# EDGAR Filing Document

**Accession Number:** 0001633369
**File Stem:** 0001213900-26-056942
**Filing Date:** 2026-5
**Character Count:** 153978
**Document Hash:** 312927926d0e4496fe20fdc9182f351f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-056942.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001213900-26-056942

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FreeCast, Inc.
- **CENTRAL INDEX KEY:** 0001633369
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 452787251
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43122
- **FILM NUMBER:** 26981370

**BUSINESS ADDRESS:**
- **STREET 1:** 6901 TPC DRIVE
- **STREET 2:** SUITE 200
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801
- **BUSINESS PHONE:** 407-374-1607

**MAIL ADDRESS:**
- **STREET 1:** 6901 TPC DRIVE
- **STREET 2:** SUITE 200
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Freecast, Inc.
- **DATE OF NAME CHANGE:** 20150210

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-Q**

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

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

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

**Commission File Number: 001-43122**

---

| |
|:---|
| **FreeCast, Inc.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | |
|:---|:---|
| **Florida** | **45-2787251** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **6901 TPC Drive, Suite 100 Orlando, Florida** | **32822** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number: **(407) 374-1607**

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Class A common stock, $0.0001 par value | CAST | The Nasdaq Stock Market LLC |

---

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

Indicate by check mark whether the registrant has submitted electronically and every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant has been required to submit and post such files). Yes ☒ No ☐

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

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

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

There were 27,416,174 shares of Class A common stock outstanding as of May 11, 2026.

There were 13,925,640 shares of Class B common stock outstanding as of May 11, 2026.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| PART I. | [FINANCIAL INFORMATION](#a_001) | 1 |
| Item 1. | [Condensed Financial Statements (unaudited)](#a_002) | 1 |
|  | [Condensed Balance Sheets as of March 31, 2026 (unaudited), and June 30, 2025](#a_003) | 1 |
|  | [Condensed Statements of Operations for the three and nine months ended March 31, 2026, and 2025 (unaudited)](#a_004) | 2 |
|  | [Condensed Statements of Stockholders' Deficit for the three months and nine months ended March 31, 2026, and 2025 (unaudited)](#a_005) | 3 |
|  | [Condensed Statements of Cash Flows for the nine months ended March 31, 2026, and 2025 (unaudited)](#a_006) | 4 |
|  | [Notes to Condensed Financial Statements (unaudited)](#a_007) | 5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#a_008) | 17 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk.](#a_009) | 29 |
| Item 4. | [Controls and Procedures.](#a_010) | 29 |
| PART II. | [OTHER INFORMATION](#a_011) |  |
| Item 1. | [Legal Proceedings.](#a_012) | 30 |
| Item 1A. | [Risk Factors.](#a_013) | 30 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds.](#a_014) | 30 |
| Item 3. | [Defaults Upon Senior Securities.](#a_015) | 30 |
| Item 4. | [Mine Safety Disclosures.](#a_016) | 30 |
| Item 5. | [Other Information.](#a_017) | 30 |
| Item 6. | [Exhibits.](#a_018) | 31 |
|  | [Signatures](#a_019) | 32 |

---

i

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**FREECAST, INC.**

**CONDENSED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **June 30,**<br>**2025** |
|  | **(Unaudited)** | |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $119302 | $549249 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 137647 | 131432 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - related party | 52362 | 146303 |
| &nbsp;&nbsp;&nbsp;Prepaid assets – related party | 40000 | - |
| &nbsp;&nbsp;&nbsp;Prepaid assets | 213028 | - |
| &nbsp;&nbsp;&nbsp;Other current assets | 60508 | 46314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 622847 | 873298 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 28804 | 26105 |
| &nbsp;&nbsp;&nbsp;Prepaid assets, net of current portion – related party | 50000 | - |
| &nbsp;&nbsp;&nbsp;Security deposits | 126145 | 126145 |
| &nbsp;&nbsp;&nbsp;Operating lease, right-of-use asset | 293783 | 362968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 498732 | 515218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1121579 | $1388516 |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $2270021 | $1528327 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses - related party | 381316 | 330108 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 104886 | 91220 |
| &nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 38569 | 135273 |
| &nbsp;&nbsp;&nbsp;Note payable - current | 143949 | - |
| &nbsp;&nbsp;&nbsp;Notes payable - related party | 80991 | - |
| &nbsp;&nbsp;&nbsp;Convertible Note Payable - Related Party | 4889052 | 3865555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 7908784 | 5950483 |
| Long term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue, net of current portion | 701 | 2705 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | 208328 | 288836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 209029 | 291541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8117813 | 6242024 |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 5,000,000 shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;Series A Preferred Stock, par value $0.0001, 4,000,000 and 4,000,000 shares issued and outstanding as of March 31, 2026, and June 30, 2025, respectively | 400 | 400 |
| &nbsp;&nbsp;&nbsp;Class A common stock, $0.0001 par value, 320,000,000 authorized; 26,931,820 and 25,947,813 shares issued and outstanding as of March 31, 2026, and June 30, 2025, respectively | 2695 | 2596 |
| &nbsp;&nbsp;&nbsp;Class B common stock, $0.0001 par value, 30,000,000 shares authorized; 13,925,640 and 13,937,640 shares issued and outstanding as of March 31, 2026, and June 30, 2025, respectively | 1393 | 1394 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 198414784 | 190377303 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (205415506) | (195235201) |
| &nbsp;&nbsp;&nbsp;Total stockholders' deficit | (6996234) | (4853508) |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' deficit | $1121579 | $1388516 |

---

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

**FREECAST, INC.**

**UNAUDITED CONDENSED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Nine Months Ended March 31,** | **For the Nine Months Ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| Net sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | $24846 | $104964 | $181749 | $233432 |
| &nbsp;&nbsp;&nbsp;Sales - related parties | 68063 | 38921 | 169110 | 180405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 92909 | 143885 | 350859 | 413837 |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 34416 | 93714 | 126157 | 269900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 34416 | 93714 | 126157 | 269900 |
| Gross profit | 58493 | 50171 | 224702 | 143937 |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 2278462 | 1315681 | 4776221 | 4343723 |
| &nbsp;&nbsp;&nbsp;Sales and marketing expense | 99726 | 161969 | 274828 | 378336 |
| &nbsp;&nbsp;&nbsp;General and administrative | 2102171 | 1879808 | 5152954 | 6127400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4480359 | 3357458 | 10204003 | 10849459 |
| Loss from operations | (4421866) | (3307287) | (9979301) | (10705522) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | (110192) | (71408) | (194969) | (157550) |
| &nbsp;&nbsp;&nbsp;Other (expense) income, net | (1916) | (1832) | (6035) | (6778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense) income | (112108) | (73240) | (201004) | (164328) |
| Net loss before income tax | $(4533974) | $(3380527) | $(10180305) | $(10869850) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | - | - | - | - |
| Net loss | (4533974) | (3380527) | (10180305) | (10869850) |
| &nbsp;&nbsp;&nbsp;Net loss per common share - basic and diluted | $(0.11) | $(0.09) | $(0.25) | $(0.28) |
| &nbsp;&nbsp;&nbsp;Weighted average common shares outstanding - basic and diluted | 40857460 | 39552120 | 40857460 | 39287209 |

---

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

**FREECAST, INC.**

**UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**FOR THREE AND NINE MONTHS ENDED March 31, 2026, AND 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable Series A<br> Preferred Stock** | **Redeemable Series A<br> Preferred Stock** | **Series A<br> Preferred Stock** | **Series A<br> Preferred Stock** | **Class A <br> Common Stock** | **Class A <br> Common Stock** | **Class B<br> Common Stock** | **Class B<br> Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Common<br> Stock**<br>**Subscriptions** | **Additional<br> Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Deficit** |
| **Balance as of June 30, 2025** | - | $- | 4000000 | 400 | 25947813 | 2596 | 13937640 | 1394 | - | 190377303 | (195235201) | (4853508) |
| Stock based compensation |  |  |  |  |  |  |  |  |  | 88422 |  | 88422 |
| Common stock issued to settle related party notes payable |  |  |  |  | 509507 | 51 |  |  |  | 4076000 |  | 4076051 |
| Common stock issued for cash |  |  |  |  | 337500 | 34 |  |  |  | 2699966 |  | 2700000 |
| Common stock issued for services |  |  |  |  | 125000 | 13 |  |  |  | (13) |  |  |
| Shares converted |  |  |  |  | 12000 | 1 | (12000) | (1) |  |  |  |  |
| Net loss | - | - | - | - | - | - | - | - | - | - | (2862349) | (2862349) |
| **Balance as of September 30, 2025** |  |  | 4000000 | 400 | 26931820 | 2695 | 13925640 | 1393 | - | 197241678 | (198097550 | (851384) |
| Stock based compensation |  |  |  |  |  |  |  |  |  | 87504 |  | 87504 |
| Net loss |  |  |  |  |  |  |  |  |  |  | (2783982) | (2783982) |
| **Balance as of December 31, 2025** |  |  | 4000000 | 400 | 26931820 | 2695 | 13925640 | 1393 | - | 197329182 | (200881532) | (3547862) |
| Stock based compensation |  |  |  |  |  |  |  |  |  | 85602 |  | 85602 |
| Stock-based compensation recognized for prior Common stock issuance |  |  |  |  |  |  |  |  |  | 1000000 |  | 1000000 |
| Net loss |  |  |  |  |  |  |  |  |  |  | (4533974) | (4533974) |
| **Balance as of March 31, 2026** |  |  | 4000000 | 400 | 26931820 | 2695 | 13925640 | 1393 |  | 198414784 | (205415506 | (6996234) |
| **Balance as of June 30, 2024** | 4000000 | 120000000 | - | - | 32993283 | 3299 | 6154670 | 616 | - | 63495755 | (181169253) | (117669583) |
| Stock based compensation |  |  |  |  |  |  |  |  |  | 105172 |  | 105172 |
| Reclass from Class A common stock to Class B common stock |  |  |  |  | (7782970) | (778) | 7782970 | 778 |  |  |  |  |
| Warrants issued for services |  |  |  |  |  |  |  |  |  | 144262 |  | 144262 |
| Net loss | - | - | - | - | - | - | - | - | - | - | (3559805) | (3559805) |
| **Balance as of September 30, 2024** | 4000000 | 120000000 | - | - | 25210313 | 2521 | 13937640 | 1394 | - | 63745189 | (184729058) | (120979954) |
| Class A common stock issued for cash |  |  |  |  | 356250 | 36 |  |  |  | 2849964 |  | 2850000 |
| Stock based compensation |  |  |  |  |  |  |  |  |  | 135550 |  | 135550 |
| Warrants issued for services |  |  |  |  |  |  |  |  |  | 352814 |  | 352814 |
| Reclass of Series A preferred stock from mezzanine to permanent equity | (4000000) | (120000000) | 4000000 | 400 |  |  |  |  |  | 119999600 |  | 120000000 |
| Class A common stock subscription |  |  |  |  |  |  |  |  | 500000 |  |  | 500000 |
| Net loss |  |  |  |  |  |  |  |  |  |  | (3929518) | (3929518) |
| **Balance as of December 31, 2024** | - | - | 4000000 | 400 | 25566563 | 2557 | 13937640 | 1394 | 500000 | 187083117 | (188658576) | (1071108) |
| Class A common stock issued for cash |  |  |  |  | 6250 | 1 |  |  |  | 49999 |  | 50000 |
| Shares issued to settle common stock subscriptions |  |  |  |  | 62500 | 6 |  |  | (500000) | 499994 |  |  |
| Class A common stock subscription |  |  |  |  |  |  |  |  | 1000000 |  |  | 1000000 |
| Stock based compensation |  |  |  |  |  |  |  |  |  | 148097 |  | 148097 |
| Net loss |  |  |  |  |  |  |  |  |  |  | (3380527) | (3380527) |
| **Balance as of March 31, 2025** |  |  | 4000000 | 400 | 25635313 | 2564 | 13937640 | 1394 | 1000000 | 187781207 | (192039103) | (3253538) |

---

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

**FREECAST, INC.**

**UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended <br> March 31,** | **For the Nine Months Ended <br> March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(10180305) | $(10869850) |
| &nbsp;&nbsp;&nbsp;Reconciliation of net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 13365 | 18839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease expense | 69185 | 61917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1261528 | 885895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on settlement of accounts payable | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 453 | 23109 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (6668) | (279443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - related party | 93941 | 94687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid assets | (159079) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (14194) | 6972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (66842) | (54930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 741694 | 320315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses - related party | 261704 | (102887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (98708) | (62788) |
| Net cash used in operating activities | (8083926) | (9958164) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (16064) | (21622) |
| Net cash used in investing activities | (16064) | (21622) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Class A common stock | 2700000 | 3400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Class A common stock subscriptions |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on finance lease | - | (546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable - related party | 80991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from convertible note payable - related party | 4889052 | 1625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on revolving convertible note payable - related party | - | (1161445) |
| Net cash provided by financing activities | 7670043 | 4863009 |
| Net change in cash | (429947) | (5116777) |
| Cash, beginning of period | 549249 | 5218413 |
| Cash, end of period | $119302 | $101636 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D&O insurance policy financing | $143949 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for conversion of debt | $4076051 | $- |

---

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

**FREECAST, INC.**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**March 31, 2026, and 2025**

**(Unaudited)**

**Note 1 – Organization and Description of Business**

FreeCast, Inc. (the "Company") developed and markets an interactive digital media guide that facilitates access to a virtual library of entertainment media. The Company is based in Orlando, Florida and was founded in 2011 as a Florida Corporation. The Company's primary product is SmartGuide. SmartGuide utilizes the Company-designed proprietary technology that searches, and aggregates internet distributed streaming media into an electronic media guide. SmartGuide is licensable to brands/manufacturers of devices with large online user bases.

