# EDGAR Filing Document

**Accession Number:** 0001649009
**File Stem:** 0001493152-26-004671
**Filing Date:** 2026-2
**Character Count:** 103693
**Document Hash:** 9c0121da251a9df3d45d90103c9ec2bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-004671.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001493152-26-004671

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260202

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Core AI Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001649009
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39557
- **FILM NUMBER:** 26586040

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7404 KING GEORGE BLVD.
- **STREET 2:** SUITE 200, KING'S CROSS
- **CITY:** SURREY
- **PROVINCE COUNTRY:** A1
- **ZIP:** V3W 1N6
- **BUSINESS PHONE:** 514-500-1181

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7404 KING GEORGE BLVD.
- **STREET 2:** SUITE 200, KING'S CROSS
- **CITY:** SURREY
- **PROVINCE COUNTRY:** A1
- **ZIP:** V3W 1N6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Siyata Mobile Inc.
- **DATE OF NAME CHANGE:** 20200319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Siyata Mobile, Inc.
- **DATE OF NAME CHANGE:** 20200319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIYATA MOBILE INC (INACTIVE)
- **DATE OF NAME CHANGE:** 20150804

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of **February 2026**

Commission File Number **001-39557**

**Core AI Holdings, Inc.**

(Translation of registrant's name into English)

**25 SE 2nd Ave. Ste 550 Miami, FL 33131**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒ Form 20-F ☐ Form 40-F

***Reviewed June 30, 2025 Financial Statements***

As previously disclosed, on October 3, 2025, Core AI Holdings, Inc. (f/k/a Siyata Mobile Inc.), a corporation existing under the laws of the Province of British Columbia (the "**Company**"), closed the merger contemplated by the Amended and Restated Merger Agreement by and among the Company, Core Gaming, Inc., a Delaware corporation ("**Core**"), and Siyata Core Acquisition U.S., Inc., a Delaware Corporation and wholly-owned subsidiary of the Company ("**Merger Sub**"), pursuant to which Core merged (the "Merger") with and into Merger Sub, with Core continuing as the surviving entity and a wholly owned subsidiary of the Company.

This 6-K is being filed to re-file (a) Siyata Mobile Inc.'s financial results for the three and six months ended June 30, 2025 and June 30, 2024 (the "**Siyata June 30, 2025 Financials**") and (b) the unaudited financial statements of Core Gaming, Inc. for the six months ended June 30, 2025 (the "**Core Gaming June 30, 2025 Financials**").

The Siyata June 30, 2025 Financials were originally filed as an exhibit to the Company's Report of Foreign Private Issuer on Form 6-K filed on August 15, 2025. They are being filed for the sole purpose of disclosing that that these financial statements were reviewed by Barzily and Co., CPA's, the independent registered accounting firm of Siyata Mobile Inc. prior to the closing of the Merger. The Siyata June 30, 2025 Financials have not changed since they were originally filed in August 2025.

The Core Gaming June 30, 2025 Financials were originally filed as an exhibit to the Company's Report of Foreign Private Issuer on Form 6-K filed on November 14, 2025. They are being filed for the sole purpose of disclosing that that these financial statements were reviewed by Bush & Associates CPA LLC, the independent registered accounting firm of Core Gaming, Inc. prior to the closing of the Merger. The Core Gaming June 30, 2025 Financials have not changed since they were originally filed in November 2025.

This 6-K and Exhibits 99.1 and 99.2 attached hereto are incorporated by reference into the Company's Registration Statements on Form F-1 (File No. [333-282880](https://www.sec.gov/Archives/edgar/data/1649009/000121390024091792/ea0218760-f1_siyata.htm), File No. [333-284396](https://www.sec.gov/Archives/edgar/data/1649009/000121390025005101/ea0228142-f1_siyata.htm), File No. [333-287441](https://www.sec.gov/Archives/edgar/data/1649009/000121390025046029/ea0242872-f1_siyata.htm), and File No. [333-288063](https://www.sec.gov/Archives/edgar/data/1649009/000164117225015182/formf-1.htm)) and the Company's Registration Statement on Form F-3 ([333-291487](https://www.sec.gov/Archives/edgar/data/1649009/000149315225022062/formf-3.htm)).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Siyata Mobile Group, Inc. Financial Results for the Three and Six Months Ended June 30, 2025 and 2024](ex99-1.htm) |
| 99.2 | [Core Gaming, Inc. Unaudited Financial Statements for the Six Months Ended June 30, 2025.](ex99-2.htm) |

---

**SIGNATURE**

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.

---

| | | |
|:---|:---|:---|
| Date: February 2, 2026 | **CORE AI HOLDINGS, INC.** | **CORE AI HOLDINGS, INC.** |
|  | By: | */s/ Aitan Zacharin* |
|  | Name: | Aitan Zacharin |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

The management of Siyata Mobile Inc. is responsible for the preparation of the accompanying unaudited condensed interim consolidated financial statements. The unaudited condensed interim consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("IFRS") for the preparation of consolidated interim financial statements and are in accordance with International Accounting Standards ("IAS") 34 – Interim Financial Reporting.

Barzily and Co., CPA, the independent registered public accounting firm for Siyata Mobile Inc., has reviewed these consolidated interim financial statements in accordance with the standards established by the Public Company Accounting Oversight Board for a review of interim financial statements by an entity's auditor.

**Siyata Mobile Inc.**

Unaudited Condensed Interim Consolidated Statements of Financial Position

(Expressed in US dollars)

---

| | | |
|:---|:---|:---|
|  | **USD**<br>**June 30, 2025** | **USD**<br>**December 31, 2024** |
| **Assets** |  |  |
| **Current** |  |  |
| Cash | 6483881 | 181730 |
| Trade and Other Receivables | 689585 | 1404180 |
| Prepaid Expenses | 665716 | 119802 |
| Inventory | 1510945 | 3942896 |
| Advance to Suppliers | 889513 | 33672 |
|  | **10239640** | **5682280** |
| Long Term Receivable | 197683 | 181584 |
| Right of Use Assets | 436424 | 582485 |
| Equipment | 145231 | 157820 |
| Intangible Assets | 9051852 | 8285036 |
| **Total Assets** | **20070830** | **14889205** |
| **Liabilities and Shareholders' Equity** |  |  |
| **Current** |  |  |
| Loans from Financial Institutions | 218873 | 2077290 |
| Sales of Future Receipts | 273283 | 1688435 |
| Accounts Payable and Accrued Liabilities | 1989004 | 5497957 |
| Short Term Lease Liability | 293611 | 296366 |
| Warrant and Preferred Share Liabilities | 252236 | 1069513 |
|  | **3027007** | **10629561** |
| Long Term Lease Liability | 211474 | 338373 |
|  | 211474 | 338373 |
| **Total Liabilities** | **3238481** | **10967934** |
| **Shareholders' Equity** |  |  |
| Share Capital | 129115693 | 104916071 |
| Subscription Receivables | (3691280) |  |
| Reserves | 14927501 | 14927501 |
| Accumulated Other Comprehensive Loss | 98870 | 98870 |
| Deficit | (123618435) | (116021171) |
|  | 16832349 | 3921271 |
| **Total Liabilities and Shareholders' Equity** | **20070830** | **14889205** |

---

---

| | |
|:---|:---|
| Nature of operations and going concern (Note 1) |  |
| Subsequent events (Note 15) |  |
| Approved on August 14, 2025 on behalf of the Board: |  |
| *"Lourdes Felix"* | *"Marc Seelenfreund"* |
| Lourdes Felix - Director | Marc Seelenfreund - Director |

---

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

**Siyata Mobile Inc.**

Unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

(Expressed in US dollars)

For the three and six months ended June 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Revenue | $2034779 | $1890968 | $4503110 | $4248847 |
| Cost Of Sales | (1737451) | (1694154) | (3675546) | (3188616) |
| **Gross Profit** | **297328** | **196814** | **827564** | **1060231** |
|  | **14.6%** | **10.4%** | **18.4%** | **25.0%** |
| Expenses |  |  |  |  |
| Amortization and Depreciation | 416822 | 433129 | 831802 | 837787 |
| Development Expenses | 165000 |  | 331600 | 35000 |
| Selling and Marketing | 1099592 | 954388 | 2238228 | 2102406 |
| Equity Promotion and Marketing | 455500 | 2000000 | 938750 | 2150000 |
| General and Administrative | 1369049 | 1033301 | 2640496 | 2071853 |
| Bad Debts | 59308 |  | 68499 | 18858 |
| Inventory Impairment |  |  | 37200 |  |
| Share-Based Payments | - | 83762 | - | 200886 |
| **Total Operating Expenses** | **3565271** | **4504580** | **7086575** | **7416790** |
| **Net Operating Loss** | (3267943) | (4307766) | (6259011) | (6356559) |
| **Other Expenses** |  |  |  |  |
| Finance Expense | 646242 | 942283 | 1763864 | 1722039 |
| Foreign Exchange | 148011 | (1706) | 95880 | (10651) |
| Change in Reserve For Claims | (254000) |  | (484609) |  |
| Loss on Issuance |  | 6129282 |  | 6129282 |
| Loss on Extinguishment of Financial Liability |  | 601163 |  | 601163 |
| Gain on Settlement of Derivative |  |  | (36882) |  |
| Change In Fair Value of Warrant Liability |  | (31986) |  | (54570) |
| Transaction Costs | - | 977318 | - | 977318 |
| **Total Other Expenses** | **540253** | **8616354** | **1338253** | **9364581** |
| **Net Loss and Comprehensive Loss for The Period** | **(3808196)** | **(12924120)** | **(7597264)** | **(15721140)** |
| Weighted average shares | 6140017 | 10892 | 3876110 | 7031 |
| Basic and diluted loss per share | (0.62) | (1186.55) | (1.96) | (2236.07) |

