# EDGAR Filing Document

**Accession Number:** 0002034161
**File Stem:** 0001096906-25-002059
**Filing Date:** 2025-12
**Character Count:** 713766
**Document Hash:** 94ff31cd3cdca9a2637f34e67cc90177
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-25-002059.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001096906-25-002059

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20251216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boumarang Inc.
- **CENTRAL INDEX KEY:** 0002034161

**ORGANIZATION NAME:**
- **EIN:** 994273591
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292164
- **FILM NUMBER:** 251574457

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

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

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

**Commission File No. 333-______**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**BOUMARANG INC.**

(Exact name of registrant as specified in its charter)

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

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200 Spectrum Center Drive

Irvine, California 92518

Telephone: (949) 720-2550

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

Harvard Business Service

16192 Coastal Hwy.

Lewes, Delaware 19958

Telephone: (302) 645-7400

Email: radiantstrategiescorp@gmail.com

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

Copy To:

William B. Barnett, Esq.

Barnett & Linn

60 Kavenish Drive

Rancho Mirage, California 92270

Telephone: (818) 424-6567

Email:wbarnet@wbarnettlaw.com

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

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

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

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

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

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

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

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

PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION - DATED DECEMBER ___, 2025

![Picture 1](boums1_1.jpg)

**BOUMARANG INC.**

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

**PRICE - $2.00 PER SHARE**

This prospectus covers the sale of 125,000 shares by Boumarang Inc. at a price of $2.00 per share on a self-underwritten, best efforts, no minimum basis – See, "How We Intend to Use The Net Proceeds From The Sale Of Our Shares".

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

As of the date of this prospectus, there is no public market for Boumarang Inc.'s common stock. Boumarang Inc. plans to engage a registered securities broker-dealer to apply to the Financial Industry Regulatory Authority (FINRA) for a trading symbol upon successful completion of the sale of a sufficient number of shares to an adequate number of stockholders believed to be acceptable to FINRA for issuance of a trading symbol. You have no assurance that Boumarang Inc. will be able to sell a sufficient number of shares covered by this prospectus to an adequate number of stockholders, how long it will take to complete such sales, if any shares are sold, or whether the common stock will ever be quoted or actively traded in the public securities markets. If Boumarang Inc. does not sell a sufficient number of shares covered by this prospectus to an adequate number of stockholders, Boumarang Inc. will not become a publicly traded company. If Boumarang Inc. becomes a publicly traded company, it anticipates the shares will be quoted on the OTCQB Market.

**Investment in the shares to be distributed in reliance on this prospectus involves a degree of risk. See "Risk Factors", beginning on page 2.**

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

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

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

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

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

The date of this prospectus is ___________, 2025

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**REPORTS TO SECURITY HOLDERS**

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Special note regarding forward-looking statements](#snr) | 1 |
| [Prospectus Summary](#ps) | 2 |
| [Offering Summary](#os) | 6 |
| [How We Are Affected by the JOBS Act](#hwa) | 7 |
| [Selected Financial Data](#sfd) | 8 |
| [Risk Factors](#rf) | 10 |
| [Use of Proceeds](#up) | 20 |
| [Market for Common Equity and Related Stockholder Matters](#mce) | 21 |
| [Dividend Policy](#dp) | 23 |
| [Securities Authorized Under Equity Compensation Plans](#sau) | 23 |
| [Capitalization](#cap) | 24 |
| [Estimated Dilution to Purchasers of Our Common Stock](#edp) | 25 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda) | 27 |
| [Our Planned Business](#opb) | 30 |
| [Our Management](#om) | 36 |
| [Board Committees](#bc) | 38 |
| [How We Compensate Our Management](#hwc) | 39 |
| [Employment Agreements](#ea) | 39 |
| [Principal Stockholders](#PRINCIPALSTOCKHOLDERS) | 40 |
| [Related Party Transactions and Relationships](#rpt) | 41 |
| [Description Of Our Securities](#dos) | 42 |
| [Shares Eligible for Future Sale](#sef) | 43 |
| [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders](#mfi) | 44 |
| [Determination of our Offering Price](#doo) | 47 |
| [Plan of Distribution](#PLANOFDISTRIBUTION) | 48 |
| [Legal Matters](#lm) | 50 |
| [Experts](#exp) | 50 |
| [Where You Can Find More Information About Us](#wyc) | 50 |
| [Index to Financial Statements](#fs) | F-1 |

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**USE OF PRONOUNS AND OTHER WORDS**

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

**SUMMARIES OF REFERENCED DOCUMENTS**

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

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

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

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i

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

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

**DEALER'S PROSPECTUS DELIVERY OBLIGATIONS**

Until ___________________ (90 days after the date of this prospectus), all dealers affecting transactions in these securities, whether or not participating in this distribution, may be required to deliver a prospectus. This requirement is in addition to a dealer's obligation to provide a prospectus when acting as an underwriter.

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ii

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

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

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**PROSPECTUS SUMMARY**

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

 

**Corporate History**

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

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

**Business Overview**

We are designing and developing:

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

• Uncrewed maritime systems under the Wavedrone platform; and

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

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

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

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

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

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

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

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

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

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

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

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

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

**Our Products and Technology**

Our current development efforts are organized around four core pillars:

1. Airdrone – Hydrogen-Powered Aerial Systems

2. Wavedrone – Uncrewed Maritime Platform

3. Hydrogen Fuel Cell Power Systems

4. AI, Autonomy, and Data Analytics Platform

**Airdrone (Aerial Systems)**

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

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

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

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

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

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

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

· Payload capacity in excess of 25 kg; and

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

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

**Wavedrone Platform (Maritime Systems)**

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

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

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

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

Potential applications include:

· Fisheries and aquaculture monitoring;

· Harbor and coastal security and surveillance;

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

· Content creation and marine research.

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

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

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

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

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

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

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**Hydrogen Fuel Cell Power Systems**

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

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

· Portable and high-output; and

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

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

**AI, Autonomy, and Data Analytics**

Our AI and software initiatives focus on:

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

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

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

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

**Proprietary Technology — Wavedrone Platform**

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

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

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

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

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

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

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

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

**Current Operations**

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

• Corporate formation and organizational setup;

• Intellectual property acquisitions and licensing;

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

• Fuel cell power system development planning with Eastern; and

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• Initial market research and business development discussions.

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

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

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

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

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

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

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

**Business Strategy**

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

• Hardware sales and leasing.

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

• Software-as-a-Service ("SaaS").

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

• Data-as-a-Service ("DaaS").

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

• Professional services.

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

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

**Capital Structure**

The founding shareholder group (which includes our Co-Founder and Director, Imran Firoz, Candice Beaumont, Director, and other early investors), hereinafter known as the Controlling Group, collectively held a majority of the Company's common stock at inception. We have financed our operations primarily through equity issuances to these early shareholders and to technology vendors as non-cash consideration for intellectual property and development rights.

We have authorized capital stock consisting of 110,000,000 shares, consisting of 10,000,000 shares of Preferred Stock, par value $0.0001, of which no such shares have been issued or are outstanding, and 100,000,000 shares of Common share, $0.0001 par value per share ("Common Stock"). We have 66,056,977 shares of common stock issued and outstanding. Through this offering, we will register a total of 125,000 shares. These shares represent 125,000 additional shares of common stock to be issued by us in a direct public offering. We may sell all 125,000 shares of common stock after this registration becomes effective. The price at which we, the Company, offer these shares is fixed at $2.00 per share for the duration of the offering. There is no arrangement in place to address the potential impact of the offering on the stock price. We will receive all proceeds from the sale of our common stock.

Assuming we sell all 125,000 shares offered pursuant to this prospectus, the Controlling Group will have 44.28% of the stockholders' voting power. As such, the Controlling Group will have the authority to determine all matters requiring stockholder approval, including the election of directors, amendments to organizational documents, and the approval of significant corporate transactions, such as changes in control, mergers, consolidations, or asset sales.

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

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

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

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| | |
|:---|:---|
| **THE OFFERING** | **THE OFFERING** |
| **Securities we are offering.** | We are offering 125,000 shares of common stock at a fixed price of $2.00 per share in a direct offering. Our offering will terminate upon the earliest of (i) time as all of the common stock has been sold pursuant to this prospectus or (ii) 365 days from the effective date of this prospectus, unless extended by our Board of Directors for an additional 90 days. We may, however, terminate the offering at any time and for any reason. |
| **Offering price per share** | We will sell the shares at a fixed price of $2.00 per share for the duration of this Offering. |
| **Number of shares of common stock outstanding before the offering of common stock** | 66,056,977 common shares are currently issued and outstanding. |
| **Number of shares of common stock outstanding after the offering of common stock** | 66,181,977 common shares will be issued and outstanding if we sell all of the shares we are offering. |
| **The minimum number of shares to be**<br> **sold in this offering** | None. |
| **Market for the common shares** | There is no public market for the Common shares. The price per share is $2.00.<br> The offering price of the shares will remain constant throughout the offering period and will be fixed at $2.00 per share of common stock. |
| **Use of proceeds:** | We anticipate that we will use the net proceeds from this offering for market expansion, working capital, and general corporate purposes. See "*Use of Proceeds*." |
| **Lock-up/Leak-out:** | Each of our directors and executive officers and each holder of 5% or more of our issued and outstanding shares of Common Stock and certain business partners will agree, subject to certain exceptions, not to sell or pledge, directly or indirectly, any number of shares of Common Stock issued by us or any securities convertible into or exercisable or exchangeable for shares of Common Stock issued by us for a period of [180] days after the date of commencement of sales under this offering. |
| **Risk factors** | The shares of Common Stock offered hereby are highly speculative and involve a high degree of risk. You should read the section of this prospectus "*Risk Factors*" beginning on page 21 for a discussion of factors to consider before deciding to invest in shares of our Common Stock*.* |
| **Transfer Agent** | Colonial Stock Transfer Inc. |

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

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

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

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

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

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

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

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

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**SELECTED FINANCIAL DATA**

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

**Selected Statements of Operations Data**

*(In U.S. Dollars)*

 

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

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**Selected Balance Sheet Data**

*(In U.S. Dollars)*

 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **As of**<br> **September 30, 2025** | **As of**<br> **September 30, 2025** | **As of**<br> **September 30, 2025** | **As of**<br> **December 31, 2024** | **As of**<br> **December 31, 2024** |
|  |  | *(Proforma)* | *(Unaudited)* | *(Unaudited)* | *(Audited)* | *(Audited)* |
| **Cash and Cash Equivalents** |  | $261564  | $| $51564  | $| $50242  |
| **Total Current Assets** |  | 3650454  |  | 3440454  |  | 3022465  |
| **Total Assets** |  | **21444000**  |  | **21234000**  |  | **22482679**  |
| **Total Current Liabilities** |  | 517576  |  | 517576  |  | 200845  |
| **Total Liabilities** |  | **517576**  |  | **517576**  |  | **200845**  |
| **Working Capital <sup>(2)</sup>** |  | 3132878  |  | 2922878  |  | 2821620  |
| **Total Stockholders' Equity** |  | **20926424**  |  | **20716424**  |  | **22281834** |
| **Net Assets <sup>(3)</sup>** |  | 20926424  |  | 20716424  |  | 22281834  |

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

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

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

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**RISK FACTORS**

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

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

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

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

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

If we are unable to complete development, achieve commercial acceptance of our products and services, and generate sufficient revenue, we may never achieve or sustain profitability. See "Business—Overview" and "Business—Development Status and Plan of Operations."

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

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

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

If we are unable to obtain sufficient additional financing, we may be forced to significantly reduce the scope of our operations, delay or discontinue one or more development programs, reduce headcount, seek strategic alternatives on unfavorable terms, or, in the worst case, cease operations. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources."

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

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

If we are unable to continue as a going concern, you could lose all or a portion of your investment. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" and our financial statements and related notes.

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

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

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

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

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

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

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

Any such disruption could materially delay our development programs, increase our costs, reduce the functionality or performance of our products, or force us to scale back our business plan. See "Business—Strategic Relationships" and "Business—Manufacturing and Supply."

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

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

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

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

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

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

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

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

Deterioration in macro-economic conditions may also affect our ability to raise additional capital on acceptable terms, if at all, and could increase the cost of any debt financing we may incur. Any of these factors could have a material adverse effect on our business, financial condition, results of operations, and prospects. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources."

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The markets for uncrewed systems, hydrogen power, and AI analytics are characterized by rapid technological advancements, frequent new product introductions, and evolving industry standards. Our future success will depend on our ability to anticipate and respond effectively to these changes, to continue developing and enhancing our products and services, and to bring new solutions to market in a timely and cost-effective manner.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Regulators may also impose additional requirements or limitations on AI-enabled or autonomous operations, which could increase our development costs or restrict the capabilities of our products. See "Business—AI, Autonomy and Data Analytics."

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Risks Related to Regulation and Government Policy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. We may not be able to obtain, maintain, or expand the regulatory approvals and operational permissions required to deploy our systems at scale.**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. As we pursue applications in defense, critical infrastructure, and cross-border markets, we may be increasingly subject to export control, sanctions, and national security regulations.**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. Changes in environmental, health, and safety regulations, or in climate and ESG expectations, may adversely affect our operations, supply chain, and markets.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. As we expand internationally, we will be subject to additional risks, including regulatory, operational, geopolitical, and foreign currency risks, which could adversely affect our business.**

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. We may have greater than anticipated tax liabilities, and changes in tax laws or adverse outcomes in tax examinations could adversely affect our results of operations and cash flows.**

We are subject to income and other taxes in the United States and, as we expand, may become subject to taxation in additional jurisdictions. Our tax liabilities are based on our corporate structure, our intercompany arrangements, and the allocation of income and expenses among taxing jurisdictions, all of which require significant judgment. Tax authorities may challenge our tax positions, and the outcome of any audits or examinations may differ from our expectations.

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

We may not have established adequate reserves for our tax positions, and any increase in our tax obligations, including as a result of an adverse outcome in a tax audit or examination, could have a material adverse effect on our results of operations, financial condition, and cash flows. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates."

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. We may not be able to protect or enforce our intellectual property rights adequately, and we rely on intellectual property that we do not own outright.**

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27. We may be subject to claims that our products or technologies infringe the intellectual property rights of others.**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28. Future strategic transactions, including acquisitions or additional IP purchases, may not achieve their intended benefits and may create integration, accounting, and operational risks.**

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

In addition, acquisitions may require us to record goodwill or other intangible assets that could be subject to future impairment charges, adversely affecting our results of operations. See "Business—Corporate History" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29. An active trading market for our common stock may not develop or be sustained, and the market price of our stock may be volatile.**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30. There is currently no market for the Company's equity securities.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31. Specific provisions of our articles of incorporation and bylaws allow the concentration of voting power in founding shareholders, which may, among other things, delay or frustrate the removal of incumbent directors or a takeover attempt, even if such events may be beneficial to our stockholders.**

 ****

Provisions of our articles of incorporation and bylaws may delay or frustrate the removal of incumbent directors. They may prevent or delay a merger, tender offer, or proxy contest involving the Company that is not approved by our board of directors, even if those events may benefit our stockholders' interests. For example, our founding members hold [] authorized, issued, and outstanding shares of our Common Stock. The common stock being offered in this prospectus has one vote per share on all matters presented to our stockholders for action. Consequently, the Company will be a controlled company, whereby the founding shareholders will have []% voting power if all shares are sold, which is sufficient to control the outcome of all the corporate issues submitted to the vote of our common stockholders. Those matters could include the election of directors, changes in the size and composition of the board of directors, and mergers and other business combinations involving the Company. In addition, through his control of the board of directors and voting power, he may be able to control certain decisions, including decisions regarding the qualification and appointment of officers, dividend policy, access to capital (including borrowing from third-party lenders and the issuance of additional equity securities), and the acquisition or disposition of assets by the Company. In addition, the concentration of voting power in founding shareholders could delay or prevent a change in control of the Company, even if the change in control would benefit our stockholders and may adversely affect the market price of our common stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32. Future sales or issuances of our securities, or the perception that such sales or issuances may occur, could depress the market price of our common stock and be dilutive to existing stockholders.**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33. Our common stock may be illiquid, and you may not be able to resell your shares when or at the price you desire.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34. We do not intend to pay dividends in the foreseeable future, and any return on your investment will depend on appreciation in the price of our common stock.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35. If we do not maintain effective internal control over financial reporting and disclosure controls and procedures, or if material weaknesses are identified, we may not be able to accurately report our financial results, which could adversely affect investor confidence and the market price of our common stock.**

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

If we fail to maintain effective controls, or if material weaknesses are identified in the future, we may be unable to accurately or timely report our financial results, which could result in restatements, regulatory inquiries or sanctions, loss of investor confidence, and a decline in the market price of our common stock. Implementing and testing necessary controls will require significant management time and external resources. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36. The Company is subject to the risk of non-compliance with State and Federal securities laws.**

This Placement has not been registered under the Securities Act of 1933, relying on Regulation D's "private offering" exemption and available exemptions from securities registration under applicable state securities laws. This Placement may not qualify under these exemptions. Suppose suits for rescission are brought by an investor for failure to register this Offering or other offerings by the Company under the securities laws. In that case, the capital and assets of the Company could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37. We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.**

Our management will have broad discretion in the application of the net proceeds from this offering. We currently intend to use the net proceeds for product development, engineering and testing, fuel cell co-development, AI and software development, working capital, and general corporate purposes, and potentially for strategic IP or technology acquisitions, as described under "Use of Proceeds."

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38. As a public company, we will be subject to additional regulatory and compliance requirements, and failure to comply with securities laws and stock exchange rules could adversely affect us.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39. Distributions upon Dissolution or Liquidation.**

Investment in the Company is highly speculative, involves a considerable degree of risk, and is suitable only for persons or entities with substantial financial means who can afford to hold their interests indefinitely. In the event of a voluntary or involuntary dissolution or liquidation of the Company, the creditors of the Company, including holders of the convertible promissory notes, will receive full payment before any holders of the Company's Common Stock. After that, if any proceeds remain, the Common Stockholders will receive distributions pro rata. As a result, holders of the Common Stock (and, for that matter, any shares) may recover less than what they paid or exchanged for their company investments and receive no distributions whatsoever.

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**USE OF PROCEEDS**

We estimate the net proceeds from this offering will be approximately $210,000, based on gross proceeds of $250,000 and estimated offering expenses of approximately $40,000. The following table sets forth the estimated use of net proceeds from this offering:

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| | | |
|:---|:---|:---|
| **Use of Proceeds** | **Amount** | **Percentage** |
| Wavedrone Platform Development | $100000 | 47.6% |
| Research and Development | $40000 | 19.0% |
| Sales and Marketing | $25000 | 11.9% |
| General and Administrative | $20000 | 9.5% |
| Working Capital and General Corporate Purposes | $25000 | 12.0% |
| **Total Net Proceeds** | **$210000** | **100.0%** |

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**Description of Intended Uses**

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

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

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

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

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

**Management Discretion**

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

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

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

**SHARES ELIGIBLE FOR FUTURE SALE**

At present, we do not have a public market until our shares are listed on a national securities exchange or quoted on the OTC Bulletin Board, OTCQX, OTCQB, or any other stock exchange, at which time they may be sold at prevailing market prices or in privately negotiated transactions. Future sales of substantial amounts of our Common Shares in the public market, including Common Shares issued upon the exercise of outstanding options or warrants, or upon debt conversion, or the anticipation of these sales, could adversely affect market prices prevailing from time to time and could impair our ability to raise capital through sales of equity securities.

Upon completion of this offering, we estimate that we will have 66,056,977 Common Shares issued and outstanding, calculated as of December 09, 2025, assuming no exercise of outstanding options or warrants and no exercise of the underwriters' option. All of the Common Shares sold in this offering will be freely tradable without restriction immediately following this offering, except that any Common Shares purchased by our affiliates, as that term is defined in Rule 144 under the Securities Act, may only be sold in compliance with the limitations described below. All remaining Common Shares held by existing shareholders immediately before this offering will be "restricted securities" as such term is defined in Rule 144. These restricted securities were issued and sold by us in private transactions and are eligible for public sale only if registered under the Securities Act or if they qualify for an exemption from registration under the Securities Act, including the exemptions provided by Rule 144 or Rule 701, summarized below.

**Sale of Restricted Securities**

Our Common Shares sold pursuant to this offering will be registered under the Securities Act and, therefore, freely transferable, except for securities owned by our affiliates. Our affiliates will be deemed to own "control" securities that are not registered for resale under the registration statement covering this Prospectus. Individuals who may be considered our affiliates after this offering include individuals who control, are controlled by, or are under common control with us, as those terms generally are interpreted for federal securities law purposes. These individuals may include some or all of our directors and executive officers. Individuals who are our affiliates are not permitted to resell their securities unless such securities are separately registered under an effective registration statement under the Securities Act, or an exemption from the registration requirements of the Securities Act is available, such as Rule 144.

**Rule 144**

In general, under Rule 144 as currently in effect, a person (or persons whose shares are aggregated), including an affiliate, who beneficially owns "restricted securities" (i.e., securities that are not registered by an effective registration statement) of a "reporting company" may not sell these securities until the person has beneficially owned them for at least six months. Thereafter, affiliates may not sell within any three months a number of shares above the greater of: (i) 1 percent of the then outstanding shares as shown by the most recent report or statement published by the issuer; and (ii) the average weekly reported trading volume in such securities during the four preceding calendar weeks.

Sales under Rule 144 by our affiliates will also be subject to restrictions relating to the manner of sale, notice, and the availability of current public information about us. They may be affected only through unsolicited brokers' transactions.

Persons not deemed to be affiliates who have beneficially owned "restricted securities" for at least six months but less than one year may sell these securities, provided that current public information about the Company is "available," which means that, on the date of sale, we have been subject to the reporting requirements of the Exchange Act for at least ninety days and are currently in our Exchange Act filings. After beneficially owning "restricted securities" for one year, our non-affiliates may engage in unlimited resales of such securities.

Shares received by our affiliates in this offering, upon exercise of stock options, or upon vesting other equity-linked awards, may be "control securities" rather than "restricted securities." "Control securities" are subject to the same volume limitations as "restricted securities" but are not subject to holding period requirements.

**Rule 701**

Rule 701 generally allows a shareholder who purchased our Common Shares pursuant to a written compensatory plan or contract and who is not deemed to have been our affiliate during the immediately preceding ninety days to sell those shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits our affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. However, all holders of Rule 701 shares are required to wait until ninety days after the date of this Prospectus before selling such shares pursuant to Rule 701 and until the lock-up period described below expires.

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**Market Information**

**Admission To Quotation On The OTC Bulletin Board And OTC Links**

We intend to have our common stock be quoted on the OTC Bulletin Board and/or OTC Link. If our securities are not quoted on the OTC Bulletin Board/or OTC Link, a security holder may find it more difficult to dispose of or to obtain accurate quotations as to the market value of our securities. The OTC Bulletin Board differs from national and regional stock exchanges in that it: (i) is not situated in a single location but operates through the communication of bids, offers, and confirmations between broker-dealers, and (ii) securities admitted to the quotation are offered by one or more Broker-dealers rather than the "specialist" common to stock exchanges.

To qualify for quotation on the OTC Bulletin Board and/or OTC Link, the Company's equity security requires one registered broker-dealer, known as the market maker, willing to list bid or sale quotations and sponsor the company listing. We do not yet have an agreement with a registered broker-dealer, as the market maker, willing to list bid or sale quotations and sponsor the Company listing. If the Company meets the qualifications for trading securities on the OTC Bulletin Board and/or OTC Link, our securities will trade on the OTC Bulletin Board and/or OTC Link until a future time, if at all. We may not now, and we may never qualify for a quotation on the OTC Bulletin Board and/or OTC Link.

**Transfer Agent**

On January 10, 2025, the Company selected Colonial Stock Transfer as its Transfer Agent and allocated all stock registration and transfer functions to that Transfer Agent for all of the Company's common and preferred stock. Such Transfer Agent shall prepare and distribute a complete stock ledger to the Company, including the name, address, certificate number, certificate type, and the number of shareholder shares.

**Holders**

As of the date of this prospectus, the Company had 66,056,977 shares of our common stock issued and outstanding held by 21 holders of record. Further, there are no holders of Preferred stock.

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**DIVIDEND POLICY**

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

**SECURITIES AUTHORIZED UNDER EQUITY COMPENSATION PLANS**

We have no equity compensation or stock option plans.

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**CAPITALIZATION**

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **As Adjusted** |
| Cash and cash equivalents | $51564 | $261564  |
| Capitalization |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $472576  | $472576  |
| &nbsp;&nbsp;&nbsp;Related party advances | 45000  | 45000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | $517576  | $517576  |
| Total liabilities | $517576  | $517576  |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.0001, 100,000,000 shares authorized; 66,056,977 shares issued and outstanding | 6606  | 6619 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 23148394  | 23398381  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (2438576) | (2478576) |
| &nbsp;&nbsp;&nbsp;Total Stockholders' Equity | $20716424  | $20926424  |
| &nbsp;&nbsp;&nbsp;**Total capitalization** | $**21234000**  | $**21444000**  |

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

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

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

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

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

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**DILUTION**

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

Our net tangible book value as of September 30, 2025, was $4,716,424, or approximately $0.071 per share. Net tangible book value per share represents the amount of total tangible assets (total assets less intangible assets), minus the amount of total liabilities, divided by the total number of shares of Common Stock outstanding. Our calculation of net tangible book value excludes $16,000,000 in acquired intangible assets as reported on our balance sheet as of September 30, 2025.

After giving effect to our issuance and sale of 125,000 shares of Common Stock offered in this offering at the assumed public offering price of $2.00 per share after deduction of estimated offering expenses of $40,000 payable by us, our pro forma net tangible book value as of September 30, 2025, would have been approximately $4,926,424, or $0.074 per share. This represents an immediate increase in net tangible book value of $0.003 per share to our existing stockholders and an immediate dilution in net tangible book value of $1.926 per share to purchasers of Common Stock in this offering.

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

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| | |
|:---|:---|
|  | **Offering Option** |
| Assumed public offering price per share | $&nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per share as of September 30, 2025 | $0.071 |
| &nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share as of September 30, 2025 | $0.074 |
| &nbsp;&nbsp;&nbsp;Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering | $0.003 |
| Dilution per share to new investors in this offering | $1.926 |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Weighted Average**<br>**Price**<br>**per Share** |
| Existing stockholders | 66056977  | 99.81% | $4716424  | 94.97% | $0.071 |
| New investors | 125000 | 0.19% | $250000 | 5.03% | $2.000 |
| Total | 66181977 | 100.00% | $4966424  | 100.00% | $0.075 |

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

To the extent that we issue any additional convertible securities or we issue additional shares of common stock in the future, there will be further dilution to investors participating in this offering. The total consideration paid by our new investors would be $250,000, or 5.03% of the total consideration for our common stock outstanding upon the completion of this offering, and the weighted average price per share paid by our existing stockholders would be $0.071, and the average price per share paid by our new investors would be $2.00.

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

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

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

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

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

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

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

**Overview**

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

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

**Results of Operations**

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

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

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

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

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

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

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

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

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

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

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**Liquidity and Capital Resources**

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

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Cash | $51564 | $50242 |
| Total current assets | $3440454 | $3022465 |
| Total assets | $21234000 | $22482679 |
| Total current liabilities | $517576 | $200845 |
| Working capital | $2922878 | $2821620 |
| Total stockholders' equity | $20716424 | $22281834 |
| Accumulated deficit | $(2438576) | $(873166) |

---

Total assets decreased from $22,482,679 at December 31, 2024, to $21,234,000 at September 30, 2025, a decrease of $1,248,679. This decrease was primarily due to the amortization of prepaid expenses related to our development agreement with Guinn Partners. Prepaid expenses (current and noncurrent combined) decreased from $4,332,437 at December 31, 2024, to $3,082,436 at September 30, 2025, reflecting $1,250,001 of amortization during the nine months.

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

Working capital increased from $2,821,620 at December 31, 2024, to $2,922,878 at September 30, 2025, an increase of $101,258. The increase in working capital was primarily due to an increase in current prepaid expenses of $416,667, partially offset by an increase in current liabilities.

*Cash Flows*

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

---

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

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

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

*Going Concern*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Equity financing:** Management intends to raise additional equity capital through a public offering or private placement. The target amount is $2,000,000. As of September 30, 2025, we have received commitments or indications of interest from investors totaling $2,000,000.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Cost management:** We are prioritizing critical development activities and deferring non-critical expenditures.

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

There can be no assurance that we will be successful in obtaining additional funding or achieving profitability. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if we cannot continue as a going concern.

*Critical Accounting Policies and Estimates*

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

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

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

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

*Off-Balance Sheet Arrangements*

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

*Recently Issued Accounting Pronouncements*

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

*JOBS Act*

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

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**OUR PLANNED BUSINESS**

*This Business section contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements regarding our business strategy, technology development plans, market opportunities, competitive position, and future operations. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. See "Risk Factors" for a discussion of factors that could cause our actual results to differ materially from those described in forward-looking statements.*

**Overview**

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

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

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

**Industry Analysis**

***Commercial Drone Market***

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

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

***Hydrogen Fuel Cell Drone Market***

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

***Maritime Drone Market***

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

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

***Drone Inspection and Monitoring Market***

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

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

***AI in Drone Market***

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

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

**Industry Market Data Summary**

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

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

**Market Opportunity**

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

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

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

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

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

**Business Strategy**

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

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***Technology Development and Platform Completion***

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

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

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

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

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

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

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

***Intellectual Property Protection and Enhancement***

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

***Strategic Partnerships and Market Access***

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

***Government and Defense Market Penetration***

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

***Commercial Market Development***

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

***Scalable Manufacturing Strategy***

Our manufacturing strategy is designed to minimize capital requirements while maintaining quality and scalability. Initially, we intend to outsource manufacturing to qualified contract manufacturers while retaining control over final assembly, testing, and quality assurance. As production volumes increase, we may consider establishing owned manufacturing capabilities for critical components and final assembly. This approach allows us to preserve capital for technology development and market establishment while maintaining flexibility to scale production in response to market demand.

**Competitive Strengths**

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

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

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

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

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

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

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

**Products and Technology**

***Wavedrone Platform***

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

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

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

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

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

***Technology Roadmap***

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

**Development Partner and Manufacturing**

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

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

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

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**Competition**

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

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

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

**Intellectual Property**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Airdrone Technology (T Stamp Inc. licensing agreement): AI and machine learning software for autonomous drone operations and data analytics, valued at $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Guinn Partners IP: Development methodology, engineering designs, and technical specifications for drone platform development, valued at $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Eastern Electrolyser Hydrogen Fuel Cell Technology: Proprietary hydrogen fuel cell system designs and related technology for drone propulsion applications, valued at $2,500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shore House IVF Wavedrone Technology: Maritime drone platform architecture and designs originally conceived by Dánial Hoydal and David Geyti, valued at $3,500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tribal Rides International Corp. IP: Supplementary technology and intellectual property assets, valued at $5,000,000 (acquired for 2,906,977 shares).

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

**Government Regulation**

Our business is subject to extensive government regulation in the United States and other jurisdictions where we may operate. In the United States, commercial drone operations are regulated primarily by the Federal Aviation Administration (FAA) under Part 107 of the Federal Aviation Regulations. These regulations govern pilot certification, aircraft registration, operational limitations, and airspace access.