In addition to subscription and product revenues, the Company generates revenue from its ad platform and agency services. FreeCast is a technology-driven streaming entertainment aggregator offering a unified, à la carte service for TV entertainment through a comprehensive Platform-as-a-Service (PaaS) model. The Company also earns revenue from direct client service contracts for marketing and campaign execution, such as the Launch That agreement, which involves discovery, development, and test media distribution services. These ad-related and agency revenues are recognized as distinct revenue streams in accordance with Accounting Standards Codification (ASC) Topic 606, *Revenue from Contracts with Customers* ("ASC 606").

Additionally, we provide Free Ad-Supported Streaming TV ("FAST") channel buildouts which include post-production editing, motion graphic channel assembly and content acquisitions. We have aggregated over 500 FAST channels, which now provide material operations to the Company. We charge the customers based on time incurred for the services plus a reasonable margin in addition to any additional out of pocket cost incurred that is charged at cost to us. In addition, we split the advertising revenue. Revenue is recognized when services are performed. We charge a monthly platform fee for distributing the FAST channel on its platform. Revenue is recognized at the point in time when the content is available on the digital platform.

 ****

***Going Concern***

The Company has incurred recurring losses from operations since inception, accumulating a deficit of approximately $205.4 million as of March 31, 2026. For the nine months ended March 31, 2026, and 2025, the Company incurred a net loss of approximately $10.2 million and $10.9 million, respectively. The Company may incur additional losses and negative operating cash flows in the future. Failure to generate sufficient revenues, reduce spending or raise additional capital could adversely affect the Company's ability to achieve its intended business objectives. These matters, among others, raise substantial doubt about the Company's ability to continue as a going concern for a period of one year from the issuance of these financial statements.

Since the inception of the Company in 2011, the operations of the Company have been funded primarily through sales of Class A common stock to private investors, debt financing and exchange of Class A common stock for services received by the Company. Management cannot be certain that additional funding will be available on acceptable terms, or at all. Management plans include raising additional capital through the sale of equity and debt securities, along with exploring additional avenues to increase revenues. To the extent that the Company raises additional funds by issuing equity securities, the Company's shareholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company's ability to conduct business.

The accompanying financial statements for the nine months ended March 31, 2026, and 2025 have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. During the 2026 calendar year, management intends to raise additional debt and/or equity financing to fund future operations and to provide additional working capital. Management's plans to alleviate substantial doubt include pursuing equity and debt financing, expanding strategic partnerships, and enhancing monetization of its ad platform and FAST channel network. However, these plans are not yet finalized, and there is no assurance that such financing will be consummated or obtained in sufficient amounts. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

**Note 2 – Summary of Significant Accounting Policies** 

***Basis of Presentation***

The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments except those otherwise described herein) considered necessary for a fair presentation have been included, unless otherwise disclosed. Operating results for the current quarter ended March 31, 2026, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2026.

The Condensed Balance Sheet at March 31, 2026, has been derived from the unaudited Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The financial statements should be read in conjunction with the annual audited Financial Statements and Notes thereto.

***Accounts receivable***

Accounts receivables are unsecured and are derived from revenue earned from customers. For accounts receivable, the Company performs ongoing credit evaluations of customers to assess the probability of accounts receivable collection based on a number of factors, including past transaction experience with the customer, evaluation of their credit history, and review of the invoicing terms of the contract. Accounts receivables are reported net of an allowance for doubtful accounts when applicable. The allowance for doubtful accounts reflects management's best estimate of probable losses inherent in the accounts receivable balance at each reporting date. Management determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. The Company recognized bad debt expense for the nine months ended March 31, 2026, and 2025 of $453 and $23,109, respectively. The balance of allowance for doubtful accounts as of March 31, 2026, and June 30, 2025 was $31,785 and $31,332, respectively.

***Property and Equipment***

 ****

Maintenance and repairs are charged against expenses as incurred.

***Concentration of Credit Risk***

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. Cash and cash equivalents of the Company are exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding their cash and cash equivalents to the extent of amounts recorded on the balance sheet. The cash accounts are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of March 31, 2026, the Company's cash balance did not exceed the FDIC insured limit.

As of March 31, 2026, the Company had two customers, SportX LLC and related party Celebrity Cigars representing 76.9% and 23.3% of the Company's receivables, respectively. As of March 31, 2025, the Company had two related party customers, Test Drive Live Inc. and Celebrity Cigars, Inc., representing 16.2% and 21.5%, respectively, and one non related party representing 56.4% of our receivables (See Note 9).

As of March 31, 2026, the Company had three customers, Launch That., related party customer Celebrity Cigars, Inc., and Ignite, representing 33.9%, 37.8%, and 12.3%, respectively, of the Company's revenues. As of March 31, 2025, the Company had two related party customers, Test Drive Live Inc. and Celebrity Cigars, Inc., representing 18.1% and 24.0%, respectively, of our revenues.

 ****

***Stock-Based Compensation***

Stock-based compensation issued is measured at the date of grant based on the estimated fair value of the award, net of estimated forfeitures. The grant date fair value of a stock-based award is recognized as an expense over the requisite service period of the award on a straight-line basis. The Company will recognize compensation expense, measured as the fair value of the stock-based compensation on grant date, when a performance condition is considered probable of occurring. For purposes of determining the variables used in the calculation of stock-based compensation issued to employees, the Company performs an analysis of current market data and historical data to calculate an estimate of implied volatility, the expected term of the option and the expected forfeiture rate. With the exception of the expected forfeiture rate, which is not an input, the Company uses these estimates as variables in the Black-Scholes option pricing model. Depending upon the number of warrants granted, any fluctuations in these calculations could have a material effect on the results presented in the Company's Statements of Operations. In addition, any differences between estimated forfeitures and actual forfeitures could also have a material impact on the Company's financial statements.

**Earnings (Loss) Per Share**

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to all classes of common shareholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Both Class A and Class B common stock are combined for the purposes of calculating EPS, due to the equal earnings participation rights between the two classes. Diluted earnings (loss) per share is determined in the same manner as basic earnings (loss) per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase would be anti-dilutive.

The following table provides the number of Class A common stock equivalents not included in diluted income per share, because the effects are anti-dilutive, for the nine months ended March 31, 2026, and 2025, respectively.

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended <br> March 31,** | **For the Nine Months Ended <br> March 31,** |
|  | **2026** | **2025** |
| Convertible debt and liabilities | 626979 | 320013 |
| Options | 926373 | 993270 |
| Warrants | 687500 | 8056087 |
| &nbsp;&nbsp;&nbsp;**Total** | 2240852 | 9369370 |

---

**Recently Issued Accounting Pronouncements**

The Company has reviewed the recent accounting pronouncements issued by the Financial Accounting Standards Board ("FASB"), including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC, and determined that these pronouncements do not have a material impact on the Company's current or anticipated consolidated financial statement presentation or disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the reconciliation rate and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU's amendments are effective for annual periods beginning after December 15, 2024. The Company has adopted the improvements to income tax disclosure requirements with no significant impact on its disclosures.

In September 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instrument ("ASU 2016-13"). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses ("CECL") to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 was effective for the Company beginning July 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company's financial position, results of operations and cash flows.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU enhances reportable segment disclosure requirements, primarily by requiring additional information about significant segment expenses. The standard is effective for annual reporting periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company has adopted this guidance in the current quarter and has updated its segment disclosures accordingly.

ASU 2024-03: Income Statement (Topic 220): *Disaggregation of Income Statement Expenses:* The amendments in this ASU require public companies to disclose, in interim and year-end reporting periods, additional information about certain expenses in the financial statements. These disclosures are effective beginning with 2027 annual reports, and interim reports beginning with the first quarter of 2028. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently assessing the potential impact of adoption of these provisions on the consolidated financial statements.

**Note 3 – Segment Reporting**

The Company operates as a single operating and reportable segment. Accordingly, separate segment information is not presented.

**Note 4 – Property and Equipment**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **June 30,**<br>**2025** |
| Property and equipment | $191329 | $175265 |
| Less: accumulated depreciation | (162524) | (149160) |
| Property and equipment, net | $28805 | $26105 |

---

Depreciation expense was $13,365 and $18,293 for the nine months ended March 31, 2026, and 2025, respectively, and is classified in general and administrative expenses in the Statements of Operation**s.** Depreciation expense was $4,025 and $6,119 for the three months ended March 31, 2026, and 2025, respectively, and is classified in general and administrative expenses in the Statements of Operation**s.**

**Note 5 – Debt**

*Convertible Notes Payable – Related Party*

In June 2016, the Chief Executive Officer of the Company ("CEO"), loaned the Company $111,000, at an interest rate of 12% per annum. The loan matured on December 31, 2017, and the note was convertible into shares of Class B common stock at a conversion price of $0.50 per share.

The note was converted on March 29, 2024. The outstanding principal and accrued interest balance on March 29, 2024, of $92,068 was converted into 184,136 shares of Class B common stock. As of June 30, 2025, the outstanding principal and interest due to William Mobley was $0.

On May 3, 2024, the Company signed a convertible promissory note with Nextelligence, a related party that is majority owned and controlled by William Mobley, the Company's CEO, in the principal amount of $1,000,000. The note accrues interest at 12% per annum and is due and payable no later than May 3, 2025. At Nextelligence's option, all or part of the outstanding principal and accrued interest may be converted into shares of our Class A common stock at a conversion price of $8.00 per share. On July 1, 2024, the Company repaid $1,075,000 on the convertible promissory note with related party Nextelligence. On December 13, 2024, the Company renewed and modified the original May 3, 2024, note to incorporate additional borrowings. On July 26, 2025, the Company approved the conversion of all outstanding principal and interest into common shares at a conversion price of $8 per share. The conversion was accounted for as settlement of a stock subscription with no gain or loss recognized. The principal of $3,865,555 and accrued interest of $210,496, total of $4,076,051 was converted into 509,507 shares of Class A common stock.

Between October 9, 2025, and November 21, 2025, Nextelligence, a related party, majority owned by the Company's CEO, provided aggregate funding to the Company totaling $1,500,000. Of this amount, $191,023 was remitted by Nextelligence on behalf of Celebrity Cigars, Inc. and Test Drive Live Inc. to fully satisfy their outstanding accounts receivable balances with the Company. As these entities are under common control, Nextelligence agreed to assume the obligations of both Celebrity Cigars, Inc. and Test Drive Live Inc. The remaining $1,308,977 was recorded as a revolving convertible note payable to Nextelligence, for a total of $1,308,977. The Company and Nextelligence entered into an agreement on November 21, 2025, to place terms on this revolving convertible note payable. The new outstanding revolving convertible note payable has an interest rate of 12%, a maturity date of June 30, 2026, and is convertible at Nextelligence's discretion for $8 per share of Class A common stock. The terms specify a maximum advance amount of $5,000,000. Additionally, the agreement capitalized all unpaid accrued interest as of November 21, 2025, for $6,575, which resulted in an "original principal balance" of $1,315,552. Between the date of the executed agreement and March 31, 2026, the Company has received an additional $3,573,500. As of March 31, 2026, the total outstanding principal is $4,889,052 and the accrued interest balance is $126,778 for a total outstanding balance of $5,015,830.