---

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

**Siyata Mobile Inc.**

Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders' Equity

(Expressed in US dollars)

For the six months ending June 30, 2025 and June 30, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share**<br> **Capital- Number of Shares** | **Share** <br> **Capital**<br> **Amount** | **Reserves** | **Accumulated**<br> **Other**<br> **Comprehensive**<br> **Income (loss)** | **Subscription Receivables** | **Deficit** | **Total**<br> **Shareholders'**<br> **Equity** |
| **Balance, December 31, 2023** | **3169** | $**85714727** | $**1464420** | $**98870** | **-** | $**(90750457)** | $**9707340** |
| Shares issued on capital raise | 4111 | 253840 |  |  | **-** |  | 253840 |
| Shares issued to supplier | 79 | 34286 |  |  | **-** |  | 34286 |
| Share based payments |  |  | 200886 |  | **-** |  | 200886 |
| Pre-funded warrants exercised | 16855 | 6562874 |  |  | **-** |  | 6562874 |
| Net Loss | - | - | - | - | **-** | (15721140) | (15721140) |
| **Balance, June 30, 2024** | **24215** | **92565727** | **14845086** | **98870** | **-** | **(106471597)** | **1038086** |
| **Balance, December 31, 2024** | **787733** | $**104916071** | $**14927501** | $**98870** | **-** | $**(116021171)** | $**3921271** |
| Shares Issued Under the Equity Line of Credit | 10467140 | 22993267 |  |  | (3691280) |  | 19301987 |
| Redemption of preferred shares | 811743 | 1206355 |  |  |  |  | 1206355 |
| Net Loss | - | - | - | - | **-** | (7597264) | (7597264) |
| **Balance, June 30, 2025** | **12066616** | $**129115693** | $**14927501** | $**98870** | $**(3691280)** | $**(123618435)** | $**16832349** |

---

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

**Siyata Mobile Inc.**

Unaudited Condensed Interim Consolidated Statements of Cash Flows

(Expressed in US dollars)

For the six months ended June 30

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| Net loss for the year | (7597264) | (15721140) |
| Adjustments |  |  |
| Amortization and depreciation | 831802 | 837787 |
| Bad debt expense | 68499 | 18858 |
| Interest expense - Equity Line of Credit | 635294 |  |
| Change in reserve for claims | (484609) |  |
| Interest expense, net of repayments | 14052 | 14000 |
| Impairment of inventory | 37200 |  |
| Gain on settlement of derivative | (36882) |  |
| Fair value changes on derivatives |  | 6675875 |
| Foreign exchange | (13500) | 6580 |
| Share based payments |  | 200886 |
| Shares issued to supplier |  | 34286 |
| Transaction costs |  | 977318 |
| Net change in non-cash working capital | (1385252) | (519751) |
| **Net cash used in operating activities** | **(7930660)** | **7475301)** |
| **Investing activities** |  |  |
| Investment in securities |  | (1000000) |
| Intangible asset additions | (1414793) | (576423) |
| Equipment additions | (3428) | - |
| **Net cash used in investing activities** | **(1418221)** | **(1576423)** |
| **Financing activities** |  |  |
| Lease payments | (168052) | (170637) |
| Loans from financial institutions (repayment) | (1858417) | 529770 |
| Shares issued under the Equity Line of Credit | 19301987 |  |
| Proceeds from exercise of prefunded warrants |  | 31960 |
| Issuance of warrants and preferred shares, net of redemptions |  | 10707928 |
| Transaction costs |  | (977318) |
| Redemption of Class C shares | (209334) |  |
| Sale of future receipts (repayments) | (1415152) | 684476 |
| **Net cash from financing activities** | **15651032** | **10806179** |
| Effect of foreign exchange on cash | - | - |
| Change in cash and restricted cash for the period | 6302151 | 1754455 |
| Cash and restricted cash, beginning of the period | 181730 | 898771 |
| **Cash and restricted cash, end of period** | **6483881** | **2653226** |
| Interest paid | **1763864** | **1722039** |
| Taxes paid | **-** | **-** |

---

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

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Siyata Mobile Inc. ("Siyata" or the "Company") was incorporated under the Business Corporations Act, British Columbia on October 15, 1986. The Company's shares are listed on NASDAQ under the symbol SYTA and warrants issued on September 29, 2020, are traded under the symbol SYTAW. The Company's principal activity is the sale of vehicle-mounted, cellular-based communications platforms over advanced mobile networks and cellular booster systems. The registered and records office is located at 7404 King George Boulevard, Suite 200, Surrey, British Columbia V3W-1N6.

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") IAS 34 *Interim Financial Reporting*, with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than a process of forced liquidation. These unaudited condensed interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company incurred a net loss of $7,597,264 during the six month period ended June 30, 2025 (six month period ended June 30, 2024 - net loss of $15,721,140), and, as of that date, the Company's total deficit was $123,618,435 (December 31, 2024 - $116,021,171). The Company's continuation as a going concern is dependent upon the success of the Company's sale of inventory, the existing cash flows, and the ability of the Company to obtain additional debt or equity financing, all of which are uncertain. These material uncertainties raise substantial doubt on the Company's ability to continue as a going concern.

**War in Israel**

On October 7, 2023 a war broke out in Israel and many reservists were called up to the Israeli army.

Several of our employees are or may be subject to military service in the IDF and have been and may be called to serve. It is possible that there will be further military reserve duty call-ups in the future, which may affect our business due to a shortage of skilled labor and loss of institutional knowledge, and necessary mitigation measures we may take to respond to a decrease in labor availability, such as overtime and third-party outsourcing, for example, which may have unintended negative effects and adversely impact our results of operations, liquidity or cash flows.

There have been travel advisories imposed as related to travel to Israel, and restriction on travel, or delays and disruptions as related to imports and exports may be imposed in the future. Additionally, members of our management and employees are located and reside in Israel. Shelter-in-place and work-from-home measures, government-imposed restrictions on movement and travel and other precautions taken to address the ongoing conflict may temporarily disrupt our management and employees' ability to effectively perform their daily tasks.

The conflict situation in Israel could cause disruptions in our supply chain and international trade, including the import of inputs and the export of our products, The conflict situation in Israel could also result in parties with whom we have agreements involving performance in Israel claiming that they are not obligated to perform their commitments under those agreements pursuant to force majeure provisions in such agreements.

It is currently not possible to predict the duration or severity of the ongoing conflict in the Middle East or its effects on our business, operations and financial conditions. The ongoing conflict is rapidly evolving and developing, and could disrupt our business and operations, interrupt our sources and availability of supply and hamper our ability to raise additional funds or sell our securities, among others.

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**2.** **BASIS OF PREPARATION** 

**Statement of compliance**

These unaudited condensed interim consolidated financial statements, including comparatives, have been prepared in accordance with both International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC") as well as by International Accounting Standards (IAS) 34 *Interim Financial Reporting.* Omitted from these financial statements are certain information and note disclosures normally included in the annual financial statements. These financial statements and notes presented should be read in conjunction with the annual financial statements for the year ended December 31, 2024.

The accounting methods and principles of computation adopted in these financial statements are the same as those in annual consolidated financial statements for the year ended December 31, 2024.

The preparation of these unaudited condensed interim consolidated financial statements requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The significant judgements made by management when applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Company's December 31, 2024 annual consolidated financial statements.

**Basis of consolidation and presentation**

These unaudited condensed interim consolidated financial statements of the Company have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, the condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for the statement of cash flows.

Capitalizing to intangible assets costs incurred on a new rugged device called the SD9 and the Company has an agreement in place with AT&T who provide subsidies when the Company reaches certain milestones. The funds received from AT&T reduces the total cost of intangible assets. In exchange for funds received from AT&T, the Company provides AT&T with exclusivity on the product until March 2027. Other new products under development are capitalized up until their fair value and will only be amortized upon available for use.

These unaudited condensed interim consolidated financial statements incorporate the financial statements of the Company and its wholly controlled subsidiaries. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. These condensed interim consolidated financial statements include the accounts of the Company and its direct wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

The unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries:

---

| | | |
|:---|:---|:---|
| **Name of Subsidiary** | **Place of Incorporation** | **Ownership** |
| Queensgate Resources Corp. | British Columbia, Canada | 100% |
| Queensgate Resources US Corp. | Nevada, USA | 100% |
| Siyata Mobile (Canada) Inc. | British Columbia, Canada | 100% |
| Siyata Mobile Israel Ltd. | Israel | 100% |
| Signifi Mobile Inc. | Quebec, Canada | 100% |
| ClearRF Nevada Ltd. | Nevada, USA | 100% |
| Siyata PTT Incorporated | Cayman Islands | 100% |

