# EDGAR Filing Document

**Accession Number:** 0002034161
**File Stem:** 0001096906-26-000190
**Filing Date:** 2026-2
**Character Count:** 622242
**Document Hash:** e2c9c14aa2fd86a278360355c3fac869
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-26-000190.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001096906-26-000190

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

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boumarang Inc.
- **CENTRAL INDEX KEY:** 0002034161
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 994273591
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292164
- **FILM NUMBER:** 26592239

**BUSINESS ADDRESS:**
- **STREET 1:** 200 SPECTRUM CENTER DRIVE,
- **STREET 2:** SUITE 300
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 818-300-5792

**MAIL ADDRESS:**
- **STREET 1:** 200 SPECTRUM CENTER DRIVE,
- **STREET 2:** SUITE 300
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618

**As filed with the U.S. Securities and Exchange Commission on ___________________**

**Commission File No. 333-______**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **AMENDMENT NO. 1** 

 **TO** 

**FORM S-1**

**BOUMARANG INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | 3812 | 99-4273591 |
| (State or jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer |
| incorporation or organization) | Classification Code Number) | Identification No.) |

---

200 Spectrum Center Drive

Irvine, California 92518

Telephone: (949) 720-2550

(Address, including zip code, telephone number, including area code, and email address of registrant's principal executive offices)

Harvard Business Service

16192 Coastal Hwy.

Lewes, Delaware 19958

Telephone: (302) 645-7400

(Name, address, including zip code, telephone number, including area code, and email address of agent for service)

Copy To:

William B. Barnett, Esq.

Barnett & Linn

60 Kavenish Drive

Rancho Mirage, California 92270

Telephone: (818) 424-6567

Email:wbarnet@wbarnettlaw.com

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

(Approximate date of commencement of proposed sale to the public)

---

| | |
|:---|:---|
| If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: | ☒ |
| If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
| If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
| If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |

---

------

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large, accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b2 of the Exchange Act.

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

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

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

------

The information in this prospectus is not complete and may be changed. Boumarang Inc. may not sell any shares until the related registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION - DATED DECEMBER ___, 2025

![Picture 1](boums1z_1.jpg)

**BOUMARANG INC.**

**125,000** **SHARES OF COMMON STOCK**

**PRICE - $2.00 PER SHARE**

This prospectus covers the sale of 125,000 shares by Boumarang Inc. at a price of $2.00 per share on a self-underwritten, best efforts, no minimum basis – See, " Description of Intended Uses ".

Boumarang Inc. has arbitrarily determined the initial public offering price of its shares offered for sale, and the price and value bear no relationship to its assets, earnings, or other criteria of value. See, "How We Have Established Our Offering Price". Boumarang Inc. will receive the net proceeds from the sale of the shares in cash. Proceeds from accepted subscriptions will not be placed in escrows and will be available for immediate use by Boumarang Inc. The offering will terminate upon the earliest of (i) such time as all of the shares are sold or (ii) 365 days from the effective date of the registration statement of which this prospectus is a part, unless extended the board of directors for an additional 90 days, or at any earlier date as the board of directors determines, in its sole discretion, to terminate the offering.

As of the date of this prospectus, there is no public market for Boumarang Inc.'s common stock. Boumarang Inc. plans to engage a registered securities broker-dealer to apply to the Financial Industry Regulatory Authority (FINRA) for a trading symbol upon successful completion of the sale of a sufficient number of shares to an adequate number of stockholders believed to be acceptable to FINRA for issuance of a trading symbol. You have no assurance that Boumarang Inc. will be able to sell a sufficient number of shares covered by this prospectus to an adequate number of stockholders, how long it will take to complete such sales, if any shares are sold, or whether the common stock will ever be quoted or actively traded in the public securities markets. If Boumarang Inc. does not sell a sufficient number of shares covered by this prospectus to an adequate number of stockholders, Boumarang Inc. will not become a publicly traded company. Following this offering, we intend to engage a registered securities broker-dealer to apply to FINRA for quotation of our common stock on the OTCQB Market (OTCQB or OTCID). There can be no assurance that our application will be accepted or that any trading market will develop. We do not currently meet the requirements for listing on a national securities exchange such as Nasdaq or NYSE and have no current plans to apply for such listing.

**Investment in the shares to be distributed in reliance on this prospectus involves a degree of risk. See "Risk Factors".**

**Our auditors have expressed substantial doubt as to our ability to continue as a going concern.**

**We are an "emerging growth company", as defined in the *Jumpstart Our Business Startups Act of 2012* ("Jobs Act"), and will therefore be subject to reduced public company reporting requirements.**

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
| 125,000 shares to be offered and sold for cash | Per share | Total |
| Initial public offering price | $2.00 | $250000 |
| Underwriting commissions, discounts, and fees <sup>(1)</sup> | $0.00 | $- |
| Net proceeds, before expenses to Boumarang Inc. __________ | $0.00 | $250000 |

---

<sup>(1)</sup> Boumarang Inc. does not have any arrangements with securities broker-dealers for the sale of the shares. Boumarang Inc. will not pay any commissions or fees with respect to shares sold by its directors and executive officers.

The date of this prospectus is ___________, 2025

------

**REPORTS TO SECURITY HOLDERS**

We intend to furnish our stockholders' annual reports containing audited financial statements and quarterly reports containing unaudited financial statements for each of the first three quarters of each fiscal year. Additionally, we may, from time to time, provide stockholders with further information about us and our business as our management deems appropriate.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Special note regarding forward-looking statements](#snr) | 1 |
| [Prospectus Summary](#ps) | 2 |
| [Offering Summary](#os) | 7 |
| [How We Are Affected by the JOBS Act](#hwa) | 8 |
| [Selected Financial Data](#sfd) | 9 |
| [Risk Factors](#rf) | 11 |
| [Use of Proceeds](#up) | 22 |
| [Market for Common Equity and Related Stockholder Matters](#mce) | 23 |
| [Dividend Policy](#dp) | 24 |
| [Securities Authorized Under Equity Compensation Plans](#sau) | 24 |
| [Capitalization](#cap) | 25 |
| [Estimated Dilution to Purchasers of Our Common Stock](#edp) | 26 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda) | 28 |
| [Our Planned Business](#opb) | 31 |
| [Our Management](#om) | 38 |
| [Board Committees](#bc) | 40 |
| [How We Compensate Our Management](#hwc) | 40 |
| [Employment Agreements](#ea) | 41 |
| [Principal Stockholders](#PRINCIPALSTOCKHOLDERS) | 42 |
| [Related Party Transactions and Relationships](#rpt) | 43 |
| [Description Of Our Securities](#dos) | 45 |
| [Shares Eligible for Future Sale](#sef) | 48 |
| [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders](#mfi) | 49 |
| [Determination of our Offering Price](#doo) | 52 |
| [Plan of Distribution](#PLANOFDISTRIBUTION) | 53 |
| [Legal Matters](#lm) | 55 |
| [Experts](#exp) | 55 |
| [Where You Can Find More Information About Us](#wyc) | 55 |
| [Index to Financial Statements](#fs) | F-1 |

---

**USE OF PRONOUNS AND OTHER WORDS**

The pronouns "we", "us", "our", and their equivalents used in this prospectus refer to Boumarang Inc. In the footnotes to our financial statements, the "Company" means Boumarang Inc. The pronoun "you" means the reader of this prospectus.

**SUMMARIES OF REFERENCED DOCUMENTS**

This prospectus contains references to summaries of and selected information from agreements and other documents. These agreements and other documents are not incorporated by reference, but are filed as exhibits to our registration statement, of which this prospectus is a part, and which we have filed with the U.S. Securities and Exchange Commission. We believe the summaries and selected information provide all material terms from these agreements and other documents. Whenever we refer to this prospectus in any of our agreements and other documents, you should refer to the exhibits filed with our registration statement of which this prospectus is a part for copies of the actual agreement or other document. See "Where You Can Find Additional Information About Us" for instructions on how to access and obtain these agreements and other documents.

Market and Industry Data. This prospectus contains estimates and other statistical data made by independent parties relating to our industry and the markets in which we operate, including estimates and statistical data about our market position, market opportunity, and other industry data. These data, to the extent they contain estimates or projections, involve a number of assumptions and limitations and are inherently imprecise, and you are cautioned not to give undue weight to such estimates or projections. Based on our industry experience, we believe that such data is reliable, the conclusions contained in the publications and reports are reasonable, and the third-party information included in this prospectus and in our estimates is accurate and complete.

For investors outside the United States: We have not done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus and any such free writing prospectus outside the United States.

------

i

------

**YOU SHOULD RELY ONLY ON THE INFORMATION IN THIS PROSPECTUS**

You should rely only on the information contained in this prospectus. We have not authorized anyone to provide information different from that contained in this prospectus. We will sell our shares only in jurisdictions where such sales and distribution are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or the distribution of our common stock.

**DEALER'S PROSPECTUS DELIVERY OBLIGATIONS**

Until ___________________ (90 days after the date of this prospectus), any dealer that effects transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is imposed by the Securities Act of 1933, as amended, and applies regardless of whether the dealer is participating in this offering.

------

ii

------

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact contained in this Form S-1, including statements regarding future events, our future financial performance, business strategy, and plans and objectives for future operations, are forward-looking statements. In many cases, you can identify forward-looking statements by terminology such as "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the risks outlined under "Risk Factors", "Liquidity and Capital Resources" with respect to our ability to continue to generate cash from operations or new investment, or elsewhere in this prospectus or discussed in our audited consolidated financial statements for the period from July 26, 2024 (the "Inception") to December 31, 2024, which may cause our or our industry's actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and we can't predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements.

We describe material risks, uncertainties, and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied, or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

------

**PROSPECTUS SUMMARY**

*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements and the related notes appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Common Stock discussed under "Risk Factors," "Business," and information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" before deciding whether to buy the Common Stock.*

 

**Corporate History**

Boumarang Inc. ("Boumarang," the "Company," "we," "us," or "our") is a development-stage, pre-revenue technology company focused on hydrogen-powered, AI-driven uncrewed systems. We were incorporated in the State of Delaware on July 26, 2024. The address of our executive offices is 200 Spectrum Center Drive, Irvine, California 92518, and our telephone number at that address is (949) 720-2550. The address of our website is https://www.boumarang.com. In October 2024, we established Boumarang Pty Ltd, an Australian proprietary company, as a wholly owned subsidiary to position us for potential commercial and government opportunities in Australia and the broader Asia-Pacific region.

We are an early-stage, pre-revenue company, which has incurred losses since inception, and expect to continue to incur losses for the foreseeable future as we develop and commercialize our products. We have minimal operations, no revenues, and clients to date, and we do not have the financial resources required to operate as a public company.

**Business Overview**

We are designing and developing:

• Hydrogen-powered uncrewed aerial vehicles (UAVs) for long-endurance, beyond visual line of sight ("BVLOS") missions;

• Uncrewed maritime systems under the Wavedrone platform; and

• An AI and data analytics platform for mission planning, real-time decision support, and post-mission analysis.

Our goal is to enable customers in sectors such as natural resource monitoring, infrastructure inspection, environmental and marine monitoring, agriculture and forestry, and security and defense to deploy long-range, low-emission uncrewed systems that provide actionable data and support autonomous or semi-autonomous operations.

We are pre-revenue and remain in the development stage. To date, our activities have primarily consisted of corporate formation, the acquisition and licensing of intellectual property, early engineering and prototyping, and planning our initial commercialization strategy.

We expect to utilize Guinn Partners and Easter Electrolysis' capabilities as a key external partner for engineering, product development, marketing, and distribution of our aerial and maritime platforms.

Since inception, we have focused on building a technology portfolio and development roadmap through strategic IP acquisitions and partnerships:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Guinn Partners IP Acquisition (Airdrone and related systems).**

On August 28, 2024, we entered into an Intellectual Property Rights Purchase and Transfer Agreement with Guinn Partners ("Guinn") under which we acquired specified intellectual property assets including a long-range range-finder and automated tracking system, the MoonTower analytics and over-the-air update system, and a ballistic heads-up display (B-HUD), along with certain related software, patents, and trade secrets. As consideration, we issued 5,000,000 shares of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Hydrogen Fuel Cell Technology Agreement with Eastern Electrolyser Ltd.**

On September 30, 2024, we agreed with Eastern Electrolyser Ltd. ("Eastern") to co-develop 4 kW and 8 kW proton exchange membrane ("PEM") hydrogen fuel cell power packs and related control systems. As consideration, we issued 2,500,000 shares of our common stock and obtained rights to ultra-lightweight fuel cell power systems intended for integration into our UAV and uncrewed maritime platforms. The parties also contemplate developing an approximately 11 MW fuel cell production facility to support a targeted fleet of drones, subject to financing, commercial validation, and regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Acquisition of Wavedrone Platform.**

On December 31, 2024, we acquired the Wavedrone maritime drone platform from Shore House IVF in exchange for 3,500,000 shares of our common stock. Wavedrone is a patent-pending uncrewed maritime system designed to remain inherently stable on the water's surface while simultaneously capturing high-definition footage above and below the waterline, with a lightweight, portable design aimed at ease of deployment. We hold U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," filed December 3, 2024. The application names Dánial Hoydal, David Geyti, and Eric Davis as inventors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**Acquisition of Tribal Rides Intellectual Property.**

Also on December 31, 2024, we acquired key intellectual property assets from Tribal Rides International Corp., including U.S. Patent No. 9,984,574 and U.S. Patent No. 11,217,101, in exchange for 2,906,977 shares of our common stock. These patents relate to autonomous and shared mobility systems and are intended to support our future autonomous fleet management, routing, and AI-driven mission planning capabilities.

**Our Products and Technology**

Our current development efforts are organized around four core pillars:

1. Airdrone – Hydrogen-Powered Aerial Systems

2. Wavedrone – Uncrewed Maritime Platform

3. Hydrogen Fuel Cell Power Systems

4. AI, Autonomy, and Data Analytics Platform

**Airdrone (Aerial Systems)**

Our aerial systems, collectively referred to as Airdrone, are designed as mid-size uncrewed aerial vehicles (UAVs) that emphasize:

· Hydrogen fuel cell hybrid power to extend endurance and range;

· VTOL (Vertical Take-Off and Landing) capability to enable deployment from constrained environments; and

· BVLOS operability for long-range missions, subject to regulatory approvals.

The Airdrone design is being refined through iterative structural and aerodynamic adjustments (including wing placement, dihedral angles, and powertrain optimization) with the goal of improving stability, efficiency, and endurance for extended-duration flights.

Our roadmap incorporates the W150 VTOL, an advanced uncrewed aerial system developed by Guinn Partners, characterized by:

· Flight range targeted up to approximately 1,000 km and endurance of up to approximately 12 hours;

· Payload capacity in excess of 25 kg; and

· Suitability for missions including surveillance, reconnaissance, logistics, and infrastructure inspection in diverse environmental conditions.

These specifications are subject to further development and testing, and there can be no assurance that we will achieve these performance targets.

**Wavedrone Platform (Maritime Systems)**

The Wavedrone platform is our uncrewed maritime system, originally conceived under Shore House IVF and acquired by Boumarang. It is designed as a self-righting, mechanically stabilized floating drone that:

· Maintains a stable position on the water's surface;

· Captures high-definition footage above and below the waterline; and

· Supports modular payloads and integration of third-party sensors.

Potential applications include:

· Fisheries and aquaculture monitoring;

· Harbor and coastal security and surveillance;

· Environmental and water-quality monitoring (e.g., via integrated water probes); and

· Content creation and marine research.

As of the date of this prospectus, a minimum viable product (MVP) Wavedrone prototype has been produced and tested. We have not yet initiated commercial sales and are working to refine the design and prepare for low-rate initial production.

We are collaborating with Guinn Partners under a structured, multi-phase development plan for Wavedrone that includes:

· Delivery and modification of early proof-of-concept units;

· Development of environmental monitoring variants integrating third-party probes;

· Development of maritime security variants using NDAA-compliant components and advanced imaging and thermal sensors; and

Progression through R&D, advanced prototyping, and low-rate initial production, followed by manufacturing preparation.

------

**Hydrogen Fuel Cell Power Systems**

Under our agreement with Eastern Electrolyser Ltd., we are co-developing 4 kW and 8 kW PEM hydrogen fuel cell power packs designed to be:

· Ultra-lightweight (up to approximately 30 lb);

· Portable and high-output; and

· Integrated with electronic control systems and safety features (including voltage protection and flame arrestors).

These power packs are intended for use in our aerial and maritime platforms and potentially other applications requiring lightweight, high-performance hydrogen power. The contemplated 11 MW fuel cell production facility is intended to support large-scale deployment of uncrewed systems but remains in the planning stage and is subject to financing, technical development, and regulatory approvals.

**AI, Autonomy, and Data Analytics**

Our AI and software initiatives focus on:

· **Perception and computer vision** – including object recognition, tracking, and classification for inspection, surveillance, and search-and-rescue operations;

· **Autonomy and fleet management** – leveraging the Tribal Rides IP for route optimization, dynamic dispatch, and coordinated mission planning for fleets of uncrewed systems; and

· **Data analytics and reporting** – integrating multi-sensor data to provide predictive maintenance, resource monitoring, and operational insights via dashboards and reporting tools.

We have licensed AI-based computer vision and object recognition technology from Trust Stamp and intend to integrate these capabilities into our platforms. We plan to provide customers with access to these capabilities through a subscription-based software and Data-as-a-Service ("DaaS") model once the platform is commercially ready.

**Proprietary Technology — Wavedrone Platform**

As part of our Wavedrone technology platform acquired from Shore House IVF, we hold U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," filed December 3, 2024. The application names Dánial Hoydal, David Geyti, and Eric Davis as inventors.

The patent application covers our proprietary USV design featuring innovative mechanical self-stabilization technology. Unlike conventional USVs that rely on powered gyroscopic systems or active ballast management, our design achieves passive stability through a unique structural configuration consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Torpedo Pontoon Design*: A positively buoyant surface vehicle pontoon with lowered ballast housing the propulsion system and battery, minimizing hydrodynamic drag while maintaining operational stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Pendular Mast/Keel System*: A hinged mast extending above and below the waterline, connected via a swivel axial joint that enables mechanical auto-righting without powered intervention. The lower keel houses primary batteries to create a lowered center of mass.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Telescoping Keel*: Dynamic depth adjustment capability for hazard avoidance and operation in varying water depths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Wireless Inductive Docking*: Electromagnetic docking system with wireless charging pads enabling autonomous recharging via companion buoys or docking stations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Swarm Networking*: Architecture enabling coordinated operation of multiple USVs with cloud-based control, mesh connectivity, and distributed computing capabilities.

Our Wavedrone technology is designed for deployment in challenging maritime environments where conventional manned and unmanned assets cannot reliably operate, addressing applications in aquaculture monitoring, search and rescue, harbor security, environmental monitoring, and fisheries management.

------

**Current Operations**

We are pre-revenue. To date, we have not generated revenue from product sales, subscriptions, or services. Our activities have focused on:

• Corporate formation and organizational setup;

• Intellectual property acquisitions and licensing;

• Early-stage engineering, design, and prototyping of Airdrone and Wavedrone;

• Fuel cell power system development planning with Eastern; and

• Initial market research and business development discussions.

Over the next 12–24 months, subject to available capital, our key development objectives include:

• Advancing Airdrone from conceptual and prototype stages toward flight-test-ready systems;

• Completing the multi-phase Wavedrone development plan with Guinn Partners, including proof-of-concept and prototype units for environmental and security use cases and preparation for low-rate initial production;

• Progressing the design and testing of the 4 kW and 8 kW hydrogen fuel cell power packs with Eastern.

• Expanding our AI and software platform capabilities, including mission planning, ground control, and data analytics tools; and

• Establishing initial manufacturing and assembly processes, supply chains, and quality systems for early production runs.

We expect to continue to incur substantial development costs and operating losses during this period and will require additional capital to execute our plan of operations.

**Business Strategy**

Although we are currently pre-revenue, our intended business model is primarily B2B and includes:

• Hardware sales and leasing.

Sale or lease of Airdrone and Wavedrone platforms and associated hydrogen power systems to enterprise, governmental, and institutional customers.

• Software-as-a-Service ("SaaS").

Subscription access to our AI analytics platform, including mission planning, data processing, and visualization tools.

• Data-as-a-Service ("DaaS").

Access to analytics, insights, and historical datasets generated from uncrewed system operations, either under long-term contracts or usage-based billing.

• Professional services.

Integration, customization, training, and ongoing support for customers deploying our platforms.

There can be no assurance that we will successfully implement this business model, achieve commercial adoption of our products, or generate any revenues.

**Capital Structure**

At inception, certain founders, directors, early investors, and strategic counterparties acquired equity interests in the Company in connection with capital contributions, technology development, and the contribution of intellectual property. These stockholders include our Co-Founder and Director, Imran Firoz; Director Candice Beaumont; Guinn Partners; and other early investors. Collectively, these stockholders held a majority of the Company's outstanding common stock at inception. However, there are no voting agreements, stockholder agreements, or other arrangements pursuant to which any of these stockholders act together, and they are not considered a "group" for purposes of the federal securities laws.

As of the date of this prospectus, the Company's principal stockholders include Imran Firoz (12,050,000 shares, or approximately 18.24%), Tolemac Holdings LLC (8,750,000 shares, or approximately 13.25%, represented by Yessenia Hernandez), TAH-DAH Ventures LLC (7,500,000 shares, or approximately 11.35%, represented by Yessenia Hernandez), Guinn Partners (5,000,000 shares, or approximately 7.57%), and Candice Beaumont (1,000,000 shares, or approximately 1.51%). Yessenia Hernandez, through her control of Tolemac Holdings LLC and TAH-DAH Ventures LLC, beneficially owns approximately 24.6% of our outstanding Common Stock and may be able to exercise significant influence over matters requiring stockholder approval.

The Company has financed its operations primarily through equity issuances to early shareholders and, in certain instances, to technology vendors as non-cash consideration for intellectual property rights and development services. These issuances were made on an arm's-length basis and were not accompanied by any arrangements regarding voting, governance, or control of the Company.

We have authorized capital stock consisting of 110,000,000 shares, comprising 10,000,000 shares of Preferred Stock, par value $0.0001 per share, none of which are issued or outstanding, and 100,000,000 shares of Common Stock, par value $0.0001 per share. As of the date of this prospectus, we have 66,056,977 shares of Common Stock issued and outstanding.

------

Through this offering, we are registering 125,000 additional shares of Common Stock for issuance by the Company in a direct public offering at a fixed price of $2.00 per share. We may sell all, some, or none of the shares offered pursuant to this prospectus. We will receive all proceeds from the sale of the shares sold in this offering. There is no arrangement in place to address the potential impact of this offering on the trading price of our Common Stock.

Assuming all 125,000 shares offered pursuant to this prospectus are sold, no stockholder or group of stockholders will control the Company within the meaning of Rule 405 of the Securities Act. No stockholder will hold a majority of the Company's outstanding voting power, and no stockholder has contractual rights to appoint directors, approve or veto corporate actions, or otherwise control the Company.

All shares being offered pursuant to this prospectus will be sold at a fixed price of $2.00 for the duration of the offering. We estimate the cost of this offering to be approximately $40,000. We will pay all expenses incurred in this offering.

The proceeds from the sale of the securities we sell will be placed directly into our account or a designated account to be used as escrow. Any investor who purchases shares will have no assurance that any monies, besides their own, will be subscribed to the prospectus. All proceeds from the sale of the securities are non-refundable, except as may be required by applicable laws.

\*We will notify investors by filing a post-effective amendment to our registration statement that will be available for public viewing on the SEC Edgar Database of any such extension of the offering.

------

---

| | |
|:---|:---|
| **THE OFFERING** | **THE OFFERING** |
| **Securities we are offering.** | We are offering 125,000 shares of common stock at a fixed price of $2.00 per share in a direct offering. Our offering will terminate upon the earliest of (i) time as all of the common stock has been sold pursuant to this prospectus or (ii) 365 days from the effective date of this prospectus, unless extended by our Board of Directors for an additional 90 days. We may, however, terminate the offering at any time and for any reason. |
| **Offering price per share** | We will sell the shares at a fixed price of $2.00 per share for the duration of this Offering. |
| **Number of shares of common stock outstanding before the offering of common stock** | 66,056,977 common shares are currently issued and outstanding. |
| **Number of shares of common stock outstanding after the offering of common stock** | 66,181,977 common shares will be issued and outstanding if we sell all of the shares we are offering. |
| **The minimum number of shares to be**<br> **sold in this offering** | None. |
| **Market for the common shares** | There is no public market for the Common shares. The price per share is $2.00.<br> The offering price of the shares will remain constant throughout the offering period and will be fixed at $2.00 per share of common stock. |
| **Use of proceeds:** | We anticipate that we will use the net proceeds from this offering for Wavedrone development, research and development, sales & marketing, working capital, and general corporate purposes, as described under "Use of Proceeds." See "*Use of Proceeds*." |
| **Lock-up/Leak-out:** | Each of our directors and executive officers and each holder of 5% or more of our issued and outstanding shares of Common Stock and certain business partners will agree, subject to certain exceptions, not to sell or pledge, directly or indirectly, any number of shares of Common Stock issued by us or any securities convertible into or exercisable or exchangeable for shares of Common Stock issued by us for a period of 90 days after the date of commencement of sales under this offering. |
| **Risk factors** | The shares of Common Stock offered hereby are highly speculative and involve a high degree of risk. You should read the section of this prospectus "*Risk Factors*" for a discussion of factors to consider before deciding to invest in shares of our Common Stock*.* |
| **Transfer Agent** | Colonial Stock Transfer Inc. |

---

------

**HOW WE ARE AFFECTED BY THE JOBS ACT**

We are an emerging growth company as defined in the *Jumpstart Our Business Startups Act of 2012* ("JOBS ACT"). We shall continue to be deemed an emerging growth company until the earliest of:

(a) the last day of our fiscal year, during which we have total annual gross revenues of $1,000,000,000 (as such amount is indexed for inflation every five years by the U.S. Securities and Exchange Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest 1,000,000) or more;

(b) the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective "initial public offering" registration statement;

(c) the date on which we have, during the previous three-year period, issued more than $1,000,000,000 in non-convertible debt; or

(d) the date on which we are deemed to be a 'large accelerated filer', as defined in section 240.12b-2 of title 17, Code of Federal Regulations, or any successor thereto.

As an emerging growth company, we are exempt from Section 404(b) of the Sarbanes-Oxley Act. Section 404(a) requires Issuers to publish information in their annual reports concerning the scope and adequacy of the internal control structure and procedures for financial reporting. This statement shall also assess the effectiveness of such internal controls and procedures. Section 404(b) requires that the registered accounting firm shall, in the same report, attest to and report on the assessment of the effectiveness of the internal control structure and procedures for financial reporting. As an emerging growth company, we are also exempt from Section 14A (a) and (b) of the Securities Exchange Act of 1934, which requires the shareholder approval of executive compensation and golden parachutes. These exemptions are also available to us as a Smaller Reporting Company.

We have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the JOBS Act, which allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements may not be comparable to those of companies that comply with the effective dates of public companies.

------

**SELECTED FINANCIAL DATA**

The following tables set forth selected historical statements of operations and balance sheet data from July 26, 2024 (the "Inception") and period ended December 31, 2024, which have been derived from our audited financial statements for those periods and for the nine months ended September 30, 2025, and from inception to September 30, 2024, which have been derived from our unaudited financial statements for those periods. Our historical results are not necessarily indicative of the results that may be expected in the future. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this prospectus, as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," appearing elsewhere in the prospectus.

**Selected Statements of Operations Data**

*(In U.S. Dollars)*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Nine Months Ended September 30, 2025** | **Since Inception to September 30, 2024 <sup>(1)</sup>** | **Since inception to December 31, 2024 <sup>(1)</sup>** |
|  |  | *(Unaudited)* | *(Unaudited)* | *(Audited)* |
| **Total Operating Expenses** |  | $1565410  | $394484  | $873166  |
| **Net Income (Loss)** |  | (1565410) | (394484 | (873166 |
| **Basic & Diluted EPS** |  | (0.02 | (0.01 | (0.02 |

---

------

**Selected Balance Sheet Data**

*(In U.S. Dollars)*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **As of**<br> **September 30, 2025** | **As of**<br> **September 30, 2025** | **As of**<br> **September 30, 2025** | **As of**<br> **December 31, 2024** | **As of**<br> **December 31, 2024** |
|  |  | *(Proforma)* | *(Unaudited)* | *(Unaudited)* | *(Audited)* | *(Audited)* |
| **Cash and Cash Equivalents** |  | $261564  | $| $51564  | $| $50242  |
| **Total Current Assets** |  | 1650454  |  | 1440454  |  | 1022465  |
| **Total Assets** |  | **19444000**  |  | **19234000**  |  | **20482679**  |
| **Total Current Liabilities** |  | 517576  |  | 517576  |  | 200845  |
| **Total Liabilities** |  | **517576**  |  | **517576**  |  | **200845**  |
| **Working Capital <sup>(2)</sup>** |  | 1132878  |  | 922878  |  | 821620  |
| **Total Stockholders' Equity** |  | **18926424**  |  | **18716424**  |  | **20281834**  |
| **Net Assets <sup>(3)</sup>** |  | 18926424  |  | 18716424  |  | 20281834  |

---

<sup>(1)</sup> Inception date, July 26, 2024.

<sup>(2)</sup> Working capital is calculated as current assets less current liabilities.

<sup>(3)</sup> Net assets represent total stockholders' equity attributable to Boumarang, Inc.

------

**RISK FACTORS**

*An investment in our Common Stock involves a high degree of risk. Before deciding whether to invest in our securities, you should carefully consider the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes. If any of these risks actually occur, our business, financial condition, results of operations, or cash flow could be materially and adversely affected, which could cause the trading price of our Common Stock to decline, resulting in a loss of all or part of your investment. The risks described below and in the documents referenced above are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business. You should only consider investing in our securities if you can bear the risk of loss of your entire investment. For ease of reference, we have grouped the risk factors into categories and numbered them for convenience. The numbering is for reference only and does not indicate relative importance.*

**Risks Related to Our Status as a Development-Stage, Pre-Revenue Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. We are an early-stage development company with no revenues and a limited operating history, which makes it difficult to evaluate our prospects and may increase the risk of your investment.**

We were incorporated in July 2024 and are a development-stage, pre-revenue company. We have not generated any revenue to date and have a limited operating history upon which you can evaluate our business, prospects, or future performance. Our hydrogen-powered aerial and maritime platforms and AI analytics software are still under development and have not been commercially deployed at scale.

Many of our assumptions regarding market adoption, pricing, cost structure, hydrogen fuel cell performance, AI capabilities, and regulatory approvals are unproven. We expect to continue to incur significant losses for the foreseeable future. Our prospects must be considered in light of the risks and uncertainties frequently encountered by early-stage companies in new and evolving markets.

If we are unable to complete development, achieve commercial acceptance of our products and services, and generate sufficient revenue, we may never achieve or sustain profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. We will require substantial additional capital to execute our business plan, and we may not be able to obtain financing on acceptable terms, or at all.**

We expect to incur substantial expenses as we continue research and development of our Airdrone and Wavedrone platforms, co-develop and test fuel cell power systems, build out our AI and data analytics platform, establish initial manufacturing, quality, and supply chain capabilities, and hire additional personnel.

Our existing capital will not be sufficient to fund our planned operations and growth for the long term. We will need to raise additional equity, equity-linked or debt financing, which may be dilutive to existing stockholders, occur on terms that are unfavorable, or may not be available when needed or in the amounts required.

If we are unable to obtain sufficient additional financing, we may be forced to significantly reduce the scope of our operations, delay or discontinue one or more development programs, reduce headcount, seek strategic alternatives on unfavorable terms, or, in the worst case, cease operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Our independent registered public accounting firm includes a going concern explanatory paragraph in its report, which could make it more difficult to raise additional capital and may adversely affect the market price of our common stock.**

Given our limited operating history, lack of revenues, and expected future operating losses, our independent registered public accounting firm concludes that there is substantial doubt about our ability to continue as a going concern. The going concern explanatory paragraph in the auditor's report on our financial statements could adversely affect our ability to obtain additional financing on reasonable terms, if at all, and could cause prospective or existing investors to lose confidence in our business or our financial condition.

If we are unable to continue as a going concern, you could lose all or a portion of your investment.

**Risks Related to Our People, Partners, and Execution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. We are highly dependent on a small number of key personnel and advisors, and the loss of any of them could harm our business.**

Our success depends heavily on the continued service and performance of a small number of individuals, including our Chief Executive Officer and President, Craig Nehrkorn; our Co-Founder and Director, Imran Firoz; our Chairperson, Candice Beaumont; our hydrogen and fuel-cell advisor, Shivam Tewari; and key engineers and other technical personnel. Our size and early stage of development mean that these individuals are deeply involved in all aspects of strategy, product development, partner management, and financing.

------

We do not maintain key-person life insurance on any of our personnel. Competition for experienced aerospace, hydrogen, AI, and uncrewed systems talent is intense, and we may not be able to attract and retain the personnel we need on acceptable terms, or at all. The loss of one or more key individuals, or the failure to recruit, train, and integrate additional skilled personnel, could materially delay our development programs and adversely affect our business and prospects.

As of the date of this prospectus, the Company does not have any full-time or part-time employees. All of the Company's personnel, including management, technical, and administrative functions, are provided by independent contractors and consultants pursuant to consulting or services arrangements. The Company has not entered into any employment agreements with any individuals.

The Company believes its reliance on independent contractors provides flexibility during its development stage; however, this structure may change as the Company expands its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. We rely on a limited number of key partners and vendors, including Guinn Partners, Eastern Electrolyser Ltd., and other technology providers, and any disruption to these relationships could materially harm our development efforts.**

Our business model assumes that we will continue to rely on a small number of strategic partners and vendors to provide critical engineering, hydrogen fuel cell, and AI capabilities. In particular, we expect to utilize Guinn Partners for significant elements of engineering, product development, prototyping, and early production of our aerial and Wavedrone platforms, as well as for marketing and early distribution support; we rely on Eastern Electrolyser Ltd. for co-development of hydrogen fuel cell power packs and related systems; and we license AI and computer-vision technology from third parties.

If any of these partners or key vendors ceases doing business with us or materially reduces its engagement, encounters financial distress, operational problems or quality issues, fails to deliver according to our technical, quality or schedule requirements, or changes its strategic priorities in a way that conflicts with ours, we may not be able to replace those capabilities or do so on commercially reasonable terms, if at all.

Any such disruption could materially delay our development programs, increase our costs, reduce the functionality or performance of our products, or force us to scale back our business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. We rely on a complex supply chain and third-party logistics providers, and disruptions in our supply, manufacturing, or logistics capabilities could materially harm our business.**

We rely on a network of third-party suppliers and manufacturers for key components and subsystems of our platforms, including airframes, electronics, sensors, fuel cell components, communications equipment, and computing hardware. We also expect to rely on third-party logistics providers for the transport of components and finished systems. Many of these items are specialized, have limited qualified suppliers, and may have long lead times.

A variety of factors may disrupt our supply chain and logistics, many of which are outside of our control, including shortages or allocation of raw materials and critical components, quality problems or manufacturing delays at our suppliers, labor disputes, transportation bottlenecks, strikes or slowdowns, natural disasters, pandemics or public health emergencies, geopolitical tensions or armed conflicts, trade restrictions or tariffs, export controls, changes in customs processes and changes in regulatory or safety standards. Any of these events could delay or prevent the timely delivery of materials and components to us or the shipment of products to our customers.

If we are unable to obtain sufficient quantities of components on commercially reasonable terms, or at all, we may be forced to delay development or deliveries, redesign products, qualify alternative suppliers, incur higher costs, or reduce our production volumes. Such disruptions could materially and adversely affect our ability to execute our development and commercialization plans, our relationships with customers and partners, and our business, financial condition, and results of operations.

**Risks Related to Our Markets, Competition, and Strategy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Adverse macro-economic conditions, including inflation and higher interest rates, could negatively affect demand for our systems, increase our costs, and impair our results of operations.**

Our business and prospects are subject to risks associated with adverse macro-economic conditions in the United States and globally. Economic downturns, recessions, periods of high inflation, rising interest rates, tightening of credit markets, reduced government or corporate spending, currency volatility, and other macro-economic factors could negatively affect demand for our systems and services, particularly where our potential customers are government agencies or enterprises with discretionary capital budgets.

Adverse economic conditions may cause customers to delay, reduce, or cancel purchases, lengthen sales cycles, limit funding for pilot programs, or seek lower-cost alternatives. In addition, inflationary pressures and supply-demand imbalances may increase our costs for components, fuel cell systems, materials, labor, logistics, and other inputs. We may not be able to offset such cost increases through price increases, productivity gains, or alternative sourcing.

Deterioration in macro-economic conditions may also affect our ability to raise additional capital on acceptable terms, if at all, and could increase the cost of any debt financing we may incur. Any of these factors could have a material adverse effect on our business, financial condition, results of operations, and prospects.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. The markets in which we expect to compete are highly competitive and characterized by rapid innovation, and we may not be able to compete effectively.**

We expect to compete in markets for uncrewed aerial and maritime systems, hydrogen power systems, and AI-enabled analytics. These markets are intensely competitive and are characterized by rapid technological change, evolving customer requirements, price and performance competition, and frequent product introductions. We will face competition from a wide range of companies, including established defense contractors, commercial drone manufacturers, robotics companies, software and analytics providers, and new entrants.

Many of our competitors have significantly greater financial, technical, manufacturing, marketing, and other resources, longer operating histories, broader product lines, and established relationships with customers and regulators. They may be able to respond more quickly to new technologies, changing customer requirements, and industry or regulatory developments.

If we do not compete successfully, we may lose current or potential customers, our revenue and margins may decline, and our business and prospects may be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. We expect to rely on a limited number of key customers and end markets, including potential sales to U.S. government and defense-related customers, which may subject us to concentration and budgetary risks.**

We expect that a significant portion of our future revenue, if any, may come from a relatively small number of key customers and end markets, including potential customers in the defense, security, critical infrastructure, and government sectors. As a result, our business may be particularly sensitive to the success, financial condition, and procurement decisions of a limited number of customers or programs.

Government and defense customers in particular are subject to stringent procurement processes, annual or multi-year budget cycles, and shifting political and policy priorities. Reductions or delays in government spending, cancellations or modifications of programs, or changes in priorities away from uncrewed systems or hydrogen-powered technologies could reduce demand for our offerings and adversely affect our business.

If one or more of our key customers reduce, delay, or cancel purchases, or if we are unable to win or renew a small number of important contracts or pilot programs, our business, financial condition, and results of operations could be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. We may become subject to complex government contracting and procurement rules, and failure to comply with these rules could limit our growth and expose us to penalties.**

To the extent we contract directly or indirectly with the U.S. government or other governmental entities, we will be required to comply with laws and regulations applicable to government contractors and subcontractors, including the Federal Acquisition Regulations (FAR), agency-specific supplements, and other procurement rules.

These regulations may affect how we price our offerings, allocate costs, manage our supply chain, protect information, and conduct business. Government contracts are often subject to audit, investigation, modification, and termination for convenience by the contracting agency. If a government audit or investigation uncovers improper or illegal activities, or if we fail to comply with applicable regulations, we could be subject to civil or criminal penalties, administrative sanctions, damages, suspension or debarment from future government contracts, and reputational harm.

Any of these outcomes could reduce our revenue, increase our costs, and have a material adverse effect on our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. We may not achieve broad market adoption of hydrogen-powered AI drone solutions, and even if the markets develop, our specific products and services may not meet customer needs.**

Our strategy assumes that markets for hydrogen-powered, AI-enabled uncrewed aerial and maritime systems will expand as customers seek longer endurance, lower emissions, and more advanced analytics. These markets are still emerging and may develop more slowly than we expect, may be limited to niche applications, or may not develop at all.

Even if markets for hydrogen-powered AI drones gain broader acceptance, our specific products and services may not meet customer needs or preferences, or may not be adopted due to concerns about safety, reliability, cost, infrastructure availability, regulatory uncertainty, or competing technologies. Customers may choose alternative solutions, including battery-powered drones, crewed aircraft, satellites, or ground-based systems.

If the markets we are targeting do not develop as we anticipate, or if our offerings fail to gain market acceptance within those markets, our growth prospects and business could be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Rapid technological change in our markets requires ongoing innovation and product development, which may be costly and may not succeed.**

The markets for uncrewed systems, hydrogen power, and AI analytics are characterized by rapid technological advancements, frequent new product introductions, and evolving industry standards. Our future success will depend on our ability to anticipate and respond effectively

------

to these changes, to continue developing and enhancing our products and services, and to bring new solutions to market in a timely and cost-effective manner.

We may not have sufficient resources to make the necessary investments in research and development, testing, and certification. Our efforts to innovate may be more costly or take longer than we expect, or may not result in products or features that achieve commercial success. Competitors, including larger firms with greater resources, may develop technologies that render our offerings less attractive or obsolete.

If we are unable to allocate sufficient resources to product development or fail to create new products and enhancements that keep pace with technological and market developments, customer demand for our offerings may decline, and our business and prospects could be materially and adversely affected.

**Risks Related to Our Hydrogen, Uncrewed Systems, and AI Technology**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Hydrogen is a hazardous material, and accidents or safety incidents involving our hydrogen storage, fueling, or fuel cell systems could result in severe consequences, regulatory scrutiny, and reputational damage.**

Our systems are being designed around hydrogen fuel cell technology. Hydrogen presents specific safety risks, including flammability, potential for leaks, and high-pressure storage requirements. Incidents involving our hydrogen storage, fueling systems, or fuel cell power packs—whether on our platforms, at customer facilities, or at any future production or test sites—could result in serious injury or death, property damage, environmental harm, regulatory investigations, and significant negative publicity.

Any such incident could result in grounding or recall of affected platforms, redesign or retrofit requirements and associated costs, more stringent regulatory requirements or operational restrictions, and loss of customer and investor confidence. Even if our products do not cause a safety incident, accidents involving hydrogen systems generally could negatively affect public perception and regulatory attitudes toward hydrogen-powered uncrewed systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Our hydrogen fuel cell power systems may not achieve the performance, durability, cost, or certification required for our intended applications.**

We are co-developing 4 kW and 8 kW PEM hydrogen fuel cell power packs designed to be ultra-lightweight, high-output, and suitable for integration into aerial and maritime platforms. These systems must satisfy demanding and sometimes conflicting requirements relating to weight, power density, cost, efficiency, reliability, refueling characteristics, and environmental robustness.

There is no assurance that our partners and we will be able to achieve targeted performance and weight metrics under real-world operating conditions, achieve the durability and maintenance intervals required by customers, produce fuel cell systems at a cost that makes our overall solution economically attractive, or obtain any required certifications or approvals from relevant regulators.

If our fuel cell systems underperform, prove unreliable, are too costly, or cannot be certified for their intended use, our platforms may be less attractive to customers or may not be commercially viable at all. This could materially and adversely affect our business, financial condition, and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Our uncrewed aerial and maritime systems are complex and may contain defects, errors, or vulnerabilities that could result in performance issues, product recalls, liability, and reputational harm.**

Our Airdrone and Wavedrone platforms and related systems are complex, integrating advanced aerostructures, propulsion systems, sensors, avionics, communications, control software, and ground infrastructure. Complex systems may contain design or manufacturing defects, integration issues, software bugs, or vulnerabilities that may not be detected until after deployment.

Defects, errors, or failures in our products—or their misuse—could result in crashes, loss of vehicles, mission failures, property damage, personal injury, or death. We may be required to recall or repair products, provide replacement systems, or implement costly software updates or hardware modifications. Such issues could also damage our brand, delay our development and commercialization efforts, and divert management and engineering resources from other priorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. We may face significant product liability and other claims if our products harm people or property, and our insurance coverage may not be adequate.**

The operation of uncrewed aerial and maritime systems involves inherent risks of accidents and injuries. If our products malfunction, are misused, or are involved in incidents that cause property damage, personal injury, or death, we could be subject to product liability, negligence, or other claims. Such claims could be expensive to defend, divert management's attention, and result in substantial damage awards or settlements.

We maintain insurance coverage that we believe is appropriate for our stage and industry; however, our policies may not cover all types of claims, may be subject to significant deductibles and limits, and may not be available or affordable on reasonable terms in the future. A successful claim that exceeds our insurance coverage, or a series of claims, could have a material adverse effect on our business, financial condition, and results of operations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Our use of AI and autonomy features exposes us to risks of software defects, unintended behavior, cybersecurity vulnerabilities, and regulatory scrutiny.**

We intend to incorporate AI-driven perception, navigation, object recognition, fleet management, and decision-support capabilities into our platforms. AI and autonomy software can behave unpredictably in edge cases or untested scenarios and can be difficult to validate fully. In addition, AI systems may be susceptible to adversarial attacks, spoofing, or manipulation of sensor inputs.

Software defects, misconfigurations, or cyber-related issues affecting our AI systems could result in loss of control of uncrewed platforms, collisions, crashes, unsafe behavior, incorrect or misleading data and analytics, or system downtime and service disruptions. Any such event could lead to property damage, personal injury, regulatory action, contractual liability, and loss of customer trust.

Regulators may also impose additional requirements or limitations on AI-enabled or autonomous operations, which could increase our development costs or restrict the capabilities of our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Our systems and data infrastructure are subject to cybersecurity and data privacy risks, including potential breaches affecting sensitive flight, sensor, and customer data.**

We expect to collect, transmit, process, and store significant amounts of data, including flight telemetry, sensor readings, imagery, and customer-provided information. Our platforms and infrastructure may be vulnerable to cyberattacks, including hacking, malware, ransomware, phishing, insider threats, and attacks on third-party service providers.

A successful cyberattack or data breach could result in unauthorized access to, or exfiltration of, sensitive data; manipulation of control systems or loss of control of uncrewed platforms; disruption of our operations, development, or support activities; significant remediation, notification, and litigation costs; and regulatory investigations, fines, and reputational damage.

Our cybersecurity measures may prove inadequate, especially as attackers become more sophisticated. In addition, evolving data protection and privacy regulations may impose increasing obligations and costs on us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Our provisional patent application may not result in an issued patent, which could adversely affect our competitive position.**

We have filed U.S. Provisional Patent Application No. 63/727,652 for our self-righting USV technology. A provisional patent application does not itself mature into a patent; rather, it establishes a priority date and provides a 12-month period during which we must file a non-provisional (utility) patent application to preserve the priority date. Our provisional application was filed on December 3, 2024, requiring us to file a non-provisional application by December 3, 2025.

Even if we timely file a non-provisional application, there can be no assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The USPTO will grant a patent based on our application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The scope of any patent granted will be broad enough to provide meaningful protection for our technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Our patent claims will not be challenged, invalidated, or circumvented by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Prior art or other patents will not limit the enforceability of our patent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We will have sufficient resources to enforce our patent rights against potential infringers.

Failure to obtain patent protection or the invalidation of our patent rights could enable competitors to replicate our self-righting USV technology, which would materially and adversely affect our competitive position and business prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Our non-provisional patent application is subject to USPTO examination and may not result in an issued patent.**

Under U.S. patent law, a provisional patent application automatically expires 12 months after filing if a corresponding non-provisional application is not filed claiming priority to the provisional. Our provisional application (No. 63/727,652) expiry date was on December 3, 2025. In December 2025, we filed a non-provisional patent application with the USPTO for our self-righting USV technology, claiming priority to our provisional application filed December 3, 2024. The application is now subject to examination by the USPTO, a process that typically takes 18 to 24 months. During examination, the USPTO may reject some or all of our patent claims, require amendments that narrow the scope of protection, or identify prior art that limits patentability.

Even if we overcome all USPTO objections and a patent is issued, there can be no assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The issued claims will be broad enough to provide meaningful competitive protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Competitors will not design around our patent claims;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Third parties will not challenge the validity of our patent through inter partes review or litigation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We will have sufficient resources to enforce our patent rights against infringers. if we do not timely file a non-provisional application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. We may face intellectual property infringement claims from third parties.**

The maritime drone and autonomous vessel industry involves numerous patents and proprietary technologies. Other companies may hold patents or intellectual property rights that could be interpreted to cover aspects of our self-righting USV technology. We have not conducted a comprehensive freedom-to-operate analysis, and there can be no assurance that our technology does not infringe the intellectual property rights of others.

We may be required to pay substantial damages, obtain licenses on unfavorable terms, or redesign our products at high cost and delay, any of which could materially harm our business and financial condition if we are found to infringe third-party intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **22. Our Asset Purchase and IP Agreement with Shore House IVF contains a clawback provision that could result in the loss of our core Wavedrone Technology if we do not uplist on a National Securities Exchange.** 

As of the date of this prospectus, we have not listed our common stock on a national securities exchange and do not currently satisfy all applicable listing requirements of Nasdaq or the NYSE. There can be no assurance that we will be able to complete an uplisting on acceptable terms, or at all, within the required twelve-month period, which expires on December 31, 2025. Our ability to uplist is subject to numerous factors, many of which are beyond our control, including market conditions, regulatory review timelines, investor demand, minimum bid price requirements, stockholders' equity thresholds, corporate governance requirements, and the availability of audited financial statements meeting the standards of the applicable exchange.

If Shore House IVF were to exercise its clawback right, we would lose ownership and control of the Wavedrone maritime drone platform, which constitutes a core component of our current and planned business operations, product roadmap, and commercialization strategy. The loss of this technology would materially and adversely affect our business, financial condition, results of operations, and prospects. In such circumstances, we would be required to develop, license, or acquire alternative maritime drone or autonomous surface vessel technology, which could require substantial additional capital, result in significant delays, involve unfavorable terms, or ultimately prove unsuccessful. There can be no assurance that any alternative technology would be comparable to the Wavedrone platform in terms of performance, cost, regulatory readiness, or market acceptance.

The existence of this clawback provision may also adversely affect investor confidence, our valuation, our ability to raise capital, and our strategic flexibility during the uplisting process. Accordingly, failure to uplist within the specified timeframe could have a material adverse effect on our business and may impair our ability to continue executing our current business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **23. We have not yet completed development of our Hydrogen Fuel Cell Power Systems, and delays or failure to achieve revised development milestones could adversely affect our business.** 

Although we acquired hydrogen fuel cell technology from Eastern Electrolyser Ltd. in September 2024, the continued development and refinement of 4 kW and 8 kW hydrogen fuel cell power packs remain subject to an ongoing co-development program. The original target date for completing prototype fuel cell products by December 31, 2024, was not met due to supply chain constraints, technical development requirements, and resource allocation priorities.

