "plan," "estimate," "intend," "objective," "goal," "project," and other similar words and expressions, or future or conditional verbs such as "will," "should," "would," "could," and "may." These forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, and such statements involve inherent risks and uncertainties. Although we believe our expectations are based on reasonable estimates and assumptions, they are not guarantees of performance and there are a number of known and unknown risks, uncertainties, contingencies, and other factors (many of which are outside our control) which may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. Accordingly, there is no assurance that our expectations will in fact occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements.

The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements:

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| the Company's ability to generate sufficient cash proceeds from its operations or, alternatively, identify, secure and obtain suitable and sufficient financing to execute its business plan and achieve its strategic objectives, including the funding of any potential growth and expansion opportunities; |
| the Company's ability to service its outstanding debt obligations, including loans with affiliates of the Company, and to continue to successfully negotiate economically beneficial annual extensions of its loans and guarantor obligations assumed from Renovo Resource Solutions, Inc. ("Renovo") pursuant to the merger of Renovo with and into the Company with the Company as the surviving entity on April 19, 2024 (the "Merger"); |
| the Company's ability to exercise its option to purchase 6 LLC, a Florida limited liability company ("6 LLC"), which owns the property on which the company conducts its business operations and is solely owned by the shareholders of Renovo prior to the Merger, may depend on its ability to raise additional funds; |
| general economic, political and market conditions; |
| interest rate and inflation risk; |

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· the potential impacts of increased tariffs and trade policy discussions between the United States and other countries on our business, which impacts may include, among others, an increase the costs of metals purchased by us for resale, result in declining profitability; operational disruption; an overall economic slowdown; an adverse impact on credit markets and interests rate that could increase the costs of our outstanding debt; possible lower equity valuations that could adversely affect any potential equity financing; and the potential for retaliatory actions by other nations;

· climate related or natural disaster-related events that increases the likelihood of catastrophic losses, disruption to our operations, and related cost of insurance coverage for entities with operations in high fire, hurricane or flood risk areas, including the Company's operations which are located on the gulf coast of central Florida, a region which is susceptible to hurricanes;

· government and industry regulations that might affect future operations;

· potential change of control transactions resulting from merger, acquisition, or business combination with another entity;

· the potential dilution in our equity (both economically and in voting power) that might result from future financing or from merger, acquisition, or business combination activities;

· the Company's ability to expand and grow its business operations both organically and through the identification of potential acquisition targets and, to the extent any acquisition targets should be identified, the Company's ability to consummate any such transaction on favorable terms and to successfully integrate any such acquisition into the Company's existing business operations;

· to the extent that the Company is able to implement its growth strategy through acquisitions, the Company's ability to manage its growth successfully, including any need to expand administrative and operational infrastructure, hire additional personnel, and to implement quality controls and absorb acquisition costs, while maintaining profitable operations and attracting new suppliers and customers;

· any statements regarding future economic conditions, growth rate, market opportunity or performance of the Company;

· the ability of the Company to obtain and maintain all licenses necessary to continue to operate its business; and

· statements of belief and any statement of assumptions underlying any of the foregoing.

If any of these risks or uncertainties materialize or any of these assumptions proves incorrect, the results of the Company could differ materially from the forward-looking statements. All written or oral forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice. The forward-looking statements included herein are only made as of the date of this Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2025 (this "Form 10-Q"). We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**Overview**

***Explanatory Note***

On April 19, 2024, the Company consummated the Merger with Renovo, with the Company as the legal surviving entity and Renovo as the accounting surviving entity. For purposes of this Management's Discussion and Analysis of Financial Condition and Results of Operations, the historic results of the Company are those of Renovo as the accounting survivor of the Merger.

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***Operations***

Operations consist solely of acquiring salvage and reselling scrap metals processed and unprocessed ferrous and nonferrous metals from a variety of sources including, manufacturing and industrial plants, metal fabrication plants, electric utilities, machine shops, factories, refineries, demolition businesses, wrecking companies, contractors, and retail individuals. Ferrous metals contain significant quantities of iron or steel. Non-ferrous metals, which do not contain significant quantities of iron or steel include, without limitation, copper, brass, aluminum, bronze, lead, zinc, nickel, and alloys thereof; but do not include precious metals (such as gold, silver, and platinum).

The primary business operations of the Company consist of accepting metals contained in radiators, insulated aluminum wire, automotive components (rotors, drums, etc.), insulated copper wire, electric motors, stainless steel, scrap iron, appliances, aluminum cans, batteries (lead acid), and e-scrap. The Company utilizes specialized equipment to efficiently process significant volumes of insulated copper wire through granulation. With the exception of precious metals, our scrap metal processing facility processes almost all other types of metal.