---

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**3.** **LOANS FROM FINANCIAL INSTITUTIONS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Factoring loan** | **PO Financing Loan** | **Jan 29, 2024 Loan** | **April 30, 2024 Loan** | **September 4, 2024 Loan** | **December 2, 2024 Ballon Loan** | **December 2, 2024 Monthly Loan** | **Total** |
| Opening Balance January 1, 2023 |  |  |  |  |  |  |  |  |
| Change in factoring for the period | 89298 |  |  |  |  |  |  | 89298 |
| New loan advances |  |  |  |  |  |  |  |  |
| Loan repayments |  |  |  |  |  |  |  | - |
| Closing Balance December 31, 2023 | 89298 |  | - |  |  |  |  | 89298 |
| Opening Balance January 1, 2024 | 89298 |  |  |  |  |  |  | 89298 |
| Change in factoring for the period | 647860 |  |  |  |  |  |  | 647860 |
| New loan advances |  | 920041 | 200000 | 125000 | 200000 | 100000 | 50000 | 1595041 |
| Loan repayments |  |  | (258440) | (133599) |  |  | (6866) | (398905) |
| Interest included in repayments |  |  | 58440 | 39519 |  |  | 3113 | 101072 |
| Accrued interest expense |  |  |  |  | 38432 | 4492 |  | 42924 |
| Closing Balance December 31, 2024 | 737158 | 920041 | - | 30920 | 238432 | 104492 | 46247 | 2077290 |
| Opening Balance January 1, 2025 | 737158 | 920041 |  | 30920 | 238492 | 104492 | 46247 | 2034366 |
| Change in factoring for the period |  |  |  |  |  |  |  |  |
| New loan advances |  |  |  |  |  |  |  |  |
| Loan repayments | (569046) | (920041) |  | (33832) | (270039) | (99587) | (41194) | (1933738) |
| Interest included in repayments |  |  |  | 2912 | 104492 | 27579 | 13223 | 118246 |
| Accrued interest expense |  |  |  |  |  |  |  | - |
| Closing Balance June 30, 2025 | 168112 | - | - | - | - | 32484 | 18277 | 218873 |

---

(a) On
 January 29, 2024, the Company entered into a securities purchase agreement (the "January
 Purchase Agreement") with an institutional investor pursuant to which the Company issued
 an unsecured promissory note in the principal amount of $230,750, with a stated maturity
 date of November 15, 2024. The gross proceeds to the Company from the exercise totalled approximately
 $195,000, prior to deducting legal and diligence expenses and agent fees/expenses. The Note's
 interest of 5.48% monthly and outstanding principal shall be paid in ten consecutive monthly
 payments, each in the amount of $25,844 (a total payback of $258,440) commencing on February
 15, 2024. The loan was fully repaid prior to December 31, 2024. On
 April 30, 2024, the Company entered into a securities purchase agreement with an institutional investor where the Company issued
 an unsecured promissory note in the principal amount of $150,150, with a stated maturity date of February 28, 2025. The Note's
 interest of 5.79% monthly and outstanding principal shall be paid in ten consecutive monthly payments commencing on May 30, 2024,
 each in the amount of $$16,817 (a total payback of combined principal and interest in the amount of $168,169). The note was fully
 repaid during the three months ended March 31, 2025. On
 September 4, 2024, the Company issued an unsecured promissory note in the principal amount of $200,000, with a stated maturity date
 of June 28, 2025. The note carried monthly interest of 4.49%, with a balloon payment of $175,542 made on February 28, 2025, followed
 by four monthly payments of $23,630.78 commencing March 28, 2025 (total repayment of $270,065). The note was fully repaid by June
 30, 2025, and had no outstanding balance.

(b) On
 December 2, 2024, the Company issued an unsecured promissory note in the principal amount of $100,000, with a stated maturity date
 of September 30, 2025. The note carries monthly interest of 4.49%, with a payment of $87,771.42 made on May 30, 2025, followed by
 four monthly payments of $11,815.39 commencing June 30, 2025 (total repayment of $135,033). As of June 30, 2025, the outstanding
 balance was $32,485.

(c) Also
 on December 2, 2024, the Company issued an unsecured promissory note in the principal amount of $50,000, with a stated maturity date
 of September 30, 2025. The note carried monthly interest of 6.22%, with ten monthly payments of $6,865.60 commencing December 30,
 2024 (total repayment of $68,656). A repayment of $41,194 was made during the period ended June 30, 2025. As of June 30, 2025, the
 outstanding balance was $18,277.

(d) The
 Company maintains a purchase order financing line of credit of $2,000,000, used to issue letters of credit to foreign contract manufacturers.
 As of June 30, 2025, the outstanding balance of unfunded letters of credit was $1,290,000. Letters of credit loans totalling $NIL
 (December 31, 2024-$920,041) were funded and outstanding. The December 31, 2024 letter of credit loans were fully repaid during the
 period. The PO financing loans are guaranteed by both the CEO and CFO of the Company.

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**4.** **SALES OF FUTURE RECEIPTS** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Sale of Future Receipts payable |  |  |
| Opening Balance January 1 | $1688435 | $1467899 |
| Payment received in the period | $4050000 | $1478776 |
| Repayments in receipts in the period | $(6072750) | $(3564283) |
| Interest expense for the period | $607598 | $2306044 |
| Closing Balance-End of Period - | $273283 | $1688435 |

---

During the period ended June 30, 2025 and the year ended December 31, 2024, the Company entered into multiple agreements for the sale of future receipts with the same purchaser. Under the terms of these agreements, the Company received advances in exchange for a percentage of its future revenues, with specified repayment terms and interest rates, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On January 31, 2024, the Company entered into an agreement to sell future receipts in the amount of $489,331. The Company received net proceeds of $323,632 after transaction fees. The advance was repayable in weekly instalments of $17,476 over 28 weeks, accruing interest at a rate of 3.1% per week. This agreement was fully repaid as of September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On March 26, 2024, the Company entered into an agreement to sell future receipts in the amount of $2,920,000, which included the rollover of the remaining balance of the December 2023 agreement. The Company received net proceeds of $401,143 after transaction fees. The advance was repayable in weekly instalments of $100,690 over 28 weeks, accruing interest at a rate of 3.2% per week. As of October 16, 2024, the outstanding principal balance was $NIL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On October 16, 2024, the Company entered into an agreement to sell future receipts in the amount of $1,920,050, which included the rollover of the remaining balance of the March 2024 agreement. The total repayment amount was $2,803,273, payable in weekly instalments of $50,000 for 10 weeks followed by $104,694 for 22 weeks, accruing interest at a rate of 3.2% per week. As of December 31, 2024, the outstanding principal balance was $1,688,435. During the period January 1, 2025 to June 30, 2025, the Company repaid a total of $2,472,750 of which $679,598 was interest expense and the repayment of principal of $1,793,152. The principal balance of this sale of future receipts at June 30, 2025 is $NIL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the six months ended June 30, 2025, the Company entered into weekly revolving agreements for a $200,000 sale of future receipts, accruing interest at a rate of 2% per week, which was repaid weekly in the amount of $204,000 which was $200,000 of principal and $4,000 of interest expense. Over a nineteen-week period, the sum of these sale of future receipts totalled $3,800,000, and the sum of the repayments of these future receipts was $3,872,000 of which $3,800,000 was principal repayments and $72,000 was interest expense. The principal balance of this sale of future receipts at June 30, 2025 is $NIL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On May 21, 2025, the Company entered into an agreement for the sale of future receipts in the amount of $250,000. The net proceeds received on this date were $250,000. Interest expenses for the period were $38,750 and repayment of principal of $16,747 during the period. The principal balance of this sale of future receipts at June 30, 2025 is $273,283.

Each of these agreements are collateralized by 15% of the Company's future revenues until repayment in full and secured by a security interest in the Company's present and future accounts receivable.

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**5.** **WARRANT AND PREFERRED SHARE LIABILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Warrant
 Liability

The warrants are determined to be a liability based on the following:

Based on the terms of the warrants outstanding, the Holder may elect to receive common shares for the warrants exercised in lieu of a cash payment for such exercise. The cashless exercise provision takes into consideration the market price of the Company's stock at the time of the election and the exercise price of the warrant. If the Holder chooses the cashless exercise option, the Company will deliver a variable number of shares, since the number of shares will vary depending on the share price. As the Company will issue a variable number of shares under the cashless exercise option this would result in the settlement failing to meet the 'fixed-for-fixed' requirement in paragraph 16(b)(ii) of IAS 32, as such these warrants are classified as a financial liability.

The pre-funded warrants on the date of any issuances, before any reverse stock splits, has both a $0.01 exercise price and a cashless exercise resulting in these prefunded warrants not meeting the 'fixed-for-fixed' as such, are classified as a financial liability.

The balance of the warrant liability is as follows:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Warrants <br> January 11, 2022 | Warrants <br> January 11, 2022 | Pre-funded warrants <br> October 31, 2023 | Pre-funded warrants <br> October 31, 2023 | Regular warrants <br> April 9, 2024 | Regular warrants <br> April 9, 2024 | Prefunded warrants <br> May 10 2024 | Prefunded warrants <br> May 10 2024 | Regular warrants <br> June 5 2024 | Regular warrants <br> June 5 2024 | Prefunded warrants <br> June 28 2024 | Prefunded warrants <br> June 28 2024 | Prefunded warrants <br> August 15 2024 | Prefunded warrants <br> August 15 2024 | **Total** | **Total** |
|  | # of Units | Amount | # of Units | Amount | # of Units | Amount | # of Units | Amount | # of Units | Amount | # of Units | Amount | # of Units | Amount | **# of Units** | **Amount** |
| **Balance, Dec 31, 2023** | 80 | $3158 | 206 | 153275 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 286 | 156433 |
| Issuance of warrants |  |  |  |  | 656 | 104871 | 16705 | 3969929 | 3733 | 626482 | 56026 | 5999999 | 227294 | 3977269 | 304414 | 14678550 |
| Exercise of pre-funded warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Exercise of warrants April 11, 2024 |  |  | (150) | (85320) |  |  |  |  |  |  |  |  |  |  | (150) | (85320) |
| Exercise of Warrants May 10-29 |  |  |  |  |  |  | (16705) | (6445594) |  |  |  |  |  |  | (16705) | (6445594) |
| Extinguishment of warrant liability (June 5, 2024) |  |  |  |  | (656) | (312983) |  |  |  |  |  |  |  |  | (656) | (312983) |
| Exercise of Warrants July 1-26, 2024 |  |  |  |  |  |  |  |  |  |  | (56026) | (5583735) |  |  | (56026) | (5583735) |
| Extinguishment of warrant liability July 11, 2024 |  |  |  |  |  |  |  |  | (3733) | (1602021) |  |  |  |  | (3733) | (1602021) |
| Exercise of Warrants August 15-Sep 10, 2024 |  |  |  |  |  |  |  |  |  |  |  |  | (227294) | (3724084) | (227294) | (3724084) |
| Change in fair value |  | (3158) |  | (67855) |  | 82361 |  | (1372403) |  | 975539 |  | (416264) |  | (1685514) |  | (2487294) |
| Extinguishment of warrant liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Day 1 loss |  |  |  |  |  | 125751 |  | 3848068 |  |  |  |  |  | 1432329 |  | 5406148 |
| **Balance, December 31, 2024** | 80 | $- | 56 | 100 | - | - | - | - | - | - | - | - | - | - | 136 | 100 |
| **Balance, June 30, 2025** | 80 | $- | 56 | 100 | - | - | - | - | - | - | - | - | - | - | 136 | 100 |

---

There were no changes to the warrant liability between December 31, 2024 and June 30, 2025.