In January 2026, we amended and restated our agreement with Eastern to waive any default related to the original milestone date and to establish revised development milestones extending through June 30, 2027. These milestones include engineering design completion, prototype fabrication, bench testing, integration testing, and delivery of production-ready units.

The revised milestones are subject to a number of risks, including technical challenges inherent in hydrogen fuel cell systems, integration risks with our drone platforms, availability of components and materials, reliance on Eastern's engineering and development resources, and broader supply chain and geopolitical risks. While the agreement requires the parties to use commercially reasonable efforts to achieve the milestones, it does not guarantee successful or timely completion.

If we are unable to complete development of commercially viable hydrogen fuel cell power systems on the anticipated timeline, or at all, our ability to commercialize hydrogen-powered drone platforms could be delayed or impaired, which could adversely affect our business strategy, competitive position, financial condition, and results of operations.

**Risks Related to Regulation and Government Policy**

 **23 . We may not be able to obtain, maintain, or expand the regulatory approvals and operational permissions required to deploy our systems at scale.**

Our ability to commercialize our aerial and maritime platforms depends on complying with, and obtaining approvals under, a complex and evolving set of regulations administered by authorities such as the U.S. Federal Aviation Administration (FAA), other civil aviation and maritime regulators, and, in some cases, defense or national security agencies.

------

These regulations may limit where, how, and for what purposes our uncrewed systems can operate; restrict beyond visual line of sight (BVLOS) operations or require additional certifications or waivers; impose requirements on pilot training, maintenance, airworthiness, and safety systems; or change in ways that render our current or planned designs non-compliant.

We may experience delays, costs, or failures in obtaining specific approvals, waivers, or certificates needed for certain operations or customers. Regulatory authorities may also suspend or revoke approvals based on safety incidents, policy changes, or other factors. Inability to obtain or maintain required regulatory permissions could delay or prevent commercial deployments and materially harm our business.

 **24 . As we pursue applications in defense, critical infrastructure, and cross-border markets, we may be increasingly subject to export control, sanctions, and national security regulations.**

To the extent we sell to or work with defense, security, or critical infrastructure customers, or export our products or technology outside the United States, we may become subject to U.S. export control laws and regulations, including the International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR), as well as similar foreign regimes.

If our products, software, or technology are classified as controlled items, we may be required to obtain export licenses or authorizations for certain transactions, implement additional compliance programs and internal controls, restrict access to technology by certain foreign nationals, or decline business opportunities in sanctioned jurisdictions or with sanctioned counterparties.

Failure to comply with export controls or sanctions could result in significant civil or criminal penalties, denial of export privileges, reputational harm, and loss of access to certain markets or customer segments. Geopolitical developments could also affect our ability to sell into certain regions or collaborate with foreign partners.

 **25 . Changes in environmental, health, and safety regulations, or in climate and ESG expectations, may adversely affect our operations, supply chain, and markets.**

Although hydrogen-powered platforms can offer emissions advantages over fossil fuel-based systems, our operations are subject to environmental, health, and safety laws and regulations related to hydrogen production, storage, and use, as well as manufacturing, testing, and waste disposal. Changes in such regulations or in enforcement practices could increase our compliance costs or limit our operations.

In addition, climate-related policies, carbon pricing, hydrogen certification schemes, and environmental permitting could affect the availability and cost of hydrogen or other inputs. Investor and customer expectations regarding environmental, social, and governance (ESG) performance are also evolving. If we fail to meet these expectations, or if climate-related disruptions affect our operations or those of our partners, our reputation, cost structure, and access to capital could be negatively impacted.

 **26 . As we expand internationally, we will be subject to additional risks, including regulatory, operational, geopolitical, and foreign currency risks, which could adversely affect our business.**

Although we are currently in the development stage, we expect to pursue opportunities outside the United States, including through our subsidiary Boumarang Pty Ltd in Australia and in other regions where our uncrewed systems and hydrogen technologies may be deployed. Operating and expanding internationally subjects us to numerous additional risks, including:

· differing technical standards, certification requirements, and operational regulations for uncrewed systems and hydrogen technologies;

· complex, inconsistent, or rapidly changing legal and regulatory environments, including aviation, maritime, environmental, safety, data protection, and labor laws;

· difficulties in establishing and managing relationships with local partners, suppliers, and customers;

· challenges in recruiting, training, and retaining local personnel;

· increased costs and complexities associated with logistics, customs, duties, tariffs, and trade restrictions;

· exposure to political or social instability, changes in government policies, nationalization or expropriation of assets; and

· restrictions or delays related to export controls, sanctions, or national security reviews, as described under "Risks Related to Regulation and Government Policy."

We may also become exposed to fluctuations in foreign currency exchange rates as we incur expenses or generate any revenues in currencies other than the U.S. dollar. Significant movements in exchange rates could affect our reported results of operations and cash flows, particularly if we do not implement effective hedging or other risk-management strategies.

If we are unable to manage the risks associated with international operations effectively, our ability to grow our business, compete in global markets, and achieve our strategic objectives could be materially and adversely affected.

 **27 . We may have greater than anticipated tax liabilities, and changes in tax laws or adverse outcomes in tax examinations could adversely affect our results of operations and cash flows.**

We are subject to income and other taxes in the United States and, as we expand, may become subject to taxation in additional jurisdictions. Our tax liabilities are based on our corporate structure, our intercompany arrangements, and the allocation of income and expenses

------

among taxing jurisdictions, all of which require significant judgment. Tax authorities may challenge our tax positions, and the outcome of any audits or examinations may differ from our expectations.

In addition, tax laws, regulations, and administrative practices are subject to change, interpretation, and varying enforcement. Changes in tax rates, the adoption of new tax laws, including digital services taxes or minimum tax regimes, changes in how existing tax laws are interpreted or applied, or changes in our corporate structure or operations could result in increased tax liabilities, require us to pay additional taxes or penalties, or affect the value of our deferred tax assets.

We may not have established adequate reserves for our tax positions, and any increase in our tax obligations, including as a result of an adverse outcome in a tax audit or examination, could have a material adverse effect on our results of operations, financial condition, and cash flows.

**Risks Related to Our Intellectual Property and Strategic Transactions**

 **28 . We may not be able to protect or enforce our intellectual property rights adequately, and we rely on intellectual property that we do not own outright.**

Our success depends in part on our ability to obtain, maintain, and enforce intellectual property rights covering our technologies, including rights acquired from third parties such as Guinn Partners and Tribal Rides, and rights licensed from technology providers such as Trust Stamp. We also rely on trade secrets and know-how.

Our IP protection may be limited because patents may not issue from pending or future applications or, if issued, may be challenged, narrowed or invalidated; our trade secrets may be disclosed or misappropriated, including by future employees, contractors, partners or competitors; we may be unable to detect or prove unauthorized use of our technology; and contractual protections, such as confidentiality and IP ownership clauses, may be breached or difficult to enforce.

We also rely on technology that we license rather than own. Licenses may be subject to field-of-use restrictions, may not be exclusive, and may be terminable under certain circumstances. If we are unable to maintain these licenses on commercially reasonable terms, or if licensors fail to perform, our products and services could be impaired.

If we cannot protect our intellectual property or must license critical technology on unfavorable terms, our competitive position, revenue, and margins could be adversely affected.

 **29 . We may be subject to claims that our products or technologies infringe the intellectual property rights of others.**

The industries in which we operate, including aerospace, robotics, hydrogen systems, and AI, are characterized by extensive patenting and frequent intellectual property disputes. Third parties may allege that our products, services, or technologies infringe their patents, copyrights, trademarks, trade secrets, or other proprietary rights.

Any such claims—whether or not meritorious—could result in costly and time-consuming litigation or administrative proceedings, injunctions or other orders limiting or preventing sales or use of our products, the need to redesign products or obtain licenses (which may not be available on reasonable terms, or at all), and payment of damages, royalties or settlement amounts.

An adverse outcome in any intellectual property dispute could materially harm our business, financial condition, and prospects.

 **30 . Future strategic transactions, including acquisitions or additional IP purchases, may not achieve their intended benefits and may create integration, accounting, and operational risks.**

Our strategy may involve acquiring additional intellectual property, technology assets, or companies to complement or expand our capabilities. Any such transaction could involve significant risks, including difficulties in integrating technology, products, systems, operations and personnel; diversion of management's time and attention from our core business; higher than expected costs, including restructuring charges and integration expenses; the assumption of unknown or contingent liabilities; and the risk that anticipated synergies, cost savings or other expected benefits do not materialize.

In addition, acquisitions may require us to record goodwill or other intangible assets that could be subject to future impairment charges, adversely affecting our results of operations.

**Risks Related to Our Common Stock and This Offering**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31. An active trading market for our common stock may not develop or be sustained, and the market price of our stock may be volatile.**

Prior to this offering, there has been no public market for our common stock. We cannot predict the extent to which investor interest will lead to the development of an active, liquid trading market. Even if a market develops, it may not be sustained, and you may be unable to sell your shares at or above the initial public offering price, or at all.

------

The market price of our common stock may be highly volatile and may be affected by factors such as our operating performance and financial condition; delays or developments (favorable or unfavorable) in our product development, testing or regulatory approvals; announcements regarding our partners, customers or competitors; changes in analyst estimates or market perceptions of our sector; regulatory or policy developments affecting drones, hydrogen or AI; and general economic, market and geopolitical conditions.

Securities of emerging technology and drone-related companies have often experienced substantial price and volume fluctuations unrelated to operating performance. Such volatility could result in the initiation of securities class action litigation, which could entail substantial costs and divert management's attention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **32. This is a "best efforts" offering with no minimum, which means we may not raise any funds or may raise less than the full offering amount, and investors may be the only participants in this offering.** 

We are offering our shares on a "best efforts, no minimum" basis. This means there is no minimum amount we must raise, and we may close the offering without selling any shares or after selling only a portion of the offered shares. Our officers and directors will use their best efforts to sell the shares, but are not required to sell any specific amount. Because there is no minimum offering amount: (i) you may be the only investor in this offering; (ii) we may not raise sufficient capital to execute our business plan; (iii) your investment will not be returned if we fail to sell additional shares; and (iv) we will have immediate access to any funds raised with no escrow protection. If we raise significantly less than the full offering amount, we may not have sufficient capital to execute our stated use of proceeds, and you could lose your entire investment. If less than 50% of the offering is completed, the Company will be required to materially curtail product development, delay commercialization efforts, and may not be able to continue operations without additional financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **33. We may not be able to raise follow-on equity financing of up to $2,000,000 from our subscription agreements or through a public offering or private placement.** 

As part of our liquidity strategy, management intends to pursue a follow-up equity financing of approximately $2 million within 12 months following the completion of this offering. This planned financing may take the form of a private placement, registered offering, or other equity or equity-linked transaction. As of the date of this prospectus, we have signed subscription agreements for this financing; however, there can be no assurance that we will be able to raise this amount, or any additional capital, on acceptable terms or at all. Our ability to complete a follow-up financing will depend on our ability to enforce subscription agreements, market conditions, investor interest, our operating performance, and other factors beyond our control. If we are unable to raise additional capital, we may be required to significantly curtail our operations, delay our development programs, or seek strategic alternatives.

 **34 . There is currently no market for the Company's equity securities.**

The Company's Common Stock is not traded on any market exchange. The Company intends to apply for trading in the future. However, there is no assurance that its application for trading will be accepted or, if accepted, that a trading market will develop.

At the time of this Offering, there was no public market for our Common Stock, and we have not applied for the listing or quotation of our Common Stock on any public market. The Company or shareholders will offer and sell Common Stock at a fixed price until our Common Stock is listed on the OTC Bulletin Board, OTCID , OTCQX, or OTCQB, or any other stock exchange, at which time they may be sold at prevailing market prices or in privately negotiated transactions. As of the date of this prospectus, the Company has not submitted an application for quotation on any OTC market.

 **35 . Specific provisions of our certificate or articles of incorporation and bylaws allow the concentration of voting power in founding shareholders, which may, among other things, delay or frustrate the removal of incumbent directors or a takeover attempt, even if such events may be beneficial to our stockholders.**

 ****

Provisions of our certificate of incorporation and bylaws may have the effect of delaying, discouraging, or preventing a change in control of the Company, including changes that our stockholders may consider beneficial. These provisions may also make it more difficult for stockholders to remove incumbent directors or to effect a merger, tender offer, proxy contest, or other corporate transaction that is not approved by our board of directors, even if such a transaction may be in the best interests of our stockholders.

In addition, certain of our stockholders beneficially own significant portions of our outstanding Common Stock. Yessenia Hernandez, through her control of Tolemac Holdings LLC and TAH-DAH Ventures LLC, beneficially owns approximately 24.6% of our outstanding Common Stock. Imran Firoz beneficially owns approximately 18.24% of our outstanding Common Stock. As a result of these ownership positions, each of these stockholders may be able to exercise significant influence over matters requiring stockholder approval, including the election of directors and the approval of significant corporate transactions.

However, no stockholder or group of stockholders controls the Company within the meaning of Rule 405 of the Securities Act. No stockholder holds a majority of the Company's outstanding voting power, and there are no voting agreements, stockholder agreements, or other arrangements pursuant to which any stockholders act together. No stockholder has contractual rights to appoint directors, approve or veto corporate actions, or otherwise control the Company.

------

The concentration of ownership among certain stockholders, together with the anti-takeover provisions in our organizational documents, could have the effect of discouraging potential acquisition proposals, delaying or preventing a change in control, or reducing the likelihood that a third party will acquire control of the Company, even if such a transaction might otherwise be beneficial to our stockholders. As a result, the market price of our Common Stock could be adversely affected.

 **36 . Future sales or issuances of our securities, or the perception that such sales or issuances may occur, could depress the market price of our common stock and be dilutive to existing stockholders.**

After this offering, we will have a significant number of shares of common stock outstanding, a substantial portion of which will be held by existing stockholders and will be subject to contractual lock-up agreements for 90 days or other transfer restrictions for a period of time. When these restrictions lapse, or if lock-ups are waived, a substantial number of shares may become eligible for sale into the public market.

Sales of a large number of shares, or the perception that such sales could occur, could depress the market price of our common stock and make it more difficult for you to sell your shares at a time and price you consider appropriate. Future equity or equity-linked issuances by us, including in connection with financings, acquisitions, employee equity grants, or strategic transactions, could also depress our stock price and be dilutive to existing stockholders.

In addition, we may issue debt or preferred equity securities with rights that are preferential to, and could cause a decrease in the value of our existing equity securities. The issuance of any such securities could increase our leverage, reduce the amount of cash available for working capital, capital expenditures, and other corporate purposes, and adversely affect the market price of our common stock.

 **37 . Our common stock may be illiquid, and you may not be able to resell your shares when or at the price you desire.**

The public market for our common stock, if and when it develops, may be limited in size and trading volume. As a result, you may not be able to sell your shares quickly or at a price that you consider attractive. Market makers may not be willing or able to maintain quotations for our common stock, and additional market makers may not enter the market.

An investment in our common stock should be considered illiquid and long-term. You should be prepared to bear the economic risk of your investment for an indefinite period of time and to withstand a complete loss of your investment.

 **38 . We do not intend to pay dividends in the foreseeable future, and any return on your investment will depend on appreciation in the price of our common stock.**

We have never declared or paid any cash dividends on our capital stock. We currently intend to retain all available funds and any future earnings, if any, to fund the development and growth of our business, and do not anticipate paying any cash dividends on our common stock in the foreseeable future.

As a result, any return on your investment in our common stock will depend on appreciation in the price of our common stock, which may not occur. Investors seeking cash dividends should not purchase our common stock.

 **39 . If we do not maintain effective internal control over financial reporting and disclosure controls and procedures, or if material weaknesses are identified, we may not be able to accurately report our financial results, which could adversely affect investor confidence and the market price of our common stock.**

We are a newly formed development-stage company with limited resources and personnel devoted to finance and accounting. As we prepare to operate as a public company, we will need to design, implement, and maintain internal control over financial reporting and disclosure controls and procedures meeting the standards required by the Sarbanes-Oxley Act.

If we fail to maintain effective controls, or if material weaknesses are identified in the future, we may be unable to accurately or timely report our financial results, which could result in restatements, regulatory inquiries or sanctions, loss of investor confidence, and a decline in the market price of our common stock. Implementing and testing necessary controls will require significant management time and external resources.

 **40 . The Company is subject to the risk of non-compliance with State and Federal securities laws.**

The Company has previously conducted private placements of its securities in reliance on exemptions from registration under the Securities Act of 1933, as amended, including Regulation D, and applicable exemptions under state securities laws. There can be no assurance that such offerings complied in all respects with applicable federal and state securities laws, including qualification requirements for exemption from registration.

The offering of securities pursuant to this registration statement is being conducted as a registered public offering under the Securities Act. However, if any of the Company's prior or future offerings are found not to qualify for an exemption from registration, or otherwise fail to comply with applicable securities laws, the Company could be subject to claims for rescission, civil liabilities, fines, penalties, or other enforcement actions. Any such claims or proceedings could have a material adverse effect on the Company's business, financial condition, results of operations, and prospects.

------

 **41 . We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.**

Our management will have broad discretion in the application of the net proceeds from this offering. We currently intend to use the net proceeds for Wavedrone development, research and development, sales & marketing , working capital, and general corporate purposes, as described under "Use of Proceeds."

Because our management has broad discretion, investors will be relying on the judgment of our management regarding the application of the proceeds. If we do not use the proceeds effectively, our business, financial condition, and results of operations could be adversely affected, and we may need to seek additional financing sooner than expected.

 **42 . As a public company, we will be subject to additional regulatory and compliance requirements, and failure to comply with securities laws and stock exchange rules could adversely affect us.**

Upon completion of this offering, we will be subject to the reporting, disclosure, and other obligations imposed by the Securities Exchange Act of 1934, as amended, the rules and regulations of the Securities and Exchange Commission, and, if our common stock is listed, the listing requirements and corporate governance rules of the applicable stock exchange or market.

Compliance with these requirements will increase our legal, accounting, and other compliance costs and will require significant management attention. If we fail to comply with applicable securities laws or listing rules, we could be subject to enforcement actions, fines, penalties, reputational damage, and, in extreme cases, delisting of our common stock. Any such outcomes could adversely affect the liquidity and value of our common stock and our ability to raise capital in the future.

 **43 . Distributions upon Dissolution or Liquidation.**

An investment in the Company is highly speculative and involves a considerable degree of risk. In the event of a voluntary or involuntary dissolution or liquidation of the Company, the Company's creditors would be entitled to receive payment in full before any distributions are made to holders of the Company's Common Stock.

As of the date of this prospectus, the Company does not have any outstanding convertible promissory notes. However, the Company may incur indebtedness in the future, including convertible promissory notes or other debt instruments. If the Company were to issue such indebtedness, holders of those instruments would generally have priority over holders of Common Stock with respect to distributions upon liquidation or dissolution.

After payment in full of all liabilities and obligations, if any proceeds remain, holders of Common Stock would be entitled to receive distributions on a pro rata basis. As a result, holders of Common Stock may recover less than the amount they invested, or may receive no distribution at all.

------

**USE OF PROCEEDS**

We estimate the net proceeds from this offering will be approximately $210,000, based on gross proceeds of $250,000 and estimated offering expenses of approximately $40,000. However, because this is a best effort offering with no minimum, we may sell fewer than all of the shares offered.

The following table sets forth the estimated use of net proceeds at various funding levels:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Use of Proceeds**  | &nbsp;&nbsp;&nbsp; **25% of net amount**  | &nbsp;&nbsp;&nbsp; **50% of net amount**  | &nbsp;&nbsp;&nbsp; **75% of net amount**  | &nbsp;&nbsp;&nbsp; **Total Amount**  | **%**  |
| &nbsp;&nbsp;&nbsp; Wavedrone Development  | &nbsp;&nbsp;&nbsp; $25000  | &nbsp;&nbsp;&nbsp; $50000  | &nbsp;&nbsp;&nbsp; $75000  | &nbsp;&nbsp;&nbsp; $100000  | 47.62%  |
| &nbsp;&nbsp;&nbsp; Research & Development  | &nbsp;&nbsp;&nbsp; $10000  | &nbsp;&nbsp;&nbsp; $20000  | &nbsp;&nbsp;&nbsp; $30000  | &nbsp;&nbsp;&nbsp; $40000  | 19.05%  |
| &nbsp;&nbsp;&nbsp; Sales & Marketing  | &nbsp;&nbsp;&nbsp; $6250  | &nbsp;&nbsp;&nbsp; $12500  | &nbsp;&nbsp;&nbsp; $20000  | &nbsp;&nbsp;&nbsp; $25000  | 11.90%  |
| &nbsp;&nbsp;&nbsp; General & Administrative  | &nbsp;&nbsp;&nbsp; $5000  | &nbsp;&nbsp;&nbsp; $12500  | &nbsp;&nbsp;&nbsp; $17500  | &nbsp;&nbsp;&nbsp; $20000  | 9.52%  |
| &nbsp;&nbsp;&nbsp; Working Capital  | &nbsp;&nbsp;&nbsp; $6250  | &nbsp;&nbsp;&nbsp; $10000  | &nbsp;&nbsp;&nbsp; $15000  | &nbsp;&nbsp;&nbsp; $25000  | 11.90%  |
| &nbsp;&nbsp;&nbsp; **Total**  | &nbsp;&nbsp;&nbsp; **$52500**  | &nbsp;&nbsp;&nbsp; **$105000**  | &nbsp;&nbsp;&nbsp; **$157500**  | &nbsp;&nbsp;&nbsp; **$210000**  | **100.00%**  |

---

If we raise less than 100% of the offering amount, we will prioritize working capital and essential operating expenses and will scale back or delay development activities accordingly. If less than 50% of the offering is completed, the Company will be required to materially curtail product development, delay commercialization efforts, and may not be able to continue operations without additional financing. There can be no assurance that we will raise any funds in this offering.

**Description of Intended Uses (assuming the net proceeds are $210,000)** 

**Wavedrone Platform Development.** We intend to use approximately $100,000 of the net proceeds to continue development of our Wavedrone maritime technology platform. This includes engineering, product development, and integration work with our development partners, including Guinn Partners, our primary engineering and product development contractor.

**Research and Development.** We intend to use approximately $40,000 to advance research and development activities related to our intellectual property portfolio, including our Airdrone Technology, Hydrogen Fuel Cell Technology, and related proprietary systems.

**Sales and Marketing.** We intend to use approximately $25,000 to support sales and marketing initiatives to build market awareness of our Wavedrone platform and develop customer relationships in the maritime technology sector.

**General and Administrative.** We intend to use approximately $20,000 for general and administrative expenses, including professional fees for legal, accounting, and compliance services associated with our operations and SEC reporting obligations.

**Working Capital.** We intend to use the remaining $25,000 for working capital and general corporate purposes.

**Management Discretion**

The amounts and timing of our actual expenditure will depend on numerous factors, including the status of our development efforts, sales and marketing activities, the amount of cash generated or used by our operations, and other factors. We may find it necessary or advisable to use portions of the proceeds for other purposes, and we will have broad discretion in the application of the net proceeds. Pending any such uses, we intend to invest the net proceeds in short-term, investment-grade, interest-bearing securities.

All development timelines and milestones are non-binding, subject to funding availability, and do not include penalties for non-completion. No assurance can be given that such milestones will be achieved on the anticipated schedule or at all.

*The foregoing represents our current intentions based upon our present plans and business conditions. See "Risk Factors" for a discussion of certain risks that may affect our use of proceeds.*

------

**MARKET FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS**

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this offering, a substantial number of shares of our common stock will be eligible for future sale in the public market, subject to applicable lock-up agreements and restrictions under federal securities laws, including Rule 144 under the Securities Act.

For a more complete description of shares eligible for future sale, including applicable lock-up agreements, Rule 144 resale limitations, and the potential impact on the market price of our common stock.

------

**DIVIDEND POLICY**

We have never declared any dividends on our Common Stock, and we do not anticipate paying any dividends on our Common Stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business. Any future determination to declare dividends will be subject to the discretion of our board of directors and will depend on various factors, including applicable Delaware law, future earnings, capital requirements, results of operations, and any other relevant factors. In general, as a Delaware corporation, we may pay dividends out of surplus capital or, if there is no surplus capital, out of net profits for the fiscal year in which a dividend is declared and/or the preceding fiscal year.

**SECURITIES AUTHORIZED UNDER EQUITY COMPENSATION PLANS**

We have no equity compensation or stock option plans.

------

**CAPITALIZATION**

The following table sets forth our cash, cash equivalents, short-term investments, and capitalization as of September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●On a pro forma basis to further reflect the issuance and sale of 125,000 shares of Common Stock offered in this offering at an assumed public offering price of $2.00 per share, resulting in estimated proceeds of $210,000 after deducting estimated offering expenses.

You should read this information together with our audited consolidated financial statements appearing elsewhere in this prospectus and the information set forth under the sections titled "Selected Consolidated Financial Data," "Use of Proceeds," and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **As Adjusted <sup>(1)</sup>**  |
| Cash and cash equivalents | $51564 | $261564  |
| Capitalization |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $472576  | $472576  |
| &nbsp;&nbsp;&nbsp;Related party advances | 45000  | 45000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | $517576  | $517576  |
| Total liabilities | $517576  | $517576  |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.0001, 100,000,000 shares authorized; 66,056,977 shares issued and outstanding | 6606  | 6619 |
| &nbsp;&nbsp;&nbsp; Subscription receivable  | (2000000)  | (2000000)  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 23148394  | 23398381  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (2438576) | (2478576) |
| &nbsp;&nbsp;&nbsp;Total Stockholders' Equity | $18716424  | $18926424  |
| &nbsp;&nbsp;&nbsp;**Total capitalization** | $**19234000**  | $**19444000**  |

---

 <sup>(1)</sup> Based on the net proceeds of $210,000 from the sale of 100% of the offering, excluding offering expenses.

Each $1.00 increase (decrease) in the assumed public offering price of $2.00 per share would increase (decrease) the as adjusted amount of each of cash and cash equivalents, working capital, total assets and total stockholders' equity by approximately $125,000, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated offering expenses payable by us. Similarly, each increase (decrease) of 100,000 shares in the number of shares offered by us at the assumed public offering price of $2.00 per share would increase (decrease) the as adjusted amount of each of cash and cash equivalents, working capital, total assets, and total stockholders' equity by approximately $200,000.

Each $1.00 increase (decrease) in the assumed public offering price would increase (decrease) our as adjusted net tangible book value per share by approximately $0.002 and increase (decrease) the dilution per share to new investors by approximately $0.998, assuming no change in the number of shares offered.

The number of shares of Common Stock to be outstanding after this offering, or 66,181,977 shares of Common Stock, is based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●66,056,977 shares of Common Stock outstanding as of the date of this prospectus, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●125,000 shares of Common Stock issuable in this offering.

------

**DILUTION**

If you invest in the Common Stock, your interest will be diluted to the extent of the difference between the public offering price per share and our pro forma net tangible book value of the Common Stock after this offering. Dilution results from the fact that the public offering price per share of Common Stock is substantially in excess of the net tangible book value per share of Common Stock attributable to the existing shareholders for our presently outstanding Common Stock. The sale of the offering of 125,000 shares by selling shareholders is fixed at $2.00 per share. This price is significantly higher than the prices per share paid by our founders and other existing shareholders who purchased the shares before the offering. The total shares of common stock issued and outstanding before and after the offering will be 66,056,977 and 66,181,977.

Our net tangible book value as of September 30, 2025, was $2,716,424 , or approximately $0.041 per share. Net tangible book value per share represents the amount of total tangible assets (total assets less intangible assets), minus the amount of total liabilities, divided by the total number of shares of Common Stock outstanding. Our calculation of net tangible book value excludes $16,000,000 in acquired intangible assets as reported on our balance sheet as of September 30, 2025.

After giving effect to our issuance and sale of 125,000 shares of Common Stock offered in this offering at the assumed public offering price of $2.00 per share after deduction of estimated offering expenses of $40,000 payable by us, our pro forma net tangible book value as of September 30, 2025, would have been approximately $2,716,424 , or $0.044 per share. This represents an immediate increase in net tangible book value of $0.003 per share to our existing stockholders and an immediate dilution in net tangible book value of $1.956 per share to purchasers of Common Stock in this offering.

The following table illustrates the dilution on a per share basis at the assumed public offering price per share:

---

| | |
|:---|:---|
|  | **Offering Option** |
| Assumed public offering price per share | $&nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per share as of September 30, 2025 | $0.041  |
| &nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share as of September 30, 2025 | $0.044  |
| &nbsp;&nbsp;&nbsp;Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering | $0.003 |
| Dilution per share to new investors in this offering | $1.956  |

---

The pro forma information, as discussed above, is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual public offering price of our Common Stock in this offering.

The following table sets forth the differences between our existing stockholders and the purchasers of shares of common stock in this offering with respect to the number of shares of common stock purchased from us, the total consideration paid to us and the weighted average price paid per share, based on a public offering price of $2.00 per share, before deducting estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Weighted Average**<br>**Price**<br>**per Share** |
| Existing stockholders | 66056977  | 99.81% | $2716424  | 91.57% | $0.041  |
| New investors | 125000 | 0.19% | $250000 | 8.43 % | $2.000 |
| Total | 66181977 | 100.00% | $2966424  | 100.00% | $0.045  |

---

The number of shares held by existing stockholders will be reduced to 99.81% of the total number of shares of common stock that will be outstanding upon completion of this offering, and the number of shares of common stock held by new investors participating in this offering will be 0.19% of the total number of shares of common stock that will be outstanding upon completion of the offering.

To the extent that we issue any additional convertible securities or we issue additional shares of common stock in the future, there will be further dilution to investors participating in this offering. The total consideration paid by our new investors would be $250,000, or 8.43 % of the total consideration for our common stock outstanding upon the completion of this offering, and the weighted average price per share paid by our existing stockholders would be $0.041 , and the average price per share paid by our new investors would be $2.00.

A $1.00 increase or decrease in the public offering price of $2.00 per share would increase or decrease, as appropriate, the total consideration paid by new investors by $125,000, assuming the number of shares we are offering, as set forth on the cover page of this prospectus, remains the same, after deducting estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. Similarly, each increase or decrease of 100,000 shares in the number of shares offered by us would increase or decrease, as appropriate, the total consideration paid by new investors by $200,000, assuming that the assumed initial price to the public remains the same, and after deducting estimated offering expenses payable by us.

------

We may choose to raise additional capital through the sale of equity or equity-linked securities due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating plans. To the extent that any options are issued under our equity incentive plan or we issue additional shares of common stock or equity-linked securities in the future, there will be further dilution to investors purchasing in this offering.

The number of shares of Common Stock to be outstanding after this offering, or 66,181,977 shares of Common Stock, is based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●66,056,977 shares of Common Stock outstanding as of the date of this prospectus, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●125,000 shares of Common Stock issuable in this offering.

------

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes appearing elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this prospectus, particularly under "Risk Factors."

**Overview**

Our target sectors include natural resource monitoring, infrastructure analysis, agriculture, and forestry. Our drones are designed to leverage AI and machine learning to deliver real-time, actionable insights, optimizing decision-making and operational efficiency across industries. We operate on a B2B SaaS model with planned revenue streams from drone hardware leasing, an AI analytics subscription platform, and customized AI solutions.

Since inception, we have focused on research and development, technology acquisition, prototype development, and capital formation. We have not generated any revenue from contracts with customers during the periods presented.

**Results of Operations**

*Comparison of Nine Months Ended September 30, 2025, and From Inception (July 26, 2024) to September 30, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Nine Months Ended September 30, 2025** | &nbsp;&nbsp;**From Inception to September 30, 2024** | &nbsp;&nbsp;**Change** |
| Operating expenses | $1565410 | $394484 | $1170926 |
| Operating loss | $(1565410) | $(394484) | $(1170926) |
| **Net loss** | **$(1565410)** | **$(394484)** | **$(1170926)** |

---

**Operating Expenses.** Operating expenses for the nine months ended September 30, 2025, were $1,565,410, consisting entirely of depreciation expense related to the amortization of prepaid development costs associated with our Guinn Partners development agreement. This compares to operating expenses of $394,484 for the period from inception (July 26, 2024) to September 30, 2024. The increase of $1,170,926 reflects a full nine months of amortization in 2025 compared to approximately two months of activity in the prior period, as well as additional prepaid development costs placed into service during the fourth quarter of 2024.

**Net Loss.** Net loss for the nine months ended September 30, 2025, was $1,565,410, or $(0.02) per share, compared to a net loss of $394,484, or $(0.01) per share, for the period from inception to September 30, 2024. The increase in net loss of $1,170,926 was primarily attributable to the increase in depreciation expense as described above.

Comparison of Three Months Ended September 30, 2025, and From Inception (July 26, 2024) to September 30, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Three Months Ended September 30, 2025** | &nbsp;&nbsp;**From Inception to September 30, 2024** | &nbsp;&nbsp;**Change** |
| Operating expenses | $507960 | $394484 | $113476 |
| **Net loss** | **$(507960)** | **$(394484)** | **$(113476)** |

---

For the three months ended September 30, 2025, we incurred operating expenses of $507,960 and a net loss of $507,960, or $(0.01) per share. This compares to operating expenses and net loss of $394,484, or $(0.01) per share, for the period from inception to September 30, 2024. The increase of $113,476 reflects a full quarter of depreciation expense in 2025 compared to approximately two months of activity in the comparative period.

*Period from Inception (July 26, 2024) to December 31, 2024*

For the period from inception (July 26, 2024) to December 31, 2024, we incurred total operating expenses of $873,166, consisting entirely of general and administrative expenses. As a development-stage company with no revenue, our entire operating expenses resulted in a net loss of $873,166, or $(0.01) per share based on 56,131,013 weighted average shares outstanding.

Our general and administrative expenses during this period primarily consisted of professional fees, including legal, accounting, and consulting services related to our formation, intellectual property acquisitions, and preparation for capital raising activities.

------

**Liquidity and Capital Resources**

Since inception, we have funded our operations primarily through equity financing. As of September 30, 2025, we had cash of $51,564 compared to $50,242 as of December 31, 2024. Our principal uses of cash have been to fund our operations and development activities.

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Cash | $51564 | $50242 |
| Total current assets | $1440454  | $1022465  |
| Total assets | $19234000  | $20482679  |
| Total current liabilities | $517576 | $200845 |
| Working capital | $922878  | $821620  |
| Total stockholders' equity | $18716424  | $20281834  |
| Accumulated deficit | $(2438576) | $(873166) |

---

Total assets decreased from $20,482,679 at December 31, 2024, to $19,234,000 at September 30, 2025, a decrease of $1,248,679. This decrease was primarily due to the amortization of prepaid expenses related to our development agreement with Guinn Partners. Prepaid expenses (current and noncurrent combined) decreased from $4,332,437 at December 31, 2024, to $3,082,436 at September 30, 2025, reflecting $1,250,001 of amortization during the nine months.

Total liabilities increased from $200,845 at December 31, 2024, to $517,576 at September 30, 2025, an increase of $316,731. This increase was primarily attributable to an increase in accounts payable to related parties of $270,000 and new related party advances of $45,000.

Working capital increased from $821,620 at December 31, 2024, to $922,878 at September 30, 2025, an increase of $101,258. The increase in working capital was primarily due to an increase in current prepaid expenses of $416,667, partially offset by an increase in current liabilities.

*Cash Flows*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Nine Months Ended September 30, 2025** | &nbsp;&nbsp;**From Inception to September 30, 2024** |
| Net cash provided by (used in) operating activities | $1322 | $(48750) |
| Net cash used in investing activities | $- | $(50000) |
| Net cash provided by financing activities | $- | $100500 |
| **Net increase in cash** | **$1322** | **$1750** |

---

**Operating Activities.** Net cash provided by operating activities was $1,322 for the nine months ended September 30, 2025, compared to net cash used in operating activities of $48,750 for the period from inception to September 30, 2024. The improvement in operating cash flow was primarily due to the amortization of prepaid expenses of $1,250,001, which represented a non-cash adjustment to our net loss of $1,565,410, combined with increases in accounts payable and related party advances totaling $316,731.

**Investing Activities.** There were no investing activities for the nine months ended September 30, 2025. For the period from inception to September 30, 2024, net cash used in investing activities was $50,000, consisting of drone capitalization costs.

**Financing Activities.** There were no financing activities for the nine months ended September 30, 2025. For the period from inception to September 30, 2024, net cash provided by financing activities was $100,500, consisting of the opening capital contribution of $500 and proceeds from the issuance of common stock for cash of $100,000.

*Going Concern*

Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the ordinary course of business. As of September 30, 2025, we had an accumulated deficit of $2,438,576 and have incurred net losses since inception. We had working capital of $922,878 as of September 30, 2025.

Our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and to obtain the necessary financing to meet our obligations and pay our liabilities arising from normal business operations when they come due. Management has developed plans to mitigate conditions raising substantial doubt, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Equity financing:** Management intends to raise additional equity capital through a public offering or private placement. The target amount is $2,000,000. As of September 30, 2025, we have received commitments or indications of interest from investors totaling $2,000,000 based on the signed subscription agreements. The Company plans to raise at least $1,000,000 by June 30, 2026. The Company may use a portion of the subscription agreement to acquire equity interests in private entities as described in the Subsequent Events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Debt financing or convertible instruments:** Management is exploring debt or convertible note facilities to provide interim funding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Cost management:** We are prioritizing critical development activities and deferring non-critical expenditures. All development timelines and milestones are non-binding, subject to funding availability, and do not include penalties for non-completion. No assurance can be given that such milestones will be achieved on the anticipated schedule or at all .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Commercial milestones:** Management plans to complete prototype testing and demonstrations for key drone systems and secure strategic partnerships to support future financing.

There can be no assurance that we will be successful in obtaining additional funding or achieving profitability. Management has not assumed the consummation of any follow-on financing in concluding that substantial doubt exists regarding the Company's ability to continue as a going concern. Further, t he consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if we cannot continue as a going concern.

*Critical Accounting Policies and Estimates*

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates.

**Intangible Assets.** We have acquired significant intangible assets consisting of intellectual property related to our drone technology, including Airdrone Technology, Hydrogen Fuel Cell Technology, Wavedrone Platform, and Tribal Rides IP, with a total carrying value of $16,000,000 as of September 30, 2025. These assets are classified as indefinite-lived intangible assets and are not amortized but are tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the asset might be impaired.

**Prepaid Expenses.** Prepaid expenses consist primarily of costs paid in advance under our development agreement with Guinn Partners. These costs are amortized over the service period on a straight-line basis. As of September 30, 2025, we had current prepaid expenses of $1,388,890 and noncurrent prepaid expenses of $1,693,546.

**Stock-Based Compensation.** We measure and recognize compensation expense for equity instruments issued in exchange for services based on the fair value of the equity instruments at the grant date. For stock issued to non-employees, we measure the fair value of the equity instruments at the earlier of the commitment date or the date at which the counterparty's performance is complete.

*Off-Balance Sheet Arrangements*

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.

*Recently Issued Accounting Pronouncements*

We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements will have a material impact on our financial condition or results of operations.

*JOBS Act*

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company, we may take advantage of certain exemptions from various public company reporting requirements, including the requirement that our internal control over financial reporting be audited by our independent registered public accounting firm pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, certain requirements related to the disclosure of executive compensation in our periodic reports and proxy statements, and the requirement that we hold a non-binding advisory vote on executive compensation and any golden parachute payments. We may take advantage of these exemptions until we are no longer an emerging growth company.

------

**OUR PLANNED BUSINESS**

*This Business section contains 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. These forward-looking statements include statements regarding our business strategy, technology development plans, market opportunities, competitive position, and future operations. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. See "Risk Factors" for a discussion of factors that could cause our actual results to differ materially from those described in forward-looking statements.*

**Overview**

Boumarang Inc. ("Boumarang," "we," "us," "our," or the "Company") is a development-stage maritime technology company focused on designing, developing, and commercializing hydrogen-powered drone platforms integrated with advanced artificial intelligence analytics capabilities. We were incorporated in the State of Wyoming on July 26, 2024. Our principal executive offices are located in Irvine, California.

Our flagship product under development is the Wavedrone platform, an autonomous maritime drone system designed to address critical needs in environmental monitoring, maritime security, infrastructure inspection, and ocean research applications. The Wavedrone platform combines proprietary hydrogen fuel cell technology for extended operational range with AI-powered analytics for real-time data processing and autonomous decision-making capabilities.

We are a pre-revenue company with no commercial operations to date. Since our inception, we have focused on acquiring intellectual property assets, establishing development partnerships, and advancing our technology platform through our collaboration with Guinn Partners, our primary development contractor. We have acquired intellectual property assets with an aggregate carrying value of $16,000,000 as of September 30, 2025, including hydrogen fuel cell technology, AI software platforms, and the foundational Wavedrone system architecture.

Our products require various components and raw materials, including carbon fiber composite materials for airframes, electronic components (processors, sensors, communications modules), battery systems, hydrogen fuel cell components (including proton exchange membranes and catalyst materials), and specialized sensors and cameras. We do not currently manufacture components in-house; instead, we rely on Guinn Partners and Eastern Electrolyser as our primary development partner to source components and assemble prototype units.

We expect to rely on a network of suppliers for key components. Many of these components are available from multiple suppliers; however, certain specialized components, including hydrogen fuel cell stacks and certain NDAA-compliant electronic components, may have limited qualified suppliers. We have not yet entered into long-term supply agreements. As we approach commercialization, we intend to establish relationships with qualified suppliers and negotiate appropriate supply arrangements. See "Risk Factors—We rely on a complex supply chain and third-party logistics providers, and disruptions in our supply, manufacturing, or logistics capabilities could materially harm our business."

**Industry Analysis**

***Commercial Drone Market***

The commercial drone industry represents one of the fastest-growing technology sectors globally. According to Grand View Research, the global commercial drone market was valued at approximately $30 billion in 2024 and is projected to reach approximately $55 billion by 2030, representing a compound annual growth rate (CAGR) of 10.6% during the forecast period. North America accounts for approximately 31% of the global market share, with significant adoption across sectors including agriculture, logistics, construction, energy, and infrastructure inspection.

The market is characterized by rapid technological advancement, increasing enterprise adoption, and expanding regulatory frameworks that are enabling broader commercial deployment. Key growth drivers include the increasing demand for cost-effective inspection and monitoring solutions, advances in battery and propulsion technology, integration of artificial intelligence for autonomous operations, and growing applications in logistics and delivery services.

***Hydrogen Fuel Cell Drone Market***

The hydrogen fuel cell drone market represents an emerging high-growth segment within the broader drone industry. According to Grand View Research, the global hydrogen fuel cell drone segment generated revenue of approximately $1.7 billion in 2024 and is projected to reach approximately $4.4 billion by 2030, representing a CAGR of 16.7%. This growth is driven by demand for extended flight duration, reduced environmental impact, and improved operational efficiency compared to traditional battery-powered drones.

------

***Maritime Drone Market***

The maritime drone market, encompassing both aerial and underwater unmanned systems for marine applications, is experiencing substantial growth. According to Market.us, the global maritime drones market was valued at approximately $5.1 billion in 2024 and is projected to reach approximately $22.9 billion by 2034, representing a CAGR of 16.2%. The United States maritime drone market alone was valued at approximately $1.96 billion in 2024

Growth in this sector is driven by heightened maritime security concerns, the need for efficient offshore infrastructure inspection, and the pursuit of cost-effective methods for oceanographic research. North America holds a dominant position in the maritime drone market, capturing over 42% of global market share in 2024, driven by substantial defense investments and mature ecosystems for marine technology development.

***Drone Inspection and Monitoring Market***

The drone inspection and monitoring market represents a critical application segment for our Wavedrone platform. According to Market Research Future, the global drone inspection and monitoring market was valued at approximately $15.8 billion in 2024 and is projected to reach approximately $64 billion by 2034, representing a CAGR of 15.1%. The market growth is primarily driven by increasing demand for cost-effective and efficient solutions for inspecting critical infrastructure across energy, utilities, construction, and transportation sectors.

The energy and utilities segment held the largest market share in 2024, accounting for approximately 34% of the global inspection drone market, driven by aging power grid infrastructure, increasing renewable energy installations, and stringent maintenance requirements. Drones equipped with thermal imaging, LiDAR, and advanced sensor packages enable detailed structural analysis while reducing human safety risks associated with traditional inspection methods.

***AI in Drone Market***

Artificial intelligence integration represents a transformative force in the drone industry. According to Grand View Research, the global AI in drone market was valued at approximately $12.3 billion in 2024 and is projected to reach approximately $51.3 billion by 2033, representing a CAGR of 17.9%. AI-enabled drones enhance operational capabilities through real-time navigation, obstacle detection, autonomous decision-making, and advanced data analytics.

The fully autonomous UAV segment is projected to grow at the highest CAGR during 2025-2030, driven by advances in sensor fusion, edge AI decision-making, and adaptive mission planning using machine learning. According to MarketAndMarkets, the global UAV market is projected to grow from $26.1 billion in 2025 to $40.6 billion by 2030, with AI integration serving as a core enabler of autonomy, safety, and mission effectiveness.

**Industry Market Data Summary**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Segment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024 Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Projected Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CAGR** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Drone Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.0B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54.6B (2030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrogen Fuel Cell Drone | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.7B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.4B (2030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maritime Drones | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.1B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.9B (2034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drone Inspection & Monitoring | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.8B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64.3B (2034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI in Drone Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.3B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51.3B (2033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9% |

---

*Sources: Grand View Research, Market.us, Market Research Future, Fortune Business Insights (2024-2025 industry reports).*

**Market Opportunity**

We believe our Wavedrone platform is positioned to address several large and growing market opportunities at the intersection of hydrogen propulsion technology, artificial intelligence, and maritime applications. Our target markets include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Environmental Monitoring and Research: Oceanographic data collection, water quality monitoring, marine ecosystem assessment, and climate research applications for government agencies, research institutions, and environmental organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maritime Security and Surveillance: Coastal patrol, border security, port surveillance, search and rescue operations, and anti-smuggling activities for defense departments and coast guard organizations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Infrastructure Inspection: Offshore oil and gas platform inspection, underwater pipeline monitoring, wind farm maintenance, and port infrastructure assessment for energy companies and utility operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commercial Fishing and Aquaculture: Fish stock monitoring, aquaculture facility management, illegal fishing detection, and marine resource assessment for commercial fishing enterprises and regulatory agencies.

**Business Strategy**

Our business strategy is designed to leverage our proprietary technology platform and strategic partnerships to establish a leadership position in the hydrogen-powered maritime drone market. Key elements of our strategy include:

***Technology Development and Platform Completion***

Our near-term priority is completing development of the Wavedrone platform through our collaboration with Guinn Partners, our primary development contractor. Our development program consists of six phases, progressing from conceptual design through prototype development, testing, regulatory certification, and initial production. We have structured our development agreement to preserve capital while maintaining intellectual property ownership and control over the development process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 1 (Completed): Conceptual design, technology assessment, and requirements definition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 2: Detailed engineering design and component specification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 3: Prototype fabrication and subsystem integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 4: Testing, validation, and performance optimization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 5: Regulatory certification and compliance validation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 6: Initial production setup and manufacturing scale-up

***Intellectual Property Protection and Enhancement***

We are committed to building and protecting a comprehensive intellectual property portfolio covering our core technologies. Our IP strategy encompasses patent protection for novel hardware and software innovations, trade secret protection for proprietary manufacturing processes and algorithms, and licensing arrangements that provide access to complementary technologies while preserving our ability to commercialize our platform independently.

***Strategic Partnerships and Market Access***

We intend to establish strategic partnerships with established players in our target markets to accelerate commercialization and market access. Potential partnership structures include joint development agreements with defense contractors and maritime equipment manufacturers, distribution partnerships with companies having established relationships with government agencies and commercial customers, technology licensing arrangements that generate recurring revenue while expanding market reach, and service partnerships with companies providing complementary capabilities in data analytics, maintenance, and training.

***Government and Defense Market Penetration***

Government and defense applications represent a significant opportunity for our platform. We intend to pursue government contracts and grants through direct engagement with relevant agencies, including the U.S. Coast Guard, U.S. Navy, National Oceanic and Atmospheric Administration (NOAA), Environmental Protection Agency (EPA), and state-level environmental and public safety agencies. We believe our hydrogen-powered platform offers compelling advantages for government applications requiring extended operational range, reduced environmental impact, and reduced operational costs.

***Commercial Market Development***

In parallel with government market development, we plan to establish commercial market presence through targeted engagement with companies in our priority sectors. Our commercial go-to-market strategy will emphasize the operational cost advantages of our hydrogen-powered platform, the value of AI-enabled autonomous capabilities in reducing labor requirements and improving data quality, and the environmental benefits that align with corporate sustainability initiatives. We anticipate offering both equipment sales and drone-as-a-service (DaaS) business models to address varying customer preferences and capital availability.

***Scalable Manufacturing Strategy***

Our manufacturing strategy is designed to minimize capital requirements while maintaining quality and scalability. Initially, we intend to outsource manufacturing to qualified contract manufacturers while retaining control over final assembly, testing, and quality assurance. As production volumes increase, we may consider establishing owned manufacturing capabilities for critical components and final assembly. This

------

approach allows us to preserve capital for technology development and market establishment while maintaining flexibility to scale production in response to market demand.

**Competitive Strengths**

We believe we possess several competitive strengths that position us favorably in our target markets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Integrated Technology Platform: Our Wavedrone platform integrates hydrogen propulsion, AI analytics, and maritime-optimized design into a unified system, creating differentiation versus competitors focused on single technology elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Extended Operational Range: Hydrogen fuel cell technology provides significantly longer flight times compared to battery-powered alternatives, enabling missions not feasible with conventional drone platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AI-Enabled Autonomous Operations: Our AI platform enables real-time data analysis, autonomous navigation, and intelligent decision-making, reducing operator requirements and enhancing mission effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Environmental Sustainability: Zero-emission hydrogen propulsion aligns with government sustainability mandates and corporate environmental commitments, providing competitive advantage in environmentally-sensitive applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Established Development Partnership: Our relationship with Guinn Partners provides access to experienced engineering capabilities and established development processes while preserving capital and maintaining IP ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Comprehensive IP Portfolio: Our acquired intellectual property assets, with an aggregate carrying value of $16,000,000, provide foundational technology across multiple critical platform elements.