The Company derives profit from aggregating more than 60 product types and reselling the materials to larger transfer and processing partners in the state of Florida. The Company has operated under the guidelines of selling "mixed" truckloads of material as soon as they are aggregated in an effort to abate any changes in commodity pricing that may affect its margins in a negative manner. This buy/sell formula has preserved margins in the past but also curtails the Company's ability to ship directly to non-ferrous mills due to smaller volumes of like materials or Full Truck Load ("FTL") volumes resulting in lower prices received for materials.

Although the Company does have the capacity and volume to achieve FTL loads required by non-ferrous mills, based on market price fluctuations, the Company has taken a more conservative approach to protect its margins. Accordingly, the Company only ships less than a truckload ("LTL") of mixed commodities to go to multiple end users in an effort to mitigate any potential losses due to market fluctuations.

The Company conducts its operations on real property located at 3324 63rd Avenue East, Bradenton, Florida 34203 (the "Property"). This Property is owned by 6 LLC, a Florida limited liability company solely owned by the shareholders of Renovo prior to the Merger. The Company has the option to acquire the Property pursuant to a purchase option agreement.

The Company has received approvals to build a C&D Site on the Property, as well as a transfer station for material recovery of mobile homes and recreational vehicles, industrial solid non-hazardous waste, plastics and cardboard. The final site plan has been reviewed by the appropriate agencies and found to be sufficiently in compliance with the Manatee County Land Development Code and Comprehensive Plan. Although the Company has taken the steps to have the C&D Site classified for such use and has actively taken steps to evaluate the construction of a C&D plant on the Property, the Company has not yet determined to proceed with the commencement of C&D plant operations. The ultimate determination of whether to proceed with operating a C&D plant will depend on a number of factors, including, without limitation, existing market conditions and the likelihood of profitable operation of a C&D plant. Such a designation would add value to the Property, but the Company will not operate a C&D plant unless and until it determines, if ever, that it would be a viable and profitable business venture for the Company with appropriate rates of investment return. Accordingly, there can be no assurance that the Company will operate a C&D plant on the Property. The Manatee County approvals will expire after four years from the original approval date of March 28, 2027, and are subject to the expiration date (April 7, 2026) of the Company's Certificate of Level of Service, which is required by Manatee County. The approvals may be extended in 12-month increments for up to 48 months from the original expiration date. The Company has obtained two extensions from Manatee County, which means we may obtain at most two more 12-month extensions. Prior to this expiration the Company may pursue building permits to build the C&D Site.

The Company does not engage in the business of fabricating or otherwise converting raw materials into products or prepared grades of materials having an existing or potential economic value.

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***Balance Sheet***

At December 31, 2025 and September 30, 2025, the Company had total assets of $2,135,512 and $2,478,376, respectively, total liabilities of $1,883,612 and $2,128,544, respectively, and total stockholders' equity of $251,900 and $349,832, respectively. The decrease of total assets of $342,864 from September 30, 2025 to December 31, 2025 was due to a decrease in cash of $555,607 primarily as a result of capital expenditures, a decrease in inventory in the amount of $11,345, a decrease in the right of use asset in the amount of $117,634, offset by an increase in accounts receivable in the amount of $8,111, an increase in deferred income tax asset in the amount of $33,158 and an increase in property in equipment in the amount of $300,453. The decrease of total liabilities of $244,932 from December 31, 2025 to September 30, 2025 was due primarily to an aggregate $262,485 of accounts payable, accrued compensation, taxes payable, and lease liabilities offset by an increase in accrued interest payable in the amount of $17,553.

At December 31, 2025 and September 30, 2025, the Company had retained earnings of $249,730 and $349,468, respectively. The decrease in retained earnings was a result of our net loss for the three months ended December 31, 2025 in the amount of $99,738.

***Results of Operations***

***Comparison of Three Months Ended December 31, 2025 and 2024***

***<u>Revenues</u>***

For the three months ended December 31, 2025 and 2024, the Company had total revenues of $686,500 and $1,536,631, respectively, and gross profits of $286,767 and $549,419, respectively. The primary driver of the Company's revenues are steel prices and the prices of other metal commodities. When metal prices are higher, revenues increase assuming that volume is stable. The Company is primarily impacted by the price of steel, with the price of copper and the price of other metals also significantly contributing to the Company's revenues and profits. The primary reason for the decrease in our revenues in the three-month period ended December 31, 2025 was due to the decrease in the volume of the Company's sales in the three months ended December 31, 2025 when compared to the three months ended December 31, 2024. The decrease is primarily attributable to the revised Manatee County Solid Waste policy implemented in Q4 2025, which discontinued residential curbside recycling collection. This shift was further compounded by similar policy updates in the City of Bradenton. While internal logistical constraints have previously limited expansion, enhancing the Company's transportation infrastructure represents a key strategic opportunity for future growth.