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**5.** **WARRANT AND PREFERRED SHARE LIABILITIES (Cont'd)** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Preferred
 Share Liability

The preferred shares are classified as a liability due to the following:

In applying the guidance under IAS 32.16(b)(i), management needs to ascertain if there is a contractual obligation to deliver a variable number of shares to the Holder. If the Holder exercises the conversion option, the Company is required to deliver common shares based on the conversion price that also takes into consideration the Company's stock price on certain trading days immediately prior to the date of such exercise. As the conversion price would result in the Company issuing variable number of equity instruments upon the exercise of the conversion option, the Preferred Stock fails to meet the criteria requirement in paragraph 16(b)(i) of IAS 32, as such, these Preferred Stock are classified as a financial liability.

The balance of the Preferred Share Liability is as follows:

---

| | | |
|:---|:---|:---|
| <br>**Class C Preferred Share Activity** |<br>**# of Units** | **Pref share**<br>**Liability $** |
| Opening Balance January 1, 2025 | **909** | $**1069413** |
| Issuances for the period | 540 | 635294 |
| Redemptions and conversion | (1234) | (1452571) |
| **Closing Balance June 30, 2025** | **215** | $**252136** |

---

Refer to Note 15 Subsequent Events for class C preferred share activity after June 30, 2025 and until the date of this report.

**6.** **SHARE CAPITAL** 

**(a)** **Authorized** Unlimited number of common shares without par value

As at June 30, 2025, the Company had 12,066,616 common shares issued and outstanding (December 31, 2024 – 787,733).

As of the date of issuance of these financial statements, total outstanding common shares is 12,387,223. See Note 15 Subsequent events for common share activity subsequent to the period end.

During the six months ended June 30, 2025, the Company issued 10,467,140 common shares under the Equity Line of Credit for total proceeds of $22,993,267.

During the six months ended June 30, 2025, holders of 1,025 Class C preferred shares converted their shares into 811,743 common shares of the Company. The Company credited $1,205,355 to share capital for the conversion. There was no gain or loss recognized on this transaction.

During the six months ended June 30, 2025, 209 Class C preferred shares were redeemed for proceeds of $209,000.

---

| | | |
|:---|:---|:---|
| **Common Share Activity January 1, 2025-June 30, 2025** | | |
|  | **# of shares** | **$** |
| **Opening Balance January 1, 2025** | 787733 | 104916071 |
| Shares issued under the Equity Line of credit | 10467140 | 22993267 |
| Conversion of Class C preferred shares into common shares | 811743 | 1206355 |
| **Closing Balance June 30, 2025** | 12066616 | $129115693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Authorized** 2,000 Class "C" preferred shares without par value

As at June 30, 2025, the Company had 215 Class "C" preferred shares issued and outstanding (December 31, 2024 – 909).

As of the date of issuance of these financial statements, total outstanding Class "C" preferred shares is NIL. See Note 15, Subsequent events for Class "C" preferred share activity subsequent to the period end.

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**6.** **SHARE CAPITAL (Cont'd)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Common and preferred share transactions** 

*Transactions for the six months ended June 30, 2025 are as follows:*

a) On
 January 6, 2025, the Company filed an amendment to its Registration Statement on Form F-1
 (File No. 333-282880) (the "Prior Registration Statement") to increase the number
 of common shares offered under the Equity Line of Credit originally registered on November
 14, 2024. The amendment registered an additional 111,891 common shares, representing no more
 than 20% of the maximum aggregate offering price set forth in the Calculation of Registration
 Fee table included in the Prior Registration Statement. During
 the six months ended June 30, 2025, the Company issued 646,154 common shares pursuant to put notices under this equity line of credit
 facility, generating net proceeds of $1,332,989 after deducting brokerage commissions and legal fees. As of June 30, 2025, the facility
 had been fully utilized.

b) On
 January 21, 2025, the Company issued a final prospectus of a registered offering of 2,739,296
 common shares for an amount of up to $18,000,000 for an Equity Line of Credit ("ELOC2")
 with one investor, Hudson Global Ventures, LLC. The Company also issued as a commitment fee
 a total of 540 Class C preferred shares of the Company to this investor, of which 100,000
 common shares to be issued on the conversion of these preferred shares are registered. These
 540 commitment shares were recorded as a liability at its fair value of $635,294 and recorded
 as a finance fee expense in the period. During
 the six months ended June 30, 2025, an institutional investor converted 325 of the 540 outstanding Class "C" Commitment
 Preferred Shares into 99,723 shares of the Company's common stock. In connection with the conversion, the Company credited
 $382,353 to share capital. No gain or loss was recognized upon conversion. As of June 30, 2025, 215 Class "C" Commitment
 Preferred Shares remained outstanding. On
 April 29, 2025, the Company filed an amendment to the Equity Line of Credit agreement originally dated January 14, 2025, to increase
 the total number of common shares issuable thereunder by 20%. As a result, the maximum number of common shares issuable under the
 facility increased by 547,859 shares, from 2,739,296 to 3,287,155 shares. During
 the six months ended June 30, 2025, the Company issued a total of 3,287,155 common shares pursuant to put notices under the amended
 Equity Line of Credit agreement ("ELOC2"), generating gross proceeds of $5,511,200, net of brokerage commissions and
 legal fees.

c) During
 the three months ended March 31, 2025, the Company redeemed 209 Class "C" Commitment Preferred Shares for total cash
 disbursements of $209,000. In connection with the redemption, the Company reduced the warrant liability by $245,882, representing
 the fair value of the associated warrants, and recognized a gain on derivative instruments of $36,882.

d) On
 May 10, 2025, the Company entered into a registered equity line of credit agreement with a single institutional investor, providing
 for aggregate gross proceeds of up to $12,811,735, representing approximately 11,000,000 shares of the Company's common stock.
 Under the terms of the agreement, the Company may issue put notices to the investor to purchase shares, subject to a beneficial ownership
 limitation of 4.99%. The purchase price per share is equal to 87.5% of the lesser of (i) the closing price of the common stock on
 the trading day immediately preceding the issuance of the put notice, or (ii) the lowest closing price during the three trading days
 following the issuance of the put notice. From the date of effectiveness through June 30, 2025, the Company issued 4,926,642 common
 shares under this facility for net proceeds of $12,482,382.

e) On
 May 9, 2025, an investor converted 126 Class "C" Commitment Preferred Shares, with a stated value of $126,000, into 180,645
 shares of the Company's common stock. The Company credited $148,235 to share capital, representing the fair value of the converted
 preferred shares, and reduced the preferred share liability by the same amount. No gain or loss was recognized on the conversion.

f) On
 May 9, 2025, an investor converted 273 Class "C" Commitment Preferred Shares, with a stated value of $273,000, into 391,397
 shares of the Company's common stock. The Company credited $321,176 to share capital, representing the fair value of the converted
 preferred shares, and reduced the preferred share liability by the same amount. No gain or loss was recognized on the conversion.

g) On
 May 12, 2025, an investor converted 8 Class "C" Commitment Preferred Shares, with a stated value of $8,000, into 11,469
 shares of the Company's common stock. The Company credited $9,412 to share capital, representing the fair value of the converted
 preferred shares, and reduced the preferred share liability by the same amount. No gain or loss was recognized on the conversion.

h) On
 June 13, 2025, the Company entered into a second registered equity line of credit agreement with an institutional investor, providing
 for aggregate gross proceeds of up to $3,702,515, representing approximately 1,754,745 shares of the Company's common stock.
 The terms of the agreement are consistent with the May 10, 2025, facility, including the 4.99% beneficial ownership limitation and
 pricing formula. On June 30, 2025, the Company filed an amendment to this agreement to increase the number of shares issuable under
 the facility by 20%, resulting in an increase of 350,949 shares, for a new total of 2,105,694 shares. From the date of effectiveness
 through June 30, 2025, the Company issued 2,042,789 common shares under this facility for net proceeds of $3,666,694.

i) As
 of June 30, 2025, the Company had subscription receivables totaling $3,691,280 related to common shares issued prior to period end.
 These amounts were received subsequent to June 30, 2025 and are presented as a separate component of shareholders' equity.