**Products and Technology**

***Wavedrone Platform***

The Wavedrone platform is our flagship product under development, designed to address demanding maritime applications requiring extended operational range, autonomous operation, and real-time data analytics. The platform combines several proprietary technology elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hydrogen Fuel Cell Propulsion System: Our Eastern Electrolyser hydrogen fuel cell technology provides extended operational range of three to five hours compared to 30 to 60 minutes for conventional battery systems, with rapid refueling capability and zero-emission operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maritime-Optimized Airframe: Our Wavedrone airframe design, originally conceived by Dánial Hoydal and David Geyti under Shore House IVF, is specifically engineered for maritime operating environments, incorporating corrosion-resistant materials, enhanced weather capability, and optimized aerodynamics for coastal and offshore operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AI Analytics Platform: Our Airdrone Technology software platform, licensed from T Stamp Inc., provides real-time data processing, object detection and classification, autonomous navigation, and predictive analytics capabilities integrated with the drone control system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sensor Integration: The platform is designed to accommodate various sensor payloads including high-resolution imaging, thermal imaging, multispectral sensors, LiDAR, and specialized maritime monitoring equipment.

***Technology Roadmap***

Following completion of our initial Wavedrone platform, we intend to pursue continuous technology enhancement, including increased hydrogen storage capacity and fuel cell efficiency, enhanced AI capabilities incorporating advanced machine learning and edge computing, expanded sensor integration and data fusion capabilities, development of swarming and multi-unit coordination capabilities, and adaptation for additional maritime and terrestrial applications.

**Development Partner and Manufacturing**

Guinn Partners serves as our primary development contractor for the Wavedrone platform. Under our development agreement, Guinn Partners provides engineering design services, prototype fabrication, testing and validation, and regulatory certification support. The agreement specifies a six-phase development program with defined milestones, deliverables, and payment schedules.

------

As of September 30, 2025, we have prepaid development costs totaling $3,082,436 (current and noncurrent combined) under this agreement. These costs are being amortized as depreciation expense over the development period. We retain ownership of all intellectual property developed under this agreement.

Our manufacturing strategy initially contemplates outsourced production to qualified contract manufacturers, with Boumarang retaining responsibility for final integration, testing, quality assurance, and customer delivery. This approach minimizes capital requirements while maintaining quality control and flexibility to scale production in response to demand.

 **Hydrogen Fuel Cell Technology Development** 

On September 30, 2024, we entered into a hydrogen fuel cell technology purchase and co-development arrangement with Eastern Electrolyser Ltd. ("Eastern") pursuant to which we acquired certain hydrogen fuel cell system technology for use in our drone platforms. In connection with that arrangement, the parties initially contemplated completing prototype 4 kW and 8 kW proton exchange membrane ("PEM") hydrogen fuel cell power packs by December 31, 2024.

On January 15, 2026, we entered into an Amended and Restated Hydrogen Fuel Cell Technology Co-Development and Purchase Agreement with Eastern, which waived any default related to the original milestone date and established revised development milestones for the continued co-development of the fuel cell products.

Under the amended agreement, the parties agreed to a phased development program with target completion dates extending through June 30, 2027. These revised milestones include completion of detailed engineering designs by June 30, 2026, fabrication of functional prototype units by September 30, 2026, completion of bench testing and performance validation by December 31, 2026, integration testing with our aerial and maritime platforms by March 31, 2027, and delivery of production-ready units and manufacturing documentation by June 30, 2027.

Eastern is primarily responsible for engineering design, fabrication, and testing of the fuel cell products, while we are responsible for providing platform specifications, integration requirements, and testing support. Each party has agreed to use commercially reasonable efforts to achieve the revised milestones; however, the agreement does not impose liquidated damages or automatic termination solely for failure to meet a milestone if such efforts are used and the parties continue to work in good faith toward completion.

As of the date of this prospectus, the revised development program is ongoing, and no production-ready fuel cell units have yet been delivered. There can be no assurance that the revised milestones will be achieved on the anticipated timeline, or at all.

 **Material Development Agreements** 

 *Eastern Electrolyser Ltd.* 

We have entered into an Amended and Restated Hydrogen Fuel Cell Technology Co-Development and Purchase Agreement with Eastern Electrolyser Ltd. ("Eastern"), pursuant to which we acquired ownership of certain hydrogen fuel cell technology and agreed to collaborate with Eastern on the continued development and refinement of hydrogen fuel cell power systems for use in our aerial and maritime drone platforms.

The agreement provides for a structured co-development program covering design finalization, prototype fabrication, testing, validation, platform integration, and production readiness of 4 kW and 8 kW proton exchange membrane hydrogen fuel cell power packs. The agreement includes revised development milestones extending through June 2027.

The co-development provisions are subject to termination by either party upon 90 days' prior written notice in the event of a material uncured breach or by mutual written agreement, while our ownership of the acquired technology survives any such termination. The agreement remains in effect until all obligations of the parties have been fully performed.

 *Guinn Partners* 

We have engaged in preliminary discussions with Guinn Partners regarding a potential future development collaboration. No definitive development agreement has been executed, and any such agreement would be subject to, among other things, the availability of funding and the negotiation of final terms. Accordingly, there can be no assurance that a development agreement with Guinn Partners will be entered into on acceptable terms or at all.

**Competition**

The commercial drone market is highly competitive and rapidly evolving. We compete and expect to compete with established drone manufacturers, technology companies entering the drone market, and emerging companies developing specialized drone platforms. Key competitive factors include technology performance and reliability, operational range and endurance, autonomous capabilities and ease of use, total cost of ownership, regulatory compliance and certifications, and customer support and service infrastructure.

Major established competitors in the commercial drone market include DJI (the global market leader), Parrot Drones SAS, Skydio, AeroVironment, General Atomics, and Northrop Grumman. In the specialized maritime and hydrogen drone segments, we compete with companies including Doosan Mobility Innovation, H3 Dynamics, ECA Group, Saab Seaeye, and Oceaneering International.

------

Many of our competitors have significantly greater financial, technical, manufacturing, marketing, and other resources than we do. They may be able to respond more quickly to new or emerging technologies and changes in customer requirements and may be able to devote greater resources to the development, promotion, and sale of their products. We believe our integrated approach combining hydrogen propulsion, AI analytics, and maritime-optimized design provides meaningful differentiation, but there can be no assurance that we will be able to compete successfully.

**Intellectual Property**

Our intellectual property portfolio consists of acquired technology assets and any intellectual property developed through our internal efforts and development partnerships. Our acquired intellectual property assets, with an aggregate carrying value of $16,000,000 as of September 30, 2025, include:

Owned Intellectual Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Airdrone Technology (T Stamp Inc. licensing agreement , licensed August 2024): AI and machine learning software for autonomous drone operations and data analytics, valued at $5,000,000. We hold a non-exclusive license for AI and computer vision technology. The license has an initial term of five years (through August 2029), with automatic annual renewals thereafter unless terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Guinn Partners IP (Intellectual Property Rights Purchase And Transfer Agreement, August 2024): Development methodology, engineering designs, and technical specifications for drone platform development . This IP was acquired in exchange for 5,000,000 shares of common stock and is ours in perpetuity. We own outright the intellectual property acquired from Guinn Partners, including the Airdrone technology, MoonTower analytics system, and B-HUD technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shore House IVF Wavedrone Technology (Asset Purchase and IP Agreement, December 31, 2024): Maritime drone platform architecture and designs originally conceived by Dánial Hoydal and David Geyti, valued at $3,500,000. We own the Wavedrone maritime drone platform technology, including U.S. Provisional Patent Application No. 63/727,652. This provisional patent application must be converted to a non-provisional application within 12 months of filing (by December 3, 2025) to preserve priority rights. If converted, the resulting utility patent would have a term of 20 years from the filing date of the non-provisional application.

The Asset Purchase and IP Agreement with Shore House IVF, dated December 31, 2024, contains a clawback provision in Section 1.2. Under this provision, if the Company does not successfully list its common stock on a national securities exchange (Nasdaq or NYSE) within twelve months of the closing date (i.e., by December 31, 2025), Shore House IVF may elect to reverse the transaction and require the return of the Wavedrone intellectual property in exchange for cancellation of the 3,500,000 shares issued. As of the date of this prospectus, the Company has not been listed on a national securities exchange and does not currently meet the listing requirements for Nasdaq or NYSE. The twelve-month period expires on December 31, 2025. If Shore House IVF exercises its clawback right, we would lose our core Wavedrone technology and would need to develop or acquire alternative maritime platform technology. See "Risk Factors."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tribal Rides International Corp. IP (Asset Purchase Agreement, December 31, 2024): Supplementary technology and intellectual property assets, valued at $5,000,000 (acquired for 2,906,977 shares). We own U.S. Patent No. 9,984,574 (issued June 5, 2018, expires June 2038) and U.S. Patent No. 11,217,101 (issued January 4, 2022, expires approximately January 2042).

Licensed Intellectual Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •Eastern Electrolyser Hydrogen Fuel Cell Technology (Hydrogen Fuel Cell Technology Purchase and Assignment Agreement, September 30, 2024): Proprietary hydrogen fuel cell system designs and related technology for drone propulsion applications, valued at $2,500,000. We have the right to technology developed jointly under our Amended and Restated Hydrogen Fuel Cell Technology Co-Development and Purchase Agreement (January 2026). The arrangement provides for joint ownership of jointly developed IP, with exclusive commercialization rights for our intended applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • T Stamp Inc. (Licensing Agreement, August 2024): We hold a non-exclusive license for AI and computer vision technology. The license has an initial term of five years (through August 2029), with automatic annual renewals thereafter unless terminated.

We protect our intellectual property through a combination of patents, trade secrets, copyrights, trademarks, and contractual provisions. We will require future employees, current consultants, and development partners to execute confidentiality and intellectual property assignment agreements. Our development agreement with Guinn Partners provides that we retain ownership of all intellectual property developed in the course of the engagement.

------

 **Government Approvals Required for Our Products** 

 *Airdrone (Aerial Systems):* Commercial operation of our UAV platforms will require FAA certification and operational authorizations. Specifically, we will need: (i) aircraft registration with the FAA; (ii) FAA Part 107 certification for pilots; and (iii) for beyond visual line-of-sight (BVLOS) operations, we will need to obtain a Part 107 waiver or operate under an FAA-approved BVLOS framework. As of the date of this prospectus, we have not applied for or received any FAA certifications or waivers for our aerial platforms.

 *Wavedrone (Maritime Systems):* Our Wavedrone platform will require compliance with U.S. Coast Guard regulations for unmanned maritime vessels. We may also need authorizations from NOAA and state agencies for certain environmental monitoring applications. International operations would require compliance with flag state requirements and relevant maritime safety conventions. As of the date of this prospectus, we have not applied for or received any Coast Guard certifications for the Wavedrone platform.

 *Hydrogen Fuel Cell Systems:* Transportation, storage, and handling of hydrogen fuel will require compliance with Department of Transportation (DOT) hazardous materials regulations and applicable state and local fire codes. We have not yet determined the specific permits required for our intended operations.

**Employees**

As of September 30, 2025, we have no full-time employees. Our operations are currently managed by our executive officers and directors, with development activities conducted through our partnership with Guinn Partners and other contractors. As we progress through our development program and approach commercialization, we expect to hire additional personnel in areas including engineering, operations, sales and marketing, and administration. None of our personnel is represented by a labor union or covered by a collective bargaining agreement.

As of the date of this prospectus, the Company does not have any full-time or part-time employees. All of the Company's personnel, including management, technical, and administrative functions, are provided by independent contractors and consultants pursuant to consulting or services arrangements. The Company has not entered into any employment agreements with any individuals.

The Company believes its reliance on independent contractors provides flexibility during its development stage; however, this structure may change as the Company expands its operations.

**Facilities**

Our principal executive offices are located in Irvine, California. The Company maintains a virtual office arrangement in Irvine, California, pursuant to which it has a business address and access, on an as-needed basis, to meeting rooms, conference facilities, and related office services. The Company does not lease or own dedicated office space under this arrangement.

The Company does not currently maintain any owned or leased physical facilities for manufacturing or operational activities. Product development activities are conducted at facilities operated by Guinn Partners under the Company's development agreement.

As the Company progresses toward commercialization, it expects to evaluate its future facility requirements and may establish owned or leased facilities for manufacturing, assembly, testing, research and development, or administrative operations.

Development activities are conducted at Guinn Partners' facilities under our development agreement. As we approach commercialization, we will evaluate facility requirements and may establish owned or leased facilities for final assembly, testing, and administrative operations.

**Legal Proceedings**

We are not currently a party to any material pending legal proceedings. From time to time, we may become involved in litigation arising in the ordinary course of our business. Regardless of the outcome, litigation could have an adverse impact on us due to defense and settlement costs, diversion of management resources, and other factors.

------

**MANAGEMENT**

Executive Officers and Directors

Set forth below is information concerning our directors, director nominees, executive officers, and other key personnel.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | **Age** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Candice Beaumont | 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairperson |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Craig Nehrkorn | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President/CEO/Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Himanshu Sharma | 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim CFO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imran Firoz | 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shivam Tewari | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Board |

---

*Candice Beaumont, Chairperson*

Ms. Beaumont has served as Chairperson of the Board of Directors since the Company's inception in July 2024 and currently serves in that capacity. Since 2020, Ms. Beaumont has served as Chairman of the Salsano Group, a Panama-based family office and conglomerate focused on private equity and strategic investments. During this period, she has also served as Chief Investment Officer of L Investments, where she oversees capital allocation and portfolio management for a diversified group of public and private equity investments.

Within the past five years, Ms. Beaumont has served on the boards of directors of Clean Earth Acquisition Corp. (Nasdaq: CLINU) and Israel Acquisitions Corp. (Nasdaq: ISRLU), and has acted as an advisor to Athena Technology Acquisition Corp. (NYSE: ATHN.U) and Springwater Situations Corp. (Nasdaq: SWSSU). Her responsibilities have included governance oversight, strategic transaction review, and capital markets advisory.

Earlier in her career, Ms. Beaumont executed more than $20 billion in mergers and acquisitions advisory transactions while at Lazard Frères and served as a private equity principal at Argonaut Capital. She began her career in corporate finance at Merrill Lynch.

Ms. Beaumont holds a Bachelor of Business Administration from the University of Miami, where she graduated first in her class with a concentration in International Finance and Marketing. She completed the Global Leadership & Public Policy for the 21st Century program at Harvard Kennedy School in 2015 and was named a Young Global Leader by the World Economic Forum in 2014.

The Board believes Ms. Beaumont is qualified to serve as Chairperson based on her extensive experience in finance, private equity, mergers and acquisitions, and public-company governance. Her background in evaluating complex transactions, overseeing investment portfolios, and serving on boards of publicly traded companies provides valuable strategic, financial, and governance expertise relevant to the Company's growth, capital-raising, and public-company obligations.

*Craig Nehrkorn, CEO, Director*

Mr. Nehrkorn has served as Chief Executive Officer and as a member of the Board of Directors since January 2025. Since 2010 and continuing through the present, Mr. Nehrkorn has been a founding member of Guinn Partners, a product development firm specializing in drone, robotics, and Internet-of-Things (IoT) technologies for government, enterprise, and consumer markets. During the past five years, he has led and overseen the development of advanced unmanned systems and related technologies for customers including Amazon, World View Space Systems, DJI, 3D Robotics, and Autel Robotics.

Within the past five years, Mr. Nehrkorn has also provided engineering and product-development leadership to technology clients across the aerospace and robotics sectors. Earlier in his career, he worked in Yaskawa Motoman's International Research and Development group and spent several years at Microsoft supporting its North American network of value-added resellers. He was also an early team member of two venture-backed technology startups, eVapt and Agile Planet, both spun out of the Austin Technology Incubator.

The Board believes Mr. Nehrkorn is qualified to serve as a director based on his deep technical expertise in unmanned systems, robotics, and product commercialization. His experience leading technology development programs, managing cross-functional engineering teams, and bringing advanced hardware platforms to market is directly relevant to the Company's autonomous drone and maritime technology strategy.

*Himanshu Sharma, Interim CFO*

Mr. Sharma has served as Interim Chief Financial Officer of the Company since December 2025.

From April 2021 to the present, Mr. Sharma has served as Senior Lead Auditor at Aprari Solutions, an Indore, India-based offshore audit and accounting firm providing SEC financial reporting, audit assistance, and outsourced CFO services to U.S. and international clients. During this period, his work has focused on U.S. GAAP financial reporting, audit coordination, technical accounting analysis, and SEC compliance support for growth-stage and public companies.

Over the past five years, Mr. Sharma has gained experience supporting PCAOB-compliant audits, preparing and reviewing financial statements, and assisting management teams with equity financings, mergers and acquisitions, and other complex accounting matters. His role has included coordination with U.S.-based auditors and advisors in connection with SEC reporting obligations.

------

Sharma holds a Master of Business Administration (MBA) from the Institute of Management Studies, Indore, India, as of June 2021. He completed his Bachelor of Commerce (B.Com) degree from Devi Ahilya Vishwavidyalaya, India, in May 2013. In addition, Sharma has several certifications in auditing and accounting.

*Imran Firoz, Director, Co-Founder*

Mr. Firoz has served as a Director and Co-Founder of the Company since July 2024. He served as Chief Financial Officer from inception through December 2025.

From January 2019 to the present, Mr. Firoz has been the owner and principal of Spark Capital Investments, LLC, a management consulting firm providing strategic planning, corporate development, mergers and acquisitions, financial restructuring, and risk management services to private and public companies.

From January 2016 to the present, Mr. Firoz has served as Co-Founder, Director, and Chief Financial Officer of FDCTech, Inc., a fintech company focused on acquiring and scaling financial services and brokerage technology businesses. Since September 2025, he has also served as Interim Chief Financial Officer of Eva Live, Inc., an artificial-intelligence company serving the marketing, healthcare, and manufacturing sectors.

Mr. Firoz holds an MBA from the Richard Ivey School of Business at the University of Western Ontario and a Bachelor of Engineering in Chemical Engineering from Aligarh University. He has been a Certified Financial Risk Manager (FRM) since 2003.

The Board believes Mr. Firoz is qualified to serve as a director based on his extensive experience in corporate finance, mergers and acquisitions, capital markets, and public-company operations. His background as a founder, CFO, and strategic advisor to multiple growth-stage and public companies provides the Board with expertise in financial oversight, transaction execution, and regulatory compliance.

 *Advisory Board* 

The Company has established an Advisory Board to provide non-binding strategic, technical, and industry-specific guidance to management from time to time. The Advisory Board does not have any voting rights, fiduciary duties, or authority to direct or control the Company's management, operations, or strategic decisions.

Members of the Advisory Board do not serve as officers or directors of the Company and do not participate in meetings of the Board of Directors unless specifically invited. Advisory Board members do not have the authority to approve corporate actions, transactions, financings, or development agreements.

 *Shivam Tewari* 

Mr. Tewari has served on the Company's Advisory Board since September 2024.

From 2009 to the present, including throughout the past five years, Mr. Tewari has served as Director of Business Development at Eastern Electrolyser Ltd. In this role, he is responsible for global market expansion, customer engagement, and strategic alignment of hydrogen generation technologies with industrial and energy-sector demand. His work includes product optimization, research and development coordination, and commercialization of hydrogen generation, purification, storage, and transmission systems.

Eastern Electrolyser Ltd. provides turnkey hydrogen solutions to power plants, steel producers, float glass manufacturers, and gas companies worldwide.

Mr. Tewari holds a Bachelor of Arts in Economics from the University of Southern California (2006).

 **Arrangements and Understandings Regarding Selection of Directors and Officers** 

Other than customary employment or service arrangements, which are yet to be formalized, there are no arrangements or understandings between any director, executive officer, or advisory board member and any other person pursuant to which such individual was selected as a director, executive officer, or advisor of the Company.

Mr. Nehrkorn, our Chief Executive Officer and a member of our Board of Directors, is a founding member of Guinn Partners, a product development firm that provides engineering and development services to the Company pursuant to a commercial development agreement. Mr. Nehrkorn was selected to serve as Chief Executive Officer and director based on his technical expertise and leadership experience in unmanned systems and robotics. His selection was not made pursuant to any arrangement or understanding with Guinn Partners or any other person, and Guinn Partners has no right to designate or nominate directors or officers of the Company.

Mr. Tewari, a member of our Advisory Board, is a director and executive officer of Eastern Electrolyser Ltd., a company with which the Company has entered into a hydrogen fuel cell technology development agreement. Mr. Tewari was invited to serve on the Advisory Board due to his industry experience in hydrogen generation technologies and international business development. His advisory appointment was not the result of any arrangement or understanding with Eastern Electrolyser Ltd. or any other person, and Eastern Electrolyser Ltd. has no right to designate or nominate any director or officer of the Company.

------

**BOARD COMMITTEES**

Our board of directors consists of three directors, one of whom is independent. We have determined that Candice Beaumont satisfies the "independence" requirements under OTC Markets (OTCQB or OTCID) Rules. These individuals are expected to have no material business or close personal relationships with the company, and they often serve on key committees, such as audit and compensation.

At present, we have not established an audit committee, a compensation committee, or a nomination and corporate governance committee, nor adopted a charter for each of the three committees.

*Involvement in Certain Legal Proceedings*

None of our directors, executive officers, significant employees, or control persons has, during the past ten (10) years, been involved in any legal proceeding of the type required to be disclosed pursuant to Item 401(f) of Regulation S-K, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · any bankruptcy petition filed by or against such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · any criminal proceeding (excluding traffic violations or similar minor offenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · any judicial or administrative proceeding resulting in a judgment, decree, or final order enjoining such person from future violations of, or prohibiting activities subject to, federal or state securities, commodities, banking, or insurance laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · any finding by a court or regulatory authority that such person violated federal or state securities or commodities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · any disciplinary sanctions imposed by a stock exchange, self-regulatory organization, or other regulatory authority.

Accordingly, there are no legal proceedings to disclose under Item 401(f) of Regulation S-K.

*Code of Business Conduct and Ethics*

We have adopted a code of business conduct and ethics, which is applicable to all of our directors, executive officers, and employees. A copy of the code of business conduct and ethics will be posted on our corporate investor relations website prior to our listing on the OTC Markets (OTCQB or OTCID) .

------

**EXECUTIVE COMPENSATION**

At present, we have not established a formal executive compensation plan for our officers or directors.

2025 Summary Executive Compensation Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Stock** | **Option** | **Non-Equity**<br> **Incentive**<br> **Plan** | **Nonqualified**<br> **Deferred** | **All Other** |  |
| **Name and**<br>**Principal Position** | **Year** | **Salary**<br> **($)** | **Bonus**<br> **($)** | **Awards**<br> **($)** | **Awards**<br> **($)** | **Compensation**<br> **($)** | **Compensation**<br> **($)** | **Compensation**<br> **($)** | **Total**<br> **($)** |
| Craig Nehrkorn, CEO <sup>(1)</sup> | 2025  | 120000  | -0- | -0- | -0- | -0- | -0- | -0- | 120000  |
| Himanshu Sharma, Interim CFO <sup>(2)</sup> | 2025  | 2000  | -0- | -0- | -0- | -0- | -0- | -0- | 2000  |
| Imran Firoz, former CFO <sup>(3)</sup>  | 2025  | 240000  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  | 240000  |

---

<sup>(1)</sup> Effective January 1, 2025, the Company is accruing a monthly payment of $10,000 for Mr. Nehrkorn, which is reflected in the accounts payable, related party.

 <sup>(2)</sup> Effective December 2025, Himanshu Sharma was appointed as the Interim CFO, and Firoz shall continue his role as the Director of the Company.

 <sup>(3)</sup> Mr. Firoz served as Chief Financial Officer from the Company's inception through December 2025. S ince inception, the Company has been accruing a monthly payment of $20,000 under Spark Capital Investments, LLC (' Spark') for founding services, CFO, and strategic consulting work. Firoz controls Spark as the sole member.

2025 Summary Director Compensation Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Stock**  | **Option**  | **Non-Equity** <br> **Incentive** <br> **Plan**  | **Nonqualified** <br> **Deferred**  | **All Other**  |  |
| **Name of Directors**  | **Year**  | **Fees** <br> **($)**  | **Bonus** <br> **($)**  | **Awards** <br> **($)**  | **Awards** <br> **($)**  | **Compensation** <br> **($)**  | **Compensation** <br> **($)**  | **Compensation** <br> **($)**  | **Total** <br> **($)**  |
| Candice Beaumont <sup>(4)</sup>  | 2025  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  |
| Craig Nehrkorn <sup>(5)</sup>  | 2025  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  |
| Imran Firoz <sup>(6)</sup>  | 2025  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  | -0-  |

---

 <sup>(4)</sup> During the fiscal year ended December 31, 2025, the Company did not pay cash retainers or meeting fees to its non-employee directors, nor did it grant equity awards to directors for board service.

 <sup>(5)</sup> Mr. Craig Nehrkorn, a director of the Company, received compensation during fiscal year 2025 for services rendered in his capacity as Chief Executive Officer, as described above under "Executive Compensation." Except for such amounts, directors did not receive additional compensation for board service during the period.

 <sup>(6)</sup> Mr. Imran Firoz, a director of the Company, received compensation during fiscal year 2025 for services rendered in his capacity as Chief Financial Officer and management consultant, as described above under "Executive Compensation." Except for such amounts, directors did not receive additional compensation for board service during the period.

*Stock Option Grants*

We had no outstanding equity awards as of the end of the fiscal period ended September 30, 2025.

**EMPLOYMENT AGREEMENTS**

As of September 30, 2025, we do not have any employment agreements with our officers.

------

**PRINCIPAL STOCKHOLDERS**

The following table sets forth information, as of the date of this prospectus, concerning, except as indicated by the footnotes below, (i) each person whom we know beneficially owns more than 5% of our Common Stock, (ii) each of our directors, (iii) each of our named executive officers and (iv) all of our directors and executive officers as a group. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of Common Stock that they beneficially own, subject to applicable community property laws. Applicable percentage ownership is based on 66,056,977 shares of Common Stock outstanding as of the date of this prospectus.

Beneficial ownership is determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934. Under this rule, shares of Common Stock issuable upon the exercise of stock options or warrants are deemed outstanding for purposes of computing the beneficial ownership of a person only to the extent such options or warrants are held by that person and are exercisable within 60 days of the date of this prospectus.

As of the date of this prospectus, no director, executive officer, or 5% stockholder held any stock options, warrants, or other rights to acquire shares of Common Stock that were exercisable within 60 days. Accordingly, no shares issuable upon the exercise of options or warrants are included in the beneficial ownership calculations, and all percentage ownership figures are based solely on shares of Common Stock outstanding.

**Common Stock**

The percentages below are calculated based on 66,056,977 shares of our common stock issued and outstanding for the period ending September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name and Address <sup>(1)</sup>** <br>| <br> **Title of** <br>**Class**  | <br> **Number of Shares** <br>**Beneficially Owned**  | **Before Offering** <br>**Percent of** <br>**Class**  | **After Offering** <br>**Percent of** <br>**Class**  |
| IMRAN FIROZ <sup>(2)</sup>  | Common  | 12050000  | 18.24% | 18.21% |
| TOLEMAC HOLDINGS LLC <sup>(3)</sup>  | Common  | 8750000  | 13.25% | 13.22% |
| TAH-DAH VENTURES LLC <sup>(3)</sup>  | Common  | 7500000  | 11.35% | 11.33% |
| T STAMP INC.  | Common  | 5100000  | 7.72% | 7.71% |
| BIO-KEY INTERNATIONAL, INC.  | Common  | 5000000  | 7.57% | 7.55% |
| GUINN PARTNERS LLC  | Common  | 5000000  | 7.57% | 7.55% |
| SHORE HOUSE IVF  | Common  | 3500000  | 5.3% | 5.29% |
| CANDICE BEAUMONT  | Common  | 1000000  | 1.51% | 1.51% |
| CRAIG NEHRKORN  | Common  | 0  | 0% | 0.00% |
| Officers and Directors as a group (1 person)  | Common  | 13050000  | 19.76% | 19.72% |

---

<sup>(1)</sup> All Officers and Directors, unless otherwise indicated below, the address for each beneficial owner is c/o 200 Spectrum Center Drive, Suite 300, Irvine, CA 92618.

 <sup>(2)</sup> 1875 Century Park East, Suite 1120, Los Angeles, CA 90067, controlled by Yessenia Hernandez, exercises voting and dispositive power over the shares held by Tolemac Holdings LLC and TAH-DAH Ventures LLC, a total of 16,250,000 shares representing 24.60% of issued and outstanding shares.

 <sup>(3)</sup> 3017 Bolling Way NE, Floor 2, Atlanta, Georgia, 30305.

 <sup>(4)</sup> 101 Crawfords Corner Road, Suite 4116, Holmdel, NJ 07733.

 <sup>(5)</sup> 2503 Westlake Dr No 2, Austin, Texas, 78746.

 <sup>(6)</sup> J. Paturssonargota 72, FO-100 Torshavn, Faroe Islands.

**RELATED PARTY TRANSACTIONS AND RELATIONSHIPS**

------

 **Equity Issued to Founders and Affiliates as of July 26, 2025:** 

In July 2024, the Company issued shares of common stock at par value ($0.0001 per share) to founders and affiliated entities in connection with the formation and organization of the Company, as follows:

Imran Firoz, Co-Founder and Director: 12,000,000 shares issued at par value, for an aggregate value of $1,200, in consideration for founder services.

Tolemac Holdings LLC (affiliate of a founder): 8,750,000 shares issued at par value, for an aggregate value of $875, in consideration for founder services, controlled by Yesenia Hernandez.

TAH-DAH Ventures LLC (affiliate of a founder): 7,500,000 shares issued at par value, for an aggregate value of $750, in consideration for founder services, controlled by Yesenia Hernandez.

Fiber Food Systems Inc. (affiliate of a founder): 5,000,000 shares issued at par value, for an aggregate value of $500, in consideration for founder services. In July 2024, the Company issued 5,000,000 shares at par value to Fiber Food Systems Inc. ("Fiber"), a Delaware corporation controlled by Firoz, valued at par value for founder services rendered. Fiber exchanged these shares with BIO-key International, Inc. ("BIO") for 595,000 shares of common stock of BIO.

Candice Beaumont, Chairperson of the Board: 1,000,000 shares issued at par value, for an aggregate value of $100, in consideration for founder services.

 **Intellectual Property and Technology Agreements** 

 *Guinn Partners LLC* 

In August 2024, the Company entered into an Intellectual Property Agreement with Guinn Partners LLC, an entity affiliated with Craig Nehrkorn, the Company's Chief Executive Officer and Director.

Pursuant to the agreement:

The Company acquired certain intellectual property and development know-how related to unmanned systems and robotics.

As consideration, the Company issued 5,000,000 shares of common stock at a deemed value of $1.00 per share, for an aggregate transaction value of $5,000,000.

Registration Rights: Under Section 9 of the IP Agreement (Exhibit 10.2), Guinn Partners LLC is entitled to customary demand and piggyback registration rights with respect to the shares issued, subject to standard cutbacks and lock-up provisions.

In addition, since its inception, the Company has utilized Guinn Partners' facilities in Austin, Texas, for research and development, prototype development, and government-facing demonstrations. No cash rent has been paid for such use.

Since its inception, the Company has been using Guinn's offices at 2120 West Braker Lane, Suite M, Austin, TX 78758, for research and development, design and development of its products, showcase prototypes, and for government outreach. Guinn has agreed to offer its facility for the foreseeable future, whereby Guinn is developing all of the Company's products and services.

 *Shore House IVF* 

In December 2024, the Company entered into an Asset Purchase and IP Agreement with Shore House IVF, pursuant to which the Company acquired the Wavedrone™ maritime drone platform and related intellectual property.

Consideration consisted of 3,500,000 shares of common stock issued at a deemed value of $1.00 per share, for an aggregate transaction value of $3,500,000.

Registration Rights: Pursuant to Section 9 of the Asset Purchase and IP Agreement (Exhibit 10.4), Shore House IVF received customary demand and piggyback registration rights with respect to the shares issued, subject to market-standard limitations.

The agreement also contains a clawback provision permitting Shore House IVF to reverse the transaction if the Company does not list its common stock on a national securities exchange within twelve months of closing. See "Risk Factors."

------

 **Licensing Agreement** 

 *T Stamp Inc.* 

In August 2024, the Company entered into a technology licensing agreement with T Stamp Inc., a significant stockholder.

The Company issued 5,000,000 shares of common stock at a deemed value of $1.00 per share, for an aggregate transaction value of $5,000,000, in exchange for licensing biometric identity and authentication technology.

The Company also issued 100,000 shares to T Stamp for cash proceeds of $100,000.

 **Related party services, advances, and investments:** 

Imran Firoz had served as Chief Financial Officer from the Company's inception through December 2025. Since inception, the Company has been accruing a monthly payment of $20,000 under Spark Capital Investments, LLC ('Spark') for founding services, CFO, and strategic consulting work. Firoz controls Spark as the sole member.

From August 2024 to the present, the Company's rent has been paid by Spark Capital Investments LLC , a Delaware limited liability company controlled by Firoz.

In December 2024, the Company issued 50,000 shares to Hudson Dunes Corporation (previously known as Central Logistics Services Corp.), a Delaware Corporation controlled by Firoz, for cash consideration of $50,000.

From June 2025 to September 2025, the Company received $45,000 as a related party advance from Spark, a Delaware limited liability company controlled by Firoz.

------

**DESCRIPTION OF OUR SECURITIES**

*The following descriptions are summaries of the material terms of our certificate or articles of incorporation and amended and restated bylaws, and of the DGCL. Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our certificate or articles of incorporation and amended and restated bylaws, copies of which have been filed as exhibits to the registration statement of which this prospectus is part.*

**Common Stock**

*Outstanding and Authorized Shares*

The Company's outstanding shares of Common Stock have a par value of $0.0001 per share. The Company's certificate of Incorporation authorizes 100,000,000 shares of Common Stock. As of the date of this prospectus, we had 66,056,977 shares of our Common Stock issued and outstanding.

*Voting*

The holders of Common Stock are entitled to one vote per share on all matters submitted to a vote of the stockholders. Holders of Common Stock do not have cumulative voting rights. Persons who hold a majority of the outstanding shares of our Common Stock entitled to vote on the election of directors can elect all of the directors who are eligible for election.

 *Voting Rights; Election of Directors* 

Pursuant to Article I, Section 11 of our Bylaws, directors are elected by a plurality of the votes cast by the holders of shares entitled to vote in the election of directors, present in person or by proxy, at a meeting of stockholders at which a quorum is present.

Accordingly, the nominees receiving the highest number of votes cast will be elected as directors, even if such nominees do not receive a majority of the votes cast.

 *Stockholder Voting Rights and Required Vote for Stockholder Action* 

Except as otherwise required by applicable law, our Certificate of Incorporation, or our Bylaws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each share of common stock is entitled to one vote on all matters submitted to stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Election of directors: plurality of the votes cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Amendments to the Certificate of Incorporation: approval by a majority of the outstanding shares entitled to vote, unless a greater vote is required by Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Amendments to the Bylaws: may be adopted, amended, or repealed by:

⮚ the Board of Directors; or

⮚ the affirmative vote of a majority of the outstanding shares entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other matters submitted to stockholders: approval by a majority of the votes cast at a meeting at which a quorum is present, unless a higher vote is required by law or governing documents.

There is no cumulative voting in the election of directors.

 *Quorum Requirements* 

A quorum for the transaction of business at a meeting of stockholders consists of the presence, in person or by proxy, of the holders of a majority of the outstanding shares of common stock entitled to vote at such meeting.

 *No Supermajority Voting Provisions* 

Our Certificate of Incorporation and Bylaws do not contain supermajority voting provisions applicable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the election or removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· approval of mergers or asset sales; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other corporate actions, except as may be required by Delaware law.

*Dividends*

Holders of our Common Stock are entitled to share equally in dividends, if any, as may be declared from time to time by our Board of Directors.

------

*Liquidation*

In the event of liquidation, dissolution, or winding up of our Company, subject to the preferential liquidation rights of any series of preferred stock that we may from time to time designate, the holders of our Common Stock are entitled to share ratably in all of our assets remaining after payment of all liabilities and preferential liquidation rights.

*Other Rights and Preferences*

Holders of our Common Stock have no conversion, exchange, sinking fund, redemption, or appraisal rights (other than such as may be determined by the Board of Directors in its sole discretion) and have no preemptive rights to subscribe for any of our securities.

**Preferred Stock**

We are currently authorized to issue up to 10,000,000 shares of preferred stock, par value $0.0001 per share (the "Preferred Stock"), of which zero shares are issued and outstanding.

------

 **INDEMNIFICATION OF DIRECTORS AND OFFICERS** 

Our certificate or articles of incorporation and amended and restated bylaws limit the liability of directors to the fullest extent permitted by the Delaware corporation laws. In addition, our certificate or articles of incorporation and amended and restated bylaws provide that we will fully indemnify our directors and officers permitted by law.

Every person who was or is a party to, or is threatened to be made a party to, or is involved in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that he, or a person of whom he is the legal representative, is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise, shall be indemnified and held harmless to the fullest extent legally permissible under the laws of the State of Delaware from time to time against all expenses, liability, and loss (including attorneys' fees judgments, fines, and amounts paid or to be paid in settlement) reasonably incurred or suffered by him in connection therewith. Such right of indemnification shall be a contract right, which may be enforced in any manner desired by such person. The expenses of officers and directors incurred in defending a civil or criminal action, suit, or proceeding must be paid by the Company as they are incurred and in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if a court of competent jurisdiction ultimately determines it that he is not entitled to be indemnified by the company. Such right of indemnification shall not be exclusive of any other right which such directors, officers, or representatives may have or hereafter acquire, and, without limiting the generality of such statement, they shall be entitled to their respective rights of indemnification under any bylaw, agreement, vote of shareholders, provision of law, or otherwise.

Without limiting the application of the foregoing, the Board of Directors may adopt bylaws from time to time with respect to indemnification, to provide at all times the fullest indemnification permitted by the laws of the State of Delaware, and may cause the Company to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise against any liability asserted against such person and incurred in any such capacity or arising out of such status, whether or not the Company would have the power to indemnify such person. The indemnification provided shall continue as to a person who has ceased to be a director, officer, employee, or agent, and shall inure to the benefit of the heirs, executors, and administrators of such person.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, or persons controlling the Company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

We have not entered into any agreements with our directors and executive officers that require us to indemnify these persons against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred (including expenses of a derivative action) in connection with any proceeding, whether actual or threatened, to which any such person may be made a party by reason of the fact that the person is or was a director or officer of our Company or any of our affiliated enterprises. We do not maintain any policy of directors' and officers' liability insurance that insures its directors and officers against the cost of defense, settlement, or payment of a judgment under any circumstances.

------

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for our Common Stock, and we cannot predict what effect, if any, market sales of shares of our Common Stock or the availability of shares of our Common Stock for sale will have on the market price of our Common Stock prevailing from time to time. Nevertheless, sales of substantial amounts of our Common Stock in the public market, or the perception that such sales could occur, could materially and adversely affect the market price of our Common Stock and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we deem appropriate. See "Risk Factors - Risks Related to this Offering and Ownership of Our Common Stock - Future sales, or the perception of future sales, by our existing stockholders or us in the public market following the completion of this offering could cause the market price for our Common Stock to decline."

**Lock-up Agreements**

Each of our directors and executive officers, for a period of 90 days after the date of commencement of sales under this offering, and holders of 5% or more of our issued and outstanding shares of Common Stock, for a period of 90 days after the date of commencement of sales under this offering, will agree, subject to certain exceptions, not to sell or pledge, directly or indirectly, any number of shares of Common Stock issued by us or any securities convertible into or exercisable or exchangeable for shares of Common Stock.

In addition, we have agreed, subject to certain exceptions, not to sell, transfer, or otherwise dispose of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock for a period of 90 days after the date of the closing of this offering.

**Regulation S**

Regulation S under the Securities Act provides that securities owned by any person may be sold without registration in the United States, provided that the sale is effected in an "offshore transaction" and no "directed selling efforts" are made in the United States (as these terms are defined in Regulation S) and subject to certain other conditions. In general, this means that shares of our Common Stock may be sold in some manner outside the United States without requiring registration in the United States.

**Rule 144**

In general, under Rule 144 as currently in effect, persons who became the beneficial owner of shares of our Common Stock prior to the completion of this offering may sell their shares upon the earlier of (i) the expiration of a six-month holding period, if we have been subject to the reporting requirements of the Exchange Act for at least 90 days prior to the date of the sale and have filed all reports required thereunder or (ii) the expiration of a one-year holding period.

At the expiration of the six-month holding period (assuming we have been subject to the reporting requirements of the Exchange Act for at least 90 days and have filed all reports required thereunder), a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our Common Stock, and a person who was one of our affiliates at any time during the three months preceding a sale would be entitled to sell, within any three months, a number of shares of our Common Stock that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●1% of the number of shares of our Common Stock then outstanding, which will equal approximately 661,819 shares immediately after the completion of this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The average weekly trading volume of our Common Stock on the OTC during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

At the expiration of the one-year holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our Common Stock without restriction. A person who was one of our affiliates at any time during the three months preceding a sale would remain subject to the volume restrictions described above.

Sales under Rule 144 by our affiliates are also subject to the manner of sale provisions and notice requirements and to the availability of current public information about us.

------

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS**

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our Common Stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service, or the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our Common Stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance that the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our Common Stock.

This discussion is limited to Non-U.S. Holders that hold our Common Stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●persons holding our Common Stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction, or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●brokers, dealers, or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●"controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●partnerships, other entities, or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●persons deemed to sell our Common Stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●persons who hold or receive our Common Stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●"qualified foreign pension funds" and entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●persons subject to special tax accounting rules as a result of any item of gross income with respect to our Common Stock being taken into account in an applicable financial statement.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our Common Stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships (and entities or arrangements treated as partnerships for U.S. federal income tax purposes) holding our Common Stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

------

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Common Stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●a corporation or entity treated as a corporation that is created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A trust that (i) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (ii) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section titled "Dividend Policy," we do not currently intend to pay any cash dividends on our capital stock in the foreseeable future. However, let's make distributions of cash or property on our Common Stock. Such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its Common Stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "- Sale or Other Taxable Disposition."

Subject to the discussions below on effectively connected income, backup withholding and the Foreign Account Tax Compliance Act, or FATCA, dividends paid to a Non-U.S. Holder of our Common Stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition**

Subject to the discussions below regarding backup withholding, a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Common Stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition, and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Our Common Stock constitutes a U.S. real property interest, or USRPI, by reason of our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income tax purposes.

Gains described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

------

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. However, because the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance that we are not currently a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our Common Stock will not be subject to U.S. federal income tax if our Common Stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Common Stock throughout the shorter of the five years ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period. If we are a USRPHC and either our Common Stock is not regularly traded on an established securities market or a Non-U.S. Holder holds more than 5% of our Common Stock, actually or constructively, during the applicable testing period, such Non-U.S. Holder will generally be taxed on any gain in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business, except that the branch profits tax generally will not apply.

Non-U.S. Holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Payments of dividends on our Common Stock will not be subject to backup withholding, provided the holder either certifies its non-U.S. status by furnishing a valid IRS Form W-8BEN, W-8BEN-E, or W-8ECI or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our Common Stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Common Stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification described above or the holder otherwise establishes an exemption. Proceeds of a disposition of our Common Stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS also may be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (commonly referred to as FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our Common Stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless such Non-U.S. Holder provides a properly completed IRS Form W-8BEN-E or W-8BEN-IMY claiming an exemption from FATCA withholding.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies currently to payments of dividends on our Common Stock. While withholding under FATCA would have also applied to payments of gross proceeds from the sale or other disposition of our Common Stock, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Common Stock.

------

**DETERMINATION OF OFFERING PRICE**

Prior to this offering, there was no active public market for our common stock. The offering price of the common stock was determined arbitrarily by us. Our offering price may not take into account factors normally considered in determining the offering price of the common stock: such as, our capital structure and historical and projected financial performance; prevailing market conditions and valuations for comparable publicly traded companies; the current state of the securities markets, particularly for emerging growth companies; estimates of our business potential and earnings prospects; and the demand expected by us for the securities in this offering. We cannot assure investors that an active trading market for the common stock will develop, or that after the offering, the common stock will trade in the public market at or above its offering price.

------

**PLAN OF DISTRIBUTION**

This is a self-underwritten offering. We are offering up to 125,000 shares of our common stock at a price of $2.00 per share. The offering will terminate on the earlier of (i) the date on which all 125,000 shares are sold, or (ii) 365 days from the date of this prospectus, unless extended by us for an additional period not to exceed 90 days. There is no minimum number of shares that must be sold in this offering.

***Offering by Officers and Directors***

The shares will be offered and sold by our officers and directors on our behalf. Specifically, Candice Beaumont, Director, Craig Nehrkorn, CEO and Director, and Imran Firoz, our Co-Founder, Director, and former CFO, will be primarily responsible for offering and selling the shares. Our officers and directors will not receive any commissions or other compensation for their efforts in selling the shares.

Our officers and directors will sell shares by means of personal contacts with friends, family members, business associates, and other persons with whom they have pre-existing relationships. We may also utilize the internet, social media, and other means of communication to disseminate information about this offering. All such communications will be made in compliance with applicable securities laws.

***No Underwriter; No Broker-Dealer***

We are not using an underwriter for this offering. No broker-dealer is participating in this offering, and no commission will be paid to any person in connection with the sale of shares. Our officers and directors are not registered broker-dealers and are not affiliated with any registered broker-dealer.

***Offering Price Determination***

We have arbitrarily determined the offering price of $2.00 per share. The offering price bears no relationship to our assets, book value, earnings, or any other traditional criteria of valuation. There is no assurance that the shares offered hereby are worth the offering price or that an investor will be able to resell shares at or above the offering price.

***Procedures for Subscribing***

If you decide to subscribe for any shares in this offering, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Execute and deliver a subscription agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Deliver a check, money order, or wire transfer payable to "Boumarang Inc." for the subscription amount.

All subscription funds will be deposited directly into our corporate bank account. We will deliver stock certificates or book-entry positions to investors promptly upon our acceptance of subscription agreements.

***No Escrow***

Subscription proceeds will not be placed in escrow. We will have immediate access to all funds received from subscribers. Because there is no minimum offering amount, investors may be the only investors in this offering and may lose their entire investment.

***State Securities Laws***

We intend to offer and sell shares only in states where the offering has been registered or is exempt from registration. We may rely on Rule 506(b) of Regulation D for exemption from state registration requirements in states that have adopted the National Securities Markets Improvement Act (NSMIA).

***Terms of the Offering***

The following table summarizes the terms of this offering:

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Public Offering Price | $2.00 | $250000 |
| Underwriting Discounts and Commissions | $0.00 | $0 |
| Proceeds to the Company (before expenses)<sup>(1)</sup> | $2.00 | $250000 |

---

 <sup>(1)</sup> We estimate that our total offering expenses will be approximately $40,000. The Company is not paying any underwriting discounts or commissions. Net proceeds to us are expected to be approximately $210,000.

------

***Selling Restrictions***

Other than in the United States, no action has been taken by us that would permit a public offering of our common stock in any jurisdiction where action for that purpose is required. Our common stock may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any shares of common stock be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction.

***Market Information***

There is no established public trading market for our common stock, and a market may never develop. We have not applied to list our common stock on any national securities exchange or automated quotation system. Following this offering, we may seek to have our common stock quoted on the OTC Markets (OTCQB or OTCID), although there can be no assurance that we will be successful in obtaining such quotation or that any trading market will develop.

***Penny Stock Rules***

The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in "penny stocks." Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the Nasdaq system, provided that the exchange or system provides current price and volume information with respect to transactions in such securities).

The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document prepared by the SEC, which contains the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to violations of such duties or other requirements of the securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a brief, clear, narrative description of a dealer market, including "bid" and "ask" prices for penny stocks and the significance of the spread between the bid and ask price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a toll-free telephone number for inquiries on disciplinary actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the definitions of significant terms in the disclosure document or in the conduct of trading penny stocks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such other information, and is in such form (including language, type size, and format), as the SEC shall require by rule or regulation.

Prior to effecting any transaction in a penny stock, a broker-dealer must also provide the customer with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•bid and offer quotations for the penny stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the compensation of the broker-dealer and its salesperson in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•monthly account statements showing the market value of each penny stock held in the customer's account.

In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction.

Our common stock is subject to these penny stock rules. The penny stock rules may restrict the ability of broker-dealers to trade and/or maintain a market in our common stock and may affect the ability of stockholders to sell their shares. In addition, the market among dealers may not be "liquid" in that there may be no dealer willing to purchase a stockholder's shares of our common stock. As a result, stockholders may be unable to resell shares of our common stock.

------

***Transfer Agent and Registrar***

The transfer agent and registrar for our common stock is Colonial Stock Transfer, located at 7840 S 700 E, Sandy, UT 84070. The transfer agent's telephone number is (801) 355-5740.

**LEGAL MATTERS**

The validity of the shares of Common Stock offered by this prospectus will be passed upon for us by Barnett & Linn, Attorneys at Law, telephone: (442) 274-7571, wbarnett@wbarnettlaw.com, 60 Kavenish Drive, Rancho Mirage, CA 92270. Mr. Barnett, a principal in the firm, owns shares in the Company representing less than 0.002% of the Company's issued and outstanding common stock.

**EXPERTS**

The financial statements of Boumarang, Inc. as of December 31, 2024 (Since Inception, July 26, 2024) included in this Registration Statement, have been so included in reliance on the report of LAO Professionals, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The report on the financial statements contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act that registers the securities covered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information contained in the registration statement and the exhibits and schedules filed as part of the registration statement. For further information with respect to us and our securities, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. Statements contained in this prospectus as to the contents of any contract or other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, we refer you to the copies of the contract or document that have been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit.

We file our annual, quarterly, and current reports, proxy statements, and other information with the SEC under the Exchange Act. You can read our SEC filings, including the registration statement, at the SEC's website at www.sec.gov.

The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy statements, information statements, and other information regarding issuers that file electronically with the SEC.

Our website address is https://boumarang.com. The information contained in, and that can be accessed through, our website is not incorporated into and is not part of this prospectus.