Cost of goods sold for the three months ended December 31, 2025 and 2024 were $399,733 and $987,212, respectively, resulting in a gross margin of 42% and 36%, respectively. Cost of goods sold consists primarily of costs associated with purchasing salvage and scrap metal and increases as prices for these commodities fluctuate. Following the resumption of standard operations in Q4 2025, the Company recorded a decrease in steel procurement, primarily due to current logistics and transportation limitations. As the Company currently operates on a purely inbound collection model, its primary growth objective is the vertical integration of freight and logistics. The Company expects this initiative will allow it to exercise greater control over operational expenses while delivering a significantly enhanced customer experience.

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***<u>Operating Expenses</u>***.

The Company's operating expenses increased from $362,098 for the three months ended December 31, 2024 to $402,108 for the three months ended December 31, 2025 due primarily to an increase in general and administrative expenses in the amount of $18,866 an increase in director compensation in the amount of $18,920.

***<u>Other Income (Expenses)</u>.***

Other income (expenses) went from $76,478 for the three months ended December 31, 2024 to $(17,553) for the three months ended December 31, 2025. The reason for the change was due to the Company recording a gain on extinguishment of accounts payable in the amount of $95,150 during the period ending December 31, 2024.

***<u>Net Income (Loss)</u>***

For the three months ended December 31, 2025, we had a net loss of ($99,738) as opposed to net income of $197,981 for the three months ended December 31, 2024. The Company had a net loss in the current period primarily due to a decline in sales and increase in operating expenses.

***Liquidity and Capital Resources***

At December 31, 2025 and September 30, 2025, our current liabilities were $1,883,612 and $2,128,544, respectively. We had no material commitments for capital expenditures as of December 31, 2025. The difference of $244,932 was due primarily to an aggregate $262,485 of accounts payable, accrued compensation, taxes payable, and lease liabilities offset by an increase in accrued interest payable in the amount of $17,553.

The Company's principal sources of funds are funds generated by its operations, as well as amounts received from affiliated loans. Such affiliated loans include both those entered into by the Company prior to the Merger and those entered into by Renovo prior to the Merger. In addition, the Company has paid operational expenses and debt on behalf of 6 LLC. As of December 31, 2025, the total paid on behalf of 6 LLC and payable to the Company is $1,009,580. These operational expense advances bear no interest, are uncollateralized and have no specific due date. As stated above under the balance sheet section, there was an increase in cash as a result of increased sales. The Company plans to apply a portion of its existing cash position to repay certain such affiliated loans and to undertake various property maintenance projects.

Management has evaluated the Company's ability to continue as a going concern in accordance with ASC 205-40. In prior periods, substantial doubt existed regarding the Company's ability to meet its obligations due to recurring losses and negative operating cash flows. However, for the year ended September 30, 2025, the Company generated net income of $461,187 and positive cash flows from operations of $744,979. These results reflect improved operating performance and strengthened liquidity. For the three months ended December 31, 2025, the Company had a net loss of $99,738, negative working capital of $1,172,361 and net cash used in operations in the amount of $239,355. The Company does not anticipate the current period loss to be indicative of long-term performance and current actions being taken to overcome the current period's shortfall. If it becomes necessary the Company has the ability to defer certain obligations, and or site improvements temporarily, or renegotiate any number of loans and agreements to increase its cash position without going into additional debt.

Based on this assessment, management has concluded that substantial doubt about the Company's ability to continue as a going concern has been alleviated. Accordingly, the financial statements have been prepared on a going concern basis.

The Company currently intends to undertake certain capital expenditures relating to certain improvements on the property where it conducts business to construct or install temporary or permanent improvements and to request or record easements relating to utilities and access, including, without limitation, driveways, fencing, gates, and utility connections. Such improvements also may include those necessary to provide special dedicated access to the Company property in favor of the County during storm conditions. These improvements shall be at the Company's sole expense. During the three months ended December 31, 2025, the Company spent $316,252 on capital expenditures. The Company expects to expend approximately $10,000 during the next 12 months for such capital expenditures and that such expenses will be paid out of revenue generated by the Company during that period.