Current FAA regulations generally limit commercial drone operations to visual line-of-sight (VLOS) conditions, operations during daylight hours, and altitudes below 400 feet above ground level. Operations beyond these limitations require waivers or special authorizations from the FAA. The regulatory environment for beyond visual line-of-sight (BVLOS) operations is evolving, with the FAA implementing new frameworks to enable broader commercial drone deployment. In June 2024, the FAA revised BVLOS criteria to facilitate commercial drone operations for delivery and inspection applications.

Our Wavedrone platform will require appropriate FAA certifications and authorizations for commercial operation. The specific regulatory pathway will depend on the intended use case, operating environment, and level of autonomy. We are designing our platform with regulatory compliance as a core consideration and intend to work closely with the FAA and other relevant agencies throughout the development process.

Additionally, our hydrogen fuel cell technology may be subject to regulations governing the transportation, storage, and handling of hydrogen fuel. Maritime applications may require compliance with regulations from the U.S. Coast Guard, NOAA, and other agencies with jurisdiction over maritime operations.

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**Employees**

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

**Facilities**

Our principal executive offices are located in Irvine, California. We do not currently maintain any owned or leased physical facilities for manufacturing or operations. Development activities are conducted at Guinn Partners' facilities under our development agreement. As we approach commercialization, we will evaluate facility requirements and may establish owned or leased facilities for final assembly, testing, and administrative operations.

**Legal Proceedings**

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

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**MANAGEMENT**

Executive Officers and Directors

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

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

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*Candice Beaumont, Chairperson*

Candice Beaumont is the Chairman of the Salsano Group, a Panama-based family office and conglomerate invested in private equity. She also serves as the Chief Investment Officer of L Investments, overseeing capital allocation for the family's diverse portfolio of public and private equity investments. With over two decades of experience in finance, banking, mergers and acquisitions, and investments, Beaumont has held significant roles, including executing over $20 billion in M&A advisory assignments at Lazard Frères and serving as a private equity principal at Argonaut Capital. She began her career in corporate finance at Merrill Lynch.

Beaumont is a member of the board of directors for several companies, including Clean Earth Acquisition Corp. (Nasdaq: CLINU) and Israel Acquisitions Corp. (Nasdaq: ISRLU). She is also an advisor to Athena Technology Acquisition Corp. (NYSE: ATHN.U) and Springwater Situations Corp. (NASDAQ: SWSSU). Her philanthropic efforts include serving on the International Council of Advisors for Global Dignity and previously on the boards of Most Valuable Kids of Greater New York Inc. and Care for Kenya.

A former world-ranked professional tennis player, Beaumont earned her Bachelor of Business Administration from the University of Miami, graduating first in her class with a major in International Finance and Marketing. She completed the Global Leadership & Public Policy for the 21st Century program at Harvard Kennedy School in 2015. In 2014, she was honored as a Young Global Leader by the World Economic Forum.

*Craig Nehrkorn, CEO, Director*

Craig Nehrkorn is a founding member of Guinn Partners, a company that has over 15 years of experience developing drone, robotic, and IoT products for government, enterprises, and consumer markets.

Nehrkorn led projects for customers who are the who's who of the drone and aerospace world, including Amazon, World View Space Systems, DJI, 3D Robotics, Autel Robotics, and more. Prior to that, Nehrkorn did product development work for Yaskawa Motoman's International R&D group.

On the technology go-to-market side, Nehrkorn spent a few years with Microsoft supporting their North American network of Value Added Resellers (VARs). Lastly, he was an early member of two VC-funded start-up technology companies spun out of the Austin Technology Incubator – eVapt and Agile Planet.

*Himanshu Sharma, Interim CFO*

Himanshu Sharma has served as Interim Chief Financial Officer of Boumarang Inc. ("Boumarang") since December 2025. From April 2021 to the present, Sharma currently serves as Senior Lead Auditor at Aprari Solutions, an Indore, India-based offshore audit and accounting firm that provides SEC financial reporting, audit assistance, and outsourced CFO services to U.S. and international clients.

In this role, Sharma has gained extensive experience in audit, financial reporting, and technical accounting for growth-stage and public-company clients. During the past five years, his professional experience has focused on financial statement preparation and review, audit coordination, and accounting support for companies reporting under U.S. GAAP and other applicable standards. Aprari Solutions' practice emphasizes SEC financial reporting and PCAOB/SEC audit support for U.S. filers, which has provided Sharma with exposure to complex equity-financing, M&A, and other technical accounting matters.

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

------

*Imran Firoz, Director, Co-Founder*

Imran Firoz is the Co-Founder and Director of Boumarang, Inc., a position he has held since July 2024 to the present. Firoz was the CFO of the Company from inception to December 2025. From January 2019 to the present, Firoz has owned Spark Capital Investments, LLC, which assists small-sized private and public companies by providing management consulting services. In this role, he oversees strategic planning, corporate development, mergers and acquisitions, financial restructuring, and risk management. From January 2016 to the present, Firoz has been the Co-Founder, Director, and CFO of FDCTech, Inc., a fintech-driven firm specializing in acquiring and scaling small to mid-size legacy financial services companies. From September 2025 to the present, Firoz has been an interim CFO of Eva Live, Inc., a leading innovator in Artificial Intelligence (AI) solutions. Eva Live, Inc. is proud to announce significant advancements in its AI-powered platforms across marketing, healthcare, and manufacturing sectors.

Prior to Boumarang, from December 2011 to May 2015, Firoz served as CEO and Director of Scoobeez Global, Inc., where he played a pivotal role in scaling the company's revenue from under $500,000 to $27 27million. His earlier experience includes roles as Managing Director at Match-Trade Technologies LLC and Chief Financial Officer at Master Capital Group Corp.

Firoz began his career as a Chemical Engineer with Tata Chemicals Limited and later with Saudi Methanol Company, a subsidiary of Saudi Basic Industries Corporation (SABIC). He holds an MBA from the Richard Ivey School of Business at the University of Western Ontario, Canada, and a Bachelor of Engineering in Chemical Engineering from Aligarh University, India. Since January 2003, he has been a Certified Financial Risk Manager accredited by the Global Association of Risk Professionals (GARP).

*Shivam Tewari, Advisory Board*

Shivam Tiwari is the Director of Business Development at Eastern Electrolyser Ltd., a position he has held since 2009. In this role, he is responsible for expanding both new and existing markets on a global scale. His primary focus is to strategically align the company's hydrogen generation technology with market requirements through product optimization, research and development, and customer engagement.

Eastern Electrolyser Ltd. provides customized and turnkey hydrogen generation, purification, storage, and transmission solutions to clients in various industrial sectors, including power and steel plants, float glass factories, and gas companies.

Shivam holds a Bachelor of Arts in Economics from the University of Southern California, where he studied from 2002 to 2006 and was a member of the Kappa Sigma fraternity.

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**BOARD COMMITTEES**

Our board of directors consists of three directors, one of whom is independent. We have determined that Candice Beaumont satisfies the "independence" requirements under NYSE/Nasdaq Rules.

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

*Involvement in Certain Legal Proceedings*

None of our directors, executive officers, significant employees, or control persons has been involved in any legal proceeding listed in Item 401(f) of Regulation S-K in the past 10 years except as follows:

*Code of Business Conduct and Ethics*

We have adopted a code of business conduct and ethics, which is applicable to all of our directors, executive officers, and employees. A copy of the code of business conduct and ethics will be posted on our corporate investor relations website prior to our listing on the NYSE/Nasdaq.

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**EXECUTIVE COMPENSATION**

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

2024 Summary Executive Compensation Table

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Stock** | **Option** | **Non-Equity**<br> **Incentive**<br> **Plan** | **Nonqualified**<br> **Deferred** | **All Other** |  |
| **Name and**<br>**Principal Position** | **Year** | **Salary**<br> **($)** | **Bonus**<br> **($)** | **Awards**<br> **($)** | **Awards**<br> **($)** | **Compensation**<br> **($)** | **Compensation**<br> **($)** | **Compensation**<br> **($)** | **Total**<br> **($)** |
| Craig Nehrkorn, CEO <sup>(1)</sup> | 2024 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
| Himanshu Sharma, Interim CFO <sup>(2)</sup> | 2024 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- |

---

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

<sup>(2)</sup> Since inception, the Company has been accruing a monthly payment of $20,000 under Spark Capital Investments, LLC ("Spark') for founding services, CFO, and strategic consulting work. Firoz controls Spark as the sole member. Effective December 2025, Himanshu Sharma was appointed as the Interim CFO, and Firoz shall continue his role as the Director of the Company.

*Stock Option Grants*

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

**EMPLOYMENT AGREEMENTS**

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

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**PRINCIPAL STOCKHOLDERS**

The following table sets forth information, as of the date of this prospectus, concerning, except as indicated by the footnotes below, (i) each person whom we know beneficially owns more than 5% of our Common Stock, (ii) each of our directors, (iii) each of our named executive officers and (iv) all of our directors and executive officers as a group. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of Common Stock that they beneficially own, subject to applicable community property laws. Applicable percentage ownership is based on 66,056,977 shares of Common Stock outstanding as of the date of this prospectus. In computing the number of shares of Common Stock beneficially owned by a person and the percentage ownership of that person, we deemed outstanding shares of Common Stock subject to stock options or warrants held by that person that are currently exercisable or exercisable within 60 days as of the date of this prospectus. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. Unless otherwise noted, stock options and warrants referenced in the footnotes below are currently fully vested and exercisable.

**Common Stock**

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

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| | | | |
|:---|:---|:---|:---|
| **Name and Address<sup>(1)</sup>** | **Title of**<br> **Class** | **Number of Shares**<br> **Beneficially Owned** | **Percent of**<br> **Class** |
| IMRAN FIROZ | Common | 12000000 | 18.17% |
| TOLEMAC HOLDINGS LLC | Common | 8750000 | 13.25% |
| TAH-DAH VENTURES LLC | Common | 7500000 | 11.35% |
| T STAMP INC. | Common | 5100000 | 7.72% |
| BIO-KEY INTERNATIONAL, INC. | Common | 5000000 | 7.57% |
| GUINN PARTNERS LLC | Common | 5000000 | 7.57% |
| SHORE HOUSE IVF | Common | 3500000 | 5.30% |
| Officers and Directors as a group (1 person) | Common | 12000000 | 18.17% |

---

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

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**RELATED PARTY TRANSACTIONS AND RELATIONSHIPS**

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

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), Co-Founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

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

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

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

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

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**DESCRIPTION OF OUR SECURITIES**

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

**Common Stock**

*Outstanding and Authorized Shares*

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

*Voting*

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

*Dividends*

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

*Liquidation*

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

*Other Rights and Preferences*

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

**Preferred Stock**

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

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**SHARES ELIGIBLE FOR FUTURE SALE**

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

**Lock-up Agreements**

Each of our directors and executive officers, for a period of 180 days after the date of commencement of sales under this offering, and holders of 5% or more of our issued and outstanding shares of Common Stock, for a period of 90 days after the date of commencement of sales under this offering, will agree, subject to certain exceptions, not to sell or pledge, directly or indirectly, any number of shares of Common Stock issued by us or any securities convertible into or exercisable or exchangeable for shares of Common Stock.

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

**Regulation S**

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

**Rule 144**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Distributions**

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

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

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

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

**Sale or Other Taxable Disposition**

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

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

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

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

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

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

------

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

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

**Information Reporting and Backup Withholding**

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

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

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

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

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

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

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

------

**DETERMINATION OF OFFERING PRICE**

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

------

**PLAN OF DISTRIBUTION**

This is a self-underwritten offering. We are offering up to 125,000 shares of our common stock at a price of $2.00 per share. The offering will terminate on the earlier of (i) the date on which all 125,000 shares are sold, or (ii) 180 days from the date of this prospectus, unless extended by us for an additional period not to exceed 90 days. There is no minimum number of shares that must be sold in this offering.

***Offering by Officers and Directors***

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

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

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

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

***Offering Price Determination***

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

***Procedures for Subscribing***

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

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

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

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

***No Escrow***

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

***State Securities Laws***

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

***Terms of the Offering***

The following table summarizes the terms of this offering:

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

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<sup>(1)</sup> We estimate that our total offering expenses, excluding underwriting discounts and commissions, will be approximately $40,000, resulting in net proceeds to us of approximately $210,000. See "Use of Proceeds."

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***Selling Restrictions***

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

***Market Information***

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

***Penny Stock Rules***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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***Transfer Agent and Registrar***

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

**LEGAL MATTERS**

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

**EXPERTS**

The financial statements of Boumarang, Inc. as of December 31, 2024 (Since Inception, July 26, 2024) and the interim period ended September 30, 2025 included in this Registration Statement have been so included in reliance on the report of LAO Professionals, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The report on the financial statements contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

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

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

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

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

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**INDEX TO FINANCIAL STATEMENTS**

![Picture 1](boums1_1.jpg)

**BOUMARANG INC.**

**Index to Consolidated Financial Statements**

---

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

---

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**Boumarang Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,** <br> **2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $51564  | $50242  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, current | 1388890  | 972223  |
| &nbsp;&nbsp;&nbsp;Subscription receivable | 2000000  | 2000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current assets** | **3440454**  | **3022465**  |
| &nbsp;&nbsp;&nbsp;Acquired intangible assets | 16000000  | 16000000  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, noncurrent | 1693546  | 3360214  |
| &nbsp;&nbsp;&nbsp;Drone capitalization costs | 100000  | 100000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**21234000**  | $**22482679**  |
| Liabilities and Stockholders' surplus (deficit) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, related party | 470000  | 200000  |
| &nbsp;&nbsp;&nbsp;Accrued expenses, related party | 2576  | 845  |
| &nbsp;&nbsp;&nbsp;Related party advances | 45000  | -  |
| &nbsp;&nbsp;&nbsp;**Total Current liabilities** | $**517576**  | $**200845**  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | $**517576**  | $**200845**  |
| &nbsp;&nbsp;&nbsp;Commitments and Contingencies (Note 5) | -  | -  |
| **Stockholders' surplus (deficit):** |  |  |
| Preferred stock, par value $0.0001, 10,000,000 shares authorized, 0 issued and outstanding, as of September 30, 2025, and December 31, 2024 | -  | -  |
| Common stock, par value $0.0001, 100,000,000 shares authorized; 66,056,977 issued and outstanding shares as of September 30, 2025, and December 31, 2024  | 6606  | 6606  |
| Additional-paid-in capital | 23148394  | 23148394  |
| Accumulated deficit | (2438576)  | (873166)  |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | $20716424  | 22281834  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and Stockholders' surplus (deficit)** | $**21234000**  | $**22482679**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**(UNAUDITED)**

---

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

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

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

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **No. of shares** | **Value** | **Additional**<br> **paid-in**<br> **capital** | **Accumulated**<br> **deficit** | **Total**<br> **stockholders'**<br> **equity (deficit)** |
| **Three Months Ended September 30, 2024** |  |  |  |  |  |
| **Balance – July 26, 2024** | **-**  | $**-**  | $**-**  | $**-**  | $**-**  |
| **Inception (July 26, 2024) to September 30, 2024** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opening balance | -  | -  | 500  | -  | 500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for founder services valued at par value per share | 45000000  | 4500  | -  | -  | 4500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for AI services valued at $1.00 | 5000000  | 500  | 4999500  | -  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for cash valued at $1.00 | 100000  | 10  | 99990  | -  | 100000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for IPs valued at $1.00 | 5000000  | 500  | 4999500  |  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for Hydrogen Fuel Cells valued at $1.00 | 2500000  | 250  | 2499750  | -  | 2500000  |
| &nbsp;&nbsp;&nbsp;Net loss | -  | -  | -  | (394484)  | (394484)  |
| **Balance - September 30, 2024** | **57600000**  | $**5760**  | $**12599240**  | $**(394484)**  | $**12210516**  |
| **Three Months Ended September 30, 2025** |  |  |  |  |  |
| **Balance - June 30, 2025** | **66056977**  | $**6606**  | $**23148394**  | $**(1930616)**  | $**21224383**  |
| Net loss | -  | -  | -  | (507960)  | (507960)  |
| **Balance - September 30, 2025** | **66056977**  | $**6606**  | $**23148394**  | $**(2438576)**  | $**20716424**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

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

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **No. of shares** | **Value** | **Additional**<br> **paid-in**<br> **capital** | **Accumulated**<br> **deficit** | **Total**<br> **stockholders'**<br> **equity (deficit)** |
| **Nine Months Ended September 30, 2024** |  |  |  |  |  |
| **Balance - December 31, 2023** | **-**  | $**-**  | $**-**  | $**-**  | $**-**  |
| **Inception (July 26, 2024) to September 30, 2024** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opening balance | -  | -  | 500  | -  | 500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for founder services valued at par value per share | 45000000  | 4500  | -  | -  | 4500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for AI services valued at $1.00 | 5000000  | 500  | 4999500  | -  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for cash valued at $1.00 | 100000  | 10  | 99990  | -  | 100000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for IPs valued at $1.00 | 5000000  | 500  | 4999500  |  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for Hydrogen Fuel Cells valued at $1.00 | 2500000  | 250  | 2499750  | -  | 2500000  |
| &nbsp;&nbsp;&nbsp;Net loss | -  | -  | -  | (394484)  | (394484)  |
| **Balance - September 30, 2024** | **57600000**  | $**5760**  | $**12599240**  | $**(394484)**  | $**12210516**  |
| **Nine Months Ended September 30, 2025** |  |  |  |  |  |
| **Balance - December 31, 2024** | **66056977**  | $**6606**  | $**23148394**  | $**(873166)**  | $**22281834**  |
| Net loss | -  | -  | -  | (1565410)  | (1565410)  |
| **Balance - September 30, 2025** | **66056977**  | $**6606**  | $**23148394**  | $**(2438576)**  | $**20716424**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| Net income (loss) | $**(1565410)**  | $**(394484)**  |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Common stock issued for services | -  | 5004500  |
| **Change in assets and liabilities:** |  |  |
| Prepaid expenses | 1250001  | (4749104)  |
| Accounts payable | 270000  | 90000  |
| Accrued expenses | 1731  | 338  |
| Related party advances | 45000  | -  |
| **Net cash used in operating activities** | $**1322**  | $**(48750)**  |
| **Investing Activities:** |  |  |
| Acquired intangible assets | -  | (7500000)  |
| Drone capitalization costs | -  | (50000)  |
| Acquisition of IP assets | -  | 5000000  |
| Acquisition of Hydrogen Fuel Technology | -  | 2500000  |
| **Net cash used in investing activities** | $**-**  | $**(50000)**  |
| **Financing Activities:** |  |  |
| Opening balance | -  | 500  |
| Stock issued for cash | -  | 100000  |
| **Net cash provided by financing activities** | $**-**  | $**100500**  |
| **Net increase in cash** | **1322**  | **1750**  |
| **Cash at the beginning of the period** | **50242**  | -  |
| **Cash at the end of the period** | $**51564**  | $**1750**  |
| **Cash paid for income taxes** | $**-**  | $-  |
| **Cash paid for interest** | $**-**  | $-  |
| **Non-cash investing and financing activities:** |  |  |
|  | $-  | $-  |

---

See accompanying notes to the financial statements.

------

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

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

**OVERVIEW**

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

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

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

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

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

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

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

**ACQUISITION OF INTELLECTUAL PROPERTIES**

During the period, the Company acquired identifiable intellectual property and technology assets to support its drone systems and analytics platform. These acquisitions were accounted for under ASC Topic 805, Business Combinations, using the fair value of the equity instruments issued as consideration when equity was the primary form of payment.

Below is a summary of IP or technology acquisitions completed:

---

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

---

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

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

------

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

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

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

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

***Acquisition of Airdrone Technology:***

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

1. Range Beacons & Automated Drone Guidance System

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

2. MoonTower Analytics & OTA Software Update System

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

3. Pilot in Command (PIC) Operational Display

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

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

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

------

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

***Acquisition of Wavedrone Platform***

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

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

**Proprietary Technology — Wavedrone Platform**

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

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

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

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

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

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

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

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

***Acquisition of Tribal Rides IP***

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

**PRODUCT OVERVIEW**

***Airdrone***

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

------

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

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

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

***Wavedrone***

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

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

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

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

***Our AI Initiatives***

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

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

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

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

**Board of Directors**

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

------

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

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

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

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

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

***Cash and Cash Equivalents***

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

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

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

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

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

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

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

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

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

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

***Subscription receivable***

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

***Revenue recognition***

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

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

Typical arrangements anticipated in future periods include:

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

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

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

------

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

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

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

***Accounts payable and accrued expenses***

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

***Accounts Payable***

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

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

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

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

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

***Accrued Expenses***

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

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

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

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

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

***Concentrations of Credit Risk***

*Cash*

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

***Legal Proceedings***

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

------

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

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

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

***Provision for Income Taxes***

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

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

***Drone Development Costs***

**Capitalized Development Costs**

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

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

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

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

The activities capitalized encompass:

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Experimental testing and prototype development.

The expensed R&D costs are reflected in the Company's income statement under "General & Administrative Expenses" for the period.

  ****

***Intangible assets and other long-lived assets***

Intangible assets acquired, including intellectual property and technology acquired in exchange for equity, are initially recorded at acquisition-date fair value. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Indefinite-lived intangible assets are not amortized but tested for impairment annually or more frequently if indicators arise.

Long-lived assets, including finite-lived intangibles and capitalized development costs, are reviewed for impairment in accordance with ASC Topic 360, *Property, Plant, and Equipment*. If events or changes in circumstances indicate that the carrying amount may not be recoverable, the Company assesses recoverability and measures any impairment loss as the excess of carrying amount over fair value.

*Intellectual Property*

As part of our acquisition of Wavedrone technology from Shore House IVF, we acquired provisional patent rights related to self-righting unmanned surface vessel technology (U.S. Provisional Patent Application No. 63/727,652). This intellectual property is included in our intangible assets and is accounted for in accordance with ASC 350, Intangibles—Goodwill and Other.

The acquired patent rights are classified as indefinite-lived intangible assets pending the outcome of the patent application process.

This classification reflects that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The provisional application is currently pending, and no patent has been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon issuance of a patent, the useful life will be determined based on the patent term (typically 20 years from the non-provisional filing date) and reassessed for finite-life amortization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The asset is subject to annual impairment testing under ASC 350-30.

We assess the Wavedrone patent rights for impairment annually and whenever events or circumstances indicate that the carrying value may not be recoverable. Key factors that could trigger impairment include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Failure to convert the provisional application to a non-provisional application by the December 3, 2025, deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Rejection of patent claims by the USPTO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Discovery of prior art that materially limits the scope of potential patent claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Significant changes in the competitive landscape or market conditions for autonomous maritime vessels; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Technological developments that render our self-righting technology obsolete.

As of the date of this prospectus, we have not identified any impairment indicators, and the carrying value of the acquired patent rights reflects fair value as determined at the acquisition date.

*Development Costs*

Costs incurred to develop and refine the Wavedrone technology are evaluated under ASC 730, Research and Development, and ASC 350-40, Internal-Use Software. Research activities and preliminary project stage costs are expensed as incurred. Application development stage costs meeting capitalization criteria are capitalized and amortized over the estimated useful life once the technology is placed in service.

Patent prosecution costs, including USPTO filing fees and legal fees associated with preparing and prosecuting the non-provisional patent application, are capitalized as incurred and will be included in the cost basis of the patent asset upon issuance, or written off if the patent application is abandoned or finally rejected.

*Critical Accounting Estimates*

The valuation of our Wavedrone patent rights involves significant estimates and judgments, including:

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

Probability of Patent Issuance: We estimate the likelihood that our provisional application will result in an issued patent with commercially meaningful claims.

Royalty Rate: For Relief-from-Royalty valuations, we estimate the royalty rate that a market participant would pay for the right to use the patented technology.

Revenue Projections: Projected revenues from Wavedrone products and services affect the value of the underlying intellectual property.

Discount Rate: The rate used to discount future cash flows reflects the risk profile of early-stage maritime technology.

Changes in these estimates could result in material adjustments to the carrying value of our intangible assets in future periods.

As of September 30, 2025, no impairment charges were recognized for long-lived assets.

***Share-based compensation to employees and non-employees***

The Company uses ASC 718 guidance to apply share-based compensation accounting to certain employees and non-employee individuals, such as outsourced employees, non-employee directors, and consultants performing management functions, who are employees or non-employees. The differences in the accounting for share-based payment awards granted to an employee versus a non-employee relate to the measurement date and recognition requirements. The Company believes an employee is the one who has the right to exercise sufficient control to establish an employer-employee relationship based on common law, as illustrated in case law and currently under US Internal Revenue Service (IRS) Revenue Ruling 87-41.

Restricted securities are securities acquired in unregistered, private sales from the Company or an affiliate. Restricted securities require the owner to follow the US Securities Exchange Commission guidelines defined under Rule 144 - Selling Restricted and Control Securities. On the other hand, restricted shares issued for consideration other than for goods or employee services are fully paid for immediately. As a result, the Company has expensed these shares at the time of the contract. There is no vesting period for non-employees.

***Fair Value***

The Company uses current market values to recognize certain assets and liabilities at fair value. Fair value is the estimated price at which the Company can sell the assets or settle a liability in an orderly transaction with a third party under current market conditions. The Company uses the following methods and valuation techniques for deriving fair values:

Market Approach – The market approach uses the prices associated with actual market transactions for similar or identical assets and liabilities to derive a fair value.

Income Approach – The income approach uses estimated future cash flows or earnings, adjusted by a discount rate representing the time value of money and the risk of cash flows not being achieved, to derive a discounted present value.

Cost Approach – The cost approach uses the estimated cost to replace an asset adjusted for the obsolescence of the existing asset.

The Company ranks the fair value hierarchy of information sources from Level 1 (best) to Level 3 (worst). The Company uses these three levels to select inputs to valuation techniques:

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| | | |
|:---|:---|:---|
| **Level I** | **Level 2** | **Level 3** |
| Level 1 is a quoted price for an identical item in an active market on the measurement date. Level 1 is the most reliable evidence of fair value and is used whenever this information is available. | Level 2 is directly or indirectly observable inputs other than quoted prices. An example of a Level 2 input is a valuation multiple for a business unit based on comparable companies' sales, EBITDA, or net income. | Level 3 is an unobservable input. It may include the company's data, adjusted for other reasonably available information. An example of a Level 3 input is an internally generated financial forecast. |

---

***Basic and Diluted Loss per Share***

The Company follows ASC 260, Earnings Per Share, to account for earnings per share. Basic earnings per share ("EPS") calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding. As of December 31, 2024, the Company had 56,131,013 weighted average basic and dilutive shares issued and outstanding.

Common stock equivalents were anti-dilutive from Inception to December 31, 2024, due to a net loss. Hence, they are not considered in the computation.

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

***Income taxes***

Income taxes are accounted for under ASC Topic 740, Income Taxes, using the asset and liability method. Deferred tax assets and liabilities arise from temporary differences between financial reporting and tax bases and from operating loss or credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply when differences reverse.

A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. Management considers all available evidence, including historical losses and forecasts of future taxable income, in assessing the need for a valuation allowance.

ASC 740 also addresses uncertainty in tax positions. A tax benefit is recognized only if it is more likely than not that the position will be sustained upon examination. Positions meeting this threshold are measured as the largest amount more than 50% likely to be realized. Interest and penalties, if any, are recorded in income tax expense.

***Reclassifications***

Certain prior period amounts were reclassified to conform to the current year's presentation. None of these classifications impacted reported operating or net loss for any presented period.

***Legal contingencies***

The Company evaluates legal matters under ASC Topic 450, *Contingencies*. A liability is recorded when it is probable that a loss has been incurred and the amount can be reasonably estimated. Where a range of possible losses exists, and no amount in the range is a better estimate than another, the minimum amount in the range is recorded.

Legal costs are expensed as incurred. As of September 30, 2024, the Company was not involved in any material legal proceedings and had not recorded any loss contingencies.

***Recent Accounting Pronouncements***

The Company evaluates newly issued accounting standards updates, SEC staff guidance, and related professional publications when they are released to determine whether adoption will materially affect the consolidated financial statements or disclosures. The most relevant recent developments that management has considered are described below.

One notable SEC development is Staff Accounting Bulletin No. 122 (SAB 122), issued January 23, 2025, which rescinds the prior interpretive guidance in Topic 5.FF of the Staff Accounting Bulletin Series related to obligations to safeguard crypto-assets held for platform users. The rescission became effective January 30, 2025. SAB 122 directs entities with obligations to safeguard crypto-assets for others to apply the recognition and measurement requirements for liabilities arising from contingencies under ASC 450-20, Loss Contingencies, or IAS 37 under IFRS, rather than the prior guidance. It also emphasizes the need for appropriate disclosures about the effects of the change in accounting principles. The SEC notes that entities should effect the rescission on a fully retrospective basis in annual periods beginning after December 15, 2024, with earlier application permitted.

Professional firm guidance from KPMG confirms this retrospective application requirement and highlights the related disclosure expectations, including adjustments to prior periods and the opening balance of retained earnings where applicable. KPMG summarizes that SAB 122 requires entities to adjust their financial statements for prior periods presented to eliminate amounts recognized under the rescinded guidance, and to provide clear disclosure about the effects of the accounting change pursuant to ASC 250. Although the Company does not currently hold or safeguard crypto-assets for others and therefore does not expect a direct impact on its consolidated financial statements as of December 31, 2024, management will continue to monitor any future involvement with digital assets or related obligations and update disclosures as appropriate.

Another recent development relevant to preparers is FASB Accounting Standards Update 2024-02, which removes references to the FASB Concepts Statements from the Codification. This ASU is part of FASB's ongoing efforts to improve the Codification by eliminating references that may imply authoritative status for Concepts Statements and by making technical improvements. The update is primarily technical in nature, involving conforming amendments, clarifications, and structural improvements that do not change substantive recognition or measurement requirements. As such, management does not expect ASU 2024-02 to materially impact the Company's accounting policies, balances, or disclosures. Nevertheless, management will ensure that any Codification references in disclosures remain aligned with the updated text as needed when preparing future filings.

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

In addition to the specific updates above, management is aware that the FASB and SEC may issue other ASUs or guidance that could affect public and private companies, including topics such as credit losses, internal-use software, or derivative scope refinements. The Company periodically reviews professional summaries, technical bulletins, and standard-setting publications to determine whether newly issued or recently effective pronouncements could be material. As of the date of these financial statements, none of the recently reviewed updates, aside from those noted above, are expected to materially affect the Company's consolidated financial statements given its current operations and capital structure. Should the Company's facts or operations change—for example, through new financial instruments, expanded business activities, or thresholds that trigger additional disclosures—management will reassess the potential impact of any newly effective guidance and update disclosures in subsequent periods.

Finally, the Company continues to monitor FASB, SEC, and professional firm publications for additional ASUs, SEC staff guidance, or interpretive updates. Any future pronouncement that could materially affect recognition, measurement, or disclosure requirements will be evaluated promptly, with implementation planning and disclosure updates undertaken in accordance with applicable standards and regulatory expectations.

**NOTE 3. MANAGEMENT'S PLANS**

**Substantial doubt about the ability to continue as a going concern**

The Company has incurred recurring operating losses, negative cash flows from operations, and has not yet generated revenue from contracts with customers. As of September 30, 2025, the Company's cash resources totaled $51,564, and it had a working capital surplus of $2,922,878. These conditions, considered together, raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued unless additional financial resources are secured, expenditures are reduced, or operating cash flow is generated.