*Notes Payable – Related Party*

 

On March 12, 2026, the Company entered into a premium finance agreement for a Director's and Officer's Insurance policy, which required a downpayment of $80,991. The Company received a loan from the Company's CEO for the full $80,991 in order to pay this down payment. There were no official terms to this loan. The full principal balance was recorded as Notes payable – related party on the condensed balance sheet.

*Notes Payable – D&O Insurance Financing*

On March 12, 2026, the Company entered into an agreement with Capital Premium Financing to provide financing in an aggregate amount of $143,949 for the insurance premium associated with a D&O policy. The policy commenced March 12, 2026, and provided coverage for the next 12 months, expiring March 12, 2027. The loan bears interest at a 13.5% rate per annum. We are required to pay monthly principal and interest of approximately $24,977 paid over 6 months, with the final payment on September 12, 2026.

**Note 6 – Stockholders' Deficit and Mezzanine Equity**

***Preferred Stock***

The Preferred Stock is divided into series, with the first series designated "Series A Preferred Stock" and consisting of 4,000,000 shares (the "Series A Shares"). Our board of directors may designate the remaining 1,000,000 authorized but unissued shares of Preferred Stock with such rights and privileges as the board of directors may determine without notice to our shareholders and without shareholder approval.

As of March 31, 2026, and June 30, 2025, there were 4,000,000 shares of Series A Preferred Stock issued and outstanding, respectively.

A summary of the powers, preferences, rights, privileges, restrictions, and other matters relating to the Series A Shares are as follows:

<u>Dividends</u>. In any fiscal year Series A Shares are outstanding where the Company has revenue of more than $50,000,000, the holder of the Series A Shares (the "Series A Shareholder") shall be entitled to receive an annual cash dividend equal to ten percent of any revenue above $50,000,000 (the "Annual Dividend Payment"). Subject to meeting the above criteria for such fiscal year, Annual Dividend Payments shall continue until such time as the aggregate amount of all Annual Dividend Payments is equal to the lesser of: (i) $160,000,000; or (ii) the product of the then number of outstanding shares of Series A Preferred Stock and $40 (as may be adjusted for any subdivisions or combinations) (the "Maximum Dividend Payment"). Notwithstanding the above, such dividends shall be payable only to the extent permitted by law out of assets legally available therefore. No dividends shall be paid on any Common Stock during any fiscal year of the Company until the Annual Dividend Payment on the Series A Shares shall have been paid or declared and set apart during that fiscal year.

<u>Liquidation Preference</u>. In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the Series A Shareholder is entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of Common Stock, or other junior equity security by reason of their ownership thereof, an amount per Series A Share equal to $30 (as may be adjusted for any subdivisions or combinations) (the "Liquidation Amount"). If upon the occurrence of such event, the assets and funds to be distributed to the Series A Shareholder are insufficient to permit the payment to the Series A Holder of the full preferential Liquidation Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed to the Series A Shareholder. After the distribution described above has been paid, the remaining assets of the Company available for distribution to shareholders shall be distributed among the holders of Common Stock pro rata based on the number of shares of Common Stock held by them. Any change in ownership or fundamental change shall be treated as a liquidation, dissolution or winding up of the Company, and shall entitle the Series A Shareholder and the holders of Common Stock to receive at the closing cash, securities or other property as specified above. Whenever the distribution provided for in this section shall be payable in securities or other property other than cash, the value of such distribution shall be the fair market value of such securities or other property as determined in good faith by the board of directors.

<u>Redemption by the Company</u>. The Company has the right at any time (the "Call Right"), but not the obligation, to cause the Series A Shareholder to sell some or all of the Series A Shares to the Company at the purchase price per share of $30 (as may be adjusted for any subdivisions or combinations) (the "Call Purchase Price"). If the Company desires to purchase the Series A Shares, the Company shall deliver to the Series A Shareholder a written notice (the "Call Exercise Notice") exercising the Call Right. The closing of any sale of Series A Shares shall take place on a date (the "Call Right Closing Date") no later than ten days following receipt by the Series A Shareholder of the Call Exercise Notice.

As mentioned above, the redemption feature was removed on September 26, 2024, as part of the amendment to the Company's articles of incorporation.

<u>Voting Rights</u>. Except as otherwise required by law, the Series A Shares have no voting rights or powers on any matter presented to the shareholders of the Company for their action or consideration at any meeting of shareholders of the Company (or by written consent of shareholders in lieu of a meeting).

<u>Conversion Rights</u>. Except as otherwise required by law, the Series A Shares have no conversion rights or powers to convert into any other capital stock or security of the Company.

<u>Transfers</u>. Except as otherwise required by law, the Series A Shareholder has no rights or powers to enter into and/or consummate any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of one or more of the Series A Shares or any legal or beneficial interest in the Series A Shares, whether or not for value and whether voluntary or involuntary, without the prior written consent of the Company, in its sole discretion.

The Board of Directors may designate the authorized but unissued shares of the Preferred Stock with such rights and privileges as the board of directors may determine. As such, our board of directors may issue 5,000,000 preferred shares and designate the conversion, voting and other rights and preferences without notice to our shareholders and without shareholder approval.

***Common Stock***

 ****

As of March 31, 2026, and June 30, 2025, the Company is authorized to issue 320,000,000 shares of Class A common stock and 30,000,000 shares of Class B common stock at a par value of $0.0001 per share.

As of March 31, 2026, and June 30, 2025, the Company had shares of Class A common stock outstanding of 26,931,820 and 25,947,813, respectively. As of March 31, 2026, and June 30, 2025, the Company had shares of Class B common stock outstanding of 13,925,640 and 13,937,640, respectively.

In general, except with regards to voting rights described below, shares of Class A Common Stock and Class B Common Stock have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters. Without limiting the generality of the foregoing: (a) in the event of a merger, consolidation or other business combination requiring the approval of the holders of the Company's capital stock entitled to vote thereon (whether or not the Company is the surviving entity), the holders of Class A Common Stock shall have the right to receive, or the right to elect to receive, the same form of consideration, if any, as the holders of Class B Common Stock and the holders of Class A Common Stock shall have the right to receive, or the right to elect to receive, at least the same amount of consideration, if any, on a per share basis as the holders of Class B Common Stock; and (b) in the event of (i) any tender or exchange offer to acquire any shares of Common Stock by any third party pursuant to an agreement to which the Company is a party or (ii) any tender or exchange offer by the Company to acquire any shares of Common Stock, pursuant to the terms of the applicable tender or exchange offer, the holders of Class A Common Stock shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class B Common Stock and the holders of Class A Common Stock shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Stock.

With regards to voting rights, the holders of shares of Class A Common Stock and Class B Common Stock vote together as one class on all matters (including the election of directors) submitted to a vote or for the consent of the shareholders of the Company. However, each holder of shares of Class A Common Stock shall be entitled to one (1) vote for each share of Class A Common Stock held as of the applicable date on any matter that is submitted to a vote or for the consent of the shareholders of the Company, and the holder of shares of Class B Common Stock shall be entitled to fifteen (15) votes for each share of Class B Common Stock held as of the applicable date on any matter that is submitted to a vote or for the consent of the shareholders of the Company.

Shares of Class B common stock may only be issued to and held by William A. Mobley, Jr., personally or jointly with his spouse, and certain permitted entities owned or controlled by Mr. Mobley, or for which he has sole disposition and voting power over shares held by such entities, other than Nextelligence (each, a "Class B Holder"). Any issuance by us of Class B shares to anyone other than a Class B Holder is immediately null and void, and of no legal validity, force, or effect. Unless a Class B Holder requests to receive Class A shares, any issuance of common stock by us to a Class B Holder will be shares of Class B common stock. If a Class B Holder purchases or otherwise acquires or receives any shares of Class A common stock from a person or entity other than us, upon receipt thereof such shares of Class A common stock shall automatically be reclassified as and become an equal number of shares of Class B common stock. As of March 31, 2026, and June 30, 2025, William A Mobley, Jr. the Company CEO and Majority owner has 13,925,640 and 13,937,640 Class B shares outstanding, respectively, which is 100% of the Class B shares outstanding as of both reporting periods.

In August 2025, the Company CEO and majority owner converted 12,000 shares of Class B common stock to 12,000 shares of Class A common stock and subsequently transferred the 12,000 shares of Class A common stock to third parties.

On December 8, 2025, the Company entered into an Equity Purchase Agreement (EPA) with Amiens Technology Investments, LLC (the "Investor"), pursuant to which the Company may, from time to time after the direct listing, at its sole discretion, issue and sell up to $50,000,000 in aggregate gross purchase price of newly issued shares of the Company's Class A common stock, par value $0.0001 per share. Advances under the agreement are conditioned on the Company's compliance with certain customary conditions, such as timely filing of required reports and maintaining its listing on a national securities exchange. Shares issued pursuant to an advance under the agreement are priced at 95% of the VWAP (volume-weighted average price) for the five-trading day period immediately following the advance request. The shares will be issued in reliance upon Section 4(a)(2) of the Securities Act of 1933, as amended (which provides an exemption from registration for private offerings), or other applicable exemptions from registration. The Company is required to maintain a registration statement pursuant to which the Investor may resell the shares purchased. The Agreement limits the Investor's ownership to 4.99% of the then outstanding voting power or issued Class A common stock. The Investor may, upon written notice to the Company, increase or decrease the ownership percentage up to 9.99%. As consideration for the Investor's commitment to purchase shares of the Company's Class A common stock in accordance with the EPA, the Company agreed to pay a commitment fee in shares of the Company's Class A common stock in an amount equal to $750,000 divided by the lower of (i) $10.00; and (ii) the lowest daily VWAP (as defined in the EPA) of the Company's Class A common stock during the five trading days immediately following to the date the Company gives the Investor notice of the Company's intent to sell them Class A common stock under the EPA. As of March 31, 2026, no issuances have taken place under this Equity Purchase Agreement.

***Class A common stock Issuance***

During the nine months ended March 31, 2026, the Company received deposits from three third party investors in the amount of $2,700,000 for 337,500 Class A common shares to be issued pursuant to the securities purchase agreement. These common shares were issued in July 2025.

On July 26, 2025, the Company approved the conversion of all outstanding principal and interest on a related party convertible note payable into common shares at a conversion price of $8 per share. The principal of $3,865,555 and accrued interest of $210,496, total of $4,076,051 was converted into 509,507 shares of Class A common stock (See Note 5).

On September 25, 2025, the Company issued 125,000 shares of its Class A common stock at $8 per share for a total value of $1,000,000 to Maxim Partners LLC ("Maxim") in connection with its affiliate's engagement as a financial advisor to assist with certain aspects of the Company's direct listing process. The $1,000,000 issuance for services performed was deferred and resulted in a net effect of $0 on the Stockholder's deficit as of December 31, 2025. Initially, the Company recorded an increase in common stock for the par value of the shares of $13 and reduced Additional Paid in Capital for the same amount. The advisory services contracted to be provided by Maxim's affiliate include strategic guidance on listing objectives, structural planning, and investor communication strategy, with the penultimate service being the official direct listing. During the three months ended March 31, 2026, the direct listing happened, which completed Maxim's duties to perform contracted services. As a result, the Company recorded the $1,000,000 as stock-based compensation expense and an increase to Additional Paid in Capital for the same amount.

***Warrants***

The Company from time-to-time issues warrants in conjunction with equity financing and to employees and non-employees for services.

During the year ended June 30, 2024, the Company issued warrants to purchase an aggregate of 100,000 shares of Class A common stock of the Company to the Company's Chief Operating Officer for services in conjunction with his employment agreement. The warrants vest over a twelve-month term and have an exercise price of $2.00 per share. As a result, the Company recognized stock-based compensation of $144,262 for the years ended June 30, 2025. Under the Black-Scholes-Merton option pricing model the fair value of the warrants at time of issuance was approximately $572,343, the Company will amortize the fair value over 12 months as compensation and benefits expense in the accompanying statement of operations. The significant inputs were as follows: Class A common stock fair value of $7.32, volatility of 61.67%, term of 3 years and risk-free rate of 4.66%.