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As part of the Company's potential development activities on the Property, the Company has negotiated and, on August 12, 2025, entered into the Amended LLC Agreements with 6, LLC ("Amended 6, LLC Agreements"), to permit the Company to construct or install temporary or permanent improvements and to request or record easements relating to utilities and access, including, without limitation, driveways, fencing, gates, and utility connections. Such improvements also may include those necessary to provide special dedicated access to the Company Real Property in favor of the County during storm conditions. These improvements shall be at the Company's sole expense. Any such construction activities performed by or on behalf of the Company shall be at the Company's sole expenses and are required to be conducted by properly licensed and qualified contractors, consultants, or other professionals. Under the Amended 6, LLC Agreements, the Company may not permit any liens to attach to the Property by reason of the exercise of its rights thereunder, except any lien bonded or certain insured identified therein.

The Company's ability to finance its working capital requirements and sustain current levels of operations, and to service or retire its outstanding debt obligation, as well as its ability to exercise its Purchase Option (described below), is dependent upon management's ability to continue to curtail current operating expense and obtain additional financing to augment working capital requirements and support acquisition plans. In order to service or retire such loans and to exercise the Purchase Option, the Company is evaluating possible equity financings. However, the Company has not yet determined whether to pursue an equity financing at this time and there is no assurance that an equity financing will be attempted by the Company, or, in the event that the Company does pursue an equity financing, that such financing would be successful or on terms reasonably satisfactory to the Company.

In connection with the closing on the Merger, the Company entered into a lease agreement with 6 LLC on April 19, 2024. Under the terms of the Lease the Company is leasing the Property (including the buildings situated thereon) on which the Company conducts its operations from 6 LLC for annual rent of $480,000 paid in twelve (12) monthly payments of $40,000, which is inclusive of electrical, water, sewer, and other utilities. The Lease has an initial term of two years, and may be extended for a period of up to five (5) additional years by the Company. In addition to the Lease, the Company also has entered into a Purchase Option Agreement with the equity owners of 6 LLC ("Purchase Option Agreement") pursuant to which the Company has the exclusive option, subject to certain conditions, in its sole discretion, exercisable at any time within five (5) years after the closing of the Merger to acquire 6 LLC and, as a result thereof, the Property (the "Purchase Option"). The terms of the Lease include customary terms regarding alterations to the Property, maintenance by 6 LLC, insurance, and indemnification and generally reflect terms that would be typically negotiated in an at arm's-length transaction with modifications to the termination provisions of the Lease to limit 6 LLC's ability to terminate the Lease in light of the Purchase Option Agreement. Further, the Lease limits 6 LLC's ability to assign the Lease, while preserving the right of the Company to assign the Lease under certain circumstances. The Company has not yet determined whether it will exercise the Purchase Option. For more information relating to the Purchase Option Agreement and the Purchase Option, see Financial Statement Note 11.

***Cash Flow***

The following table provides detailed information about our net cash flow for the three months ended December 31, 2025 and 2024:

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|  | **Three months ended** <br>**December 31,** | **Three months ended** <br>**December 31,** |
|  | **2025** | **2024** |
| Net cash (used in) provided by operating activities | $(239355) | $134689 |
| Net cash (used in) provided by investing activities | (316252) |  |
| Net cash provided by (used in) financing activities |  | (500) |
| Net (decrease) increase in cash and cash equivalents | (555607) | 134189 |
| Cash and cash equivalents at beginning of period | 1030185 | 425706 |
| Cash and cash equivalent at end of period | $474578 | $559895 |

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Net cash used in operating activities for the three months ended December 30, 2025 was ($239,355) compared to $134,689 provided by operating activities for the three months ended December 30, 2024. This difference primarily related to a net loss in the current period coupled with accrued compensation in the amount of $94,600, income taxes payable in the amount of $49,449, deferred tax asset in the amount of $33,158 and operating lease liability in the amount of $117,634. During the three months ended December 30, 2025, net cash used in investing activities was $(316,252) compared to $0 for the three months ended December 31, 2024. During the three months ended December 31, 2025, the company purchased $301,252 of equipment and $15,000 in leasehold improvements. During the three months ended December 30, 2025, our financing activities used cash of $0 compared to $500 during the three months ended December 30, 2024. The difference primarily related to less related party loan activity in the current period.

***<u>Affiliate Loans.</u>***

Prior to the Merger with Renovo, the Company had no operations and generated no revenues. As a result, the Company entered into various lending arrangements with related parties to finance its activities in connection with the preparation of its SEC filings and the negotiation of the Merger transaction. These loans were made to the Company by James K. Toomey.