------

**INDEX TO FINANCIAL STATEMENTS**

![Picture 1](boums1z_1.jpg)

**BOUMARANG INC.**

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
|  | **Pages** |
| [Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024](#bs) | F-2 |
| [Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025, and from Inception (July 26, 2024) to September 30, 2024](#sop) | F-3 |
| [Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Nine Months Ended September 30, 2025, and from Inception (July 26, 2024) to September 30, 2024](#sse) | F-4 |
| [Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025, and from Inception (July 26, 2024) to September 30, 2024](#soc) | F-6 |
| [Notes to the Consolidated Financial Statements](#note) | F-7 |

---

------

**Boumarang Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,** <br> **2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $51564  | $50242  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, current | 1388890  | 972223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current assets** | **1 ,440454**  | **1 ,022465**  |
| &nbsp;&nbsp;&nbsp;Acquired intangible assets | 16000000  | 16000000  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, noncurrent | 1693546  | 3360214  |
| &nbsp;&nbsp;&nbsp;Drone capitalization costs | 100000  | 100000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**19 ,234000**  | $**2 0 ,482679**  |
| Liabilities and Stockholders' surplus (deficit) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, related party | 470000  | 200000  |
| &nbsp;&nbsp;&nbsp;Accrued expenses, related party | 2576  | 845  |
| &nbsp;&nbsp;&nbsp;Related party advances | 45000  | -  |
| &nbsp;&nbsp;&nbsp;**Total Current liabilities** | $**517576**  | $**200845**  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | $**517576**  | $**200845**  |
| &nbsp;&nbsp;&nbsp;Commitments and Contingencies (Note 5) | -  | -  |
| **Stockholders' surplus (deficit):** |  |  |
| Preferred stock, par value $0.0001, 10,000,000 shares authorized, 0 issued and outstanding, as of September 30, 2025, and December 31, 2024 | -  | -  |
| Common stock, par value $0.0001, 100,000,000 shares authorized; 66,056,977 issued and outstanding shares as of September 30, 2025, and December 31, 2024  | 6606  | 6606  |
| Subscription receivable  | (2000000)  | (2000000)  |
| Additional-paid-in capital | 21148394  | 21148394  |
| Accumulated deficit | (2438576)  | (873166)  |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | $18 ,716424  | 2 0 ,281834  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and Stockholders' surplus (deficit)** | $**19234000**  | $**2 0 ,482679**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** <br>**2025** | **From Inception to September 30,**<br>**2024** | **September 30,**<br>**2025** | **From Inception to September 30,**<br>**2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Operating expenses:** |  |  |  |  |
| Depreciation | 507960  | 394484  | 1565410  | 394484  |
| **Total operating expenses** | **507960**  | **394484**  | **1565410**  | **394484**  |
| **Operating income (loss)** | **(507960)** | **(394484)**  | **(1565410)** | **(394484)**  |
| **Income (loss) before provision for income taxes** | **(507960)** | **(394484)**  | **(1565410)** | **(394484)**  |
| Provision (benefit) for income taxes | **-**  | **-**  | -  | **-**  |
| **Net income (loss)** | **(507960)** | **(394484)**  | **(1565410)** | **(394484)**  |
| Net income (loss) per common share, basic and diluted | (0.01) | (0.01)  | (0.02) | (0.01)  |
| Weighted average number of common shares outstanding, basic and diluted | 66056977  | 51750000  | 66056977  | 51750000  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF STOCKHOLDERS' SURPLUS (DEFICIT)**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **No. of shares** | **Value** | **Additional**<br> **paid-in**<br> **capital** | **Accumulated**<br> **deficit** | **Total**<br> **stockholders'**<br> **equity (deficit)** |
| **Three Months Ended September 30, 2024** |  |  |  |  |  |
| **Balance – July 26, 2024** | **-**  | $**-**  | $**-**  | $**-**  | $**-**  |
| **Inception (July 26, 2024) to September 30, 2024** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opening balance | -  | -  | 500  | -  | 500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for founder services valued at par value per share | 45000000  | 4500  | -  | -  | 4500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for AI services valued at $1.00 | 5000000  | 500  | 4999500  | -  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for cash valued at $1.00 | 100000  | 10  | 99990  | -  | 100000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for IPs valued at $1.00 | 5000000  | 500  | 4999500  |  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for Hydrogen Fuel Cells valued at $1.00 | 2500000  | 250  | 2499750  | -  | 2500000  |
| &nbsp;&nbsp;&nbsp;Net loss | -  | -  | -  | (394484)  | (394484)  |
| **Balance - September 30, 2024** | **57600000**  | $**5760**  | $**12599240**  | $**(394484)**  | $**12210516**  |
| **Three Months Ended September 30, 2025** |  |  |  |  |  |
| **Balance - June 30, 2025** | **66056977**  | $**6606**  | $**21148394**  | $**(1930616)**  | $**19224383**  |
| Net loss | -  | -  | -  | (507960)  | (507960)  |
| **Balance - September 30, 2025** | **66056977**  | $**6606**  | $**21148394**  | $**(2438576)**  | $**18716424**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF STOCKHOLDERS' SURPLUS (DEFICIT)**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **No. of shares** | **Value** | **Additional**<br> **paid-in**<br> **capital** | **Accumulated**<br> **deficit** | **Total**<br> **stockholders'**<br> **equity (deficit)** |
| **Nine Months Ended September 30, 2024** |  |  |  |  |  |
| **Balance - December 31, 2023** | **-**  | $**-**  | $**-**  | $**-**  | $**-**  |
| **Inception (July 26, 2024) to September 30, 2024** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opening balance | -  | -  | 500  | -  | 500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for founder services valued at par value per share | 45000000  | 4500  | -  | -  | 4500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for AI services valued at $1.00 | 5000000  | 500  | 4999500  | -  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for cash valued at $1.00 | 100000  | 10  | 99990  | -  | 100000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for IPs valued at $1.00 | 5000000  | 500  | 4999500  |  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for Hydrogen Fuel Cells valued at $1.00 | 2500000  | 250  | 2499750  | -  | 2500000  |
| &nbsp;&nbsp;&nbsp;Net loss | -  | -  | -  | (394484)  | (394484)  |
| **Balance - September 30, 2024** | **57600000**  | $**5760**  | $**12599240**  | $**(394484)**  | $**12210516**  |
| **Nine Months Ended September 30, 2025** |  |  |  |  |  |
| **Balance - December 31, 2024** | **66056977**  | $**6606**  | $**21148394**  | $**(873166)**  | $**20281834**  |
| Net loss | -  | -  | -  | (1565410)  | (1565410)  |
| **Balance - September 30, 2025** | **66056977**  | $**6606**  | $**21148394**  | $**(2438576)**  | $**18716424**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

 **(UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**  | **Nine months ended**  |
|  | **September 30, 2025**  | **From Inception to September 30,** <br> **2024**  |
| Net income (loss) | $**(1565410)**  | $**(394484)**  |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Common stock issued for services | -  | 5004500  |
| **Change in assets and liabilities:** |  |  |
| Prepaid expenses | 1250001  | (4749104)  |
| Accounts payable | 270000  | 90000  |
| Accrued expenses | 1731  | 338  |
| Related party advances | 45000  | -  |
| **Net cash used in operating activities** | $**1322**  | $**(48750)**  |
| **Investing Activities:** |  |  |
| Drone capitalization costs  | -  | (50000)  |
| **Net cash used in investing activities** | $**-**  | $**(50000)**  |
| **Financing Activities:** |  |  |
| Opening balance | -  | 500  |
| Stock issued for cash | -  | 100000  |
| **Net cash provided by financing activities** | $**-**  | $**100500**  |
| **Net increase in cash** | **1322**  | **1750**  |
| **Cash at the beginning of the period** | **50242**  | -  |
| **Cash at the end of the period** | $**51564**  | $**1750**  |
| **Cash paid for income taxes** | $**-**  | $-  |
| **Cash paid for interest** | $**-**  | $-  |
| **Non-cash investing and financing activities:** |  |  |
| **Acquisition of IP/Intangible assets**  | $-  | $**7500000**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc. – NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS**

**OVERVIEW**

The Company ("us," "we," and "our") was incorporated on July 26, 2024 ("Inception"), as Boumarang Inc. ("Boumarang") under the laws of the State of Delaware. The Company is based in Irvine, California, with an additional location in Austin, Texas. The Company aims to revolutionize industry operations with sustainable, long-range, intelligent drones. In October 2024, the Company established Boumarang Pty Ltd. In Australia, it conducts its business with the Australian government and the non-government sector. At present, there are no significant operations of Boumarang Pty Ltd.

Boumarang presents a growth opportunity at the forefront of hydrogen-powered, AI-driven drone technology, addressing large market needs in sustainable monitoring and resource management. Their competitive advantages in clean energy and advanced AI analytics position them for high growth potential in a rapidly evolving industry. Our drones are designed for agriculture, forestry, power infrastructure, and environmental monitoring applications, leveraging hydrogen fuel cells for extended flight times and reduced environmental impact.

Boumarang's hydrogen-powered UAV design demonstrates alignment with market trends toward endurance, eco-friendly propulsion, and AI-driven autonomy. The hydrogen fuel cell technology presents advantages in efficiency and eco-friendliness, but shares industry-wide limitations in storage and infrastructure challenges. While certain competitors achieve higher endurance or range, Boumarang's targeted balance in VTOL capability, payload flexibility, and hybrid design positions it well for versatile applications across commercial and surveillance sectors.

Boumarang's drones use hydrogen fuel cells, offering extended flight times, minimal environmental impact, and quick refueling capabilities, which are ideal for long-range operations such as infrastructure inspections and SAR (search and rescue). Boumarang's AI platform integrates data from multiple sensors and provides real-time analysis for predictive maintenance, resource monitoring, and operational insights. This system supports various industries, from agriculture to energy, delivering alerts and detailed reports directly into existing workflows.

Boumarang operates on a B2B SaaS model with revenue streams from drone hardware leasing, an AI analytics subscription platform, and customized AI solutions for logistics, energy, and natural resources. Additional revenue sources include Data-as-a-Service (DaaS), providing advanced analytics and insights based on drone-collected data.

Boumarang's IP portfolio provides advanced technology assets designed for precision targeting, robust device management, and immediate engagement capabilities, with asset rights structured to ensure the Company's exclusive control over these innovations, except for limited MoonTower applications. This IP suite supports military and commercial applications, offering enhanced efficiency and operational effectiveness across various high-tech environments.

To date, the Company has focused on research and development, technology acquisition, prototype development, and capital formation. The Company has not generated revenue from contracts with customers during the period presented.

**ACQUISITION OF INTELLECTUAL PROPERTIES**

During the year ended December 31, 2024, the Company completed four acquisitions of intellectual property and technology, each accounted for as acquired intangible assets and recorded at cost, consisting of the following:

• Airdrone technology

• Hydrogen fuel cell technology

• Wavedrone maritime drone platform

• Tribal Rides intellectual property

The aggregate consideration for these four acquisitions was $16.0 million, all of which was satisfied through the issuance of shares of the Company's common stock. These assets are reflected as acquired intangible assets on the consolidated balance sheets as of December 31, 2024 and September 30, 2025.

------

Below is a summary of IP or technology acquisitions completed:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquisition** | **Date** | **Shares Issued** | **Fair Value Per Share** | **Total Consideration** | **Related party status** |
| Airdrone Technology | 08/28/2024 | 5000000 | $1.00 | $5000000 |  |
| Hydrogen Fuel Cell Technology | 09/30/2024 | 2500000 | $1.00 | $2500000 |  |
| Wavedrone Platform | 12/31/2024 | 3500000 | $1.00 | $3500000 |  |
| Tribal Rides IP | 12/31/2024 | 2906977 | $1.72 | $5000000 |  |

---

In addition, during 2024, the Company entered into a technology licensing agreement with T Stamp Inc. related to biometric identity and authentication technology used in connection with the Company's airdrone platform. The Company did not acquire ownership of the underlying intellectual property under this arrangement. Accordingly, the consideration paid under the T Stamp licensing agreement is recorded as a prepaid expense and is not included in acquired intangible assets.

The acquired asset is determined to have an indefinite useful life; it would not be amortized but instead tested for impairment at least annually or more frequently if indicators arise.

Management periodically evaluates whether events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable in accordance with ASC Topic 360, Property, Plant, and Equipment, and ASC Topic 350, Intangibles—Goodwill and Other.

------

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS (continued)**

Where IP or technology assets were acquired from founders, insiders, or entities related to the Company, management has disclosed the relationship, nature of consideration, and any terms that differ from arm's-length arrangements. These disclosures are in accordance with ASC Topic 850 on related parties and are intended to provide transparency to financial statement users and auditors.

The share issuances and fair values presented above correspond directly to the amounts recorded in the Company's stockholders' equity, as described in Note 6. Management has ensured that the number of shares, fair value per share, and total consideration are consistently reflected across Note 1, Note 6, and any accompanying equity roll-forward schedules or cap tables.

Any material acquisitions of IP or technology assets completed after December 31, 2024, and prior to the issuance of these financial statements are disclosed in Note 9- Subsequent Events or an updated version of this note, including date, consideration, and related-party status.

***Acquisition of Airdrone Technology:***

On August 28, 2024, Boumarang, Inc. (the "Company") entered into an Intellectual Property Rights Purchase and Transfer Agreement with Guinn Partners ("Guinn"). The agreement involves acquiring specific intellectual property (IP) assets owned or controlled by Guinn. The Company agreed to issue 5,000,000 shares of common stock valued at $5,000,000 as consideration for the IP assets. The acquired assets include patents, pending patents, trade secrets, software, designs, and other IP listed in Exhibit A of the agreement. Guinn transferred the assets free of encumbrance and secured the necessary third-party consents.

1. Range Beacons & Automated Drone Guidance System

This technology is an advanced beacon and automated guidance system designed to ensure precise drone payload placement or autonomous landing once a target is identified, with no further human input required. Using a distributed mesh network of drone-compatible beacons, the system continuously measures relative signal strength, known beacon positions, and environmental variables to triangulate an exact target location in real time. An onboard processor then automatically adjusts the drone's flight path and final approach vector to align with the calculated target point, maximizing accuracy for delivery or landing operations. The Company receives an unrestricted and irrevocable license, allowing full use. However, Boumarang retains the right to continue using MoonTower for non-competing applications in existing business areas, such as toys, electric surfboards, and battery systems.

2. MoonTower Analytics & OTA Software Update System

The MoonTower system provides network infrastructure for remote monitoring and over-the-air (OTA) updates for drones, robots, and IoT devices. This system allows for real-time management and updates across connected devices, making fleet management and remote device maintenance essential. The Company receives an unrestricted and irrevocable license, allowing full use. However, Boumarang retains the right to continue using MoonTower for non-competing applications in existing business areas, such as toys, electric surfboards, and battery systems.

3. Pilot in Command (PIC) Operational Display

The Pilot in Command (PIC) Operational Display is a hardware-enabled interface that provides remote drone operators with real-time, in-view mission data essential for precision flight and payload operations. It delivers immediate, context-rich information—such as aircraft status, sensor feeds, environmental conditions, and target or waypoint overlays—directly within the operator's display environment, significantly enhancing situational awareness, decision speed, and overall mission effectiveness. The Company receives an unrestricted and irrevocable license, allowing full use. However, Boumarang retains the right to continue using MoonTower for non-competing applications in existing business areas, such as toys, electric surfboards, and battery systems.

***Acquisition of Hydrogen Fuel Cell Technology***

On September 30, 2024, Boumarang, Inc. (the "Company") agreed with Eastern Electrolyser Ltd. ("Eastern") to develop 4kW/8kW fuel cell power pack products by December 31, 2024. The PEM Hydrogen Fuel Cell is an advanced, clean hydrogen-powered energy source designed for efficient and reliable operation. The Company issued 2,500,000 comm shares valued at $2,500,000 as consideration for the IP assets. A fully automated electronic control system and intelligent condition monitoring ensure optimal performance while maintaining safety through voltage protection and a built-in flame arrestor. Available in 4 kW and 8 kW fuel cell pack configurations, this ultra-lightweight system, weighing up to 30 lb, is engineered for portability and high energy output. Its proton exchange membrane (PEM) technology provides a sustainable and emission-free power supply, making it ideal for applications requiring lightweight, high-performance hydrogen energy solutions. The Company and Eastern plan to build an 11 MW fuel cell production facility to service 1,800 drones by the end of the fiscal year 2026.

------

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS (continued)**

***Acquisition of Wavedrone Platform***

On December 31, 2024, Boumarang acquired the Wavedrone platform from Shore House IVF. The Company issued 3,500,000 common shares valued at $3,500,000 as consideration for the IP assets. The Company is pioneering the Wavedrone platform, which is designed to capture high-definition footage both above and below water, addressing a significant gap in the growing drone market. Unlike traditional water drones, which are either boats or remotely operated underwater vehicles (ROVs), Waverdrone introduces a unique, patent-pending design that remains inherently stable at the water's surface while simultaneously filming above and beneath the waterline. The technology emphasizes high usability with a lightweight, flexible structure that is easy to carry and deploy, requiring no specialized training for operation. This user-friendly approach expands potential market reach, allowing entry into both consumer and professional segments. Additionally, the platform's low production cost, coupled with favorable retail pricing, positions Waverdrone for positive cash flow.

With a minimum viable product (MVP) already prototyped and tested, Waverdrone is prepared for mass production, targeting a diverse array of use cases across industries, including marine research, recreation, security, and content creation. This broad applicability highlights the expansive market potential of technology.

**Proprietary Technology — Wavedrone Platform**

As part of our Wavedrone technology platform acquired from Shore House IVF, we hold U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," filed December 3, 2024. The application names Dánial Hoydal, David Geyti, and Eric Davis as inventors.

The patent application covers our proprietary USV design featuring innovative mechanical self-stabilization technology. Unlike conventional USVs that rely on powered gyroscopic systems or active ballast management, our design achieves passive stability through a unique structural configuration consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Torpedo Pontoon Design*: A positively buoyant surface vehicle pontoon with lowered ballast housing the propulsion system and battery, minimizing hydrodynamic drag while maintaining operational stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Pendular Mast/Keel System*: A hinged mast extending above and below the waterline, connected via a swivel axial joint that enables mechanical auto-righting without powered intervention. The lower keel houses primary batteries to create a lowered center of mass.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Telescoping Keel*: Dynamic depth adjustment capability for hazard avoidance and operation in varying water depths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Wireless Inductive Docking*: Electromagnetic docking system with wireless charging pads enabling autonomous recharging via companion buoys or docking stations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Swarm Networking*: Architecture enabling coordinated operation of multiple USVs with cloud-based control, mesh connectivity, and distributed computing capabilities.

Our Wavedrone technology is designed for deployment in challenging maritime environments where conventional manned and unmanned assets cannot reliably operate, addressing applications in aquaculture monitoring, search and rescue, harbor security, environmental monitoring, and fisheries management.

***Acquisition of Tribal Rides IP***

On December 31, 2024, Boumarang acquired key intellectual property assets from Tribal Rides International Corp., including U.S. Patent No. 9,984,574 and U.S. Patent No. 11,217,101. The Company issued 2,906,977 common shares valued at $5,000,000 as consideration for the IP assets. The first patent, issued on May 29, 2018, focuses on a system and method for arranging transportation among parties through mobile devices. The second patent, issued on January 4, 2022, builds upon the original vision of disruptive technology for self-driving cars, enhancing the capabilities of autonomous vehicle systems. This strategic acquisition aligns with Boumarang's commitment to advancing innovative transportation solutions and expanding its portfolio in the autonomous vehicle industry.

**PRODUCT OVERVIEW**

***Airdrone***

Boumarang drones are designed as mid-size UAVs emphasizing hydrogen fuel cell hybrid technology with VTOL (Vertical Take-Off and Landing) capability and Beyond Visual Line of Sight (BVLOS) operability, aiming for endurance and operational range. Boumarang's focus on hydrogen fuel cells aligns with the market's shift towards more environmentally friendly propulsion systems, though challenges remain around hydrogen storage, cost, and infrastructure.

------

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS (continued)**

Boumarang's design for hydrogen-powered drones involves iterative design adjustments and simulations to address critical stability, efficiency, and endurance issues. The preferred structural adjustments, such as moving the wing forward for longitudinal stability and the positive dihedral for lateral stability, position Boumarang's drone for better control and balance during complex operations. The efficiency concerns suggest additional modifications to optimize the powertrain and aerodynamics, potentially enhancing the drone's endurance to align with project goals for extended flight durations.

The W150 VTOL is an advanced unmanned aerial system (UAS) developed by Guinn Partners, designed for long-range and versatile operations. This VTOL variant is optimized for rapid deployment across diverse missions, supporting Department of Defense (DoD) requirements. It can vertically take off and transition to forward flight, making it suitable for operations in constrained or disrupted environments.

***Wavedrone***

Boumarang's Wavedrone is a patent-pending, innovative floating drone designed to capture footage both above and below water with high stability. Unlike conventional water drones, which are either boats or remotely operated vehicles (ROVs), Wavedrone represents a new category of autonomous and remotely operated maritime drones. It offers high usability, a lightweight design, and easy deployment without requiring specialized training, making it ideal for a wide range of applications. No existing product combines stability, affordability, and dual above/below water filming capabilities in one package.

The Wavedrone has a unique dual-view filming capacity; it simultaneously captures high-quality above-water and underwater footage, enabling real-time monitoring of aquatic environments. It features a patent-pending stability system that guarantees a stable filming experience in various water conditions. The product is highly usable, lightweight, portable, and easy to deploy without technical expertise. The Wavedrone can be mass-produced at a low cost and has strong market demand, resulting in high profit margins. The Company has produced and tested an MVP prototype that is ready for scaling.

The global drone market is experiencing rapid growth, and Wavedrone occupies a unique niche in this expanding industry. Unlike traditional aerial drones or underwater ROVs, Wavedrone serves the unmet need for a hybrid solution that functions effectively at the water's surface. The global drone market is projected to reach $89 billion by 2030, with increasing demand in environmental monitoring, security, and content creation. There are proven versatile use cases across multiple industries, including but not limited to environmental monitoring & marine research, underwater inspections (ports, bridges, and pipelines), aquaculture & fisheries, search & rescue operations, recreational and professional filmmaking, and defense & surveillance applications.

Wavedrone aims to establish a multi-channel revenue model by leveraging diverse sales and service streams. The company plans to generate revenue through direct sales to enterprises and government agencies, catering to research, security, and monitoring applications. Additionally, retail and e-commerce sales will target hobbyists, filmmakers, and content creators seeking an innovative water-based drone solution. To enhance recurring revenue, Wavedrone will offer subscription-based services for remote monitoring, cloud storage, and data analytics, providing users with continuous access to critical insights. Furthermore, the company seeks to build strategic partnerships with marine, defense, and infrastructure companies, expanding its market reach and ensuring long-term growth in key industries.

***Our AI Initiatives***

Boumarang, in collaboration with its partners, is planning to integrate sophisticated AI functionalities in its hydrogen-powered drones to enhance autonomy, real-time decision-making, and operational efficiency. This report details the AI-based features and subsystems planned, focusing on semi-autonomous and autonomous capabilities crucial for various commercial, consumer, and governmental applications.

The AI features are geared toward reducing dependency on human operators, enabling scalable operations through autonomous navigation and flight control. This includes fleet management, autonomous urban drone networks, and long-range surveillance and delivery missions.

The project targets compliance with FAA standards for flights over urban areas. This necessitates an AI system that adapts to dynamic airspace conditions and potential hazards in real time.

Boumarang's integration of AI aims to achieve groundbreaking autonomy in hydrogen-powered drones, addressing urban, industrial, and government needs. By focusing on real-time perception, adaptive decision-making, robust safety features, and compliance with regulatory standards, Boumarang's AI subsystems are positioned to offer reliable, versatile, and safe UAV solutions.

**Board of Directors**

As of September 30, 2025, the Company has three directors, including one non-executive director.

------

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

***Basis of Presentation and Principles of Consolidation***

The accompanying consolidated financial statements include Boumarang Inc. and its subsidiary accounts. We have eliminated all intercompany balances and transactions. The Company has prepared the consolidated financial statements consistent with the Company's accounting policies in its financial statements. The Company has measured and presented the Company's consolidated financial statements in US Dollars, which is the currency of the primary economic environment in which the Company operates (also known as its functional currency).

***Consolidated Financial Statement Preparation and Use of Estimates***

The Company prepared the consolidated financial statements according to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates include revenue recognition, the allowance for doubtful accounts, website and internal-use software development costs, recoverability of intangible assets with finite lives, and other long-lived assets. Actual results could materially differ from these estimates.

***Cash and Cash Equivalents***

Cash and cash equivalents include cash on hand, bank deposits, and other short-term, highly liquid investments with three months or less of original maturities. The Company maintains its cash balances at a single financial institution. The cash on hand as of September 30, 2025, and December 31, 2024, was $51,564 and $50,242. The balances do not exceed Federal Deposit Insurance Corporation (FDIC) limits as of December 31, 2024.

***Prepaid expenses and other current assets***

Prepaid expenses consist of advance payments for services, licenses, or other costs that benefit future periods. Amounts expected to be realized or consumed within twelve months are classified as current; amounts beyond twelve months are classified as noncurrent. Prepaid expenses are expensed on a straight-line basis or based on usage patterns consistent with the underlying arrangement.

As of September 30, 2025, prepaid expenses and other assets consisted of the following:

– Prepaid expenses and other current assets: $1,388,890

– Other non-current assets: $1,693,546

As of December 31, 2024, prepaid expenses and other assets consisted of the following:

– Prepaid expenses and other current assets: $972,223

– Other non-current assets: $3,360,214

The current portion is expected to be recognized as an expense within twelve months of the balance sheet date, with the non-current portion recognized over the remaining terms of the related agreements.

***Subscription receivable***

Subscription receivable represents amounts due from investors for common stock that has been subscribed and issued but for which cash has not yet been collected. A subscription receivable is recorded when collection is considered probable and is evaluated for collectability at each reporting date. Subsequent cash collections reduce the receivable balance. As of September 30, 2025, and December 31, 2024, the Subscription receivable was $2,000,000.

***Revenue recognition***

The Company applies ASC Topic 606, *Revenue from Contracts with Customers*, to all contracts with customers. A contract exists when the parties approve the contract, rights and payment terms are identified, the contract has commercial substance, and collectability is probable.

The Company identifies distinct performance obligations, determines the transaction price, allocates the transaction price to the performance obligations based on standalone selling prices, and recognizes revenue when or as performance obligations are satisfied.

Typical arrangements anticipated in future periods include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Hardware and drone systems** – revenue recognized at a point in time upon transfer of control, generally upon shipment or delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Software-as-a-Service and AI analytics** – revenue recognized over time, typically on a straight-line basis over the contract term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Data-as-a-Service and professional services** – revenue recognized over time as services are performed, often based on input measures such as time incurred or output milestones;

------

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Leasing or usage-based arrangements** – when arrangements contain a lease under ASC Topic 842, lease components are accounted for separately; otherwise, revenue is recognized over time based on usage or contractual terms.

The Company had not generated revenue from contracts with customers during the period presented and therefore had no contract assets or liabilities as of December 31, 2024.

***Accounts payable and accrued expenses***

Accounts payable represent amounts owed to vendors for goods and services received but not yet paid. Accrued expenses represent obligations incurred for which invoices have not been received, such as professional fees or other operating costs. These liabilities are recorded at estimated amounts and are classified as current.

***Accounts Payable***

Accounts Payable represents amounts owed by the Company to suppliers and vendors for goods or services received but not yet paid for as of the reporting date. These liabilities are typically short-term and are recorded at their invoiced amounts.

**Recognition:** Accounts payable are recognized when the goods or services are received, and the obligation to pay arises, regardless of when payment is made.

**Measurement:** Accounts payable are measured at their amortized cost, typically the invoiced amount due.

**Classification:** Accounts payable are classified as current liabilities on the balance sheet as they are generally settled within the normal operating cycle, typically 30 to 90 days.

As of September 30, 2025, and December 31, 2024, the accounts payable were $470,000 and $200,000, mainly professional and technical fees, owed to related parties.

***Accrued Expenses***

Accrued Expenses represent liabilities for costs that have been incurred but not yet invoiced or paid as of the reporting date. These expenses are recognized according to the accrual basis of accounting, ensuring expenses are matched to the period in which they are incurred.

**Recognition:** Accrued expenses are recorded when the expense is incurred, even if an invoice has not been received.

**Measurement:** These liabilities are estimated based on contracts, agreements, or historical costs, and adjustments are made when actual amounts are determined.

**Classification:** Accrued expenses are classified as current liabilities on the balance sheet.

The accrued expenses as of September 30, 2025, and December 31, 2024, were $2,576 and $845, respectively, and mainly include rent payments.

***Concentrations of Credit Risk***

*Cash*

Cash and cash equivalents include cash on hand, bank deposits, and other short-term, highly liquid investments with three months or less of original maturities. The Company maintains its cash balances at a single financial institution. The Company maintains its cash balances at a single financial institution. The cash on hand as of September 30, 2025, and December 31, 2024, was $51,564 and $50,242. The balances do not exceed Federal Deposit Insurance Corporation (FDIC) limits as of December 31, 2024.

***Legal Proceedings***

The Company discloses a loss contingency if there is at least a reasonable possibility that a material loss has been incurred. The Company records its best estimate of loss related to legal proceedings pending when the loss is probable, and the amount can be reasonably estimated. The Company can reasonably estimate a range of losses with no best estimate in the range; the Company records the minimum estimated liability. As additional information becomes available, the Company assesses the potential liability related to pending legal proceedings, revises its estimates, and updates its disclosures accordingly. The Company's legal costs associated with defending itself are recorded as expenses when incurred. The Company is currently not involved in any litigation.

------

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***Impairment of Long-Lived Assets***

The Company reviews long-lived assets for impairment following FASB ASC 360, Property, Plant, and Equipment. We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment charge is recognized when the asset's carrying value exceeds the fair value. There are no impairment charges from Inception to September 30, 2025.

***Provision for Income Taxes***

The provision for income taxes is determined using the asset and liability method. Under this method, deferred tax assets and liabilities are based on the temporary differences between the consolidated financial statement and income tax bases of assets and liabilities using the enacted tax rates applicable yearly.

The Company utilizes a two-step approach to recognizing and measuring uncertain tax positions ("tax contingencies"). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount, more than 50%, is likely to be realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and benefits, requiring periodic adjustments, which may not accurately forecast actual outcomes. The Company includes interest and penalties for tax contingencies in providing income taxes in the operations' consolidated statements. The Company's management does not expect the total amount of unrecognized tax benefits to change significantly in the next twelve (12) months.

***Drone Development Costs***

**Capitalized Development Costs**

The Company capitalizes certain development costs when the criteria in ASC Topic 985-20, Software to be Sold, Leased, or Marketed, or other applicable guidance are met, including establishment of technological feasibility and intent to complete and market the product.

Capitalized costs may include third-party development fees, payroll costs directly attributable to development, and other incremental costs incurred during application development. Costs incurred during the preliminary project stage or post-implementation/maintenance stage are expensed as incurred.

Capitalized development costs are carried at cost and amortized on a straight-line basis over their estimated useful lives, generally, e.g., three years, commencing when the related software or technology is available for its intended use. The Company amortizes these capitalized development costs over the estimated useful life of three (3) years using the straight-line method. Amortization will commence upon the commercial release of the hydrogen-powered drones.

As of September 30, 2025, the Company had capitalized $100,000 of development costs and had not commenced amortization because the assets were not yet available for general release. Our capitalized costs are mainly for developing hydrogen-powered air and water drones. These costs include expenses incurred during the development stage that meet the criteria for capitalization under ASC 985-20 (Software to be Sold, Leased, or Marketed).

The activities capitalized encompass:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Planning and design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Coding and testing to establish technological feasibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Development of software components integrated into the drones.

Capitalized development costs are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If impairment indicators exist, the Company compares the carrying amount to the undiscounted cash flows expected to be generated by the asset. If impaired, the asset is written down to fair value.

**Research and Development (R&D) Expenses**

Research and development costs are expensed as incurred in accordance with ASC Topic 730, *Research and Development*. These costs include third-party engineering, design, prototyping, testing, and related activities. The Company acknowledges that future benefits from research and development (R&D) are uncertain and cannot capitalize on the R&D expenditure. The GAAP accounting standards require us to expense all research and development expenditures as incurred.

In addition to the capitalized costs, the Company incurred $50,000 in research and development expenses. These R&D costs primarily relate to:

------

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Initial feasibility studies and conceptual designs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Experimental testing and prototype development.

The expensed R&D costs are reflected in the Company's income statement under "General & Administrative Expenses" for the period.

***Intangible assets and other long-lived assets***

Intangible assets acquired, including intellectual property and technology acquired in exchange for equity, are initially recorded at acquisition-date fair value. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Indefinite-lived intangible assets are not amortized but tested for impairment annually or more frequently if indicators arise.

Long-lived assets, including finite-lived intangibles and capitalized development costs, are reviewed for impairment in accordance with ASC Topic 360, *Property, Plant, and Equipment*. If events or changes in circumstances indicate that the carrying amount may not be recoverable, the Company assesses recoverability and measures any impairment loss as the excess of carrying amount over fair value.

The Company distinguishes between owned intellectual property, which is recorded as acquired intangible assets, and licensed technology arrangements, which do not convey ownership of intellectual property and are recorded as prepaid expenses or operating costs, as applicable.

*Intellectual Property*

As part of our acquisition of Wavedrone technology from Shore House IVF, we acquired provisional patent rights related to self-righting unmanned surface vessel technology (U.S. Provisional Patent Application No. 63/727,652). This intellectual property is included in our intangible assets and is accounted for in accordance with ASC 350, Intangibles—Goodwill and Other.

The acquired patent rights are classified as indefinite-lived intangible assets pending the outcome of the patent application process.

This classification reflects that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The provisional application is currently pending, and no patent has been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon issuance of a patent, the useful life will be determined based on the patent term (typically 20 years from the non-provisional filing date) and reassessed for finite-life amortization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The asset is subject to annual impairment testing under ASC 350-30.

We assess the Wavedrone patent rights for impairment annually and whenever events or circumstances indicate that the carrying value may not be recoverable. Key factors that could trigger impairment include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Failure to convert the provisional application to a non-provisional application by the December 3, 2025, deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Rejection of patent claims by the USPTO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Discovery of prior art that materially limits the scope of potential patent claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Significant changes in the competitive landscape or market conditions for autonomous maritime vessels; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Technological developments that render our self-righting technology obsolete.

As of the date of this prospectus, we have not identified any impairment indicators, and the carrying value of the acquired patent rights reflects fair value as determined at the acquisition date.

*Development Costs*

Costs incurred to develop and refine the Wavedrone technology are evaluated under ASC 730, Research and Development, and ASC 350-40, Internal-Use Software. Research activities and preliminary project stage costs are expensed as incurred. Application development stage costs meeting capitalization criteria are capitalized and amortized over the estimated useful life once the technology is placed in service.

Patent prosecution costs, including USPTO filing fees and legal fees associated with preparing and prosecuting the non-provisional patent application, are capitalized as incurred and will be included in the cost basis of the patent asset upon issuance, or written off if the patent application is abandoned or finally rejected.

*Critical Accounting Estimates*

The valuation of our Wavedrone patent rights involves significant estimates and judgments, including:

------

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Probability of Patent Issuance: We estimate the likelihood that our provisional application will result in an issued patent with commercially meaningful claims.

Royalty Rate: For Relief-from-Royalty valuations, we estimate the royalty rate that a market participant would pay for the right to use the patented technology.

Revenue Projections: Projected revenues from Wavedrone products and services affect the value of the underlying intellectual property.

Discount Rate: The rate used to discount future cash flows reflects the risk profile of early-stage maritime technology.

Changes in these estimates could result in material adjustments to the carrying value of our intangible assets in future periods.

As of September 30, 2025, no impairment charges were recognized for long-lived assets.

***Share-based compensation to employees and non-employees***

The Company uses ASC 718 guidance to apply share-based compensation accounting to certain employees and non-employee individuals, such as outsourced employees, non-employee directors, and consultants performing management functions, who are employees or non-employees. The differences in the accounting for share-based payment awards granted to an employee versus a non-employee relate to the measurement date and recognition requirements. The Company believes an employee is the one who has the right to exercise sufficient control to establish an employer-employee relationship based on common law, as illustrated in case law and currently under US Internal Revenue Service (IRS) Revenue Ruling 87-41.

Restricted securities are securities acquired in unregistered, private sales from the Company or an affiliate. Restricted securities require the owner to follow the US Securities Exchange Commission guidelines defined under Rule 144 - Selling Restricted and Control Securities. On the other hand, restricted shares issued for consideration other than for goods or employee services are fully paid for immediately. As a result, the Company has expensed these shares at the time of the contract. There is no vesting period for non-employees.

***Fair Value***

The Company uses current market values to recognize certain assets and liabilities at fair value. Fair value is the estimated price at which the Company can sell the assets or settle a liability in an orderly transaction with a third party under current market conditions. The Company uses the following methods and valuation techniques for deriving fair values:

Market Approach – The market approach uses the prices associated with actual market transactions for similar or identical assets and liabilities to derive a fair value.

Income Approach – The income approach uses estimated future cash flows or earnings, adjusted by a discount rate representing the time value of money and the risk of cash flows not being achieved, to derive a discounted present value.

Cost Approach – The cost approach uses the estimated cost to replace an asset adjusted for the obsolescence of the existing asset.

The Company ranks the fair value hierarchy of information sources from Level 1 (best) to Level 3 (worst). The Company uses these three levels to select inputs to valuation techniques:

---

| | | |
|:---|:---|:---|
| **Level I** | **Level 2** | **Level 3** |
| Level 1 is a quoted price for an identical item in an active market on the measurement date. Level 1 is the most reliable evidence of fair value and is used whenever this information is available. | Level 2 is directly or indirectly observable inputs other than quoted prices. An example of a Level 2 input is a valuation multiple for a business unit based on comparable companies' sales, EBITDA, or net income. | Level 3 is an unobservable input. It may include the company's data, adjusted for other reasonably available information. An example of a Level 3 input is an internally generated financial forecast. |

---

***Basic and Diluted Loss per Share***

The Company follows ASC 260, Earnings Per Share, to account for earnings per share. Basic earnings per share ("EPS") calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding. As of December 31, 2024, the Company had 56,131,013 weighted average basic and dilutive shares issued and outstanding.

Common stock equivalents were anti-dilutive from Inception to December 31, 2024, due to a net loss. Hence, they are not considered in the computation.

------

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***Income taxes***

Income taxes are accounted for under ASC Topic 740, Income Taxes, using the asset and liability method. Deferred tax assets and liabilities arise from temporary differences between financial reporting and tax bases and from operating loss or credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply when differences reverse.

A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. Management considers all available evidence, including historical losses and forecasts of future taxable income, in assessing the need for a valuation allowance.

ASC 740 also addresses uncertainty in tax positions. A tax benefit is recognized only if it is more likely than not that the position will be sustained upon examination. Positions meeting this threshold are measured as the largest amount more than 50% likely to be realized. Interest and penalties, if any, are recorded in income tax expense.

***Reclassifications***

Certain prior period amounts were reclassified to conform to the current year's presentation. None of these classifications impacted reported operating or net loss for any presented period.

***Legal contingencies***

The Company evaluates legal matters under ASC Topic 450, *Contingencies*. A liability is recorded when it is probable that a loss has been incurred and the amount can be reasonably estimated. Where a range of possible losses exists, and no amount in the range is a better estimate than another, the minimum amount in the range is recorded.

Legal costs are expensed as incurred. As of September 30, 2024, the Company was not involved in any material legal proceedings and had not recorded any loss contingencies.

***Recent Accounting Pronouncements***

The Company evaluates newly issued accounting standards updates, SEC staff guidance, and related professional publications when they are released to determine whether adoption will materially affect the consolidated financial statements or disclosures. The most relevant recent developments that management has considered are described below.

One notable SEC development is Staff Accounting Bulletin No. 122 (SAB 122), issued January 23, 2025, which rescinds the prior interpretive guidance in Topic 5.FF of the Staff Accounting Bulletin Series related to obligations to safeguard crypto-assets held for platform users. The rescission became effective January 30, 2025. SAB 122 directs entities with obligations to safeguard crypto-assets for others to apply the recognition and measurement requirements for liabilities arising from contingencies under ASC 450-20, Loss Contingencies, or IAS 37 under IFRS, rather than the prior guidance. It also emphasizes the need for appropriate disclosures about the effects of the change in accounting principles. The SEC notes that entities should effect the rescission on a fully retrospective basis in annual periods beginning after December 15, 2024, with earlier application permitted.

Professional firm guidance from KPMG confirms this retrospective application requirement and highlights the related disclosure expectations, including adjustments to prior periods and the opening balance of retained earnings where applicable. KPMG summarizes that SAB 122 requires entities to adjust their financial statements for prior periods presented to eliminate amounts recognized under the rescinded guidance, and to provide clear disclosure about the effects of the accounting change pursuant to ASC 250. Although the Company does not currently hold or safeguard crypto-assets for others and therefore does not expect a direct impact on its consolidated financial statements as of December 31, 2024, management will continue to monitor any future involvement with digital assets or related obligations and update disclosures as appropriate.

Another recent development relevant to preparers is FASB Accounting Standards Update 2024-02, which removes references to the FASB Concepts Statements from the Codification. This ASU is part of FASB's ongoing efforts to improve the Codification by eliminating references that may imply authoritative status for Concepts Statements and by making technical improvements. The update is primarily technical in nature, involving conforming amendments, clarifications, and structural improvements that do not change substantive recognition or measurement requirements. As such, management does not expect ASU 2024-02 to materially impact the Company's accounting policies, balances, or disclosures. Nevertheless, management will ensure that any Codification references in disclosures remain aligned with the updated text as needed when preparing future filings.

------

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

In addition to the specific updates above, management is aware that the FASB and SEC may issue other ASUs or guidance that could affect public and private companies, including topics such as credit losses, internal-use software, or derivative scope refinements. The Company periodically reviews professional summaries, technical bulletins, and standard-setting publications to determine whether newly issued or recently effective pronouncements could be material. As of the date of these financial statements, none of the recently reviewed updates, aside from those noted above, are expected to materially affect the Company's consolidated financial statements given its current operations and capital structure. Should the Company's facts or operations change—for example, through new financial instruments, expanded business activities, or thresholds that trigger additional disclosures—management will reassess the potential impact of any newly effective guidance and update disclosures in subsequent periods.

Finally, the Company continues to monitor FASB, SEC, and professional firm publications for additional ASUs, SEC staff guidance, or interpretive updates. Any future pronouncement that could materially affect recognition, measurement, or disclosure requirements will be evaluated promptly, with implementation planning and disclosure updates undertaken in accordance with applicable standards and regulatory expectations.

**NOTE 3. MANAGEMENT'S PLANS**

**Substantial doubt about the ability to continue as a going concern**

The Company has incurred recurring operating losses, negative cash flows from operations, and has not yet generated revenue from contracts with customers. As of September 30, 2025, the Company's cash resources totaled $51,564, and it had a working capital surplus of $922,878 . These conditions, considered together, raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued unless additional financial resources are secured, expenditures are reduced, or operating cash flow is generated.

Under ASC 205-40, management is required, at each annual and interim reporting date, to evaluate whether relevant conditions and events raise substantial doubt about the entity's ability to continue as a going concern for one year after the financial statement issuance date, and if so, to assess whether management's plans to mitigate those conditions are probable of being effectively implemented and likely to alleviate the substantial doubt. Deloitte summarizes the two-step approach as evaluating first whether conditions raise probable inability to meet obligations, and second whether management's plans are probable both to be implemented and to mitigate the relevant conditions.

Management's assessment, therefore, has considered the current financial condition, liquidity sources, and the feasibility and timing of mitigation plans.

**Management's plans to mitigate substantial doubt**

For the nine months ended September 30, 2025, the Company incurred a net loss of $1,565,410, mainly due to expenses related to licensing and professional fees.

Since its inception, the Company has sustained recurring losses and negative cash flows from operations. As of December 31, 2024, the Company had minimal cash. The Management believes that future cash flows may not be sufficient for the Company to meet its current obligations as they become due in the ordinary course of business for twelve (12) months following September 30, 2025. The Management expects that it will need to raise significant additional capital to accomplish its growth plan over the next twelve (12) months. The Management expects to seek additional funding through private equity or public markets. However, there can be no assurance about the availability or terms, such as financing and capital, that might be available.

The Company's ability to continue as a going concern may depend on the Management's plans discussed below. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and liabilities that might be necessary if the Company cannot continue as a going concern.

Management has developed a set of plans it considers feasible and probable of implementation within the next twelve months to mitigate the conditions, raising substantial doubt. The plans include the following principal elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Equity financing.* Management intends to raise additional equity capital through a public offering or private placement concurrent with or following the filing of the registration statement. The target amount of equity capital is $2,000,000. As of September 30, 2025, the Company has received commitments or indications of interest from one or more investors totaling $2,000,000. The Company's board has authorized issuance of up to 2,000,000 shares of common stock to support this financing, consistent with the authorization described in Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Debt financing or convertible instruments.* Management plans in negotiating debt or convertible note facilities. These arrangements, if consummated, are expected to provide interim funding to sustain operations and advance product development until the planned equity financing closes.

------

**NOTE 3. MANAGEMENT'S PLANS (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Cost management and expenditure reductions.* The Company is prioritizing critical development activities and deferring non-critical expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Commercial and development milestones.* Management plans to complete prototype testing and demonstrations for key drone systems by December 31, 2025, with the expectation that achieving these milestones will enhance discussions with investors and potential customers. The Company also aims to secure at least one strategic partnership or memorandum of understanding by December 31, 2025, to bolster credibility and support future financing.

**Assessment of feasibility and probability**

Management believes, based on current discussions with potential investors, preliminary interest from strategic partners, and the cost containment measures underway, that its plans are likely to be effectively implemented within one year after the issuance of the financial statements and are likely to mitigate the conditions raising substantial doubt. However, no assurance can be given that the planned financing, partnerships, or cost reductions will be completed on the proposed terms or timeline. Negotiations may not result in definitive agreements, market or operational conditions may change, or planned cost reductions may yield less benefit than anticipated.

**Consequences if plans are not successful**

If management's plans are not achieved within the next twelve months, the Company may be required to curtail operations further, liquidate assets, or seek alternative funding strategies. Such outcomes could result in dilution of existing shareholders, limited operational scope, or cessation of operations. The financial statements have been prepared on a going-concern basis, assuming the Company will continue operations for the foreseeable future. If liquidation were to become imminent, the Company would be required to apply a liquidation basis of accounting under ASC 205-30, which differs from the going-concern basis used in these financial statements.

**Disclosure and linkage to other notes**

The amounts and plans described herein are consistent with the Company's capital structure and recent activities described in Note 6, and with the IP acquisition activity described in Note 1. Management will continue to evaluate conditions and the effectiveness of its plans and will update disclosures in future periods as new information becomes available or if circumstances change materially.

The Company has prepared consolidated financial statements on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the ordinary business course. At September 30, 2025, and December 31, 2024, the accumulated deficits were $2,438,576 and $873,166, respectively. At September 30, 2025, and December 31, 2024, the working capital was $922,878 and $821,620 , respectively. The increase in the working capital surplus was mainly due to subscriptions receivable from investors.

**NOTE 4. RELATED PARTY TRANSACTIONS**

Since its inception, the Company has been using Guinn's offices at 2120 West Braker Lane, Suite M, Austin, TX 78758, for research and development, design and development of its products, showcase prototypes, and for government outreach. Guinn has agreed to offer its facility for the foreseeable future, whereby Guinn is developing all of the Company's products and services.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), a Delaware corporation controlled by Firoz, valued at par value for founder services rendered. Fiber exchanged these shares with BIO-key International, Inc. ("BIO") for 595,000 shares of common stock of BIO.

From August 2024 to the present, the Company's rent has been paid by Spark, a Delaware limited liability company controlled by Firoz.

In December 2024, the Company issued 50,000 shares to Hudson Dunes Corporation (previously known as Central Logistics Services Corp.), a Delaware Corporation controlled by Firoz, for cash consideration of $50,000.

From June 2025 to September 2025, the Company received $45,000 as a related party advance from Spark, a Delaware limited liability company controlled by Firoz.

------

**NOTE 5. COMMITMENTS AND CONTINGENCIES**

***Office Facility and Other Operating Leases***

**Irvine, California, USA (Headquarters)**

Effective August 2024 to the present, the Company leased office space at 200 Spectrum Center Drive, Suite 300, Irvine, CA 92618. As per the Commitment Term of the lease ("Agreement"), this Agreement shall continue on a month-to-month basis (any term after the Commitment Term, also known as "Renewal Term"). The Commitment Term and all subsequent Renewal Terms shall constitute the "Term." The Company may terminate this Agreement by delivering to the lessor Form ("Exit Form") at least one (1) whole calendar month before the month in which the Company intends to terminate this Agreement ("Termination Effective Month"). The Company is entitled to use the office and conference space if needed. Effective March 2025, the rent payment or membership fee for the Irvine Office is $199 monthly.

**Austin Location, Texas, USA (Product Development)**

Since its inception, the Company has been using Guinn's offices at 2120 West Braker Lane, Suite M, Austin, TX 78758, for research and development, design and development of its products, showcase prototypes, and for government outreach. Guinn has agreed to offer its facility for the foreseeable future, whereby Guinn is developing all of the Company's products and services.

***Employment Agreement***

The Company has not formalized performance employment agreements, bonuses, and other incentive plans. The Company expects to formalize such contracts by September 30, 2025.

***Pending Litigation***

Management is unaware of any actions, suits, investigations, or proceedings (public or private) pending or threatened against or affecting any of the assets or any affiliate of the Company.

**Tax Compliance Matters**

From inception to date, the Company's officers have been paid as independent contractors. As the Company was incorporated in July 2024 with a net loss for the fiscal year ended in December 2024, it has not filed federal taxes with the Internal Revenue Service. The Company intends to file its initial return by April 2026 for 2024 and 2025.

**NOTE 6. STOCKHOLDERS' EQUITY (DEFICIT)** 

***Authorized Shares***

As per the Article of Incorporation dated July 26, 2024, the Company shall have the authority to issue 110,000,000 shares, consisting of 100,000,000 shares of Common Stock having a par value of $.0001 per share and 10,000,000 shares of Preferred Stock having a par value of $.0001 per share.

***Preferred Stock***

As of December 31, 2024, the Company has issued zero preferred stock.

***Common Stock***

As of December 31, 2024, the Company had issued 66,056,977 common shares.

In July 2024, the Company issued 28,000,000 shares to Mingta Capital, LLC ("Mingta"), the founder, valued at par value for services rendered in establishing and forming the business. On July 26, 2024, Mingta transferred all 28,000,000 shares to the following beneficial owners: Tolemac Holdings LLC (8, 7500,000 shares), TAH-DAH Ventures LLC (7,500,000 shares), Candice Beaumont (1,000,000 shares), EIR Holdings, LLC (2,500,000 shares), Blackstar Energy Pty Ltd. (3,000,000 shares), Greenlink Pty Ltd ATF The Debsago Trust (2,500,000 shares), Rod Jones (2,000,000 shares), Jake Williams (500,000 shares), and to a consultant (250,000). Mingta does not currently hold any shares of the Company's common stock.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), valued at par value for founder services rendered.