During the year ended June 30, 2025, the Company amended the Chief Operating Officer's employment agreement on November 15, 2024, to terminate the warrants in consideration for a cash bonus that is contingent upon a Liquidity Event as defined in Note 7. Per ASC 718-20-35-7, the termination of the warrants was treated as a cancellation and all previously unrecognized compensation cost of $352,814 was recognized on November 15, 2024, the date of cancellation.

On May 1, 2023, the Company issued warrants to the Company's Chief Marketing Officer, to purchase 12,500 shares of our Class A common stock, exercisable at $6.00 per share, issued in connection with entering into an employment agreement, effective May 1, 2023. The warrant vests ratably over 12 months and may be exercised in whole or in part at any time or from time to time from the vesting date up to and including May 1, 2026. Under the Black-Scholes-Merton option pricing model the fair value of the warrants at time of issuance was approximately $7,666. The Company will amortize the fair value over 12 months as compensation and benefits expense in the accompanying statement of operations. The significant inputs were as follows: Class A common stock fair value of $1.80, volatility of 92.1%, term of 3 years and risk-free rate of 3.85%.

The following is a summary of outstanding stock warrants as of the nine months ended March 31, 2026, and June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares** | **Weighted<br> Average<br> Exercise Price** | **Weighted<br> Average<br> Remaining<br> Life (years)** | **Intrinsic<br> Value** |
| **Warrants outstanding as of June 30, 2024** | $**8156087** | $**4.72** | **1.7** | $**26716879** |
| **Warrants exercisable as of June 30, 2024** | **8069238** | $**4.75** | **1.7** | $**26195785** |
| Issued | - | - |  | - |
| Expired and forfeited | (100000) | - |  | - |
| Exercised | - | - | - | - |
| **Warrants outstanding as of June 30, 2025** | $**8056087** | $**4.76** | **0.7** | $**26116879** |
| **Warrants exercisable as of June 30, 2025** | $**8056087** | $**4.76** | **0.7** | $**26116879** |
| Issued | **-**  | **-**  | **-** |  |
| Expired and forfeited | **(7368587)** | **-**  | **-** |  |
| Exercised | **-**  | **-**  | **-** |  |
| **Warrants outstanding as of March 31, 2026** | $**687500** | $**1.29** | **1.6** | $**4615000** |
| **Warrants exercisable as of March 31, 2026** | $**687500** | $**1.29** | **1.6** | $**4615000** |

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---

| | | |
|:---|:---|:---|
| **Exercise <br> Price <br> ($)** | **Warrants <br> outstanding as of <br> March 31,<br> 2026** | **Warrants <br> outstanding as of <br> June 30, <br> 2025** |
| $**0.25** | - | 137017 |
| $**0.60** | 675000 | 675000 |
| $**1.75** | - | 2458446 |
| $**3.00** | 12500 | 4718125 |
| $**4.00** | - | 67500 |
|  | **687500** | **8056087** |

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***Stock Based Compensation - Stock Options***

Effective June 25, 2021, the Board of Directors of FreeCast Inc. adopted the 2021 Equity Incentive Plan, (the "Incentive Plan"). The plan provides for both incentive stock options and non-qualified stock options to officers, directors, employees, and consultants of the Company. The plan authorized 3,000,000 awards to be granted under the Incentive Plan of which 2,073,627 remain available to be granted as of March 31, 2026. The Incentive Plan expires on June 25, 2031.

The Company recognizes stock-based compensation expense from stock-based payments using the grant date fair-value, including for stock options. The fair value of options awarded to employees is measured on the grant date using the Black-Scholes Merton option-pricing model and is recognized as an expense over the requisite service period on a straight-line basis.

All stock options are exercisable into class A common stock except for the 125,004 options granted to the Company CEO, which are exercisable into class B common stock.

The following is a summary of outstanding stock options as of March 31, 2026, and June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares** | **Weighted<br> Average<br> Exercise<br> Price** | **Weighted<br> Average<br> Remaining Life (years)** | **Intrinsic<br> Value** |
| **Options outstanding as of June 30, 2025** | $**953892** | $**4.48** | **6.53** | $**3353616** |
| **Options exercisable as of June 30, 2025** | $860083 | $4.11 | 6.64 | $- |
| Issued | - | - |  |  |
| Canceled | (27519) | - |  |  |
| Expired | - | - | - | - |
| **Options outstanding as of March 31, 2026** | $**926373** | $**4.41** | **5.70** | $**3328272** |
| **Options exercisable as of March 31, 2026** | $898825 | $4.20 | 5.50 | $- |

---

The following are the vesting terms associated with those shares:

---

| | | |
|:---|:---|:---|
| **Tranche** | **Shares<br> Granted** | **Vesting <br> Method** |
| Tranche 1 | 784236 | Graded Vesting 1/6<sup>th</sup> vested on July 1, 2021, remainder vests over the next 18<sup>th</sup> months using the graded vesting method, until the option is 100% vested. |
| Tranche 2 | 139377 | Straight-line 1/24<sup>th</sup> will vest on a straight-line monthly basis until the option is 100% vested. |
| Tranche 3 | 2760 | Graded Vesting 1/6<sup>th</sup> vests on grant date, remainder vests over the next 30 months using the graded vesting method, until the option is 100% vested. |
| &nbsp;&nbsp;&nbsp;Total | 926373 |  |

---

During the nine months ended March 31, 2026, and 2025, the Company recognized stock-based compensation to employees from options of $260,951 and $388,819, respectively. During the three months ended March 31, 2026, and 2025, the Company recognized stock-based compensation to employees from options of $85,602 and $148,097, respectively Additionally, no options were exercised during the three months ended March 31, 2026. Accordingly, there were no cashflow effects related to stock option exercises.

As of March 31, 2026, there was $152,424 in unrecognized stock-based compensation related to unvested restricted stock agreements, net of estimated forfeitures.

**Note 7 – Commitments and Contingencies**

In October 2018, the Company entered into a two-year sublease agreement for approximately 3,360 square feet of office space in Orlando, Florida. In August 2020, the Company provided $117,336 in security deposit and entered into a 39-month lease agreement which allowed the Company to expand its office space to 10,080 square feet. On October 31, 2023, the Company entered into a First Amendment that extended our lease until October 31, 2028 (see Note 8).

On November 15, 2024, the Company's Chief Operating Officer employment agreement was amended whereby Mr. Savine is eligible to receive a performance bonus payable in cash only in an amount equal to the fair market value of: (i) 112,500 shares; and (ii) 100,000 warrants for Class A common stock exercised on a cashless basis with an exercise price of $2.00 per share. To be eligible for the bonus, Mr. Savine must be continuously employed during the term of the agreement, and the Company must have successfully completed a liquidity event, which may occur after the employment term. A Liquidity Event is defined in the Savine Employment Agreement as either: (i) (a) a merger, consolidation, reorganization, or business combination; or (b) a sale or other disposition of all or substantially all of our assets in any single transaction or series of related transactions; or (ii) (a) a primary offering of our Class A common stock by us to the general public through an effective registration statement filed with the SEC; (b) simultaneous listing of our Class A common stock on any established stock exchange if such common stock was not already listed at the time of such offering; and (c) we receive net proceeds from the offering of not less than $20 million. If Mr. Savine becomes eligible for the bonus, it will be paid to him no later than five days after the later of: (a) the end of the initial term and (b) a liquidity event.

As of March 31, 2026, no liability was recorded within the balance sheets for contingent consideration as the contingency is not probable such that an amount has not been estimated.

**Note 8 – Leases**

Operating leases are included in other assets, current operating lease obligations, and operating lease obligations (less current portion) on the Company's balance sheet. Finance leases are included in financing lease, right-of-use assets and current and long-term portion of finance lease obligations on the Company's balance sheet. Short-term leases with an initial term of 12 months or less are not presented on the balance sheet with expense recognized as incurred.

The following table presents lease assets and liabilities and their balance sheet classification:

---

| | | |
|:---|:---|:---|
| **Classification** | **March 31,<br> 2026** | **June 30,<br> 2025** |
| **Operating Leases:** | | |
| &nbsp;&nbsp;&nbsp;Right-of-use Asset | $293783 | $362968 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease obligation | $104886 | $91220 |
| &nbsp;&nbsp;&nbsp;Operating lease obligation, less current portion | $208328 | $288836 |

---

The components of lease expense for the three months ended March 31, 2026, and 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
| <br>**Classification** | **2026** | **2025** |
| Operating lease cost | $33280 | $33280 |
| Finance Lease: |  |  |
| Amortization of lease assets | - | - |
| Interest on lease liabilities | - | - |
| **Total finance lease cost** | $- | $- |

---

The components of lease expense for the nine months ended March 31, 2026, and 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | **For the Nine Months Ended <br> March 31,** | **For the Nine Months Ended <br> March 31,** |
| <br>**Classification** | **2026** | **2025** |
| Operating lease cost | $99839 | $99839 |
| Finance Lease: |  |  |
| Amortization of lease assets | - | 546 |
| Interest on lease liabilities | - | (14) |
| **Total finance lease cost** | $- | $532 |

---

Supplemental disclosures of cash flow information related to leases for the three months ended March 31, 2026, and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Cash paid for operating lease liabilities | $33201 | $31620 |

---

Supplemental disclosures of cash flow information related to leases for the nine months ended March 31, 2026, and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended <br> March 31,** | **For the Nine Months Ended <br> March 31,** |
|  | **2026** | **2025** |
| Cash paid for operating lease liabilities | $97495 | $92582 |

---

The weighted average lease term and discount rates are as follows:

---

| | |
|:---|:---|
|  | **March 31, <br> 2026** |
| Operating Leases: |  |
| Weighted average remaining lease term (years) | 2.59 |
| &nbsp;&nbsp;&nbsp;Weighted average discount rate | 12% |

---

Future payments due under leases reconciled to lease liabilities as follows:

---

| | |
|:---|:---|
|  | **Operating**<br>**Lease** |
| As of March 31, 2026: |  |
| 2026 (remaining) | 100709 |
| 2027 | 140602 |
| 2028 | 122010 |
| Total undiscounted lease payments | 363321 |
| Present value discount, less interest | (50106) |
| Lease Liabilities | $313215 |

---

**Note 9 – Related Party Transactions**

All related party transactions are reviewed and approved by the Company's Board of Directors or Audit Committee to ensure they are conducted in the best interest of shareholders.

***License agreement***

On June 30, 2011, we entered into a Technology License and Development Agreement, with Nextelligence, which is majority owned and controlled by the Company's CEO. Nextelligence is the Company's largest shareholder with more than 40% of outstanding Class A common stock prior to the listing of our Class A common stock on Nasdaq. In connection with the Technology Agreement, we issued 10,002,000 shares of our Class A common stock to Nextelligence. The Technology Agreement expires on June 30, 2054, unless it's terminated earlier based on termination events as defined in the Technology Agreement.

***Convertible Notes Payable***

On May 3, 2024, the Company signed a convertible promissory note with Nextelligence in the principal amount of $1,000,000. The note accrues interest at 12% per annum and is due and payable no later than May 3, 2025. At Nextelligence's option, all or part of the outstanding principal and accrued interest may be converted into shares of our Class A common stock at a conversion price of $8.00 per share. On July 1, 2024, the Company repaid $1,075,000 on the convertible promissory note with related party Nextelligence. On December 13, 2024, the Company renewed and modified the original May 3, 2024, note to incorporate additional borrowings. On July 26, 2025, the Company approved the conversion of all outstanding principal and interest into common shares at a conversion price of $8 per share. The principal of $3,865,555 and accrued interest of $210,496, total of $4,076,051 was converted into 509,507 shares of Class A common stock.

Between October 9, 2025, and November 21, 2025, Nextelligence, a related party, majority owned by the Company's CEO, provided aggregate funding to the Company totaling $1,500,000. Of this amount, $191,023 was remitted by Nextelligence on behalf of Celebrity Cigars, Inc. and Test Drive Live Inc. to fully satisfy their outstanding accounts receivable balances with the Company. As these entities are under common control, Nextelligence agreed to assume the obligations of both Celebrity Cigars, Inc. and Test Drive Live Inc. The remaining $1,308,977 was recorded as a revolving convertible note payable to Nextelligence, for a total of $1,308,977. The Company and Nextelligence entered into an agreement on November 21, 2025, to place terms on this revolving convertible note payable. The new outstanding revolving convertible note payable has an interest rate of 12%, a maturity date of June 30, 2026, and is convertible at Nextelligence's discretion for $8 per share of Class A common stock. The terms specify a maximum advance amount of $5,000,000. Additionally, the agreement capitalized all unpaid accrued interest as of November 21, 2025, for $6,575, which resulted in an "original principal balance" of $1,315,552. Between the date of the executed agreement and March 31, 2026, the Company has received an additional $3,573,500. As of March 31, 2026, the total outstanding principal is $4,889,052 and the accrued interest balance is $126,778 for a total outstanding balance of $5,015,830.