In connection with the Merger, the Company assumed all affiliated loans made to Renovo prior to the Merger, which consisted of loans made to Renovo by James K. Toomey, Lori M. Toomey, and Kristen Toomey, and their affiliated entities, including Conch and Shell Holdings, Inc., AMI Holdings, Inc., and Passing Through, LLC.

Each such affiliated loan made by one or more of James K. Toomey, Lori M. Toomey, and Kristen Toomey, and their affiliated entities, including Conch and Shell Holdings, Inc., AMI Holdings, Inc., and Passing Through, LLC (collectively referred to herein as the "Toomey Debtholders") to the Company or Renovo prior to the Merger is referred to herein as an "Affiliate Loan" and collectively, such loans, "Company Affiliate Debt."

The Company Affiliate Debt which was assumed by the Company from Renovo in connection with the Merger, including the Company Security (as defined below), is subordinated to the 6 LLC Bank Loan and secured by all of the assets of the Company and is secured by all of the assets of 6 LLC (the "6 LLC Security"). In addition, 6 LLC's primary source of funds included loans made to 6 LLC by the Toomey Debtholders and their affiliated entities (such loans collectively comprise the "6 LLC Affiliate Debt"). The 6 LLC Affiliate Debt, including the 6 LLC Security, is subordinated to the 6 LLC Bank Loan. The 6 LLC Affiliate Debt is secured by all of the assets of 6 LLC, and certain of the 6 LLC Affiliate Debt is secured by the assets of the Company (the "Company Security").

As of December 31, 2025, the aggregate principal amount of the Company Affiliated Debt was approximately $1,327,171 and the accrued interest thereon was approximately $274,924.

Set forth below is the outstanding Company Affiliate Debt as of December 31, 2025.

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| **Affiliate Lender** | **Date of**<br>**Original Loan** | **Principal** <br>**Amount** <br>**Borrowed** | **Annual** <br>**Interest** <br>**Rate** | **Accrued** <br>**Interest** | **Maturity Date** |
| Passing Through, LLC (Toomey family trust/estate) | July 1, 2016 | $600000 | 5.00% | $264168 | December 31, 2026 (2) |
| Conch and Shell Holdings, Inc.(extended Toomey family) | November 20, 2018 | $250000 | 8.00% | $5006 | December 31, 2026 (2) |
| James and Lori Toomey(4) | November 20, 2018 | $338000 | 5.00% | $4262 | December 31, 2026 (2) |
| Kristen Toomey | November 20, 2018 | $35000 | 5.00% | $441 | December 31, 2026 (3) |
| James Toomey(1) | February 1, 2021  | $130000 | 2.00% | $756 | December 31, 2026 (2) |
| James Toomey(1)  | March 7, 2022 | $50000 | 2.00% | $290 | December 31, 2026 (2) |

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(1) These notes were entered into by the Company prior to the Merger (and not assumed from Renovo in connection with the Merger) and therefore are not subordinated to the 6 LLC Bank Loan. Set forth below is the outstanding 6 LLC Affiliate Debt subject to the Company Security as of December 31, 2025. 

(2) On December 24, 2025, these notes were extended to December 31, 2026.

(3) On February 13, 2026, this note was extended retroactively and is now scheduled to mature on December 31, 2026.

(4) On February 13, 2026, this note was amended to clarify the proper parties thereto, a copy of which is filed as Exhibit 10.1 to this Form 10-Q and incorporated into this Form 10-Q by reference. The remaining terms of the note were not modified.

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Set forth below is the outstanding 6 LLC Affiliate Debt subject to the Company Security as of December 31, 2025.

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| **Affiliate Lender** | **Principal Amount Outstanding** |
| James K. Toomey | $100000 |
| Lori Toomey | $300000 |
| Lori Toomey | $500000 |
| James and Lori Toomey | $50000 |
| Passing Through, LLC | $189545 |
| Passing Through, LLC | $100000 |
| Passing Through, LLC | $100000 |
| Conch and Shell Holdings, Inc. | $100000 |
| Conch and Shell Holdings, Inc. | $248725 |
| Lori Toomey, Conch and Shell Holdings, Inc., and AMI Holdings, Inc. | $225000 |

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The maturity dates of the 6 LLC Affiliate Debt have been extended to December 31, 2026.