In August 2024, the Company issued 5,000,000 shares to T Stamp Inc. for a licensing agreement valued at $5,000,000.

In August 2024, the Company issued 100,000 shares to T Stamp Inc. for cash valued at $100,000.

In August 2024, the Company issued 5,000,000 shares to Guin Partners to acquire intellectual property valued at $5,000,000.

------

**NOTE 6. STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)**

In September 2024, the Company issued 2,500,000 shares to Eastern Electrolyser to acquire the hydrogen fuel cell technology valued at $2,500,000.

In October 2024, the Company issued 2,000,000 shares to investors for cash valued at $2,000,000. The Company expects to receive the funds by December 31, 2024.

In December 2024, the Company issued 50,000 shares to investors for cash valued at $50,000.

In December 2024, the Company issued 3,500,000 shares to Shore House IVF to acquire Wavedrone technology valued at $3,500,000.

In December 2024, the Company issued 2,906,977 common shares to Tribal Rides International Corp. to acquire key intellectual property assets valued at $5,000,000.

 **NOTE 7 — NONCASH INVESTING AND FINANCING ACTIVITIES** 

During the periods presented, the Company entered into several investing and financing transactions that did not involve the use of cash and, accordingly, are excluded from the consolidated statements of cash flows in accordance with ASC 230-10-50.

Significant noncash investing and financing activities included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · Issuance of shares of common stock in exchange for acquired intangible assets, including hydrogen fuel cell technology, the Wavedrone maritime drone platform, and Tribal Rides intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · Issuance of shares of common stock in connection with subscription agreements for which cash had not yet been received.

These noncash transactions are reflected in the consolidated balance sheets and statements of stockholders' equity but do not impact cash flows for the periods presented.

During the nine months ended September 30, 2025, the Company did not complete any material acquisitions of intellectual property or other intangible assets through the issuance of equity securities (i.e., no noncash investing or financing activities related to intangible asset acquisitions).

During the nine months ended September 30, 2024, the Company completed noncash acquisitions of intellectual property and other intangible assets in exchange for shares of common stock. These noncash investing and financing activities included the acquisition of Airdrone technology for $5,000,000 and hydrogen fuel cell technology for $2,500,000, for aggregate noncash consideration of $7,500,000. These transactions are excluded from the consolidated statements of cash flows in accordance with ASC 230-10-50.

**NOTE 8 . OFF-BALANCE SHEET ARRANGEMENTS**

We have no off-balance sheet arrangements affecting our liquidity, capital resources, market risk support, credit risk support, or other benefits.

**NOTE 9 . SUBSEQUENT EVENTS**

In December 2025, the Company filed a non-provisional (utility) patent application with the United States Patent and Trademark Office claiming priority to U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," which was originally filed on December 3, 2024. The non-provisional application was filed prior to December 3, 2025, expiration of the 12-month priority period, thereby preserving the benefit of the original priority date.

The patent application covers the Company's proprietary Wavedrone unmanned surface vessel technology, including its innovative mechanical self-righting and self-stabilization systems. The filing of the non-provisional application initiates the formal USPTO examination process, which is expected to take approximately 18 to 24 months. There can be no assurance that a patent will be issued or that the scope of any patent granted will provide meaningful protection for the Company's technology.

Patent prosecution costs incurred in connection with this filing, including attorney fees and USPTO filing fees, will be capitalized as part of the Company's intangible assets.

*Appointment of Interim CFO*

In December 2025, Firoz stepped down as the CFO of the Company. The Board appointed Himanshu Sharma as the interim CFO of the Company.

The Company had evaluated subsequent events through February 3, 2026 , when these financial statements were available to be issued.

------

**INDEX TO FINANCIAL STATEMENTS**

![Picture 1](boums1z_1.jpg)

**FINANCIAL STATEMENTS**

**As of**

**DECEMBER 31, 2024**

**Together with**

**Report of** **Independent Registered Public Accounting Firm**

------

**BOUMARANG INC.**

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
|  | **Pages** |
| [Report of Independent Registered Public Accounting Firm (ID 7057)](#report1) | F-23 |
| [Consolidated Balance Sheets as of December 31, 2024](#bs1) | F-25 |
| [Consolidated Statements of Operations from Inception (July 26, 2024) to December 31, 2024](#sop1)  | F-26 |
| [Consolidated Statements of Stockholders' Equity (Deficit) from Inception (July 26, 2024) to December 31, 2024](#sse1) | F-27 |
| [Consolidated Statements of Cash Flows from Inception (July 26, 2024) to December 31, 2024](#soc1) | F-28 |
| [Notes to the Consolidated Financial Statements](#note1) | F-29 |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Boumarang Inc. (the 'Company') as of December 31, 2024, and the related consolidated statements of operations, comprehensive income, changes in stockholders' equity, and cash flows for the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for each of the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidation financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3, the Company suffered an accumulated deficit of $873,166. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans with regard to these matters are also described in Note 3 to the financial statements. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. Communication of critical audit matters does not alter in any way our opinion on the financial statements taken as a whole, and we are not, by communicating the critical audit matters, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

**Valuation of Intangible Assets** 

As described in Notes 1 of the financial statement, the Company entered into an Intellectual Property Rights Purchase and Transfer Agreement with Guinn Partners ("Guinn"). The agreement involves acquiring specific intellectual property (IP) assets owned or controlled by Guinn. The Company agreed to issue 5,000,000 shares of common stock valued at $5,000,000 as consideration for the IP assets. Also, the Company agreed with Eastern Electrolyser Ltd. ("Eastern") to develop 4kW/8kW fuel cell power pack products by December 31, 2024. The PEM Hydrogen Fuel Cell is an advanced, clean hydrogen-powered energy source designed for efficient and reliable operation. The Company issued 2,500,000 comm shares valued at $2,500,000 as consideration for the IP assets. During the year, Boumarang also acquired the Wavedrone platform from Shore House IVF. The Company issued 3,500,000 common shares valued at $3,500,000 as consideration for the IP assets.

The methods used to estimate the fair value of acquired intangible assets involve significant assumptions. The significant assumptions applied by management in estimating the fair value of acquired intangible assets included income projections and discount rates.

The principal consideration for our determination that performing procedures relating to the valuation of the intangible assets is critical audit matter are (1) there was a high degree of auditor judgment and subjectivity in applying procedures relating to the fair value of intangible assets acquired due to the significant judgment by management when developing the estimates and (2) significant audit effort was required in evaluating the significant assumptions relating to the estimates, including the income projections and discount rates.

------

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included, among others, reading the purchase agreement and testing management's process for estimating the fair value of intangible assets. Testing management's process included evaluating the appropriateness of the valuation models, testing the completeness, accuracy, and relevance of underlying data used in the models, and testing the reasonableness of significant assumptions, including the income projections and discount rates. Evaluating the reasonableness of the income projections involved considering the current performance of the acquired business, the consistency with external market and industry data, and whether these assumptions were consistent with other evidence obtained in other areas of the audit.

/S/ Lateef Awojobi

**LAO PROFESSIONALS**

(PCAOB ID 7057)

Lagos, Nigeria

We have served as the Company's auditor since 2025.

February 3, 2026

------

**Boumarang Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(AUDITED)**

---

| | |
|:---|:---|
|  | **December 31,** <br> **2024** |
| Assets |  |
| &nbsp;&nbsp;&nbsp;**Current assets:** |  |
| &nbsp;&nbsp;&nbsp;Cash | $50242  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, current | 972223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current assets** | **1022465**  |
| &nbsp;&nbsp;&nbsp;Acquired intangible assets | 16000000  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, noncurrent | 3360214  |
| &nbsp;&nbsp;&nbsp;Drone capitalization costs | 100000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**20482679**  |
| Liabilities and Stockholders' surplus (deficit) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $200000  |
| &nbsp;&nbsp;&nbsp;Accrued expenses, related party | 845  |
| &nbsp;&nbsp;&nbsp;**Total Current liabilities** | **200845**  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **200845**  |
| &nbsp;&nbsp;&nbsp;Commitments and Contingencies (Note 5) | -  |
| **Stockholders' surplus (deficit):** |  |
| Preferred stock, par value $0.0001, 10,000,000 shares authorized, 0 issued and outstanding, as of December 31, 2024 | -  |
| Common stock, par value $0.0001, 100,000,000 shares authorized; 66,056,977 issued and outstanding shares as of December 31, 2024  | 6606  |
| Subscription receivable  | (2000000)  |
| Additional-paid-in capital | 21148394  |
| Accumulated deficit | (873166)  |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 20281834  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and Stockholders' surplus (deficit)** | $**20482679**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**(AUDITED)**

---

| | |
|:---|:---|
|  | **July 26, 2024, to** <br>**December 31, 2024** |
| **Operating expenses:** |  |
| General and administrative | 873166  |
| **Total operating expenses** | **873166**  |
| **Operating loss** | **(873166)**  |
| **Income (loss) before provision for income taxes** | **(873166)**  |
| Provision for income taxes | **-**  |
| **Net income (loss)** | $**(873166)**  |
| Net loss per common share, basic and diluted | $(0.01)  |
| Weighted average number of common shares outstanding, basic and diluted | 56131013  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF STOCKHOLDERS' SURPLUS (DEFICIT)**

**(AUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **No. of shares** | **Value** | **Additional**<br> **paid-in**<br> **capital** | **Accumulated**<br> **deficit** | **Total**<br> **stockholders'**<br> **equity (deficit)** |
| **Balance - December 31, 2023** | **-** | $**-** | $**-** | $**-** | $**-** |
| **Inception (July 26, 2024) to December 31, 2024** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opening balance | - | - | 500 | - | 500 |
| &nbsp;&nbsp;&nbsp;Common shares issued for founder services valued at par value per share | 45000000 | 4500 | - | - | 4500 |
| &nbsp;&nbsp;&nbsp;Common shares issued for AI services valued at $1.00 | 5000000 | 500 | 4999500 | - | 5000000 |
| &nbsp;&nbsp;&nbsp;Common shares issued for cash valued at $1.00 | 2150000 | 215 | 2149785 | - | 2150000 |
| &nbsp;&nbsp;&nbsp; Subscription receivable valued at $1.00  | -  | -  | (200000)  | -  | (2000000)  |
| &nbsp;&nbsp;&nbsp;Common shares issued for IPs valued at $1.00 | 5000000 | 500 | 4999500 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;Common shares issued for Hydrogen Fuel Cells valued at $1.00 | 2500000 | 250 | 2499750 | - | 2500000 |
| &nbsp;&nbsp;&nbsp;Common shares issued for Wavedrone IPs valued at $1.00 | 3500000 | 350 | 3499650 | - | 3500000 |
| &nbsp;&nbsp;&nbsp;Common shares issued for Tribal Rides IPs valued at $1.72 | 2906977 | 291 | 4999709 | - | 5000000 |
| &nbsp;&nbsp;&nbsp;Net loss | - | - | - | (873166) | (873166) |
| **Balance - December 31, 2024** | **66056977** | $**6606** | $**21148394**  | $**(873166)** | $**20281834**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**(AUDITED)**

---

| | |
|:---|:---|
|  | **July 26, 2024, to** <br>**December 31, 2024** |
| Net income (loss) | $**(873166)**  |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |
| Common stock issued for services | 5004500  |
| **Change in assets and liabilities:** |  |
| Prepaid expenses | (4332437)  |
| Accounts payable, related party | 200000  |
| Accrued expenses, related party | 845  |
| **Net cash used in operating activities** | $**(258)**  |
| **Investing Activities:** |  |
| Drone capitalization costs | (100000)  |
| **Net cash used in investing activities** | $**(100000)**  |
| **Financing Activities:** |  |
| Opening balance | 500  |
| Stock issued for cash | 150000  |
| **Net cash provided by financing activities** | $**150500**  |
| **Net increase in cash** | **50242**  |
| **Cash at the beginning of the period** | **-**  |
| **Cash at the end of the period** | $**50242**  |
| **Cash paid for income taxes** | $**-**  |
| **Cash paid for interest** | $**-**  |
| **Non-cash investing and financing activities:** |  |
| **Acquisition of IP/Intangible assets**  | $**16000000**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc. – NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS**

**OVERVIEW**

The Company ("us," "we," and "our") was incorporated on July 26, 2024 ("Inception"), as Boumarang Inc. ("Boumarang") under the laws of the State of Delaware. The Company is based in Irvine, California, with an additional location in Austin, Texas. The Company aims to revolutionize industry operations with sustainable, long-range, intelligent drones. In October 2024, the Company established Boumarang Pty Ltd. In Australia, it conducts its business with the Australian government and the non-government sector. At present, there are no significant operations of Boumarang Pty Ltd.

Boumarang presents a growth opportunity at the forefront of hydrogen-powered, AI-driven drone technology, addressing large market needs in sustainable monitoring and resource management. Their competitive advantages in clean energy and advanced AI analytics position them for high growth potential in a rapidly evolving industry. Our drones are designed for agriculture, forestry, power infrastructure, and environmental monitoring applications, leveraging hydrogen fuel cells for extended flight times and reduced environmental impact.

Boumarang's hydrogen-powered UAV design demonstrates alignment with market trends toward endurance, eco-friendly propulsion, and AI-driven autonomy. The hydrogen fuel cell technology presents advantages in efficiency and eco-friendliness, but shares industry-wide limitations in storage and infrastructure challenges. While certain competitors achieve higher endurance or range, Boumarang's targeted balance in VTOL capability, payload flexibility, and hybrid design positions it well for versatile applications across commercial and surveillance sectors.

Boumarang's drones use hydrogen fuel cells, offering extended flight times, minimal environmental impact, and quick refueling capabilities, which are ideal for long-range operations such as infrastructure inspections and SAR (search and rescue). Boumarang's AI platform integrates data from multiple sensors and provides real-time analysis for predictive maintenance, resource monitoring, and operational insights. This system supports various industries, from agriculture to energy, delivering alerts and detailed reports directly into existing workflows.

Boumarang operates on a B2B SaaS model with revenue streams from drone hardware leasing, an AI analytics subscription platform, and customized AI solutions for logistics, energy, and natural resources. Additional revenue sources include Data-as-a-Service (DaaS), providing advanced analytics and insights based on drone-collected data.

Boumarang's IP portfolio provides advanced technology assets designed for precision targeting, robust device management, and immediate engagement capabilities, with asset rights structured to ensure the Company's exclusive control over these innovations, except for limited MoonTower applications. This IP suite supports military and commercial applications, offering enhanced efficiency and operational effectiveness across various high-tech environments.

To date, the Company has focused on research and development, technology acquisition, prototype development, and capital formation. The Company has not generated revenue from contracts with customers during the period presented.

**ACQUISITION OF INTELLECTUAL PROPERTIES**

During the year ended December 31, 2024, the Company completed four acquisitions of intellectual property and technology, each accounted for as acquired intangible assets and recorded at cost, consisting of the following:

• Airdrone technology

• Hydrogen fuel cell technology

• Wavedrone maritime drone platform

• Tribal Rides' intellectual property

The aggregate consideration for these four acquisitions was $16.0 million, all of which was satisfied through the issuance of shares of the Company's common stock. These assets are reflected as acquired intangible assets on the consolidated balance sheets as of December 31, 2024.

Below is a summary of IP or technology acquisitions completed:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquisition** | **Date** | **Shares Issued** | **Fair Value Per Share** | **Total Consideration** | **Related party status** |
| Airdrone Technology | 08/28/2024 | 5000000 | $1.00 | $5000000 |  |
| Hydrogen Fuel Cell Technology | 09/30/2024 | 2500000 | $1.00 | $2500000 |  |
| Wavedrone Platform | 12/31/2024 | 3500000 | $1.00 | $3500000 |  |
| Tribal Rides IP | 12/31/2024 | 2906977 | $1.72 | $5000000 |  |

---

The acquired asset is determined to have an indefinite useful life; it would not be amortized but instead tested for impairment at least annually or more frequently if indicators arise.

------

In addition, during 2024, the Company entered into a technology licensing agreement with T Stamp Inc. related to biometric identity and authentication technology used in connection with the Company's airdrone platform. The Company did not acquire ownership of the underlying intellectual property under this arrangement. Accordingly, the consideration paid under the T Stamp licensing agreement is recorded as a prepaid expense and is not included in acquired intangible assets.

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS (continued)**

Management periodically evaluates whether events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable in accordance with ASC Topic 360, Property, Plant, and Equipment, and ASC Topic 350, Intangibles—Goodwill and Other.

Where IP or technology assets were acquired from founders, insiders, or entities related to the Company, management has disclosed the relationship, nature of consideration, and any terms that differ from arm's-length arrangements. These disclosures are in accordance with ASC Topic 850 on related parties and are intended to provide transparency to financial statement users and auditors.

The share issuances and fair values presented above correspond directly to the amounts recorded in the Company's stockholders' equity, as described in Note 6. Management has ensured that the number of shares, fair value per share, and total consideration are consistently reflected across Note 1, Note 6, and any accompanying equity roll-forward schedules or cap tables.

Any material acquisitions of IP or technology assets completed after December 31, 2024, and prior to the issuance of these financial statements are disclosed in Note 9- Subsequent Events or an updated version of this note, including date, consideration, and related-party status.

***Acquisition of Airdrone Technology:***

On August 28, 2024, Boumarang, Inc. (the "Company") entered into an Intellectual Property Rights Purchase and Transfer Agreement with Guinn Partners ("Guinn"). The agreement involves acquiring specific intellectual property (IP) assets owned or controlled by Guinn. The Company agreed to issue 5,000,000 shares of common stock valued at $5,000,000 as consideration for the IP assets. The acquired assets include patents, pending patents, trade secrets, software, designs, and other IP listed in Exhibit A of the agreement. Guinn transferred the assets free of encumbrance and secured the necessary third-party consents.

1. Range Beacons & Automated Drone Guidance System

This technology is an advanced beacon and automated guidance system designed to ensure precise drone payload placement or autonomous landing once a target is identified, with no further human input required. Using a distributed mesh network of drone-compatible beacons, the system continuously measures relative signal strength, known beacon positions, and environmental variables to triangulate an exact target location in real time. An onboard processor then automatically adjusts the drone's flight path and final approach vector to align with the calculated target point, maximizing accuracy for delivery or landing operations. The Company receives an unrestricted and irrevocable license, allowing full use. However, Boumarang retains the right to continue using MoonTower for non-competing applications in existing business areas, such as toys, electric surfboards, and battery systems.

2. MoonTower Analytics & OTA Software Update System

The MoonTower system provides network infrastructure for remote monitoring and over-the-air (OTA) updates for drones, robots, and IoT devices. This system allows for real-time management and updates across connected devices, making fleet management and remote device maintenance essential. The Company receives an unrestricted and irrevocable license, allowing full use. However, Boumarang retains the right to continue using MoonTower for non-competing applications in existing business areas, such as toys, electric surfboards, and battery systems.

3. Pilot in Command (PIC) Operational Display

The Pilot in Command (PIC) Operational Display is a hardware-enabled interface that provides remote drone operators with real-time, in-view mission data essential for precision flight and payload operations. It delivers immediate, context-rich information—such as aircraft status, sensor feeds, environmental conditions, and target or waypoint overlays—directly within the operator's display environment, significantly enhancing situational awareness, decision speed, and overall mission effectiveness. The Company receives an unrestricted and irrevocable license, allowing full use. However, Boumarang retains the right to continue using MoonTower for non-competing applications in existing business areas, such as toys, electric surfboards, and battery systems.

***Acquisition of Hydrogen Fuel Cell Technology***

On September 30, 2024, Boumarang, Inc. (the "Company") agreed with Eastern Electrolyser Ltd. ("Eastern") to develop 4kW/8kW fuel cell power pack products by December 31, 2024. The PEM Hydrogen Fuel Cell is an advanced, clean hydrogen-powered energy source designed for efficient and reliable operation. The Company issued 2,500,000 comm shares valued at $2,500,000 as consideration for the IP assets. A fully automated electronic control system and intelligent condition monitoring ensure optimal performance while maintaining safety through voltage protection and a built-in flame arrestor. Available in 4 kW and 8 kW fuel cell pack configurations, this ultra-lightweight system, weighing up to 30 lb, is engineered for portability and high energy output. Its proton exchange membrane (PEM) technology provides a sustainable and emission-free power supply, making it ideal for applications requiring lightweight, high-performance hydrogen energy solutions. The Company and Eastern plan to build an 11 MW fuel cell production facility to service 1,800 drones by the end of the fiscal year 2026.

------

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS (continued)**

***Acquisition of Wavedrone Platform***

On December 31, 2024, Boumarang acquired the Wavedrone platform from Shore House IVF. The Company issued 3,500,000 common shares valued at $3,500,000 as consideration for the IP assets. The Company is pioneering the Wavedrone platform, which is designed to capture high-definition footage both above and below water, addressing a significant gap in the growing drone market. Unlike traditional water drones, which are either boats or remotely operated underwater vehicles (ROVs), Waverdrone introduces a unique, patent-pending design that remains inherently stable at the water's surface while simultaneously filming above and beneath the waterline. The technology emphasizes high usability with a lightweight, flexible structure that is easy to carry and deploy, requiring no specialized training for operation. This user-friendly approach expands potential market reach, allowing entry into both consumer and professional segments. Additionally, the platform's low production cost, coupled with favorable retail pricing, positions Waverdrone for positive cash flow.

With a minimum viable product (MVP) already prototyped and tested, Waverdrone is prepared for mass production, targeting a diverse array of use cases across industries, including marine research, recreation, security, and content creation. This broad applicability highlights the expansive market potential of technology.

**Proprietary Technology — Wavedrone Platform**

As part of our Wavedrone technology platform acquired from Shore House IVF, we hold U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," filed December 3, 2024. The application names Dánial Hoydal, David Geyti, and Eric Davis as inventors.

The patent application covers our proprietary USV design featuring innovative mechanical self-stabilization technology. Unlike conventional USVs that rely on powered gyroscopic systems or active ballast management, our design achieves passive stability through a unique structural configuration consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Torpedo Pontoon Design*: A positively buoyant surface vehicle pontoon with lowered ballast housing the propulsion system and battery, minimizing hydrodynamic drag while maintaining operational stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Pendular Mast/Keel System*: A hinged mast extending above and below the waterline, connected via a swivel axial joint that enables mechanical auto-righting without powered intervention. The lower keel houses primary batteries to create a lowered center of mass.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Telescoping Keel*: Dynamic depth adjustment capability for hazard avoidance and operation in varying water depths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Wireless Inductive Docking*: Electromagnetic docking system with wireless charging pads enabling autonomous recharging via companion buoys or docking stations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Swarm Networking*: Architecture enabling coordinated operation of multiple USVs with cloud-based control, mesh connectivity, and distributed computing capabilities.

Our Wavedrone technology is designed for deployment in challenging maritime environments where conventional manned and unmanned assets cannot reliably operate, addressing applications in aquaculture monitoring, search and rescue, harbor security, environmental monitoring, and fisheries management.

***Acquisition of Tribal Rides IP***

On December 31, 2024, Boumarang acquired key intellectual property assets from Tribal Rides International Corp., including U.S. Patent No. 9,984,574 and U.S. Patent No. 11,217,101. The Company issued 2,906,977 common shares valued at $5,000,000 as consideration for the IP assets. The first patent, issued on May 29, 2018, focuses on a system and method for arranging transportation among parties through mobile devices. The second patent, issued on January 4, 2022, builds upon the original vision of disruptive technology for self-driving cars, enhancing the capabilities of autonomous vehicle systems. This strategic acquisition aligns with Boumarang's commitment to advancing innovative transportation solutions and expanding its portfolio in the autonomous vehicle industry.

**PRODUCT OVERVIEW**

***Airdrone***

Boumarang drones are designed as mid-size UAVs emphasizing hydrogen fuel cell hybrid technology with VTOL (Vertical Take-Off and Landing) capability and Beyond Visual Line of Sight (BVLOS) operability, aiming for endurance and operational range. Boumarang's focus on hydrogen fuel cells aligns with the market's shift towards more environmentally friendly propulsion systems, though challenges remain around hydrogen storage, cost, and infrastructure.

------

**NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS (continued)**

Boumarang's design for hydrogen-powered drones involves iterative design adjustments and simulations to address critical stability, efficiency, and endurance issues. The preferred structural adjustments, such as moving the wing forward for longitudinal stability and the positive dihedral for lateral stability, position Boumarang's drone for better control and balance during complex operations. The efficiency concerns suggest additional modifications to optimize the powertrain and aerodynamics, potentially enhancing the drone's endurance to align with project goals for extended flight durations.

The W150 VTOL is an advanced unmanned aerial system (UAS) developed by Guinn Partners, designed for long-range and versatile operations. This VTOL variant is optimized for rapid deployment across diverse missions, supporting Department of Defense (DoD) requirements. It can vertically take off and transition to forward flight, making it suitable for operations in constrained or disrupted environments.

***Wavedrone***

Boumarang's Wavedrone is a patent-pending, innovative floating drone designed to capture footage both above and below water with high stability. Unlike conventional water drones, which are either boats or remotely operated vehicles (ROVs), Wavedrone represents a new category of autonomous and remotely operated maritime drones. It offers high usability, a lightweight design, and easy deployment without requiring specialized training, making it ideal for a wide range of applications. No existing product combines stability, affordability, and dual above/below water filming capabilities in one package.

The Wavedrone has a unique dual-view filming capacity; it simultaneously captures high-quality above-water and underwater footage, enabling real-time monitoring of aquatic environments. It features a patent-pending stability system that guarantees a stable filming experience in various water conditions. The product is highly usable, lightweight, portable, and easy to deploy without technical expertise. The Wavedrone can be mass-produced at a low cost and has strong market demand, resulting in high profit margins. The Company has produced and tested an MVP prototype that is ready for scaling.

The global drone market is experiencing rapid growth, and Wavedrone occupies a unique niche in this expanding industry. Unlike traditional aerial drones or underwater ROVs, Wavedrone serves the unmet need for a hybrid solution that functions effectively at the water's surface. The global drone market is projected to reach $89 billion by 2030, with increasing demand in environmental monitoring, security, and content creation. There are proven versatile use cases across multiple industries, including but not limited to environmental monitoring & marine research, underwater inspections (ports, bridges, and pipelines), aquaculture & fisheries, search & rescue operations, recreational and professional filmmaking, and defense & surveillance applications.

Wavedrone aims to establish a multi-channel revenue model by leveraging diverse sales and service streams. The company plans to generate revenue through direct sales to enterprises and government agencies, catering to research, security, and monitoring applications. Additionally, retail and e-commerce sales will target hobbyists, filmmakers, and content creators seeking an innovative water-based drone solution. To enhance recurring revenue, Wavedrone will offer subscription-based services for remote monitoring, cloud storage, and data analytics, providing users with continuous access to critical insights. Furthermore, the company seeks to build strategic partnerships with marine, defense, and infrastructure companies, expanding its market reach and ensuring long-term growth in key industries.

***Our AI Initiatives***

Boumarang, in collaboration with its partners, is planning to integrate sophisticated AI functionalities in its hydrogen-powered drones to enhance autonomy, real-time decision-making, and operational efficiency. This report details the AI-based features and subsystems planned, focusing on semi-autonomous and autonomous capabilities crucial for various commercial, consumer, and governmental applications.

The AI features are geared toward reducing dependency on human operators, enabling scalable operations through autonomous navigation and flight control. This includes fleet management, autonomous urban drone networks, and long-range surveillance and delivery missions.

The project targets compliance with FAA standards for flights over urban areas. This necessitates an AI system that adapts to dynamic airspace conditions and potential hazards in real time.

Boumarang's integration of AI aims to achieve groundbreaking autonomy in hydrogen-powered drones, addressing urban, industrial, and government needs. By focusing on real-time perception, adaptive decision-making, robust safety features, and compliance with regulatory standards, Boumarang's AI subsystems are positioned to offer reliable, versatile, and safe UAV solutions.

**Board of Directors**

As of December 31, 2024, the Company has three directors, including one non-executive director.

------

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

***Basis of Presentation and Principles of Consolidation***

The accompanying consolidated financial statements include Boumarang Inc. and its subsidiary accounts. We have eliminated all intercompany balances and transactions. The Company has prepared the consolidated financial statements consistent with the Company's accounting policies in its financial statements. The Company has measured and presented the Company's consolidated financial statements in US Dollars, which is the currency of the primary economic environment in which the Company operates (also known as its functional currency).

***Consolidated Financial Statement Preparation and Use of Estimates***

The Company prepared the consolidated financial statements according to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates include revenue recognition, the allowance for doubtful accounts, website and internal-use software development costs, recoverability of intangible assets with finite lives, and other long-lived assets. Actual results could materially differ from these estimates.

***Cash and Cash Equivalents***

Cash and cash equivalents include cash on hand, bank deposits, and other short-term, highly liquid investments with three months or less of original maturities. The Company maintains its cash balances at a single financial institution. The cash on hand as of December 31, 2024, was $50,242. The balances do not exceed Federal Deposit Insurance Corporation (FDIC) limits as of December 31, 2024.

***Prepaid expenses and other current assets***

Prepaid expenses consist of advance payments for services, licenses, or other costs that benefit future periods. Amounts expected to be realized or consumed within twelve months are classified as current; amounts beyond twelve months are classified as noncurrent. Prepaid expenses are expensed on a straight-line basis or based on usage patterns consistent with the underlying arrangement.

As of December 31, 2024, prepaid expenses and other assets consisted of the following:

– Prepaid expenses and other current assets: $972,223

– Other non-current assets: $3,360,214

The current portion is expected to be recognized as an expense within twelve months of the balance sheet date, with the non-current portion recognized over the remaining terms of the related agreements.

***Subscription receivable***

Subscription receivable represents amounts due from investors for common stock that has been subscribed and issued but for which cash has not yet been collected. A subscription receivable is recorded when collection is considered probable and is evaluated for collectability at each reporting date. Subsequent cash collections reduce the receivable balance. As of December 31, 2024, Subscription receivable was $2,000,000.

***Revenue recognition***

The Company applies ASC Topic 606, *Revenue from Contracts with Customers*, to all contracts with customers. A contract exists when the parties approve the contract, rights and payment terms are identified, the contract has commercial substance, and collectability is probable.

The Company identifies distinct performance obligations, determines the transaction price, allocates the transaction price to the performance obligations based on standalone selling prices, and recognizes revenue when or as performance obligations are satisfied.

Typical arrangements anticipated in future periods include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Hardware and drone systems** – revenue recognized at a point in time upon transfer of control, generally upon shipment or delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Software-as-a-Service and AI analytics** – revenue recognized over time, typically on a straight-line basis over the contract term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Data-as-a-Service and professional services** – revenue recognized over time as services are performed, often based on input measures such as time incurred or output milestones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Leasing or usage-based arrangements** – when arrangements contain a lease under ASC Topic 842, lease components are accounted for separately; otherwise, revenue is recognized over time based on usage or contractual terms.

The Company had not generated revenue from contracts with customers during the period presented and therefore had no contract assets or liabilities as of December 31, 2024.

------

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***Accounts payable and accrued expenses***

Accounts payable represent amounts owed to vendors for goods and services received but not yet paid. Accrued expenses represent obligations incurred for which invoices have not been received, such as professional fees or other operating costs. These liabilities are recorded at estimated amounts and are classified as current.

***Accounts Payable***

Accounts Payable represents amounts owed by the Company to suppliers and vendors for goods or services received but not yet paid for as of the reporting date. These liabilities are typically short-term and are recorded at their invoiced amounts.

**Recognition:** Accounts payable are recognized when the goods or services are received, and the obligation to pay arises, regardless of when payment is made.

**Measurement:** Accounts payable are measured at their amortized cost, typically the invoiced amount due.

**Classification:** Accounts payable are classified as current liabilities on the balance sheet as they are generally settled within the normal operating cycle, typically 30 to 90 days.

As of December 31, 2024, the accounts payable were $200,000, mainly professional and technical fees, owed to related parties.

***Accrued Expenses***

Accrued Expenses represent liabilities for costs that have been incurred but not yet invoiced or paid as of the reporting date. These expenses are recognized according to the accrual basis of accounting, ensuring expenses are matched to the period in which they are incurred.

**Recognition:** Accrued expenses are recorded when the expense is incurred, even if an invoice has not been received.

**Measurement:** These liabilities are estimated based on contracts, agreements, or historical costs, and adjustments are made when actual amounts are determined.

**Classification:** Accrued expenses are classified as current liabilities on the balance sheet.

The accrued expenses as of December 31, 2024, were $845, which mainly include rent payments.

***Concentrations of Credit Risk***

*Cash*

Cash and cash equivalents include cash on hand, bank deposits, and other short-term, highly liquid investments with three months or less of original maturities. The Company maintains its cash balances at a single financial institution. The Company maintains its cash balances at a single financial institution. The cash on hand as of December 31, 2024, was $50,242. The balances do not exceed Federal Deposit Insurance Corporation (FDIC) limits as of December 31, 2024.

***Legal Proceedings***

The Company discloses a loss contingency if there is at least a reasonable possibility that a material loss has been incurred. The Company records its best estimate of loss related to legal proceedings pending when the loss is probable, and the amount can be reasonably estimated. The Company can reasonably estimate a range of losses with no best estimate in the range; the Company records the minimum estimated liability. As additional information becomes available, the Company assesses the potential liability related to pending legal proceedings, revises its estimates, and updates its disclosures accordingly. The Company's legal costs associated with defending itself are recorded as expenses when incurred. The Company is currently not involved in any litigation.

***Impairment of Long-Lived Assets***

The Company reviews long-lived assets for impairment following FASB ASC 360, Property, Plant, and Equipment. We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment charge is recognized when the asset's carrying value exceeds the fair value. There are no impairment charges from Inception to December 31, 2024.

------

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***Provision for Income Taxes***

The provision for income taxes is determined using the asset and liability method. Under this method, deferred tax assets and liabilities are based on the temporary differences between the consolidated financial statement and income tax bases of assets and liabilities using the enacted tax rates applicable yearly.

The Company utilizes a two-step approach to recognizing and measuring uncertain tax positions ("tax contingencies"). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount, more than 50%, is likely to be realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and benefits, requiring periodic adjustments, which may not accurately forecast actual outcomes. The Company includes interest and penalties for tax contingencies in providing income taxes in the operations' consolidated statements. The Company's management does not expect the total amount of unrecognized tax benefits to change significantly in the next twelve (12) months.

 

***Drone Development Costs***

**Capitalized Development Costs**

The Company capitalizes certain development costs when the criteria in ASC Topic 985-20, Software to be Sold, Leased, or Marketed, or other applicable guidance are met, including establishment of technological feasibility and intent to complete and market the product.

Capitalized costs may include third-party development fees, payroll costs directly attributable to development, and other incremental costs incurred during application development. Costs incurred during the preliminary project stage or post-implementation/maintenance stage are expensed as incurred.

Capitalized development costs are carried at cost and amortized on a straight-line basis over their estimated useful lives, generally, e.g., three years, commencing when the related software or technology is available for its intended use. The Company amortizes these capitalized development costs over the estimated useful life of three (3) years using the straight-line method. Amortization will commence upon the commercial release of the hydrogen-powered drones.

As of December 31, 2024, the Company had capitalized $100,000 of development costs and had not commenced amortization because the assets were not yet available for general release. Our capitalized costs are mainly for developing hydrogen-powered air and water drones. These costs include expenses incurred during the development stage that meet the criteria for capitalization under ASC 985-20 (Software to be Sold, Leased, or Marketed).

The activities capitalized encompass:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Planning and design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Coding and testing to establish technological feasibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Development of software components integrated into the drones.

Capitalized development costs are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If impairment indicators exist, the Company compares the carrying amount to the undiscounted cash flows expected to be generated by the asset. If impaired, the asset is written down to fair value.

**Research and Development (R&D) Expenses**

Research and development costs are expensed as incurred in accordance with ASC Topic 730, *Research and Development*. These costs include third-party engineering, design, prototyping, testing, and related activities. The Company acknowledges that future benefits from research and development (R&D) are uncertain and cannot capitalize on the R&D expenditure. The GAAP accounting standards require us to expense all research and development expenditures as incurred.

In addition to the capitalized costs, the Company incurred $50,000 in research and development expenses. These R&D costs primarily relate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Initial feasibility studies and conceptual designs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Experimental testing and prototype development.

The expensed R&D costs are reflected in the Company's income statement under "General & Administrative Expenses" for the period.

------

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***Intangible assets and other long-lived assets***

Intangible assets acquired, including intellectual property and technology acquired in exchange for equity, are initially recorded at acquisition-date fair value. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Indefinite-lived intangible assets are not amortized but tested for impairment annually or more frequently if indicators arise.

Long-lived assets, including finite-lived intangibles and capitalized development costs, are reviewed for impairment in accordance with ASC Topic 360, *Property, Plant, and Equipment*. If events or changes in circumstances indicate that the carrying amount may not be recoverable, the Company assesses recoverability and measures any impairment loss as the excess of carrying amount over fair value.

The Company distinguishes between owned intellectual property, which is recorded as acquired intangible assets, and licensed technology arrangements, which do not convey ownership of intellectual property and are recorded as prepaid expenses or operating costs, as applicable.

*Intellectual Property*

As part of our acquisition of Wavedrone technology from Shore House IVF, we acquired provisional patent rights related to self-righting unmanned surface vessel technology (U.S. Provisional Patent Application No. 63/727,652). This intellectual property is included in our intangible assets and is accounted for in accordance with ASC 350, Intangibles—Goodwill and Other.

The acquired patent rights are classified as indefinite-lived intangible assets pending the outcome of the patent application process.

This classification reflects that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The provisional application is currently pending, and no patent has been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon issuance of a patent, the useful life will be determined based on the patent term (typically 20 years from the non-provisional filing date) and reassessed for finite-life amortization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The asset is subject to annual impairment testing under ASC 350-30.

We assess the Wavedrone patent rights for impairment annually and whenever events or circumstances indicate that the carrying value may not be recoverable. Key factors that could trigger impairment include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Failure to convert the provisional application to a non-provisional application by the December 3, 2025, deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Rejection of patent claims by the USPTO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Discovery of prior art that materially limits the scope of potential patent claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Significant changes in the competitive landscape or market conditions for autonomous maritime vessels; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Technological developments that render our self-righting technology obsolete.

As of the date of this prospectus, we have not identified any impairment indicators, and the carrying value of the acquired patent rights reflects fair value as determined at the acquisition date.

*Development Costs*

Costs incurred to develop and refine the Wavedrone technology are evaluated under ASC 730, Research and Development, and ASC 350-40, Internal-Use Software. Research activities and preliminary project stage costs are expensed as incurred. Application development stage costs meeting capitalization criteria are capitalized and amortized over the estimated useful life once the technology is placed in service.

Patent prosecution costs, including USPTO filing fees and legal fees associated with preparing and prosecuting the non-provisional patent application, are capitalized as incurred and will be included in the cost basis of the patent asset upon issuance, or written off if the patent application is abandoned or finally rejected.

*Critical Accounting Estimates*

The valuation of our Wavedrone patent rights involves significant estimates and judgments, including:

Probability of Patent Issuance: We estimate the likelihood that our provisional application will result in an issued patent with commercially meaningful claims.

Royalty Rate: For Relief-from-Royalty valuations, we estimate the royalty rate that a market participant would pay for the right to use the patented technology.

------

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Revenue Projections: Projected revenues from Wavedrone products and services affect the value of the underlying intellectual property.

Discount Rate: The rate used to discount future cash flows reflects the risk profile of early-stage maritime technology.

Changes in these estimates could result in material adjustments to the carrying value of our intangible assets in future periods.

As of December 31, 2024, no impairment charges were recognized for long-lived assets.

***Share-based compensation to employees and non-employees***

The Company uses ASC 718 guidance to apply share-based compensation accounting to certain employees and non-employee individuals, such as outsourced employees, non-employee directors, and consultants performing management functions, who are employees or non-employees. The differences in the accounting for share-based payment awards granted to an employee versus a non-employee relate to the measurement date and recognition requirements. The Company believes an employee is the one who has the right to exercise sufficient control to establish an employer-employee relationship based on common law, as illustrated in case law and currently under US Internal Revenue Service (IRS) Revenue Ruling 87-41.

Restricted securities are securities acquired in unregistered, private sales from the Company or an affiliate. Restricted securities require the owner to follow the US Securities Exchange Commission guidelines defined under Rule 144 - Selling Restricted and Control Securities. On the other hand, restricted shares issued for consideration other than for goods or employee services are fully paid for immediately. As a result, the Company has expensed these shares at the time of the contract. There is no vesting period for non-employees.

***Fair Value***

The Company uses current market values to recognize certain assets and liabilities at fair value. Fair value is the estimated price at which the Company can sell the assets or settle a liability in an orderly transaction with a third party under current market conditions. The Company uses the following methods and valuation techniques for deriving fair values:

Market Approach – The market approach uses the prices associated with actual market transactions for similar or identical assets and liabilities to derive a fair value.

Income Approach – The income approach uses estimated future cash flows or earnings, adjusted by a discount rate representing the time value of money and the risk of cash flows not being achieved, to derive a discounted present value.

Cost Approach – The cost approach uses the estimated cost to replace an asset adjusted for the obsolescence of the existing asset.

The Company ranks the fair value hierarchy of information sources from Level 1 (best) to Level 3 (worst). The Company uses these three levels to select inputs to valuation techniques:

---

| | | |
|:---|:---|:---|
| **Level I** | **Level 2** | **Level 3** |
| Level 1 is a quoted price for an identical item in an active market on the measurement date. Level 1 is the most reliable evidence of fair value and is used whenever this information is available. | Level 2 is directly or indirectly observable inputs other than quoted prices. An example of a Level 2 input is a valuation multiple for a business unit based on comparable companies' sales, EBITDA, or net income. | Level 3 is an unobservable input. It may include the company's data, adjusted for other reasonably available information. An example of a Level 3 input is an internally generated financial forecast. |

---

***Basic and Diluted Loss per Share***

The Company follows ASC 260, Earnings Per Share, to account for earnings per share. Basic earnings per share ("EPS") calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding. As of December 31, 2024, the Company had 56,131,013 weighted average basic and dilutive shares issued and outstanding.

Common stock equivalents were anti-dilutive from Inception to December 31, 2024, due to a net loss. Hence, they are not considered in the computation.

***Income taxes***

Income taxes are accounted for under ASC Topic 740, Income Taxes, using the asset and liability method. Deferred tax assets and liabilities arise from temporary differences between financial reporting and tax bases and from operating loss or credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply when differences reverse.

------

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. Management considers all available evidence, including historical losses and forecasts of future taxable income, in assessing the need for a valuation allowance.

ASC 740 also addresses uncertainty in tax positions. A tax benefit is recognized only if it is more likely than not that the position will be sustained upon examination. Positions meeting this threshold are measured as the largest amount more than 50% likely to be realized. Interest and penalties, if any, are recorded in income tax expense.

The Company incurred losses since inception and recorded a full valuation allowance against its deferred tax assets as of December 31, 2024. No income tax expense was recognized for the period presented.

***Reclassifications***

Certain prior period amounts were reclassified to conform to the current year's presentation. None of these classifications impacted reported operating or net loss for any presented period.

***Legal contingencies***

The Company evaluates legal matters under ASC Topic 450, *Contingencies*. A liability is recorded when it is probable that a loss has been incurred and the amount can be reasonably estimated. Where a range of possible losses exists, and no amount in the range is a better estimate than another, the minimum amount in the range is recorded.

Legal costs are expensed as incurred. As of December 31, 2024, the Company was not involved in any material legal proceedings and had not recorded any loss contingencies.

***Recent Accounting Pronouncements***

The Company evaluates newly issued accounting standards updates, SEC staff guidance, and related professional publications when they are released to determine whether adoption will materially affect the consolidated financial statements or disclosures. The most relevant recent developments that management has considered are described below.

One notable SEC development is Staff Accounting Bulletin No. 122 (SAB 122), issued January 23, 2025, which rescinds the prior interpretive guidance in Topic 5.FF of the Staff Accounting Bulletin Series related to obligations to safeguard crypto-assets held for platform users. The rescission became effective January 30, 2025. SAB 122 directs entities with obligations to safeguard crypto-assets for others to apply the recognition and measurement requirements for liabilities arising from contingencies under ASC 450-20, Loss Contingencies, or IAS 37 under IFRS, rather than the prior guidance. It also emphasizes the need for appropriate disclosures about the effects of the change in accounting principles. The SEC notes that entities should effect the rescission on a fully retrospective basis in annual periods beginning after December 15, 2024, with earlier application permitted.

Professional firm guidance from KPMG confirms this retrospective application requirement and highlights the related disclosure expectations, including adjustments to prior periods and the opening balance of retained earnings where applicable. KPMG summarizes that SAB 122 requires entities to adjust their financial statements for prior periods presented to eliminate amounts recognized under the rescinded guidance, and to provide clear disclosure about the effects of the accounting change pursuant to ASC 250. Although the Company does not currently hold or safeguard crypto-assets for others and therefore does not expect a direct impact on its consolidated financial statements as of December 31, 2024, management will continue to monitor any future involvement with digital assets or related obligations and update disclosures as appropriate.

Another recent development relevant to preparers is FASB Accounting Standards Update 2024-02, which removes references to the FASB Concepts Statements from the Codification. This ASU is part of FASB's ongoing efforts to improve the Codification by eliminating references that may imply authoritative status for Concepts Statements and by making technical improvements. The update is primarily technical in nature, involving conforming amendments, clarifications, and structural improvements that do not change substantive recognition or measurement requirements. As such, management does not expect ASU 2024-02 to materially impact the Company's accounting policies, balances, or disclosures. Nevertheless, management will ensure that any Codification references in disclosures remain aligned with the updated text as needed when preparing future filings.

In addition to the specific updates above, management is aware that the FASB and SEC may issue other ASUs or guidance that could affect public and private companies, including topics such as credit losses, internal-use software, or derivative scope refinements. The Company periodically reviews professional summaries, technical bulletins, and standard-setting publications to determine whether newly issued or recently effective pronouncements could be material. As of the date of these financial statements, none of the recently reviewed updates, aside from those noted above, are expected to materially affect the Company's consolidated financial statements given its current operations and capital structure. Should the Company's facts or operations change—for example, through new financial instruments, expanded business activities, or thresholds that trigger additional disclosures—management will reassess the potential impact of any newly effective guidance and update disclosures in subsequent periods.

Finally, the Company continues to monitor FASB, SEC, and professional firm publications for additional ASUs, SEC staff guidance, or interpretive updates. Any future pronouncement that could materially affect recognition, measurement, or disclosure requirements will be evaluated promptly, with implementation planning and disclosure updates undertaken in accordance with applicable standards and regulatory expectations.

------

**NOTE 3. MANAGEMENT'S PLANS**

**Substantial doubt about the ability to continue as a going concern**

The Company has incurred recurring operating losses, negative cash flows from operations, and has not yet generated revenue from contracts with customers. As of December 31, 2024, the Company's cash resources totaled $50,242, and it had a working capital surplus of $821,620 . These conditions, considered together, raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued unless additional financial resources are secured, expenditures are reduced, or operating cash flow is generated.

Under ASC 205-40, management is required, at each annual and interim reporting date, to evaluate whether relevant conditions and events raise substantial doubt about the entity's ability to continue as a going concern for one year after the financial statement issuance date, and if so, to assess whether management's plans to mitigate those conditions are probable of being effectively implemented and likely to alleviate the substantial doubt. Deloitte summarizes the two-step approach as evaluating first whether conditions raise probable inability to meet obligations, and second whether management's plans are probable both to be implemented and to mitigate the relevant conditions.

Management's assessment, therefore, has considered the current financial condition, liquidity sources, and the feasibility and timing of mitigation plans.

**Management's plans to mitigate substantial doubt**

From Inception to December 31, 2024, the Company incurred a net loss of $873,166, mainly due to expenses related to licensing and professional fees.

Since its inception, the Company has sustained recurring losses and negative cash flows from operations. As of December 31, 2024, the Company had minimal cash. The Management believes that future cash flows may not be sufficient for the Company to meet its current obligations as they become due in the ordinary course of business for twelve (12) months following December 31, 2024. The Management expects that it will need to raise significant additional capital to accomplish its growth plan over the next twelve (12) months. The Management expects to seek additional funding through private equity or public markets. However, there can be no assurance about the availability or terms, such as financing and capital, that might be available.

The Company's ability to continue as a going concern may depend on the Management's plans discussed below. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and liabilities that might be necessary if the Company cannot continue as a going concern.

Management has developed a set of plans it considers feasible and probable of implementation within the next twelve months to mitigate the conditions, raising substantial doubt. The plans include the following principal elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Equity financing.* Management intends to raise additional equity capital through a public offering or private placement concurrent with or following the filing of the registration statement. The target amount of equity capital is $2,000,000. As of December 31, 2024, the Company has received commitments or indications of interest from one or more investors totaling $2,000,000. The Company's board has authorized issuance of up to 2,000,000 shares of common stock to support this financing, consistent with the authorization described in Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Debt financing or convertible instruments.* Management plans in negotiating debt or convertible note facilities. These arrangements, if consummated, are expected to provide interim funding to sustain operations and advance product development until the planned equity financing closes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Cost management and expenditure reductions.* The Company is prioritizing critical development activities and deferring non-critical expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Commercial and development milestones.* Management plans to complete prototype testing and demonstrations for key drone systems by December 31, 2025, with the expectation that achieving these milestones will enhance discussions with investors and potential customers. The Company also aims to secure at least one strategic partnership or memorandum of understanding by December 31, 2025, to bolster credibility and support future financing.

**Assessment of feasibility and probability**

Management believes, based on current discussions with potential investors, preliminary interest from strategic partners, and the cost containment measures underway, that its plans are likely to be effectively implemented within one year after the issuance of the financial statements and are likely to mitigate the conditions raising substantial doubt. However, no assurance can be given that the planned financing, partnerships, or cost reductions will be completed on the proposed terms or timeline. Negotiations may not result in definitive agreements, market or operational conditions may change, or planned cost reductions may yield less benefit than anticipated.