*Transactions subsequent to the six months ended June 30, 2025 see Subsequent Events Note 15.* 

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**6.** **SHARE CAPITAL (Cont'd)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Stock options** 

The Company has a shareholder-approved "rolling" stock option plan (the "Plan") in compliance with Nasdaq policies. Under the Plan the maximum number of shares reserved for issuance may not exceed 15% of the total number of issued and outstanding common shares at the time of granting. The exercise price of each stock option shall not be less than the market price of the Company's stock at the date of grant, less a discount of up to 25%. Options can have a maximum term of ten years and typically terminate 90 days following the termination of the optionee's employment or engagement, except in the case of retirement or death. Vesting of options is at the discretion of the Board of Directors at the time the options are granted.

A summary of the Company's stock option activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Stock Options** | **Weighted Average**<br> **Exercise Price** |
| **Outstanding options, December 31, 2023** | **12** | $**38903** |
| Granted |  |  |
| Expired/Cancelled | (1) | 2268 |
| **Outstanding options, December 31, 2024** | **11** | $**250855** |
| Granted |  |  |
| Expired/Cancelled | - | - |
| **Outstanding options, June 30, 2025** | **11** | $**250855** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Stock options** (cont'd)

As at June 30, 2025 stock options outstanding are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of options<br> outstanding** | **Number of options<br> exercisable** | **Weighted Average<br> Exercise Price** | **Expiry<br> date**  | **Remaining contractual** <br> **life (years)** |
| 15-Nov-20 | 1 | 1 | 756000.00 | 15-Nov-30 | 5.38 |
| 15-Nov-20 | 1 | 1 | 756000.00 | 15-Nov-25 | 0.38 |
| 13-Apr-22 | 6 | 6 | 138600.00 | 13-Apr-27 | 1.79 |
| 12-Jul-22 | 3 | 3 | 138600.00 | 12-Jul-25 | 0.03 |
| **Total** | **11** | **11** | $**250854.55** |  | **1.51** |

---

*Transactions for the six month period ended June 30, 2024 are as follows:*

● *One option outstanding with a weighted average exercise price of $378,000 per option expired on January 15, 2024;* 

*There were no transactions for the six month period ended June 30, 2025.*

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**6.** **SHARE CAPITAL (Cont'd)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Restricted share units** 

The Company approved on February 14, 2022, the addition of the issuance of restricted share units to the existing executive stock option plan.

A summary of the Company's restricted share unit activity during the six month period ended June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of RSU's** | **Weighted Average**<br> **Issue Price** |
| **Outstanding RSU, December 31, 2023** | **24** | $**132353** |
| Granted | - | - |
| Exercised/cancelled | - | - |
| **Outstanding RSU, December 31, 2024** | **24** | $**132353** |
| Granted | - | - |
| Exercised/cancelled | - | - |
| **Outstanding RSU, June 30, 2025** | **24** | $**132353** |

---

*There were no transactions for the six months ended June 30, 2025 and 2024.*

As at June 30, 2025 restricted stock options outstanding are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of RSU's<br> outstanding** | **Number of RSU's<br> exercisable** | **Weighted Average<br> Issue Price** |
| 9-Mar-22 | 17 | 17 | $129780 |
| 13-Apr-22 | 7 | 7 | $138600 |
| **Outstanding RSU, June 30, 2025** | **24** | **24** | $**132353** |

---

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**6.** **SHARE CAPITAL (Cont'd)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Agents' options** 

A summary of the Company's agent options activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> options** | **Weighted average<br> exercise price** |
| **Outstanding agent options, December 31, 2023** | **103** | $**4986** |
| Expired | (2) | 144900 |
| **Outstanding agent options, December 31, 2024** | 101 | 35641 |
| Expired | - | - |
| **Outstanding agent options, June 30, 2025** | 101 | $35641 |

---

As at June 30, 2025 agent options outstanding are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of options<br> outstanding** | **Number of options<br> exercisable** | **Weighted Average<br> Exercise Price** | **Expiry<br> date**  | **Remaining<br> contractual life<br> (years)** |
| 29-Sep-20 | 1 | 1 | $831600 | 28-Sep-25 | 0.25 |
| 29-Sep-20 | 2 | 2 | $863100 | 28-Sep-25 | 0.25 |
| 11-Jan-22 | 3 | 3 | $318780 | 11-Jan-27 | 1.53 |
| 31-Oct-23 | 95 | 95 | $901 | 31-Oct-28 | 3.34 |
| **Total Agent options** | **101** | **101** | $**35641** |  | **3.19** |

---

*There were no transactions for the six months ended June 30, 2025 and 2024.*

&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Share purchase warrants** 

A summary of the Company's share purchase warrant activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of Warrants** | **Weighted average exercise price** |
| **Outstanding, December 31, 2023** | **310** | $**162220** |
| Granted | 300681 | $1231 |
| Expired | (10) | $1449000 |
| Exercised/Exchanged | (300831) | $640 |
| **Outstanding, Dec 31, 2024** | **150** | $**235121** |
| Granted | **-** | $**-** |
| Expired | **-** | $**-** |
| **Outstanding, June 30, 2025 and date of MD&A** | **150** | $**235121** |

---

At June 30, 2025 the share purchase warrants outstanding are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of Warrants outstanding and exercisable** | **Exercise Price** | **Expiry date** |
| 29-Sep-20 | 14 | 863100 | 28-Sep-25 |
| 11-Jan-22 | 80 | 289800 | 10-Jan-27 |
| 31-Oct-23 | 56 | 13 |  |
| **Total** | **150** | $**235121** |  |

---

*There were no transactions for the six month period ended June 30, 2025 and 2024.*

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**7.** **COST OF SALES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Six months**<br> **ended**<br> **June 30, 2025** | **Six months**<br> **ended**<br> **June 30, 2024** | **Three months** <br> **ended**<br> **June 30, 2025** | **Three months** <br> **ended**<br> **June 30, 2024** |
| Inventory expensed | $3461 | $2704 | $1735 | $1373 |
| Royalties | 41 | 114 | (34) | 83 |
| Other expenses | 174 | 371 | 36 | 238 |
| Total | $3676 | $3189 | $1737 | $1694 |

---

**8.** **SELLING AND MARKETING EXPENSES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Six months**<br> **ended**<br> **June 30, 2025** | **Six months**<br> **ended**<br> **June 30, 2024** | **Three months** <br> **ended**<br> **June 30, 2025** | **Three months** <br> **ended**<br> **June 30, 2024** |
| Salaries and related expenses | $1723 | $1589 | $830 | $739 |
| Advertising and marketing | 211 | 434 | 127 | 191 |
| Travel and conferences | 304 | 79 | 143 | 24 |
| Total | $2238 | $2102 | $1100 | $954 |

---

**9.** **GENERAL AND ADMINISTRATIVE EXPENSES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Six months**<br> **ended**<br> **June 30, 2025** | **Six months**<br> **ended**<br> **June 30, 2024** | **Three months** <br> **ended**<br> **June 30, 2025** | **Three months** <br> **ended**<br> **June 30, 2024** |
| Salaries and related expenses | $674 | $445 | $419 | $298 |
| Professional services | 415 | 346 | 149 | 158 |
| Consulting and director fees | 784 | 568 | 476 | 281 |
| Travel | 91 | 76 | 42 | 27 |
| Office and general | 514 | 484 | 220 | 215 |
| Regulatory and filing fees | 114 | 71 | 40 | 36 |
| Shareholder relations | 48 | 82 | 23 | 18 |
| Total | $2640 | $2072 | $1369 | $1033 |

---

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**10.** **FINANCIAL INSTRUMENTS** 

The fair values of the Company's cash, trade and other receivables, accounts payable and accrued liabilities and long-term debt, approximate carrying value, which is the amount recorded on the consolidated statement of financial position.

*Credit risk*

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company places its cash with institutions of high creditworthiness. Management has assessed there to be a low level of credit risk associated with its cash balances.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company's customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. Approximately 48% of the Company's revenue for the six months ended June 30, 2025 (June 30, 2024 -25%) is attributable to sales transactions with a single customer.

The Company has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Company's standard payment and delivery terms and conditions are offered. The Company's review includes external ratings, when available, and in some cases bank references. Purchase limits are established for each customer, which represents the maximum open amount without requiring approval from the Risk Management Committee; these limits are reviewed quarterly. In prior years, certain key customers were offered extended payment terms on their purchases due to slow down from Covid-19 and budget approvals for government tenders.

As a result, the Company had customers with overdue receivables on their books which resulted in the Company taking a bad debt provision on these overdue receivables which amounted to $68,499 at June 30, 2025 (June 30, 2024 - $18,858).

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**10.** **FINANCIAL INSTRUMENTS (Cont'd)** 

More than 78% (2024 – 50%) of the Company's customers have been active with the Company for over four years. The allowance for doubtful accounts of $68,499 (2024 - $36,973) has been recognized as an expense in the year incurred. In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether they are an individual or legal entity, whether they are a wholesale, retail or end-user customer, geographic location, industry, aging profile, maturity, and the existence of previous financial difficulties. Trade and other receivables relate mainly to the Company's wholesale customers. Customers that are graded as "high risk" are placed on a restricted customer list and monitored by the Company.

The carrying amount of financial assets represents the maximum credit exposure, notwithstanding the carrying amount of security or any other credit enhancements.

*Liquidity risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company examines current forecasts of its liquidity requirements so as to make certain that there is sufficient cash for its operating needs, and it is careful at all times to have enough unused credit facilities so that the Company does not exceed its credit limits and is in compliance with its financial covenants (if any). These forecasts take into consideration matters such as the Company's plan to use debt for financing its activity, compliance with required financial covenants, compliance with certain liquidity ratios, and compliance with external requirements such as laws or regulation.