Both the 6 LLC Affiliate Debt (and the Company Security thereof) and the Company Affiliate Debt (and the 6 LLC Security thereof) are subordinated to the 6 LLC Bank Loan which has a senior secured security interest in all of the assets of the Company and 6 LLC. Although the 6 LLC Bank Loan is by and between Hancock Whitney Bank and 6 LLC, all of the assets of the Company and all of the assets of 6 LLC, including the property on which the Company conducts business, are used to secure the 6 LLC Bank Loan. As a result, Lori Toomey (a director of the Company) has pledged her personal trust as additional collateral as security for the 6 LLC Bank Loan and she is required to maintain $1 million of liquid assets in her trust.

For more information relating to the Company Affiliate Debt and the 6 LLC Debt, please see Notes 7 and 8 to the Financial Statements.

***<u>Hancock Whitney Bank Loan</u>***

The outstanding amount owed under the 6 LLC Bank Loan as of December 31, 2025 was approximately $1,540,207. Interest accrues on the 6 LLC Bank Loan at an annual rate of 6.735% and the loan was set to mature on December 31, 2026; however, 6 LLC has received a commitment letter to extend the loan by another 12 months at an annual rate of 5.75%. The 6 LLC Bank Loan has been on a year-to-year basis since 2019 and the parties historically have extended the 6 LLC Bank Loan and have entered into new loan agreements each year. However, there is no agreement to extend the 6 LLC Bank Loan each year and, as a result, there is a risk that the 6 LLC Bank Loan will not be extended beyond the current maturity date and, if it is extended, that the terms of such 6 LLC Bank Loan may be on terms more disadvantageous as those currently in place (i.e., higher interest rates to reflect current market conditions).

In the event that the 6 LLC Bank Loan is not extended or is otherwise terminated prematurely, and 6 LLC is unable to pay the outstanding balance of the 6 LLC Bank Loan, the Company may be required fulfil its obligations as a guarantor of the 6 LLC Bank Loan and repay the remaining outstanding balance of the 6 LLC Bank Loan, which may require the Company to sell its assets, seek equity investments, or replacement debt in order to raise sufficient capital. There is no assurance that the Company will be able to secure the necessary financing or funds to repay the 6 LLC Bank Loan or obtain such funds on favorable terms. If the Company is required to fulfil its obligations as a guarantor and is unable to secure the funds necessary to repay the 6 LLC Bank Loan, it may be difficult for us to continue our operations and if we do secure such funds, the terms thereof may be disadvantageous and have a significant negative impact on the Company's financial position.

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

As a "Smaller Reporting Company", the Company is not required to provide the information required by this Item.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedure** 

Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in reports filed under the Exchange Act is accumulated and communicated to management, including the principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our management evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based upon that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, as of the end of such period, our disclosure controls and procedures were not effective as of December 31, 2025 due to material weaknesses in our internal control over financial reporting in providing reasonable assurance in timely alerting management to material information relating to the Company and that information required to be disclosed in our reports is recorded, processed, summarized, and reported as required to be included in our periodic filings with the Commission.

The Company is currently evaluating a number of steps to enhance our disclosure controls and procedures, as well as our internal control over financial reporting, and address these material weaknesses, including: appointing specific financial reporting personnel with technical accounting and financial reporting experience, adopting policies to ensure proper internal communications and review in connection with non-routine transactions, enhancing our internal review procedures during the financial statement closing process, and designing and implementing journal entry procedures and controls. Following the completion of the Merger, the Company contracted with one financial consultant and is continuing to evaluate additional steps to enhance its disclosure controls and procedures including evaluating whether to retain additional consultants. Despite the existence of these material weaknesses, the Company believes the financial information presented herein is materially correct and in accordance with generally accepted accounting principles in the United States.

**Changes in Internal Control over Financial Reporting**

There were no significant changes in our internal controls or in other factors that could significantly affect our disclosure controls and procedures subsequent to the date of the above-referenced evaluation. Furthermore, there was no change in our internal control over financial reporting or in other factors during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

There are presently no pending legal proceedings to which the Company, any of its subsidiaries, any executive officer, any owner of record or beneficially of more than five percent of any class of voting securities is a party or as to which any of its property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.

**ITEM 1A. RISK FACTORS** 

As a "Smaller Reporting Company", the Company is not required to provide the information required by this Item.

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

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

Not Applicable.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not Applicable.

**ITEM 5. OTHER INFORMATION**

(a) None.