------

**NOTE 3. MANAGEMENT'S PLANS (CONTINUED)**

**Consequences if plans are not successful**

If management's plans are not achieved within the next twelve months, the Company may be required to curtail operations further, liquidate assets, or seek alternative funding strategies. Such outcomes could result in dilution of existing shareholders, limited operational scope, or cessation of operations. The financial statements have been prepared on a going-concern basis, assuming the Company will continue operations for the foreseeable future. If liquidation were to become imminent, the Company would be required to apply a liquidation basis of accounting under ASC 205-30, which differs from the going-concern basis used in these financial statements.

**Disclosure and linkage to other notes**

The amounts and plans described herein are consistent with the Company's capital structure and recent activities described in Note 6, and with the IP acquisition activity described in Note 1. Management will continue to evaluate conditions and the effectiveness of its plans and will update disclosures in future periods as new information becomes available or if circumstances change materially.

The Company has prepared consolidated financial statements on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the ordinary business course. At December 31, 2024, the accumulated deficit was $873,166. At December 31, 2024, the working capital was $821,620 . The increase in the working capital surplus was mainly due to subscriptions receivable from investors.

**NOTE 4. RELATED PARTY TRANSACTIONS**

Since its inception, the Company has been using Guinn's offices at 2120 West Braker Lane, Suite M, Austin, TX 78758, for research and development, design and development of its products, showcase prototypes, and for government outreach. Guinn has agreed to offer its facility for the foreseeable future, whereby Guinn is developing all of the Company's products and services.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), a Delaware corporation controlled by Firoz, valued at par value for founder services rendered. Fiber exchanged these shares with BIO-key International, Inc. ("BIO") for 595,000 shares of common stock of BIO.

From August 2024 to the present, the Company's rent has been paid by Spark Capital Investments, LLC ("Spark"), a Delaware limited liability company controlled by Firoz.

In December 2024, the Company issued 50,000 shares to Hudson Dunes Corporation (previously known as Central Logistics Services Corp.), a Delaware Corporation controlled by Firoz, for cash consideration of $50,000.

**NOTE 5. COMMITMENTS AND CONTINGENCIES**

***Office Facility and Other Operating Leases***

**Irvine, California, USA (Headquarters)**

Effective August 2024 to the present, the Company leased office space at 200 Spectrum Center Drive, Suite 300, Irvine, CA 92618. As per the Commitment Term of the lease ("Agreement"), this Agreement shall continue on a month-to-month basis (any term after the Commitment Term, also known as "Renewal Term"). The Commitment Term and all subsequent Renewal Terms shall constitute the "Term." The Company may terminate this Agreement by delivering to the lessor Form ("Exit Form") at least one (1) whole calendar month before the month in which the Company intends to terminate this Agreement ("Termination Effective Month"). The Company is entitled to use the office and conference space if needed. The rent payment or membership fee for the Irvine Office is $169 monthly.

**Austin Location, Texas, USA (Product Development)**

Since its inception, the Company has been using Guinn's offices at 2120 West Braker Lane, Suite M, Austin, TX 78758, for research and development, design and development of its products, showcase prototypes, and for government outreach. Guinn has agreed to offer its facility for the foreseeable future, whereby Guinn is developing all of the Company's products and services.

***Employment Agreement***

The Company has not formalized performance employment agreements, bonuses, and other incentive plans. The Company expects to formalize such contracts by December 31, 2024.

------

**NOTE 5. COMMITMENTS AND CONTINGENCIES (CONTINUED)**

***Pending Litigation***

Management is unaware of any actions, suits, investigations, or proceedings (public or private) pending or threatened against or affecting any of the assets or any affiliate of the Company.

**Tax Compliance Matters**

From inception to date, the Company's officers have been paid as independent contractors. As the Company was incorporated in July 2024 with a net loss for the fiscal year ended in December 2024, it has not filed federal taxes with the Internal Revenue Service. The Company intends to file its initial return by April 2026 for 2024 and 2025.

**NOTE 6. STOCKHOLDERS' EQUITY (DEFICIT)** 

***Authorized Shares***

As per the Article of Incorporation dated July 26, 2024, the Company shall have the authority to issue 110,000,000 shares, consisting of 100,000,000 shares of Common Stock having a par value of $.0001 per share and 10,000,000 shares of Preferred Stock having a par value of $.0001 per share.

***Preferred Stock***

As of December 31, 2024, the Company has issued zero preferred stock.

***Common Stock***

As of December 31, 2024, the Company had issued 66,056,977 common shares.

In July 2024, the Company issued 28,000,000 shares to Mingta Capital, LLC ("Mingta"), the founder, valued at par value for services rendered in establishing and forming the business. Mingta served as a nominee for certain founding investors. On July 26, 2024, Mingta transferred all 28,000,000 shares to the following beneficial owners: Tolemac Holdings LLC (8, 7500,000 shares), TAH-DAH Ventures LLC (7,500,000 shares), Candice Beaumont (1,000,000 shares), EIR Holdings, LLC (2,500,000 shares), Blackstar Energy Pty Ltd. (3,000,000 shares), Greenlink Pty Ltd ATF The Debsago Trust (2,500,000 shares), Rod Jones (2,000,000 shares), Jake Williams (500,000 shares), and to a consultant (250,000). Mingta does not currently hold any shares of the Company's common stock.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), valued at par value for founder services rendered.

In August 2024, the Company issued 5,000,000 shares to T Stamp Inc. for a licensing agreement valued at $5,000,000.

In August 2024, the Company issued 100,000 shares to T Stamp Inc. for cash valued at $100,000.

In August 2024, the Company issued 5,000,000 shares to Guin Partners to acquire intellectual property valued at $5,000,000.

In September 2024, the Company issued 2,500,000 shares to Eastern Electrolyser to acquire the hydrogen fuel cell technology valued at $2,500,000.

In October 2024, the Company issued 2,000,000 shares to investors for cash valued at $2,000,000. The Company expects to receive the funds by December 31, 2024.

In December 2024, the Company issued 50,000 shares to investors for cash valued at $50,000.

In December 2024, the Company issued 3,500,000 shares to Shore House IVF to acquire Wavedrone technology valued at $3,500,000.

In December 2024, the Company issued 2,906,977 common shares to Tribal Rides International Corp. to acquire key intellectual property assets valued at $5,000,000.

------

 **NOTE 7 — NONCASH INVESTING AND FINANCING ACTIVITIES** 

During the periods presented, the Company entered into several investing and financing transactions that did not involve the use of cash and, accordingly, are excluded from the consolidated statements of cash flows in accordance with ASC 230-10-50.

Significant noncash investing and financing activities included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuance of shares of common stock in exchange for acquired intangible assets, including hydrogen fuel cell technology, the Wavedrone maritime drone platform, and Tribal Rides intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuance of shares of common stock in connection with subscription agreements for which cash had not yet been received.

These noncash transactions are reflected in the consolidated balance sheets and statements of stockholders' equity but do not impact cash flows for the periods presented.

From inception (July 26, 2024) through December 31, 2024:

During the period from inception through December 31, 2024, the Company completed the following acquisitions of intellectual property and other technology-related intangible assets in exchange for shares of the Company's common stock (noncash consideration), valued at $16,000,000. These transactions are noncash investing and financing activities and are therefore excluded from the consolidated statements of cash flows:

Airdrone Technology — acquired August 28, 2024, for 5,000,000 shares at $1.00 per share ($5,000,000 total consideration).

Hydrogen Fuel Cell Technology — acquired September 30, 2024, for 2,500,000 shares at $1.00 per share ($2,500,000 total consideration).

Wavedrone Platform — acquired December 31, 2024, for 3,500,000 shares at $1.00 per share ($3,500,000 total consideration).

Tribal Rides IP — acquired December 31, 2024, for 2,906,977 shares at $1.72 per share ($5,000,000 total consideration).

**NOTE 8 . INCOME TAXES**

The Company accounts for income taxes under ASC Topic 740, *Income Taxes*, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities and for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized.

For the period from inception (July 26, 2024) through December 31, 2024, the Company incurred a pre-tax net loss of $873,166. As a result, the Company has no current income tax expense for the period presented. The Company's only significant deferred tax item as of December 31, 2024, relates to its net operating loss carryforward.

At December 31, 2024, the Company had U.S. federal net operating loss (NOL) carryforwards of $873,166, which may be carried forward indefinitely under current U.S. tax law applicable to NOLs generated in tax years beginning after December 31, 2017, subject to the limitation that such NOLs may generally offset no more than 80% of taxable income in any future year. The related deferred tax asset for the NOL carryforward is approximately $183,365, calculated using the 21% U.S. federal corporate tax rate. The Company currently does not recognize any state income tax effects because its operations and tax positions to date do not give rise to a material state income tax provision or deferred tax balances.

Given the Company's limited operating history, recurring losses, and uncertainty regarding the timing and amount of future taxable income, management has concluded that it is more likely than not that the Company will not realize the benefit of its deferred tax assets as of December 31, 2024. Accordingly, the Company has recorded a full valuation allowance against its net deferred tax assets. After consideration of the valuation allowance, the Company's net deferred tax asset is $0 at December 31, 2024.

The components of the Company's deferred tax assets and related valuation allowance are summarized as follows as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Deferred tax asset – net operating loss carryforward: $183,365

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Less: valuation allowance: $(183,365)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net deferred tax asset: $0

------

**NOTE 8. INCOME TAXES (CONTINUED)**

As a result, no income tax expense (benefit) has been recorded in the accompanying consolidated statement of operations for the period from inception to December 31, 2024. A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate is as follows for the period ended December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Tax at U.S. federal statutory rate (21%) applied to pre-tax loss of $873,166: $(183,365)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Change in valuation allowance: $183,365

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●State income taxes, net of federal benefit: $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Other permanent differences: $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Income tax expense (benefit): $0

The Company evaluates tax positions in accordance with ASC Topic 740's guidance on uncertain tax positions. A tax benefit is recognized only if it is more likely than not that the position will be sustained upon examination, based on its technical merits. As of December 31, 2024, the Company has no uncertain tax positions that require recognition in the consolidated financial statements and has recorded no liability for unrecognized tax benefits, interest, or penalties.

The Company is currently subject to income taxation in the United States and may become subject to taxation in additional jurisdictions as its operations expand. The Company's tax years since inception remain open to examination by the relevant tax authorities.

**NOTE 9 . OFF-BALANCE SHEET ARRANGEMENTS**

We have no off-balance sheet arrangements affecting our liquidity, capital resources, market risk support, credit risk support, or other benefits.

------

**NOTE 10 . SUBSEQUENT EVENTS**

From June 2025 to September 2025, the Company received $45,000 as a related party advance from Spark, a Delaware limited liability company controlled by Firoz.

*Non-Provisional Patent Application Filing*

In December 2025, the Company filed a non-provisional (utility) patent application with the United States Patent and Trademark Office claiming priority to U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," which was originally filed on December 3, 2024. The non-provisional application was filed prior to the December 3, 2025, expiration of the 12-month priority period, thereby preserving the benefit of the original priority date.

The patent application covers the Company's proprietary Wavedrone unmanned surface vessel technology, including its innovative mechanical self-righting and self-stabilization systems. The filing of the non-provisional application initiates the formal USPTO examination process, which is expected to take approximately 18 to 24 months. There can be no assurance that a patent will be issued or that the scope of any patent granted will provide meaningful protection for the Company's technology.

Patent prosecution costs incurred in connection with this filing, including attorney fees and USPTO filing fees, will be capitalized as part of the Company's intangible assets.

*Appointment of Interim CFO*

In December 2025, Firoz stepped down as the CFO of the Company. The Board appointed Himanshu Sharma as the interim CFO of the Company.

The Company had evaluated subsequent events through February 3, 2026 , when these financial statements were available to be issued.

------

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.**

Set forth below is an itemization of the total expenses that we expect to incur in connection with this offering. With the exception of the SEC registration fee and the FINRA filing fee, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | $38.28 |
| FINRA Filing Fee\* | 761.72 |
| Legal Fees and Expenses | 25000.00 |
| Accounting Fees and Expenses | 10300.00 |
| Printing and Engraving Expenses | 2400.00 |
| Miscellaneous Expenses | 1500.00 |
| **Total Expenses** | $**40000.00** |

---

We will bear these expenses.

\*FINRA filing fees are included solely as a contingency in the event the Company engages a FINRA-member broker-dealer in connection with this offering. As of the date of this prospectus, the Company has not engaged any underwriter or broker-dealer, and no underwriting discounts or commissions are payable.

**ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.**

Our certificate or articles of incorporation and amended and restated bylaws limit the liability of directors to the fullest extent permitted by the Delaware corporation laws. In addition, our certificate or articles of incorporation and amended and restated bylaws provide that we will fully indemnify our directors and officers permitted by law.

Every person who was or is a party to, or is threatened to be made a party to, or is involved in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that he, or a person of whom he is the legal representative, is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise, shall be indemnified and held harmless to the fullest extent legally permissible under the laws of the State of Delaware from time to time against all expenses, liability, and loss (including attorneys' fees judgments, fines, and amounts paid or to be paid in settlement) reasonably incurred or suffered by him in connection therewith. Such right of indemnification shall be a contract right, which may be enforced in any manner desired by such person. The expenses of officers and directors incurred in defending a civil or criminal action, suit, or proceeding must be paid by the Company as they are incurred and in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if a court of competent jurisdiction ultimately determines it that he is not entitled to be indemnified by the company. Such right of indemnification shall not be exclusive of any other right which such directors, officers, or representatives may have or hereafter acquire, and, without limiting the generality of such statement, they shall be entitled to their respective rights of indemnification under any bylaw, agreement, vote of shareholders, provision of law, or otherwise.

Without limiting the application of the foregoing, the Board of Directors may adopt bylaws from time to time with respect to indemnification, to provide at all times the fullest indemnification permitted by the laws of the State of Delaware, and may cause the Company to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise against any liability asserted against such person and incurred in any such capacity or arising out of such status, whether or not the Company would have the power to indemnify such person. The indemnification provided shall continue as to a person who has ceased to be a director, officer, employee, or agent, and shall inure to the benefit of the heirs, executors, and administrators of such person.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, or persons controlling the Company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

We have not entered into any agreements with our directors and executive officers that require us to indemnify these persons against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred (including expenses of a derivative action) in connection with any proceeding, whether actual or threatened, to which any such person may be made a party by reason of the fact that the person is or was a director or officer of our Company or any of our affiliated enterprises. We do not maintain any policy of directors' and officers' liability insurance that insures its directors and officers against the cost of defense, settlement, or payment of a judgment under any circumstances.

------

**ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES.**

The following information is furnished with regard to all securities issued by the registrant within the last three years that were not registered under the Securities Act of 1933, as amended. Unless otherwise indicated below, the issuance of such shares was deemed exempt from registration requirements of the Securities Act of 1933, as amended, as such sales were exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and/or Rule 506 of Regulation D promulgated thereunder.

*Recent Sales of Unregistered Securities from July 26, 2024, to December 31, 2024*

In July 2024, the Company issued 28,000,000 shares to Mingta Capital, LLC ("Mingta"), the founder, valued at par value for services rendered in establishing and forming the business. On July 26, 2024, Mingta transferred all 28,000,000 shares to the following beneficial owners: Tolemac Holdings LLC (8, 7500,000 shares), TAH-DAH Ventures LLC (7,500,000 shares), Candice Beaumont (1,000,000 shares), EIR Holdings, LLC (2,500,000 shares), Blackstar Energy Pty Ltd. (3,000,000 shares), Greenlink Pty Ltd ATF The Debsago Trust (2,500,000 shares), Rod Jones (2,000,000 shares), Jake Williams (500,000 shares), and to a consultant (250,000). Mingta does not currently hold any shares of the Company's common stock.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), Co-Founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), valued at par value for founder services rendered.

In August 2024, the Company issued 5,000,000 shares to T Stamp Inc. for a licensing agreement valued at $5,000,000.

In August 2024, the Company issued 100,000 shares to T Stamp Inc. for cash valued at $100,000.

In August 2024, the Company issued 5,000,000 shares to Guin Partners to acquire intellectual property valued at $5,000,000.

In September 2024, the Company issued 2,500,000 shares to Eastern Electrolyser to acquire the hydrogen fuel cell technology valued at $2,500,000.

In October 2024, the Company issued 2,000,000 shares to investors for cash valued at $2,000,000. The Company expects to receive the funds by December 31, 2024.

In December 2024, the Company issued 50,000 shares to investors for cash valued at $50,000.

In December 2024, the Company issued 3,500,000 shares to Shore House IVF to acquire Wavedrone technology valued at $3,500,000.

In December 2024, the Company issued 2,906,977 common shares to Tribal Rides International Corp. to acquire key intellectual property assets valued at $5,000,000.

*Recent Sales of Unregistered Securities in 2025*

None.

------

**ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Exhibits**

---

| | |
|:---|:---|
| **Number** | **Exhibit Description** |
| 3.1 | [Certificate of Incorporation of Boumarang, Inc. filed July 26, 2024.](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex3z1.htm) |
| 3.2 | [Bylaws of Boumarang, Inc.](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex3z2.htm) |
| 4.1 | [Form of Notice of Issuance of Uncertificated Common Stock of Boumarang Inc.](boum_ex4z1.htm) |
| 5.1\* | Legal opinion of Barnett & Linn |
| 10.1 | [License Agreement as of August 6, 2024](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex10z1.htm) |
| 10.2 | [IP Agreement with Guinn Partners as of August 28, 2024](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex10z2.htm) |
| 10.3 | [Hydrogen Fuel Cell Technology Agreement with Eastern Electrolyser Ltd. as of September 30, 2024](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex10z3.htm) |
| 10.4 | [Asset Purchase and IP Agreement Shore House ÍVF as of December 31, 2024](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex10z4.htm) |
| 10.5 | [Independent Valuation Report as of January 22, 2025](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex10z5.htm) |
| 10.6 | [Wavedrone Provisional Patent Filing as of December 3, 2025](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex10z6.htm) |
| 10.7 | [Tribal Rides – Asset Purchase Agreement as of December 31, 2024](boum_ex10z7.htm) |
| 10.8 | [Amended and Restated Hydrogen Fuel Cell Technology Co-Development and Purchase Agreement, January 15, 2026](boum_ex10z8.htm) |
| 10.9 | [Leasing Agreement](boum_ex10z9.htm) |
| 21.1 | [Subsidiaries of the Registrant](http://www.sec.gov/Archives/edgar/data/2034161/000109690625002059/boum_ex21z1.htm) |
| 23.1 | [Consent of LAO Professionals](boum_ex23z1.htm) |
| 23.2 | Consent of Barnett & Linn (reference is made to Exhibit 5.1)\* |
| 99.1 | [Subscription Agreement](boum_ex99z1.htm) |
| 101.PRE | XBRL Instance Document |
| 101.INS | XBRL Taxonomy Extension Schema Document |
| 101.SCH | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.CAL | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Label Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Presentation Linkbase Document |
| 107 | [Filing Fee Table](http://www.sec.gov/ix?doc=/Archives/edgar/data/2034161/000109690625002059/boum-20251216_exff.htm) |

---

\* To be filed by amendment

† Executive compensation plan or arrangement.

------

**ITEM 17. UNDERTAKINGS.**

The undersigned registrant hereby undertakes to provide, if applicable, evidence of the issuance and delivery of shares of its common stock to purchasers in accordance with applicable law and the terms of this registration statement.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that: Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) To file a post-effective amendment to the registration statement to include any financial statements required by Section 10(a)(3) of the Securities Act of 1933.

(4) That for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(5) That for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That for the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Irvine, State of California, on February 3, 2026 .

---

| | |
|:---|:---|
| **Boumarang, Inc.** | **Boumarang, Inc.** |
| By: | /s/ *Craig Nehrkorn* |
| Name: | Craig Nehrkorn |
| Title: | Chief Executive Officer and Chairman of the Board |
|  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Craig Nehrkorn* | Chief Executive Officer and Director | February 3, 2026  |
| Name: Craig Nehrkorn | (Principal Executive Officer) |  |
| */s/ Himanshu Sharma* | Interim Chief Financial Officer and Treasurer | February 3, 2026  |
| Name: Himanshu Sharma | (Principal Accounting and Financial Officer) |  |
| */s/ Candice Beaumont* | Director | February 3, 2026  |
| Name: Candice Beaumont |  |  |
| */s/ Imran Firoz* | Director | February 3, 2026  |
| Name: Imran Firoz |  |  |

---

------

## Exhibit 4.1

**\*\*FORM OF NOTICE OF ISSUANCE OF**

UNCERTIFICATED COMMON STOCK OF BOUMARANG INC.\*\*

This Notice of Issuance of Uncertificated Common Stock (this "**Notice**") is provided pursuant to Section 158 of the Delaware General Corporation Law (the "**DGCL**") and the Amended and Restated Bylaws of Boumarang Inc., a Delaware corporation (the "**Company**").

**1. Uncertificated Shares**

The Company does not issue physical stock certificates. Shares of the Company's common stock are issued in uncertificated (book-entry) form and are evidenced solely by entries on the books and records of the Company or its transfer agent.

**2. Authorized Capital Stock**

The Company is authorized to issue 100,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, as set forth in the Company's Certificate of Incorporation, as amended.

**3. Rights of Common Stockholders**

Each holder of uncertificated shares of the Company's common stock is entitled to the rights of a stockholder as set forth in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Company's Certificate of Incorporation, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Company's Amended and Restated Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·applicable provisions of the Delaware General Corporation Law.

Except as otherwise required by law or the Company's governing documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·holders of common stock are entitled to receive dividends, if any, as declared by the Board of Directors out of legally available funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·in the event of liquidation, dissolution, or winding up of the Company, holders of common stock are entitled to receive the Company's remaining assets after payment of liabilities and any liquidation preferences of preferred stock.

**4. Election of Directors; Voting**

Pursuant to the Company's Amended and Restated Bylaws, directors are elected by a plurality of the votes cast by the holders of shares entitled to vote in the election of directors, present in person or by proxy, at a meeting at which a quorum is present. There is no cumulative voting in the election of directors.

**5. Transfer Restrictions and Legends**

Transfers of uncertificated shares are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·applicable federal and state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any contractual restrictions applicable to the holder, including lock-up agreements, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Company's governing documents.

Uncertificated shares may bear the following (or similar) legend in the Company's records:

**THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN APPLICABLE EXEMPTION FROM REGISTRATION.**

------

**6. No Certificate Issuance**

No physical certificate shall be issued with respect to any shares of common stock unless the Board of Directors determines otherwise in accordance with the DGCL.

**7. Governing Law**

This Notice and the rights evidenced hereby shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws principles.

**8. Amendment**

The form and content of this Notice may be amended by the Company from time to time to reflect changes in applicable law or the Company's governing documents.

**BOUMARANG INC.** a Delaware corporation

By:________________________________

Name:______________________________

Title: Secretary (or Authorized Officer)

Date: _______________________________

## Exhibit 10.7

**Asset Purchase Agreement**

THIS AGREEMENT is made on December 31, 2024, between TRIBAL RIDES INTERNATIONAL CORP., with its principal place of business at 26060 Acero, Mission Viejo, California, 92691 hereinafter the "Seller," and Boumarang Inc., with offices at 200 Spectrum Center Drive, Irvine, California, 92618 hereinafter the "Buyer".

IN CONSIDERATION of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

**1. Purchase of Assets.** 

Seller shall sell to Buyer, and Buyer shall purchase from Seller, on the terms and conditions set forth in this Agreement, all of the owned intellectual property and its application of TRIBAL RIDES INTERNATIONAL CORP. as defined in patents, including U.S. Patent No. 9,984,574 and U.S. Patent No. 11,217,101, along with all associated intellectual property rights, trade secrets, customer lists, prototypes, software, applications, registrations, corresponding documentation, and the trade, business name, telephone number and listing, goodwill, and all other intangible asset, hereinafter, the "Assets."

This purchase and sale is limited to the assets specifically set forth in this Agreement, and Buyer shall not assume any liabilities of TRIBAL RIDES INTERNATIONAL CORP. or its individual shareholders, directors, officers, affiliates, creditors, parent or subsidiary companies, if any.

**2. Purchase Price.** 

The purchase price for the assets is $5,000,000, paid in 2,906,977 common stock Boumarang stock ("Shares") valued at $1.72 per share.

**3. Payment of Purchase Price.**

On execution of this Agreement, Buyer shall issue 1,000,000 Shares in the escrow described in Paragraph 4. The remainder of the purchase price is 2,906,977 Shares. The Buyer shall instruct its transfer agent, Colonial Stock Transfer, to do book entry for the Seller on or before the date set for consummation of the purchase and sale of the Assets.

**4. Closing and Escrow.** 

a. The Closing date shall be December 31, 2024, provided there are no unforeseen delays. Closing shall not be later than seven calendar days after the designated closing date unless a further extension is agreed upon in writing between the Buyer and Seller. If any of the parties intend to have a title company or escrow agent close the transaction, the parties shall mutually agree upon such a company or agent with costs to be split between parties. The costs of Escrow are separate and apart from the Purchase Price. Both the Buyer and Seller shall submit all documentation and other information requested by the title company/escrow agent needed to close the transaction. The parties shall fix a date and time with the title company/escrow agent to close the transaction.

b. On the Closing Date, any inventory, equipment, or fixtures to be transferred will be provided by Seller to Buyer as specified by Buyer.

**5. Representations by Seller.**

Seller covenants and represents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. That Seller is the sole owner of the Assets with full right to sell or dispose of it as Seller may choose, and no other person has any claim, right, title, interest, or lien in, to, or on the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. That Seller has no undischarged obligations affecting the Assets being sold under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. That there are presently, and will be at the time of closing, no known liens or security interests against the Assets being transferred herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Consents. No consent from or other approval of a governmental entity, board of directors, or any other person is necessary in connection with the execution of the Agreement or the consummation by Seller of the Assets by Buyer in the manner previously conducted by Seller.

e. It is the sole owner of all patents, trademarks, copyrights, and other intellectual property assets included in this Agreement, including but not limited to U.S. Patent No. 9984574 and U.S. Patent No. 11217101.

f. To Seller's knowledge, the patents included in this Agreement are and have not been subject to any claims of invalidity or unenforceability. The Seller or its agents have identified no prior art or other challenges to the validity of these patents.

g. To Seller's knowledge the Assets do not infringe on the rights of any third party and that no claims of infringement have been made or threatened against Seller.

h. Seller will provide copies of all patent registration certificates, assignment documents, and filings related to U.S. Patent No. 9984574 and U.S. Patent No. 11217101.

i. Seller will provide reasonable assistance to Buyer post-closing to transfer ownership and operation of the patents, including signing any required documents to confirm Buyer's ownership rights.

j. Payment of Taxes. Seller represents and warrants that Seller has paid, or will arrange for the full payment of, all taxes owed by Seller on account of the Business.

k. Insurance (if applicable). At the time of signing this Agreement, the Seller will provide the Buyer with a copy of the most current insurance policy covering the Business and/or the Assets sold. Buyers have the option to assume the insurance policy subject to insurance company approval.

l. Licenses. Permits and Consents. To Seller's knowledge, there are no licenses or permits currently required by the Seller for the satisfaction of the sale of Assets or this Agreement.

m. Litigation. To Seller's knowledge there are no actions, suits, proceedings, or investigations pending or, to the knowledge of the Seller, threatened against or involving Seller or brought by Seller or affecting any of the purchased property at law or in equity or admiralty or before or by any federal, state, municipal, or other governmental department, commission, board, agency, or instrumentality, domestic or foreign, nor has any such action, suit, proceeding, or investigation been pending during the 24 months preceding the date hereof; and Seller is not operating its business under or subject to, or in default with respect to, any order, writ, injunction, or decree of any court of federal, state, municipal, or governmental department, commission, board, agency, or instrumentality, domestic or foreign.

n. Compliance with Laws. To Seller's knowledge, Seller has complied with and is operating its business in compliance with all laws, regulations, and orders applicable to the business conducted by it, and the present uses by the Seller of the Assets do not violate any such laws, regulations, and orders.

o. Disclosure. No representation or warranty by the Seller contained in this Agreement, and no statement contained in any certificate or other instrument furnished or to be furnished to Buyer pursuant hereto, or in connection with the transactions contemplated hereby, contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact that is necessary in order to make the statements contained therein not misleading.

p. Liabilities. To Seller's knowledge, as of the purchase date, there are no liabilities with respect to the Assets of any kind whatsoever, contingent or otherwise.

q. Environmental Affidavit. If requested by Buyer, Seller will provide an affidavit certifying that there presently is not, nor ever has been, any dumping or storage of toxic, Superfund, or hazardous wastes on the premises.

------

**6. Covenants of Seller.**

The Seller covenants with the Buyer as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Seller assumes all risk of loss, damage, or destruction to the Assets subject to this Agreement until the closing. If the Assets are damaged or lost prior to Closing such that their valuation is affected, Seller agrees to negotiate in good faith a reasonable reduction in the Payment Purchase Price to account for the lost value of the Assets.

**7. Inventory of Assets.**

A complete review of the Assets shall be taken by Craig Nehrkorn, Guinn Partners. The Seller shall provide all the information, then in Seller's possession and reasonably available to Seller without requiring additional evaluation or analysis by Seller, needed for such evaluation, including but not limited to:

**Patent-Specific Information:**

Full copies of patents and related technical documentation

Status of maintenance fees, expiration dates, and jurisdictional filings.

Financial and Operational Details:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Revenue and expense details linked to the patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Market applications and monetization potential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Historical performance data of related products or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Valuation reports, if applicable.

Legal and Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Any known infringement or litigation risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Evidence of compliance with IP regulations.

**8. Bulk Sales Compliance.** 

The Seller shall comply with applicable bulk sales legislation.

**9. Schedules.** 

Schedules and other documents attached or referred to in this Agreement are an integral part of this Agreement.

**10. Entire Agreement.** 

This Agreement constitutes the sole and only agreement between Buyer and Seller respecting the Assets and their sale and purchase. This Agreement correctly sets forth the obligations of Buyer and Seller to each other as of its date. Any additional agreements or representations respecting the Business or its sale to Buyer not expressly set forth in this Agreement are null and void unless otherwise required by law. Both parties agree to waive rights as to any conflicting laws that may nullify this Agreement to the full extent allowable by law.

**11. Conditions Precedent of Buyer.**

The obligations of the Buyer hereunder are subject to the conditions on or prior to the closing date:

a. Representations and Warranties True at Closing. The representations and warranties of the Seller contained in the Agreement, or any certificate or document delivered pursuant to the provisions hereof or in connection with the transactions contemplated hereby shall be true on and as of the closing date as though such representations and warranties were made at and as of such date, except if such representations and warranties were made as of a specified date and such representations and warranties shall be true as of such date.

b. Seller's Compliance with Agreement. The Seller shall have performed and complied with all agreements and conditions required by this Agreement to be performed or complied with prior to or at the closing of the Agreement.

------

c. Resolutions and Seller's Certificate. The Seller shall have delivered to the Buyer copies of the resolutions of the board of directors of the Seller authorizing the transactions contemplated herein, with such resolutions to be certified to be true and correct by its secretary or assistant secretary, together with a certificate of an officer of the Seller, dated the closing date, certifying in such detail as the Buyer may request to the fulfillment of the conditions specified in subparagraphs (a) and (b) above.

d. Injunction. On the closing date, there shall be no effective injunction, writ, preliminary restraining order, or any order of any nature issued by a court of competent jurisdiction directing that the transactions provided for herein or any of them not be consummated as herein provided.

e. Approval of Proceedings. All actions, proceedings, instruments, and documents required to carry out this Agreement, or incidental thereto, and all other related legal matters shall have been approved by counsel for the Buyer.

f. Casualty. The purchased Asset(s) or any substantial portion thereof shall not have been adversely affected in any material way as a result of any fire, accident, flood, or other casualty or act of God or the public enemy, nor shall any substantial portion of the purchased property have been stolen, taken by eminent domain, or subject to condemnation. If the Closing occurs hereunder despite such casualty as a result of the waiver of this condition by Buyer, the Seller shall assign or pay over to the Buyer the proceeds of any insurance or any condemnation proceeds with respect to any casualty involving the purchased property that occurs after the date hereof.

g. Adverse Change. There shall have been between the purchase date and the closing date no material adverse change in the assets or liabilities or in the condition, financial or otherwise, or in the business, properties, earnings, or net worth of Seller.

**12. Arbitration**.

In the event the parties are not able to resolve any dispute between them arising out of or concerning this Agreement or any provisions hereof, whether in contract, tort, or otherwise at law or in equity for damages or any other relief, then such dispute shall be resolved only by final and binding arbitration pursuant to the Federal Arbitration Act and in accordance with the American Arbitration Association rules then in effect, conducted by a single neutral arbitrator and administered by the American Arbitration Association in a location mutually agreed upon by the parties. The arbitrator's award shall be final, and judgment may be entered upon it in any court having jurisdiction. In the event that any legal or equitable action, proceeding, or arbitration arises out of or concerns this Agreement, the prevailing party shall be entitled to recover its costs and reasonable attorney's fees. The parties agree to arbitrate all disputes and claims in regard to this Agreement or any disputes arising as a result of this Agreement, whether directly or indirectly, including Tort claims that are a result of this Agreement. The parties agree that the Federal Arbitration Act governs the interpretation and enforcement of this provision. The entire dispute, including the scope and enforceability of this arbitration provision, shall be determined by the Arbitrator. This arbitration provision shall survive the termination of this Agreement.

---

| | | |
|:---|:---|:---|
| **____________** | **(Buyer Initial)** | **____________ (Seller Initial)** |

---

**13. Costs and Expenses.**

Except as expressly provided to the contrary in this Agreement, each party shall pay all of its costs and expenses incurred with respect to the negotiation, execution, and delivery of this Agreement and the exhibits hereto.

**14. Miscellaneous Provisions.**

a. Applicable Law. This Agreement shall be construed under and in accordance with the laws of the State of Nevada.

b. Parties Bound. This Agreement shall be binding on and inure to the benefit of the parties to this Agreement and their respective heirs, executors, administrators, legal representatives, successors, and assigns as permitted by this Agreement.

c. Legal Construction. This Agreement shall be construed as to effectuate the intended purpose of the Agreement. In the event any one or more of the provisions contained in this Agreement shall, for any reason, be held invalid, illegal, or unenforceable in any respect, this Agreement shall be modified to otherwise effectuate the sale under the original intentions of the Parties. This may include striking the invalid, illegal, or unenforceable provision as if they had never been contained in this Agreement or modifying the invalid, illegal, or unenforceable provisions to make them compliant without modifying the original purpose of the Parties.

d. Amendments. This Agreement may be amended by the Parties only by a written agreement.

e. Attorneys' Fees. Should any arbitration or litigation be commenced between the parties to this Agreement concerning the rights and duties of either party in relation to the Business or this Agreement, the prevailing party in the arbitration or litigation shall be entitled to (in addition to any other relief that may be granted) a reasonable sum and attorneys' fees in the arbitration or litigation, which sum shall be determined by the court or other person presiding in the arbitration or litigation or in a separate action brought for that purpose.

f. Signatories. This Agreement shall be executed on behalf of TRIBAL RIDES INTERNATIONAL CORP. by Joseph Grimes and on behalf of Boumarang Inc. by Imran Firoz. The Agreement shall be effective as of the date first written above.

Seller:

TRIBAL RIDES INTERNATIONAL CORP.

By: Date: 12/31/24 <br> Joseph Grimes, Chairman, CEO <br>

Buyer:

Boumarang Inc.

By: Date: 12/31/24 <br> Imran Firoz <br> CFO, Director

------

## Exhibit 10.8

*CONFIDENTIAL*

------

**AMENDED AND RESTATED**

**HYDROGEN FUEL CELL TECHNOLOGY**

**CO-DEVELOPMENT AND PURCHASE AGREEMENT**

This Amended and Restated Hydrogen Fuel Cell Technology Co-Development and Purchase Agreement (this **"Agreement"**) is made and entered into as of January 15, 2026 (the **"Restatement Date"**), by and between:

**BOUMARANG INC.**, a Delaware corporation, with its principal place of business at 200 Spectrum Center Drive, Irvine, California 92618 (**"Boumarang"** or the **"Purchaser"**); and

**EASTERN ELECTROLYSER LTD.**, a company organized under the laws of the Republic of India, with its principal place of business at B-14, Sector 57, Noida, U.P. – 201301, India (**"Eastern"** or the **"Seller"**).

Boumarang and Eastern are sometimes referred to herein individually as a **"Party"** and collectively as the **"Parties."**

**RECITALS**

**WHEREAS,** the Parties entered into that certain Hydrogen Fuel Cell Technology Purchase and Assignment Agreement dated September 30, 2024 (the **"Original Agreement"**), pursuant to which Seller sold, assigned, transferred, and conveyed to Purchaser all of Seller's right, title, and interest in and to certain hydrogen fuel cell system technology suitable for use in hydrogen-powered drones and related applications (the **"Technology"**), in exchange for 2,500,000 shares of Purchaser's common stock;

**WHEREAS,** in connection with the Original Agreement, the Parties contemplated that they would collaborate on the continued development and refinement of 4 kW and 8 kW proton exchange membrane ("PEM") hydrogen fuel cell power packs and related control systems for integration into Purchaser's drone platforms (the **"Fuel Cell Products"**), with an initial target of completing prototype Fuel Cell Products by December 31, 2024 (the **"Original Milestone Date"**);

**WHEREAS,** the Parties did not complete the prototype development contemplated by the Original Milestone Date due to supply chain constraints, technical development requirements, and resource allocation priorities;

**WHEREAS,** on January 15, 2026, the Parties entered into Amendment No. 1 to the Original Agreement, which waived any default arising from the failure to meet the Original Milestone Date, established revised development milestones, and reaffirmed the Parties' commitment to the co-development program;

**WHEREAS,** the Parties now desire to amend and restate the Original Agreement, as amended, in its entirety to consolidate the terms of the technology purchase, the co-development program, and the revised milestones into a single integrated agreement; and

**WHEREAS,** the Parties intend that this Agreement shall supersede in its entirety the Original Agreement and Amendment No. 1 thereto.

**NOW, THEREFORE,** in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**ARTICLE 1**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 "Affiliate"** means, with respect to any Party, any entity that directly or indirectly controls, is controlled by, or is under common control with such Party. "Control" means (a) ownership of more than fifty percent (50%) of the voting securities of an entity, or (b) the contractual right to direct the management and policies of an entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 "Agreement"** has the meaning set forth in the preamble.

------

Page 1 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 "Boumarang Shares"** means an aggregate of 2,500,000 (two million five hundred thousand) duly authorized, validly issued, fully paid, and non-assessable shares of Purchaser's common stock, par value $0.0001 per share, valued at $1.00 per share or $2,500,000 in purchase price, issued to Seller (or its designee) as the sole purchase price for the Technology, as set forth in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 "Closing"** means the closing of the purchase and sale of the Technology, which occurred on September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 "Closing Date"** means September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 "Confidential Information"** means all non-public information disclosed by one Party (the "Disclosing Party") to the other Party (the "Receiving Party") that is designated as confidential or that, given the nature of the information or the circumstances surrounding its disclosure, reasonably should be considered confidential, including business, technical, financial, product, customer, supplier, and marketing information, and all information relating to the Technology and the Co-Development Program. Confidential Information does not include information that meets one of the exceptions in Section 11.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7 "Co-Development Program"** has the meaning set forth in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8 "Deliverables"** means all tangible embodiments of the Technology, including all prototypes, stacks, drones, fuel cell packs, test rigs, tooling, equipment, documentation, drawings, source code, software, and other materials listed in Exhibit A or otherwise delivered by Seller to Purchaser pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9 "Encumbrances"** means any and all liens, pledges, charges, security interests, encumbrances, or other adverse claims of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10 "Fuel Cell Products"** has the meaning set forth in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11 "Intellectual Property Rights"** means all rights, title, and interest in and to patents, patent applications, inventions (whether patentable or not), utility models, copyrights, moral rights, trademarks, service marks, trade names, domain names, trade dress, trade secrets, mask work rights, designs, know-how, and other similar rights, whether registered or unregistered, and all registrations, applications, renewals, extensions, and continuations thereof, anywhere in the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12 "Laws"** means all applicable international, federal, state, local, and foreign laws, rules, regulations, orders, and directives of any governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13 "Original Agreement"** has the meaning set forth in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14 "Original Milestone Date"** has the meaning set forth in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15 "Revised Milestones"** has the meaning set forth in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16 "Technology"** has the meaning set forth in the Recitals and is more particularly described in Exhibit A.

**ARTICLE 2**

**PURCHASE AND SALE OF TECHNOLOGY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Purchase and Sale.** The Parties acknowledge and confirm that, on the Closing Date, Seller sold, assigned, transferred, conveyed, and delivered to Purchaser, and Purchaser purchased and accepted from Seller, all of Seller's right, title, and interest in and to the Technology, free and clear of any and all Encumbrances, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Intellectual Property Rights embodied in, covering, or relating to the Technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all tangible embodiments of the Technology, including the Deliverables;

------

Page 2 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all documentation, designs, schematics, CAD files, bills of materials, specifications, test reports, source code and object code (if any), and other technical materials relating to the Technology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all rights to sue and recover for past, present, and future infringement or misappropriation of the Intellectual Property Rights in the Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Confirmation of Transfer.** The Parties confirm that the purchase and sale described in Section 2.1 was consummated on the Closing Date and that Purchaser is the sole and exclusive owner of all right, title, and interest in and to the Technology as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Exclusions.** The Parties may, if needed, specify in Exhibit A any assets, technologies, or rights that are expressly excluded from the definition of Technology. Any such exclusions shall be narrowly construed.

**ARTICLE 3**

**CO-DEVELOPMENT PROGRAM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Scope of Co-Development Program.** The Parties agree to collaborate on the continued development, refinement, and optimization of the Fuel Cell Products for integration into Purchaser's hydrogen-powered drone platforms (the **"Co-Development Program"**). The Co-Development Program shall encompass the design finalization, prototype fabrication, testing, validation, platform integration, and production readiness of 4 kW and 8 kW PEM hydrogen fuel cell power packs and related control systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Revised Development Milestones.** The Parties hereby agree to the following revised development milestones for the Fuel Cell Products (collectively, the **"Revised Milestones"**):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Phase** | &nbsp;&nbsp;**Milestone Description** | &nbsp;&nbsp;**Target Completion Date** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Completion of detailed design specifications and engineering drawings for 4 kW and 8 kW Fuel Cell Products | &nbsp;&nbsp;June 30, 2026 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Fabrication of functional prototype units (one 4 kW and one 8 kW unit) | &nbsp;&nbsp;September 30, 2026 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Completion of bench testing and performance validation | &nbsp;&nbsp;December 31, 2026 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Integration testing with Boumarang aerial/maritime platform(s) | &nbsp;&nbsp;March 31, 2027 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Delivery of production-ready units and manufacturing documentation | &nbsp;&nbsp;June 30, 2027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Milestone Review.** The Parties shall meet quarterly (or more frequently as mutually agreed) to review progress against the Revised Milestones. If either Party reasonably determines that a Revised Milestone cannot be achieved by its target date, that Party shall promptly notify the other Party, and the Parties shall negotiate in good faith to establish a revised timeline or scope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Best Efforts.** Each Party agrees to use commercially reasonable efforts to achieve the Revised Milestones by the target dates set forth above; provided, however, that the failure to meet any Revised Milestone by its target date shall not, by itself, constitute a breach of this Agreement if the failing Party has used commercially reasonable efforts and the Parties are actively working toward completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Resource Commitments.** Each Party shall allocate sufficient personnel, equipment, and other resources as reasonably necessary to achieve the Revised Milestones. The Parties shall cooperate in good faith to address any resource constraints that may affect the development timeline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Roles and Responsibilities.** Eastern shall be primarily responsible for the engineering design, fabrication, and testing of the Fuel Cell Products, leveraging its expertise in hydrogen fuel cell technology. Boumarang shall be primarily responsible for providing platform specifications, integration requirements, and testing support for the integration of Fuel Cell Products into Boumarang's drone platforms. The Parties shall collaborate in good faith to allocate specific tasks and responsibilities for each Phase.

------

Page 3 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Intellectual Property Arising from Co-Development.** All inventions, improvements, modifications, and works of authorship conceived or reduced to practice in the course of the Co-Development Program (**"Developed IP"**) shall be owned exclusively by Purchaser. Seller hereby assigns, and agrees to assign, to Purchaser all right, title, and interest in and to any Developed IP. Seller shall cause all of its employees, consultants, and contractors participating in the Co-Development Program to execute appropriate invention assignment agreements in favor of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 Reporting.** Eastern shall provide Boumarang with written progress reports no less frequently than quarterly, summarizing the status of each Revised Milestone, any technical challenges encountered, and proposed solutions or timeline adjustments.

**ARTICLE 4**

**DELIVERABLES; TRANSFER OF POSSESSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Delivery of Deliverables.** The Parties acknowledge that Seller has delivered, or shall deliver as promptly as reasonably practicable, to Purchaser (or make available for pick-up or electronic download, as applicable) all Deliverables described in Exhibit A and all other tangible embodiments of the Technology that are in Seller's possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Electronic Materials.** To the extent any part of the Technology or Deliverables consists of software, firmware, CAD files, design files, or other electronic materials, Seller shall deliver such materials in their native electronic formats together with any necessary passwords or access credentials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Shipping and Logistics.** Unless otherwise agreed in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller will package the Deliverables for international shipment in a commercially reasonable manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser will be responsible for reasonable, documented out-of-pocket shipping, insurance, customs, and import duties actually incurred solely in connection with the shipment of Deliverables from India to Purchaser's nominated facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Parties acknowledge that such reimbursements are not cash compensation for the Technology, but rather reimbursement of logistics costs.

Risk of loss to shipped Deliverables shall pass to Purchaser upon delivery to the carrier at Seller's shipping point.

**ARTICLE 5**

**PURCHASE PRICE AND CONSIDERATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Purchase Price.** The total purchase price for the Technology (the **"Purchase Price"**) was paid solely in equity valued at $2,500,000, consisting of the issuance by Purchaser to Seller of the Boumarang Shares, with no cash compensation payable to Seller for the Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Confirmation of Issuance.** The Parties confirm that the Boumarang Shares were duly issued to Seller on the Closing Date and remain outstanding as of the Restatement Date. The Boumarang Shares are not affected by this Agreement or the amendments herein, including the revised development milestones set forth in Article 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 No Additional Consideration.** Except as expressly provided in Sections 4.3 and 5.2, no other cash, property, or consideration of any kind shall be payable by Purchaser to Seller in connection with the purchase and sale of the Technology. The Seller may invoice the Purchaser from time to time for the Co-Development Program, which is payable in cash or shares of the Purchaser.

------

Page 4 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Tax Matters.** Each Party shall be responsible for its own income taxes arising from the transactions contemplated by this Agreement. Any transfer, stamp, or similar taxes directly arising from the sale and transfer of the Technology shall be borne as required by applicable Law or, if permitted, equally by the Parties.

**ARTICLE 6**

**WAIVER OF ORIGINAL MILESTONE DEFAULT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Acknowledgment.** Each Party acknowledges that the Parties did not complete the prototype Fuel Cell Products by the Original Milestone Date of December 31, 2024, due to supply chain constraints, technical development requirements, and resource allocation priorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Waiver.** Each Party hereby waives any and all claims, rights, or remedies it may have against the other Party arising from or related to the failure to meet the Original Milestone Date, including without limitation any right to terminate this Agreement or claim damages based on such failure. This waiver is limited to the Original Milestone Date and shall not constitute a waiver of any other provision of this Agreement or any future breach or default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 No Admission.** This waiver shall not be construed as an admission by either Party that it breached or defaulted under this Agreement or the Original Agreement.

**ARTICLE 7**

**REPRESENTATIONS AND WARRANTIES OF SELLER**

Seller represents and warrants to Purchaser that, as of the Closing Date and, solely with respect to Sections 7.1, 7.2, 7.5, 7.6, and 7.7, as of the Restatement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Organization and Authority.** Seller is duly organized, validly existing, and in good standing under the Laws of its jurisdiction of incorporation and has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Enforceability.** This Agreement has been duly authorized, executed, and delivered by Seller and constitutes a valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to applicable bankruptcy, insolvency, and similar Laws affecting creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Title to Technology.** As of the Closing Date, Seller was the sole and exclusive owner of all right, title, and interest in and to the Technology, free and clear of all Encumbrances. No person or entity (other than Purchaser under this Agreement) had any option, license, or other right, whether contingent or otherwise, to acquire any interest in the Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Intellectual Property Rights.** To Seller's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Technology as used and exploited by Seller does not infringe or misappropriate any valid Intellectual Property Right of any third party in the United States or the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there are no pending or, to Seller's knowledge, threatened claims, actions, suits, or proceedings alleging such infringement or misappropriation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller has not received any written notice from any third party alleging that the Technology infringes or misappropriates such party's Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 No Conflict.** The execution, delivery, and performance of this Agreement by Seller, and the consummation of the transactions contemplated hereby, will not (a) violate any provision of Seller's organizational documents, (b) violate any applicable Law in any material respect, or (c) result in a breach of, or constitute a default under, any material contract to which Seller is a party, in each case that would reasonably be expected to materially impair Seller's ability to consummate the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6 Consents.** No consent, approval, or authorization of, or registration, filing, or notice with, any governmental authority or other third party is required to be obtained or made by Seller in connection with the execution, delivery, and performance of this Agreement, except for those that have been duly obtained or made.

------

Page 5 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7 No Litigation.** There is no pending or, to Seller's knowledge, threatened action, suit, or proceeding before any court or governmental authority relating to the Technology or the Co-Development Program or that challenges or seeks to prevent or delay the consummation of the transactions contemplated by this Agreement.

**ARTICLE 8**

**REPRESENTATIONS AND WARRANTIES OF PURCHASER**

Purchaser represents and warrants to Seller that, as of the Closing Date and as of the Restatement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Organization and Authority.** Purchaser is duly incorporated, validly existing, and in good standing under the Laws of the State of Delaware and has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Enforceability.** This Agreement has been duly authorized, executed, and delivered by Purchaser and constitutes a valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, subject to applicable bankruptcy, insolvency, and similar Laws affecting creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Authorization of Shares.** The Boumarang Shares were duly authorized for issuance and, upon issuance on the Closing Date in accordance with this Agreement, were validly issued, fully paid, and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Compliance with Laws.** The issuance of the Boumarang Shares pursuant to this Agreement was made in compliance with applicable securities Laws, including reliance on one or more exemptions from registration under the U.S. Securities Act of 1933, as amended.