Under ASC 205-40, management is required, at each annual and interim reporting date, to evaluate whether relevant conditions and events raise substantial doubt about the entity's ability to continue as a going concern for one year after the financial statement issuance date, and if so, to assess whether management's plans to mitigate those conditions are probable of being effectively implemented and likely to alleviate the substantial doubt. Deloitte summarizes the two-step approach as evaluating first whether conditions raise probable inability to meet obligations, and second whether management's plans are probable both to be implemented and to mitigate the relevant conditions.

Management's assessment, therefore, has considered the current financial condition, liquidity sources, and the feasibility and timing of mitigation plans.

**Management's plans to mitigate substantial doubt**

For the nine months ended September 30, 2025, the Company incurred a net loss of $1,565,410, mainly due to expenses related to licensing and professional fees.

Since its inception, the Company has sustained recurring losses and negative cash flows from operations. As of December 31, 2024, the Company had minimal cash. The Management believes that future cash flows may not be sufficient for the Company to meet its current obligations as they become due in the ordinary course of business for twelve (12) months following September 30, 2025. The Management expects that it will need to raise significant additional capital to accomplish its growth plan over the next twelve (12) months. The Management expects to seek additional funding through private equity or public markets. However, there can be no assurance about the availability or terms, such as financing and capital, that might be available.

The Company's ability to continue as a going concern may depend on the Management's plans discussed below. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and liabilities that might be necessary if the Company cannot continue as a going concern.

Management has developed a set of plans it considers feasible and probable of implementation within the next twelve months to mitigate the conditions, raising substantial doubt. The plans include the following principal elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Equity financing.* Management intends to raise additional equity capital through a public offering or private placement concurrent with or following the filing of the registration statement. The target amount of equity capital is $2,000,000. As of September 30, 2025, the Company has received commitments or indications of interest from one or more investors totaling $2,000,000. The Company's board has authorized issuance of up to 2,000,000 shares of common stock to support this financing, consistent with the authorization described in Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Debt financing or convertible instruments.* Management plans in negotiating debt or convertible note facilities. These arrangements, if consummated, are expected to provide interim funding to sustain operations and advance product development until the planned equity financing closes.

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**NOTE 3. MANAGEMENT'S PLANS (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Cost management and expenditure reductions.* The Company is prioritizing critical development activities and deferring non-critical expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Commercial and development milestones.* Management plans to complete prototype testing and demonstrations for key drone systems by December 31, 2025, with the expectation that achieving these milestones will enhance discussions with investors and potential customers. The Company also aims to secure at least one strategic partnership or memorandum of understanding by December 31, 2025, to bolster credibility and support future financing.

**Assessment of feasibility and probability**

Management believes, based on current discussions with potential investors, preliminary interest from strategic partners, and the cost containment measures underway, that its plans are likely to be effectively implemented within one year after the issuance of the financial statements and are likely to mitigate the conditions raising substantial doubt. However, no assurance can be given that the planned financing, partnerships, or cost reductions will be completed on the proposed terms or timeline. Negotiations may not result in definitive agreements, market or operational conditions may change, or planned cost reductions may yield less benefit than anticipated.

**Consequences if plans are not successful**

If management's plans are not achieved within the next twelve months, the Company may be required to curtail operations further, liquidate assets, or seek alternative funding strategies. Such outcomes could result in dilution of existing shareholders, limited operational scope, or cessation of operations. The financial statements have been prepared on a going-concern basis, assuming the Company will continue operations for the foreseeable future. If liquidation were to become imminent, the Company would be required to apply a liquidation basis of accounting under ASC 205-30, which differs from the going-concern basis used in these financial statements.

**Disclosure and linkage to other notes**

The amounts and plans described herein are consistent with the Company's capital structure and recent activities described in Note 6, and with the IP acquisition activity described in Note 1. Management will continue to evaluate conditions and the effectiveness of its plans and will update disclosures in future periods as new information becomes available or if circumstances change materially.

The Company has prepared consolidated financial statements on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the ordinary business course. At September 30, 2025, and December 31, 2024, the accumulated deficits were $2,438,576 and $873,166, respectively. At September 30, 2025, and December 31, 2024, the working capital was $2,922,878 and $2,821,620, respectively. The increase in the working capital surplus was mainly due to subscriptions receivable from investors.

**NOTE 4. RELATED PARTY TRANSACTIONS**

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

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

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

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

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

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

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**NOTE 5. COMMITMENTS AND CONTINGENCIES**

***Office Facility and Other Operating Leases***

**Irvine, California, USA (Headquarters)**

Effective August 2024 to the present, the Company leased office space at 200 Spectrum Center Drive, Suite 300, Irvine, CA 92618. As per the Commitment Term of the lease ("Agreement"), this Agreement shall continue on a month-to-month basis (any term after the Commitment Term, also known as "Renewal Term"). The Commitment Term and all subsequent Renewal Terms shall constitute the "Term." The Company may terminate this Agreement by delivering to the lessor Form ("Exit Form") at least one (1) whole calendar month before the month in which the Company intends to terminate this Agreement ("Termination Effective Month"). The Company is entitled to use the office and conference space if needed. Effective March 2025, the rent payment or membership fee for the Irvine Office is $199 monthly.

**Austin Location, Texas, USA (Product Development)**

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

***Employment Agreement***

The Company has not formalized performance employment agreements, bonuses, and other incentive plans. The Company expects to formalize such contracts by September 30, 2025.

***Pending Litigation***

Management is unaware of any actions, suits, investigations, or proceedings (public or private) pending or threatened against or affecting any of the assets or any affiliate of the Company.

**Tax Compliance Matters**

From inception to date, the Company's officers have been paid as independent contractors. As the Company was incorporated in July 2024 with a net loss for the fiscal year ended in December 2024, it has not filed federal taxes with the Internal Revenue Service. The Company intends to file its initial return by April 2026 for 2024 and 2025.

**NOTE 6. STOCKHOLDERS' EQUITY (DEFICIT)** 

***Authorized Shares***

As per the Article of Incorporation dated July 26, 2024, the Company shall have the authority to issue 110,000,000 shares, consisting of 100,000,000 shares of Common Stock having a par value of $.0001 per share and 10,000,000 shares of Preferred Stock having a par value of $.0001 per share.

***Preferred Stock***

As of December 31, 2024, the Company has issued zero preferred stock.

***Common Stock***

As of December 31, 2024, the Company had issued 66,056,977 common shares.

In July 2024, the Company issued 28,000,000 shares to Mingta Capital, LLC ("Mingta"), the founder, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), valued at par value for founder services rendered.

In August 2024, the Company issued 5,000,000 shares to T Stamp Inc. for a licensing agreement valued at $5,000,000.

In August 2024, the Company issued 100,000 shares to T Stamp Inc. for cash valued at $100,000.

In August 2024, the Company issued 5,000,000 shares to Guin Partners to acquire intellectual property valued at $5,000,000.

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**NOTE 6. STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)**

In September 2024, the Company issued 2,500,000 shares to Eastern Electrolyser to acquire the hydrogen fuel cell technology valued at $2,500,000.

In October 2024, the Company issued 2,000,000 shares to investors for cash valued at $2,000,000. The Company expects to receive the funds by December 31, 2024.

In December 2024, the Company issued 50,000 shares to investors for cash valued at $50,000.

In December 2024, the Company issued 3,500,000 shares to Shore House IVF to acquire Wavedrone technology valued at $3,500,000.

In December 2024, the Company issued 2,906,977 common shares to Tribal Rides International Corp. to acquire key intellectual property assets valued at $5,000,000.

**NOTE 7. OFF-BALANCE SHEET ARRANGEMENTS**

We have no off-balance sheet arrangements affecting our liquidity, capital resources, market risk support, credit risk support, or other benefits.

**NOTE 8. SUBSEQUENT EVENTS**

In December 2025, the Company filed a non-provisional (utility) patent application with the United States Patent and Trademark Office claiming priority to U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," which was originally filed on December 3, 2024. The non-provisional application was filed prior to December 3, 2025, expiration of the 12-month priority period, thereby preserving the benefit of the original priority date.

The patent application covers the Company's proprietary Wavedrone unmanned surface vessel technology, including its innovative mechanical self-righting and self-stabilization systems. The filing of the non-provisional application initiates the formal USPTO examination process, which is expected to take approximately 18 to 24 months. There can be no assurance that a patent will be issued or that the scope of any patent granted will provide meaningful protection for the Company's technology.

Patent prosecution costs incurred in connection with this filing, including attorney fees and USPTO filing fees, will be capitalized as part of the Company's intangible assets.

*Appointment of Interim CFO*

In December 2025, Firoz stepped down as the CFO of the Company. The Board appointed Himanshu Sharma as the interim CFO of the Company.

The Company had evaluated subsequent events through December 16, 2025, when these financial statements were available to be issued.

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**INDEX TO FINANCIAL STATEMENTS**

![Picture 1](boums1_1.jpg)

**FINANCIAL STATEMENTS**

**As of**

**DECEMBER 31, 2024**

**Together with**

**Report of** **Independent Registered Public Accounting Firm**

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**BOUMARANG INC.**

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
|  | **Pages** |
| [Report of Independent Registered Public Accounting Firm (ID 7057)](#report1) | F-23 |
| [Consolidated Balance Sheets as of December 31, 2024](#bs1) | F-25 |
| [Consolidated Statements of Operations from Inception (July 26, 2024) to December 31, 2024](#sop1)  | F-26 |
| [Consolidated Statements of Stockholders' Equity (Deficit) from Inception (July 26, 2024) to December 31, 2024](#sse1) | F-27 |
| [Consolidated Statements of Cash Flows from Inception (July 26, 2024) to December 31, 2024](#soc1) | F-28 |
| [Notes to the Consolidated Financial Statements](#note1) | F-29 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Boumarang Inc. (the 'Company') as of December 31, 2024, and the related consolidated statements of operations, comprehensive income, changes in stockholders' equity, and cash flows for the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for each of the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidation financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3, the Company suffered an accumulated deficit of $873,166. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans with regard to these matters are also described in Note 3 to the financial statements. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. Communication of critical audit matters does not alter in any way our opinion on the financial statements taken as a whole, and we are not, by communicating the critical audit matters, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

**Valuation of Intangible Assets** 

As described in Notes 1 of the financial statement, the Company entered into an Intellectual Property Rights Purchase and Transfer Agreement with Guinn Partners ("Guinn"). The agreement involves acquiring specific intellectual property (IP) assets owned or controlled by Guinn. The Company agreed to issue 5,000,000 shares of common stock valued at $5,000,000 as consideration for the IP assets. Also, the Company agreed with Eastern Electrolyser Ltd. ("Eastern") to develop 4kW/8kW fuel cell power pack products by December 31, 2024. The PEM Hydrogen Fuel Cell is an advanced, clean hydrogen-powered energy source designed for efficient and reliable operation. The Company issued 2,500,000 comm shares valued at $2,500,000 as consideration for the IP assets. During the year, Boumarang also acquired the Wavedrone platform from Shore House IVF. The Company issued 3,500,000 common shares valued at $3,500,000 as consideration for the IP assets.

The methods used to estimate the fair value of acquired intangible assets involve significant assumptions. The significant assumptions applied by management in estimating the fair value of acquired intangible assets included income projections and discount rates.

The principal consideration for our determination that performing procedures relating to the valuation of the intangible assets is critical audit matter are (1) there was a high degree of auditor judgment and subjectivity in applying procedures relating to the fair value of intangible assets acquired due to the significant judgment by management when developing the estimates and (2) significant audit effort was required in evaluating the significant assumptions relating to the estimates, including the income projections and discount rates.

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Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included, among others, reading the purchase agreement and testing management's process for estimating the fair value of intangible assets. Testing management's process included evaluating the appropriateness of the valuation models, testing the completeness, accuracy, and relevance of underlying data used in the models, and testing the reasonableness of significant assumptions, including the income projections and discount rates. Evaluating the reasonableness of the income projections involved considering the current performance of the acquired business, the consistency with external market and industry data, and whether these assumptions were consistent with other evidence obtained in other areas of the audit.

/S/ Lateef Awojobi

**LAO PROFESSIONALS**

(PCAOB ID 7057)

Lagos, Nigeria

We have served as the Company's auditor since 2025.

December 16, 2025

------

**Boumarang Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(AUDITED)**

---

| | |
|:---|:---|
|  | **December 31,** <br> **2024** |
| Assets |  |
| &nbsp;&nbsp;&nbsp;**Current assets:** |  |
| &nbsp;&nbsp;&nbsp;Cash | $50242  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, current | 972223  |
| &nbsp;&nbsp;&nbsp;Subscription receivable | 2000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current assets** | **3022465**  |
| &nbsp;&nbsp;&nbsp;Acquired intangible assets | 16000000  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, noncurrent | 3360214  |
| &nbsp;&nbsp;&nbsp;Drone capitalization costs | 100000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**22482679**  |
| Liabilities and Stockholders' surplus (deficit) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $200000  |
| &nbsp;&nbsp;&nbsp;Accrued expenses, related party | 845  |
| &nbsp;&nbsp;&nbsp;**Total Current liabilities** | **200845**  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **200845**  |
| &nbsp;&nbsp;&nbsp;Commitments and Contingencies (Note 5) | -  |
| **Stockholders' surplus (deficit):** |  |
| Preferred stock, par value $0.0001, 10,000,000 shares authorized, 0 issued and outstanding, as of December 31, 2024 | -  |
| Common stock, par value $0.0001, 100,000,000 shares authorized; 66,056,977 issued and outstanding shares as of December 31, 2024  | 6606  |
| Additional-paid-in capital | 23148394  |
| Accumulated deficit | (873166)  |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 22281834  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and Stockholders' surplus (deficit)** | $**22482679**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**(AUDITED)**

---

| | |
|:---|:---|
|  | **July 26, 2024, to** <br>**December 31, 2024** |
| **Operating expenses:** |  |
| General and administrative | 873166  |
| **Total operating expenses** | **873166**  |
| **Operating loss** | **(873166)**  |
| **Income (loss) before provision for income taxes** | **(873166)**  |
| Provision for income taxes | **-**  |
| **Net income (loss)** | $**(873166)**  |
| Net loss per common share, basic and diluted | $(0.01)  |
| Weighted average number of common shares outstanding, basic and diluted | 56131013  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

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

**(AUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **No. of shares** | **Value** | **Additional**<br> **paid-in**<br> **capital** | **Accumulated**<br> **deficit** | **Total**<br> **stockholders'**<br> **equity (deficit)** |
| **Balance - December 31, 2023** | **-**  | $**-**  | $**-**  | $**-**  | $**-**  |
| **Inception (July 26, 2024) to December 31, 2024** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opening balance | -  | -  | 500  | -  | 500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for founder services valued at par value per share | 45000000  | 4500  | -  | -  | 4500  |
| &nbsp;&nbsp;&nbsp;Common shares issued for AI services valued at $1.00 | 5000000  | 500  | 4999500  | -  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for cash valued at $1.00 | 2150000  | 215  | 2149785  | -  | 2150000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for IPs valued at $1.00 | 5000000  | 500  | 4999500  |  | 5000000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for Hydrogen Fuel Cells valued at $1.00 | 2500000  | 250  | 2499750  | -  | 2500000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for Wavedrone IPs valued at $1.00 | 3500000  | 350  | 3499650  | -  | 3500000  |
| &nbsp;&nbsp;&nbsp;Common shares issued for Tribal Rides IPs valued at $1.72 | 2906977  | 291  | 4999709  | -  | 5000000  |
| &nbsp;&nbsp;&nbsp;Net loss | -  | -  | -  | (873166)  | (873166)  |
| **Balance - December 31, 2024** | **66056977**  | $**6606**  | $**23148394**  | $**(873166)**  | $**22281834**  |

---

See accompanying notes to the financial statements.

------

**Boumarang Inc.**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**(AUDITED)**

---

| | |
|:---|:---|
|  | **July 26, 2024, to** <br>**December 31, 2024** |
| Net income (loss) | $**(873166)**  |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |
| Common stock issued for services | 5004500  |
| Subscription receivable | (2000000)  |
| **Change in assets and liabilities:** |  |
| Prepaid expenses | (4332437)  |
| Accounts payable, related party | 200000  |
| Accrued expenses, related party | 845  |
| **Net cash used in operating activities** | $**(2000258)**  |
| **Investing Activities:** |  |
| Acquired intangible assets | (16000000)  |
| Drone capitalization costs | (100000)  |
| Acquisition of IP assets | 8500000  |
| Acquisition of Hydrogen Fuel Technology | 2500000  |
| Acquisition of Wavedrone IP | 3500000  |
| Acquisition of Tribal Rides IP | 5000000  |
| **Net cash used in investing activities** | $**(100000)**  |
| **Financing Activities:** |  |
| Opening balance | 500  |
| Stock issued for cash | 150000  |
| Stock issued for subscription receivable | 2000000  |
| **Net cash provided by financing activities** | $**2150500**  |
| **Net increase in cash** | **50242**  |
| **Cash at the beginning of the period** | **-**  |
| **Cash at the end of the period** | $**50242**  |
| **Cash paid for income taxes** | $**-**  |
| **Cash paid for interest** | $**-**  |
| **Non-cash investing and financing activities:** |  |
|  | $-  |

---

See accompanying notes to the financial statements.

------

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

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

**OVERVIEW**

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

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

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

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

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

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

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

**ACQUISITION OF INTELLECTUAL PROPERTIES**

During the period, the Company acquired identifiable intellectual property and technology assets to support its drone systems and analytics platform. These acquisitions were accounted for under ASC Topic 805, Business Combinations, using the fair value of the equity instruments issued as consideration when equity was the primary form of payment.

Below is a summary of IP or technology acquisitions completed:

---

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

---

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

------

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

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

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

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

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

***Acquisition of Airdrone Technology:***

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

1. Range Beacons & Automated Drone Guidance System

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

2. MoonTower Analytics & OTA Software Update System

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

3. Pilot in Command (PIC) Operational Display

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

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

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

------

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

***Acquisition of Wavedrone Platform***

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

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

**Proprietary Technology — Wavedrone Platform**

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

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

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

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

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

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

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

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

***Acquisition of Tribal Rides IP***

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

**PRODUCT OVERVIEW**

***Airdrone***

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

------

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

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

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

***Wavedrone***

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

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

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

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

***Our AI Initiatives***

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

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

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

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

**Board of Directors**

As of December 31, 2024, the Company has three directors, including one non-executive director.

------

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

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

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

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

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

***Cash and Cash Equivalents***

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

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

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

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

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

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

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

***Subscription receivable***

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

***Revenue recognition***

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

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

Typical arrangements anticipated in future periods include:

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

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

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

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

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

------

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

***Accounts payable and accrued expenses***

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

***Accounts Payable***

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

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

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

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

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

***Accrued Expenses***

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

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

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

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

The accrued expenses as of December 31, 2024, were $845, which mainly include rent payments.

***Concentrations of Credit Risk***

*Cash*

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

***Legal Proceedings***

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

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

The Company reviews long-lived assets for impairment following FASB ASC 360, Property, Plant, and Equipment. We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment charge is recognized when the asset's carrying value exceeds the fair value. There are no impairment charges from Inception to December 31, 2024.

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

***Provision for Income Taxes***

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

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

 

***Drone Development Costs***

**Capitalized Development Costs**

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

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

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

As of December 31, 2024, the Company had capitalized $100,000 of development costs and had not commenced amortization because the assets were not yet available for general release. Our capitalized costs are mainly for developing hydrogen-powered air and water drones. These costs include expenses incurred during the development stage that meet the criteria for capitalization under ASC 985-20 (Software to be Sold, Leased, or Marketed).

The activities capitalized encompass:

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Experimental testing and prototype development.

The expensed R&D costs are reflected in the Company's income statement under "General & Administrative Expenses" for the period.

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

***Intangible assets and other long-lived assets***

Intangible assets acquired, including intellectual property and technology acquired in exchange for equity, are initially recorded at acquisition-date fair value. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Indefinite-lived intangible assets are not amortized but tested for impairment annually or more frequently if indicators arise.

Long-lived assets, including finite-lived intangibles and capitalized development costs, are reviewed for impairment in accordance with ASC Topic 360, *Property, Plant, and Equipment*. If events or changes in circumstances indicate that the carrying amount may not be recoverable, the Company assesses recoverability and measures any impairment loss as the excess of carrying amount over fair value.

*Intellectual Property*

As part of our acquisition of Wavedrone technology from Shore House IVF, we acquired provisional patent rights related to self-righting unmanned surface vessel technology (U.S. Provisional Patent Application No. 63/727,652). This intellectual property is included in our intangible assets and is accounted for in accordance with ASC 350, Intangibles—Goodwill and Other.

The acquired patent rights are classified as indefinite-lived intangible assets pending the outcome of the patent application process.

This classification reflects that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The provisional application is currently pending, and no patent has been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon issuance of a patent, the useful life will be determined based on the patent term (typically 20 years from the non-provisional filing date) and reassessed for finite-life amortization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The asset is subject to annual impairment testing under ASC 350-30.

We assess the Wavedrone patent rights for impairment annually and whenever events or circumstances indicate that the carrying value may not be recoverable. Key factors that could trigger impairment include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Failure to convert the provisional application to a non-provisional application by the December 3, 2025, deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Rejection of patent claims by the USPTO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Discovery of prior art that materially limits the scope of potential patent claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Significant changes in the competitive landscape or market conditions for autonomous maritime vessels; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Technological developments that render our self-righting technology obsolete.

As of the date of this prospectus, we have not identified any impairment indicators, and the carrying value of the acquired patent rights reflects fair value as determined at the acquisition date.

*Development Costs*

Costs incurred to develop and refine the Wavedrone technology are evaluated under ASC 730, Research and Development, and ASC 350-40, Internal-Use Software. Research activities and preliminary project stage costs are expensed as incurred. Application development stage costs meeting capitalization criteria are capitalized and amortized over the estimated useful life once the technology is placed in service.

Patent prosecution costs, including USPTO filing fees and legal fees associated with preparing and prosecuting the non-provisional patent application, are capitalized as incurred and will be included in the cost basis of the patent asset upon issuance, or written off if the patent application is abandoned or finally rejected.

*Critical Accounting Estimates*

The valuation of our Wavedrone patent rights involves significant estimates and judgments, including:

Probability of Patent Issuance: We estimate the likelihood that our provisional application will result in an issued patent with commercially meaningful claims.

Royalty Rate: For Relief-from-Royalty valuations, we estimate the royalty rate that a market participant would pay for the right to use the patented technology.

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

Revenue Projections: Projected revenues from Wavedrone products and services affect the value of the underlying intellectual property.

Discount Rate: The rate used to discount future cash flows reflects the risk profile of early-stage maritime technology.

Changes in these estimates could result in material adjustments to the carrying value of our intangible assets in future periods.

As of December 31, 2024, no impairment charges were recognized for long-lived assets.

***Share-based compensation to employees and non-employees***

The Company uses ASC 718 guidance to apply share-based compensation accounting to certain employees and non-employee individuals, such as outsourced employees, non-employee directors, and consultants performing management functions, who are employees or non-employees. The differences in the accounting for share-based payment awards granted to an employee versus a non-employee relate to the measurement date and recognition requirements. The Company believes an employee is the one who has the right to exercise sufficient control to establish an employer-employee relationship based on common law, as illustrated in case law and currently under US Internal Revenue Service (IRS) Revenue Ruling 87-41.

Restricted securities are securities acquired in unregistered, private sales from the Company or an affiliate. Restricted securities require the owner to follow the US Securities Exchange Commission guidelines defined under Rule 144 - Selling Restricted and Control Securities. On the other hand, restricted shares issued for consideration other than for goods or employee services are fully paid for immediately. As a result, the Company has expensed these shares at the time of the contract. There is no vesting period for non-employees.

***Fair Value***

The Company uses current market values to recognize certain assets and liabilities at fair value. Fair value is the estimated price at which the Company can sell the assets or settle a liability in an orderly transaction with a third party under current market conditions. The Company uses the following methods and valuation techniques for deriving fair values:

Market Approach – The market approach uses the prices associated with actual market transactions for similar or identical assets and liabilities to derive a fair value.

Income Approach – The income approach uses estimated future cash flows or earnings, adjusted by a discount rate representing the time value of money and the risk of cash flows not being achieved, to derive a discounted present value.

Cost Approach – The cost approach uses the estimated cost to replace an asset adjusted for the obsolescence of the existing asset.

The Company ranks the fair value hierarchy of information sources from Level 1 (best) to Level 3 (worst). The Company uses these three levels to select inputs to valuation techniques:

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| | | |
|:---|:---|:---|
| **Level I** | **Level 2** | **Level 3** |
| Level 1 is a quoted price for an identical item in an active market on the measurement date. Level 1 is the most reliable evidence of fair value and is used whenever this information is available. | Level 2 is directly or indirectly observable inputs other than quoted prices. An example of a Level 2 input is a valuation multiple for a business unit based on comparable companies' sales, EBITDA, or net income. | Level 3 is an unobservable input. It may include the company's data, adjusted for other reasonably available information. An example of a Level 3 input is an internally generated financial forecast. |

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***Basic and Diluted Loss per Share***

The Company follows ASC 260, Earnings Per Share, to account for earnings per share. Basic earnings per share ("EPS") calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding. As of December 31, 2024, the Company had 56,131,013 weighted average basic and dilutive shares issued and outstanding.

Common stock equivalents were anti-dilutive from Inception to December 31, 2024, due to a net loss. Hence, they are not considered in the computation.

***Income taxes***

Income taxes are accounted for under ASC Topic 740, Income Taxes, using the asset and liability method. Deferred tax assets and liabilities arise from temporary differences between financial reporting and tax bases and from operating loss or credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply when differences reverse.

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

A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. Management considers all available evidence, including historical losses and forecasts of future taxable income, in assessing the need for a valuation allowance.

ASC 740 also addresses uncertainty in tax positions. A tax benefit is recognized only if it is more likely than not that the position will be sustained upon examination. Positions meeting this threshold are measured as the largest amount more than 50% likely to be realized. Interest and penalties, if any, are recorded in income tax expense.

The Company incurred losses since inception and recorded a full valuation allowance against its deferred tax assets as of December 31, 2024. No income tax expense was recognized for the period presented.

***Reclassifications***

Certain prior period amounts were reclassified to conform to the current year's presentation. None of these classifications impacted reported operating or net loss for any presented period.

***Legal contingencies***

The Company evaluates legal matters under ASC Topic 450, *Contingencies*. A liability is recorded when it is probable that a loss has been incurred and the amount can be reasonably estimated. Where a range of possible losses exists, and no amount in the range is a better estimate than another, the minimum amount in the range is recorded.

Legal costs are expensed as incurred. As of December 31, 2024, the Company was not involved in any material legal proceedings and had not recorded any loss contingencies.

***Recent Accounting Pronouncements***

The Company evaluates newly issued accounting standards updates, SEC staff guidance, and related professional publications when they are released to determine whether adoption will materially affect the consolidated financial statements or disclosures. The most relevant recent developments that management has considered are described below.

One notable SEC development is Staff Accounting Bulletin No. 122 (SAB 122), issued January 23, 2025, which rescinds the prior interpretive guidance in Topic 5.FF of the Staff Accounting Bulletin Series related to obligations to safeguard crypto-assets held for platform users. The rescission became effective January 30, 2025. SAB 122 directs entities with obligations to safeguard crypto-assets for others to apply the recognition and measurement requirements for liabilities arising from contingencies under ASC 450-20, Loss Contingencies, or IAS 37 under IFRS, rather than the prior guidance. It also emphasizes the need for appropriate disclosures about the effects of the change in accounting principles. The SEC notes that entities should effect the rescission on a fully retrospective basis in annual periods beginning after December 15, 2024, with earlier application permitted.

Professional firm guidance from KPMG confirms this retrospective application requirement and highlights the related disclosure expectations, including adjustments to prior periods and the opening balance of retained earnings where applicable. KPMG summarizes that SAB 122 requires entities to adjust their financial statements for prior periods presented to eliminate amounts recognized under the rescinded guidance, and to provide clear disclosure about the effects of the accounting change pursuant to ASC 250. Although the Company does not currently hold or safeguard crypto-assets for others and therefore does not expect a direct impact on its consolidated financial statements as of December 31, 2024, management will continue to monitor any future involvement with digital assets or related obligations and update disclosures as appropriate.

Another recent development relevant to preparers is FASB Accounting Standards Update 2024-02, which removes references to the FASB Concepts Statements from the Codification. This ASU is part of FASB's ongoing efforts to improve the Codification by eliminating references that may imply authoritative status for Concepts Statements and by making technical improvements. The update is primarily technical in nature, involving conforming amendments, clarifications, and structural improvements that do not change substantive recognition or measurement requirements. As such, management does not expect ASU 2024-02 to materially impact the Company's accounting policies, balances, or disclosures. Nevertheless, management will ensure that any Codification references in disclosures remain aligned with the updated text as needed when preparing future filings.

In addition to the specific updates above, management is aware that the FASB and SEC may issue other ASUs or guidance that could affect public and private companies, including topics such as credit losses, internal-use software, or derivative scope refinements. The Company periodically reviews professional summaries, technical bulletins, and standard-setting publications to determine whether newly issued or recently effective pronouncements could be material. As of the date of these financial statements, none of the recently reviewed updates, aside from those noted above, are expected to materially affect the Company's consolidated financial statements given its current operations and capital structure. Should the Company's facts or operations change—for example, through new financial instruments, expanded business activities, or thresholds that trigger additional disclosures—management will reassess the potential impact of any newly effective guidance and update disclosures in subsequent periods.

Finally, the Company continues to monitor FASB, SEC, and professional firm publications for additional ASUs, SEC staff guidance, or interpretive updates. Any future pronouncement that could materially affect recognition, measurement, or disclosure requirements will be evaluated promptly, with implementation planning and disclosure updates undertaken in accordance with applicable standards and regulatory expectations.

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**NOTE 3. MANAGEMENT'S PLANS**

**Substantial doubt about the ability to continue as a going concern**

The Company has incurred recurring operating losses, negative cash flows from operations, and has not yet generated revenue from contracts with customers. As of December 31, 2024, the Company's cash resources totaled $50,242, and it had a working capital surplus of $2,821,620. These conditions, considered together, raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued unless additional financial resources are secured, expenditures are reduced, or operating cash flow is generated.

Under ASC 205-40, management is required, at each annual and interim reporting date, to evaluate whether relevant conditions and events raise substantial doubt about the entity's ability to continue as a going concern for one year after the financial statement issuance date, and if so, to assess whether management's plans to mitigate those conditions are probable of being effectively implemented and likely to alleviate the substantial doubt. Deloitte summarizes the two-step approach as evaluating first whether conditions raise probable inability to meet obligations, and second whether management's plans are probable both to be implemented and to mitigate the relevant conditions.

Management's assessment, therefore, has considered the current financial condition, liquidity sources, and the feasibility and timing of mitigation plans.

**Management's plans to mitigate substantial doubt**

From Inception to December 31, 2024, the Company incurred a net loss of $873,166, mainly due to expenses related to licensing and professional fees.

Since its inception, the Company has sustained recurring losses and negative cash flows from operations. As of December 31, 2024, the Company had minimal cash. The Management believes that future cash flows may not be sufficient for the Company to meet its current obligations as they become due in the ordinary course of business for twelve (12) months following December 31, 2024. The Management expects that it will need to raise significant additional capital to accomplish its growth plan over the next twelve (12) months. The Management expects to seek additional funding through private equity or public markets. However, there can be no assurance about the availability or terms, such as financing and capital, that might be available.