(b) None

(c) None

---

| |
|:---|
| 30 |
| *[**Table of Contents**](#TOC)* |

---

**ITEM 6. EXHIBITS** 

---

| | |
|:---|:---|
| [10.1](king_ex101.htm) | [Amendment to Fourth Loan Modification Agreement to Promissory Note, dated February 13, 2026, by and between Kingfish Holding Corporation and James K. Toomey and Lori Toomey, amending that certain Promissory Note dated November 20, 2018 in favor of James K. Toomey, Lori Toomey, and Kristen Toomey in the principal amount of $365,000 with Renovo as Borrower (as amended). \*](king_ex101.htm) |
| [31.1](king_ex311.htm) | [Certification of the Company's Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 15d-14(a)), with respect to the registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2025. \*](king_ex311.htm) |
| [31.2](king_ex312.htm) | [Certification of the Company's Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 15d-14(a)), with respect to the registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2025. \*](king_ex312.htm) |
| [32.1](king_ex321.htm) | [Certificate of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted under Section 906 of the Sarbanes-Oxley Act of 2002 (Rule 15d-14(b)). \*](king_ex321.htm) |
| [32.2](king_ex322.htm) | [Certificate of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted under Section 906 of the Sarbanes-Oxley Act of 2002 (Rule 15d-14(b)). \*](king_ex322.htm) |
| 101.INS | Inline XBRL Instance Document.\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document \* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document \* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase \* |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document \* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document \* |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). \* |

---

\* Exhibit Filed Herewith

---

| |
|:---|
| 31 |
| *[**Table of Contents**](#TOC)* |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | KINGFISH HOLDING CORPORATION | KINGFISH HOLDING CORPORATION |
| Date: February 12, 2026 | By: | */s/ Ted Sparling* |
|  |  | Ted Sparling |
|  |  | Chief Executive Officer  |
|  |  | (Principal Executive Officer) |

---

## Exhibit 10.1

**EXHIBIT 10.1** 

THIS NOTE IS A RENEWAL NOTE THAT EXTENDS AND CONTINUES THE CONTRACTUAL OBLIGATIONS OF THAT CERTAIN PROMISSORY NOTE DATED NOVEMBER 20, 2018, IN THE ORIGINAL PRINCIPAL AMOUNT OF $365,000, EXECUTED BY RENOVO RESOURCE SOLUTIONS, INC., A FLORIDA CORPORATION, 6 LLC, A FLORIDA LIMITED LIABILITY COMPANY, RENOVO RECOVERY & SALVAGE, LLC, A FLORIDA LIMITED LIABILITY COMPANY, AND CAMO TRAILERS LEASING AND RENTALS, LLC, A FLORIDA LIMITED LIABILITY COMPANY IN FAVOR OF JAMES K. TOOMEY, LORI M. TOOMEY, AND KRISTEN N. TOOMEY (THE "ORIGINAL NOTE"), WITHOUT ENLARGEMENT OF THE ORIGINAL CONTRACT OR OBLIGATION AND EVIDENCING ONLY THE UNPAID BALANCE OF THE ORIGINAL INDEBTEDNESS (EXCLUDING ACCUMULATED INTEREST). FLORIDA DOCUMENTARY STAMP TAX REQUIRED BY SECTION 201.08, FLORIDA STATUTES, IN THE AMOUNT OF $1,270.50 WAS PAID IN FULL ON THE ORIGINAL NOTE. NO ADDITIONAL DOCUMENTARY STAMP TAX IS DUE PURSUANT TO THE EXEMPTION UNDER SECTION 201.09(1), FLORIDA STATUTES.

**<u>LOAN MODIFICATION AGREEMENT</u>**

THIS LOAN MODIFICATION AGREEMENT (this "**Agreement**") is effective as of February 13, 2026 (the "**Effective Date**") by and among James K. Toomey, Lori M. Toomey, and Kristen N. Toomey (collectively, the "**Lenders**"), 6 LLC, a Florida limited liability company ("**6 LLC**"), and Kingfish Holding Corporation, a Delaware corporation ("**Kingfish**" and together with 6 LLC, the "**Borrowers**"), having assumed the obligations of Renovo Resource Solutions, Inc., a Florida corporation ("**Renovo**").