**ARTICLE 9**

**INTELLECTUAL PROPERTY; FURTHER ASSURANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Assignment of Rights.** Without limiting Section 2, Seller hereby irrevocably assigns, transfers, and conveys to Purchaser all of Seller's right, title, and interest in and to the Technology and all related Intellectual Property Rights, including all rights to sue and recover for past, present, and future infringement and misappropriation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 Employees and Contractors.** Seller shall cause all of its employees, consultants, and contractors who contributed to the conception, reduction to practice, development, or creation of the Technology or any Developed IP to have assigned (or to assign) to Seller all of their right, title, and interest in and to the Technology and Developed IP, and Seller hereby assigns (and shall cause such persons to assign) such rights to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 Further Assurances.** From and after the Closing, Seller shall, at Purchaser's reasonable request and expense, execute and deliver such additional documents and take such further actions as may be reasonably necessary or desirable to vest in Purchaser the full benefit of the Technology, the Developed IP, and this Agreement, including executing further assignment documents and providing reasonable cooperation in the filing and prosecution of patents and other registrations relating to the Technology and Developed IP.

**ARTICLE 10**

**TERM; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Term.** This Agreement shall become effective as of the Closing Date (with respect to the purchase and sale of the Technology) and as of the Restatement Date (with respect to the Co-Development Program provisions set forth in Article 3), and shall continue in effect until all obligations of the Parties hereunder have been fully performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Termination of Co-Development Program.** Either Party may terminate the Co-Development Program (but not the Technology purchase provisions of Article 2) upon ninety (90) days' prior written notice to the other Party if:

------

Page 6 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the other Party has materially breached any of its obligations under Article 3 and such breach remains uncured for thirty (30) days after written notice thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Parties mutually agree in writing to terminate the Co-Development Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Effect of Termination.** Termination of the Co-Development Program shall not affect (a) Purchaser's ownership of the Technology, (b) the Boumarang Shares previously issued to Seller, or (c) any rights or obligations that accrued prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 Survival.** The provisions of Articles 2, 5, 6, 7, 8, 9, 11, 12, 13, 14, 15, and any other provisions which by their nature are intended to survive, shall survive the Closing and any expiration or termination of this Agreement or the Co-Development Program.

**ARTICLE 11**

**CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 Obligation.** Each Party shall treat all Confidential Information of the other Party as strictly confidential, shall use such Confidential Information solely for purposes of performing its obligations or exercising its rights under this Agreement, and shall not disclose such Confidential Information to any third party except as expressly permitted herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 Standard of Care.** Each Party shall use at least the same degree of care to protect the Confidential Information of the other Party as it uses to protect its own confidential information of a similar nature, but in no event less than a reasonable degree of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3 Permitted Disclosures.** A Receiving Party may disclose Confidential Information to its directors, officers, employees, contractors, professional advisors, and Affiliates with a need to know such information in connection with this Agreement, provided that such recipients are bound by confidentiality obligations at least as protective as those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4 Return or Destruction.** Upon written request by the Disclosing Party, the Receiving Party shall promptly return or destroy all copies of the Disclosing Party's Confidential Information in its possession or control, except that the Receiving Party may retain (a) one archival copy for legal and compliance purposes and (b) any copies stored electronically in accordance with its standard backup procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5 Exceptions.** Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or becomes publicly available without breach of this Agreement by the Receiving Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is rightfully received from a third party without restriction on use or disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is independently developed by the Receiving Party without use of or reference to the Disclosing Party's Confidential Information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is approved for release by written authorization of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6 Compelled Disclosure.** If a Receiving Party is required by Law or court order to disclose any Confidential Information, it may do so to the extent required, provided that (to the extent legally permissible) it gives the Disclosing Party prompt written notice to allow the Disclosing Party to seek a protective order or other appropriate remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7 Equitable Relief.** Each Party acknowledges that a breach of this Article 11 may cause irreparable harm for which monetary damages alone may be an inadequate remedy. Accordingly, the non-breaching Party shall be entitled to seek injunctive relief in addition to any other remedies available at Law or in equity.

**ARTICLE 12**

**INDEMNIFICATION**

------

Page 7 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 Seller Indemnity.** Seller shall indemnify, defend, and hold harmless Purchaser and its Affiliates, and their respective directors, officers, employees, and agents, from and against any and all losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any breach by Seller of its representations, warranties, or covenants under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any third-party claim alleging that the Technology, as of the Closing, infringes or misappropriates any Intellectual Property Right of such third party in the United States or the European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 Purchaser Indemnity.** Purchaser shall indemnify, defend, and hold harmless Seller and its Affiliates, and their respective directors, officers, employees, and agents, from and against any and all losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any breach by Purchaser of its representations, warranties, or covenants under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser's exploitation or commercialization of the Technology or Developed IP after the Closing (other than claims covered by Seller's indemnity under Section 12.1(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3 Procedures.** The indemnified Party shall promptly notify the indemnifying Party of any claim for which indemnification is sought and shall permit the indemnifying Party to control the defense and settlement of such claim, subject to customary conditions and the indemnified Party's right to participate with its own counsel at its own expense.

**ARTICLE 13**

**LIMITATION OF LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 Exclusion of Certain Damages.** EXCEPT FOR (A) A PARTY'S INDEMNIFICATION OBLIGATIONS, (B) A PARTY'S BREACH OF CONFIDENTIALITY OBLIGATIONS, OR (C) A PARTY'S FRAUD OR WILLFUL MISCONDUCT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, OR INDIRECT DAMAGES (INCLUDING, WITHOUT LIMITATION, LOST PROFITS) ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 Cap on Liability.** EXCEPT FOR (A) A PARTY'S INDEMNIFICATION OBLIGATIONS, (B) A PARTY'S BREACH OF CONFIDENTIALITY OBLIGATIONS, OR (C) A PARTY'S FRAUD OR WILLFUL MISCONDUCT, EACH PARTY'S AGGREGATE LIABILITY TO THE OTHER PARTY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL NOT EXCEED THE FAIR MARKET VALUE OF THE BOUMARANG SHARES AS OF THE CLOSING DATE.

**ARTICLE 14**

**FORCE MAJEURE**

Neither Party shall be liable for any failure or delay in performance under this Agreement (other than payment obligations) to the extent such failure or delay is caused by events beyond its reasonable control, including acts of God, war, terrorism, civil unrest, strikes, labor disputes, epidemics, natural disasters, governmental actions, or supply chain disruptions, provided that such Party uses commercially reasonable efforts to mitigate the effects of such event and resumes performance as soon as reasonably practicable.

**ARTICLE 15**

**DISPUTE RESOLUTION; ARBITRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1 Good-Faith Negotiations.** In the event of any dispute arising out of or relating to this Agreement, the Parties shall first attempt in good faith to resolve the dispute through negotiations between senior executives of each Party.

------

Page 8 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2 Arbitration.** If the Parties are unable to resolve the dispute within thirty (30) days after written notice of the dispute, such dispute shall be finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) in accordance with its Arbitration Rules then in force. The seat of arbitration shall be Singapore, the language of the arbitration shall be English, and the arbitral tribunal shall consist of one (1) arbitrator. The arbitral award shall be final and binding on the Parties and may be enforced in any court of competent jurisdiction.

**ARTICLE 16**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1 Notices.** All notices under this Agreement shall be in writing and shall be deemed duly given when delivered personally, sent by internationally recognized courier, or by email (with confirmation of receipt), to the addresses set forth below (or to such other address as a Party may designate by notice):

**If to Purchaser:**

Boumarang Inc.

200 Spectrum Center Drive

Irvine, CA 92618

Email: admin@boumarang.com

**If to Seller:**

Eastern Electrolyser Ltd.

B-14, Sector 57, Noida

U.P. – 201301, India

Email: st@eeltdh2.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2 Amended and Restated Agreement; Supersession.** This Agreement amends, restates, and supersedes in its entirety (a) the Hydrogen Fuel Cell Technology Purchase and Assignment Agreement dated September 30, 2024 between the Parties (the Original Agreement), and (b) Amendment No. 1 to the Co-Development Agreement dated January 15, 2026 between the Parties. Upon the execution of this Agreement, the Original Agreement and Amendment No. 1 shall be of no further force or effect, and all rights and obligations of the Parties shall be governed exclusively by this Agreement. Notwithstanding the foregoing, the Parties confirm that the transactions consummated under the Original Agreement (including the issuance of the Boumarang Shares and the transfer of the Technology) remain valid, binding, and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3 Amendments.** This Agreement may be amended, modified, or supplemented only by a written instrument signed by duly authorized representatives of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4 Assignment.** Neither Party may assign this Agreement or any of its rights or obligations hereunder without the prior written consent of the other Party, except that Purchaser may assign this Agreement to an Affiliate or to a successor in connection with a merger, reorganization, or sale of substantially all of its assets relating to the Technology, provided that such successor assumes Purchaser's obligations hereunder in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5 Independent Contractors.** The Parties are independent contractors, and nothing in this Agreement shall be construed to create a partnership, joint venture, or agency relationship between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.6 Waiver.** No waiver of any breach of any provision of this Agreement shall be effective unless in writing and signed by the waiving Party, and no such waiver shall be deemed a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.7 Severability.** If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect, and the Parties shall negotiate in good faith a substitute provision that most nearly reflects the Parties' original intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8 Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws principles.

------

Page 9 of 11

------

*CONFIDENTIAL*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.9 Counterparts; Electronic Signatures.** This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures delivered by PDF or other electronic means shall be deemed original signatures for all purposes.

**SIGNATURES**

IN WITNESS WHEREOF, the Parties have executed this Amended and Restated Agreement as of the date first written above.

**BOUMARANG INC.**

a Delaware corporation

By: ________________________________

Name: Craig Nehrkorn

Title: Chief Executive Officer

Date: January 15, 2026

**EASTERN ELECTROLYSER LTD.**

an Indian corporation

By: ________________________________

Name: Shivam Tewari

Title: Director

Date: January 15, 2026

**EXHIBIT A**

------

Page 10 of 11

------

*CONFIDENTIAL*

------

**HYDROGEN FUEL CELL TECHNOLOGY**

**(DESCRIPTION OF TECHNOLOGY AND DELIVERABLES)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Technology.**

The "Technology" consists of all hydrogen fuel cell system technology owned or controlled by Seller as of the Closing Date and used for, or primarily related to, hydrogen fuel cell systems for unmanned aerial vehicles (drones) and unmanned surface vessels, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** All system-level and component-level designs, schematics, drawings, CAD files, bills of materials (BOMs), and specifications for fuel cell stacks, balance-of-plant components, control systems, and integration into drone and maritime platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** All test data, validation reports, performance curves, durability and life-cycle analyses, and any other engineering documentation related to the Technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** All software and firmware (in source and object code form), algorithms, control logic, and calibration files used in or with the fuel cell systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** All know-how, trade secrets, manufacturing processes, assembly instructions, quality control procedures, and other proprietary information related to the design, fabrication, testing, and integration of the Technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** All Intellectual Property Rights in, to, and relating to the foregoing, including all patents, patent applications, inventions (whether patentable or not), copyrights, and other registered or unregistered rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Tangible Deliverables.**

As part of the Technology sold, the Deliverables include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Hardware and Prototypes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 (two) units – 8 kW drones with integrated hydrogen fuel cell packs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 (two) units – 8 kW fuel cell packs (stand-alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 (two) units – 4 kW fuel cell packs (stand-alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any associated test rigs, fixtures, and unique tooling used specifically to build or validate the above units, to the extent owned and controlled by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Documentation & Files**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All engineering drawings, CAD files, schematics, BOMs, test reports, and manuals related to the units above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All software/firmware and related documentation necessary to operate, test, and integrate the units and Technology into Boumarang's products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Development Consideration.**

As full and complete consideration for the sale, assignment, and transfer of the Technology and Deliverables described in this Exhibit A, and for Seller's participation in the Co-Development Program described in Article 3, Purchaser issued to Seller the Boumarang Shares, being 2,500,000 shares of Boumarang common stock, in accordance with Article 5 of the Agreement.

There is no cash compensation payable to the Seller for the Technology; however, the Seller may invoice the Purchaser from time to time for the Co-Development Program, which is payable in cash or shares of the Purchaser. Any reimbursement of shipping, customs, or similar logistics expenses pursuant to Section 4.3 of the Agreement shall not be treated as cash compensation.

------

Page 11 of 11

## Exhibit 10.9

**WEWORK ALL ACCESS MEMBERSHIP AGREEMENT**

This WeWork membership agreement (the "**Agreement**"), dated as of the date the Agreement is fully executed below ("**Effective Date**"), is entered into by and between Member Company and WeWork.

This Agreement, including the following documents: the Membership Details Form (the "**Membership Details Form**"), the WeWork All Access Terms and Conditions attached (the "**General Terms and Conditions**"), and any annexes attached hereto, will be effective as of the Effective Date. To the extent there is any conflict between the General Terms and Conditions and the Membership Details Form, the order of governance shall be (i) the Membership Details Form, then (ii) the General Terms and Conditions.

Capitalized terms used but not defined in this Agreement have the respective meanings assigned to them in the General Terms and Conditions.

By signing this Agreement, each party represents to the other party that the signatory hereto has the proper authority to execute this Agreement on behalf of Member Company or WeWork, as applicable, and incur the obligations described in this Agreement on behalf of Member Company or WeWork, as applicable. Unless otherwise indicated herein, this Agreement is made and executed in two (2) originals, one for each party.

**SIGNATURES:**

**MEMBER COMPANY SIGNATURE**

Member Company Name: Boumarang Inc.

Name of Authorized Signatory: IMRAN FIROZ

Date: 08/08/2024

**WEWORK SIGNATURE**

WeWork Building Entity: 200 Spectrum Center Drive Tenant LLC

Name: Luke Robinson

Date: 08/08/2024

------

using the online form available on the CMAP

**WeWork All Access Membership**

Membership Details Form

---

| | |
|:---|:---|
| **MEMBER COMPANY** | **MEMBER COMPANY** |
| **Member Company Name:** | imran_firoz@hotmail.com |
| **Member Company Legal Entity Name (if different from above)** | N/A |
| **Industry:** |  |
| **Company Registration Number:** |  |
| **Member Company Tax ID Number(s):** |  |
| **Broker used in connection with the Agreement (if applicable):** |  |
| **WEWORK** | **WEWORK** |
| **WeWork Entity (Legal Name):** | 200 Spectrum Center Drive Tenant LLC |
| **Registered Address:** |  |
| **Registration Number (if applicable):** |  |
| **WeWork Entity Tax ID Number:** | 475368013 |
| **MEMBERSHIP DETAILS** | **MEMBERSHIP DETAILS** |
| **Membership Type:** | WeWork All Access Basic Membership Plan |
| **Main Location (country of primary use):** | United States |
| **Number of Individual Members:** | WeWork All Access Basic Membership Plan: 1 |
| **PRICING/FINANCIAL TERMS** | **PRICING/FINANCIAL TERMS** |
| **Price per Membership (monthly):** | WeWork All Access Basic Membership Plan: $199.00<br>plus applicable tax |
| **Total Monthly Membership Fee:** | See attached "**Fee Schedule**" for detailed breakdown. |

---

------

---

| | |
|:---|:---|
| **Set-Up Fee:** | N/A<br>plus applicable tax. To be invoiced and paid pursuant to the terms herein. |
| **CONTRACT TERM DETAILS** | **CONTRACT TERM DETAILS** |
| **Start Date:** | 08/08/2024 |
| **Commitment Term (Start Date and end date):** | 0 Month 08/08/2024 To 08/31/2024 |
| **CREDITS** | **CREDITS** |
| **Conference Room Credits (per month)\*:** | 2 |
| **Print and Copy Credits (per month)\*:** | Color N/A<br>Black & White N/A |
| **ADDITIONAL ITEMS AND NOTES** | **ADDITIONAL ITEMS AND NOTES** |
| **For WeWork All Access Basic membership plans, only:** | Locations included in the WeWork All Access Basic membership plan are identified on the WeWork app and at https://www.wework.com/info/wework-all-access- buildings, and may be updated from time-to-time by WeWork. Locations not included in the WeWork All Access Basic membership plan may be booked with credits as indicated at the time of booking. |
| **Additional Notes:** | N/A |

---

**\*Monthly credits are determined based on the number of Members, but the aggregate amount of credits is available to all of your WeWork All Access Members (and not allocated individually to each WeWork All Access Member).**

------

**Fee Schedule**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Membership Services** | **Membership Services** | **Membership Services** | **Membership Services** | **Membership Services** | **Membership Services** | **Membership Services** | **Membership Services** | **Membership Services** |
|  |  |  |  | **Monthly Membership Fees** | **Monthly Membership Fees** | **Monthly Membership Fees** | **One-Time Fees** | **One-Time Fees** |
| Service | Start Date: | End Date: | Qty: | Monthly Market Rate (per unit)\* | Monthly Discount (per unit) | Total Discounted Monthly Fee Due\* | Set-Up Fee\* | Service Retainer |
| WeWork All Access Basic Membership Plan | 08/08/2024 | 08/31/2024 | 1 | $199.00 | $29.85 | $169.15 | $0.00 | $0.00 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Additional Services** | **Additional Services** | **Additional Services** | **Additional Services** | **Additional Services** | **Additional Services** | **Additional Services** |
|  |  |  | **Service Fees** | **Service Fees** | **Service Fees** | **One-Time Fees** |
| Service | Occurrence/ Frequency | Qty | Market Rate (per unit)\* | Discount (per unit) | Total Discounted Fee Due\* | Set-Up/ Installation Fee\* |
| Included Conference Room Credits | Monthly | 2 | $0.00 | $0.00 | $0.00 | $0.00 |

---

\**tax excluded*

**Notes to the Fee Schedule for WeWork All Access:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The "**Membership Fee**" shall mean the Total Discounted Monthly Fee Due for the applicable Membership Services as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Membership Fee plus any discounts listed above are displayed exclusive of taxes. Applicable taxes, including but not limited to sales, use, value added and withholding taxes, will be added to the Membership Fee at the applicable rate. Except where specified in local legislation, taxes will be calculated on the discounted Membership Fee at the applicable rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Discount(s) shall apply during the timeframes set out in the above Membership Fee Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Service Retainers, Set-Up Fees, and any installation fees set forth above are one-time fees with respect to the applicable service(s), unless specifically indicated otherwise.

------

---

| | |
|:---|:---|
| **MEMBER CONTACT DETAILS** | **MEMBER CONTACT DETAILS** |
| **PRIMARY MEMBER** | **PRIMARY MEMBER** |
| Primary Member Name: | IMRAN FIROZ |
| Phone Number: | +1-8183005792 |
| Email: | imran@sparkcap.co |
| Address: |  |
| **WEWORK CONTACT DETAILS** | **WEWORK CONTACT DETAILS** |
| **MAIN WEWORK CONTACT** | **MAIN WEWORK CONTACT** |
| WeWork Employee Name: | N/A |
| Email: | N/A |

---

------

**WEWORK ALL ACCESS MEMBERSHIP**

**TERMS AND CONDITIONS**

**GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview.** Except to the extent prohibited by applicable law, these Terms and Conditions and the rules, terms and policies referenced and incorporated herein (the "**WeWork All Access Terms**"), the Membership Details Form, and any other applicable policies and procedures as provided or made available to you from time to time (collectively, the "**Agreement**"), describe your rights and obligations in connection with your access to All Access workspaces and services provided as part of, or that are incidental or related to, your WeWork All Access Membership (as described herein and as available from time to time, the "**Services**"). By using the Services, you are agreeing that you, and any individuals you authorize to use your WeWork All Access Membership (your "**All Access Members**" or "**Members**"), shall abide by and be bound by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Applicable policies and terms of service**. The WeWork All Access Membership is subject to the: (i) All Access House Rules attached as Exhibit A, and the house rules of any Premises at which you and your All Access Members receive or use Services (collectively, the "**House Rules**"), (ii) WeWork policies, including the WeWork Privacy Policy, available at https://www.wework.com/legal/global- privacy-policy (the "**WeWork Privacy Policy**"), (iii) WeWork Member Network Terms of Service available at www.wework.com/legal/mena-tos (the "**WeWork Member Network ToS**"), (iv) WeWork Data Connection & Internet Access Terms of Services available at www.wework.com/legal/wireless-network-terms-of-service (the "**WeWork Data Connection & Internet Access ToS**"), (v) the WeWork Coworking Partner Location Terms available at www.wework.com/legal/coworking-partner-location-terms, and (vi) the additional guidelines, terms, conditions and/or rules (including additional payment obligations) applicable to any additional services you or your All Access Members purchase from us. In order to access the Services, you, on your behalf and on behalf of your All Access Members, hereby agree to these policies and terms of services and any updates thereto. We may from time to time update, amend or supplement these Terms and Conditions, our policies and our terms of service, and shall provide you with thirty (30) days' notice of such updates. You and your All Access Members shall be deemed to have accepted such updates, amendments or supplements by continued use of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Who we are.** Who we are for purposes of this Agreement is the WeWork Company Name referenced in the Membership Details Form. We reserve the right to change the legal entity that charges you for the Services. The relevant entity with which you enter into this Agreement shall be known in this Agreement as "**we**", "**our**" "**us**" or "**WeWork**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Who you are.** References to "**Member Company**", "**Company**", "**you**", "**your**" and similar words in this Agreement refer to the entity or individual registering for or receiving the Services and agreeing to be bound by this Agreement. If you are entering into this Agreement on behalf of an entity or on behalf of other individuals, you represent and warrant that you have all necessary right, authority and consent to bind such entity or individuals to this Agreement. You shall be responsible for your All Access Members' compliance with this Agreement. In addition, by agreeing to this Agreement, you are confirming that you and your All Access Members are using the Services exclusively for business purposes and **not** as a consumer (as such term may be defined by the applicable laws and regulations in the jurisdiction the laws of which govern this Agreement).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **What are "Services"?** Subject to the terms of this Agreement, WeWork will use commercially reasonable efforts to provide you and your All Access Members the Services at WeWork premises offering access to All Access members (the "**Premises**") beginning on the Start Date. In order to use the Services, you and your All Access Members will be required to download our mobile app or use our desktop application through a Web browser and access the WeWork Member Network. The Services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Use of one daily desk per day per Member at the Premises, subject to availability and upon prior reservation of such daily desk through the WeWork Member Network. Daily desks are located in the common areas at the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Access and use of common areas at the Premises, subject to the conditions set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Access to and use of the WeWork Member Network site in accordance with the WeWork Member Network ToS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Access to and use of the shared Internet connection in accordance with the WeWork Data Connection & Internet Access ToS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Access to and use of the printers, copiers and/or scanners available to all WeWork members and member companies in the Premises, in each case subject to availability and payment of any fees applicable thereto. The current fee schedules are available on our website at www.wework.com/faq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Access to and use of the conference rooms at the Premises during Regular Business Hours, in each case subject to availability, prior reservation, and payment of any fees applicable thereto. The current fee schedules are available on our website at www.wework.com/faq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Use of private phone booths while using a Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Front desk assistance while using a Premises during Regular Business Hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Use, within the Premises, of kitchens and beverages made available therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Opportunity to participate in members-only events, beneﬁts and promotions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Any other services you or your All Access Members may purchase directly from us from time to time.

Subject to the terms of this Agreement, WeWork may provide Member Company and its Members with the ability to book non-WeWork locations operated by third party operators ("**Coworking Partner Locations**", operated by "**Coworking Partners**"). By booking at any such Coworking Partner Locations, Member Company and its Members will be subject to: (i) the WeWork Coworking Partner Location Terms available online at www.wework.com/legal/coworking-partner-location-terms; and (ii) the terms, rules, and policies applicable to such Coworking Partner Location (as may be listed on the applicable Coworking Partner's website or otherwise provided to Member Company). Member Company acknowledges that WeWork does not own or operate any Coworking Partner Locations, nor does it sell, resell, license, provide, rent, sublet, manage or control any Coworking Partner Locations. To the extent permitted by law, WeWork is not liable for any loss, damage or liability arising from or related to Member Company's and its Members' use of Coworking Partner Locations, and Member Company shall indemnify WeWork from and against any and all third-party claims, liabilities, and expenses, including reasonable attorneys' fees resulting from Member Company's and Members' use of any Coworking Partner Locations.

Use of credit-based Services that is in excess of any credits is subject to the applicable fees for such Services. Credits do not roll over from month to month. Monthly credits are determined based on the number of All Access Members, but the aggregate amount of credits is available to all of your All Access Members (and not allocated individually to each All Access Member). All Access Members are not permitted to use the address of any of our Premises for mail and package delivery, and WeWork shall have no liability in connection with any mail or packages delivered to an All Access Member at our Premises.

------

The Services at a Premises will only be available to you and your All Access Members during the hours specified for that Premises on the WeWork Member Network, which hours may be limited to the Regular Business Hours of that Premises. "**Regular Business Hours**" are generally from 9:00 a.m. to 5:00 p.m. on Regular Business Days. "**Regular Business Days**" are all weekdays, except local bank/government holidays at a Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Changes to our Services or these Terms.** The availability and scope of the Services and the Premises at which the Services are available are subject to change from time to time in our sole discretion. The Services may also vary by geographical area or by specific Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Guests.** The WeWork All Access Membership is intended for the use of the person to which it is allocated and is not intended to provide access and use to other parties. Guests are not permitted, other than in connection with conference room bookings. If a Member has booked a conference room, guests may be registered and given access to the booked conference room. The number of guests is limited to the number of people permitted in the booked conference room. The guests will be permitted to access the Premises only during such booking period. WeWork reserves the right, in its sole discretion, to restrict the access of guests in the event that such use violates the purpose or intent of the WeWork All Access Membership.

**CREATING YOUR WEWORK ALL ACCESS MEMBERSHIP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Eligibility.** Unless otherwise specified by us in writing, the Services are only available to individuals who are at least 21 years old. You will be responsible for ensuring that your All Access Members qualify before accessing or using the Services in any way and before providing any personal information to us (e.g., name, address, telephone number or email address).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Passwords and keycards.** You and your All Access Members' Accounts created on the WeWork Member Network (each, an "**Account**") are specific to you and your or your All Access Members. Neither you nor your All Access Members shall reveal your Account password or transfer your keycard or other access device or credentials to anyone else or let anyone use your Account, even if such other individual is associated with your company. Neither you nor your All Access Members, nor any third party on your behalf, shall make any copies of any keys, keycards, or other means of entry to the Premises (each, an "**All Access Device**"). If you believe someone may have used passwords or All Access Devices associated with your WeWork All Access Membership without your authorization, please immediately change such passwords and contact us at help@wework.com. You and your All Access Members are responsible for all actions in connection with the Accounts, regardless of whether you authorized such actions. All Access Devices remain our property and must be returned immediately by you and your All Access Members upon termination or expiration of your WeWork All Access Membership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **All Access Members.** You are responsible for preparing and sharing a list of your All Access Members with us or uploading such information directly through the tools we provide, as applicable. You shall ensure that the information about your All Access Members is complete and accurate. In the event your relationship with one of your All Access Members changes or ends, you agree to promptly update such information and notify us that the individual should no longer receive access to the Services. You hereby represent and warrant to us that (a) you have the proper authority to create, terminate and maintain the Accounts and to add and remove All Access Members to and from the Accounts and (b) you have obtained all necessary consent from All Access Members for the creation of their accounts. You also agree to indemnify us for any loss we may suffer as a result of any breach of these warranties and representations including where such breach is caused by any of your All Access Members.

**PAYING FOR YOUR WEWORK ALL ACCESS MEMBERSHIP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Payments.** The payment method provided by you will automatically be charged the fees and any other amounts you may incur or be liable for in connection with the Services. Recurring fees, which may include recurring membership fees ("**Membership Fees**"), begin accruing on the Start Date and will be charged on the first (1st) of each month unless we notify you otherwise. You are responsible for paying all Membership Fees through the end of the Term. Overage fees and other non-recurring fees (including for damages caused to any of our Premises or property) will be charged within thirty (30) days of you accruing such fees. If payment of any accrued and outstanding fee is not made by the tenth (10th) of the month in which such payment is due, you will be responsible

------

for paying the then-current late charge. The current late fee and overage fee schedules are available on our website at www.wework.com/faq. You and your All Access Members' use of the Services may be immediately suspended or terminated if we are unable to charge your payment instrument for any reason. When we receive funds from you, we will ﬁrst apply the funds to any balances which are in arrears and to the earliest month due ﬁrst. All fees are non-refundable and must be paid in the currency specified on the Membership Details Form. Following any Commitment Term, we reserve the right to further increase or decrease the Membership Fee at our sole discretion upon thirty (30) days' prior notice to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Taxes.** You agree to pay promptly: (i) all sales, use, excise, value added, and any other taxes which you are required to pay to any other governmental authority (and, at our request, will provide to us evidence of such payment) and (ii) all sales, use, excise, value added and any other taxes attributable to your WeWork All Access Membership and to any other services provided to you by us, as shown on your invoice. Where VAT is charged in connection with your Membership, you acknowledge that the Services are subject to VAT and declare that you shall use the Services for VAT liable business activities.

**USE OF THE SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Use of the Services Outside your Home Country.** The parties acknowledge that the intent of this Agreement is to contract with and bill for the Services from a WeWork entity in the jurisdiction in which Member Company will make the majority of its All Access bookings. In the event that there are no bookings in the jurisdiction where you have contracted for and are billed for these memberships for a period of sixty (60) consecutive days, WeWork may contact you to transfer your Agreement to the jurisdiction of most use or may terminate the Agreement for material breach, as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **House Rules**. You and your All Access Members must comply with the House Rules, including the All WeWork House Rules available online at https:/www.wework.com/legal/Membership_House_Rules, while using Services at any Premises. In addition, Members will not misuse the Services, which misuse includes repeatedly failing to utilize Services for which you have an active reservation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Security.** All Members must badge into WeWork buildings using their All Access Device. To the extent permitted by law, your All Access Members shall be required to provide valid government issued identification in order to be issued an activated key card to access the Premises and before entering any of our buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Privacy.** We collect, process, transfer and secure personal data about you and your Members pursuant to the terms of the WeWork Privacy Policy, and in accordance with all applicable data protection laws. You hereby confirm that (i) you have and rely upon an adequate legal basis, including without limitation consent where required, to collect, process, and transfer Members' personal data to us, and (ii) you collect and process Members' personal data in accordance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Property.** We are not responsible for any property you or your All Access Members leave behind in any of our Premises. It is your and your All Access Members' responsibility to ensure that personal items are secure. We will be entitled to dispose of any property remaining in any of our Premises and you and your All Access Members waive any claims or demands regarding such property or our handling of such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Other members.** We do not control and are not responsible for the actions of other individuals you or your All Access Members encounter through the use of the Services; this includes other WeWork members and their guests at any Premises or on our Member Network. We do not endorse, support or verify the facts, opinions or recommendations of our WeWork Members. If a dispute arises between users, we have no responsibility or obligation to participate, mediate or indemnify any party, except to the extent that such dispute is the result of WeWork's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Third party products or services; Tech Platforms, Apps, Portals.** The Services do not include, and WeWork is not liable for, the provision of products or services by third parties that Member Company may elect to purchase or use in connection with this Membership ("**Third Party Services**"), even if they appear on a WeWork invoice. Third Party Services are provided solely by the applicable third- party service provider ("**Third Party Service Provider**") and pursuant to separate arrangements between you and the applicable Third Party Service Providers.

------

Additionally, during the Term, you and your Members may have access to certain platforms, apps, or portals as part of the membership. To the extent such platforms, apps, or portals have their own terms of use, such terms shall govern use of the applicable system. For those without terms of use, such platforms, apps, or portals shall be provided to you and your Members "as is", and without any representations or warranties.

**TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Membership Termination.** This Agreement may not be terminated by you prior to the end of the Commitment Term, and any such termination shall constitute a breach of this Agreement. To terminate your WeWork All Access Membership at the end of the Commitment Term, you must provide us at least five (5) days' notice prior to the last day of your Commitment Term specified in the Membership Details Form. Otherwise, unless set forth on the Membership Details Form, following the Commitment Term, your WeWork All Access Membership shall continue on a month-to-month basis until terminated in accordance with this Agreement (the term commencing on the Start Date and ending on the later of the last day of the Commitment Term or any month-to-month term, the "**Term**"). If you terminate your All Access Membership prior to the end of the Commitment Term, your Membership Fee payment obligations through the end of the Commitment Term shall become immediately due (the "**Membership Fee Obligation**"). To terminate your All Access Membership during any month-to- month term, you must provide us with at least five (5) days' notice prior to the last day of a calendar month ("**Termination Effective Month**"). Such termination will be effective on the last day of the Termination Effective Month. In all cases, notice of termination must be provided (a) to your WeWork member success contact or (b) if you have no such contact, by emailing us at help@wework.com or through the tools we provide you to manage your WeWork All Access Membership (including the Account Central platform). If you or your All Access Members fail to comply with the provisions of this Agreement we may, in our sole discretion, restrict your or your All Access Members' access to the Services and/or terminate your WeWork All Access Membership or any All Access Account with immediate effect and without prior notice to you; we may also immediately terminate any of your All Access Members at our sole discretion. In addition, we may decline to continue your WeWork All Access Membership after the end of the Commitment Term in our sole discretion. We do not provide refunds upon termination or cancellation of your WeWork All Access Membership, including individual All Access Members' Accounts with respect to amounts already paid. You will remain liable for past due amounts, and we may exercise our rights to collect due payment, despite termination or expiration of your WeWork All Access Membership. We may also terminate your WeWork All Access Membership with thirty (30) days' prior notice if we discontinue the WeWork All Access Membership program in whole or in part, or at any other time at our sole discretion.

**INTELLECTUAL PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **WeWork Intellectual Property; Use of the WeWork Name; Photos of the Premises.** You and your All Access Members may not take, copy or use for any purpose (a) the name "We", "WeWork" or any of our other business names, trademarks, service marks, logos, designs, copyrights, patents, trade secrets, trade dress, marketing material, other identifiers or other intellectual property ("**Intellectual Property**"); (b) any derivations, modifications or similar versions of the same; or (c) any photographs or illustrations of any portion of a Premises, for any purpose, including competitive purposes, without our prior consent, provided that during the Term you will be able to use "WeWork" in plain text to accurately identify an address or office location. You acknowledge that WeWork owns all right, title and interest in and to its Intellectual Property. You may not file for ownership rights of any of our Intellectual Property with any governmental authority or use our Intellectual Property in any advertising, including domain names, social media handles, or any form of media invented in the future. You may not, directly or indirectly, interfere with or object to, in any manner, our ownership rights or the use of our Intellectual Property or engage in any conduct that is likely to cause confusion between WeWork and yourself, without our prior consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Intellectual Property of others.** You and your All Access Members may not take, copy or use any information or intellectual property belonging to other member companies or their members or guests, including without limitation any confidential or proprietary information, personal names, likenesses, voices, business names, trademarks, service marks, logos, trade dress, other identifiers or other intellectual property, or modified or altered versions of the same.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Publicity.** You hereby consent to our non-exclusive, non-transferable use of your Member Company name and/or logo in connection with identifying you as a Member Company of WeWork, alongside those of other member companies, on a public-facing "Membership" display on our website as well as in video and other marketing materials. You warrant that your logo does not infringe upon the rights of any third party and that you have full authority to provide this consent. You may terminate this consent at any time upon thirty (30) days' prior notice.

**DISCLAIMER OF WARRANTIES; LIMITATIONS OF LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Waiver of Claims**. To the extent permitted by law, you, on your own behalf and on behalf of your All Access Members, and your or their employees, agents, guests and invitees, waive any and all claims, liabilities, costs, damages, expenses and rights, including reasonable attorneys' fees against us and our affiliates, parents, and successors and each of our and their employees, assignees, officers, agents and directors (collectively, the "**WeWork Parties**") and our landlords at the Premises resulting from damage to, or destruction, theft, or loss of, any property, person or pet, except to the extent caused by the gross negligence, willful misconduct or fraud of the WeWork Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Limitation of Liability.** To the extent permitted by law, the aggregate monetary liability of any of the WeWork Parties to you and your All Access Members, and your or their employees, agents, guests and invitees for any reason and for all causes of action, whether in contract, tort, breach of statutory duty, or other legal or equitable theory will not exceed the total amounts paid by you to us under this Agreement in the twelve (12) months prior to the claim arising. None of the WeWork Parties will be liable under any cause of action, for any indirect, special, incidental, consequential, reliance or punitive damages, including loss of profits or business interruption, or for the cost of any substitute goods, services or technology. You acknowledge and agree, on your behalf and on behalf of your All Access Members, that, to the extent permitted by law, neither you nor your All Access Members may commence any action or proceeding against any of the WeWork Parties, whether in contract, tort, breach of statutory duty, or other legal or equitable theory, unless the action, suit, or proceeding is commenced within one (1) year of the cause of action's accrual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Indemnification.** To the extent permitted by law, you will indemnify the WeWork Parties from and against any and all claims, including third party claims, liabilities, and expenses including reasonable attorneys' fees, resulting from any breach or alleged breach of this Agreement by you or your All Access Members or your or their guests, invitees or pets or any of your or their actions or omissions, except to the extent a claim results from the gross negligence, willful misconduct or fraud of the WeWork Parties. You are responsible for the actions of and all damages caused by all persons and pets that you, your All Access Members or your or their guests invite to enter any of the Premises. You shall not make any settlement that requires a materially adverse act or admission by us or imposes any obligation upon any of the WeWork Parties unless you have first obtained our or the relevant WeWork Party's written consent. None of the WeWork Parties shall be liable for any obligations arising out of a settlement made without its prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Insurance.** You are responsible for maintaining, at your own expense and at all times during the Term, insurance in form and amount appropriate to your business.

**GOVERNING LAW AND JURISDICTION SPECIFIC TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Jurisdictional Terms**. Unless otherwise set forth herein, this Agreement and the transactions contemplated hereby, shall be governed and construed in accordance with the following:

**if the WeWork entity party to this Agreement is organized or incorporated in (such country of organization or incorporation, the "Membership Country"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**the U.S. or Canada**, the additional terms provided in **Annex A-1 (USA & Canada)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Europe, Middle East, or Africa,** the additional terms provided in **Annex A-2 (EMEA)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Mexico, Central America or South America (except for Brazil),** the additional terms provided in **Annex A-3 (LatAm)** shall apply.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Brazil,** the additional terms provided in **Annex A-4 (Brazil)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.**China,** the additional terms provided in **Annex A-5 (China)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.**Hong Kong,** the additional terms provided in **Annex A-6 (Hong Kong)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.**Japan,** the additional terms provided in **Annex A-7 (Japan)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.**Asia** (except for China, Hong Kong or Japan as provided above) **or Australia**, the additional terms provided in **Annex A-8 (APAC)** shall apply

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.**India,** the additional terms provided in **Annex A-9 (India)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.**Israel**, the additional terms provided in **Annex-10 (Israel)** shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.** **Registered address; Business use.** You may not use the address of any of our Premises or any address provided by us as your registered address. If you are found to be using an address provided by us as your registered address, you shall immediately complete the deregistration of such address with the relevant local authorities and you will be charged a fee equal to 150% of your monthly Membership Fee.

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.** **Enforceability.** Each provision of this Agreement shall be considered severable. To the extent that any provision of this Agreement is prohibited or otherwise limited, this Agreement shall be considered amended to the smallest degree possible in order to make the Agreement effective under applicable law. Neither party shall be deemed by any act or omission to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.** **Nature of these Terms.** Notwithstanding anything in this Agreement to the contrary, this Agreement shall in no way be construed so as to grant you or your All Access Members any title, easement, lien, possession or related rights in our business, the Premises or anything contained in our Premises. This Agreement creates no tenancy interest (including any security of tenure), leasehold estate, or other real property interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.** **No Assignment.** Except in connection with a merger, acquisition, corporate reorganization, or sale of all or substantially all of the shares or assets of you or your parent corporation, you may not transfer or otherwise assign any of your rights or obligations under this Agreement (including by operation of law) without our prior consent. We may assign this Agreement without your consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.** **Sanctions.** Each party hereby represents and warrants that neither it nor any of its Associated Persons, nor any of its directors or officers, nor its intermediate or ultimate beneficial owners with a 10% or greater stake is (i) a Restricted Party, (ii) engaging or has engaged in any transaction or conduct, that could result in it becoming a Restricted Party, or (iii) engaging or will engage in any activity or in any transaction which could cause or does cause the other party to this Agreement to be in breach of Sanctions.

For purposes of this Section only, the following definitions shall apply:

"**Associated Person**" means a person who performs services for or on behalf of the Member Company, or acts on behalf of the Member Company, in the context of this Agreement with WeWork; this may include, for example, employee, director, officer, contractors, agents or consultants.

------

"**Restricted Party**" means a person that is: (i) listed on, or owned or controlled by a person listed on any Sanctions List or a person acting on behalf of such a person; (ii) located in, incorporated under the laws of a country or territory that is the subject of country- or territory-wide Sanctions as modified from time to time, or a person who is owned or controlled by, or acting on behalf of such a person; or (iii) otherwise a target of Sanctions.

"**Sanctions**" means any applicable laws or regulations related to export controls, trade and investment restrictions, economic or financial sanctions or embargoes.

"**Sanctions List**" means the Specially Designated Nationals and Blocked Persons List and the Sectoral Sanctions Identification List maintained by the US, the Consolidated List of Financial Sanctions Targets maintained by the UK, the Consolidated List of Persons, Groups and Entities Subject to EU Financial Sanctions maintained by the European Union or any similar list maintained by, or public announcement of a Sanctions designation made by, the United Nations or a relevant competent authority, each as amended, supplemented or substituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.** **Anti-Money Laundering.** You hereby represent and warrant that at all times you and your All Access Members have conducted and will conduct your operations in accordance with all laws that prohibit commercial or public bribery and money laundering (the "Anti-Money Laundering Laws"), and that all funds which you will use to comply with your payments obligations under this Agreement will be derived from legal sources, pursuant to the provisions of Anti-Money Laundering Laws. You will provide us with all information and documents that we from time to time may request in order to comply with all Anti-Money Laundering Laws and enable WeWork to verify and confirm your identity and business in accordance with our internal policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.** **Anti-Corruption Laws**. Neither you nor any of your All Access Members, your directors, officers, employees, agents, subcontractors, representatives or anyone acting on your behalf, (i) has, directly or indirectly, offered, paid, given, promised, or authorized the payment of any money, gift or anything of value to: (A) any Government Official or any commercial party, (B) any person while knowing or having reason to know that all or a portion of such money, gift or thing of value will be offered, paid or given, directly or indirectly, to any Government Official or any commercial party, or (C) any employee or representative of WeWork for the purpose of (1) influencing an act or decision of the Government Official or commercial party in his or her official capacity, (2) inducing the Government Official or commercial party to do or omit to do any act in violation of the lawful duty of such official, (3) securing an improper advantage or (4) securing the execution of this Agreement, (ii) will authorize or make any payments or gifts or any offers or promises of payments or gifts of any kind, directly or indirectly, in connection with this Agreement, the Services or the Office Space. For purposes of this section, "**Government Official**" means any officer, employee or person acting in an official capacity for any government agency or instrumentality, including state-owned or controlled companies, and public international organizations, as well as a political party or official thereof or candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.** **Compliance with Laws.** You hereby represent and warrant that at all times you and your All Access Members have conducted and will conduct your operations ethically and in accordance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.** **Extraordinary Events.** WeWork will not be liable for, and will not be considered in default or breach of this Agreement on account of, any delay or failure to perform arising out of or caused by, directly or indirectly, forces that are beyond WeWork's reasonable control, including, without limitation, any delays or changes in construction of, or WeWork's ability to procure any space in, any Premises; any conditions under the control of our landlord at the applicable Premises; acts or orders of Government; acts of God; epidemics or pandemics; or public health emergencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.** **Brokers**. Except as may be provided for through the WeWork broker referral program, you hereby represent and warrant that you have not used a broker or realtor in connection with the membership transaction covered by this Agreement. If you seek to terminate this Agreement or cease to pay your monthly Membership Fee except as otherwise explicitly permitted herein (each, an "Early Exit"), within fifteen (15) days of doing so, you shall reimburse WeWork for any fees previously paid by WeWork to a broker or realtor corresponding to the period following such Early Exit. You hereby indemnify and hold us harmless against any claims arising from the breach of any warranty or representation of this paragraph.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.** **Interpretation.** The section and paragraph headings in this Agreement are for convenience only and shall not affect their interpretation. Any use of "including" "for example" or "such as" in this Agreement shall be read as being followed by "without limitation" where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41.** **No third-party beneficiaries.** You agree that, except as otherwise expressly provided in this Agreement, including with respect to your All Access Members, there shall be no third-party beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.** **Counterparts and Electronic Signature.** This Agreement may be executed in any number of counterparts by either handwritten or electronic signature, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement in accordance with applicable law. This Agreement may be executed using electronic means and the use of electronic signatures by the parties will have the same full force and legal effect as if the electronic signatures were traditional hand-written signatures in accordance with applicable law. You acknowledge that you have the ability to retain this Agreement either by printing or saving it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.** **Survival.** Even after your WeWork All Access Membership agreement is terminated, or your or your All Access Members' access to the Member Network is terminated, or your or All Access Members' use of the Member Network discontinues, certain terms in this Agreement will remain in effect. All terms that by their nature may survive termination of this Agreement shall be deemed to survive such termination. Sections 1, 11, 19, 24-32, and 38-43 shall also survive any termination or expiration of this Agreement, as well as all other provisions of this Agreement reasonably expected to survive the termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44.** **Contacting us.** If you have any questions relating to this Agreement, please contact your WeWork member success contact or write to us at help@wework.com.

------

**Annex A-1 (USA & Canada)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under the law of the State of New York, U.S.A. and the United States without regard to conflicts of laws provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Venue; Dispute Resolution.** Except that either party may seek equitable or similar relief from any court of competent jurisdiction, any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the breach, termination or invalidity of this Agreement, that cannot be settled amicably by agreement of the parties to this Agreement shall be finally settled in accordance with the arbitration rules of JAMS then in force, by one or more arbitrators appointed in accordance with said rules. The place of arbitration shall be New York, New York, U.S.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Judgment.** The proceedings shall be confidential and in English. The award rendered shall be final and binding on both parties. Judgment on the award may be entered in any court of competent jurisdiction. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. This Agreement shall be interpreted and construed in the English language, which is the language of the official text of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Class Action Waiver.** Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. Neither you nor we will seek to have any dispute heard as a class action or in any other proceeding in which either party acts or proposes to act in a representative capacity. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings. You also agree not to participate in claims brought in a private attorney general or representative capacity, or any consolidated claims involving another member's account if we are a party to the proceeding. YOU ARE GIVING UP YOUR RIGHT TO PARTICIPATE AS A CLASS REPRESENTATIVE OR CLASS MEMBER ON ANY CLASS CLAIM YOU MAY HAVE AGAINST US INCLUDING ANY RIGHT TO CLASS ARBITRATION OR ANY CONSOLIDATION OF INDIVIDUAL ARBITRATIONS.

------

**Annex A-2 (EMEA)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement, including the arbitration agreement at clause (b) below, and any non-contractual obligations arising out of or in connection with this Agreement, are governed by and shall be construed in accordance with English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Venue; Dispute Resolution.** Any claim, dispute or difference of whatever nature arising out of or in connection with this agreement (including a claim, dispute or difference regarding its existence, termination or validity or any non-contractual obligations arising out of or in connection with this Agreement) (a "**Dispute**") shall be referred to and finally settled by arbitration under the Rules of Arbitration of the International Chamber of Commerce ("**ICC**") (the "**Rules**"), as in force at the date of this agreement and as modified by this clause, which Rules are deemed to be incorporated by reference into this clause. The number of arbitrators shall be three, one of whom shall be appointed by the claimant(s), one by the respondent(s) and the third of whom, who shall act as president, shall be nominated by the two party-nominated arbitrators, provided that if the third arbitrator has not been appointed within thirty days of the nomination of the second party-nominated arbitrator, such third arbitrator shall be appointed by the ICC Court. The parties may nominate, and the ICC Court may appoint arbitrators from among the nationals of any country, whether or not a party is a national of that country. The seat, or legal place, of arbitration shall be London, England and the language of the arbitration shall be English. Sections 45 and 69 of the Arbitration Act 1996 shall not apply. The Emergency Arbitrator provisions in the Rules shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Judgment.** The proceedings shall be confidential and in English. The award rendered shall be final and binding on both parties. Judgment on the award may be entered in any court of competent jurisdiction. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. This Agreement shall be interpreted and construed in the English language, which is the language of the official text of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Class/Group Action Waiver.** Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. Neither you nor we will seek to have any dispute heard as a class or group action or in any other proceeding in which either party acts or proposes to act in a representative capacity. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings. You also agree not to participate in claims brought in a private attorney general or representative capacity, or any consolidated claims involving another member's account if we are a party to the proceeding. YOU ARE GIVING UP YOUR RIGHT TO PARTICIPATE AS A CLASS OR GROUP REPRESENTATIVE OR CLASS OR GROUP MEMBER ON ANY CLASS CLAIM YOU MAY HAVE AGAINST US INCLUDING ANY RIGHT TO CLASS ARBITRATION OR ANY CONSOLIDATION OF INDIVIDUAL ARBITRATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.**Poland-Specific Terms.** Where the Membership Country is Poland, clauses (a) and (b) above shall be replaced with clauses (e)(i) and (ii) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under Polish law without regard to conflicts of laws provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.**Venue.** Any disputes arising out of or related to this Agreement shall be finally settled under the Arbitration Rules of the Court of Arbitration at the Polish Chamber of Commerce in force on the date of commencement of the proceeding by an arbitrator or arbitrators appointed in accordance with the said Rules. The place of arbitration shall be Warsaw, Poland.