The Company uses activity-based costing to cost its products and services, which assists it in monitoring cash flow requirements and optimizing its cash return on investments. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 90 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

With the exception of employee benefits, the Company's accounts payable and accrued liabilities have contractual terms of 90 days. The employment benefits included in accrued liabilities have variable maturities within the coming year.

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**10.** **FINANCIAL INSTRUMENTS (Cont'd)** 

*Market risk*

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Currency Risk* 

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Interest Rate Risk* 

Interest rate risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in interest rates. The Company's sensitivity to interest rates is inherently involved in the calculation of the fair value of the warranty liability which is revalued based on changes in parameters such the prevailing interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Price Risk* 

The Company is exposed to price risk with respect to equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

**11.** **RELATED PARTY TRANSACTIONS** 

<u>Key Personnel Compensation</u>

Key management personnel includes those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of executive and non-executive members of the Company's Board of Directors and corporate officers. The remuneration of directors and key management personnel for the three and six months ended June 30, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| <br>**Payments to key management personnel** | **Three months ended**<br> **June 30** | **Three months ended**<br> **June 30** | **Six months ended** <br> **June 30** | **Six months ended** <br> **June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
| Salaries, consulting and directors' fees | $572215 | $401653 | $863049 | $783646 |
| Share-based payments | - | 63680 | 1010 | 153239 |
| Total | $572215 | $465333 | $864059 | $936885 |

---

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**11.** **RELATED PARTY TRANSACTIONS (Cont'd)** 

Salaries, consulting and directors' fees shown above are classified within profit and loss as shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| <br>**Type of Service** | <br>**Nature of Relationship** | **Three months ended**<br> **June 30** | **Three months ended**<br> **June 30** | **Six months ended** <br> **June 30** | **Six months ended** <br> **June 30** |
|  |  | **2025** | **2024** | **2025** | **2024** |
| Selling and marketing expenses | VP Technology/VP Sales International | 109 | 148 | 149 | 261 |
| General and administrative expense | Companies controlled by the CEO, CFO and Directors | 463 | $254 | 715 | 523 |

---

**12.** **SEGMENTED INFORMATION** 

The Company is domiciled in Canada, and it operates and produces its income primarily in Israel, Europe and North America. The Company operates as a single segment being the sale of cellular-based communications products.

The Company's entity-wide disclosures include disaggregated information about product sales, geographical areas, and major customers.

Revenue by geographical area information is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** <br> **June 30,** | **Three months ended** <br> **June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
| <br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| USA | 1493 | 1047 | 3368 | 2121 |
| Canada | 221 | 216 | 390 | 368 |
| EMEA | 321 | 628 | 745 | 1759 |
| Total | 2035 | 1891 | 4503 | 4248 |

---

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**12.** **SEGMENTED INFORMATION (Cont'd)** 

Non-current asset geographic area information is shown below:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **June 30, 2025** | **December 31, 2024** |
| Long-term receivable total | $198 | $182 |
| &nbsp;&nbsp;&nbsp;Canada |  |  |
| &nbsp;&nbsp;&nbsp;EMEA | 198 | 182 |
| Right of use asset total | $436 | $582 |
| &nbsp;&nbsp;&nbsp;Canada | 137 | 192 |
| &nbsp;&nbsp;&nbsp;EMEA | 299 | 390 |
| Equipment total | $145 | $158 |
| &nbsp;&nbsp;&nbsp;Canada |  |  |
| &nbsp;&nbsp;&nbsp;EMEA | 145 | 158 |
| Intangibles total | $9052 | $8285 |
| &nbsp;&nbsp;&nbsp;Canada |  |  |
| &nbsp;&nbsp;&nbsp;EMEA | 9052 | 8285 |

---

Product information is shown below:

**Revenue by product line for the three and six months ended June 30,**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** <br> **June 30** | **Three months ended** <br> **June 30** | **Six months ended** <br> **June 30** | **Six months ended** <br> **June 30** |
| <br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Cellular boosters and related accessories | 202 | 404 | 469 | 620 |
| Rugged devices and related accessories | 1833 | 1487 | 4034 | 3629 |
| Total | 2035 | 1891 | 4503 | 4249 |

---

**Siyata Mobile Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Expressed in US dollars)

As at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024

**13.** **SUPPLEMENTAL INFORMATION WITH RESPECT TO CASH FLOWS** 

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **June 30** | **Six months ended**<br> **June 30** |
|  | **2025** | **2024** |
| Change in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | $646096 | $(346400) |
| &nbsp;&nbsp;&nbsp;Prepaids Expenses | (545914) | (2214559) |
| &nbsp;&nbsp;&nbsp;Inventory | 2394751 | 1244872 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | (855841) | 157083 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (3024344) | 638096 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | - | 1157 |
|  | $(1385252) | $(519751) |

---

During the six months ended June 30, 2025, the Company paid $1,048,614 (June 30, 2024 - $926,037) in interest and $Nil (June 30, 2024 - $nil) in income taxes.

---

| | |
|:---|:---|
| **14.** | **CONTINGENCIES** |
|  | On October 22, 2024 the Company was served with a lawsuit from one of its suppliers demanding an amount of $457,477.91 for services rendered to the Company. The Company has reached an informal agreement as of June 30 ,2025 and signed a final settlement agreement on July 25, 2025. Under this agreement, the Company will pay $8,333 per month for 24 months (a total of $200,000) to settle this claim. The remaining balance over-accrued in previous periods of $254,000 was included in income in the period as a change in reserve for claims. Thus the balance of contingencies at June 30, 2025 is $NIL. |

---

**15.** **SUBSEQUENT EVENTS DURING AND AFTER THE REPORTING PERIOD** 

1. On
 July 7, 2025, the Company issued from open equity lines of credit, put notices for a total of 12,364 common shares for net proceeds
 of $34,235.

2. On
 July 9, 2025, the Company repaid the balance of the Sale of future receipts outstanding at June 30, 2025 in the amount of $273,283.

3. On
 July 14, 2025, the ramming balance of 215 Class "C" preferred shares, that were outstanding as of June 30, 2025, were
 converted into 308,243 common shares of the Company. The company reduced the preferred share liability by $252,136 and credited share
 capital for the same amount resulting in no gain nor loss on the transaction.

4. A
 significant transaction was initiated prior to the reporting date. On February 26, 2025, Siyata Mobile Inc. (the "Company")
 entered into a Merger Agreement with Core Gaming, Inc., a Delaware corporation. Pursuant to the Merger Agreement, the parties intend
 to carry out the following transactions: Core Gaming Inc. will merge with and into a Merger Sub, with Core Gaming Inc. continuing
 as the surviving entity and becoming a wholly owned subsidiary of the Company. This transaction represents a reverse takeover, whereby
 Core Gaming Inc.'s shareholders will become the majority owners, holding approximately 90% of the outstanding shares, while
 the Company's legacy shareholders will retain approximately 10% of the merged entity. As of the date of this report, the transaction
 has not yet been completed.

In exchange for the outstanding shares of Core Gaming Inc. common stock, the Company will issue common shares to the shareholders of Core Gaming Inc. based on an exchange ratio calculated as $160,000,000 divided by the volume-weighted average closing price of the Company's common shares on the Nasdaq Stock Market LLC for the 10-day trading period immediately preceding the effective time of the Merger. On the Closing Date (as defined in the Merger Agreement), the Parties will cause a certificate of merger (the "Certificate of Merger") to be executed and filed with the Secretary of State of Delaware. The Merger will become effective on the date and time specified in the Certificate of Merger (the "Effective Time"); and at the Effective Time, all assets, properties, rights, privileges, powers, and franchises of the Core Gaming and the Merger Sub will vest in the Company as the surviving corporation in the Merger.

The board of directors of Purchaser at the Effective Time will consist of five members, four of whom will be designated by the majority shareholders of the Company (former Core Gaming Inc. Shareholders) and one of whom will be Marc Seelenfreund. The officers of the Company at the Effective Time will be Aitan Zacharin as the Chief Executive Officer and Gerald Bernstein as the Chief Financial Officer. The Merger Agreement provides that, to the extent permitted and in accordance with applicable law, none of the PTT Subsidiaries (the legacy assets and liabilities of the Company prior to the merger as defined in the Merger Agreement) will have a board of directors and Marc Seelenfreund will be the sole officer of each of the PTT Subsidiaries, with full executive power and authority to operate the PTT Retained Business (as defined in the Merger Agreement).

To date the merger has not been consummated.

## Exhibit 99.2

**Exhibit 99.2**

**CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**As at and for the six months ended June 30, 2025**

The management of Core Gaming, Inc. is responsible for the preparation of the accompanying unaudited consolidated interim financial statements. The unaudited consolidated interim financial statements have been prepared using accounting policies in compliance with U.S. Generally Accepted Accounting Principles for the preparation of consolidated interim financial statements.

Bush & Associates CPA LLC, the independent registered public accounting firm for Core Gaming, Inc., has reviewed these consolidated interim financial statements in accordance with the standards established by the Public Company Accounting Oversight Board for a review of interim financial statements by an entity's auditor.