***<u>Notes Payable</u>***

 

On March 12, 2026, the Company entered into a premium finance agreement for a Director's and Officer's Insurance policy, which required a downpayment of $80,991. The Company received a loan from the Company's CEO for the full $80,991 in order to pay this down payment. There were no official terms to this loan. The full principal balance was recorded as Notes payable – related party on the condensed balance sheet.

***<u>Issuance of Class B Common Shares</u>***

On May 16, 2024, in conjunction with the Reverse Split and Amendment, where defined in these notes to the financial statements, Nextelligence, Inc. agreed to forfeit and cancel 20,000,000 shares of Class A common stock in exchange for the issuance of 4,000,000 shares of Series A preferred stock (see Note 6).

On July 29, 2024, the Company's largest shareholder and related party Nextelligence distributed 9,623,543 shares of Class A common stock to shareholders of Nextelligence. The Company CEO and majority owner beneficially received 7,782,970 of the shares distributed, which upon receipt, in accordance with the Company's articles of incorporation, were automatically reclassified as Class B common stock.

***Services Agreement***

The Company entered into a Data Services Agreement with Nextelligence, which is effective as of July 1, 2025. Under the agreement, the Company has access to and use of a proprietary marketing database and related analytical services Nextelligence either owns or licenses from Audience Acuity LLC, including customer profiling, audience targeting, and CRM support. The agreement imposes certain restrictions on our use of the data, including prohibitions on resale, reverse engineering and use in certain industries and applications. The Company paid a one-time fee of $120,000 and is required to pay a monthly fee of $10,000 for continued access to the data and services. The fees related to this contract are being recorded as General and administrative expenses. The agreement has an initial three-year term, automatically renewing for successive one-year periods unless terminated in writing by either party not less than 30 days before the end of the initial term or subsequent term extension. On the March 31, 2026, condensed balance sheet, $40,000 of the unamortized license fee is classified as prepaid assets- related party within current assets, while the remaining non-current portion of $50,000 is presented as prepaid assets, net of the current portion – related party.

***Related Party Revenue***

In June 2023, the Company entered into verbal arrangements with two related party entities, Test Drive Live Inc. and Celebrity Cigars, Inc., which are under common ownership control. William A. Mobley, Jr. serves as the President of both companies and is the sole director for Celebrity Cigars. Mr. Mobley's son, Sean Mobley, is part of the management team of Celebrity Cigars. The Company provided FAST channel buildout services relating to the development and buildout of their respective channels. The Company also provides the platform on an ongoing basis for each company to stream their content. The Company charges each company a monthly fee based on a 15% or 30% markup of the Company's cost of production, depending on the level of supervision required to provide the Company's services, which includes labor, rent, etc. The Company also charges for any out-of-pocket costs, which vary from month to month. The Company is currently negotiating with each company on a potential advertising revenue sharing arrangement. Any revenue recognized under these agreements is presented as Sales – related parties on the statement of operations.

The Company recognized related party revenue of $169,110 ($157,110 for FAST channel buildouts and $12,000 for channel streaming) for the nine months March 31, 2026. The Company has accounts receivable – related party of $50,962 for the FAST revenue services provided and $1,400 from Nextelligence, Inc. for the reimbursement of supplies and rent provided during the nine months ended March 31, 2026.

**Note 10 – Disaggregation of Revenues**

Net sales disaggregated by significant products and services for the three months ended March 31, 2026, and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Membership (1) | $12430 | $31817 |
| FAST Revenue – related parties (2) | 68063 | 38921 |
| Ad Revenue (3) | 11016 | 72565 |
| Other Revenue | 1400 | 582 |
| Total | $92909 | $143885 |

---

Net sales disaggregated by significant products and services for the nine months ended March 31, 2026, and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Membership (1) | $50237 | $109008 |
| FAST Revenue – related parties (2) | 169110 | 180405 |
| Ad Revenue (3) | 130052 | 122697 |
| Other Revenue | 1460 | 1727 |
| Total | $350859 | $413837 |

---

(1) Membership
sales refer to customers purchasing premium content through our SmartGuide for varying fees and recognized on a gross basis over the
service period determined.

(2) We
provide end-to-end software solutions for development of FAST (Free Ad-Supported TV) channels to customers such as content creation,
production, video studio rental, etc. to aid in the creation of content for their channels and a platform fee for distributing the channel.
Revenue is recognized at the point in time the services are performed for the development of FAST channels. We charge a monthly platform
fee for distributing the FAST channel on our platform.

(3) During
the period from July 1, 2025, through March 31, 2026, we recognized $130,052 of ad revenue from the buying and selling of advertising
space on other content platform providers. Of this amount, $125,000 was recognized as Ad Agency Revenue under the Launch That Experimental
Media Plan Agreement, representing revenue from the provision of discovery, development, and test media distribution services for a client
campaign. The remaining was related to a new customer from the buying and selling of advertising space via the FreeCast Ad Platform.

**Note 11 – Subsequent Events**

The Company evaluated subsequent events through the date the financial statements were issued, and determined that except for the following subsequent events, there have been no additional subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements other than the following:

On April 20, 2026, the Company renewed and modified the revolving convertible promissory note with Nextelligence to extend the maturity date to June 30, 2027, and modify the terms of the conversion rights. Prior to the Company's direct listing, the conversion rights were based on a conversion price of $8 per share, whereas the updated terms base the conversion price on the closing stock price on the most recent trading day prior to the date of conversion.

On April 20, 2026, Nextelligence elected to convert $114,052 of principal over and beyond the $5,000,000 limit stated in the terms of the note using a conversion price of $4.00, which resulted in 28,513 shares being issued. Additionally, on the same date, Nextelligence converted $1,600,000 of principal using a conversion price of $3.51, which resulted in 455,841 shares being issued.

On April 8, 2026, the Company issued a total of 6,493,588 warrants to various holders that can each be exercised for one share of common stock at an exercise price of $4.25.

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

 

*The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto and other financial information appearing elsewhere in this Report.* 

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the Securities and Exchange Commission.

**Overview**

We currently operate primarily in the U.S., but have recently begun to provide services in certain international markets. We continue to explore opportunities for expansion into other international markets by signing licensing agreements and collaborating with international Consumer Direct Platforms (CDPs). However, we can only take advantage of these opportunities if we have sufficient capital to do so, are able to recruit the necessary staff, and are able to expand our current infrastructure. We may also face additional challenges from new competitors that may be able to launch new businesses at relatively low cost, with consumers easily being able to shift spending from one provider to another. In order to combat this, we must continue to deliver a product that is more advanced than that of competitors.

Primarily as a result of our shift to a free registration subscription service, we have been able to increase the number of subscribers during our most recent 12-month period. Our subscriber numbers have increased from 934,543 on March 31, 2025, to 1,024,592 on March 31, 2026. Our revenue excluding Free Ad-Supported TV (FAST) Revenue (FAST Revenue was $169,110 and $180,405 for the nine months ended March 31, 2026, and 2025, respectively) and Ad Revenue (Ad Revenue was $130,052 and $122,697 for the nine months ended March 31, 2026, and 2025, respectively) per subscriber has decreased from $0.12 for the nine months ending March 31, 2025, compared to $0.05 for the nine months ending March 31, 2026. Our revenue excluding FAST Revenue (FAST Revenue was $68,063 & $38,921 for the three months ended March 31, 2026, and 2025, respectively) and Ad Revenue (Ad Revenue was $11,016 & $72,565 for the three months ended March 31, 2026, and 2025, respectively) per subscriber has decreased from $0.03 for the three months ending March 31, 2025, compared to $0.013 for the three months ending March 31, 2026.

As of March 31, 2026, we had a cash balance of $119,302 and a working capital deficit of $7,285,937. We plan to raise additional equity financing as well, without which we will not be able to meet our obligations as they become due for the next 12 months. However, we cannot provide any assurance that additional equity financing will be available on terms that are acceptable to us, or at all.

**Components of our Operating Results**

**Revenue**

 

*Subscription (Membership) Revenue*

 

In light of shifting consumer behaviors and constraints on big-box retail sales (especially during the pandemic), we refined our business model in 2022 to focus on B2B2C distribution. This approach leverages partnerships with multi-dwelling unit operators, hospitality providers, broadband carriers, and device manufacturers, each channel granting us immediate, large-scale user access. We believe that aligning with enterprise-level partners reduces our direct retail marketing costs, stabilizes recurring revenues, and extends the reach of our aggregator platform to tens of thousands of new users at once.

As a result, we no longer generate subscription revenue through renewal sales of Rabbit TV and Rabbit TV Plus, or through Select TV and Streaming TV Kits, which operated as the successor products to Rabbit TV and Rabbit TV Plus. In October 2022, our SelectTV.com paid subscription service and packaged SelectTV Streaming TV Kits were discontinued. We rebranded to the corporate namesake FreeCast.com and relaunched our SmartGuide as a free registration subscription service. SmartGuide is our internet distributed streaming media guide that searches and aggregates media content on the web and facilitates access to our customers through Wi-Fi-enabled devices that support streaming video.

We do, however, sell monthly subscriptions for premium content purchased through our SmartGuide for varying fees for different content. Revenue from such premium subscription fees is recognized on a gross basis over the service period as we are deemed to be the principal in the relationship with the end user. We control the content before transferring it to the end user and have latitude in establishing pricing. We both retransmit and "ingest" and distribute content.

Subscription revenue is derived from online sales through search engine optimization, search engine marketing, various marketing advertising services, the utilization of resellers in the form of publishers that promote upcoming retail promotions and packages, as well as direct sales to subscribers of our Value Channels subscription service. Value Channels subscription contains 17 cable channels and sells on a monthly subscription or annual fee. Value Channels is integrated into the initial FreeCast.com free registration and then offered as an upgrade. Both FreeCast.com (free registration) and Value Channels are available in various streaming Smart TV models (Google TV's, Amazon Fire TV's, LG, Samsung, TCL, Sony, and others), plus Streaming Devices (Amazon Fire, Google ChromeCast, Apple TV), PC's/Laptops and mobile apps for Android and iOS devices.

Subscription revenue is recognized ratably on a straight-line basis over the duration of the subscription period, generally ranging from one month to five years. If the subscriber renews early, then the expiration date is extended by the renewal period, and the additional subscription fee is deferred and amortized over the additional months purchased by the subscriber. We no longer offer SelectTV lifetime subscriptions, which were initially deferred and recognized over a five-year period. All subscription fees are collected at the time of purchase.

*FAST (Free Ad-Supported TV)* 

 

We provide FAST channel buildouts that include post-production editing, motion graphics, channel assembly and content acquisitions. We charge the customers based on time incurred for the services plus a reasonable margin in addition to any additional out of pocket cost incurred that is charged at cost to us. In addition, we split the advertising revenue. Revenue is recognized when services are performed. We charge a monthly platform fee for distributing the FAST channel on its platform. Revenue is recognized at the point in time when the content is available on the digital platform.

In June 2023, we entered into verbal arrangements with two related party entities, Test Drive Live Inc. and Celebrity Cigars, Inc. William A. Mobley, Jr. serves as the President of both companies and is the sole director for Celebrity Cigars. Mr. Mobley's son, Sean Mobley, is part of the management team of Celebrity Cigars. We provided FAST channel buildout services relating to the development and buildout of their respective channels. We also provide the platform on an ongoing basis for each company to stream their content. We charge each company a monthly fee based on a 15% or 30% markup of our cost of production, depending on the level of supervision required to provide our services, which include labor, rent, etc. We also charge for any out-of-pocket costs, which vary from month-to-month. We are currently negotiating with each company on a potential advertising revenue-sharing arrangement.

*Ad Platform Revenue*

We are an agent in transactions on our Ad Exchange platforms. We act as an intermediary between DSPs and non-owned and operated publishers by providing access to a platform that allows both parties to transact in the buying and selling of ad inventory. The transaction price is determined by a real-time auction, and the Company has no pricing discretion or obligation related to the fulfillment of the advertising delivery.