The Company's ability to continue as a going concern may depend on the Management's plans discussed below. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and liabilities that might be necessary if the Company cannot continue as a going concern.

Management has developed a set of plans it considers feasible and probable of implementation within the next twelve months to mitigate the conditions, raising substantial doubt. The plans include the following principal elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Equity financing.* Management intends to raise additional equity capital through a public offering or private placement concurrent with or following the filing of the registration statement. The target amount of equity capital is $2,000,000. As of December 31, 2024, the Company has received commitments or indications of interest from one or more investors totaling $2,000,000. The Company's board has authorized issuance of up to 2,000,000 shares of common stock to support this financing, consistent with the authorization described in Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Debt financing or convertible instruments.* Management plans in negotiating debt or convertible note facilities. These arrangements, if consummated, are expected to provide interim funding to sustain operations and advance product development until the planned equity financing closes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Cost management and expenditure reductions.* The Company is prioritizing critical development activities and deferring non-critical expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Commercial and development milestones.* Management plans to complete prototype testing and demonstrations for key drone systems by December 31, 2025, with the expectation that achieving these milestones will enhance discussions with investors and potential customers. The Company also aims to secure at least one strategic partnership or memorandum of understanding by December 31, 2025, to bolster credibility and support future financing.

**Assessment of feasibility and probability**

Management believes, based on current discussions with potential investors, preliminary interest from strategic partners, and the cost containment measures underway, that its plans are likely to be effectively implemented within one year after the issuance of the financial statements and are likely to mitigate the conditions raising substantial doubt. However, no assurance can be given that the planned financing, partnerships, or cost reductions will be completed on the proposed terms or timeline. Negotiations may not result in definitive agreements, market or operational conditions may change, or planned cost reductions may yield less benefit than anticipated.

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**NOTE 3. MANAGEMENT'S PLANS (CONTINUED)**

**Consequences if plans are not successful**

If management's plans are not achieved within the next twelve months, the Company may be required to curtail operations further, liquidate assets, or seek alternative funding strategies. Such outcomes could result in dilution of existing shareholders, limited operational scope, or cessation of operations. The financial statements have been prepared on a going-concern basis, assuming the Company will continue operations for the foreseeable future. If liquidation were to become imminent, the Company would be required to apply a liquidation basis of accounting under ASC 205-30, which differs from the going-concern basis used in these financial statements.

**Disclosure and linkage to other notes**

The amounts and plans described herein are consistent with the Company's capital structure and recent activities described in Note 6, and with the IP acquisition activity described in Note 1. Management will continue to evaluate conditions and the effectiveness of its plans and will update disclosures in future periods as new information becomes available or if circumstances change materially.

The Company has prepared consolidated financial statements on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the ordinary business course. At December 31, 2024, the accumulated deficit was $873,166. At December 31, 2024, the working capital was $2,821,620. The increase in the working capital surplus was mainly due to subscriptions receivable from investors.

**NOTE 4. RELATED PARTY TRANSACTIONS**

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

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

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

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

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

**NOTE 5. COMMITMENTS AND CONTINGENCIES**

***Office Facility and Other Operating Leases***

**Irvine, California, USA (Headquarters)**

Effective August 2024 to the present, the Company leased office space at 200 Spectrum Center Drive, Suite 300, Irvine, CA 92618. As per the Commitment Term of the lease ("Agreement"), this Agreement shall continue on a month-to-month basis (any term after the Commitment Term, also known as "Renewal Term"). The Commitment Term and all subsequent Renewal Terms shall constitute the "Term." The Company may terminate this Agreement by delivering to the lessor Form ("Exit Form") at least one (1) whole calendar month before the month in which the Company intends to terminate this Agreement ("Termination Effective Month"). The Company is entitled to use the office and conference space if needed. The rent payment or membership fee for the Irvine Office is $169 monthly.

**Austin Location, Texas, USA (Product Development)**

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

***Employment Agreement***

The Company has not formalized performance employment agreements, bonuses, and other incentive plans. The Company expects to formalize such contracts by December 31, 2024.

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**NOTE 5. COMMITMENTS AND CONTINGENCIES (CONTINUED)**

***Pending Litigation***

Management is unaware of any actions, suits, investigations, or proceedings (public or private) pending or threatened against or affecting any of the assets or any affiliate of the Company.

**Tax Compliance Matters**

From inception to date, the Company's officers have been paid as independent contractors. As the Company was incorporated in July 2024 with a net loss for the fiscal year ended in December 2024, it has not filed federal taxes with the Internal Revenue Service. The Company intends to file its initial return by April 2026 for 2024 and 2025.

**NOTE 6. STOCKHOLDERS' EQUITY (DEFICIT)** 

***Authorized Shares***

As per the Article of Incorporation dated July 26, 2024, the Company shall have the authority to issue 110,000,000 shares, consisting of 100,000,000 shares of Common Stock having a par value of $.0001 per share and 10,000,000 shares of Preferred Stock having a par value of $.0001 per share.

***Preferred Stock***

As of December 31, 2024, the Company has issued zero preferred stock.

***Common Stock***

As of December 31, 2024, the Company had issued 66,056,977 common shares.

In July 2024, the Company issued 28,000,000 shares to Mingta Capital, LLC ("Mingta"), the founder, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), valued at par value for founder services rendered.

In August 2024, the Company issued 5,000,000 shares to T Stamp Inc. for a licensing agreement valued at $5,000,000.

In August 2024, the Company issued 100,000 shares to T Stamp Inc. for cash valued at $100,000.

In August 2024, the Company issued 5,000,000 shares to Guin Partners to acquire intellectual property valued at $5,000,000.

In September 2024, the Company issued 2,500,000 shares to Eastern Electrolyser to acquire the hydrogen fuel cell technology valued at $2,500,000.

In October 2024, the Company issued 2,000,000 shares to investors for cash valued at $2,000,000. The Company expects to receive the funds by December 31, 2024.

In December 2024, the Company issued 50,000 shares to investors for cash valued at $50,000.

In December 2024, the Company issued 3,500,000 shares to Shore House IVF to acquire Wavedrone technology valued at $3,500,000.

In December 2024, the Company issued 2,906,977 common shares to Tribal Rides International Corp. to acquire key intellectual property assets valued at $5,000,000.

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**NOTE 7. INCOME TAXES**

The Company accounts for income taxes under ASC Topic 740, *Income Taxes*, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities and for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized.

For the period from inception (July 26, 2024) through December 31, 2024, the Company incurred a pre-tax net loss of $873,166. As a result, the Company has no current income tax expense for the period presented. The Company's only significant deferred tax item as of December 31, 2024, relates to its net operating loss carryforward.

At December 31, 2024, the Company had U.S. federal net operating loss (NOL) carryforwards of $873,166, which may be carried forward indefinitely under current U.S. tax law applicable to NOLs generated in tax years beginning after December 31, 2017, subject to the limitation that such NOLs may generally offset no more than 80% of taxable income in any future year. The related deferred tax asset for the NOL carryforward is approximately $183,365, calculated using the 21% U.S. federal corporate tax rate. The Company currently does not recognize any state income tax effects because its operations and tax positions to date do not give rise to a material state income tax provision or deferred tax balances.

Given the Company's limited operating history, recurring losses, and uncertainty regarding the timing and amount of future taxable income, management has concluded that it is more likely than not that the Company will not realize the benefit of its deferred tax assets as of December 31, 2024. Accordingly, the Company has recorded a full valuation allowance against its net deferred tax assets. After consideration of the valuation allowance, the Company's net deferred tax asset is $0 at December 31, 2024.

The components of the Company's deferred tax assets and related valuation allowance are summarized as follows as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Deferred tax asset – net operating loss carryforward: $183,365

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Less: valuation allowance: $(183,365)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net deferred tax asset: $0

As a result, no income tax expense (benefit) has been recorded in the accompanying consolidated statement of operations for the period from inception to December 31, 2024. A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate is as follows for the period ended December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Tax at U.S. federal statutory rate (21%) applied to pre-tax loss of $873,166: $(183,365)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Change in valuation allowance: $183,365

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●State income taxes, net of federal benefit: $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Other permanent differences: $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Income tax expense (benefit): $0

The Company evaluates tax positions in accordance with ASC Topic 740's guidance on uncertain tax positions. A tax benefit is recognized only if it is more likely than not that the position will be sustained upon examination, based on its technical merits. As of December 31, 2024, the Company has no uncertain tax positions that require recognition in the consolidated financial statements and has recorded no liability for unrecognized tax benefits, interest, or penalties.

The Company is currently subject to income taxation in the United States and may become subject to taxation in additional jurisdictions as its operations expand. The Company's tax years since inception remain open to examination by the relevant tax authorities.

**NOTE 8. OFF-BALANCE SHEET ARRANGEMENTS**

We have no off-balance sheet arrangements affecting our liquidity, capital resources, market risk support, credit risk support, or other benefits.

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**NOTE 9. SUBSEQUENT EVENTS**

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

*Non-Provisional Patent Application Filing*

In December 2025, the Company filed a non-provisional (utility) patent application with the United States Patent and Trademark Office claiming priority to U.S. Provisional Patent Application No. 63/727,652, titled "Self-Righting and Self-Stabilizing Unmanned Surface Vessel," which was originally filed on December 3, 2024. The non-provisional application was filed prior to the December 3, 2025, expiration of the 12-month priority period, thereby preserving the benefit of the original priority date.

The patent application covers the Company's proprietary Wavedrone unmanned surface vessel technology, including its innovative mechanical self-righting and self-stabilization systems. The filing of the non-provisional application initiates the formal USPTO examination process, which is expected to take approximately 18 to 24 months. There can be no assurance that a patent will be issued or that the scope of any patent granted will provide meaningful protection for the Company's technology.

Patent prosecution costs incurred in connection with this filing, including attorney fees and USPTO filing fees, will be capitalized as part of the Company's intangible assets.

*Appointment of Interim CFO*

In December 2025, Firoz stepped down as the CFO of the Company. The Board appointed Himanshu Sharma as the interim CFO of the Company.

The Company had evaluated subsequent events through December 16, 2025, when these financial statements were available to be issued.

------

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and advisory fees, that we expect to incur in connection with this offering. With the exception of the SEC registration fee and the FINRA filing fee, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | $38.28 |
| FINRA Filing Fee | 761.72 |
| Legal Fees and Expenses | 25000.00 |
| Accounting Fees and Expenses | 10300.00 |
| Printing and Engraving Expenses | 2400.00 |
| Miscellaneous Expenses | 1500.00 |
| **Total Expenses** | $**40000.00** |

---

We will bear these expenses. We will bear underwriting discounts in proportion to the number of shares of Common Stock sold in the offering.

**ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.**

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

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

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

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

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

------

**ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES.**

The following information is furnished with regard to all securities issued by the registrant within the last three years that were not registered under the Securities Act of 1933, as amended. Unless otherwise indicated below, the issuance of such shares was deemed exempt from registration requirements of the Securities Act of 1933, as amended, as such sales were exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and/or Rule 506 of Regulation D promulgated thereunder.

*Recent Sales of Unregistered Securities from July 26, 2024, to December 31, 2024*

In July 2024, the Company issued 28,000,000 shares to Mingta Capital, LLC ("Mingta"), the founder, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 12,000,000 shares to Imran Firoz ("Firoz"), Co-Founder, CFO, and director, valued at par value for services rendered in establishing and forming the business.

In July 2024, the Company issued 5,000,000 shares to Fiber Food Systems Inc. ("Fiber"), valued at par value for founder services rendered.

In August 2024, the Company issued 5,000,000 shares to T Stamp Inc. for a licensing agreement valued at $5,000,000.

In August 2024, the Company issued 100,000 shares to T Stamp Inc. for cash valued at $100,000.

In August 2024, the Company issued 5,000,000 shares to Guin Partners to acquire intellectual property valued at $5,000,000.

In September 2024, the Company issued 2,500,000 shares to Eastern Electrolyser to acquire the hydrogen fuel cell technology valued at $2,500,000.

In October 2024, the Company issued 2,000,000 shares to investors for cash valued at $2,000,000. The Company expects to receive the funds by December 31, 2024.

In December 2024, the Company issued 50,000 shares to investors for cash valued at $50,000.

In December 2024, the Company issued 3,500,000 shares to Shore House IVF to acquire Wavedrone technology valued at $3,500,000.

In December 2024, the Company issued 2,906,977 common shares to Tribal Rides International Corp. to acquire key intellectual property assets valued at $5,000,000.

*Recent Sales of Unregistered Securities in 2025*

None.

------

**ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Exhibits**

---

| | |
|:---|:---|
| **Number** | **Exhibit Description** |
| 3.1 | [Certificate of Incorporation of](boum_ex3z1.htm)[Boumarang, Inc.](boum_ex3z1.htm)[filed](boum_ex3z1.htm)[July 26, 2024](boum_ex3z1.htm)[.](boum_ex3z1.htm) |
| 3.2 | [Bylaws of](boum_ex3z2.htm)[Boumarang](boum_ex3z2.htm)[, Inc.](boum_ex3z2.htm) |
| 5.1\* | Legal opinion of Barnett & Linn |
| 10.1 | [License Agreement as of August 6, 2024](boum_ex10z1.htm) |
| 10.2 | [IP Agreement with Guinn Partners as of](boum_ex10z2.htm)[August 28, 2024](boum_ex10z2.htm) |
| 10.3 | [Hydrogen Fuel Cell Technology Agreement with Eastern Electrolyser Ltd. as of September 30, 2024](boum_ex10z3.htm) |
| 10.4 | [Asset Purchase and IP Agreement Shore House ÍVF as of December 31, 2024](boum_ex10z4.htm) |
| 10.5 | [Independent Valuation Report as of January 22, 2025](boum_ex10z5.htm) |
| 10.6 | [Wavedrone Provisional Patent Filing as of December 3, 2025](boum_ex10z6.htm) |
| 21.1 | [Subsidiaries of the Registrant](boum_ex21z1.htm) |
| 23.1 | [Consent of](boum_ex23z1.htm)[LAO Professionals](boum_ex23z1.htm) |
| 23.2 | Consent of Barnett & Linn (reference is made to Exhibit 5.1)\* |
| 99.1 | [Subscription Agreement](boum_ex99z1.htm) |
| 101.PRE | XBRL Instance Document |
| 101.INS | XBRL Taxonomy Extension Schema Document |
| 101.SCH | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.CAL | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Label Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Presentation Linkbase Document |
| 107 | Filing Fee Table |

---

\* To be filed by amendment

† Executive compensation plan or arrangement.

------

**ITEM 17. UNDERTAKINGS.**

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that: Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) That for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That for the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Irvine, State of California, on December 16, 2025.

---

| | |
|:---|:---|
| **Boumarang, Inc.** | **Boumarang, Inc.** |
| By: | /s/ *Craig Nehrkorn* |
| Name: | Craig Nehrkorn |
| Title: | Chief Executive Officer and Chairman of the Board |
|  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Craig Nehrkorn* | Chief Executive Officer and Director | December 16, 2025 |
| Name: Craig Nehrkorn | (Principal Executive Officer) |  |
| */s/ Himanshu Sharma* | Interim Chief Financial Officer and Treasurer | December 16, 2025 |
| Name: Himanshu Sharma | (Principal Accounting and Financial Officer) |  |
| */s/ Candice Beaumont* | Director | December 16, 2025 |
| Name: Candice Beaumont |  |  |
| */s/ Imran Firoz* | Director | December 16, 2025 |
| Name: Imran Firoz |  |  |

---

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Boumarang Inc. - Filing Fees Exhibit

**EXHIBIT 107**

**Calculation of Filing Fee Tables**

**Form** **S-1**

(Form Type)

**Boumarang Inc.**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>**Type** | **Security**<br>**Class**<br>**Title** | **Fee**<br>**Calculation**<br>**Rule** | **Amount**<br>**Registered** | **Proposed**<br>**Maximum**<br>**Offering**<br>**Price Per**<br>**Unit** | **Maximum**<br>**Aggregate**<br>**Offering**<br>**Price** **(1)** | **Fee**<br>**Rate** | **Amount of**<br>**Registration**<br>**Fee** **(2)** |
| **Equity** | Common stock, $0.0001 par value | Rule 457 (o) | 125000 | $2.00 | $250000 | $0.0001531 | $38.28 |
| **Total Offering Amounts** |  |  |  |  | $250000 | $0.0001531 | $38.28 |
| **Total Fees Previously Paid** |  |  |  |  |  |  | $0.00 |
| **Total Fee Offsets** |  |  |  |  |  |  | N/A |
| **Net Fee Due** |  |  |  |  |  |  | $38.28 |

---

<sup>(1)</sup> The Company has arbitrarily determined the offering price and bears no relationship to assets, earnings, or any other valuation criteria. No assurance can be given that the shares offered hereby will have a market value or that they may be sold at this, or at any price.

<sup>(2)</sup> Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(o) of the Securities Act of 1933

## Exhibit 3.1

**CERTIFICATE OF INCORPORATION**

**OF**

**Boumarang Inc.**

**FIRST:** The name of the corporation is: Boumarang Inc. (the "Corporation").

**SECOND:** The Corporation's registered office in the State of Delaware is located at 16192 Coastal Highway, Lewes, Delaware 19958, County of Sussex. The registered agent in charge thereof is Harvard Business Services, Inc.

**THIRD:** The purpose of the Corporation is to engage in any lawful activity for which corporations may be organized under the Delaware General Corporation Law (the "DGCL").

**FOURTH:** The Corporation is authorized to issue a total number of common shares of 100,000,000 shares having a par value of $0.0001 per share. The Corporation is also authorized to issue a total number of preferred shares of 10,000,000 having a par value of $0.0001 per share. The board of directors (the "Board") is hereby expressly authorized to provide, out of the unissued shares of preferred stock, for one or more series of preferred stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers, if any, of the shares of such series, and the preferences and relative, participating, optional, or other special rights, if any, and any qualifications, limitations, or restrictions thereof, of the shares of such series. The powers, preferences and relative, participating, optional and other special rights of each series of preferred stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding.

**FIFTH:** The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors (the "Board"), and the directors comprising the Board (the" Directors") need not be elected by written ballot. The number of Directors on the Board shall be set by a resolution of the Board.

**SIXTH:** The Corporation shall exist perpetually unless otherwise decided by a majority of the Board.

**SEVENTH:** In furtherance and not in limitation of the powers conferred by the laws of the State of Delaware, the Board is authorized to amend or repeal the bylaws.

**EIGHTH:** The Corporation reserves the right to amend or repeal any provision in this Certificate of Incorporation in the manner prescribed by the laws of the State of Delaware.

**NINTH:** The incorporator is Imran Firoz, the mailing address of which is 129 Hemisphere, Irvine, CA 92618.

**TENTH:** To the fullest extent permitted by the DGCL, a Director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a Director. No amendment to, modification of, or repeal of this item Tenth shall apply to or have any effect on the liability of a Director for or with respect to any acts or omissions of such Director occurring prior to such amendment. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of Directors, then this Certificate should be read to eliminate or limit the liability of a Director of the Corporation to the fullest extent permitted by the DGCL, as so amended.

------

I, the undersigned, for the purpose of forming a corporation under the laws of the State of Delaware do make and file this certificate, and do certify that the facts herein stated are true; and have accordingly signed below, this July 26, 2024.

![](boumex3z1_1.jpg)

## Exhibit 3.2

**BYLAWS OF**

**BOUMARANG INC.**

A DELAWARE CORPORATION

**ARTICLE I** **SHAREHOLDERS**

**1. Annual Meeting**

A meeting of the shareholders shall be held annually for the election of directors and the transaction of other business on such date in each year as may be determined by the Board of Directors, but in no event later than 100 days after the anniversary of the date of incorporation of the Corporation.

**2. Special Meetings**

Special meetings of the shareholders may be called by the Board of Directors, Chairman of the Board, or President and shall be called by the Board upon the written request of the holders of record of a majority of the outstanding shares of the Corporation entitled to vote at the meeting requested to be called. Such request shall state the purpose or purposes of the proposed meeting. At such special meetings, the only business which may be transacted is that relating to the purpose or purposes set forth in the notice thereof.

**3. Place of Meetings**

Meetings of the shareholders shall be held at such place within or outside of the State of Delaware as may be fixed by the Board of Directors. If no place is so fixed, such meetings shall be held at the Corporation's principal office.

**4. Notice of Meetings**

Notice of each meeting of the shareholders shall be given in writing and shall state the place, date and hour of the meeting and the purpose or purposes for which the meeting is called. Notice of a special meeting shall indicate that it is being issued by or at the direction of the person or persons calling or requesting the meeting.

If, at any meeting, action is proposed to be taken that would entitle objecting shareholders to receive payment for their shares, the notice shall include a statement of that purpose and to that effect.

A copy of the notice of each meeting shall be given, personally or by first class mail, not less than ten nor more than sixty days before the date of the meeting, to each shareholder entitled to vote at such meeting. If mailed, such notice shall be deemed to have been given when deposited in the United States mail, with postage thereon prepaid, directed to the shareholder at his address as it appears on the record of the shareholders, or, if he shall have filed with the Secretary of the Corporation a written request that notices to him or her be mailed to some other address, then directed to him at such other address.

------

When a meeting is adjourned to another time or place, it shall not be necessary to give any notice of the adjourned meeting if the time and place to which it is adjourned are announced at the meeting at which the adjournment is taken. At the adjourned meeting, any business that might have been transacted on the original date of the meeting may be transacted. However, if after the adjournment, the Board of Directors fixes a new record date for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record on the new record date entitled to notice under this Section 4.

**5. Waiver of Notice**

Notice of a meeting need not be given to any shareholder who submits a signed waiver of notice, in person or by proxy, whether before or after the meeting. The attendance of any shareholder at a meeting, in person or by proxy, without protesting prior to the conclusion of the meeting the lack of notice of such meeting, shall constitute a waiver of notice by him or her.

**6. Inspectors of Election**

The Board of Directors, in advance of any shareholders' meeting, may appoint one or more inspectors to act at the meeting or any adjournment thereof. If inspectors are not so appointed, the person presiding at a shareholders' meeting may, and on the request of any shareholder entitled to vote thereat shall, appoint two inspectors. In case any person appointed fails to appear or act, the vacancy may be filled by appointment in advance of the meeting by the Board or at the meeting by the person presiding thereat. Each inspector, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of such inspector at such meeting with strict impartiality and according to the best of his ability.

The inspectors shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote at the meeting, count and tabulate all votes, ballots or consents, determine the result thereof, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. On request of the person presiding at the meeting, or of any shareholder entitled to vote thereat, the inspectors shall make a report in writing of any challenge, question or matter determined by them and shall execute a certificate of any fact found by them. Any report or certificate made by them shall be prima facie evidence of the facts stated and of any vote certified by them.

**7. List of Shareholders at Meetings**

A list of the shareholders as of the record date, certified by the Secretary or any Assistant Secretary or by a transfer agent, shall be produced at any meeting of the shareholders upon the request thereat or prior thereto of any shareholder. If the right to vote at any meeting is challenged, the inspectors of election, or the person presiding thereat, shall require such list of the shareholders to be produced as evidence of the right of the persons challenged to vote at such meeting, and all persons who appear from such list to be shareholders entitled to vote thereat may vote at such meeting.

**8. Qualification of Voters**

Unless otherwise provided in the Certificate of Incorporation, every shareholder of record shall be entitled at every meeting of the shareholders to one vote for every share standing in its name on the record of the shareholders.

Treasury shares as of the record date and shares held as of the record date by another domestic or foreign corporation of any kind, if a majority of the shares entitled to vote in the election of directors of such other corporation is held as of the record date by the Corporation, shall not be shares entitled to vote or to be counted in determining the total number of outstanding shares.

------

Shares held by an administrator, executor, guardian, conservator, committee, or other fiduciary, other than a trustee, may be voted by such fiduciary, either in person or by proxy, without the transfer of such shares into the name of such fiduciary. Shares held by a trustee may be voted by him or her, either in person or by proxy, only after the shares have been transferred into his name as trustee or into the name of his nominee.

Shares standing in the name of another domestic or foreign corporation of any type or kind may be voted by such officer, agent, or proxy as the bylaws of such corporation may provide or, in the absence of such provision, as the board of directors of such corporation may determine.

No shareholder shall sell his vote or issue a proxy to vote to any person for any sum of money or anything of value except as permitted by law.

**9. Quorum of Shareholders**

The holders of a majority of the shares of the Corporation issued and outstanding and entitled to vote at any meeting of the shareholders shall constitute a quorum at such meeting for the transaction of any business, provided that when a specified item of business is required to be voted on by a class or series, voting as a class, the holders of a majority of the shares of such class or series shall constitute a quorum for the transaction of such specified item of business.

When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.

The shareholders who are present in person or by proxy and who are entitled to vote may, by a majority of votes cast, adjourn the meeting despite the absence of a quorum.

**10. Proxies**

Every shareholder entitled to vote at a meeting of the shareholders, or to express consent or dissent without a meeting, may authorize another person or persons to act for him by proxy.

Every proxy must be signed by the shareholder or its attorney. No proxy shall be valid after the expiration of eleven months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the shareholder executing it, except as otherwise provided by law.

The authority of the holder of a proxy to act shall not be revoked by the incompetence or death of the shareholder who executed the proxy, unless before the authority is exercised written notice of an adjudication of such incompetence or of such death is received by the Secretary or any Assistant Secretary.

**11. Vote or Consent of Shareholders**

Directors, except as otherwise required by law, shall be elected by a plurality of the votes cast at a meeting of shareholders by the holders of shares entitled to vote in the election.

Whenever any corporate action, other than the election of directors, is to be taken by vote of the shareholders, it shall, except as otherwise required by law, be authorized by a majority of the votes cast at a meeting of shareholders by the holders of shares entitled to vote thereon.

------

Whenever shareholders are required or permitted to take any action by vote, such action may be taken without a meeting on written consent, setting forth the action so taken, signed by the holders of all outstanding shares entitled to vote thereon. Written consent thus given by the holders of all outstanding shares entitled to vote shall have the same effect as a unanimous vote of shareholders.

**12. Fixing the Record Date**

For the purpose of determining the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or to express consent to or dissent from any proposal without a meeting, or for the purpose of determining shareholders entitled to receive payment of any dividend or the allotment of any rights, or for the purpose of any other action, the Board of Directors may fix, in advance, a date as the record date for any such determination of shareholders. Such date shall not be less than ten nor more than sixty days before the date of such meeting, nor more than sixty days prior to any other action.

When a determination of shareholders of record entitled to notice of or to vote at any meeting of shareholders has been made as provided in this Section, such determination shall apply to any adjournment thereof, unless the Board of Directors fixes a new record date for the adjourned meeting.

**ARTICLE II** **BOARD OF DIRECTORS**

**1. Power of Board and Qualification of Directors**

The business of the Corporation shall be managed by the Board of Directors. Each director shall be at least eighteen years of age.

**2. Number of Directors**

The number of directors constituting the entire Board of Directors shall be the number, not less than one nor more than ten, fixed from time to time by a majority of the total number of directors which the Corporation would have, prior to any increase or decrease, if there were no vacancies, provided, however, that no decrease shall shorten the term of an incumbent director. Until otherwise fixed by the directors, the number of directors constituting the entire Board shall be four.

**3. Election and Term of Directors**

At each annual meeting of shareholders, directors shall be elected to hold office until the next annual meeting and until their successors have been elected and qualified or until their death, resignation or removal in the manner hereinafter provided.

**4. Quorum of Directors and Action by the Board**

A majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and, except where otherwise provided herein, the vote of a majority of the directors present at a meeting at the time of such vote, if a quorum is then present, shall be the act of the Board.

Any action required or permitted to be taken by the Board of Directors or any committee thereof may be taken without a meeting if all members of the Board or the committee consent in writing to the adoption of a resolution authorizing the action. The resolution and the written consent thereto by the members of the Board or committee shall be filed with the minutes of the proceedings of the Board or committee.

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**5. Meetings of the Board**

An annual meeting of the Board of Directors shall be held in each year directly after the annual meeting of shareholders. Regular meetings of the Board shall be held at such times as may be fixed by the Board. Special meetings of the Board may be held at any time upon the call of the President or any two directors.

Meetings of the Board of Directors shall be held at such places as may be fixed by the Board for annual and regular meetings and in the notice of meeting for special meetings. If no place is so fixed, meetings of the Board shall be held at the principal office of the Corporation. Any one or more members of the Board of Directors may participate in meetings by means of a conference telephone or similar communications equipment.

No notice need be given of annual or regular meetings of the Board of Directors. Notice of each special meeting of the Board shall be given to each director either by mail not later than noon, 12:00 PM time, on the third day prior to the meeting or by telegram, written message or orally or email not later than noon, 12:00 PM time, on the day prior to the meeting. Notices are deemed to have been properly given if given: by mail, when deposited in the United States mail; by telegram at the time of filing; or by messenger at the time of delivery. Notices by mail, telegram or messenger shall be sent to each director at the address designated by him for that purpose, or, if none has been so designated, at his last known residence or business address.

Notice of a meeting of the Board of Directors need not be given to any director who submits a signed waiver of notice whether before or after the meeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to any director.

A notice, or waiver of notice, need not specify the purpose of any meeting of the Board of Directors.

A majority of the directors present, whether or not a quorum is present, may adjourn any meeting to another time and place. Notice of any adjournment of a meeting to another time or place shall be given, in the manner described above, to the directors who were not present at the time of the adjournment and, unless such time and place are announced at the meeting, to the other directors.

**6. Resignations**

Any director of the Corporation may resign at any time by giving written notice to the Board of Directors or to the President or to the Secretary of the Corporation. Such resignation shall take effect at the time specified therein; and unless otherwise specified therein the acceptance of such resignation shall not be necessary to make it effective.

**7. Removal of Directors**

Any one or more of the directors may be removed for cause by action of the Board of Directors. Any or all of the directors may be removed with or without cause by vote of the shareholders.

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**8. Newly Created Directorships and Vacancies**

Newly created directorships resulting from an increase in the number of directors and vacancies occurring in the Board of Directors for any reason except the removal of directors by shareholders may be filled by vote of a majority of the directors then in office, although less than a quorum exists. Vacancies occurring as a result of the removal of directors by shareholders shall be filled by the shareholder. A director elected to fill a vacancy shall be elected to hold office for the unexpired term of his predecessor.

**9. Executive and Other Committees of Directors**

The Board of Directors, by resolution adopted by a majority of the entire Board, may designate from among its members an executive committee and other committees each consisting of three or more directors and each of which, to the extent provided in the resolution, shall have all the authority of the Board, except that no such committee shall have authority as to the following matters: (a) the submission to shareholders of any action that needs shareholders' approval; (b) the filling of vacancies in the Board or in any committee; (c) the fixing of compensation of the directors for serving on the Board or on any committee; (d) the amendment or repeal of the bylaws, or the adoption of new bylaws; (e) the amendment or repeal of any resolution of the Board which, by its term, shall not be so amendable or repealable; or (f) the removal or indemnification of directors.

The Board of Directors may designate one or more directors as alternate members of any such committee, who may replace any absent member or members at any meeting of such committee.

Unless a greater proportion is required by the resolution designating a committee, a majority of the entire authorized number of members of such committee shall constitute a quorum for the transaction of business, and the vote of a majority of the members present at a meeting at the time of such vote, if a quorum is then present, shall be the act of such committee.

Each such committee shall serve at the pleasure of the Board of Directors.

**10. Compensation of Directors**

The Board of Directors shall have the authority to fix the compensation of directors for services in any capacity.