**Core Gaming, Inc. And Its Subsidiary**

**Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **PAGE** |
| [Consolidated Statements of financial position](#a_001) | 2 |
| [Consolidated Statement of profit or loss and other comprehensive income](#a_002) | 3 |
| [Consolidated Statement of changes in equity](#a_003) | 4 |
| [Consolidated Statement of cash flows](#a_004) | 5 |
| [Notes to the consolidated financial statements](#a_005) | 6 - 14 |

---

**Core Gaming, Inc. And Its Subsidiary**

**Consolidated Statement of Financial Position**

**As At June 30, 2025**

**(Expressed In United States Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **June 30, 2025**<br> **$** | **December 31, 2024**<br> **$** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Prepayments, net |  | 922499 | 889172 |
| Other receivables, net |  | 2138885 | 4045411 |
| Accounts receivable, net |  | 9100904 | 9120543 |
| Cash and cash equivalents |  | 3180395 | 5559276 |
| **Total current assets** |  | **15342683** | **19614402** |
| **Non-current assets** |  |  |  |
| Intangible assets | 5 | 870 | 1510 |
| **Total non-current assets** |  | **870** | **1510** |
| **Total assets** |  | **15343553** | **19615912** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Account and other payables |  | 13905136 | 17414049 |
| Taxes Payable |  | 21358 | 21269 |
| **Total current liabilities** |  | 13926494 | **17435318** |
| **Total liabilities** |  | **13926494** | **17435318** |
| **Equity** |  |  |  |
| Share capital | 6 | 100 | 100 |
| Share premium | 6 | 2569466 | 2569466 |
| Other reserves |  | (10297) | (16652) |
| Accumulated loss |  | (1142210) | (372320) |
| **Total Equity** |  | **1417059** | **2180594** |
| **Total liabilities and equity** |  | **15343553** | **19615912** |

---

*The accompanying notes form an integral part of and should be read in conjunction with these financial statements.*

**Core Gaming, Inc. And Its Subsidiary**

**Consolidated Statement of Profit or Loss and Other Comprehensive Income**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **Six-Month Ended**<br> **June 30, 2025**<br> **$** | **May 10, 2024 –**<br> **June 30, 2024**<br> **$** |
| Revenue |  | 28854393 |  |
| Cost of providing services | 4 | (29479919) |  |
| **Gross profit** |  | **(625526)** |  |
| General and administrative expenses | 4 | (433989) |  |
| Net impairment reversal on financial and contract assets |  | 238491 |  |
| Other income |  | 71942 |  |
| Foreign exchange gain - net |  | 136 |  |
| **Operating loss** |  | (748946) |  |
| Interest income |  | 1190 |  |
| Finance cost |  | (22134) |  |
| **Finance cost - net** |  | **(20944)** |  |
| **Loss before income tax** |  | **(769890)** |  |
| Income tax expenses |  |  |  |
| **Loss for the period** |  | **(769890)** |  |
| Other comprehensive income |  | 6355 |  |
| **Total comprehensive loss** |  | **(763535)** |  |

---

*The accompanying notes form an integral part of and should be read in conjunction with these financial statements.*

**Core Gaming, Inc. And Its Subsidiary**

**Consolidated Statement of Change in Equity**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Note |<br>**Share capital**<br> **$** |<br>**Share premium**<br> **$** |<br>**Accumulated loss**<br> **$** | **Other reserves**<br>**Foreign currency translation**<br> **$** |<br>**Total Equity**<br> **$** |
| **Balance as of January 1, 2025** |  | **100** | **2569466** | **(372320)** | **(16652)** | **2180594** |
| Net loss |  |  |  | (769890) |  | (769890) |
| Foreign currency translation loss |  |  |  |  | 6355 | 6355 |
| **Balance as of June 30, 2025** |  | **100** | **2569466** | **(1142210)** | **(10297)** | **1417059** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Note |<br>**Share capital**<br> **$** |<br>**Share premium**<br> **$** |<br>**Accumulated loss**<br> **$** | **Other reserves**<br>**Foreign currency translation**<br> **$** | <br>**Total Equity**<br> **$** |
| **Balance as of May 10, 2024** |  |  |  |  |  |  |
| Issue of shares |  |  |  |  |  |  |
| **Balance as of June 30, 2024** |  |  |  |  |  |  |

---

*The accompanying notes form an integral part of and should be read in conjunction with these financial statements.*

**Core Gaming, Inc. And Its Subsidiary**

**Consolidated Statement of Cash Flows**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **Six-Month Ended**<br> **June 30, 2025**<br> **$** | **May 10, 2024 –**<br> **June 30, 2024**<br> **$** |
| **Net Profit** |  | (769890) |  |
| *Adjustments for* |  |  |  |
| Amortization |  | 644 |  |
| **Changes in operating assets and liabilities:** |  |  |  |
| Accounts receivable |  | 19639 |  |
| Prepayment |  | (33327) |  |
| Other receivables |  | 1906526 |  |
| Accounts payable and accrued liabilities |  | (3508913) |  |
| Tax payables |  | 89 |  |
| **Cash flow generated from operation** |  | **(2385232)** |  |
| **Net cash generated from operating activities** |  | **(2385232)** |  |
| **Cash used for investing activities** |  |  |  |
| **Net cash generated from investing activities** |  | **-** |  |
| **Cash flow from financing activities** |  |  |  |
| **Net cash generated from financing activities** |  | **-** |  |
| **Foreign exchange** |  | **6351** |  |
| Net increase in cash |  | (2378881) |  |
| Cash and Cash Equivalent at beginning of the period |  | 5559276 |  |
| **Cash and Cash Equivalent at end of the period** |  | **3180395** |  |

---

*The accompanying notes form an integral part of and should be read in conjunction with these financial statements.*

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

**1.** **Basis of Presentation and Summary of Significant Accounting Policies** 

***Corporate information***

Core Gaming, Inc. (the "Company") is incorporated under the laws of the State of Delaware. Its registered and principal executive offices are located at 25 SE 2nd Avenue Ste. 550 Miami, Florida 33131.

The principle activities of the Company are development, distribution, and monetization of casual games, which are delivered as apps for mobile phones, and generates revenue through the display of ads in the games.

***Basis of Presentation***

The accompanying consolidated financial statements of Core Gaming, Inc. and its subsidiary (the "Group") have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS.

The financial statements have been prepared on a historical cost basis.

***New and amended standards adopted by the Group***

The Group has adopted the new or amended IFRS and Interpretations of FRS ("INT IFRS") that are mandatory for application for the financial period. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective SFRS and INT SFRS.

The adoption of these new or amended SFRS and INT SFRS did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current financial period.

***New standards and interpretations not yet adopted***

Certain amendments to accounting standards have been published that are not mandatory for June 30, 2025 reporting periods and have not been early adopted by the Group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

***Summary of Significant Accounting Policies***

***1) Group accounting***

<u>Consolidation</u>

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on that control ceases.

In preparing the consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

<u>Acquisitions</u>

The acquisition method of accounting is used to account for business combinations entered into by the Group.

The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date.

Acquisition-related costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.

The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill.

***2) Foreign Currency Translation***

The Company's function currency is United States dollars. The Group translates the financial statements of the Group entities (none of which has the currency of a hyperinflationary economy) that have a different functional currency different from the presentation currency into United States dollars. Assets and liabilities denominated in foreign currencies are translated at the exchange rates in effect at the consolidated balance sheet dates. Revenues and expenses are translated at the average exchange rates prevailing during the period. Unrealized gains or losses arising from currency translation are included in other comprehensive income/(loss).

***3) Revenue and Account Receivables***

The Group generates its income through publishing advertisements on various advertising platforms. The Group's performance obligation is to provide customers with access to the advertising solutions. The transaction price is the product of either the number of completions of agreed upon actions or advertisements displayed and the contractually agreed upon price per advertising unit. Revenues are recognized at the point-in-time the advertisements are displayed in the game or the services has been completed as the customer simultaneously receives and consumes the benefits provided from these services. The revenue is estimated based on advertising data for each month and revised after confirmation of revenues with various advertising agencies.

***4) Account and Other Payables***

Accounts Payable primarily consist of amounts due to advertising platforms and agencies for marketing services, as well as game development fees owed to third-party game suppliers. other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. These payables are typically settled within the standard payment terms contracted with the respective suppliers. These payables do not bear interests.

Trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method.

***5) Cash and Cash Equivalents***

Cash consists of cash on hand and cash in banks. The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturities of three months or less to be cash equivalents.

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

***6) Income Taxes***

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the financial year. Taxable profit differs from profit as reported profit or loss because it excludes items of income or expense that are taxable or deductible in other financial years and it further excludes items that are not taxable or tax deductible. The Group's liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively enacted in countries where the Group operates by the end of the financial year.

Deferred income tax is recognized for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized.

***7) Financial assets***

(a) Classification and measurement

The Group classifies its financial assets in the following measurement categories:

● Amortized cost;

● Fair value through other comprehensive income (FVOCI); and

● Fair value through profit or loss (FVPL).

The classification depends on the Group's business model for managing the financial assets as well as the contractual terms of the cash flows of the financial asset.

*<u>At initial recognition</u>*

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

*<u>At subsequent measurement</u>*

Cash and cash equivalents, trade and other receivables are carried at amortized cost subsequently.

(b) Derecognition

Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.

***8) Impairment of financial assets***

The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtors' ability to pay.

The Group considers a financial asset in default when contractual payments are long past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

***9) Intangible assets***

<u>Patents and licenses</u>

Cost for applying and registering patents, trade mark and license are capitalized at cost and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. These costs are amortized to profit or loss using the straight-line method over 20 years, which is the shorter of their estimated useful lives and periods of contractual rights.

***10) Lease***

The Group has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low value leases. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

***11) Provision***

Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated.

**2.** **Significant accounting judgements and estimates** 

The preparation of the Group's financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in the future periods.

<u>Impairment of trade receivables</u>

Based on the Group's historical credit loss experience, trade receivables exhibited different loss patterns for each receivable aging group. Accordingly, management has determined the expected loss rates by grouping the receivables by aging groups. A loss allowance of $153,545 for trade receivables was recognized as at June 30, 2025.