We generally invoice buyers at the end of each month for the full purchase price of ad impressions monetized in that month. Accounts receivables are recorded at the amount of gross billings for the amounts we are responsible for collecting, and accounts payable are recorded at the net amount payable to suppliers. Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis.

*Ad Agency Revenue (Launch That and Similar Contracts)*

 

We earn revenue from direct client service contracts for marketing and campaign execution, such as the Launch That agreement. These contracts typically involve two distinct phases:

● Phase 1: Discovery and Development Services (data research, audience analysis, creative development). Revenue is recognized over time using an input method based on the proportion of costs incurred relative to total estimated costs for Phase 1.

● Phase 2: Test Media Distribution Services (media placement, outreach, KPI reporting). Revenue is recognized upon delivery of the performance evaluation report specified in the contract.

Revenue from such contracts is presented separately from "Other Revenue" due to its materiality and distinct nature.

*Deferred Revenue – Ad Agency Revenue (Launch That and Similar Contracts)*

For the Ad Agency revenue stream, we provide demand partners with access to the FreeCast Ad Platform, enabling real-time bidding on advertising inventory. Revenue is recognized at a point in time when a transaction is completed—specifically, when a bid is won and the client's purchase occurs through the platform. Amounts invoiced in advance of the completion of these transactions are recorded as deferred revenue and recognized as revenue when our performance obligation is satisfied.

*Other Revenue*

Other revenue includes product, licensing, and referral fee revenue. We generate revenue through free registrations of FreeCast.com by signing licensing agreements and collaborating with CDPs. A FreeCast.com license is freely provided per registered consumer marketed by distributors in exchange for a negotiated revenue sharing percentage with each distributor on a case-by-case basis. Affiliate commissions are earned and then shared from third-party advertisement service providers, pay-per-view movie or series distributors, and live events tickets sales for such things as professional boxing or concerts. These license arrangements have not resulted in significant revenue to date.

Beginning in 2024, in conjunction with the release of our new product FreeCast Home, we started recognizing contracts with customers from product sales requiring performance up to delivery, as well as contracts with customers that contain a subscription portion that causes revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than a promised service to the customer. Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally occurs upon shipment from our facilities. For our physical product sales, our performance obligations are satisfied at that time.

Referral fee revenue is generated through premium services which are also available on our platform, for an additional fee, to allow single or time-limited use of private, decrypted viewing of movies, sporting events, concerts or other types of events.

*Deferred Revenue*

Deferred revenue consists principally of both prepaid but unrecognized subscription revenue and advertising fees received or billed in advance of the delivery or completion of the delivery of services. We may pay sales incentives, in cash or by issuing equity instruments, to distributors of our subscriptions. Such sales incentives are not recognized as deferred revenue. Rather, sales incentives are recognized in current operations when issued, regardless of amounts in deferred revenue, which may have resulted from the distributor's efforts. Deferred revenue consists primarily of subscriptions for multiple months purchased upfront and recognized ratably over the term of the subscription.

**Cost of Revenue**

Cost of revenue consists primarily of subscription costs and FAST streaming costs, such as third-party hosting costs, infrastructure costs and salaries and benefits related to employees for our customer support. We make payments to third-party ad servers in the period in which the advertising impressions are delivered, or click-through actions occur, and accordingly record this as a cost of revenue in the related period. Hosting costs consist of content streaming, maintaining our internet service and creating and serving advertisements through third-party ad servers. Cost of revenue also consists of FAST channel buildout costs such as the salaries and benefits related to employees, facility related expenses and information technology associated with supporting these buildouts.

**Operating Expenses**

 

*Compensation and Benefits*

Compensation and benefits consist primarily of employee-related costs, including salaries and benefits related to employees in finance, accounting, internal information technology and other administrative personnel and stock-based compensation.

*Sales and Marketing*

Sales and marketing consist primarily of employee-related costs, including salaries, commissions and benefits related to employees in sales, sales support and marketing departments. In addition, sales and marketing expenses include external sales and marketing expenses such as third-party marketing, TV Infomercials, branding, advertising, public relations expenses, commissions, facilities-related expenses, and infrastructure costs.

*General and Administrative*

General and administrative expenses include professional services costs for outside legal and accounting services, facilities-related expenses, travel costs, third party customer support, and credit card fees.

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

**Revenue**

Our primary sources of revenue are subscription revenue and FAST revenue. Additionally, we have several other revenue streams: product sales revenue, channel streaming, advertising revenue, and other revenue, which encompasses earnings from licensing and referral fees.

Subscription revenue decreased by 61%, or $19,387, to $12,430, in the three months ended March 31, 2026, as compared to $31,817 for the three months ended March 31, 2025. Subscription revenue decreased by 54%, or $58,771, to $50,237, in the nine months ended March 31, 2026, as compared to $109,008 for the nine months ended March 31, 2025. The decrease in subscription revenue is primarily attributable to our shift to a free registration subscription service that is supported with advertising revenue.

FAST revenue increased by 75%, or $29,142, to $68,063, in the three months ended March 31, 2026, as compared to $38,921 for the three months ended March 31, 2025. FAST revenue decreased by 6%, or $11,295, to $169,110, in the nine months ended March 31, 2026, as compared to $180,405 for the nine months ended March 31, 2025. The decrease was primarily due to lower production activity and reduced related-party channel buildout services compared to the prior year. While we continued to provide platform distribution services, fewer new channel buildouts were completed in the six months ended December 31, 2025; however, this slightly increased back to higher production activity during the three months ended March 31, 2026, which resulted in higher FAST revenue for the three-month period but lower FAST revenue for the nine-month period.

Ad revenue decreased by 85% or $61,549 to $11,016, in the three months ended March 31, 2026, as compared to $72,565 for the three months ended March 31, 2025. The decrease was related to minimal demand in the current quarter. Ad revenue increased by 6% or $7,355 to $130,052, in the nine months ended March 31, 2026, as compared to $122,697 for the nine months ended March 31, 2025. The increase was related to revenue from the "Launch That" contract.

We are strategically reinvesting in our proprietary Platform-as-a-Service (PaaS) infrastructure and broader ecosystem to enhance long-term enterprise value and deepen monetization opportunities for both us and our partners.

Our recent decline in advertising revenue is transitional rather than structural, driven by the migration from Spring Serve/Magnite to our own proprietary, completed and recently launched in-house Zer0Gap Ads platform. The shift introduced temporary delivery inefficiencies, demand disruption and onboarding friction, resulting in short-term monetization gaps. As the platform integration stabilizes, revenue performance is expected to better reflect the underlying economics of a vertically integrated advertising model with early signs of recovery, as we have secured new commercial relationships with major media spenders such as Launch That, NHK and Del-Air.

The connected TV (CTV) advertising ecosystem led by demand-side platforms like The Trade Desk is under scrutiny for its lack of transparency and complex fee structures. Advertisers struggle to trace how much of their spending actually reaches publishers, with multiple intermediaries taking cuts along the programmatic supply chain. This opacity, combined with concerns about data quality and measurement consistency, has put pressure on traditional ad tech platforms to justify their value. As brands demand clearer attribution and more efficient media buying, the perceived inefficiencies of third-party platforms are becoming a growing point of friction.

At the same time, major streaming platforms such as Roku, Netflix and Amazon are building and expanding their own first-party advertising ecosystems. By owning both the content distribution and ad inventory, these companies can offer advertisers more direct access to audiences, better data integration and improved transparency. This vertical integration reduces reliance on external intermediaries and allows streaming providers to capture a greater share of ad revenue while delivering more measurable outcomes for brands.

In this shifting landscape, our ZeroGap Ads strategy positions us to benefit long term by aligning with this broader industry trend. By creating and recently launching our own internal ad platform, we are able to directly serve advertising across our network of content partners while also enabling co-branded telecom and MDU partners to monetize their customer bases within the same ecosystem. This dual-sided approach enhances revenue potential, strengthens partner relationships and provides greater control over data and pricing. As transparency and efficiency become critical differentiators in CTV advertising, our integrated model could offer a more streamlined and scalable alternative to traditional programmatic platforms.

Other revenue increased by 141% or $818, to $1,400 in the three months ended March 31, 2026, as compared to $582 for the three months ended March 31, 2025. Other revenue decreased by 15% or $267, to $1,460 in the nine months ended March 31, 2026, as compared to $1,727 for the nine months ended March 31, 2025.

The following table presents our revenue on a disaggregated basis:

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| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Membership (1) | $12430 | $31817 |
| FAST Revenue – related parties (2) | 68063 | 38921 |
| Ad Revenue (3) | 11016 | 72565 |
| Other Revenue | 1400 | 582 |
| Total | $92909 | $143885 |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Membership (1) | $50237 | $109008 |
| FAST Revenue – related parties (2) | 169110 | 180405 |
| Ad Revenue (3) | 130052 | 122697 |
| Other Revenue | 1460 | 1727 |
| Total | $350859 | $413837 |

---

(1) Membership
sales refer to customers purchasing premium content through our SmartGuide for varying fees and recognized on a gross basis over the
service period determined.

(2) We
provide end-to-end software solutions for development of FAST (Free Ad-Supported TV) channels to customers such as content creation,
production, video studio rental, etc. to aid in the creation of content for their channels and a platform fee for distributing the channel.
Revenue is recognized at the point in time the services are performed for the development of FAST channels. We charge a monthly platform
fee for distributing the FAST channel on our platform.

(3) During
the period from July 1, 2025, through March 31, 2026, we recognized $130,052 of ad revenue from the buying and selling of advertising
space on other content platform providers. Of this amount, $125,000 was recognized as Ad Agency Revenue under the Launch That Experimental
Media Plan Agreement, representing revenue from the provision of discovery, development, and test media distribution services for a client
campaign. The remaining was related to a new customer from the buying and selling of advertising space via the FreeCast Ad Platform.

**Cost of Revenue**

Cost of revenue decreased by 63%, or $59,298, to $34,416 in the three months ended March 31, 2026, as compared to $93,714 for the three months ended March 31, 2025. Cost of revenue decreased by 53%, or $143,743, to $126,157 in the nine months ended March 31, 2026, as compared to $269,900 for the nine months ended March 31, 2025. The decrease in cost of revenue is primarily attributed to lower revenue, paired with an inventory write-off during the prior period related to moving away from product sales.

**Operating Expenses**

Operating expenses increased by 33%, or $1,122,901 to $4,480,359 in the three months ended March 31, 2026, as compared to $3,357,458 for the three months ended March 31, 2025. The change in operating expenses is attributed to a $222,363 increase in general and administrative expenses and an increase in compensation and benefits expense of $962,781. The increase in compensation and benefits was primarily the result of an increase to stock-based compensation. The increase in general and administrative expenses was primarily the result of increased professional fees. Operating expenses decreased by 6%, or $645,456 to $10,204,003 in the nine months ended March 31, 2026, as compared to $10,849,459 for the nine months ended March 31, 2025. The change in operating expenses is attributed to a $974,446 decrease in general and administrative expenses, partially offset by an increase in compensation and benefits expense of $432,498. The increase in compensation and benefits was primarily the result of Maxim Partners' stock-based compensation. The decrease in general and administrative expenses was primarily the result of decreased website development.

**Other (Expense**) **Income**

Other expense was $112,108, for the three months ended March 31, 2026, as compared to other expense of $73,240 for the three months ended March 31, 2025. Other expense was $201,004, for the nine months ended March 31, 2026, as compared to other expense of $164,328 for the nine months ended March 31, 2025. The change was principally caused by an increase in interest expense of $38,784 and $37,419 for the three and nine months, respectively.

**Liquidity and Capital Resources**

Since inception, we have financed our operations from a combination of:

● issuance and sales of our Class A common stock;

● issuance of notes payable with related and non-related parties;

● issuance of convertible notes payable with related and non-related parties;

● borrowing under our revolving convertible notes payable with related party;

● cash advances from related parties; and

● cash generated from operations.

We have experienced operating losses since our inception and had a total accumulated deficit of $205,415,506 as of March 31, 2026. We expect to incur additional costs and require additional capital as we continue to implement our expansion plan. During the nine months ended March 31, 2026, and 2025, our cash used in operations was $8,002,935 and $9,958,164, respectively.