**11. Interest of Directors in a Transaction**

Unless shown to be unfair and unreasonable as to the Corporation, no contract or other transaction between the Corporation and one or more of its directors, or between the Corporation and any other corporation, firm, association or other entity in which one or more of the directors are directors or officers, or are financially interested, shall be either void or voidable, irrespective of whether such interested director or directors are present at a meeting of the Board of Directors, or of a committee thereof, which authorizes such contract or transaction and irrespective of whether his or their votes are counted for such purpose. In the absence of fraud any such contract and transaction conclusively may be authorized or approved as fair and reasonable by: (a) the Board of Directors or a duly empowered committee thereof, by a vote sufficient for such purpose without counting the vote or votes of such interested director or directors (although such interested director or directors may be counted in determining the presence of a quorum at the meeting which authorizes such contract or transaction), if the fact of such common directorship, officership or financial interest is disclosed or known to the Board or committee, as the case may be; or (b) the shareholders entitled to vote for the election of directors, if such common directorship, officership or financial interest is disclosed or known to such shareholders.

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Notwithstanding the foregoing, no loan, except advances in connection with indemnification, shall be made by the Corporation to any director unless it is authorized by vote of the shareholders without counting any shares of the director who would be the borrower or unless the director who would be the borrower is the sole shareholder of the Corporation.

**ARTICLE III** **OFFICERS**

**1. Election of Officers**

The Board of Directors, as soon as may be practicable after the annual election of directors, shall elect a President, a Secretary, and a Treasurer, and from time to time may elect or appoint such other officers as it may determine. Any two or more offices may be held by the same person. The Board of Directors may also elect one or more Vice Presidents, Assistant Secretaries and Assistant Treasurers.

**2. Other Officers**

The Board of Directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board.

**3. Compensation**

The salaries of all officers and agents of the Corporation shall be fixed by the Board of

Directors.

**4. Term of Office and Removal**

Each officer shall hold office for the term for which he is elected or appointed, and until his successor has been elected or appointed and qualified. Unless otherwise provided in the resolution of the Board of Directors electing or appointing an officer, his term of office shall extend to and expire at the meeting of the Board following the next annual meeting of shareholders. Any officer may be removed by the Board with or without cause, at any time. Removal of an officer without cause shall be without prejudice to his contract rights, if any, and the election or appointment of an officer shall not of itself create contract rights.

**5. President or CEO**

The President shall be the chief executive officer of the Corporation, shall have general and active management of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. The President shall also preside at all meetings of the shareholders and the Board of Directors.

The President shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the Corporation.

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**6. Vice Presidents**

The Vice Presidents, in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election, during the absence or disability of or refusal to act by the President, shall perform the duties and exercise the powers of the President and shall perform such other duties as the Board of Directors shall prescribe.

**7. Secretary and Assistant Secretaries**

The Secretary shall attend all meetings of the Board of Directors and all meetings of the shareholders and record all the proceedings of the meetings of the Corporation and of the Board of Directors in a book to be kept for that purpose, and shall perform like duties for the standing committees when required. The Secretary shall give or cause to be given, notice of all meetings of the shareholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or President, under whose supervision the Secretary shall be. The Secretary shall have custody of the corporate seal of the Corporation and the Secretary, or an Assistant Secretary, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the Secretary's signature or by the signature of such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.

The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order designated by the Board of Directors, or in the absence of such designation then in the order of their election, in the absence of the Secretary or in the event of the Secretary's inability or refusal to act, shall perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

**8. Treasurer and Assistant Treasurers**

The Treasurer shall have the custody of the corporate funds and securities; shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation; and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors.

The Treasurer shall disburse the funds as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the President and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition of the Corporation.

If required by the Board of Directors, the Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of the office of Treasurer, and for the restoration to the Corporation, in the case of the Treasurer's death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in the possession or under the control of the Treasurer belonging to the Corporation.

The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order designated by the Board of Directors, or in the absence of such designation, then in the order of their election, in the absence of the Treasurer or in the event of the Treasurer's inability or refusal to act, shall perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

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**9. Books and Records**

The Corporation shall keep: (a) correct and complete books and records of account; (b) minutes of the proceedings of the shareholders, Board of Directors and any committees of directors; and (c) a current list of the directors and officers and their residence addresses. The Corporation shall also keep at its office in the State of New York or at the office of its transfer agent or registrar in the State of Delaware, if any, a record containing the names and addresses of all shareholders, the number and class of shares held by each and the dates when they respectively became the owners of record thereof.

The Board of Directors may determine whether and to what extent and at what times and places and under what conditions and regulations any accounts, books, records or other documents of the Corporation shall be open to inspection, and no creditor, security holder or other person shall have any right to inspect any accounts, books, records or other documents of the Corporation except as conferred by statute or as so authorized by the Board.

**10. Checks, Notes, etc.**

All checks and drafts on, and withdrawals from the Corporation's accounts with banks or other financial institutions, and all bills of exchange, notes and other instruments for the payment of money, drawn, made, endorsed, or accepted by the Corporation, shall be signed on its behalf by the person or persons thereunto authorized by, or pursuant to resolution of, the Board of Directors.

**ARTICLE IV**

**CERTIFICATES AND TRANSFERS OF SHARES**

**1. Forms of Share Certificates**

The share of the Corporation shall be represented by certificates, in such forms as the Board of Directors may prescribe, signed by the President or a Vice President and the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer. The shares may be sealed with the seal of the Corporation or a facsimile thereof. The signatures of the officers upon a certificate may be facsimiles if the certificate is countersigned by a transfer agent or registered by a registrar other than the Corporation or its employee. In case any officer who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer at the date of issue.

Each certificate representing shares issued by the Corporation shall set forth upon the face or back of the certificate, or shall state that the Corporation will furnish to any shareholder upon request and without charge, a full statement of the designation, relative rights, preferences and limitations of the shares of each class of shares, if more than one, authorized to be issued and the designation, relative rights, preferences and limitations of each series of any class of preferred shares authorized to be issued so far as the same have been fixed, and the authority of the Board of Directors to designate and fix the relative rights, preferences and limitations of other series.

Each certificate representing shares shall state upon the face thereof: (a) that the Corporation is formed under the laws of the State of Delaware; (b) the name of the person or persons to whom issued; and (c) the number and class of shares, and the designation of the series, if any, which such certificate represents.

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**2. Transfers of Shares**

Shares of the Corporation shall be transferable on the record of shareholders upon presentment to the Corporation of a transfer agent of a certificate or certificates representing the shares requested to be transferred, with proper endorsement on the certificate or on a separate accompanying document, together with such evidence of the payment of transfer taxes and compliance with other provisions of law as the Corporation or its transfer agent may require.

**3. Lost, Stolen or Destroyed Share Certificates**

No certificate for shares of the Corporation shall be issued in place of any certificate alleged to have been lost, destroyed, or wrongfully taken, except, if and to the extent required by the Board of Directors upon: (a) production of evidence of loss, destruction or wrongful taking; (b) delivery of a bond indemnifying the Corporation and its agents against any claim that may be made against it or them on account of the alleged loss, destruction or wrongful taking of the replaced certificate or the issuance of the new certificate; (c) payment of the expenses of the Corporation and its agents incurred in connection with the issuance of the new certificate; and (d) compliance with other such reasonable requirements as may be imposed.

**ARTICLE V** **OTHER MATTERS**

**1. Corporate Seal**

The Board of Directors may adopt a corporate seal, alter such seal at pleasure, and authorize it to be used by causing it or a facsimile to be affixed or impressed or reproduced in any other manner.

**2. Fiscal Year**

The fiscal year of the Corporation shall be the twelve months ending December 31st as fixed by the Board of Directors.

**3. Amendments**

Bylaws of the Corporation may be adopted, amended or repealed by vote of the holders of the shares at the time entitled to vote in the election of any directors. Bylaws may also be adopted, amended or repealed by the Board of Directors, but any bylaws adopted by the Board may be amended or repealed by the shareholders entitled to vote thereon as herein above provided.

If any bylaw regulating an impending election of directors is adopted, amended or repealed by the Board of Directors, there shall be set forth in the notice of the next meeting of shareholders for the election of directors the bylaw so adopted, amended or repealed, together with a concise statement of the changes made.

## Exhibit 10.1

**LICENSE AGREEMENT**

This License Agreement is entered into and made effective as of this 6th day of August 2024 by and between T Stamp Inc. dba Trust Stamp, a company incorporated under the laws of Delaware having its head office in Atlanta, Georgia, USA and hereafter called 'Trust Stamp,' and Boumarang Inc. hereafter called "the Licensee."

**RECITALS**

A.Trust Stamp is engaged in developing and producing software based in part on patents set forth in Exhibit A hereto, hereinafter referred to as the 'Patents.'

B.The Licensee is engaged in the business of the development, manufacturing, sale, and marketing of hydrogen- powered UAV and USV ("Drones" or "Products")

C.Trust Stamp is willing to broaden the market for its technology by granting the Licensee the non-exclusive right to exploit the Patents to produce, sell, market, and distribute Drones, and the Licensee wishes to acquire such a non- exclusive license.

**AGREEMENT**

NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, Trust Stamp and Licensee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Trust Stamp hereby grants to the Licensee a non-exclusive license to exploit Trust Stamp Patent Rights as specified in Exhibit A for the sole purpose of producing, selling, marketing, and distributing Drones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The parties agree that this license grant shall not affect Trust Stamp's rights to develop, manufacture, market, and sell any product either by itself or through its distribution agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 In consideration for the non-exclusive license granted pursuant to Section 1.1 hereof, the Licensee shall pay to Trust Stamp a non-refundable License Fee upon execution of this Agreement in the form of a pre-paid warrant to acquire 5,000,000 shares of common stock in the Licensee valued at $1.00 per share. The License Fee described in this Section is the consideration for the grant of the License hereunder, and Trust Stamp shall have no additional obligation to perform any service or return any portion of such License Fee, notwithstanding any failure by the Licensee to develop any Products exploiting the Patents.

2.1The Licensee shall be responsible for obtaining all necessary governmental approvals for the development, production, distribution, sale, and use of any Products using the licensed patent rights at the Licensee's expense. The Licensee shall have sole responsibility for any warning labels, packaging, and instructions as to the use of Products and for the quality control of any Products and must not provide any warranty or representations regarding the Licensed Patents.

2.2Licensee hereby agrees to indemnify, defend, and hold harmless Trust Stamp and any and all co-owners of Trust Stamp Patent Rights, and any parent, subsidiary, or other affiliated entity and their trustees, officers, employees, scientists, and agents from and against any liability or expense arising from any product liability claim asserted by any party or any claims arising from the use of any Trust Stamp Patent Rights pursuant to this Agreement. Such indemnity and defense obligation shall apply to any product liability or other claims, including, without limitation, personal injury, death, or property damage, made by employees, subcontractors, sublicensees, or agents of the Licensee, as well as any member of the general public. The Licensee shall use its best efforts to have Trust Stamp, and any and all co-owners of Trust Stamp Technology or Trust Stamp Patent Rights, and any parent, subsidiary, or other affiliated entity and their trustees, officers, employees, scientists, and agents named as additional insured parties on any product liability insurance policies maintained by the Licensee, its Affiliates and sublicensees applicable to Products.

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3.1Patent Marking. To the extent required by applicable law, Licensee shall mark all Products or their containers in accordance with the applicable patent marking laws.

3.2The use of the name "Trust Stamp," or any variation thereof in connection with the advertising or sale of Products is not permitted without Trust Stamp's prior written approval.

4.1Trust Stamp hereby represents, warrants, and covenants that (i) it is the sole owner of the Trust Stamp Patent Rights and that it has the exclusive right to grant a license on the Patents; (ii) it has not received written notification that legal proceedings have been commenced, or are expected to be commenced, in which there may be assertions of infringement by Trust Stamp, of the patents, trademarks or copyrights of any third party (ii) it has full right and power to enter into this Agreement.

4.2Trust Stamp makes no other warranties concerning Trust Stamp patent rights, including without limitation any express or implied warranty as to merchantability or fitness for a particular purpose or that any patent is or will be free from infringement.

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Trust Stamp and any and all co-owners of Trust Stamp Patent Rights retain full ownership and title to Trust Stamp Patent Rights licensed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;6.1 The parties agree that during the term of this Agreement, and for a period of three (3) years after this Agreement terminates, a party receiving Confidential Information of the other party will (i) maintain in confidence such Confidential Information to the same extent such party maintains its own proprietary industrial information; (ii) not disclose such Confidential Information to any third party without prior written consent of the other party; and (iii) not use such Confidential Information for any purpose except those permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Any and all assignments of this Agreement or any rights granted hereunder by the Licensee are void except (i) to an Affiliate of Licensee; (ii) in connection with the transfer or sale of all or substantially all of the Licensee's assets or business or in the event of its merger, consolidation, change in control or similar transaction; or (iii) as expressly permitted hereunder, without the prior written consent of Trust Stamp, such consent not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;8.1. Subject to the limitations on assignment herein, this Agreement shall be binding upon and inure to the benefit of any successors in interest and assigns of Trust Stamp and the Licensee. Any such successor or assignee of the Licensee's interest shall expressly assume in writing the performance of all the terms and conditions of this Agreement to be performed by the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;9.1 The relationship between Trust Stamp and the Licensee is that of independent contractors. Trust Stamp and the Licensee are not joint venturers, partners, principal and agent, master and servant, employer or employee, and have no other relationship other than independent contracting parties. Trust Stamp and the Licensee shall have no power to bind or obligate each other in any manner other than as is expressly set forth in this Agreement.

10.1 This Agreement merges and supersedes all prior Agreements between the parties hereto. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof shall be settled by, governed by, and construed in accordance with the laws of the State of New York, United States, and the courts of New York State shall have exclusive jurisdiction in respect of any dispute arising hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;11.1 This Agreement sets forth the entire agreement and understanding between the parties regarding its subject matter. No amendments or modifications shall be made to this Agreement except by a written document signed by both parties.

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&nbsp;&nbsp;&nbsp;&nbsp;12.1 Should any one or more of the provisions of this Agreement be held invalid or unenforceable by a court of competent jurisdiction, it shall be considered severed from this Agreement and shall not serve to invalidate the remaining provisions thereof. The parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by them when entering this Agreement may be realized.

Executed for T Stamp Inc. dba Trust Stamp

Gareth N. Genner

Chief Executive Officer

![](boumex10z1_1.jpg)

Executed for The Licensee

![](boumex10z1_2.jpg)

Name: Imran Firoz Position: Interim CEO

## Exhibit 10.2

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INTELLECTUAL PROPERTY RIGHTS PURCHASE AND TRANSFER AGREEMENT

This Intellectual Property Rights Purchase and Transfer Agreement (this "Agreement") is made as of this 28th day of August, 2024, between Boumarang, Inc. A Delaware Corporation, (hereinafter referred to as "Boumarang" or "Buyer"), and Guinn Partners, a Texas based Corporation, hereinafter referred to as ("GUINN" or "Seller" or "Guinn").

RECITALS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.GUINN currently owns or has the right to certain Intellectual Property Rights identified on Exhibit A hereto (the "Assets"), including but not limited to Patents, Pending Patents, Inventions, Trade Secrets, Research & Development, Designs and Continuation in Part, Applications, etc. listed thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Upon the Closing Date, Guinn shall transfer to Buyer the Assets free of any and all encumbrances and Buyer accepts all rights to the Assets as laid out on Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Boumarang wishes to purchase the Assets for the Purchase Price set forth in Section 2 below.

It is therefore agreed as follows:

Definitions.

As used herein, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Intellectual Property Rights. The term "Intellectual Property Rights" means all (i) patents, patent applications, patent disclosures and inventions, (ii) Internet Domain names, trademarks, service marks, trade dress, trade names, logos and corporate names and registrations and applications for registration thereof together with all of the goodwill associated therewith, (iii) copyrights (registered or unregistered) and copyrightable works and registrations and applications for registration thereof, (iv) mask works and registrations and applications thereof, (v) computer software, data, databases and documentation thereof, (vi) trade secrets and other confidential information (including ideas, formulas, compositions, inventions (whether patentable or unpatentable and whether or not reduced to practice), know-how, manufacturing and production processes and techniques, research and development information, drawings, specifications, designs, plans, proposals, technical data, and copyrightable works, financial and marketing plans and customer and supplier lists and information, and (vii) copies and tangible embodiments thereof (in whatever form or medium).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Closing. The term "Closing" or "Closing Date" shall have the meaning ascribed to it in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Closing Date Payment. The term "Closing Date Payment" shall have the meaning ascribed to it in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Material Adverse Effect. The term "Material Adverse Effect" shall mean events which have an adverse effect in the aggregate which, measured in dollars, exceeds the sum of $15,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Material Contract. The term "Material Contract" shall have the meaning ascribed to it in Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Proration Date. The term "Proration Date" shall mean the specific date set for Closing in Section 3 or any subsequent date set for Closing, provided that the actual date of Closing occurs within five (5) business days after said date set for Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Affiliate of Seller. The term "Affiliate of Seller" shall mean (i) any individual, partnership, corporation, or other entity or person which is owned or controlled directly or indirectly by Guinn; (ii) any other individual, partnership, corporation, or other entity or person which controls or is controlled by or under common control with Seller; and (iii) any officer, director, partner, or owner of 10 percent or greater equity or voting interest in any such other corporation, partnership, or other entity or person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Code. The term "Code" shall mean the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Agreement. The term "Agreement" shall mean this instrument and all Schedules and Exhibits attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sale, Purchase and Transfer of Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Assets. Subject to the terms and conditions of this Agreement, at the Closing referred to herein, Seller agrees to sell, transfer and assign and Buyer agrees to purchase and accept on the terms stated herein, all of Seller's right, title and interest in and to the Assets, including, without limitation, licenses, notifications, approvals and authorizations to the extent assignable associated therewith (the "Contracts").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2Assignment of Contracts.

(a).Contracts Assignable Without Consent. Seller agrees to assign or cause to be assigned to Buyer or a Designee, as of the Closing, all of the rights of Seller under the Contracts that are assignable without consent of any third party and Buyer shall assume, as of the Closing, Seller to Use Reasonable Efforts. Anything in this Agreement to the contrary notwithstanding, Seller shall be obligated to sell, assign, transfer or convey or cause to be assigned, transferred or conveyed to Buyer or a Designee, if applicable, any of its rights in and to any of the Assets and first obtaining all necessary approvals, consents or waivers. Seller shall use all reasonable efforts, and cooperate with the Buyer, to obtain all necessary approvals, consents or waivers, or to resolve any impracticalities of transfer necessary to assign or convey to Buyer or a Designee, if applicable, the Asset as soon as practicable; provided, however, that neither Seller nor Buyer shall be obligated to pay any consideration therefor except for filing fees and other ordinary administrative charges which shall be paid by Seller to the third party from whom such approval, consent or waiver is requested. Such approvals, consents, and waivers shall be in favor of the Buyer and, if applicable, a Designee.

(b).If Waivers or Consents Cannot be Obtained. To the extent that any of the approvals, consents or waivers referred to in have not been obtained by Seller as of the Closing, or until the impracticalities of transfer are resolved, Seller shall, during the remaining term of such Contracts, use all reasonable efforts to (i) obtain the consent of any such third party with the filing fees and ordinary administrative charges payable to such third party shall be the sole responsibility of the Seller; (ii) cooperate with Buyer in any reasonable and lawful arrangements designed to provide the benefits of such Contracts to Buyer or a Designee, if applicable, so long as Buyer fully cooperates with Seller in such arrangements; and (iii) enforce, at the request of Buyer and at the expense of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3Transferring Assets and Licenses.

Seller will assign the Assets, transfer or convey, or cause to be assigned, transferred or conveyed to Buyer or a Designee, if applicable, at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase Price.

The purchase price for the Assets ("Purchase Price") shall be five million (5,000,000) common stock shares of Buyer valued at $5,000,000. All securities are to be delivered to the Seller at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Closing.

Date of Closing. The Closing shall take place at the offices of Boumarang, Inc., or at such other place as the parties may agree in writing, on August 28th, 2024 or such later date as all conditions to Closing set forth in Section 7.7 below have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Documents to be Delivered by Seller.

At or prior to the Closing, Seller shall deliver, or cause to be delivered, the following:

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(a).documents of Assignment free of encumbrances and other instruments of transfer, dated the Closing Date, transferring to Buyer title to the Assets.

(b).documents evidencing the assignment and assumption of the Contracts to Buyer or a Designee (together with any third-party consents required for such transfers);

(c).provide a copy of the written consent of resolutions of the board of directors of Guinn and copies of the resolutions of the shareholders of Guinn authorizing the execution, delivery and performance of this Agreement by Guinn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Documents to be Delivered by Buyer.

At or prior to the Closing Date, Buyer shall deliver the following:

(a).documents evidencing the issuance of five million (5,000,000) shares of common stock to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a copy of the resolutions of the board of directors of Buyer authorizing the execution, delivery and performance of this Agreement by Buyer, and a certificate of its secretary or assistant secretary, dated the Closing Date, that such resolutions were duly adopted and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Transfer Fees

Any recording fees or related Asset transfer fees shall be paid by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Conduct of the Seller Pending Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Between the date hereof and the Closing Date, Seller shall continue to operate the Business in the ordinary course and in a manner reasonably consistent with its present operating plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Seller will not take any action, (i) the result of which will be to create a Material Adverse Effect on the value of the Assets, or (ii) which is both not reasonably consistent with its normal operating plan and not in the ordinary course of business, except as otherwise set forth in this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Representations of Seller.

Seller represents to Buyer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Organization, Standing and Authority.

Guinn is a corporation organized, under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2Authorization of Agreement; Authority. The execution, delivery and performance of this Agreement by Seller has been duly authorized by all necessary corporate and partnership action of Seller, and this Agreement constitutes the valid and binding obligation of Seller, enforceable in accordance with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights in general and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The execution, delivery and performance of this Agreement by Seller will not (a) violate or conflict with Guinn corporate power and authority; (b) constitute a violation of any law, regulation, order, writ, judgment, injunction or decree applicable to Seller; or (c) subject to the receipt of appropriate consents as specified in this Agreement as of the Closing Date, conflict with, or result in the breach of the provisions of, or constitute a default under, any agreement, license, permit or other instrument to which Seller is a party or is bound or by which the Assets are bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3Material Contracts. All of the Material Contracts which are to be transferred to Buyer at Closing, if any, have not been further modified, or amended. A Material Contract shall mean a Contract which involves payments, performance of services or delivery of goods by or to Seller after the Closing Date in an amount with any value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4Litigation, Compliance with Laws. There are no judicial or administrative actions, proceedings or investigations pending or, to the best of Seller's knowledge, threatened, that question the validity of this Agreement, or any action taken or to be taken by Seller in connection with this Agreement. There is no claim of infringement, litigation, proceeding or governmental investigation pending or, to the best of Seller's knowledge, threatened, or any order, injunction or decree outstanding which, if decided unfavorably, would have a Material Adverse Effect on Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Assets. Seller has, or will have on the Closing Date, good and marketable title (which includes leasehold title if applicable) to the Assets to be transferred to Buyer on the Closing Date. Please see Exhibit A in regard to Assets to be transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Representations of Buyer. Buyer represents to Seller as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1Buyer's Organization. Buyer is a Corporation organized, existing and in good standing under the laws of Delaware and has the full corporate power and authority to enter into and to perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2Authorization of Agreement. The execution, delivery and performance of this Agreement by Buyer have been duly authorized by all necessary corporate action of Buyer, and this Agreement constitutes the valid and binding obligation of Buyer enforceable against it in accordance with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors' rights in general and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Consents of Third Parties. The execution, delivery and performance of this Agreement by Buyer will not (a) violate or conflict with the articles of organization or by-laws of Buyer; or (b) constitute a violation of any law, regulation, order, writ, judgment, injunction or decree applicable to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Litigation. There are no judicial or administrative actions, proceedings or investigations pending or, to the best of Buyer's knowledge, threatened, that question the validity of this Agreement, or any action taken or to be taken by Buyer in connection with this Agreement. There is no litigation, proceeding or governmental investigation pending or, to the best of Buyer's knowledge, threatened, or any order, injunction or decree outstanding, against the Buyer that, if adversely determined, would have a material effect upon Buyer's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Further Agreements of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Access to Information. Buyer and each Designee shall have access to information and other Assets for due diligence investigation purposes and to facilitate an orderly transition in the management of those Assets in anticipation of Closing. In addition, Seller will make available to Buyer and each Designee its financial statements and shall cooperate and instruct Seller's independent auditors to cooperate, at Buyer's expense, in preparing the financial statement and which Buyer will, or such Designee may, be required to file with the Securities Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Notice of Changes and Events.

Each party shall promptly notify the other party in writing, and furnish to such party any information that such party may reasonably request, with respect to the occurrence of any event or the existence of any state of facts that would (i) result in the party's representations and warranties not being true if they were made at any time prior to or as of the Closing Date, or (ii) impair the party's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Expenses. Except as otherwise specifically provided in this Agreement, Buyer and Seller shall bear their own respective expenses incurred in connection with this Agreement and in connection with all obligations required to be performed by each of them under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Publicity. Buyer shall have the right to issue a public announcement or press release concerning the transactions contemplated by this Agreement and, except as may be required by applicable law or regulation or rule of any stock exchange or organized securities market on which the securities of Buyer or Seller's securities listed or traded, will most likely make a public announcement or issue a press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Preservation of Records.

(a).Buyer agrees that neither Buyer nor any Designee shall destroy any records related to the Assets without first giving Seller sixty (60) days advance written notice and an opportunity to take custody of such records, at Seller's cost and expense, including reimbursement of Buyer's or any affected Designee's extraordinary costs, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6Buyer's Due Diligence.

Buyer may conduct due diligence examinations during a period commencing on the date hereof and ending at the close of business on the day prior to the Closing Date (the "Due Diligence Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7Conditions to Obligations of Seller. The respective obligations of each party to perform this Agreement and consummate the Closing are subject to the satisfaction of the following conditions, unless waived by the applicable party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The shareholders of Seller shall have approved this Agreement, and the consummation of the transactions contemplated hereby, to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Buyer shall have executed a mutually agreeable and reasonable non- compete agreement with each of Colin Guin and Craig Nehkorn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Registration Rights. Buyer and Seller shall negotiate and execute a mutually agreeable registration rights agreement covering the registration with the SEC of the shares of common stock to be issued to Seller in connection with the transactions contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Default; Remedies; Arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Default; Remedies. Time is of the essence of this Agreement. If either party fails or refuses to carry out this Agreement according to its terms, the other party shall be entitled to the remedies set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Arbitration. This Agreement shall not be subject to termination except as specifically provided in this Agreement. Any question, controversy or claim arising under or relating to this Agreement, including without limitation any such matter pertaining to an alleged event having a Material Adverse Effect or any adjustment of the Purchase Price, or for any breach hereof, shall be settled by arbitration in accordance with the rules of the American Arbitration Association and the provisions of the laws of California relating to arbitration, as said rules and laws are in effect on the date of this Agreement. The arbitration shall be conducted in State of California, by and before a single arbitrator, who is experienced in the problem or problems in dispute, to be agreed upon by the Seller and Buyer, or if they are unable to agree upon an arbitrator within ten (10) days after written demand by either party for arbitration, then, at the written request of either party, the arbitrator shall be appointed by the American Arbitration Association, Proceedings to obtain a judgment with respect to any award rendered hereunder shall be undertaken in accordance with the laws of Delaware including the conflicts of laws provisions thereof.

Each party shall pay one-half of the arbitrator's fees and expenses. Upon application to the arbitrator, the parties shall be entitled to limited discovery, including only exchange of documents and only depositions on such terms as the arbitrator may allow for purposes of fairness and to reduce the overall time and expense of the arbitration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Indemnification and Related Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Indemnification.

Buyer agrees to save, defend, indemnify and hold Seller and its officers and directors, parents, subsidiaries, shareholders, affiliates, predecessors, successors and assigns (and their respective officers, directors, employees and agents) harmless from and against any loss, claims, liabilities, damages, costs and expenses, including attorneys' fees incurred with respect to third parties ("Damages") resulting from, based upon, or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any breaches, occurring before, at or after Closing, of Contracts, Long Term Leases, permits, licenses, and all other agreements and obligations transferred or assigned to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the operation, management or condition of the Assets or Business at or after the Closing; all matters assumed by the Buyer pursuant to any and all provisions of this Agreement or any related agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all actions, claims, suits, proceedings, demands, assessments, judgments, costs and expenses, including attorneys' fees (incurred with respect to third parties), with respect to the foregoing.

Wherever this Agreement provides for Buyer's indemnification the term "Seller" shall mean Guinn Partners,

Inc.

Seller agrees to save, defend, indemnify and hold Buyer and its officers and directors, parents, subsidiaries, affiliates, predecessors, successors and assigns (and their respective officers, directors, employees and agents) harmless from and against any loss, claims, liabilities, damages, costs and expenses, including attorneys' fees incurred with respect to third parties ("Damages") resulting from, based upon, or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)infringement claims brought against the Assets or any portion thereof, any breaches, occurring before the Closing, of Contracts, Long Term Leases, permits, licenses, and all other agreements and obligations transferred or assigned to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the operation, management or condition of the Assets or Business or, whether arising before the Closing, excluding only those matters covered by Section 9 above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all actions, claims, suits, proceedings, demands, assessments, judgments, costs and expenses, including attorneys' fees (incurred with respect to third parties), with respect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Defense of Claims by Third Parties. If any claim is made against a party that, if sustained, would give rise to a liability of the other under this Agreement, Buyer or Seller, as the case may be, shall promptly cause notice of the claim to be delivered to the other and shall notify the other party and its counsel of its obligation to defend such claim, at such other party's sole expense. The obligation to defend indemnity claims shall be the responsibility of each party for a period of two (2) years, with counsel satisfactory to the party against which such claim is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Entire Agreement. This Agreement (contains, and is intended as, a complete statement of all of the terms of the arrangements between the parties with respect to the matters provided for, supersedes any previous agreements and understandings between the parties with respect to those matters, and cannot be changed or terminated orally.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Governing Law. Seller and Buyer each hereby consent to personal jurisdiction in any action brought with respect to this Agreement and the transactions contemplated hereunder in State of California and to the arbitration described in Section 8 of this Agreement shall be governed by and construed in accordance with the law of the State of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given when delivered personally or mailed by registered mail, return receipt requested, to the parties at the following addresses (or to such address as a party may have specified by notice given to the other party pursuant to this provision):

If to Buyer to:

Boumarang, Inc.