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

**3.** **Revenue** 

Revenues consist of the following items:

---

| | | |
|:---|:---|:---|
|  | **Six-Month Ended**<br> **June 30, 2025**<br> **$** | **Six-Month Ended**<br> **June 30, 2024**<br> **$** |
| Advertisement publishing service | 28854393 |  |

---

**4.** **Expense by nature** 

---

| | | |
|:---|:---|:---|
|  | **Six-Month Ended**<br> **June 30, 2025**<br> **$** | **Six-Month Ended**<br> **June 30, 2024**<br> **$** |
| Advertisement publishing cost | 21391648 |  |
| Software technology cost | 7870306 |  |
| Other service cost | 217965 |  |
| **Cost of providing services** | **29479919** |  |
| Staff cost | 173092 |  |
| Office expense | 92828 |  |
| Others | 168069 |  |
| **General and administrative expenses** | **433989** |  |

---

**5.** **Intangible assets** 

Intangible assets consist of capitalized patent application fees.

---

| | | |
|:---|:---|:---|
|  | **Trade Mark & Patents**<br> **$** | **Total**<br> **$** |
| **Cost** |  |  |
| At January 1, 2025 | 2435 | 2435 |
| Exchange difference | 10 | 10 |
| **At June 30, 2025** | **2445** | **2445** |
| **Accumulated depreciation** |  |  |
| At January 1, 2025 | 925 | 925 |
| Exchange difference | 6 | 6 |
| Amortization | 644 | 644 |
| **At June 30, 2025** | **1575** | **1575** |
| **Carrying amount** |  |  |
| At January 1, 2025 | 1510 | 1510 |
| **At June 30, 2025** | **870** | **870** |

---

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

**6.** **Share capital** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number**<br> **of ordinary shares** | **Par value**<br> **$** | **Share premium**<br> **$** |
| Issued and fully paid: |  |  |  |
| At January 1, 2025 & June 30, 2025 | 1000000 | 100 | 2569466 |

---

**7.** **Investment in subsidiary** 

---

| | |
|:---|:---|
|  | **June 30, 2025**<br>**$** |
| Unquoted shares, at cost | 2569491 |

---

The details of the subsidiary as at the reporting date are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Group**<br> **(Country of incorporation)** | **Principal activities** | **Cost of investment** | **Percentage of equity held by the Parent** | **Percentage of equity held by the Group** |
|  |  | **06.30.2025<br> **$** | **06.30.2025%** | **06.30.2025%** |
| Newbyera Technology Limited (Hong Kong) | Mobile game developing and publishing | 2569491 | 100 | 100 |

---

**8.** **Financial instruments and financial risks** 

The Group's activities expose it to a variety of financial risks from its operation. The key financial risk relevant to the Group is credit risk.

The management team reviews and agrees policies and procedures for the management of financial risks. There has been no change to the Group's exposure to the financial risks or the manner in which it manages and measures the risks.

**Credit risk**

Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a loss to the Group. The Group's exposure to credit risk arises primarily from trade and other receivables. For other financial assets (including cash and cash equivalents), the Group minimizes credit risk by dealing exclusively with high credit rating counterparties.

The Group has adopted a policy of only dealing with creditworthy counterparties. The Group performs ongoing credit evaluation of its counterparties' financial condition and generally does not require a collateral.

The Group considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period.

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

Payment terms are specified in agreements between the Group and the platforms and agencies. The Group generally reconciles with the platforms and agencies at the end of each month for the price of impressions filled in that month. Specific payment terms may vary by agreement but are generally 30 - 60 days.

As at June 30, 2025, Accounts receivables amounted to $9,100,904, and are unsecured, and do not bear interest. The allowance for doubtful accounts is reviewed monthly, requires judgment, and is based on the best estimate of the amount of probable credit losses in existing accounts receivable. The Group reviews the status of the then-outstanding accounts receivable on a customer-by-customer basis, taking into consideration the aging schedule of receivables, its historical collection experience, current information regarding the client, subsequent collection history, and other relevant data, in establishing the allowance for doubtful accounts. Accounts receivables are presented net of an allowance for doubtful accounts. Accounts receivables are written off against the allowance for doubtful accounts when the Group determines amounts are no longer collectible.

The Group's credit risk exposure in relation to trade receivables are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Past Due | Past Due | Past Due | |
|  | <br>Current | Within 30 days | 30 to 120 days | More than 120 days | <br>Total |
| Trade receivables | 9062025 | 132303 | 8002 | 52119 | 9254449 |
| Loss allowance | 110024 | 6615 | 4001 | 32904 | 153545 |

---

The movements in credit loss allowance are as follows:

---

| | |
|:---|:---|
|  | Credit loss allowance<br> $ |
| Balance as at January 1, 2025 | 491245 |
| Changes in credit risk | (238492) |
| Write-off | (99208) |
| Balance as at June 30, 2025 | 153545 |

---

**Liquidity risk**

Liquidity risks refer to the risks in which the Group and Group encounters difficulties in meeting its short-term obligations. Liquidity risks are managed by matching the payment and receipt cycle.

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

The table below summarizes the maturity profile of the Group and Group's financial assets and liabilities at the reporting date based on contractual undiscounted repayment obligations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Less than <br> 1 year | More than 1 years but less than 5 years | More than 5 years | Total |
| Group | $ | $ | $ | $ |
| Financial assets |  |  |  |  |
| Cash and cash equivalents | 3180395 |  |  | 3180395 |
| Other receivables | 2138885 |  |  | 2138885 |
| Trade receivables | 9100904 |  |  | 9100904 |
| As at June 30, 2025 | 14420184 |  |  | 14420184 |
| Financial liabilities |  |  |  |  |
| Trade and other payables | 13905136 |  |  | 13905136 |
| As at June 30, 2025 | 13905136 |  |  | 13905136 |
| Net undiscounted financial assets as at June 30, 2025 | 515048 |  |  | 515048 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Less than <br> 1 year | More than 1 years but less than 5 years | More than 5 years | Total |
| Group | $ | $ | $ | $ |
| Financial assets |  |  |  |  |
| Cash and cash equivalents | 5559276 |  |  | 5559276 |
| Other receivables | 4045411 |  |  | 4045411 |
| Trade receivables | 9120543 |  |  | 9120543 |
| As at December 31, 2024 | 18725230 |  |  | 18725230 |
| Financial liabilities |  |  |  |  |
| Trade and other payables | 17414049 |  |  | 17414049 |
| As at December 31, 2024 | 17414049 |  |  | 17414049 |
| Net undiscounted financial assets as at December 31, 2024 | 1311181 |  |  | 1311181 |

---

**Market risks**

Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates that will affect the Group's income or the value of its holdings of financial instruments. The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk.

The Group entities transact business in certain foreign currencies, mainly United State dollars, other than the respective functional currencies of the Group entities, and hence is exposed to foreign currency risks. Since the financial assets and liabilities of the Group entities are short-term in nature, their exposure to foreign currency risk is not significant. The Group ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates where necessary to address short-term imbalances.

**9.** **Fair value of assets and liabilities** 

The fair values of applicable assets and liabilities, are determined and categorized using a fair value hierarchy as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Level
 1 - the fair values of assets and liabilities with standard terms and conditions and which trade in active markets that the Group
 can access at the measurement date are determined with reference to quoted market prices (unadjusted).

(b) Level
 2 - in the absence of quoted market prices, the fair values of the assets and liabilities are determined using the other observable,
 either directly or indirectly, inputs such as quoted prices for similar assets/liabilities in active markets or included within Level
 1, quoted prices for identical or similar assets/liabilities in non-active markets.

(c) Level
 3 - in the absence of quoted market prices included within Level 1 and observable inputs included within Level 2, the fair values
 of the remaining assets and liabilities are determined in accordance with generally accepted pricing models.

**Core Gaming, Inc. And Its Subsidiary**

**Notes to The Consolidated Financial Statements**

**For The Six Months Ended June 30, 2025**

**(Expressed In United States Dollars)**

Fair value measurements that use inputs of different hierarchy levels are categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

Except as disclosed in the respective notes, the carrying amounts of the current financial assets and financial liabilities, including cash and bank balances, trade and other receivables, trade and other payables approximate their respective fair values due to their short maturity nature.

**10.** **Commitments and Contingencies** 

The Group's agreements with platforms and agencies typically obligate the Group to provide indemnity and defense for losses resulting from claims of intellectual property infringement, damages to property or persons, business losses, or other liabilities. No material demands have been made upon the Group to provide indemnification under such agreements and there are no claims that the Group is aware that could have a material effect on the Group's financial statements.

**11.** **Significant Transaction after reporting date** 

On 26 February 2025, Core Gaming, Inc. entered into a Merger Agreement (the "Merger Agreement") with Siyata Mobile Inc., a corporation existing under the laws of the Province of British Columbia ("Purchaser"), and Siyata Core Acquisition U.S., Inc., a Delaware corporation and wholly owned subsidiary of Purchaser ("Merger Sub"). The merger is completed on 3 October, 2025.

Pursuant to the Merger Agreement:

● The Company merged with and into Merger Sub (the "Merger"), with the Company continuing as the surviving entity and becoming a wholly owned subsidiary of Purchaser.

● In exchange for the outstanding shares of the Company's common stock, Purchaser issued 67,302,300 common shares to the shareholders of the Company based on an exchange ratio calculated as $160,000,000 divided by the volume-weighted average closing price of Purchaser's common shares on the Nasdaq Stock Market LLC for the 10-day trading period immediately preceding the effective time of the Merger.

Since the merger is closed after the reporting date, no accounting recognitions have been made to the financial statements for the six month period ended 30 June 2025 in respect of this transaction