W I T N E S S E T H:

WHEREAS, Renovo, 6 LLC, Renovo Recovery & Salvage, LLC, a Florida limited liability company ("**Renovo Recovery**"), and Camo Trailers Leasing and Rentals, LLC, a Florida limited liability company ("**Camo**"), have heretofore issued to Lenders a Promissory Note dated November 20, 2018, in the original principal amount of $365,000.00 (the "**Note**"), the terms of which are incorporated herein and made a part hereof;

WHEREAS, Renovo Recovery and Camo were released and discharged from any and all further liability or obligations arising under the Note, and were subsequently voluntarily dissolved;

WHEREAS, Renovo, 6 LLC and Lender previously modified the terms of the Note to, among other items, extend the maturity date of the Note to December 31, 2024;

WHEREAS, Renovo merged with and into Kingfish on April 19, 2024, pursuant to that certain Agreement and Plan of Merger ("**Merger Agreement**") by and between Kingfish and Renovo dated as of October 28, 2022, as amended (the "**Merger**");

WHEREAS, as a result of the Merger and pursuant to the Merger Agreement, all debts liabilities, obligations, restrictions, and duties of Renovo became the debts, liabilities, obligations, restrictions, and duties of Kingfish, including, but not limited to, the Note;

WHEREAS, Borrowers and Lender further modified the terms of the Note to, among other items, extend the maturity date of the Note to December 31, 2026, and increase the interest rate of the Note to 6.00% annum; and

WHEREAS, Borrowers and Lenders desire to modify certain of the terms as set forth in the Note in accordance with the terms of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the agreements and mutual covenants hereinafter contained, it is hereby agreed by and between the parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Decrease in Principal Amount</u>. The Note is hereby amended to decrease the principal amount to $333,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Removal of Lender</u>. The Note is hereby amended to remove Kristen N. Toomey as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Note</u>. This Agreement is a modification only and not a novation. This Agreement is to be considered attached to the Note and made a part thereof. This Agreement shall not release or affect the liability of any guarantor, surety or endorser of the Note or release any owner of collateral securing the Note. The validity, priority and enforceability of the Note shall not be impaired hereby. Except as otherwise expressly amended hereby, the Note shall continue and remain in full force and effect in accordance with its terms, all of which Borrowers by the execution hereof ratifies, approves and confirms. Terms used but not defined herein shall have the meanings ascribed to such terms in the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Counterparts</u>. This Agreement may be signed in one or more counterparts, each of which shall be considered an original, with the same effect as if the signatures were upon the same instrument.

IN WITNESS WHEREOF, the undersigned have hereunto caused this Agreement to be executed as of the date and year first set forth above.

---

| | |
|:---|:---|
| **BORROWERS:** <br> **KINGFISH HOLDING CORPORATION,**<br> a Delaware corporation  | **BORROWERS:** <br> **KINGFISH HOLDING CORPORATION,**<br> a Delaware corporation  |
| By: | */s/ Ted Sparling* |
|  | Ted Sparling, President and Chief Executive Officer |
| **6 LLC**, a Florida limited liability company | **6 LLC**, a Florida limited liability company |
| By:  | */s/ Randall Moritz* |
|  | Randall A. Moritz, Manager |
| **LENDERS**: | **LENDERS**: |
| */s/ James K. Toomey* | */s/ James K. Toomey* |
| James K. Toomey  | James K. Toomey  |
| */s/ Lori M. Toomey* | */s/ Lori M. Toomey* |
| Lori M. Toomey | Lori M. Toomey |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**Chief Executive Officer Certification**

**Pursuant To Section 302 of** 

**the Sarbanes-Oxley Act of 2002**

I, Ted Sparling, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kingfish Holding Corporation for the quarter ended December 31, 2025;

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:

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth 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 function):

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

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

---

| | |
|:---|:---|
| February 12, 2026 | */s/ Ted Sparling* |
|  | Ted Sparling |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**Chief Financial Officer Certification**

**Pursuant To Section 302 of** 

**the Sarbanes-Oxley Act of 2002**

I, James La Manna, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kingfish Holding Corporation for the quarter ended December 31, 2025;

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:

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth 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 function):

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

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

---

| | |
|:---|:---|
| February 12, 2026 | */s/ James La Manna* |
|  | James La Manna |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**Certification of the Chief Executive Officer 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 Kingfish Holding Corporation (the "Company") on Form 10-Q for the quarterly period ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ted Sparling, as Chief Executive Officer of the Company, hereby certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:

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

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

A signed original of this written statement has been provided to Kingfish Holding Corporation and will be retained by Kingfish Holding Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| February 12, 2026 | */s/ Ted Sparling* |
|  | Ted Sparling |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**Certification of the Chief Financial Officer 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 Kingfish Holding Corporation (the "Company") on Form 10-Q for the quarterly period ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James La Manna, as Chief Financial Officer of the Company, hereby certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:

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

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

A signed original of this written statement has been provided to Kingfish Holding Corporation and will be retained by Kingfish Holding Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| February 12, 2026 | */s/ James La Manna* |
|  | James La Manna |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---