200 Spectrum Drive, Irvine, CA 92618

If to Seller, to:

Guinn Partners

2120 West Braker Lane Suite M

Austin Texas 78758

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Further Assurances and Assistance. Buyer and Seller agree that each will execute and deliver to the other any and all documents, in addition to those expressly provided for herein, that may be necessary or appropriate to effectuate the provisions of this Agreement, whether before, at or after the Closing. Seller agrees that, at any time and from time to time after the Closing, it will execute and deliver to Buyer such further assignments or other written assurances as Buyer may reasonably request to perfect and protect Buyer's title to the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Survival. The terms, covenants, agreements, representations and warranties contained in or made pursuant to this Agreement together with all indemnities and undertakings contained herein shall survive the Closing for two (2) years and shall not be deemed to have been merged in any of the documents delivered at the Closing, irrespective of any investigation made by or on behalf of any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Waiver. Any party may waive compliance by another with any of the provisions of this Agreement. No waiver of any provision shall be construed as a waiver of any other provision. Any waiver must be in writing and signed by the party waiving such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Except as expressly set forth herein, nothing in this Agreement shall create or be deemed to create any third-party beneficiary rights in any person or entity not a party to this Agreement, including any such person or entity asserting rights as a third party beneficiary with respect to environmental matters. No assignment of this Agreement or of any rights or obligation hereunder may be made by either party (by operation of law or otherwise) without the prior written consent of the other and any attempted assignment without the required consent shall be void; provided, however, that no such consent shall be required of Buyer to assign its rights under this Agreement to one or more Designees, but no such assignment by Buyer of its rights or obligations hereunder shall relieve Buyer of any of its obligations to Seller under this Agreement. Further, no such consent shall be required of Seller to assign its rights or obligations under this Agreement to one or more Affiliates of Seller, but no such assignment by seller of its rights or obligations hereunder shall relieve Seller of any of its obligations to Buyer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but which together shall constitute one and the same Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 No Recordation. Neither this Agreement nor a memorandum hereof shall be recorded in any jurisdiction or public record.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 No Presumptions. This Agreement is a result of negotiations between Seller and Buyer, both of whom are represented by counsel of their choosing. No presumption shall exist in favor of either party concerning the interpretation of the documents constituting this Agreement by reason of which party drafted the documents.

IN WITNESS WHEREOF, The parties have executed this Agreement as of the Effective Date.

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| |
|:---|
| **GUINN PARTNERS** |
| By: Craig Nehrkorn, Partner |

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[Received signed from seller August 28th, 2024]

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| |
|:---|
| **BOUMARANG, INC** |
| By: Imran Firoz CFO, Director |
| 8/30/2024 |

---

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**Exhibit: A List of IP Assets** 

**Assignment – Schedule A**

**United States Patent Applications and Issued Patents, Inventions & Trade Secrets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Range Finder & Automated Tracking System**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Description: Long range target acquisition and tracking system that guarantees delivery of a payload (typically a munition) after lock without further human intervention. Acquire the target through the rifle scope. Sensors are continuously measuring variables that affect the shot. The ballistics calculator uses those measurements to calculate the firearm's precise point of impact, then snaps the crosshairs to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Assets Rights assigned to Buyer: All rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **MoonTower** **Analytics** **& OTA Software Update System**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Description: Network infrastructure for remote monitoring and over the air update ability for drone, robot and IoT devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Assets Rights assigned to Buyer: An unrestricted and irrevocable license. Seller retains rights to continue existing and non competing business operations in support of Seller's existing business. Examples of Seller's existing non-competing MoonTower clients include Gel Blaster (children's toys), Lift Foils (electric surfboards) and Lithos (batteries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Ballistic Heads Up** **Display** **(B-HUD)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Description: Hardware that allows for the input, delivery and dissemination of information for real-time and in-view allowing for immediate engagement in a direct contact situation to effectively engage targets at ranges of 300 - 450 meters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Assets Rights assigned to Buyer: All rights

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## Exhibit 10.3

**HYDROGEN FUEL CELL TECHNOLOGY**

**PURCHASE AND ASSIGNMENT AGREEMENT**

This Hydrogen Fuel Cell Technology Purchase and Assignment Agreement (this "Agreement") is made and entered into as of September 30, 2024 (the "Effective Date"), by and between:

Boumarang Inc., a Delaware corporation ("Boumarang" or "Purchaser"), and

Eastern Electrolyser Ltd., an Indian corporation ("Eastern" or "Seller") or its designee.

Purchaser and Seller are sometimes referred to herein individually as a "Party" and collectively as the "Parties."

**RECITALS**

WHEREAS, Seller has developed and owns certain hydrogen fuel cell system technology, including related hardware, software, know-how, prototypes, and documentation, suitable for use in hydrogen-powered drones and related applications, as more particularly described in Exhibit B attached hereto (the "Technology");

WHEREAS, Purchaser is developing a new family of hydrogen-powered drones and desires to acquire all right, title, and interest in and to the Technology from Seller;

WHEREAS, Seller desires to sell, assign, transfer, and convey the Technology to Purchaser in exchange for shares of Purchaser's common stock, and Purchaser desires to issue such shares as the sole consideration for the Technology; and

WHEREAS, the Parties intend that there shall be no cash compensation payable to Seller for the Technology, other than any agreed reimbursement of out-of-pocket costs expressly provided herein.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**1.** **DEFINITIONS**

For purposes of this Agreement, the following terms have the meanings set forth below:

1.1**"Affiliate"** means, with respect to any Party, any entity that directly or indirectly controls, is controlled by, or is under common control with such Party. "Control" means (a) ownership of more than fifty percent (50%) of the voting securities of an entity, or (b) the contractual right to direct the management and policies of an entity.

1.2**"Agreement"** has the meaning set forth in the preamble.

1.3**"Boumarang Shares"** means an aggregate of 2,500,000 (two million five hundred thousand) duly authorized, validly issued, fully paid, and non-assessable shares of Purchaser's common stock, par value $0.0001 per share, valued at $1.00 per share or $2,500,000 in purchase price, to be issued to Seller (or its designee) as the sole purchase price for the Technology, as set forth in Section 4.

1.4**"Confidential Information"** means all non-public information disclosed by one Party (the **"Disclosing Party"**) to the other Party (the **"Receiving Party"**) that is designated as confidential or that, given the nature of the information or the circumstances surrounding its disclosure, reasonably should be considered confidential, including business, technical, financial, product, customer, supplier, and marketing information, and all information relating to the Technology. Confidential Information does not include information that meets one of the exceptions in Section 9.5.

1.5**"Deliverables"** means all tangible embodiments of the Technology, including all prototypes, stacks, drones, fuel cell packs, test rigs, tooling, equipment, documentation, drawings, source code, software, and other materials listed in **Exhibit B** or otherwise delivered by Seller to Purchaser pursuant to this Agreement.

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1.6**"Intellectual Property Rights"** means all rights, title, and interest in and to patents, patent applications, inventions (whether patentable or not), utility models, copyrights, moral rights, trademarks, service marks, trade names, domain names, trade dress, trade secrets, mask work rights, designs, know-how, and other similar rights, whether registered or unregistered, and all registrations, applications, renewals, extensions, and continuations thereof, anywhere in the world.

1.7**"Laws"** means all applicable international, federal, state, local, and foreign laws, rules, regulations, orders, and directives of any governmental authority.

1.8**"Technology"** has the meaning set forth in the Recitals and is more particularly described in **Exhibit B**.

1.9**"Term"** has the meaning set forth in Section 10.1.

**2.** **PURCHASE AND SALE OF TECHNOLOGY**

2.1**Purchase and Sale.** Subject to the terms and conditions of this Agreement, at the Closing (as defined below), Seller hereby sells, assigns, transfers, conveys, and delivers to Purchaser, and Purchaser hereby purchases and accepts from Seller, all of Seller's right, title, and interest in and to the Technology, free and clear of any and all liens, pledges, charges, security interests, encumbrances, or other adverse claims of any kind (collectively, "Encumbrances"), including without limitation:

(a)all Intellectual Property Rights embodied in, covering, or relating to the Technology;

(b)all tangible embodiments of the Technology, including the Deliverables;

(c)all documentation, designs, schematics, CAD files, bills of materials, specifications, test reports, source code and object code (if any), and other technical materials relating to the Technology; and

(d)all rights to sue and recover for past, present, and future infringement or misappropriation of the Intellectual Property Rights in the Technology.

2.2**Exclusions.** The Parties may, if needed, specify in **Exhibit B** any assets, technologies, or rights that are expressly excluded from the definition of Technology. Any such exclusions shall be narrowly construed.

**3.** **DELIVERABLES; TRANSFER OF POSSESSION**

3.1**Delivery of Deliverables.** On or as promptly as reasonably practicable following the Closing, Seller shall deliver to Purchaser (or make available for pick-up or electronic download, as applicable) all Deliverables described in Exhibit B and all other tangible embodiments of the Technology that are in Seller's possession or control.

3.2**Electronic Materials.** To the extent any part of the Technology or Deliverables consists of software, firmware, CAD files, design files, or other electronic materials, Seller shall deliver such materials in their native electronic formats together with any necessary passwords or access credentials.

3.3**Shipping and Logistics.** Unless otherwise agreed in writing:

(a)Seller will package the Deliverables for international shipment in a commercially reasonable manner;

(b)Purchaser will be responsible for **reasonable, documented out-of-pocket shipping, insurance, customs, and import duties** actually incurred solely in connection with the shipment of Deliverables from India to Purchaser's nominated facility; and

(c)the Parties acknowledge that such reimbursements are **not cash compensation for the Technology**, but rather reimbursement of logistics costs.

Risk of loss to shipped Deliverables shall pass to Purchaser upon delivery to the carrier at Seller's shipping point.

**4.** **PURCHASE PRICE AND CONSIDERATION**

4.1**Purchase Price.** The total purchase price for the Technology (the "Purchase Price") shall be paid solely in equity valued at $2,500,000 or $1.00 per share and shall consist of the issuance by Purchaser to Seller of the Boumarang Shares, with no cash compensation payable to Seller for the Technology.

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4.2**Issuance of Boumarang Shares.** At the Closing:

(a)Purchaser shall issue (or cause to be issued) to Seller, or to such designee as Seller may specify in writing at least five (5) business days prior to Closing, the Boumarang Shares by book-entry notation or in certificated form;

(b)the Boumarang Shares shall be duly authorized and, upon issuance in accordance with this Agreement, will be validly issued, fully paid, and non-assessable; and

(c)the Boumarang Shares may be subject to such restrictive legends and transfer restrictions as are required by applicable securities Laws and by Purchaser's charter documents and any applicable shareholder agreements.

4.3**No Additional Consideration.** Except as expressly provided in Sections 3.3 and 4.2, no other cash, property, or consideration of any kind shall be payable by Purchaser to Seller in connection with the purchase and sale of the Technology.

4.4**Tax Matters.** Each Party shall be responsible for its own income Taxes arising from the transactions contemplated by this Agreement. Any transfer, stamp, or similar Taxes directly arising from the sale and transfer of the Technology shall be borne as required by applicable Law or, if permitted, equally by the Parties.

**5.** **CLOSING**

5.1**Closing.** The closing of the transactions contemplated by this Agreement (the **"Closing"**) shall take place on the Effective Date or on such other date as the Parties may mutually agree in writing.

5.2**Seller Closing Deliverables.** At the Closing, Seller shall deliver (or cause to be delivered) to Purchaser:

(a)a countersigned copy of this Agreement;

(b)one or more executed assignment instruments in a form reasonably acceptable to Purchaser, assigning to Purchaser all right, title, and interest in and to the Technology and the associated Intellectual Property Rights (including patent assignments, copyright assignments, and trademark assignments, if applicable);

(c)a certificate executed by a duly authorized officer of Seller certifying that the representations and warranties of Seller in Section 6 are true and correct in all material respects as of the Closing; and

(d)such other customary documents, instruments, and consents as Purchaser may reasonably request to effectuate the transfer of the Technology.

5.3**Purchaser Closing Deliverables.** At the Closing, Purchaser shall deliver (or cause to be delivered) to Seller:

(a)a countersigned copy of this Agreement;

(b)evidence reasonably satisfactory to Seller of the issuance of the Boumarang Shares in accordance with Section 4; and

(c)such other customary documents as Seller may reasonably request to evidence the issuance of the Boumarang Shares.

**6.** **REPRESENTATIONS AND WARRANTIES OF SELLER**

Seller represents and warrants to Purchaser that, as of the Effective Date and as of the Closing:

6.1**Organization and Authority.** Seller is duly organized, validly existing, and in good standing under the Laws of its jurisdiction of incorporation and has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated herein.

6.2**Enforceability.** This Agreement has been duly authorized, executed, and delivered by Seller and constitutes a valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to applicable bankruptcy, insolvency, and similar Laws affecting creditors' rights generally.

6.3**Title to Technology.** Seller is the **sole and exclusive owner** of all right, title, and interest in and to the Technology, free and clear of all Encumbrances. No person or entity (other than Purchaser under this Agreement) has any option, license, or other right, whether contingent or otherwise, to acquire any interest in the Technology.

6.4**Intellectual Property Rights.** To Seller's knowledge:

(a)the Technology as used and exploited by Seller does not infringe or misappropriate any valid Intellectual Property Right of any third party in the United States or the European Union;

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(b)there are no pending or, to Seller's knowledge, threatened claims, actions, suits, or proceedings alleging such infringement or misappropriation; and

(c)Seller has not received any written notice from any third party alleging that the Technology infringes or misappropriates such party's Intellectual Property Rights.

6.5**No Conflict.** The execution, delivery, and performance of this Agreement by Seller, and the consummation of the transactions contemplated hereby, will not (a) violate any provision of Seller's organizational documents, (b) violate any applicable Law in any material respect, or (c) result in a breach of, or constitute a default under, any material contract to which Seller is a party, in each case that would reasonably be expected to materially impair Seller's ability to consummate the transactions contemplated hereby.

6.6**Consents.** No consent, approval, or authorization of, or registration, filing, or notice with, any governmental authority or other third party is required to be obtained or made by Seller in connection with the execution, delivery, and performance of this Agreement, except for those that have been duly obtained or made.

6.7**No Litigation.** There is no pending or, to Seller's knowledge, threatened action, suit, or proceeding before any court or governmental authority relating to the Technology or that challenges or seeks to prevent or delay the consummation of the transactions contemplated by this Agreement.

**7.** **REPRESENTATIONS AND WARRANTIES OF PURCHASER**

Purchaser represents and warrants to Seller that, as of the Effective Date and as of the Closing:

7.1**Organization and Authority.** Purchaser is duly incorporated, validly existing, and in good standing under the Laws of the State of Delaware and has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated herein.

7.2**Enforceability.** This Agreement has been duly authorized, executed, and delivered by Purchaser and constitutes a valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, subject to applicable bankruptcy, insolvency, and similar Laws affecting creditors' rights generally.

7.3**Authorization of Shares.** The Boumarang Shares have been duly authorized for issuance and, when issued and delivered in accordance with this Agreement, will be validly issued, fully paid, and non-assessable.

7.4**Compliance with Laws.** The issuance of the Boumarang Shares pursuant to this Agreement will be made in compliance with applicable securities Laws, including reliance on one or more exemptions from registration under the U.S. Securities Act of 1933, as amended.

**8.** **INTELLECTUAL PROPERTY; FURTHER ASSURANCES**

8.1**Assignment of Rights.** Without limiting Section 2, Seller hereby irrevocably assigns, transfers, and conveys to Purchaser all of Seller's right, title, and interest in and to the Technology and all related Intellectual Property Rights, including all rights to sue and recover for past, present, and future infringement and misappropriation.

8.2**Employees and Contractors.** Seller shall cause all of its employees, consultants, and contractors who contributed to the conception, reduction to practice, development, or creation of the Technology to have assigned (or to assign) to Seller all of their right, title, and interest in and to the Technology, and Seller hereby assigns (and shall cause such persons to assign) such rights to Purchaser to the extent they relate to the Technology.

8.3**Further Assurances.** From and after the Closing, Seller shall, at Purchaser's reasonable request and expense, execute and deliver such additional documents and take such further actions as may be reasonably necessary or desirable to vest in Purchaser the full benefit of the Technology and this Agreement, including executing further assignment documents and providing reasonable cooperation in the filing and prosecution of patents and other registrations relating to the Technology.

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**9.** **CONFIDENTIALITY**

9.1**Obligation.** Each Party shall treat all Confidential Information of the other Party as strictly confidential, shall use such Confidential Information solely for purposes of performing its obligations or exercising its rights under this Agreement, and shall not disclose such Confidential Information to any third party except as expressly permitted herein.

9.2**Standard of Care.** Each Party shall use at least the same degree of care to protect the Confidential Information of the other Party as it uses to protect its own confidential information of a similar nature, but in no event less than a reasonable degree of care.

9.3**Permitted Disclosures.** A Receiving Party may disclose Confidential Information to its directors, officers, employees, contractors, professional advisors, and Affiliates with a need to know such information in connection with this Agreement, provided that such recipients are bound by confidentiality obligations at least as protective as those set forth herein.

9.4**Return or Destruction.** Upon written request by the Disclosing Party, the Receiving Party shall promptly return or destroy all copies of the Disclosing Party's Confidential Information in its possession or control, except that the Receiving Party may retain (a) one archival copy for legal and compliance purposes and (b) any copies stored electronically in accordance with its standard backup procedures.

9.5**Exceptions.** Confidential Information does not include information that:

(a)is or becomes publicly available without breach of this Agreement by the Receiving Party;

(b)is rightfully received from a third party without restriction on use or disclosure;

(c)is independently developed by the Receiving Party without use of or reference to the Disclosing Party's Confidential Information; or

(d)is approved for release by written authorization of the Disclosing Party.

9.6**Compelled Disclosure.** If a Receiving Party is required by Law or court order to disclose any Confidential Information, it may do so to the extent required, provided that (to the extent legally permissible) it gives the Disclosing Party prompt written notice to allow the Disclosing Party to seek a protective order or other appropriate remedy.

9.7**Equitable Relief.** Each Party acknowledges that a breach of this Section 9 may cause irreparable harm for which monetary damages alone may be an inadequate remedy. Accordingly, the non-breaching Party shall be entitled to seek injunctive relief in addition to any other remedies available at Law or in equity.

**10.** **TERM; SURVIVAL**

10.1**Term.** This Agreement shall become effective as of the Effective Date and shall continue in effect until all obligations of the Parties hereunder have been fully performed.

10.2**Survival.** The provisions of Sections 6, 7, 8, 9, 11, 12, 13, and any other provisions which by their nature are intended to survive, shall survive the Closing and any expiration or termination of this Agreement.

**11.** **INDEMNIFICATION**

11.1**Seller Indemnity.** Seller shall indemnify, defend, and hold harmless Purchaser and its Affiliates, and their respective directors, officers, employees, and agents, from and against any and all losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to:

(a)any breach by Seller of its representations, warranties, or covenants under this Agreement; or

(b)any third-party claim alleging that the Technology, as of the Closing, infringes or misappropriates any Intellectual Property Right of such third party in the United States or the European Union.

11.2**Purchaser Indemnity.** Purchaser shall indemnify, defend, and hold harmless Seller and its Affiliates, and their respective directors, officers, employees, and agents, from and against any and all losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to:

(a)any breach by Purchaser of its representations, warranties, or covenants under this Agreement; or

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(b)Purchaser's exploitation or commercialization of the Technology after the Closing (other than claims covered by Seller's indemnity under Section 11.1(b)).

11.3**Procedures.** The indemnified Party shall promptly notify the indemnifying Party of any claim for which indemnification is sought and shall permit the indemnifying Party to control the defense and settlement of such claim, subject to customary conditions and the indemnified Party's right to participate with its own counsel at its own expense.

**12.** **LIMITATION OF LIABILITY**

12.1**Exclusion of Certain Damages.** EXCEPT FOR (A) A PARTY'S INDEMNIFICATION OBLIGATIONS, (B) A PARTY'S BREACH OF CONFIDENTIALITY OBLIGATIONS, OR (C) A PARTY'S FRAUD OR WILLFUL MISCONDUCT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, OR INDIRECT DAMAGES (INCLUDING, WITHOUT LIMITATION, LOST PROFITS) ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

12.2**Cap on Liability.** EXCEPT FOR (A) A PARTY'S INDEMNIFICATION OBLIGATIONS, (B) A PARTY'S BREACH OF CONFIDENTIALITY OBLIGATIONS, OR (C) A PARTY'S FRAUD OR WILLFUL MISCONDUCT, EACH PARTY'S AGGREGATE LIABILITY TO THE OTHER PARTY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL NOT EXCEED THE FAIR MARKET VALUE OF THE **BOUMARANG SHARES** AS OF THE CLOSING DATE.

**13.** **FORCE MAJEURE**

Neither Party shall be liable for any failure or delay in performance under this Agreement (other than payment obligations) to the extent such failure or delay is caused by events beyond its reasonable control, including acts of God, war, terrorism, civil unrest, strikes, labor disputes, epidemics, natural disasters, or governmental actions, provided that such Party uses commercially reasonable efforts to mitigate the effects of such event and resumes performance as soon as reasonably practicable.

**14.** **DISPUTE RESOLUTION; ARBITRATION**

14.1**Good-Faith Negotiations.** In the event of any dispute arising out of or relating to this Agreement, the Parties shall first attempt in good faith to resolve the dispute through negotiations between senior executives of each Party.

14.2**Arbitration.** If the Parties are unable to resolve the dispute within thirty (30) days after written notice of the dispute, such dispute shall be finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) in accordance with its Arbitration Rules then in force. The seat of arbitration shall be Singapore, the language of the arbitration shall be English, and the arbitral tribunal shall consist of one (1) arbitrator. The arbitral award shall be final and binding on the Parties and may be enforced in any court of competent jurisdiction.

**15.** **MISCELLANEOUS**

15.1**Notices.** All notices under this Agreement shall be in writing and shall be deemed duly given when delivered personally, sent by internationally recognized courier, or by email (with confirmation of receipt), to the addresses set forth below (or to such other address as a Party may designate by notice):

**If to Purchaser:**

Boumarang Inc.

200 Spectrum Centre Drive

Irvine, CA 92618

Email: admin@boumarang.com

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**If to Seller:**

Eastern Electrolyser Ltd.

2nd Floor, A-53, Sector 57, Noida,

U.P. – 201301, India

Email: st@eeltdh2.com

15.2**Entire Agreement.** This Agreement (including the Exhibits hereto) constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, proposals, and understandings, whether written or oral, relating to such subject matter.

15.3**Amendments.** This Agreement may be amended, modified, or supplemented only by a written instrument signed by duly authorized representatives of both Parties.

15.4**Assignment.** Neither Party may assign this Agreement or any of its rights or obligations hereunder without the prior written consent of the other Party, except that Purchaser may assign this Agreement to an Affiliate or to a successor in connection with a merger, reorganization, or sale of substantially all of its assets relating to the Technology, provided that such successor assumes Purchaser's obligations hereunder in writing.

15.5**Independent Contractors.** The Parties are independent contractors, and nothing in this Agreement shall be construed to create a partnership, joint venture, or agency relationship between them.

15.6**Waiver.** No waiver of any breach of any provision of this Agreement shall be effective unless in writing and signed by the waiving Party, and no such waiver shall be deemed a waiver of any other or subsequent breach.

15.7**Severability.** If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect, and the Parties shall negotiate in good faith a substitute provision that most nearly reflects the Parties' original intent.

15.8**Counterparts; Electronic Signatures.** This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures delivered by PDF or other electronic means shall be deemed original signatures for all purposes.

**SIGNATURES**

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

**BOUMARANG INC.**

a Delaware corporation

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| | |
|:---|:---|
| By: | ![](boumex10z3_1.jpg)  |
| Name: Imran Firoz  | Name: Imran Firoz  |
| Title: Interim CFO | Title: Interim CFO |
| Date: September 30, 2024 | Date: September 30, 2024 |

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**EASTERN ELECTROLYSER LTD.**, an Indian corporation

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| | |
|:---|:---|
| By: | ![](boumex10z3_2.jpg)  |
| Name: Shivam Tewari<br> Title: Director<br> Date: September 30, 2024 | Name: Shivam Tewari<br> Title: Director<br> Date: September 30, 2024 |

---

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**EXHIBIT A**

HYDROGEN FUEL CELL TECHNOLOGY (DESCRIPTION OF TECHNOLOGY AND DELIVERABLES)

**1.** **Technology.**

The "Technology" consists of all hydrogen fuel cell system technology owned or controlled by Seller and used for, or primarily related to, hydrogen fuel cell systems for unmanned aerial vehicles (drones), including, without limitation:

1.1All system-level and component-level designs, schematics, drawings, CAD files, bills of materials (BOMs), and specifications for fuel cell stacks, balance-of-plant components, control systems, and integration into drone platforms;

1.2All test data, validation reports, performance curves, durability and life-cycle analyses, and any other engineering documentation related to the Technology;

1.3All software and firmware (in source and object code form), algorithms, control logic, and calibration files used in or with the fuel cell systems;

1.4All know-how, trade secrets, manufacturing processes, assembly instructions, quality control procedures, and other proprietary information related to the design, fabrication, testing, and integration of the Technology;

1.5All Intellectual Property Rights in, to, and relating to the foregoing, including all patents, patent applications, inventions (whether patentable or not), copyrights, and other registered or unregistered rights.

**2.** **Tangible Deliverables.**

As part of the Technology being sold, the Deliverables include, without limitation:

**2.1** **Hardware and Prototypes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·2 (two) units – 8 kW drones with integrated hydrogen fuel cell packs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·2 (two) units – 8 kW fuel cell packs (stand-alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·2 (two) units – 4 kW fuel cell packs (stand-alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Any associated test rigs, fixtures, and unique tooling used specifically to build or validate the above units, to the extent owned and controlled by Seller.

**2.2** **Documentation & Files**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·All engineering drawings, CAD files, schematics, BOMs, test reports, and manuals related to the units above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·All software/firmware and related documentation necessary to operate, test, and integrate the units and Technology into Boumarang's products.

**3.** **Consideration.**

As full and complete consideration for the sale, assignment, and transfer of the Technology and Deliverables described in this Exhibit B, Purchaser shall issue to Seller the Boumarang Shares, being 2,500,000 shares of Boumarang common stock, in accordance with Section 4 of the Agreement.

There is no cash compensation payable to the Seller for the Technology. Any reimbursement of shipping, customs, or similar logistics expenses pursuant to Section 3.3 of the Agreement shall not be treated as cash compensation.

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## Exhibit 10.4

ASSET AND INTELLECTUAL PROPERTY RIGHTS PURCHASE AND TRANSFER AGREEMENT

This Intellectual Property Rights Purchase and Transfer Agreement (this "Agreement") is made as of this 31st day of December 2024, between Boumarang, Inc. A Delaware Corporation, (hereinafter referred to as "Boumarang" or "Buyer"), and Shore House ÍVF, a Faroe Islands Company registration no. 6472 hereinafter referred to as ("Shore House" or "Seller" or "Shore House").

RECITALS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Shore House currently owns or has the right to certain Intellectual Property Rights identified on Exhibit A hereto (the "Assets"), including but not limited to Patents, Pending Patents, and Continuation in Part, Applications, etc. listed thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Upon the Closing Date, Shore House shall transfer to Buyer the Assets free of any and all encumbrance and Buyer accepts all rights to the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Boumarang wishes to purchase the Assets for the Purchase Price set forth in Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Boumarang plans to uplist on a National Exchange (Nasdaq, NYSE) in the United States in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Seller shall act as a reseller of the Asset in the Faroe Islands as defined in Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Boumarang shall be responsible for funding the product development of Assets and other products which are derivative of Assets as defined in the Product Development Agreement signed between Boumarang, Guinn Partners, LLC and Blamar Spf.

It is therefore agreed as follows: Definitions.

As used herein, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Intellectual Property Rights. The term "Intellectual Property Rights" means all (i) patents, patent applications, patent disclosures and inventions, (ii) Internet Domain names, trademarks, service marks, trade dress, trade names, logos and corporate names and registrations and applications for registration thereof together with all of the goodwill associated therewith, (iii) copyrights (registered or unregistered) and copyrightable works and registrations and applications for registration thereof, (iv) mask works and registrations and applications thereof, (v) computer software, data, databases and documentation thereof, (vi) trade secrets and other confidential information (including ideas, formulas, compositions, inventions (whether patentable or unpatentable and whether or not reduced to practice), know-how, manufacturing and production processes and techniques, research and development information, drawings, specifications, designs, plans, proposals, technical data, and copyrightable works, financial and marketing plans and customer and supplier lists and information, and (vii) copies and tangible embodiments thereof (in whatever form or medium).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Closing. The term "Closing" or "Closing Date" shall have the meaning ascribed to it in Section 3. Every reference in this Agreement to a time of day shall be deemed to be a reference to the time of day on the applicable date where that party is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Closing Date Payment. The term "Closing Date Payment" shall have the meaning ascribed to it in Section 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Material Adverse Effect. The term "Material Adverse Effect" shall mean events which have an adverse effect in the aggregate which, measured in dollars, exceeds the sum of $15,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Material Contract. The term "Material Contract" shall have the meaning ascribed to it in Section 5.3.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Proration Date. The term "Proration Date" shall mean the specific date set for Closing in Section 3 or any subsequent date set for Closing, provided that the actual date of Closing occurs within five (5) business days after said date set for Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Affiliate of Seller. The term "Affiliate of Seller" shall mean (i) any individual, partnership, corporation, or other entity or person which is owned or controlled directly or indirectly by Shore House; (ii) any other individual, partnership, corporation, or other entity or person which controls or is controlled by or under common control with Seller; and (iii) any officer, director, partner, or owner of 10 percent or greater equity or voting interest in any such other corporation, partnership, or other entity or person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Code. The term "Code" shall mean the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Agreement. The term "Agreement" shall mean this instrument and all Schedules and Exhibits attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.National Exchange. NASDAQ or NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Sale, Purchase and Transfer of Intellectual Property Rights.

1.1Assets. Subject to the terms and conditions of this Agreement, at the Closing referred to herein, Seller agrees to sell, transfer and assign and Buyer agrees to purchase and accept on the terms stated herein, all of Seller's right, title and interest in and to the Assets, including, without limitation, all contracts, contract rights, licenses, licenses, notifications, approvals and authorizations to the extent assignable associated therewith (the "Contracts").

1.2Clawback Provision. Notwithstanding anything contrary in this Agreement, this transaction shall be reversed if Boumarang does not successfully uplist on a National Exchange (Nasdaq, NYSE) within twelve (12) months following the Closing Date. In such event, Seller shall return to Buyer any consideration received under this Agreement, and Buyer shall reassign and transfer to Seller all rights, title, and interest in and to the Assets, free of any encumbrance. The parties agree to cooperate in good faith to effectuate such reversal and execute any documents necessary to reassign the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3Assignment of Contracts.

(a).Contracts Assignable Without Consent. Seller agrees to assign or cause to be assigned to Buyer or a Designee, as of the Closing, all of the rights of Seller under the Contracts that are assignable without consent of any third party and Buyer shall assume, as of the Closing, Seller to Use Reasonable Efforts. Anything in this Agreement to the contrary notwithstanding, Seller shall be obligated to sell, assign, transfer or convey or cause to be assigned, transferred or conveyed to Buyer or a Designee, if applicable, any of its rights in and to any of the Assets and first obtaining all necessary approvals, consents or waivers. Seller shall use all reasonable efforts, and cooperate with the Buyer, to obtain all necessary approvals, consents or waivers, or to resolve any impracticalities of transfer necessary to assign or convey to Buyer or a Designee, if applicable, the Asset as soon as practicable; provided, however, that neither Seller nor Buyer shall be obligated to pay any consideration therefor except for filing fees and other ordinary administrative charges which shall be paid by Seller to the third party from whom such approval, consent or waiver is requested. Such approvals, consents, and waivers shall be in favor of the Buyer and, if applicable, a Designee.

(b).If Waivers or Consents Cannot be Obtained. To the extent that any of the approvals, consents or waivers referred to in have not been obtained by Seller as of the Closing, or until the impracticalities of transfer are resolved, Seller shall, during the remaining term of such Contracts, use all reasonable efforts to (i) obtain the consent of any such third party with the filing fees and ordinary administrative charges payable to such third party shall be the sole responsibility of the Seller, provided that such filing fees shall not exceed $10,000; (ii) cooperate with Buyer in any reasonable and lawful arrangements designed to provide the benefits of such Contracts to Buyer or a Designee, if applicable, so long as Buyer fully cooperates with Seller in such arrangements; and (iii) enforce, at the request of Buyer and at the expense of the Seller.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4Transferring Assets and Licenses.