Our primary short-term cash requirements are to fund working capital, lease obligations and short-term debt, including current maturities of long-term debt. Working capital requirements can vary significantly from period to period, particularly as a result of additional development expenses.

Our ability to fund our cash needs will depend, in part, on our ability to generate cash in the future, which depends on future financial results. Our future results are subject to general economic, financial, competitive, legislative and regulatory factors that may be outside of our control. Our future access to, and the availability of credit on acceptable terms and conditions, is impacted by many factors, including capital market liquidity and overall economic conditions.

Our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We have incurred recurring losses and as of March 31, 2026, had an accumulated deficit of $205,415,506 . For the three months ended March 31, 2026, and 2025, we sustained a net loss of $4,533,974 and $3,380,527, respectively. For the nine months ended March 31, 2026, and 2025, we sustained a net loss of $10,180,305 and $10,869,850, respectively. These factors, among others, raise substantial doubt about our ability to continue as a going concern for the next twelve months from the date these financial statements were issued. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that may be necessary should we be unable to continue as a going concern. Our continuation as a going concern is contingent upon our ability to obtain additional financing and to generate revenue and cash flow to meet our obligations on a timely basis. We will continue to seek to raise additional funding through debt or equity financing during the next twelve months. Management believes that actions presently being taken to obtain additional funding provide the opportunity for us to continue as a going concern. There is no guarantee we will be successful in achieving these objectives.

We cannot be sure that future funding will be available to us on acceptable terms, or at all. Due to the often volatile nature of the financial markets, equity and debt financing may be difficult to obtain.

We may seek to raise any necessary additional capital through a combination of private or public equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing and distribution arrangements. To the extent that we raise additional capital through marketing and distribution arrangements or other collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights or future revenue streams on terms that may not be favorable to us. If we raise additional capital through private or public equity offerings, the ownership interest of our existing shareholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect our shareholders' rights. If we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends.

*Equity Line of Credit*

 

On December 8, 2025, we entered into an Equity Purchase Agreement, which was subsequently amended on March 30, 2026, (together, the "EPA") with Amiens Technology Investments LLC, a Delaware limited liability company (the "Investor"), pursuant to which the Investor committed to purchase up to $50 million of shares of our Class A common stock (the "ELOC Shares" and such financing, the "ELOC Financing"), subject to certain limitations and conditions set forth in the EPA. During the Commitment Period (as defined in the EPA), we may from time to time, by written notice delivered by us to the Investor (each, an "Advance Notice"), direct the Investor to purchase a number of shares of our Class A common stock up to the Maximum Advance Amount (as defined in the EPA) as set forth in the Advance Notice, subject to limitations and adjustments as set forth in the EPA. Shares issued pursuant to an Advance Notice are priced at 95% of the VWAP (volume-weighted average price) for the five-trading day period immediately following the delivery of the Advance Notice.

We have filed a registration statement, which has been declared effective as of May 6, 2026, that registers the resale of up to 5,750,000 shares of our Class A common stock, based on the assumption that we may deliver Advance Notices to the Investor for an aggregate of $21,735,000 under the EPA at an assumed purchase price of $3.78 per share. The actual number of shares of our Class A common stock issuable by us in connection with the ELOC Financing will vary depending on the then-current market price of the shares of our Class A common stock sold to the Investor pursuant to the EPA and we expect that the number of shares currently registered will not be sufficient to register the full $50 million facility in the ELOC Financing and the ELOC Commitment Shares (as defined herein). We may be required to file one or more additional registration statements in order to deliver future Advance Notices to the Investor to access the full $50 million commitment under the EPA.

As consideration for the Investor's commitment to purchase the ELOC Shares in accordance with the EPA, we agreed to pay a commitment fee in an amount equal to $750,000, by the issuance to the Investor of a number of shares of Class A common stock (the "ELOC Commitment Shares") as follows: (1) one-third of the ELOC Commitment Shares are to be issued to the Investor on the occurrence of the first closing under the EPA; (2) one-third of the ELOC Commitment Shares are to be issued to the Investor on the date the Investor has purchased an aggregate of $15 million of ELOC Shares; and (3) the remaining one-third of the ELOC Commitment Shares are to be issued to the Investor on the date the Investor has purchased an aggregate of $30 million of ELOC Shares. The number of ELOC Commitment Shares issued to the Investor on each required date will be equal to $250,000 divided by the lower of: (i) $10.00; and (ii) the lowest daily VWAP of our Class A common stock during the five trading days immediately preceding the applicable issuance due date. The issuance of the ELOC Commitment Shares will result in dilution to existing shareholders, independent of any sales of shares under the EPA.

We will not receive any of the proceeds from the resale or other disposition of the shares of our Class A common stock by the Investor; however, we may receive gross proceeds of up to $50 million from the sale of the ELOC Shares from time to time, in our discretion, over a 36-month period. The 36-month period began on March 11, 2026, and ends on April 1, 2029.

We have the right to control the timing and amount of any sales of shares of our Class A common stock to the Investor under the EPA, subject to certain limitations described in the EPA. We will bear all fees and expenses incident to our obligation to register the offer and sale of the shares of Class A common stock. The Investor has no right to require us to sell any shares of our Class A common stock under the EPA and has no obligation to purchase shares unless and until we deliver a valid Advance Notice in accordance with the EPA, at which time, subject to the terms and conditions of the EPA, the Investor is contractually obligated to purchase the applicable shares.

Consistent with the applicable Nasdaq listing rules, the aggregate number of shares of our Class A common stock that we may issue to the Investor under the EPA may not exceed 19.99% of the shares of Class A common stock issued and outstanding as of the execution date of the EPA (the "Exchange Cap"), unless we first obtain shareholder approval to issue shares of our Class A common stock in excess of the Exchange Cap in accordance with applicable Nasdaq listing rules.

Additionally, we may not direct the Investor to purchase any shares of our Class A common stock under the EPA if such purchase, when aggregated with all other shares of our Class A common stock then owned by the Investor and its affiliates beneficially, would result in the Investor and its affiliates beneficially owning (on an aggregated basis) more than 4.99% of the then outstanding voting power or number of shares of our Class A common stock; provided that, Investor may increase or decrease this ownership limitation, upon notice to us, which notice for any increase will not be effective until the 61st day following the date such notice is delivered, not to exceed 9.99% of the number of shares of our Class A common stock outstanding immediately after giving effect to the issuance of shares of our Class A common stock held by the Investor.

The EPA contains customary representations, warranties, conditions and indemnification obligations of the parties. We have the right to terminate the EPA at any time effective five trading days after providing written notice to the Investor, at no cost or penalty, provided that there are no outstanding Advance Notices, the shares of Class A common stock under which have yet to be issued, and we have paid all amounts owed to the Investor pursuant to the EPA. We are required to use commercially reasonable efforts to continuously maintain the effectiveness of the registration statement until all of the Commitment Shares and the shares of our Class A common stock to be issued from time to time under the EPA pursuant to an Advance Notice have been sold or may be sold without restriction pursuant to Rule 144.

 ****

*Convertible Note Payable – Related Party*

In June 2016, William A. Mobley, Jr., our founder, Chief Executive Officer and Chairman, loaned us $111,000, at an interest rate of 12% per annum, and due and payable at June 30, 2024. The note was convertible into shares of our Class B common stock at a conversion price of $0.50 per share. The note was converted on March 29, 2024. As of March 29, 2024, and June 30, 2023, accrued interest charges related to this loan were $25,020 and $19,003, respectively. On March 29, 2024, the outstanding principal and accrued interest balance of $92,068 was converted into 184,136 shares of our Class B common stock.

On May 3, 2024, we signed a convertible promissory note with Nextelligence in the principal amount of $1,000,000. Outstanding principal accrued interest at 12% per annum and was due and payable no later than May 3, 2025. In lieu of repayment, at Nextelligence's option, all or part of the outstanding principal and accrued interest was convertible into shares of our Class A common stock at a conversion price of $8.00 per share. Between May 30, 2024, and June 26, 2024, we borrowed an additional $1,075,000 from Nextelligence. On July 1, 2024, we repaid $1,075,000 on the convertible promissory note with related party Nextelligence. Between October 31, 2024, and December 11, 2024, we borrowed an additional $1,395,000 from Nextelligence. On December 13, 2024, we renewed and modified the May 3, 2024, note to include the additional loans. Between December 31, 2024, and June 3, 2025, we borrowed an additional $1,557,000 and made payments of $150,000 to Nextelligence. On July 26, 2025, Nextelligence converted the outstanding principal and accrued interest balance of $4,076,051 into 509,507 shares of our Class A common stock.

Between October 9, 2025, and November 21, 2025, Nextelligence, a related party, majority owned by our CEO, provided aggregate funding to us totaling $1,500,000. Of this amount, $191,023 was remitted by Nextelligence on behalf of Celebrity Cigars, Inc. and Test Drive Live Inc. to fully satisfy their outstanding accounts receivable balances with the Company. As these entities are under common control, Nextelligence agreed to assume the obligations of both Celebrity Cigars, Inc. and Test Drive Live Inc. The remaining $1,308,977 was recorded as a revolving convertible note payable to Nextelligence, for a total of $1,308,977. The Company and Nextelligence entered into an agreement on November 21, 2025, to place terms on this revolving convertible note payable. The new outstanding revolving convertible note payable has an interest rate of 12%, a maturity date of June 30, 2026, and is convertible at Nextelligence's discretion for $8 per share of Class A common stock. The terms specify a maximum advance amount of $5,000,000. Additionally, the agreement capitalized all unpaid accrued interest as of November 21, 2025, for $6,575, which resulted in an "original principal balance" of $1,315,552. Between the date of the executed agreement and March 31, 2026, the Company has received an additional $3,573,500. As of March 31, 2026, the total outstanding principal is $4,889,052 and the accrued interest balance is $126,778 for a total outstanding balance of $5,015,830.

*Notes Payable – Related Party*

 

On March 12, 2026, we entered into a premium finance agreement for a Director's and Officer's Insurance policy, which required a downpayment of $80,991. We received a loan from our CEO for the full $80,991 in order to pay this down payment. There were no official terms to this loan. The full principal balance was recorded as Notes payable – related party on the condensed balance sheet.

*Notes Payable* 

On March 12, 2026, we entered into an agreement with Capital Premium Financing to provide financing in an aggregate amount of $143,949 for the insurance premium associated with a D&O policy. The policy commenced March 12, 2026, and provided coverage for the next 12 months, expiring March 12, 2027. The loan bears interest at a 13.5% rate per annum. We are required to pay monthly principal and interest of approximately $24,977 paid over 6 months, with the final payment on September 12, 2026.

**Cash Flows**

The following tables provide detailed information about our net cash flows for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended <br> March 31,** | **For the Nine Months Ended <br> March 31,** |
|  | **2026** | **2025** |
| Net cash used in operating activities | $(8083926) | $(9958164) |
| Net cash used in investing activities | (16064) | (21622) |
| Net cash provided by financing activities | 7670043 | 4863009 |
| Net (decrease) increase in cash and cash equivalents | $(429947) | $(5116777) |

---

*Operating Activities*

For the nine months ended March 31, 2026, cash used in operating activities decreased by $1,874,238 or 19% due primarily to our decrease in net loss of $689,545, which comprised of a non-cash increase in stock-based compensation of $375,633, and a net increase in working capital of $829,922.

*Investing Activities*

 

For the nine months ended March 31, 2026, cash used in investing activities decreased by $5,558 or 26%. The change was attributed to a decrease in the cash used to purchase property and equipment.

*Financing Activities*

For the nine months ended March 31, 2026, cash provided by financing activities increased by $2,807,034 or 58%. The change was primarily due to an increase in proceeds from convertible notes payable – related party of $3,264,052 and a decrease to payments on the revolving convertible note payable – related party of $1,161,445, partially offset by a decrease to proceeds from issuance of Class A common stock of $1,700,000.

**Critical Accounting Policies and Estimates**

Our financial statements and accompanying notes have been prepared in accordance with GAAP applied on a consistent basis. The preparation of these financial statements requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, the application of the stock split accounting as of the date these financial statements are ready to be issued and the reported amounts of revenue and expenses during the periods presented. We evaluate these estimates and assumptions on an ongoing basis. We base our estimates on the information currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. As of March 31, 2026, our previous estimates had not materially deviated from our results.