------

**Annex A-3 (LatAm)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed in accordance with the laws specified in clause (e) below, without regard to any applicable conflict of laws provisions and principles and without regard to the United Nations Convention on Contracts for the International Sale of Goods. WeWork and you expressly waive any other jurisdiction to which either may be entitled to by reason of its current or future domiciles or for any other reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Arbitration.** Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity, intent, interpretation, performance, enforcement or termination, that cannot be settled amicably by agreement of the parties to this Agreement in a term not longer than 10 calendar days, shall be finally settled by arbitration as set forth in clause (e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings.** The proceedings shall be confidential and in Spanish. The award shall be final and binding upon the Parties. By submitting the dispute to arbitration under the Arbitration Rules (as specified in clause (e) below), the Parties undertake to carry out any award without delay and shall be deemed to have waived their right to any form of recourse. Enforcement of any award may be sought in any court of competent jurisdiction. The arbitrator may include in its award an allocation to any party of such costs and expenses, including attorney's fees, cost and expenses of management, in-house counsel, experts and witnesses, as the arbitrator shall deem reasonable. In making such allocation, the arbitrator shall consider the relative success of the parties on their claims and counterclaims and defenses. This Agreement shall be interpreted and construed in the Spanish language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Class Action Waiver.** Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. Neither you nor we will seek to have any dispute heard as a class action, including the Relevant Local Laws, or in any other proceeding in which either party acts or proposes to act in a representative capacity. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings. You also agree not to participate in claims brought in a private attorney general or representative capacity, or any consolidated claims involving another member's account if we are a party to the proceeding. YOU ARE GIVING UP YOUR RIGHT TO PARTICIPATE AS A CLASS REPRESENTATIVE OR CLASS MEMBER ON ANY CLASS CLAIM YOU MAY HAVE AGAINST US. For purposes of this paragraph, the "**Relevant Local Laws**" means (i) in Chile, Law 19.496 of 1997, (ii) in Colombia, Law 472 of 1998 and (iii) in Mexico, the Civil Code of Federal Proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.**Country-Specific Terms.** The governing law, Arbitration Rules and venue are based on the Membership Country.

---

| | | |
|:---|:---|:---|
| **Membership Country** | **Governing Law** | **Arbitration Rules and Venue** |
| Argentina | Laws of the Republic of Argentina | Arbitration pursuant to the rules of the Bolsa de Comercio de Buenos Aires (Buenos Aires Commerce Chamber) then in force, by one or more arbitrators appointed in accordance with said rules. The place of arbitration shall be the City of Buenos Aires, Argentina. |
| Chile | Laws of Chile | Arbitration according to the rules of the Center of Arbitration and Mediation of the Commerce Chamber of Santiago, then in force. The Arbitral Court shall be integrated by a sole arbitrator appointed in accordance with |

---

------

---

| | | |
|:---|:---|:---|
|  |  | the Arbitration Rules and the seat of arbitration shall be Santiago, Chile. |
| Colombia | Laws of Colombia | Arbitration pursuant to the Arbitration Rules of the Arbitration and Conciliation Center of the Chamber of Commerce of Bogotá then in force. The arbitral tribunal shall be integrated by a sole arbitrator appointed in accordance with the Arbitration Rules and the seat of arbitration shall be Bogotá, Colombia. |
| Costa Rica | Laws of the Republic of Costa Rica | Arbitration in accordance with the bylaws of the International Center for Conciliation and Arbitration of the Costa Rican-American Chamber of Commerce. |
| Mexico | Laws of Mexico City | Arbitration in accordance with the Arbitration Rules for Small Claims of the Mexico City National Chamber of Commerce. The arbitral tribunal shall be integrated by a sole arbitrator appointed in accordance with the Arbitration Rules and the seat of arbitration shall be Mexico City, Mexico. |
| Peru | Law of the Republic of Peru | Arbitration in Law, administered and subject to the Rules of the Center of Arbitration of the Lima Chamber of Commerce by one arbitrator appointed by the Chamber of Commerce of Lima. The place of arbitration shall be Lima, Peru. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.**Additional Country-Specific Terms.** The terms below shall govern to the extent of any conflict between such terms and any other term in this Agreement, in each case, with respect to the Membership Country specified within such terms.

**Arbitration Proceedings (Peru).** The proceedings shall be confidential and in English. The award rendered shall be final and binding on both parties. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. Everything related to this arbitration agreement and / or arbitration, which is not regulated by this clause, will be governed by the provisions of Legislative Decree No. 1071 (Legislative Decree that regulates Arbitration) or the rule that replaces it. For the purposes of arbitration, the following rules will be taken into account: (a) This arbitration agreement extends only to the parties that sign it or direct assigns and, therefore, constitutes an agreement to the contrary of Article 14 of Legislative Decree No. 1071; (b) The parties agree against the provisions of subsection 4 of article 34 of Legislative Decree No. 1071 and therefore agree that no arbitrator may extend, in their sole discretion, the terms established for procedural actions; (c) The arbitrator may not modify the place of arbitration or the language of the process without the consent of the parties; and, (d) The legal representative(s) of the parties to the arbitration are not authorized to dispose, acquiesce, recognize or compromise on the rights or claims that are discussed in the arbitration, unless such powers (s) have been expressly granted. The parties submit to the jurisdiction of the courts and judges of the Lima-Centro judicial district for any matter related to arbitration that corresponds to be processed judicially, including but not limited to the appeal for annulment of arbitration award. Likewise, the parties expressly state that the initiation of the arbitration regulated by this clause will not suspend, under any circumstance, the enforceability of the obligations contained in this Agreement, nor will it substitute or replace the process of execution of the guarantees granted by virtue of it.

------

**Authorization for consultation and reporting to risk centrals (Colombia)**. The authorized signatory who executes this Agreement, in his own name or on behalf of the Member Company, declares that the information provided is true and gives his express and irrevocable consent to WeWork, its affiliates, parents, successors, and agents, or whoever represents its rights or holds in the future the quality of creditor, to: (i) consult, at any time, in DATACREDITO EXPERIAN or in any other database managed by an operator, all the relevant information to know his and/or Member Company´s performance as a debtor, his and/or Member Company´s ability to pay, the viability to enter into or maintain a contractual relationship, and in general for the management of financial and credit risk, that is, the initiation, maintenance, and recovery of the portfolio, activities related to the prevention of money laundering and terrorist financing, and the prevention of fraud; and (ii) report to DATACREDITO EXPERIAN or to any other database managed by a data operator, processed or not processed data, about the fulfillment or non-fulfillment of his and/or Member Company´s credit obligations, his and/or Member Company´s legal duties of economic content, his and/or Member Company´s location and contact information, his and/or Member Company´s credit requests, as well as others related to his and/or Member Company´s commercial, financial and socio-economic relationships that has entered into or that are recorded in public records, public databases or public documents.

The purpose of reporting the aforementioned information will be for the different users to carry out activities related to financial and credit risk management, that is, the initiation, maintenance and recovery of portfolio, activities related to the prevention of money laundering and financing of terrorism, fraud prevention and others authorized by law.

The previous authorization will not prevent the authorized signatory or Member Company from exercising the right to corroborate at any time in DATACREDITO EXPERIAN or in the risk information center to which the data has been supplied, that the information provided is true, complete, accurate and updated, and if it is not, to leave a record of his and/or Member Company´s disagreement, to demand the rectification, and to be informed about the corrections made.

In proof of having been sufficiently informed of the content and scope of this authorization, the authorized signatory executes this Agreement, in his own name and on behalf of the Member Company.

------

**Annex A-4 (Brazil)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under the law of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Venue; Dispute Resolution.** Except that either party may seek equitable or similar relief from any court of competent jurisdiction, any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the breach, termination or invalidity of this Agreement, that cannot be settled amicably by agreement of the parties to this Agreement, within ten (10) days from notification to a party to the other, shall be finally settled in accordance with the arbitration rules of FGV Mediation and Arbitration Chamber then in force, by one or more arbitrators appointed in accordance with said rules and with Brazilian Federal Law No. 9,307/96, and all of its amendments, if any. The place of arbitration shall be City of São Paulo, State of São Paulo, Brazil. If the parties to the arbitration or the arbitral tribunal, however, deem necessary to practice acts (such as taking of evidence, conduction of hearings, etc.) in a different place than the seat of arbitration the arbitral tribunal shall determine, with justification, the practice of acts in other locations. For any legal measures shall be, exclusively, the court of the City of São Paulo, State of São Paulo, Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Judgment.** The proceedings shall be confidential and in Portuguese. The award rendered shall be final and binding on both parties. Judgment on the award may be entered, exclusively on the court of São Paulo, State of São Paulo. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. This Agreement shall be interpreted and construed in the Portuguese language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Class Action Waiver.** Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. Neither you nor we will seek to have any dispute heard as a class action or in any other proceeding in which either party acts or proposes to act in a representative capacity. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings. You also agree not to participate in claims brought in a private attorney general or representative capacity, or any consolidated claims involving another member's account if we are a party to the proceeding. YOU ARE GIVING UP YOUR RIGHT TO PARTICIPATE AS A CLASS REPRESENTATIVE OR CLASS MEMBER ON ANY CLASS CLAIM YOU MAY HAVE AGAINST US INCLUDING ANY RIGHT TO CLASS ARBITRATION OR ANY CONSOLIDATION OF INDIVIDUAL ARBITRATIONS.

------

**Annex A-5 (China)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under the law of the People's Republic of China without regard to conflicts of laws provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Venue***.* Any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the breach, termination or invalidity of this Agreement, that cannot be settled amicably by agreement of the parties to this Agreement within thirty (30) days from the date when the dispute arises, shall be finally settled by the Shanghai International Arbitration Center ("**SHIAC**", also known as the "**Shanghai International Economic and Trade Arbitration Commission**") in accordance with its then-current arbitration rules (the "**SHIAC Rules**") in force at the time of commencement of the arbitration. The tribunal shall consist of three (3) arbitrators whereby WeWork shall appoint one (1) arbitrator, Member Company shall appoint one (1) arbitrator and the third arbitrator shall be appointed by mutual agreement or failing agreement within thirty (30) days from the date upon which the arbitration was initiated by the Chairman of the SHIAC in accordance with the SHIAC Rules. The place of arbitration shall be Shanghai. Any arbitration award shall be in writing and shall contain the reasons for the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Judgment**. The proceedings shall be confidential and in English. The award rendered shall be final and binding on both parties. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator. This Agreement shall be interpreted and construed in the English language, which is the language of the official text of this Agreement.

------

**Annex A-6 (Hong Kong)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under the law of Hong Kong without regard to conflicts of laws provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Venue.** Except that either party may seek equitable or similar relief from any court of competent jurisdiction, any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the breach, termination or invalidity of this Agreement, that cannot be settled amicably by agreement of the parties to this Agreement shall be submitted to the Hong Kong International Arbitration Centre (the "**Centre**") and be finally resolved in accordance with the then applicable arbitration rules or legal provisions of the Centre. The place of the arbitration shall be Hong Kong and the arbitration proceedings shall be conducted in the English language. The arbitration shall be conducted by one (1) arbitrator appointed by the Chairman of the Centre.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Judgment.** The proceedings shall be confidential and in English. The award rendered shall be final and binding on both parties. Judgment on the award may be entered in any court of competent jurisdiction. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. This Agreement shall be interpreted and construed in the English language, which is the language of the official text of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Class/Group Action Waiver.** Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. Neither you nor we will seek to have any dispute heard as a class or group action or in any other proceeding in which either party acts or proposes to act in a representative capacity. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings. You also agree not to participate in claims brought in a public interest nature or in representative capacity, or any consolidated claims involving another member's account, including any recognized social institution or organization if we are a party to the proceeding. YOU ARE GIVING UP YOUR RIGHT TO PARTICIPATE AS A CLASS OR GROUP REPRESENTATIVE OR CLASS OR GROUP MEMBER ON ANY CLASS CLAIM YOU MAY HAVE AGAINST US INCLUDING ANY RIGHT TO CLASS ARBITRATION OR ANY CONSOLIDATION OF INDIVIDUAL ARBITRATIONS.

------

**Annex A-7 (Japan)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under the law of Japan without regard to conflicts of laws provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Venue.** Any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the breach, termination or invalidity of this Agreement, that cannot be settled amicably by agreement of the parties to this Agreement shall be finally settled in accordance with the arbitration rules of International Chamber of Commerce then in force, by one or more arbitrators appointed in accordance with said rules. The place of arbitration shall be Tokyo, Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Judgment.** The proceedings shall be confidential and in English. The award rendered shall be final and binding on both parties. Judgment on the award may be entered in any court of competent jurisdiction. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and any other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. This Agreement shall be interpreted and construed in the English language, which is the language of the official text of this Agreement.

------

**Annex A-8 (APAC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement shall be subject to, governed by and construed in accordance with the laws specified in clause (e) below, without regard to conflicts of laws provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods or choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Dispute Resolution.** Any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the existence, breach, termination or invalidity of this Agreement, that cannot be settled amicably by agreement of the parties to this Agreement shall be finally settled as set forth in clause (e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Award.** The proceedings shall be confidential and in English, unless otherwise agreed upon by the parties at the time of such proceedings or unless mandated by the relevant Governing Law as per clause (e) below. The award rendered shall be final and binding on both parties. Judgment on the award may be entered in any court of competent jurisdiction. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. To the extent permitted by the relevant Governing Law, this Agreement shall be interpreted and construed in the English language, which is the language of the official text of this Agreement and shall prevail over any translation of the Agreement which shall be deemed to be provided for reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Class Action Waiver.** Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. Neither you nor we will seek to have any dispute heard as a class action, representative action or in any other proceeding in which either party acts or proposes to act in a representative capacity. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings. You also agree not to participate in claims brought in a private attorney general or representative capacity, or any consolidated claims involving another member's account if we are a party to the proceeding. YOU ARE GIVING UP YOUR RIGHT TO PARTICIPATE AS A CLASS REPRESENTATIVE OR CLASS MEMBER ON ANY CLASS CLAIM, OR AS A REPRESENTATIVE ON ANY REPRESENTATIVE ACTION, YOU MAY HAVE AGAINST US INCLUDING ANY RIGHT TO CLASS OR JOINT ARBITRATION OR ANY CONSOLIDATION OF INDIVIDUAL ARBITRATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.**Country-Specific Terms.** The governing law, dispute resolution and venue are based on the Membership Country.

---

| | | |
|:---|:---|:---|
| **Membership Country** | **Governing Law** | **Dispute Resolution and Venue** |
| Australia | Laws of the State of New South Wales | Arbitration in accordance with the ACICA Arbitration Rules then in force, by one arbitrator appointed in accordance with said rules. The place of arbitration shall be Sydney, Australia. |
| Indonesia | Laws of the Republic of Indonesia | Arbitration in accordance with the Arbitration Rules of the Singapore International Arbitration Centre then in force, by one arbitrator appointed in accordance with said rules. The place of arbitration shall be Singapore. |

---

------

---

| | | |
|:---|:---|:---|
| Korea | Laws of the Republic of Korea | Arbitration in accordance with the International Arbitration Rules of the Korean Commercial Arbitration Board by one or more arbitrators appointed in accordance with the said Rules. The place of arbitration shall be Seoul, Korea. |
| Malaysia | Laws of Malaysia | Arbitration in accordance with the arbitration rules of the Asian International Arbitration Centre, known as the AIAC Arbitration Rules, then in force, by one arbitrator appointed in accordance with said rules. The place of arbitration shall be Kuala Lumpur, Malaysia. |
| Philippines | Laws of the Republic of the Philippines | Arbitration administered by the Singapore International Arbitration Centre ("**SIAC**") in accordance with the Arbitration Rules of the Singapore International Arbitration Centre ("**SIAC Rules**") for the time being in force, which rules are deemed to be incorporated by reference herein. The seat of arbitration shall be Singapore. The Tribunal shall consist of one (1) arbitrator. |
| Singapore | Laws of the Republic of Singapore | Arbitration in accordance with the arbitration rules of the Singapore International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference to this provision. The seat and place of the arbitration shall be Singapore. The Tribunal shall consist of one (1) arbitrator. |
| Thailand | Law of Thailand | Arbitration in accordance with the arbitration rules of the Thailand Arbitration Centre ("**THAC**") then in force, and shall be under the administration of THAC by one arbitrator appointed in accordance with said rules. The place of arbitration shall be Bangkok, Thailand. |
| Vietnam | Laws of Vietnam | Arbitration in accordance with the arbitration rules of Vietnam International Arbitration Centre ("**VIAC**") at the Vietnam Chamber of Commerce and Industry then in force, by one or more arbitrators appointed in accordance with said rules. The seat and venue of arbitration shall be Ho Chi Minh City, Vietnam. |

---

f.**Additional Country-Specific Terms.** The terms below shall govern to the extent of any conflict between such terms and any other term in this Agreement, in each case, with respect to the Membership Country specified within such terms.

**Venue (Indonesia).** WeWork and Member Company agree that the relationship between them is commercial in nature and disputes between or among them relating to this Agreement including the Terms and Conditions shall be deemed commercial. Any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the breach, termination or invalidity of this Agreement, that cannot be settled amicably within thirty (30) business days of the commencement of amicable negotiations between WeWork and Member Company shall be finally settled in accordance as set forth in clause (e) above. WeWork and Member Company expressly agree that the arbitration award rendered pursuant to this section shall be final and binding upon both parties. The award rendered by the arbitrator may be entered and enforced in any court having jurisdiction. WeWork and Member Company agree to and accept the jurisdiction of any court having such jurisdiction in connection with any proceeding relating to the enforcement of an

------

award. You and WeWork expressly agree to waive any provisions of applicable law that would have the effect of allowing an appeal from the decision of the arbitrator, and agree that, in accordance with Article 60 of Law No. 30 of 1999 regarding Arbitration (the "**Arbitration Law**"), no party shall appeal to any court or other authority from the award of the arbitrator. Further, You and WeWork expressly agree that the arbitrator shall be solely bound by strict rules of law in making their decision and may not render an award ex aequo et bono. Neither You nor WeWork shall be entitled to commence or maintain any action in a court of law upon any matter in dispute arising from or in connection with this Agreement except for the enforcement of an arbitral award granted pursuant to this section, so that the mandate of the arbitrator duly appointed shall remain in effect until a final arbitral award has been issued. Pending the submission to arbitration and until the arbitrator issues its decision, each party must, except in the event of expiration and termination of this Agreement, continue to perform its entire obligation under this Agreement without prejudice to a final adjustment in accordance with the award. You and WeWork expressly agree to waive the applicability of Article 48 of the Arbitration Law and agree that arbitration need not to be completed within a specific time. The parties agree that the English and Indonesian versions of this Agreement have been prepared in compliance with Law No. 24 of 2009 regarding National Flag, Language, State Emblem and National Anthem and are intended to be equivalent. In the event of any conflict or inconsistency between the English language text and Indonesian language text of this Agreement, and the English language text of this Agreement cannot prevail, the parties agree that the relevant Indonesian text shall be deemed to be amended to conform with the relevant English text.

------

**Annex A-9 (India)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under the substantive laws of India without regard to conflicts of laws provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Dispute Resolution.** Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in accordance with the BIAC/MIAC Rules ("**Rules**"), which Rules are deemed to be incorporated by reference in this clause. The tribunal shall consist of one arbitrator, the seat of arbitration shall be Bengaluru, Karnataka, India, and the language to be used in the arbitral proceedings shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Proceedings; Award.** The proceedings shall be confidential and in English. The award rendered shall be final and binding on both parties. Judgment on the award may be entered in any court of competent jurisdiction. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable. This Agreement shall be interpreted and construed in the English language, which is the language of the official text of this Agreement.

------

**Annex A-10 (Israel)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Contracting Entity**. The contracting legal entity with which Member Company is signing and executing this Agreement is A.W. Shared Work Spaces Ltd. and\or its affiliate ("**A.W.**") - the operator of all Premises located in Israel ("**A.W. Premises**"), as a franchisee of WeWork International Ltd. (hereinafter, together with its affiliates and subsidiaries: "**WeWork International**"). Except as specifically stated under this Annex A-10 (Israel), all references in this Agreement to "**WeWork**", "**we**", "**our**" or "**us**" shall refer to A.W. For the avoidance of doubt, this Annex shall apply to all premises in Israel. A.W.'S All Access Membership Services are as set out on our website: www.wework.co.il.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**A.W. Rules and Service.** In addition to the rules, policies and terms described and referenced under the Agreement, the All Access Membership is further subject to the A.W. House Rules available at: www.wework.co.il/wework-membership-agreement-house-rules as well as any additional rules, policies and/or procedures that are specific to any Premises used by Member Company or its Members and may be updated by A.W. from time to time (together, the "**Applicable Rules**"). A.W.'s obligations to provide the Services and responsibility for the Services, as detailed under the Agreement, are solely with regards to A.W. Premises. Any Premises used other than the A.W. Premises, and the Services provided therein, are under the applicable WeWork Company operating such Premises and in addition, the WeWork Member Network is operated by WeWork International and thus, A.W. shall not bear responsibility or liability to any claim regarding such Premises, Services or the WeWork Member Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Intellectual Property; Use of the WeWork Name; Photos of the Premises.** Notwithstanding anything to the contrary, Section 20 under this Agreement shall also apply with respect to each of WeWork and A.W.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**Privacy.** When using the Services, A.W. will process, collect, and store personal data about Member Company and its Members, and information about Members' booking and utilization of Premises. A.W. shall process personal data, either provided by the Member Company, a Member, or made available through the use of the Services or the WeWork Member Network as detailed in, and in accordance with, the A.W. privacy policy which can be found at: https://www.wework.co.il/privacy-policy-en ("**A.W. Privacy Policy**"). The above does not derogate for the privacy practices and data collection detailed under the WeWork Privacy Policy, provided that such practices are of WeWork International and are not controlled or under the responsibility of A.W.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.**Waiver of Claims**. Any waiver of claims made by Member Company under the Agreement shall also include a waiver of claims against the management company of the applicable Premises and/or the Premises Landlord/s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.**Governing Law.** This Agreement and the transactions contemplated hereby shall be governed by and construed under the laws of the State of Israel without regard to conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.**Venue.** Except that either party may seek equitable or similar relief from any court of competent jurisdiction, any dispute, controversy or claim arising out of or in relation to this Agreement, or at law, or the breach, termination or invalidity of this Agreement, that cannot be settled amicably by agreement of the parties to this Agreement shall be finally settled by an arbitrator under the Arbitration Law 5718- 1968. In the event that agreement on the identity of the arbitrator is not reached within 10 days of one party contacting the other with a request to appoint an arbitrator, the parties shall approach the Chairman of the Israeli Bar Association to appoint an arbitrator. This Section constitutes a valid arbitration agreement between the parties, under the Israeli Arbitration Law 5718-1968. The place of arbitration shall be Tel Aviv, Israel. The arbitration proceeding will be confidential, and arbitrator will be required to rule according to substantive law that applies in Israel, but without being bound by procedure or the law of evidence. The arbitrator will also be obligated to provide reasons for the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.**Proceedings**; **Judgment.** The proceedings shall be confidential and in Hebrew. The award rendered shall be final and binding on both parties. Judgment on the award may be entered in any court in Tel Aviv with the competent jurisdiction. In any action, suit or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded, the prevailing party's reasonable attorneys' fees and other fees, costs and expenses of every kind in connection with the action, suit or proceeding, any appeal or petition for review, the collection of any award or the enforcement of any order, as determined by the arbitrator(s) or court, as applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.**Class/Group Action Waiver.** Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. Neither A.W. nor Member Company will seek to have any dispute heard as a class action or in any other proceeding in which either party acts or proposes to act in a representative capacity. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings. A.W. and Member Company also agree not to participate in claims brought in a private attorney general or representative capacity, or any consolidated claims involving another member's account if we are a party to the proceeding. MEMBER COMPANY HEREBY GIVES UP ITS RIGHT TO PARTICIPATE AS A CLASS REPRESENTATIVE OR CLASS MEMBER ON ANY CLASS CLAIM IT MAY HAVE AGAINST

A.W. INCLUDING ANY RIGHT TO CLASS ARBITRATION OR ANY CONSOLIDATION OF INDIVIDUAL ARBITRATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.**Insurance.** At the end of clause 27 shall be added: "Your insurance policies will include a waiver of subrogation in favor of A.W. parties and/or the management company of the applicable Premises and/or the Premises Landlord/s, except in favor of those who caused damage with malicious intent."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.**Notices**. Any and all notices under this Agreement will be given via email and will be effective on the first business day after being sent. All notices will be sent via email to the email addresses specified on the Membership Details Form, except as otherwise provided in this Agreement. A.W. may send notices to either (or both) the Primary Member or the Authorized Signatory, as A.W. determines in its reasonable discretion. Notices related to the Premises or Members should be sent by the Primary Member. Notices related to this Agreement or the business relationship between Member Company and A.W. should be sent by its Authorized Signatory. In the event that A.W. receives multiple notices from different individuals within the Member Company containing inconsistent instructions, the Authorized Signatory's notice will control unless A.W. decides otherwise in A.W.'s reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.**If you are a consumer living in Israel.** Only to the extent you are an individual living in Israel, and you are acting outside of your business, trade, craft or profession, and defined as "consumer" under the Israeli Consumer Protection Law, 1981, the additional terms set forth in Annex A-10(I) to this Annex A-10 (Israel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.**Precedency.** In the event of inconsistency between the Agreement and this Annex A-10 (Israel), the terms of this Annex A-10 (Israel) shall prevail.

------

**Annex A-10 (I) Additional Consumer Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.These additional consumer terms ("**Terms**") apply only to the extent you are an individual living in Israel, and you are acting outside of your business, trade, craft or profession, and defined as "consumer" under the Israeli Consumer Protection Law, 1981 ("**CPL**"). These Terms apply to the Agreement in addition to the WeWork All Access Membership Terms and Conditions, and in the event any of these Terms conflict with the terms of the WeWork All Access Terms, these Terms will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The WeWork All Access Terms, together with these Terms, can be found in your Account Central account. We will also provide you with a copy of the WeWork All Access Terms, together with these Terms by email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.We may update these Terms from time to time in accordance with section 6 of the WeWork All Access Terms. We will provide you with as much notice as reasonably practicable of any such changes. If you do not agree to the changes, you must notify us within thirty (30) days, and we shall agree to terminate the Agreement before the changes take effect and we will issue you a refund for any Services paid for but not received. If you do not contact us within the thirty (30) day time period, it will be deemed that you have agreed to and accepted the changes to the Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Right of cancellation, notice and effect.**

You have the right to cancel this Agreement within 14 days of signing up without giving any reason. The cancellation period will expire 14 days after the day of the conclusion of this Agreement. If you cancel this Agreement within the cancellation timeframe set out above, we shall deduct from your refund a sum equals to 5% of the Membership Fee Obligation (as defined in the Agreement) or 100 NIS, whichever is lower. If you requested that we provide the Services during the 14 day cancellation period, you may still cancel the agreement in this timeframe, but you will be required to pay us an amount which is in proportion to the Services provided until our receipt of your cancellation notice. We will make such refund using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise.

To exercise the right of cancellation, you must inform us of your decision to cancel this Agreement by sending us a notice to one of the following communication means: (i) sending us an e-mail at the email address listed in your booking confirmation or at help@wework.com; (ii) contact us at: 972- 0722658705+; (iii) mailing us at: Shoken 23 Tel Aviv. The cancellation notice needs to include your name, ID number, contact information and date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Nothing in these Terms or the WeWork All Access Terms will affect your legal rights and remedies under the CPL which remain unaffected.

------

**EXHIBIT B**

**ADDITIONAL CONSUMER TERMS**

**These additional consumer terms ("Terms") apply only to the extent you are an individual and** <br>**acting outside of your business, trade, craft or profession within the UK or European Union and/or** <br>**a consumer as defined by statute (a "Consumer").**

**These Terms are available to you in Exhibit B of the WeWork All Access Membership Terms and Conditions.**

**Your particular attention is drawn to the section 'Our responsibilities to you' below.**

**_____________________________________________________________________________________________**

**How do these Terms apply?**

**_____________________________________________________________________________________________**

These Terms apply to the Agreement in addition to the WeWork All Access Membership Terms and Conditions, and in the event any of these Terms conflict with the terms of the WeWork All Access Terms and Conditions, these Terms will apply.

The WeWork All Access Membership Services are as set out on our website: www.wework.com.

The WeWork All Access Membership Terms and Conditions, together with these Terms, can be found in your Account Central account. We will also provide you with a copy of the WeWork All Access Membership Terms and Conditions, together with these Terms by email.

We may update these Terms from time to time in accordance with section 6 of the WeWork All Access Membership Terms and Conditions. We will provide you with as much notice as reasonably practicable of any such changes. If you do not agree to the changes, you must notify us within thirty (30) days and we shall agree to terminate the Agreement before the changes take effect and we will issue you a refund for any Services paid for but not received. If you do not contact us within the thirty (30) day time period, it will be deemed that you have agreed to and accepted the changes to the Terms.

**_____________________________________________________________________________________________**

**Your rights**

**_____________________________________________________________________________________________**

We shall supply services with reasonable skill and care and in accordance with the Agreement. If we do not do so, you may ask us to reperform the Services, and if reperformance is not possible at all or is not possible within a reasonable timeframe, you may be entitled to an appropriate refund.

*Nothing in these Terms or the Membership Terms and Conditions will affect your legal rights and remedies which remain unaffected.*

*If you are a Consumer living in the United Kingdom, advice about your legal rights is available from your local Citizens' Advice Bureau or Trading Standards office.*

------

**_____________________________________________________________________________________________**

**Information on right of cancellation**

**_____________________________________________________________________________________________**

**Right of cancellation**

You have the right to cancel this Agreement within 14 days of signing up without giving any reason. The cancellation period will expire 14 days after the day of the conclusion of this Agreement. To exercise the

right of cancellation, you must inform us of your decision to cancel this Agreement by sending us an e-mail at the email address listed in your booking confirmation or at *help@wework.com*. If you'd like, you may use the below model cancellation form.

**Effects of cancellation**

If you cancel this Agreement within the cancellation timeframe set out above, we shall refund all payments received from you, within 14 days from our receipt of your cancellation notice. We will make such refund using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of such refund.

If you requested that we provide the Services during the 14 day cancellation period, you may still cancel the agreement in this timeframe, but you will be required to pay us an amount which is in proportion to the Services provided until our receipt of your cancellation notice.

**Model of cancellation form**

*You may (but are not obligated to) use the form below to cancel this Agreement. If you would like to use this form, please complete the form and send it to us by email at help@wework.com:*

*I hereby give notice that I withdraw from my agreement of the following service, Ordered on:*

*Name of Consumer:*

*Address of Consumer:*

*Signature of Consumer(s) (only if this form is notified on paper):*

*Date:*

------

**_____________________________________________________________________________________________**

**Our responsibilities to you**

**_____________________________________________________________________________________________**

**Section 23 (Waiver of claims) and section 24 (Limitation of Liability) of the WeWork All Access Membership Terms and Conditions will not apply to you if you are a Consumer. Instead, the following sets out our responsibility for loss or damage suffered by you.**

**If you are a Consumer living in either the United Kingdom or the European Union, excluding Germany**, the following applies:

We are responsible to you for foreseeable loss and damage caused by us. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the Agreement was made, both we and you knew it might happen, for example, if you discussed it with us during the signup process. We are not responsible for any loss or damage that is not foreseeable.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation; and for breach of your legal rights in relation to the Services (as described under 'Your rights' above).

We are not liable to you for business losses. If you are a Consumer, we only supply the Services to you for domestic and private use. If you use the products for any commercial, business or re-sale purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity and these Terms shall not apply.

**If you are a Consumer living in Germany**, the following applies:

We shall be liable without limitation insofar as the cause of the damage is based on intention or gross negligence.

Furthermore, we shall be liable for the slightly negligent breach of essential obligations, the breach of which jeopardises the achievement of the purpose of this Agreement, or for the breach of obligations, the fulfilment of which makes the proper performance of this Agreement possible in the first place and on the observance of which the customer regularly relies (cardinal obligations). In this case, however, we shall only be liable for the foreseeable damage typical for this Agreement. Subject to the following provisions we shall not be liable for the slightly negligent breach of obligations other than those referred to in the preceding sentences.

The above limitations of liability shall not apply in the event of injury to life, body or health.

Insofar as our liability is excluded or limited, this shall also apply to the personal liability of employees, representatives and various agents.

**_____________________________________________________________________________________________**

**Your responsibilities to us**

**_____________________________________________________________________________________________**

**Section 25 (Indemnification) of the WeWork All Access Terms and Conditions will not apply to you if you are a Consumer. Instead, the following sets out your responsibility for loss or damage suffered by us.**

**If you are a Consumer living in either the United Kingdom or the European Union excluding Germany,** you will compensate us for any foreseeable loss or damage caused by you as a result of you failing to comply with this Agreement (for example, you will compensate us in relation to damage to property you cause whilst on Premises).

------

**_____________________________________________________________________________________________**

**Copies of your Agreement**

**_____________________________________________________________________________________________**

This Agreement, including these Terms, will be stored by us in digital form for the purpose of processing this Agreement and kept in accordance with our privacy policy which can be found at www.wework.com/legal/global-privacy-policy. A copy of this Agreement (including the All Access Terms and Conditions, and these Terms) will also be sent to you by e-mail immediately after you click "Start Membership". You can also find a copy of this Agreement in your inbox, as long as you do not delete the email.

**_____________________________________________________________________________________________**

**Complaints**

**_____________________________________________________________________________________________**

If you have any general complaints or wish to request further information about the Services, please contact us via email at help@wework.com or call us on the telephone number as set out under 'Who is your contract with' below, and we will do our best to resolve these.

**_____________________________________________________________________________________________**

**Applicable law and disputes**

**_____________________________________________________________________________________________**

**The following sets out what laws apply to this Agreement and how you may bring a claim.**

**Governing Law**: to the extent there are mandatory statutory consumer protection regulations in your country of residence which contain provisions that are more beneficial for you than those set out in Annex A-2: EMEA, of the WeWork On All Access Membership Terms and Conditions, such provisions shall apply irrespective of the choice of English law;

**Venue; Dispute Resolution**: you may resolve your claim in any competent court in that country that has jurisdiction over the claim.

The following sets out your ability to resolve issues with us, without having to go to court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**If you are a Consumer living in the European Union**, you may use the EU Commission's platform for online dispute resolution pursuant to Article 14(1) of Regulation (EU) No. 524/2013 of the European Parliament and of the Council of 21 May 2013, and which can be reached via the following link: https://ec.europa.eu/consumers/odr/.

We do not participate in dispute resolution proceedings before a consumer dispute resolution board and we are not obliged to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**If you are a Consumer living in Germany**, you may use the EU Commission's platform for online dispute resolution per the previous paragraph and pursuant to §36 of the German Consumer Dispute Resolution Act (Verbraucherstreitbeilegungsgesetz).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·**If you are a Consumer living in France**, you may decide not to use the EU Commission's platform for online dispute resolution per the above, and in such case, for any dispute which cannot be settled directly with us before any other action, you may, in accordance with the French Consumer Law Code provisions, and free of charge, contact the Ombudsman Services of the Paris Centre of Mediation and Arbitration (CMAP) to resolve the dispute amicably.

------

You may petition the CMAP as follows:

oby using the online form available on the CMAP website at: www.mediateur- conso.cmap.fr,

oby email sent to: consommation@cmap.fr, or

oby postal mail sent to: CMAP - Service Médiation de la consommation, 39 avenue Franklin D. Roosevelt, 75008 Paris.

**_____________________________________________________________________________________________**

**Who is your contract with?**

**_____________________________________________________________________________________________**

You will contract with the WeWork entity as set forth in the Membership Details Form. You can contact us at help@wework.com.

------

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To The Shareholders and Board of Directors of Boumarang Inc.

We consent to the use in the Form S-1 Registration Statement under the Securities Act of 1933 of our report dated February 3rd, 2026, of the consolidated financial statements of Boumarang, Inc. as of December 31, 2024.

---

| |
|:---|
| ![](boumex23z1_1.jpg)  |
| **LAO PROFESSIONALS** |
| PCAOB No:7057 |
| **Lagos, Nigeria** |
| February 3, 2026 |

---

## Exhibit 99.1

______________________________________________________________________________

**Boumarang Inc.**

______________________________________________________________________________

***Subscription Agreement***

 ****

**Name of Subscriber:** 

**Number of Shares Purchased (____):** 

**Subscription Amount ($2.00 per share):** $

**State or Country of Residence:** 

1.**Subscription.** The undersigned hereby subscribes to the number of shares set forth above of the common stock of Boumarang Inc. (the "Investment Securities") a corporation organized and existing under the laws of the State of Delaware (the "Company") and agrees to pay for such Investment Securities the amount set forth above in cash or by check subject to collection upon execution of this subscription agreement.

2.**Agreements and Understandings of the Undersigned.** The undersigned agrees and understands that:

2.1.The undersigned is entitled to full information about the Company and its principals. Written materials describing the Company and the Investment Securities (the "Investment Documents") have been furnished to the undersigned prior to execution of this subscription agreement, and the undersigned has been given the time required to read such materials, alone or with the undersigned's advisor(s).

2.2.If the undersigned has made any deposit, escrow or other payment in whole or in part toward the purchase of the Investment Securities offered hereby before executing this subscription agreement, the undersigned may elect to either: (i) ratify the undersigned's investment and receive a credit in full for such payment by execution of this subscription agreement; or (ii) have returned on demand the full amount of such payment, less distributions received by the undersigned, if any, plus lawful interest, at which time the undersigned will have no interest in or further obligation in regard to the Investment Securities offered hereby.

2.3.The undersigned (or the entity for which the undersigned is acting, if any) will not offer or sell all or any part of the undersigned's Investment Securities until and unless the Investment Securities are registered under the Securities Act of 1933, as amended and under applicable state laws or unless the undersigned has delivered to the Company an opinion of counsel satisfactory to it that such registration is not required.

2.4.No Federal or state agency has made any finding or determination as to the fairness of the investment, nor recommendation or endorsement, of the Investment Securities.

2.5.If the undersigned is neither a United States citizen nor a resident of the United States, then the undersigned agrees: (a) to supply the Company with any and all information necessary so that the Company may satisfy any and all United States legal reporting requirements;

------

and (b) to indemnify the Company for any liability incurred by the Company as a result of its failure to withhold any taxes or comply with any reporting requirements because the undersigned did not provide the necessary information to the Company to enable it to withhold the necessary taxes or fully comply with such requirements. Furthermore, if the undersigned is a foreign investor who fails to timely file U.S. Internal Revenue Service Form 4224 with the Company (the first such Form must be filed in duplicate with the Company prior to the acceptance of this subscription), the undersigned agrees, at the request of the Company, to execute any and all documents and instruments requested by the Company in order to consummate a sale or disposition of the Investment Securities as required to comply with law.

2.6.If the undersigned is an organization (other than a cooperative described in Section 521 of the Internal Revenue Code of 1986, as amended) whose income from the Company will be exempt from United States income tax, the undersigned shall so advise the Company.

2.7.**THE OFFERING OF THESE SECURITIES IS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. AS SUCH, THE UNDERSIGNED MUST BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME BECAUSE THE SECURITIES CANNOT BE SOLD UNLESS THEY ARE SUBSEQUENTLY REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. RESTRICTIONS WILL BE PLACED ON THE TRANSFERABILITY OF THE SECURITIES.**

2.8.**THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE STATE OR JURISDICTION OF THE UNDERSIGNED'S RESIDENCE NOR HAS THE STATE OR JURISDICTION OF THE UNDERSIGNED'S RESIDENCE PASSED UPON THE ACCURACY OR ADEQUACY OF ANY INFORMATIONAL MATERIALS.**

2.9.**THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF ANY INFORMATIONAL MATERIALS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

3.**Warranties of the Undersigned.** The undersigned represents and warrants that:

3.1.The undersigned has reached the age of majority in the state or country in which the undersigned resides.

3.2.The undersigned (or the entity for which the undersigned is acting, if any) intends to retain indefinitely, and has no present arrangement, understanding, or agreement for disposing of the Investment Securities and takes such Investment Securities solely for the account of the name(s) which appear below.

3.3.If a trust, corporation, partnership, or other entity, the undersigned: (i) is duly organized and validly existing under the laws of the state of formation; (ii) is duly authorized and empowered to purchase the Investment Securities; (iii) was not organized exclusively for the purpose of acquiring the Investment Securities and has an independent reason for existence beyond such investment; (iv) has duly authorized the signatory hereto to execute this subscription agreement on behalf of the undersigned, and, upon such execution, the subscription agreement and

------

any related documents shall be a binding obligation of the undersigned; and (v) will, upon request of counsel to the Company, furnish evidence of the representations and warranties of this subparagraph, including certified copies of the certificate (articles) of incorporation, articles of (limited) partnership, or other creating or implementing documents.

3.4.If the undersigned is not an Accredited Investor (described hereinafter) under Regulation D of the General Rules and Regulations of the Securities and Exchange Commission, the undersigned, either alone or with an advisor(s), has such knowledge and experience in financial and business matters that the undersigned is capable of evaluating the merits and risks of the prospective investment.

3.5.It has been called to the undersigned's attention that this investment involves a high degree of risk, and no assurances are or have been made regarding the economic advantages, if any, which may inure to the benefit of investors. The economic benefit from an investment in the Investment Securities depends on the ability of the Company to conduct its business activities successfully. The accomplishment of such goals in turn depends on many factors beyond the control of the Company or its management. Accordingly, the suitability for any particular investor of a purchase of the Investment Securities will depend upon, among other things, such investor's investment objectives and such investor's ability to accept speculative risks, including the risk of a total loss of investment in the Investment Securities. The undersigned and the undersigned's advisor(s), if any, have carefully reviewed and understand the risk of, and other considerations relating to, a purchase of the Investment Securities.

3.6.The undersigned is able to bear the economic risks of this investment, is able to hold the Investment Securities for an indefinite period of time, and has sufficient net worth to sustain a loss of the entire investment in the Company in the event such loss should occur.

3.7.The undersigned and the undersigned's advisor(s), if any, have relied only upon the information contained in the Investment Documents made available to the undersigned and the undersigned's advisor(s). Any other information concerning this offering, whether oral or written, may be incomplete or inaccurate. Only the Investment Documents are intended to be an accurate description of the offering and its terms.

3.8.The Company has answered all inquiries that the undersigned and the undersigned's advisor(s), if any, have made of it concerning the Company or any other matters relating to the business and proposed operation of the Company and the offer and sale of the Investment Securities. No oral statement, printed material, or inducement which is contrary to the information contained in the Investment Documents has been given or made by or on behalf of the Company to the undersigned or the undersigned's advisor(s), if any.

3.9.All of the representations and information provided by the undersigned in this subscription agreement and any additional information which the undersigned has furnished to the Company with respect to the undersigned's financial position and business experience are accurate and complete as of the date that this subscription agreement was executed by the undersigned. If there should be any material adverse change in such representations or information prior to the sale of the Investment Securities subscribed for herein to the undersigned, the undersigned will immediately furnish accurate and complete information concerning any such material change to the Company.

------

3.10.The undersigned represents, if the undersigned is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), that in making the proposed investment the undersigned is aware of and has taken into consideration the diversification requirements of Section 404(a)(1)(C) of ERISA, and has concluded that the proposed investment is a prudent one.

4.**"Non-Resident Alien" Status (if applicable).** By indication below, the undersigned represents and warrants that the undersigned (or the entity for which the undersigned is acting, if any) is not a citizen of the United States or Canada and is not, and has no present intention of becoming, a resident of the United States (defined as being any natural person physically present within the United States for at least 183 days in a 12-month consecutive period or any entity who maintained an office in the United States at any time during a 12-month consecutive period). The undersigned understands that the Company may rely upon the representations and warranties of this paragraph as a basis for an exemption from registration of the Investment Securities under the Securities Act of 1933, as amended, and the provisions of relevant state securities laws.

 **CHECK HERE IF *NOT* A CITIZEN/RESIDENT OF THE UNITED STATES OR CANADA.**

5.**"Accredited Investor" Status.** The investment securities to which this subscription relates are offered and sold under an exemption from registration provided by Rule 506 of Regulation D of the General Rules and Regulations of the Securities and Exchange Commission. In addition to the other requirements of Rule 506, sales of the investment securities are limited to no more than 35 persons who are not Accredited Investors as that term is defined in Regulation D.

Unless indicated otherwise herein, the undersigned falls within one of the following definitions of Accredited Investor:

***For individuals:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is a natural person whose individual net worth, or joint net worth with spouse, exceeds $1,000,000 (without including the value of the undersigned's primary residence) at the time of purchase of the Investment Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is a natural person who had an individual income in excess of $200,000 in each of the last two years or joint income with spouse in excess of $300,000 in each of those years and reasonably expects to reach the same income level in the current year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is not a director, executive officer, or general partner of the Company, or a director, executive officer, or general partner of a general partner of the Company.

If an Accredited Investor, the undersigned further certifies that: (i) the undersigned (or the undersigned's professional advisor(s)) has the capacity to protect the undersigned's interests in this investment; (ii) the undersigned is able to bear the economic risks of this investment; and (iii) the amount of the investment does not exceed 10% of the undersigned's net worth or joint net worth with spouse.

------

***For entities:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is any institutional investor as provided in Regulation Section 230.501(a)(1) under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is a private business development company within the meaning of Section 202(a)(22) of the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is any organization described in Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the Investment Securities, with total assets in excess of $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is a trust with total assets in excess of $5,000,000, not formed for the special purpose of acquiring the Investment Securities, whose investment is directed by a person described in Regulation Section 230.506(b)(2)(ii) under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The undersigned is an entity owned entirely by any of the persons described above.

6.**Suitability Information for Investors who are not Accredited Investors.** If the undersigned does NOT meet the definition above of an accredited investor, the undersigned must be able to check the following.

I am NOT an Accredited Investor. I have such knowledge and experience in financial and business matters that I (alone or together with a Purchaser Representative) am capable of evaluating the merits and risks of this investment.

If the undersigned is not an Accredited Investor, the Company may require that the undersigned utilize the services of a Purchaser Representative or equivalent advisor who may be required to complete a Purchaser Representative Questionnaire.

7.**Acceptance and Conditions of Investment**.

The undersigned agrees and is aware that:

7.1.The Company reserves the unrestricted right to reject any subscription, and no subscription will be binding unless and until accepted by it. A subscription from a non-accredited investor will not be accepted if the maximum limitation on the number of non-accredited investors has already been reached.

7.2.A legend in substantially the following form will be placed on any certificate(s) evidencing the Investment Securities:

**THESE SECURITIES CANNOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF BY ANY INVESTOR TO ANY OTHER PERSON OR ENTITY UNLESS SUBSEQUENTLY REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE LAW OF THE STATE OR JURISDICTION WHERE SOLD, TRANSFERRED, OR DISPOSED OF, UNLESS SUCH SALE, TRANSFER, OR DISPOSITION SHALL QUALIFY UNDER AN ALLOWED EXEMPTION TO SUCH REGISTRATION.**

------

7.3.Stop transfer instructions will be placed with respect to the Investment Securities so as to restrict resale or other transfer thereof, subject to further items hereof, including the provisions of the legend set forth above.

7.4.Unless otherwise provided by law, the legend and stop transfer instructions described above will be placed with respect to any new certificate(s) or other document(s) issued on presentment by the undersigned of certificate(s) or other document(s) for transfer.

8.**Accuracy of Information Given.** The undersigned certifies that the undersigned has given the information contained herein to the best of the undersigned's knowledge and answers thereto are complete and accurate. The undersigned agrees that the foregoing representations and warranties shall survive the purchase of the Investment Securities as well as any acceptance of this subscription for the Investment Securities.

9.**Election of Purchaser Representative.** The undersigned understands that the undersigned is entitled to be advised by a Purchaser Representative or an equivalent advisor in deciding to invest and that (unless the undersigned is an Accredited Investor) the undersigned must be so advised if the undersigned does not have sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of this investment.

10.**Indemnification.** The undersigned acknowledges that the undersigned understands the meaning and legal consequences of the representations and warranties hereof, and hereby agrees to indemnify and hold harmless the Company, its affiliates, attorneys, accountants, agents, employees and any selling security holder from and against any and all loss, damage or liability, including, without limitation, reasonable attorneys fees incurred as a result of such breach, due to or arising out of a breach of any such representations or warranties. This indemnification shall not require that the Company have been determined by any Federal, state, or other authority or person to have qualified for any exemption from the registration provisions of Federal or state securities laws, rules, or regulations.

11.**Arbitration.** The undersigned hereby agrees that any and all claims (other than claims for injunctive or other equitable relief) now or at any time hereafter as to which the Company, its affiliates, attorneys, accountants, agents or employees and the undersigned, the undersigned's successors or assigns may be adverse parties, whether arising out of this agreement or from any other cause, will be resolved by arbitration before the American Arbitration Association. Each party irrevocably consents to the subject matter and personal jurisdiction before the American Arbitration Association. The parties covenant that under no conditions will any of them file any action at law against any other or bring any claim in any forum other than before the American Arbitration Association, and they agree that any litigation, if filed, shall be immediately dismissed upon application and shall be referred for arbitration hereunder with costs and attorneys' fees to the prevailing party. The situs of arbitration and any counterclaims shall be selected by the person against whom arbitration is sought, provided that such situs is within the United States and is the situs of such person's principal residence or place of business. The American Arbitration Association shall determine any dispute concerning situs.

------

The parties shall restrict themselves to claims for compensatory damages. Any party shall make no claims for lost profits, punitive or similar damages. The parties agree that any award or decision by the American Arbitration Association shall be final and non-appealable except as to errors of law. Any appeal from an award of the arbitrator shall be taken to the appropriate court having jurisdiction over the situs of the arbitration. No bond shall be required of any party on appeal, and no enforcement of the award shall be granted until a determination of the appeal is final or until time to take an appeal has expired. Each party shall pay its own attorneys' fees and costs of the arbitration and any appeal.

The parties and their affiliates intend to deal with all disputes between them by arbitration to the maximum degree allowed by law (including claims against any party's current or former attorneys, accountants, agents, employees, successors or assigns), and if any claim or claims should be held not subject to arbitration, only such claim or claims shall be excluded from this paragraph.

**PLEASE EXECUTE THE ATTACHED SIGNATURE PAGE**

*The investment securities to which this subscription relates are offered and sold under an exemption from registration provided by Rule 506 of Regulation D of the General Rules and Regulations of the Securities and Exchange Commission. In addition to the other requirements of Rule 506, sales of the investment securities are limited to no more than 35 persons who are not Accredited Investors as that term is defined in Regulation D.*

------

______________________________________________________________________________

**Boumarang Inc.**

______________________________________________________________________________

***Signature Page to Subscription Agreement***

Name of Subscriber

Street

City, State, Zip Code

Amount of Subscription: $_______________

By

(Signature)

Date:

Taxpayer Identification Number or

(Social Security number for individuals):

**Status** (if not individual):

() Trust () Corporation <br> () Partnership () Other   <br> () IRA (Describe)

**Title to be Taken By** (if not individual):

---

| | |
|:---|:---|
| () Joint Tenant with  |  |
|  | (Name of co-tenant) |
| () Other (describe): |  |

---

---

| | |
|:---|:---|
| *Accepted:* | *Accepted:* |
| **Boumarang Inc.** | **Boumarang Inc.** |
| By |  |
|  | CEO |
| Date: |  |

---

------