Seller will assign the Assets, transfer or convey, or cause to be assigned, transferred or conveyed to Buyer or a Designee, if applicable, at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Purchase Price.

The purchase price for the Assets ("Purchase Price") shall be three and a half million (3,500,000) common stock shares of Buyer valued at $3,500,000. All securities are to be delivered to the Seller at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Closing.

The Closing shall take place electronically at the offices of each of the parties. The Closing Date for this Agreement shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·For the Buyer: December 31, 2024, at 11:59 PM, Pacific Time (PT), United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·For the Seller: January 1, 2025, at 8:59 AM, Western European Time (WET), or such later date as all conditions to Closing set forth in Section 8.7 below have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1Documents to be Delivered by Seller.

At or prior to the Closing, Seller shall deliver, or cause to be delivered, the following:

(a).documents of Assignment free of encumbrances and other instruments of transfer, dated the Closing Date, transferring to Buyer title to the Assets.

(b).documents evidencing the assignment and assumption of the Contracts to Buyer or a Designee (together with any third-party consent required for such transfers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2Documents to be Delivered by Buyer.

At or prior to the Closing Date, Buyer shall deliver the following:

(a). documents evidencing the issuance of three and a half million (3,500,000) shares of common stock to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a copy of the resolutions of the board of directors of Buyer authorizing the execution, delivery and performance of this Agreement by Buyer, and a certificate of its secretary or assistant secretary, dated the Closing Date, that such resolutions were duly adopted and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)provide a copy of the written consent of resolutions of the board of managers of Shore House authorizing the execution, delivery and performance of this Agreement by Shore House.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3Transfer Fees

Any recording fees or related Asset transfer fees shall be paid by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Conduct of the Seller Pending Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Between the date hereof and the Closing Date, Seller shall continue to operate the Business in the ordinary course and in a manner reasonably consistent with its present operating plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Seller will not take any action, (i) the result of which will be to create a Material Adverse Effect on the value of the Assets, or (ii) which is both not reasonably consistent with its normal operating plan and not in the ordinary course of business, except as otherwise set forth in this Section 4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Representations of Seller.

Seller represents to Buyer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1Organization, Standing and Authority.

Shore House is a corporation organized under the laws of the Faroe Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2Authorization of Agreement; Authority. The execution, delivery and performance of this Agreement by Seller has been duly authorized by all necessary corporate and partnership action of Seller, and this Agreement constitutes the valid and binding obligation of Seller, enforceable in accordance with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights in general and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The execution, delivery and performance of this Agreement by Seller will not (a) violate or conflict with Shore House corporate power and authority; (b) constitute a violation of any law, regulation, order, writ, judgment, injunction or decree applicable to Seller; or (c) subject to the receipt of appropriate consents as specified in this Agreement as of the Closing Date, conflict with, or result in the breach of the provisions of, or constitute a default under, any agreement, license, permit or other instrument to which Seller is a party or is bound or by which the Assets are bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3Material Contracts. All of the Material Contracts which are to be transferred to Buyer at Closing, if any, have not been further modified, or amended. A Material Contract shall mean a Contract which involves payments, performance of services or delivery of goods by or to Seller after the Closing Date in an amount with any value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4Litigation., Compliance with Laws. There are no judicial or administrative actions, proceedings or investigations pending or, to the best of Seller's knowledge, threatened, that question the validity of this Agreement, or any action taken or to be taken by Seller in connection with this Agreement. There is no claim of infringement, litigation, proceeding or governmental investigation pending or, to the best of Seller's knowledge, threatened, or any order, injunction or decree outstanding which, if decided unfavorably, would have a Material Adverse Effect on Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Assets. Seller has, or will have on the Closing Date, good and marketable title (which includes leasehold title if applicable) to the Assets to be transferred to Buyer on the Closing Date. Please see Exhibit A in regard to Assets to be transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Representations of Buyer. Buyer represents to Seller as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1Buyer's Organization. Buyer is a corporation organized, existing and in good standing under the laws of Delaware and has the full corporate power and authority to enter into and to perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2Authorization of Agreement. The execution, delivery and performance of this Agreement by Buyer have been duly authorized by all necessary corporate action of Buyer, and this Agreement constitutes the valid and binding obligation of Buyer enforceable against it in accordance with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors' rights in general and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3Consents of Third Parties. The execution, delivery and performance of this Agreement by Buyer will not (a) violate or conflict with the articles of organization or by-laws of Buyer; or (b) constitute a violation of any law, regulation, order, writ, judgment, injunction or decree applicable to Buyer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4Litigation. There are no judicial or administrative actions, proceedings or investigations pending or, to the best of Buyer's knowledge, threatened, that question the validity of this Agreement, or any action taken or to be taken by Buyer in connection with this Agreement. There is no litigation, proceeding or governmental investigation pending or, to the best of Buyer's knowledge, threatened, or any order, injunction or decree outstanding, against the Buyer that, if adversely determined, would have a material effect upon Buyer's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Further Agreements of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1Access to Information. Buyer and each Designee shall have access to information and other Assets for due diligence investigation purposes and to facilitate an orderly transition in the management of those Assets in anticipation of Closing. In addition, Seller will make available to Buyer and each Designee its financial statements and shall cooperate and instruct Seller's independent auditors to cooperate, at Buyer's expense, in preparing the financial statement and which Buyer will, or such Designee may, be required to file with the Securities Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2Notice of Changes and Events.

Each party shall promptly notify the other party in writing, and furnish to such party any information that such party may reasonably request, with respect to the occurrence of any event or the existence of any state of facts that would (i) result in the party's representations and warranties not being true if they were made at any time prior to or as of the Closing Date, or (ii) impair the party's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3Expenses. Except as otherwise specifically provided in this Agreement, Buyer and Seller shall bear their own respective expenses incurred in connection with this Agreement and in connection with all obligations required to be performed by each of them under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4Publicity. Buyer shall have the right to issue a public announcement or press release concerning the transactions contemplated by this Agreement and, except as may be required by applicable law or regulation or rule of any stock exchange or organized securities market on which the securities of Buyer or Seller's securities listed or traded, will most likely make a public announcement or issue a press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5Preservation of Records.

(a). Buyer agrees that neither Buyer nor any Designee shall destroy any records related to the Assets without first giving Seller sixty (60) days advance written notice and an opportunity to take custody of such records, at Seller's cost and expense, including reimbursement of Buyer's or any affected Designee's extraordinary costs, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6Buyer's Due Diligence.

Buyer may conduct due diligence examinations during a period commencing on the date hereof and ending at the close of business on the day prior to the Closing Date (the "Due Diligence Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7Conditions of Obligations of Seller. The respective obligations of each party to perform this Agreement and consummate the Closing are subject to the satisfaction of the following conditions, unless waived by the applicable party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The shareholders of Seller shall have approved this Agreement, and the consummation of the transactions contemplated hereby, to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Buyer shall have executed a mutually agreeable and reasonable non- compete agreement with each of Dánial Hoydal and David Geyti.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Registration Rights. Buyer and Seller shall negotiate and execute a mutually agreeable registration rights agreement covering the registration with the SEC of the shares of common stock to be issued to Seller in connection with the transactions contemplated hereunder. In the event Buyer initiates a public offering through S-1 registration or equivalent mechanism, Buyer agrees to register Seller's shares as part of such registration, subject to the leak-out and lock-up periods required under Rule 144 or as mutually agreed by the parties. Buyer shall bear the cost of such registration, excluding any underwriting fees or commissions attributable to Seller's shares. Seller agrees to comply with any reasonable restrictions imposed by the underwriters in connection with the offering to avoid market disruption or undue dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Default; Remedies; Arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1Default; Remedies. Time is of the essence of this Agreement. If either party fails or refuses to carry out this Agreement according to its terms, the other party shall be entitled to the remedies set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2Arbitration. This Agreement shall not be subject to termination except as specifically provided in this Agreement. Any question, controversy or claim arising under or relating to this Agreement, including without limitation any such matter pertaining to an alleged event having a Material Adverse Effect or any adjustment of the Purchase Price, or for any breach hereof, shall be settled by arbitration in accordance with the rules of the American Arbitration Association and the provisions of the laws of California relating to arbitration, as said rules and laws are in effect on the date of this Agreement. The arbitration shall be conducted in State of California, by and before a single arbitrator, who is experienced in the problem or problems in dispute, to be agreed upon by the Seller and Buyer, or if they are unable to agree upon an arbitrator within ten (10) days after written demand by either party for arbitration, then, at the written request of either party, the arbitrator shall be appointed by the American Arbitration Association, Proceedings to obtain a judgment with respect to any award rendered hereunder shall be undertaken in accordance with the laws of Delaware including the conflicts of laws provisions thereof.

Each party shall pay one-half of the arbitrator's fees and expenses. Upon application to the arbitrator, the parties shall be entitled to limited discovery, including only exchange of documents and only depositions on such terms as the arbitrator may allow for purposes of fairness and to reduce the overall time and expense of the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Indemnification and Related Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1Indemnification.

Buyer agrees to save, defend, indemnify and hold Seller and its officers and directors, parents, subsidiaries, shareholders, affiliates, predecessors, successors and assigns (and their respective officers, directors, employees and agents) harmless from and against any loss, claims, liabilities, damages, costs and expenses, including attorneys' fees incurred with respect to third parties ("Damages") resulting from, based upon, or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any breaches, occurring before, at or after Closing, of Contracts, Long Term Leases, permits, licenses, and all other agreements and obligations transferred or assigned to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the operation, management or condition of the Assets or Business at or after the Closing; all matters assumed by the Buyer pursuant to any and all provisions of this Agreement or any related agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all actions, claims, suits, proceedings, demands, assessments, judgments, costs and expenses, including attorneys' fees (incurred with respect to third parties), with respect to the foregoing.

Wherever this Agreement provides for Buyer's indemnification the term "Seller" shall mean Shore House ÍVF,

Inc.

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Seller agrees to save, defend, indemnify and hold Buyer and its officers and directors, parents, subsidiaries, affiliates, predecessors, successors and assigns (and their respective officers, directors, employees and agents) harmless from and against any loss, claims, liabilities, damages, costs and expenses, including attorneys' fees incurred with respect to third parties ("Damages") resulting from, based upon, or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)infringement claims brought against the Assets or any portion thereof, any breaches, occurring before the Closing, of Contracts, Long Term Leases, permits, licenses, and all other agreements and obligations transferred or assigned to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the operation, management or condition of the Assets or Business or, whether arising before the Closing, excluding only those matters covered by Section 9 above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all actions, claims, suits, proceedings, demands, assessments, judgments, costs and expenses, including attorneys' fees (incurred with respect to third parties), with respect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Defense of Claims by Third Parties. If any claim is made against a party that, if sustained, would give rise to a liability of the other under this Agreement, Buyer or Seller, as the case may be, shall promptly cause notice of the claim to be delivered to the other and shall notify the other party and its counsel of its obligation to defend such claim, at such other party's sole expense. The obligation to defend indemnity claims shall be the responsibility of each party for a period of two (2) years, with counsel satisfactory to the party against which such claim is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1Entire Agreement. This Agreement (contains, and is intended as, a complete statement of all of the terms of the arrangements between the parties with respect to the matters provided for, supersedes any previous agreements and understandings between the parties with respect to those matters, and cannot be changed or terminated orally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2Governing Law. Seller and Buyer each hereby consent to personal jurisdiction in any action brought with respect to this Agreement and the transactions contemplated hereunder in State of California and to the arbitration described in Section 8 of this Agreement shall be governed by and construed in accordance with the law of the State of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given when delivered personally or mailed by registered mail, return receipt requested, to the parties at the following addresses (or to such address as a party may have specified by notice given to the other party pursuant to this provision):

If to Buyer to:

Boumarang, Inc.

200 Spectrum Drive, Irvine, CA 92618

imran@boumarang.com

If to Seller, to:

Shore House ÍVF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Paturssonargota 72

FO-100 Torshavn

Faroe Islands

dh@blamar.blue

dg@blamar.blue

Legal:

Mr. Kári Davidsen

Attorney and Managing Partner at Faroe Law

kda@faroelaw.fo

+298 221278

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5Further Assurances and Assistance. Buyer and Seller agree that each will execute and deliver to the other any and all documents, in addition to those expressly provided for herein, that may be necessary or appropriate to effectuate the provisions of this Agreement, whether before, at or after the Closing. Seller agrees that, at any time and from time to time after the Closing, it will execute and deliver to Buyer such further assignments or other written assurances as Buyer may reasonably request to perfect and protect Buyer's title to the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6Survival. The terms, covenants, agreements, representations and warranties contained in or made pursuant to this Agreement together with all indemnities and undertakings contained herein shall survive the Closing for two (2) years and shall not be deemed to have been merged in any of the documents delivered at the Closing, irrespective of any investigation made by or on behalf of any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7Waiver. Any party may waive compliance by another with any of the provisions of this Agreement. No waiver of any provision shall be construed as a waiver of any other provision. Any waiver must be in writing and signed by the party waiving such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Except as expressly set forth herein, nothing in this Agreement shall create or be deemed to create any third-party beneficiary rights in any person or entity not a party to this Agreement, including any such person or entity asserting rights as a third party beneficiary with respect to environmental matters. No assignment of this Agreement or of any rights or obligation hereunder may be made by either party (by operation of law or otherwise) without the prior written consent of the other and any attempted assignment without the required consent shall be void; provided, however, that no such consent shall be required of Buyer to assign its rights under this Agreement to one or more Designees, but no such assignment by Buyer of its rights or obligations hereunder shall relieve Buyer of any of its obligations to Seller under this Agreement. Further, no such consent shall be required of Seller to assign its rights or obligations under this Agreement to one or more Affiliates of Seller, but no such assignment by seller of its rights or obligations hereunder shall relieve Seller of any of its obligations to Buyer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but which together shall constitute one and the same Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10No Recordation. Neither this Agreement nor a memorandum hereof shall be recorded in any jurisdiction or public record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11No Presumptions. This Agreement is a result of negotiations between Seller and Buyer, both of whom are represented by counsel of their choosing. No presumption shall exist in favor of either party concerning the interpretation of the documents constituting this Agreement by reason of which party drafted the documents.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

![](boumex10z4_1.jpg)

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Exhibit A: List of Assets Patent of Wavedrone

Assignment – Schedule A

**United States and International Patent Applications and Issued Patents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Filing Receipt for U.S. Patent Application no. 63/727,652 "Self-Righting and Self Stabilizing Unmanned Surface Vessel"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·US Patent Submission Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Other docs included in the patent application

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·US Patent Ideation Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Wave Drone MVP Ideations & Novel IP Worksheet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Bill of Materials for functional prototype

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Presentation film of Wavedrone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Transfer of ownership incl footage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Wavedrone Pitch Deck, and any and all marketing and branding collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Eureka Wavedrone Brochure

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**Exhibit B: Reseller Agreement**

**Reseller Authorization Agreement**

**This Reseller** **Authorization** **Agreement ("** **Agreement") is entered into as of January 1, 2025 (Seller's Closing Date), by and between Boumarang, Inc., a Delaware Corporation (the "Buyer"), and Shore House IVF, a Faroe Islands company (the "Seller").**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Authorization and Appointment**

Boumarang, Inc. hereby authorizes and appoints Shore House IVF, and any of its designees or affiliates, as a non-exclusive reseller of the Assets, as defined in the Asset and Intellectual Property Rights Purchase and Transfer Agreement dated December 31, 2024 (the "Purchase Agreement"), for the Faroe Islands region.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Scope of Authorization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Seller is authorized to market, promote, distribute, and resell the Assets within the territory of the Faroe Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Seller shall conduct reselling activities under the trademark and brand name(s) designated by Boumarang, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This authorization does not grant the Seller any rights to sublicense or transfer reselling rights to third parties without the prior written consent of Boumarang, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Term and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This authorization shall remain in effect for a period of two (2) years from the Closing Date, unless earlier terminated by either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Either party may terminate this authorization by providing thirty (30) days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Termination of this Reseller Authorization Agreement shall not affect the rights and obligations under the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Obligations of Seller**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Seller shall ensure that all sales and marketing activities comply with applicable local laws and regulations in the Faroe Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Seller shall provide quarterly sales reports to Boumarang, Inc. detailing the performance of the Assets in the Faroe Islands region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Seller shall use best efforts to promote and expand the market for the Assets in the authorized region.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Rights Retained by Buyer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Boumarang, Inc. reserves the right to appoint additional resellers or distribute the Assets directly within the Faroe Islands region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Buyer retains full ownership of the Assets and all associated intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This Agreement shall be governed by and interpreted in accordance with the laws of the State of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any disputes arising under this Agreement shall be subject to the arbitration provisions set forth in Sect ion 8 of the Purchase Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Exhibit Bas of the Effective Date.

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## Exhibit 10.5

**VALUATION OF COMMON STOCKS OF**

**BOUMARANG INC.**

**AS OF DECEMBER 31, 2024**

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January 22, 2025

**PRIVATE & CONFIDENTIAL**

Re: in BOUMARANG Inc.

Dear Mr. Imran Firoz

At your request, Pratibha Chaurasia and Tarun Mahajan (Valuers) were retained to prepare a valuation analysis and report (the "Report") to assist you in the determination of the fair market value of common stock (the "Subject Interests") in BOUMARANG Inc. ("BOUMARANG" or the "Company"), on a non-controlling, non-marketable basis as of December 31, 2024 ("Valuation Date") for accounting under US GAAP.

The objective of this valuation is toprovide the Company witha conclusion of fair market value (as that term is defined in the body of the Report) for the Subject Interests of the Company as of the Valuation Date.

This valuation engagement is restricted for use in accounting under US GAAP purposes only by you and your advisors. The valuation should not be used to obtain financing or for financial reporting purposes and should not be construed to be the same as a fairness opinion. The use of our valuation is restricted to, and consistent with, the stated purpose only.

**Executive Summary**

Subject to the attached Statement of Assumptions and Limiting Conditions, and the facts and circumstances as of December 31, 2024, it is our opinion that the fair market values of the Subject Interests in BOUMARANG Inc. on a non-controlling, non-marketable basis is $1.72 per share.

This valuation engagement was conducted in accordance with the Uniform Standards of Professional Appraisal Practice ("USPAP"), issued by the Appraisal Standards Board of the Appraisal Foundation, and Statement on Standards for Valuation Services ("SSVS") No. 1, issued by the American Institute of Certified Public Accountants ("AICPA") and in accordance with the National Association of Certified Valuators and Analysts (NACVA) professional standards.

**Description and Purpose of Assignment**

Pursuant to your request, we have estimated the fair market values of common stock on a non- controlling, non-marketable basis, of BOUMARANG Inc. as of December 31, 2024. The purpose of this valuation is to determine the fair market value of the Company for accounting under US GAAP as of the Valuation Date.

This is a restricted-use report and is to be distributed only in its entirety to its intended users, which are the client, the Company, and its advisors. Therefore, the distribution of this Report is restricted to the purpose stated. Accordingly, it should not be distributed to outside parties to obtain credit or for any other purpose without the written consent of the undersigned.

**Valuation Date**

The date on which the business is being valued is critically important because circumstances can cause values to vary, and in some cases vary materially, from one date to another. In addition, the valuation date directly influences data available for the valuation, as the valuation standards require that we only consider information that was known or knowable as of the valuation date. This means we would only include information in our valuation if it was reasonably known or knowable to the owners and parties as of the valuation date.

The Valuation Date is December 31, 2024.

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P a g e \| 2 of 37

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**Standard of Value**

The standard of value which we have applied in this business valuation engagement is fair market value. Fair market value is defined in The International Glossary of Business Valuation Terms, issued by the American Institute of Certified Public Accountants (AICPA), the American Society of Appraisers, the Canadian Institute of Chartered Business Valuators, the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers, as:

"The price, expressed in terms of cash equivalents, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm's length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts."

Fair market value ("FMV") is also defined in Internal Revenue Service Revenue Ruling ("R.R.") 59-60 as the price at which a property would change hands between a willing buyer and a willing seller, both having knowledge of all the relevant facts and neither being under any compulsion to buy or sell.1

With regard to FMV, it is important to note: "in most interpretations of fair market value, the willing buyer and willing seller are hypothetical persons dealing at arm's length rather than any "particular" buyer or seller. In other words, a price would not be considered representative of fair market value if influenced by special motivations not characteristic of a typical buyer or seller."2

The definition of FMV has generally been interpreted to be based only on information that was known or knowable as of the valuation date. In other words, consideration of subsequent events that were not known or knowable as of the valuation date that affect FMV generally should be disregarded in the valuation process.3

The purpose of R.R. 59-60 is to outline and review in general the approach, methods, and factors to be considered in valuing shares of the capital stock of closely held corporations for tax purposes. It therefore provides valuable guidance for conducting valuations of closely held business interests.

R.R. 59-60 specifies the following eight factors to be considered in determining FMV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The nature of the business and the history of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The economic outlook in general and the condition and outlook of the specific industry in which the Company operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The book value of the Company and the financial condition of the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The earning capacity of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The dividend/distribution-paying capacity of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Whether or not the Company has goodwill or other intangible value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Prior sales of the Company's stock and the size of the block of stock to be valued; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The market prices of stock of corporations engaged in the same or a similar line of business having their stocks actively traded in a free and open market, either on an exchange or over- the-counter.

Each of these eight factors which are relevant are considered in our valuation of the Subject Interests in the Company.

*1 As defined by Revenue Ruling 59-60 and other Treasury guidance.*

*2 Shannon Pratt, Valuing a Business, The Analysis and Appraisal of Closely Held Companies, Fifth Edition, page 24.*

*3 See First National Bank v. United States, 763 F2d 891 (7 th  Cir. 1985). This concept is also indicated in the AICPA's Statement*

*on Standards for Valuation Services (SSVS) paragraph 43.*

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**Premise of Value**

The appraisal of the Subject Interests in this Report assumes it will continue either as a "going concern" in its current line of business or that a liquidation of assets will occur based upon the "highest and best use" premise of value.

The interest in BOUMARANG has been valued assuming the Company is a going concern. It assumes that the shareholders have the intention to continue to operate the Company for the long-term, have the financial resources to continue operations, and have no plans to liquidate the Company.

**Sources of Information**

Information used in determining the fair market value of the Subject Interests in the Company was provided by the documents and sources listed in **Appendix A**.

**Statement of Assumptions and Limiting Conditions**

The Statement of Assumptions and Limiting Conditions that apply to this engagement is presented in

**Appendix B**.

**Qualifications and Certification**

The Analysts' Certification and Representation are provided in **Appendix C**. The Analysts' Curricula

Vitae are provided in **Appendix D**.

We have no obligation to update this Report or our conclusion of value for information that comes to our attention after the date of this Report.

Very respectfully yours,

---

| |
|:---|
| ![](boumex10z5_1.jpg)  |
| Pratibha Chaurasia, CPA |
| ![](boumex10z5_2.jpg)  |
| Tarun Mahajan, CVA |

---

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**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**I.** **OVERVIEW**  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Background  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Products  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Customers and Suppliers  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Facilities  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Ownership, Management, Capital  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Directors and Executive Officers*  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii. Share Capital*  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii. Shareholding Pattern*  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Competition  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Governance  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**II.** **ECONOMIC AND INDUSTRY OUTLOOK**  | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.National Economic Overview  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Industry Overview for Drone Industry  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**III.** **FINANCIAL ANALYSIS**  | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;**IV.** **VALUATION METHODS**  | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Asset Approach  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Market Approach  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Income Approach  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**V.** **VALUATION OF BOUMARANG INC.**  | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Net Cash Flow  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Tax Expense  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Depreciation and Capital Expenditures  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Change in Working Capital  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Long-Term Growth Rate  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Discounting Rates  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Cost of Equity  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Application of the CAPM  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Risk-Free Rate*  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii. Equity Risk Premium*  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii. Beta*  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iv. Small Stock Premium*  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*v. Specific Company Risk Premium*  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*vi. Concluded Cost of Equity*  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Discounted Cash Flow Method – Indication of Value  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**VI.** **DISCOUNT STUDIES AND APPLICATION**  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Discount for Lack of Control ("DLOC")  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Discount for Lack of Marketability ("DLOM")  | 19 |
| **VII.** **CONCLUSION OF VALUE**  | **21** |
| **VIII.** **APPENDICES AND EXHIBITS**  | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A: Sources of Information | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B: Statement of Assumptions and Limiting Conditions | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix C: Analysts' Certification and Representation | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix D: Curricula Vitae of Pratibha Chaurasia and Tarun Mahajan | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix E: Studies of Lack of Marketability Discount | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit – I: Discounting of Expected Cash Flows and Conclusion of Value | 37 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **OVERVIEW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Background**

BOUMARANG is a company limited by shares. It was incorporated on 26 July, 2024 under the laws of the State of Delaware, United States of America. Its office is situated at 200 Spectrum Center Drive, Suite 300, Irvine, CA 92618, with an additional location at 2120 West Braker Lane, Suite M, Austin, TX 78758.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Products**

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

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

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

The global marine drone market, also known as Unmanned Surface Vehicles (USVs) and Autonomous Underwater Vehicles (AUVs), was valued at approximately $3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 12-15% from 2023 to 2030. The industry encompasses a wide range of drones, including underwater drones for exploration and surface drones for monitoring and logistics. BOUMARANG has already acquired IPR for wave drones and intends to be a key player in this business segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Customers and Suppliers**

As informed to us by the management of the company, the mix of government and federal agency clients paired with high-quality suppliers positions Boumarang to serve both tactical and commercial drone markets with cutting-edge solutions.

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**Customers: Potential Boumarang Clients**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Department of Defense (DoD)

oClients: U.S. Army, Navy, Air Force, and Marine Corps.

oUsage: Intelligence, surveillance, reconnaissance (ISR), and tactical missions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Department of Homeland Security (DHS)

oClients: U.S. Customs and Border Protection (CBP).

oUsage: Border monitoring and preventing illegal crossings and trafficking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Federal Bureau of Investigation (FBI)

oUsage: Surveillance, evidence collection, and counterterrorism operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Drug Enforcement Administration (DEA)

oUsage: Monitoring drug trafficking activities, particularly in remote areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.U.S. Secret Service

oUsage: Security during high-profile events and protection of critical infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.National Oceanic and Atmospheric Administration (NOAA)

oUsage: Environmental monitoring, storm tracking, wildlife observation, and climate change assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Department of Energy (DOE)

oUsage: Inspection and security of critical energy infrastructure, including nuclear facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.U.S. Marshals Service

oUsage: Fugitive apprehension and locating individuals in challenging terrains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.State and Local Law Enforcement Agencies

oUsage: Crowd monitoring, traffic management, and tactical operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Federal Emergency Management Agency (FEMA)

oUsage: Disaster response, search and rescue missions, and damage assessment.

**Suppliers**

Motors and Batteries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Tiger Motor USA (T-Motor)

oHigh-quality brushless motors and propellers for commercial and industrial drones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Innov8tive Designs

oMotors and electronic speed controllers (ESCs) tailored for drone use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Venom Power

oReliable lithium-polymer (LiPo) batteries for high-demand drone applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.MaxAmps

oCustom LiPo batteries for extended flight times and durability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.EnerDel

oAdvanced lithium-ion battery systems for high-performance drones.

Electronics and Flight Systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.CubePilot

oAutopilot systems like Pixhawk Cube for professional-grade drones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.FreeFly Systems

oDrone electronics including controllers and stabilizers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3D Robotics (3DR)

oFlight controllers and telemetry systems for commercial and industrial drones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Hextronics

oModular drone parts, including motors, batteries, and landing systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Facilities**

As informed to us by the management of the company, following are the facilities of the company:

**Engineering Facility:**

2120 West Braker Lane Suites K & M Austin TX 78758

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**Originator Film Studios:**

718 Northwestern Ave, Austin, TX 78702

**Corporate Office:**

200 Spectrum Centre Drive, Irvine, CA 92618 5000 Plaza on the Lake Suite 265 Austin TX 78746

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Ownership, Management, Capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Directors and Executive Officers of BOUMARANG

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Director** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Designation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edward Fairchild | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim CEO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imran Firoz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO, Executive Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Candace Beaumont | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Executive Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Craig Nehrkorn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Executive Director |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Share Capital as on 31 December, 2024

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Particulars** | **Amount (USD)** |
| &nbsp;&nbsp;&nbsp;Authorized Share Capital<br> 100,000,000 shares of Common Stock having a par value of<br> $0.0001 per share<br> 10,000,000 shares of Preferred Stock having a par value of<br> $0.0001 per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 10000<br>1000 |
| &nbsp;&nbsp;&nbsp;Issued, Subscribed & fully paid Common Stocks:<br> 63,150,000 common stock having a par value of $0.0001 per share | <br> 6315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Shareholding Pattern - List of major shareholders holding more than 5% as on 31 December, 2024

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of common stock shareholder** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number**<br> **of Shares** | **% holding** |
| &nbsp;&nbsp;&nbsp;&nbsp;Timothy Alford | &nbsp;&nbsp;&nbsp;7500000 | 11.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tolemac Holdings LLC\* | &nbsp;&nbsp;&nbsp;8750000 | 13.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Imran Firoz | &nbsp;&nbsp;&nbsp;12000000 | 19.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Key International Inc. | &nbsp;&nbsp;&nbsp;5000000 | 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;T Stamp Inc | &nbsp;&nbsp;&nbsp;5100000 | 8.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guin Partners | &nbsp;&nbsp;&nbsp;5000000 | 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shore House IVF | &nbsp;&nbsp;&nbsp;3500000 | 5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**55100000** | **74.19%** |

---

\*Controlled by Timothy Alford

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Competition**

As informed to us by the management of the company, BOUMARANG operates in a competitive drone market dominated by companies specializing in hydrogen fuel cell technology for unmanned aerial vehicles (UAVs). These competitors focus on extended flight endurance, payload capacity, and specialized applications in industries like surveillance, inspection, and humanitarian missions.

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**Key Competitors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **H3 Dynamics**

oSpecialty: Hydrogen fuel cell technology for drones.

oStrengths: Extended flight endurance for surveillance and delivery applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Doosan Mobility Innovation (DMI)**

oSpecialty: Hydrogen-powered drones.

oStrengths: Long flight times focused on industrial inspections, agricultural monitoring, and emergency response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Intelligent Energy**

oSpecialty: Lightweight hydrogen fuel cell systems.

oStrengths: Enables extended flight capabilities across multiple industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Ballard Power Systems**

oSpecialty: Fuel cell solutions for UAVs.

oStrengths: Supports heavy payloads and long-endurance flights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **HES Energy Systems**

oSpecialty: Advanced hydrogen fuel cell technology.

oStrengths: UAV platforms with flight durations exceeding 12 hours, ideal for long-range missions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Skyfront**

oSpecialty: Hybrid-electric drones.

oStrengths: Integrates hydrogen fuel cells for ultra-long-range missions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Alaka'i Technologies**

oSpecialty: Hydrogen-powered air mobility solutions.

oStrengths: UAVs designed for extended flight applications, leveraging air mobility expertise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **FlyH2 Aerospace**

oSpecialty: Hydrogen-powered drones and aircraft.

oStrengths: Focus on environmental monitoring, research, and humanitarian missions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **MMC UAV**

oSpecialty: Industrial drones with hydrogen fuel cell technology.

oStrengths: Long flight times for surveying, inspection, and security applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Energy Or Technologies**

oSpecialty: Lightweight, high-efficiency hydrogen fuel cell systems.

oStrengths: Tailored for long-range UAV applications with a focus on efficiency.