An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made; if different estimates reasonably could have been used; or if changes in the estimate that are reasonably likely to occur periodically could materially impact the financial statements. While our significant accounting policies are described in more detail in the notes to our financial statements included in this Quarterly Report on Form 10-Q, we believe the following accounting policies to be critical to the estimates and assumptions used in the preparation of our financial statements.

**Revenue Recognition**

Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services, in accordance with ASC 606. Our contracts include various products or services or a combination of both, which are generally capable of being distinct and are accounted for as separate performance obligations. Our contracts may contain multiple distinct performance obligations.

The transaction price of a contract is estimated based on the expected value for which a significant reversal of revenue is not expected to occur. Stand-alone selling prices are generally determined based on prices charged to customers. In arrangements with multiple performance obligations, the estimated transaction price is allocated to each distinct performance obligation based on relative stand-alone selling price ("SSP").

**Concentration of Credit Risk**

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. Our cash and cash equivalents are exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding its cash and cash equivalents to the extent of amounts recorded on the balance sheet. The cash accounts are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of March 31, 2026, the Company's cash balance did not exceed the FDIC insured limit.

As of March 31, 2026, the Company had two customers, SportX LLC and related party Celebrity Cigars representing 76.9% and 23.3% of the Company's receivables, respectively. As of March 31, 2025, the Company had two related party customers, Test Drive Live Inc. and Celebrity Cigars, Inc., representing 16.2% and 21.5%, respectively, and one non related party representing 56.4% of our receivables.

As of March 31, 2026, the Company had three customers, Launch That., related party customer Celebrity Cigars, Inc., and Ignite, representing 33.9%, 37.8%, and 12.83%, respectively, of the Company's revenues. As of March 31, 2025, the Company had two related party customers, Test Drive Live Inc. and Celebrity Cigars, Inc., representing 18.1% and 24.0%, respectively, of our revenues.

 ****

**Fair Value of Financial Instruments**

We account for financial instruments under Financial Accounting Standards Board ("FASB") ASC 820, Fair Value Measurements. This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 — observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level 3 — assets and liabilities whose significant value drivers are unobservable.

 ****

The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in the financial statements. The carrying amounts reported in the financial statements for cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short-term nature.

 ****

**Earnings (Loss) Per Share**

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to all classes of our common stock by the weighted average number of shares of all classes of our common stock outstanding during the applicable period. Diluted earnings (loss) per share is determined in the same manner as basic earnings (loss) per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase would be anti-dilutive.

The following table provides the number of Class A common stock equivalents not included in diluted income per share, because the effects are anti-dilutive, for the nine months ended March 31, 2026, and 2025, respectively.

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br> March 31,** | **For the Nine Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Convertible debt and liabilities | 626979 | 320013 |
| Options | 926373 | 993270 |
| Warrants | 687500 | 8056087 |
| &nbsp;&nbsp;&nbsp;**Total** | 2240852 | 9369370 |

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**Stock Based Compensation**

Stock-based compensation issued is measured at the date of grant based on the estimated fair value of the award, net of estimated forfeitures. The grant date fair value of a stock-based award is recognized as an expense over the requisite service period of the award on a straight-line basis. The Company will recognize compensation expense measured as the fair value of the stock-based compensation on grant date, when a performance condition is considered probable to occur. For purposes of determining the variables used in the calculation of stock-based compensation issued to employees, the Company performs an analysis of current market data and historical data to calculate an estimate of implied volatility, the expected term of the option and the expected forfeiture rate. With the exception of the expected forfeiture rate, which is not an input, the Company uses these estimates as variables in the Black-Scholes option pricing model. Depending upon the number of warrants granted, any fluctuations in these calculations could have a material effect on the results presented in the Company's Statements of Operations. In addition, any differences between estimated forfeitures and actual forfeitures could also have a material impact on the Company's financial statements.

In accounting for modifications of equity-classified warrants held by employees, it is the Company's policy to determine the impact by analogy to the share-based compensation guidance of ASC 718, Compensation - Stock Compensation ("ASC 718"). The model for a modified share-based payment award that is classified as equity and remains classified in equity after the modification is addressed in ASC 718-20-35-3. Pursuant to that guidance, the incremental fair value from the modification is recognized as stock-based compensation expense in the statements of operations to the extent the modified instrument has a higher fair value. The Company modified certain equity-classified warrants held by employees in the year 2023.

**Loss Contingencies**

Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to us, but which will only be resolved when one or more future events occur or fail to occur. Our management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in our financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

**Modifications to Equity-classified Instruments**

A change in the terms or conditions of a warrant is accounted for as a modification. For a warrant modification accounted for under ASC 815, the effect of a modification shall be measured as the difference between the fair value of the modified warrant and the fair value of the original warrant immediately before its terms are modified, with each measured on the modification date. The accounting for incremental fair value of the modified warrants over the original warrants is based on the specific facts and circumstances related to the modification. When a modification is directly attributable to an equity offering, the incremental change in fair value of the warrants is accounted for as an equity issuance cost. When a modification is directly attributable to a debt offering, the incremental change in fair value of the warrants is accounted for as a debt discount or debt issuance cost. For all other modifications accounted for under ASC 815, the incremental change in fair value is recognized as a deemed dividend.

**Redeemable Series A Preferred Stock**

We apply the guidance enumerated in ASC 480, when determining the classification and measurement of preferred stock. Preferred stock subject to mandatory redemption, if any, is classified as a liability and is measured at fair value. We classify conditionally redeemable preferred stock, which includes preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control, as mezzanine equity. At all other times, we classify its preferred stock in stockholders' equity. We subsequently measure mezzanine equity to redemption value when the instrument is currently redeemable or when it is probable the instrument will become redeemable. Initially, the redemption rights were not solely within our control because our Chief Executive Officer (CEO), William Mobley, was able to force us to redeem the shares for cash. Therefore, we classified the Series A Preferred Stock as mezzanine equity pursuant to ASC 480-10-S99. We had adjusted the value of the Series A Preferred shares to its maximum redemption amount as the instrument was redeemable.

On December 26, 2024, we amended the terms and conditions of the Series A Preferred Stock to replace the deemed liquidation triggered by a change in control with an ordinary liquidation. In conjunction with this amendment, we reclassified the Series A Preferred Stock from mezzanine equity to permanent equity because the features giving rise to mezzanine equity classification, the redemption right and the deemed liquidation, have been removed as part of the amendment.

**Recently Issued Accounting Pronouncements**

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that we adopt as of the specified effective date. We do not believe that the impact of recently issued standards that are not yet effective will have a material impact on our financial position or results of operations upon adoption.

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

As a smaller reporting company, we are not required to provide the information required by this Item.

**Item 4. Controls and Procedures.**

**Disclosure Controls and Procedures**

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have identified all of the information required to be disclosed, and that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

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

As required by Rules 13a-15 and 15d-15 under the Exchange Act, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2026. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective.

**Changes in Internal Control over Financial Reporting**

During the fiscal quarter ended March 31, 2026, there were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings**

None.

**Item 1A. Risk Factors**

As a smaller reporting company, we are not required to provide the information required by this Item.

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

*Unregistered Sales of Equity Securities*

 

None.

*Use of Proceeds*

Not applicable.

*Repurchases*

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None.

**Item 6. Exhibits**

The following documents are filed as exhibits to this Report.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Incorporated By Reference** | **Incorporated By Reference** | **Incorporated By Reference** |
| **Exhibit**<br>**Number** | <br>**Exhibit Description** | **Form** | **As Exhibit** | **Filing Date** |
| 3.1(a) | [Second Amended and Restated Articles of Incorporation of the Registrant](https://www.sec.gov/Archives/edgar/data/1633369/000101376224000771/ea020983401ex3-1_freecast.htm) | S-1 | 3.1 | 07/24/2024 |
| 3.1(b) | [Amendment to Second Amended and Restated Articles of Incorporation of the Registrant, effective September 26, 2024](https://www.sec.gov/Archives/edgar/data/1633369/000121390024093217/ea021850001ex3-1b_freecast.htm) | S-1 | 3.1(b) | 11/01/2024 |
| 3.1(c) | [Amendment to Second Amended and Restated Articles of Incorporation of the Registrant, effective December 26, 2024](http://www.sec.gov/Archives/edgar/data/1633369/000121390025003084/ea022683001ex3-1c_free.htm) | S-1 | 3.1(c) | 01/14/2025 |
| 3.2 | [Second Amended and Restated Bylaws of the Registrant](https://www.sec.gov/Archives/edgar/data/1633369/000121390024093217/ea021850001ex3-2_freecast.htm) | S-1 | 3.2 | 11/01/2024 |
| 4.1 | [Revolving Convertible Promissory Note made by FreeCast, Inc. in favor of Nextelligence, Inc., dated November 21, 2025](https://www.sec.gov/Archives/edgar/data/1633369/000121390025119397/ea026877401ex4-15_freecast.htm) | S-1 | 4.15 | 12/09/2025 |
| 10.1 | [Amendment to Equity Purchase Agreement between FreeCast, Inc. and Amiens Technology Investments, LLC, dated March 30, 2026](https://www.sec.gov/Archives/edgar/data/1633369/000121390026039990/ea028512101ex10-1.htm) | 8-K | 10.1 | 04/03/2026 |
| 10.2 | [Equity Purchase Agreement between FreeCast, Inc. and Amiens Technology Investments, LLC, dated December 8, 2025](https://www.sec.gov/Archives/edgar/data/1633369/000121390025119397/ea026877401ex10-30_freecast.htm) | S-1 | 10.30 | 12/09/2025 |
| 31.1\* | [Certification of Principal Executive Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-1.htm) | [Certification of Principal Executive Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-1.htm) | [Certification of Principal Executive Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-1.htm) | [Certification of Principal Executive Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-2.htm) | [Certification of Principal Financial Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-2.htm) | [Certification of Principal Financial Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-2.htm) | [Certification of Principal Financial Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029002601ex31-2.htm) |
| 32.1\*\* | [Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-1.htm) | [Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-1.htm) | [Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-1.htm) | [Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-1.htm) |
| 32.2\*\* | [Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-2.htm) | [Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-2.htm) | [Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-2.htm) | [Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029002601ex32-2.htm) |
| 101.INS | Inline XBRL Instance Document | Inline XBRL Instance Document | Inline XBRL Instance Document | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | Inline XBRL Taxonomy Extension Schema Document | Inline XBRL Taxonomy Extension Schema Document | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Inline XBRL Taxonomy Extension Definition Linkbase Document | Inline XBRL Taxonomy Extension Definition Linkbase Document | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Inline XBRL Taxonomy Extension Label Linkbase Document | Inline XBRL Taxonomy Extension Label Linkbase Document | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith. <br> \*\* Furnished herewith.

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **FREECAST, INC.** | **FREECAST, INC.** |
|  | (Registrant) | (Registrant) |
| Date: May 15, 2026 | By: | */s/ William A. Mobley, Jr.* |
|  |  | **William A. Mobley, Jr.** |
|  |  | *Chief Executive Officer* |
|  |  | *(Principal Executive Officer)* |

---

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION PURSUANT TO

EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William A. Mobley, Jr., certify that:

---

| | | |
|:---|:---|:---|
| 1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2026 (this "report") of FreeCast, Inc. | I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2026 (this "report") of FreeCast, Inc. |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have; | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have; |
|  | a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
|  | b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|  | d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
|  | a. | All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|  | b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ William A. Mobley, Jr.* |
|  |  | William A. Mobley, Jr. |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION PURSUANT TO

EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jonathan Morris, certify that:

---

| | | |
|:---|:---|:---|
| 1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2026 (this "report") of FreeCast, Inc. | I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2026 (this "report") of FreeCast, Inc. |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|  | a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|  | d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the registrant's board of directors (or persons performing the equivalent functions): | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the registrant's board of directors (or persons performing the equivalent functions): |
|  | a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|  | b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ Jonathan Morris* |
|  |  | Jonathan Morris |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of FreeCast, Inc., a Florida corporation (the "Company"), does hereby certify, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Quarterly Report on Form 10-Q for the quarter ending March 31, 2026 (the "Report") of the Company complies in all material
 respects with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ William A. Mobley, Jr.* |
|  |  | William A. Mobley, Jr. |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of FreeCast, Inc., a Florida corporation (the "Company"), does hereby certify, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Quarterly Report on Form 10-Q for the quarter ending March 31, 2026 (the "Report") of the Company complies in all material respects with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ Jonathan Morris* |
|  |  | Jonathan Morris |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---