Boumarang faces strong competition in the traditional powered UAV sector. To differentiate itself, Boumarang focuses on unique hydrogen-powered fuel cells and AI integrations, cost-effective solutions, and niche markets underserved by current players, such as specialized tactical or disaster-response applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Governance**

Company is governed by its Article of Incorporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **ECONOMIC AND INDUSTRY OUTLOOK**

In performing this valuation study, we reviewed economic and industry-specific research regarding the prospects of the economy and the particular industry in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **National Economic Overview**

As of early 2025, the U.S. economy demonstrates steady growth supported by strong consumer activity and federal spending. In Q3 2024, real GDP increased at an annualized rate of 3.1%, following a 3.0% rise in Q2, underscoring sustained economic momentum. This growth has been driven by robust consumer spending, resilient export activity, increased private-sector investments, and federal government expenditures. Key industries contributing to this growth include technology, healthcare, and energy. (BEA.gov)

In terms of personal finances, personal income rose by 0.3% in November 2024, while consumer spending increased by 0.4%. Inflation, as measured by the PCE Price Index, has moderated, registering an annualized increase of 3.4% in Q4 2024, signalling progress in aligning inflation with the Federal Reserve's 2% target. (BEA.gov)

The labor market remains tight, with the unemployment rate hovering around 3.8% as of December 2024, supported by job creation in service sectors, construction, and manufacturing. Wages continue to rise, albeit at a slower pace, reflecting some stabilization in labor market pressures.

**Economic Outlook**

Looking ahead, the Congressional Budget Office (CBO) projects a gradual slowdown in GDP growth, with real GDP expected to expand by 2.0% in 2025 and 1.8% annually through 2026. This moderation is attributed to tighter monetary policy, a cooling housing market, and slower consumer spending growth. Inflation is expected to stabilize at 2.7% in 2025 and further decline toward the Federal Reserve's target of 2.0% by 2026. Short-term interest rates are anticipated to peak at 5.1% by Q4 2025 before gradually declining. (CBO.gov)

The labor market is projected to soften slightly, with unemployment rising to 3.9% by late 2025 and 4.2% in 2026. Wage growth is expected to moderate, reducing cost pressures for businesses. Additionally, the housing sector may experience slower price appreciation as higher mortgage rates weigh on demand.

These trends hold significant implications for common stock valuation. Slower growth and moderating inflation could stabilize corporate earnings and reduce discount rates, potentially supporting common stock prices. However, increased uncertainty around monetary policy and global economic conditions necessitates cautious optimism for investors.

This outlook underscores the importance of monitoring economic indicators, particularly consumer spending, inflation, and labor market trends, for common stock valuation and strategic decision- making.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Industry Overview for Drone Industry**

The drone manufacturing industry, which involves the design, production, and sale of unmanned aerial vehicles (UAVs) and related components, continues to evolve rapidly. Growth is driven by advancements in drone technology, expanding commercial and defence applications, and an increasingly supportive regulatory framework provided by U.S. government agencies. The Federal Aviation Administration (FAA) plays a critical role in integrating drones into the national airspace system, ensuring safe operation, and fostering further industry growth.

**Projected Growth in Commercial and Recreational Drones Post-2024**

The U.S. drone market is expected to grow significantly in the coming years. According to the FAA UAS Forecast (2021-2041), the total number of drones in the U.S. will reach 4.3 million by 2027, with commercial drones comprising the majority of this total. By 2027, commercial drones are projected to exceed 1.4 million units, representing an ongoing expansion in industries such as aerial surveying, agriculture, logistics, and infrastructure inspection.

The FAA's 2021 forecast also predicts that the number of drones used for commercial purposes will continue to increase at a compound annual growth rate (CAGR) of 16.9% through 2027, reflecting strong demand for drone-based services in sectors such as delivery logistics, precision agriculture, and environmental monitoring.

**Defence and Military Applications Beyond 2024**

In the defence sector, drones are anticipated to play an even larger role in U.S. military operations. According to the Department of Defence's (DoD) Unmanned Systems Roadmap, future U.S. military funding for UAVs will continue to rise, with an expected increase in defence spending on UAVs from $6 billion in 2020 to over $7 billion by 2025. These funds will be allocated toward the procurement of advanced unmanned systems designed for surveillance, intelligence gathering, and combat operations.

Drones are also being integrated into strategic operations that support autonomous reconnaissance and counter-terrorism efforts. The DoD's long-term budget includes a substantial focus on increasing drone capabilities for multi-domain operations, making UAVs an integral part of future combat scenarios.

**Technological Advancements Driving Growth Post-2024**

Technological innovations in drone capabilities, such as advancements in autonomous flight systems, AI-driven decision-making, collision avoidance technologies, and longer battery life, will be key drivers of growth in the drone manufacturing sector beyond 2024. The FAA's UAS Forecast (2021- 2041) predicts that autonomous drones will comprise a significant portion of the fleet by 2028, with advanced AI-powered drones being used for complex inspections and logistics.

Additionally, the development of urban air mobility (UAM) solutions, including autonomous cargo delivery drones, is expected to see rapid growth post-2024. The U.S. Department of Transportation anticipates that UAM technologies will undergo accelerated commercialization by the late 2020s, potentially revolutionizing the way goods are transported in urban environments.

**Global Market Expansion and U.S. Export Opportunities After 2024**

The U.S. drone manufacturing sector is expected to benefit from increasing global demand. According to the U.S. Department of Commerce, global UAV market growth is expected to exceed $43 billion by 2027, with strong demand from regions such as Asia-Pacific and Europe, particularly in industries like agriculture, logistics, and public safety.

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The U.S. International Trade Administration highlights that American companies are well-positioned to capture significant market share in these regions, especially given the advanced technologies in drone autonomy and payload systems developed in the U.S. The growth of global UAV markets presents lucrative opportunities for U.S. manufacturers, with an expected 20.5% CAGR in global demand for commercial drones between 2024 and 2027.

**Workforce Development and Education for the Post-2024 Era**

As the drone industry expands, demand for skilled professionals will also grow. The U.S. Department of Labor identifies unmanned aerial systems as a high-growth field, with the Bureau of Labor Statistics predicting a 10% annual growth rate for drone-related jobs between 2024 and 2030. The demand for skilled workers will be particularly pronounced in areas such as drone maintenance, flight operations, software development, and data analysis.

The FAA's 2021-2041 forecast also highlights the increasing need for drone technicians and operators to support the growing commercial drone fleet, with drone training programs at universities and technical colleges expected to expand significantly over the next decade.

**Sources:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Federal Aviation Administration (FAA)** – For drone regulations, forecasts, and integration plans:

oFAA UAS Integration Overview

oFAA UAS Forecast 2021-2041

oFAA Drone Advisory Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**U.S. Department of Transportation (DOT)** – For insights into the transportation and integration of drones into national systems:

oDOT - Unmanned Aircraft Systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Department of Defence (DoD)** – For information on military applications and the defence sector's use of drones:

oDoD Unmanned Systems Roadmap

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**U.S. Department of Labor (DOL)** – For information on workforce development and emerging job opportunities in drone-related fields:

oDOL - Emerging Workforce Trends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **FINANCIAL ANALYSIS**

As the company is newly incorporated and has not yet started any business operations till the date of valuation hence no data available for its historical financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **VALUATION METHODS**

There are many factors that must be considered in the valuation of a closely-held company. Many of these factors are described in R.R. 59-60. We considered the guidelines set forth in this revenue ruling and the factors described therein when preparing our valuation.

There are three traditional approaches to valuing a business: the Asset Approach, the Market Approach, and the Income Approach. Our valuation process considered the facts and circumstances of our analysis to determine which approaches and their underlying methods to apply in this engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Asset Approach**

The Asset (Cost) Approach determines the value of a business based on the value of its assets net of liabilities. An asset-based approach assumes the value of the entity is based on the underlying value of the assets owned by the entity. This approach is useful for entities that hold significant tangible assets, are not labor intensive and have negligible intangible value.

Typically, the asset-based approach should be considered in valuations of an investment or real estate holding company, or when the market value of an entity's net assets materially exceeds its capitalized earnings power. As BOUMARANG is a newly incorporated company and aspires to commence business and generate revenue, profit and cash flows hence in our opinion the Asset Approach is not an appropriate method for valuing the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Market Approach**

The Market Approach is a process for comparing prices paid in transactions for comparable businesses that have a satisfactory degree of similarity to the subject enterprise. This approach is based on the principle of substitution, which implies that the market value is equal to the cost to buy a comparable substitute. Comparable transactions can be stock exchange transactions of public companies, or the sale of a small private business in a negotiated transaction.

Two common methods under this approach are the Guideline Public Company ("GPC") Method and the Guideline Transaction Method. A GPC Method considers transactions that generally involve minority positions in publicly-traded companies. A Guideline Transaction Method considers transactions in entities which are similar to the subject company. These valuation techniques often use market multiples from the identified transactions to provide valuation guidance for the subject entity. The selection of the appropriate multiple requires judgment and should consider factors (both qualitative and quantitative) specific to the circumstances. Reliance upon the Market Approach is dependent on identifying comparable companies whose business is sufficiently similar to that of the subject company to provide a meaningful basis for valuation.

As BOUMARANG hence not commence business operations till the valuation date hence we cannot apply the GPC and Guideline Transaction Methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Income Approach**

The Income Approach is the capitalization of anticipated earnings at an appropriate capitalization rate with respect to the anticipated risk of the enterprise. The Income Approach is based on the premise that a prudent investor would pay no more for an investment than he would for an alternative investment with similar characteristics of risk and return.

Two frequently used valuation methods under the Income Approach are the Discounted Cash Flows ("DCF") Method and the Capitalization of Cash Flows ("CCF") Method. Both methods discount a projected future income stream to a present value. The DCF Method requires an income projection

for several periods into the future, while the CCF Method requires the projection of only one future

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period. As BOUMARANG is an operating company whose value is reflected in the cash flows it will generate into the future, we have determined that the Income Approach is the appropriate method of valuation for the Company and have relied upon the DCF Method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **VALUATION OF BOUMARANG INC.**

In valuing the Subject Interests, we considered all three approaches to value and, as discussed above, utilized the DCF Method under the Income Approach.

The DCF Method is an income approach whereby the present value of future expected net cash flows is calculated based on a multiple period cash flow projected into perpetuity using a capitalization rate.

Estimating a value under the DCF methodology requires a projection of cash flows with variable growth for first few years and a stable level of cash flow thereafter which grows at a constant rate into perpetuity, and a discount rate to reflect the riskiness of the projected cash flow. The terminal value is calculated using the Gordon Growth Model with the help of following formula

![](boumex10z5_3.jpg)

Where:

𝑃<sub>𝑛-1</sub> = value at the beginning on nth year.

𝐹𝐶𝐹<sub>𝑛</sub> = free cash flow for the nth year.

g = terminal growth rate

r = discount rate

Thereafter present value of terminal value and present value of free cash flows for first few years are calculated and added together to arrive at current value.

**Net Cash Flow**

To calculate value of a firm free cash flow to firm are discounted with weighted average cost of capital and to calculate value of equity free cash flow to equity are discounted with cost of equity. As BOUMARANG does not have any debt in its capital structure hence both method will give same amount of cash flows.

The formula used to derive Net Cash Flow to equity is:

NCF = Profit after tax + Depreciation – CAPEX – ΔWC

Where:

CAPEX = Expenditures for capital equipment ΔWC = the change in working capital

In order to apply any cash flow method, the first step is to determine the level of cash flow to be capitalized. Thus, in order to estimate NCF and value under the methodology, estimates and assumptions are required related to projected revenue, profit margin, working capital changes, capital expenditures, depreciation and amortization expense, the effective tax rate, and the long-term growth rate.

**Tax Expense**

The company is C-Corp and is registered in the state of Delaware. It is subject to federal tax of 21% on it profit. As informed to us by the management its sales and profit will be generated from business outside Delaware hence it is not subject to any state income tax.

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**Depreciation and Capital Expenditures**

Depreciation is a non-cash expense item that reflects the loss in value of fixed assets, while capital expenditures are cash outflows to replace such assets. Depreciation is a non-cash expense hence should not be deducted to arrive a cash income. But depreciation is a deductible expense for the purpose of calculation of tax on income. Therefore, it is deducted to calculate pre-tax income and added back to post-tax income. Capital expenditure is an outflow of cash and it is deducted from post- tax income.

Management has informed us that the Company will be acquiring capital assets with indefinite life hence as per internal policy of the company based on ASC350 company won't charge depreciation on these assets and these assets will be subject to annual impairment test. Hence, we have not charged any depreciation for the purpose of valuation.

**Change in Working Capital**

Working capital of the company is equal to Inventory plus receivables less payable. As the company is newly incorporated hence no historical track record is available for assessing working capital. As the company will have a unique business model hence we cannot apply multiples of comparable company to BOUMARANG. Therefore we have considered the estimates provided to us by the management of the company. Which is 45 day sales for receivables, 90 days cost of goods sold for inventory and 45 days purchase for payables.

**Long-Term Growth Rate**

the growth rate used in the DCF Method should represent stabilized expectations into perpetuity and reflect a sustainable long-term level of financial performance. We have therefore selected a 2.0% annual long-term growth rate, based on estimated growth in the industry and long-term forecasted economic growth.

**Discounting Rates**

An important step in applying the Income Approach is to determine the appropriate discounting rate. This rate can be based on the cost of equity ("COE"), the cost of debt ("COD"), or a combination of both, which is the weighted average cost of capital ("WACC").

In selecting the appropriate discount rate for BOUMARANG, we chose to use the COE, as the Company does not any have interest-bearing debt.

**Cost of Equity**

In general, the cost of equity represents the return that an investor in an equity security would expect given the characteristics of the business from which the cash flow is derived. In determining the cost of equity capital or the rate of return applicable to equity, there are several methods, which include the capital asset pricing model ("CAPM") or the "build-up method," both of which are generally recognized techniques commonly used with public as well as small and privately held companies.

We selected the CAPM to determine the cost of equity, which will be discussed in the next sections of this Report.

**Application of the CAPM**

Cost of equity under CAPM is calculated using this formula : Risk free rate + Risk premium of equity market portfolio x Beta.

Size risk premium and company specific risk premium are further added to the above rate.

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***Risk-Free Rate***

A risk-free rate is the return available on an investment regarded by the marketplace as being free of the risk of default. We have relied upon daily treasury par yield curve for 20 years treasury securities. As on December, 31, 2024 the rate was 4.86% p.a. This rate is obtained from the website of U.S. Department of Treasury.

***Equity Risk Premium***

Expected returns on equity securities are much less certain and therefore are riskier than expected returns on U.S. Treasury obligations. To accept this greater risk, investors in equities demand higher expected returns than for "risk-free" securities. This incremental expected return is called the Equity Risk Premium.

Hence, the Equity Risk Premium ("ERP") is defined in the International Glossary of Business Valuation Terms as "a rate of return added to a risk-free rate to reflect the additional risk of equity instruments over risk-free instruments." This Premium is estimated by using the average excess total return of the broad stock market compared to U.S. Treasuries over time.

The cost of capital is a forward-looking concept; that is, it is what investors think the ERP will be in the future. This is estimated by measuring the difference between the long-term averages of the income return on riskless assets (represented by Treasuries) from the long-term average stock market return. The underlying assumption is that the historical relationships among these investment returns will continue in the future.

The difference between the historical returns on government bonds and the returns of large public company stocks represents the ERP; that is, the incremental return demanded by investors to accept the higher risk inherent in an investment in equity securities as compared to risk-free securities.

As of December 31, 2024, as per Aswath Damodaran data web site Equity Risk Premium for UD market was 4.33%.

***Beta***

Beta is a regression coefficient taking market return on x-axis and return on company's stock on y- axis. As the company it not listed hence its periodical return and beta cannot be calculated. Therefore beta of comparable listed drone companies and comparable listed AI companies is calculated then those beta were unlevered. Thereafter median unlevered beta of drone comparable companies and median unlevered beta of AI comparable companies were calculated. Then based on projected revenue from the two revenue streams weighted average of the above two median beta is calculated. As BOUMARANG does not have any debt in its capital structure hence this average unlevered beta is used in the CAPM equation.

***Small Stock Premium***

Several studies have provided strong evidence that the degree of risk, and the corresponding cost of capital, increases as the size of the underlying company decreases, and that this is in addition to the Equity Risk Premium. This Small Stock Premium phenomenon is especially noticeable for the smallest 10% (the tenth decile) of the companies studied.

The difference between the historical returns on large public company stocks and the returns of small public company stocks represents the Small Stock Premium; that is, the incremental return demanded by investors to accept the higher risk inherent in an investment in equity securities of small companies compared to large companies.

The size premium for companies in 10th decile is a range and we have considered this to be 5%.

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***Specific Company Risk Premium***

The Equity Risk Premium and the Small Stock Premium are based on studies of thousands of companies in the marketplace. The subject company's unique risk characteristics may be greater or less than the typical risk characteristics of the broad stock market represented by companies included in the studies, and therefore may not be captured in the method as applied up to this point. Further adjustment to the cost of capital may therefore be necessary to arrive at a discount rate specific to the subject company.

BOUMARANG has not yet started its business operations and it is a pre revenue company. The company currently does not have customer contracts, customer diversification and distribution systems hence it has a risk of realizing projections. Based on this and to the best of our judgement we have considered specific company risk premium to be 5%.

***Concluded Cost of Equity***

Based on the above, the concluded cost of equity capital for the Company is shown below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Particulars** |  |
| &nbsp;&nbsp;**Risk free rate of return** (Daily Treasury Par Yield Curve Rates for 20 years) | 4.86% |
| &nbsp;&nbsp;Implied Equity Risk Premium for US equity market (Based on Aswath Damodaran Data website) | 4.33% |
| &nbsp;&nbsp;**Beta** | <br> 1.54 |
| &nbsp;&nbsp;beta of comparable listed companies has been calculated on the basis of weekly price of shares for last 5 years. Thereafter, those betas are unlevered and then average unlevered beta is calculated. The unlevered beta is 1.54 | <br> 1.54 |
| &nbsp;&nbsp;CAPM: Cost of equity = Rf + (Rm - Rf) \* β = 4.86% + 4.33% x 1.54 = 11.55% | 11.55% |
| &nbsp;&nbsp;Small Company Risk Premium | 5.00% |
| &nbsp;&nbsp;Company Specific Risk Premium | 5.00% |
| &nbsp;&nbsp;**Cost of Equity** | 21.55% |

---

**Discounted Cash Flow Method – Indication of Value**

As discussed above, the fair value is calculated using the two stage Gordon Growth Model, and as presented in **EXHIBIT 1**, using the DCF Method, the value of operating cash flows, before adjustment for cash, discount for lack of marketability and discount for lack of control is $168 million. After applying the discount for lack of marketability and discount for lack of control the fair value of non- marketable non-controlling common stock is $109 million in total and $1.72 per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **DISCOUNT STUDIES AND APPLICATION**

The Subject Interests in BOUMARANG to be valued are a non-controlling interest in an entity that is not freely traded. The following section outlines the considerations applied to develop adjustments for lack of control and marketability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Discount for Lack of Control ("DLOC")**

It is well established that control owners have rights that minority owners do not, and that the differences in those rights, and perhaps more importantly, how those rights are exercised and to what economic benefit, cause a differential in the per-share value of a control ownership block versus a minority ownership block. The value of control depends not only on legal power and rights, but also on economic potential. This lack of control is generally referred to as a "minority interest." It is defined as "an ownership interest of less than 50% of the voting interest in a business enterprise."

There are many things a control owner may be able to do that a minority owner cannot. "Control shares are normally more valuable than minority shares because they contain a bundle of rights that minority shares do not enjoy. The following is a partial list of some rights that go with control shares that minority shares do not have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appoint or change operational management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appoint or change members of the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Determine management compensation and perquisites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Set operational and strategic policy and change the course of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Acquire, lease, or liquidate business assets, including property, plant and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Select suppliers, vendors and subcontractors with whom to do business and award contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Negotiate and consummate mergers and acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Liquidate, dissolve or recapitalize the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sell or acquire Treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Register the company's equity securities for an initial or secondary public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Register the company's debt securities for an initial or secondary public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Declare and pay cash and/or stock dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Change the articles of incorporation or bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Set one's own compensation (and perquisites) and the compensation (and perquisites) of related-party employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Select joint ventures and enter into joint ventures and partnership agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Decide what products and/or services to offer and how to price those products/services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Decide what markets and locations to serve, to enter into, and to discontinue serving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Decide what customer categories to and which not to market to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Enter into inbound and outbound license or sharing agreements regarding intellectual properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Block any or all of the above actions."

As a minority interest, the Subject Interests lack the above rights. The Subject Interests are therefore a non-controlling interest.

The estimate of value derived from the CCF method was based on an analysis that resulted in a value indication for a controlling interest, since controlling adjustments were made. A discount for lack of control is therefore appropriate in determining the value of the Subject Interests, which has neither control nor voting rights.

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Virtually no empirical data on control premiums is available for privately-owned businesses; however, such information is available for public and private companies whose stocks were acquired in mergers and acquisitions. A primary source for such information is published by FactSet Mergerstat, LLC ("Mergerstat"), which provides statistics of control premiums and implied minority discounts experienced during mergers and acquisitions involving U.S. companies, including privately held, publicly traded and cross-border transactions.

In order to arrive at the appropriate discount for lack of control, we reviewed the Factset Mergerstat/BVR Control Premium Study Database,6 which reports data of the premia paid in transactions for controlling interests, relative to minority interests. From this data, the implied minority discount can be calculated – as noted in the FactSet Mergerstat/BVR Control Premium Study Frequently Asked Questions7:

The minority discount is widely perceived of as the inverse of the control premium, where as an acquirer would assumingly pay a higher price for control in a company and pay a lesser amount for a minority stake."

The minority discount can be calculated with the following equation: Implied Minority Discount = 1 - [1/(1 + control premium)]

Based upon the above analysis and circumstances inherent in this valuation, we have concluded that an appropriate discount for lack of control for the Subject Interests, as a non-controlling interest in BOUMARANG, is 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Discount for Lack of Marketability ("DLOM")**

The preliminary indication of value is on an as-if-freely-traded basis. The Subject Interests, however, is not freely traded, and so an adjustment is needed to recognize this lack of marketability. Marketability is generally defined as "the ability to convert the business ownership interest (at whatever ownership level) to cash quickly, with minimum transaction and administrative costs in so doing, and with a high degree of certainty of realizing the expected amount of net proceeds."13 Such is the case with securities actively traded on an exchange.

It is commonly recognized and well documented that an interest which is not readily marketable generally trades at a price lower than a similar interest that is readily marketable. When an ownership interest lacks certain elements of marketability, an adjustment to preliminary value is generally appropriate. This adjustment is commonly referred to as the discount for lack of marketability.

An owner of publicly traded securities can know at all times the market value of his or her holding. The investor can sell that asset on virtually a moment's notice and receive cash, net of brokerage fees, within several working days. This liquidity does not exist in the case of the Subject Interests. Liquidating a position in the Company, if it were even possible at all, would be a more costly and time- consuming process than liquidating an investment in a publicly traded company.

Several recognized studies exist which review the price differentials between restricted and non- restricted shares of corporate stock. Since the restricted corporate stock is illiquid for a period of several years, the differential in price between the restricted and non-restricted shares offers evidence on discounts related to lack of marketability. These studies cover several hundred transactions which occurred between 1966 and 2012. The results from the studies, which are summarized in **Appendix E** to this Report, are consistent with the range of lack of marketability discounts typically falling between 5% and 45%.

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In arriving at an appropriate DLOM, we have considered several methods. Specifically, we addressed the general benchmark restricted stock and initial public offering ("IPO") studies. In addition to the empirical data, we have considered the factors analyzed by the U.S. Tax Court in re: Mandelbaum v. Comm'r, 69 T.C.M. (CCH) 2852 (1995). The strengths and the weaknesses of each method were analyzed below to arrive at our opinion of the appropriate DLOM to apply to the Subject Interests.

**Restricted Stock Approach**

Restricted shares (also called "letter stock" or "restricted stock") generally possess the same attributes as freely-traded shares, except that they are restricted from sale on the open market for a specified time period (usually one or two years, although as of February 2008, the SEC reduced the restricted stock holding period from one year to six months).

It is generally accepted that the primary difference between freely traded shares and their restricted counterparts is the relative lack of marketability for the restricted shares. Consequently, the price differences between the two types of shares are cited as measures of the lack of marketability.

Various studies have been performed quantifying the value differences between the price at which letter stock transactions take place (private sale) during the restricted period, compared with open market transactions in the same stock on the same date. The difference (discounts) between the selling price of the unrestricted security to that realized in a private sale were the subject of some fifteen plus studies with conclusions ranging from a low discount of 9.3% to high discount of 45%, as outlined below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Study | &nbsp;&nbsp;&nbsp; <br> Period Covered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Discount |
| SEC Overall Average | 1966-1969 | 25.8% |
| SEC Nonreporting OTC Companies | 1966-1969 | 32.6% |
| Gelman | 1968-1970 | 33.0% |
| Trout | 1968-1972 | 33.5% |
| Moroney | Unspecified | 35.6% |
| Maher | 1969-1973 | 35.4% |
| Standard Research Consultants | 1978-1982 | 45.0% |
| Wruck Unregistered | 1979-1985 | 13.5% |
| Barclay et al | 1979-1997 | 18.7% |
| FMV Study | 1979-1992 | 23.0% |
| FMV Restricted Stock Study | 1980-2001 | 22.1% |
| Hertzel and Smith | 1980-1987 | 20.1% |
| Management Planning, Inc. | 1980-1996 | 27.1% |
| MPI Updated Study | 1980-2009 | 13.3% |
| FMV Update | 1980-2015 | 19.3% |
| Willamette Management Associates | 1981-1984 | 31.2% |
| Silber Study | 1981-1988 | 33.8% |
| Bajaj et al Unregistered | 1990-1995 | 28.0% |
| Bruce Johnson | 1991-1995 | 20.0% |
| Columbia Financial Advisors | 1996-Feb 1997 | 21.0% |
| Columbia Financial Advisors | May 1997-1998 | 13.0% |
| Pluris DLOM Database | 2001-2015 | 20.7% |
| Pluris/LiquiStat | 2005-2006 | 32.8% |
| SRR Restricted Stock Study | 2005-2010 | 9.3% |
| Harris / TVA | 2007-2008 | 18.1% |
| TVA Update | 2007-2010 | 16.6% |

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The studies through 1995 indicate an average discount for lack of marketability between 13.5% and 45%. These studies were prior to the reduction in the required holding period, which was usually a

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reduction from two years to one year for restricted stock. Post-1995 data suggests averages between 9.3% and 32.8%.

**Initial Public Offering Approach**

There are several "Pre-IPO" lack of marketability discount studies. As opposed to examining restricted stock, the "Pre-IPO" studies examine the transaction values of privately held company stock (not freely traded) prior to its initial public offering and then compare them with prices paid for the shares when the company's stock is taken public.

Prospectuses of IPOs are required to disclose the terms of recent past insider transactions of the respective company's shares, enabling a comparison of prices before and after "marketability" being achieved via the IPO. For example, if a shareholder disposes of company stock at $6.00 per share and the stock is subsequently brought public at $10.00 per share, the studies calculate a marketability discount of 40%.

The results of the Pre-IPO studies appear in the following table:15

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| | | |
|:---|:---|:---|
|  <br>**Study** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **Time Period** | &nbsp;&nbsp;&nbsp;&nbsp;**Range of Marketability Discount** |
| Robert W. Baird & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1980 - 2000 | &nbsp;&nbsp;&nbsp;&nbsp;40% - 66% |
| Willamette Management | &nbsp;&nbsp;&nbsp;&nbsp;1975 - 2002 | &nbsp;&nbsp;&nbsp;&nbsp;8% - 76.2% |
| Hitchner Study No. 1 (Trans.) | &nbsp;&nbsp;&nbsp;&nbsp;1980 - 1995 | &nbsp;&nbsp;&nbsp;&nbsp;40% - 45% |
| Hitchner Study No. 1 (Trans.) | &nbsp;&nbsp;&nbsp;&nbsp;1994 - 1995 | &nbsp;&nbsp;&nbsp;&nbsp;39% - 45% |
| Hitchner Study No. 1 (Opt.) | &nbsp;&nbsp;&nbsp;&nbsp;1980 - 1995 | &nbsp;&nbsp;&nbsp;&nbsp;39% - 44% |
| Hitchner Study No. 1 (Opt.) | &nbsp;&nbsp;&nbsp;&nbsp;1994 - 1995 | &nbsp;&nbsp;&nbsp;&nbsp;37% - 44% |
| Hitchner Study No. 2 | &nbsp;&nbsp;&nbsp;&nbsp;1995 - 1996 | &nbsp;&nbsp;&nbsp;&nbsp;31% - 44% |
| Valuation Advisors Studies | &nbsp;&nbsp;&nbsp;&nbsp;2001 - 2009 | &nbsp;&nbsp;&nbsp;&nbsp;7.68% - 58.9% |

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**Concluded Discount for Lack of Marketability**

Based on the published studies, the qualitative factors discussed above as well as the provisions in the Second Amended Shareholders' Agreement that place transfer restrictions upon equity interests, we have concluded that the appropriate DLOM for the Subject Interests are 20%, applicable to the indications of value under the DCF method.

The indicated fair market values of the Subject Interests in resulting fair market values of the Subject Interests in BOUMARANG are presented below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **CONCLUSION OF VALUE**

Based on our analysis as described above and subject to the Statement of Assumptions and Limiting Conditions, the facts and circumstances as of December 31, 2024, fair market values of the Subject Interests in BOUMARANG on a non-controlling, non-marketable basis is $109 million in total $1.72 per share.

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**APPENDICES AND EXHIBITS**

**APPENDICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Sources of Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Statement of Assumptions and Limiting Conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Analysts' Certification and Representation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Curricula Vitae of Pratibha Chaurasia and Tarun Mahajan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Studies of Lack of Marketability Discounts

**EXHIBITS**

1Discounting of Expected Cash Flows & Conclusion of Value

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**Appendix A: Sources of Information**

For the purpose of this appraisal, we were provided with and relied upon various relevant data and documents, including but not limited to the following:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;1) Unaudited financial statements, for the period, from 26th July, 2024 (Date of incorporation) till 31st December, 2024. | &nbsp;&nbsp;&nbsp;1) Unaudited financial statements, for the period, from 26th July, 2024 (Date of incorporation) till 31st December, 2024. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Projected financial statements, for the period, from FY 2025 till FY 2029 as given to us by the company. The company prepares its financial statements considering calendar year as financial year. Company has taken following assumptions while preparing projected financial<br> statements: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Projected financial statements, for the period, from FY 2025 till FY 2029 as given to us by the company. The company prepares its financial statements considering calendar year as financial year. Company has taken following assumptions while preparing projected financial<br> statements: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Cost of revenue is 55% of the amount of revenue. It is an average for selling of drones and related software. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)$11 million already spent on acquisition of intangible assets which have indefinite life hence this cost is not amortized. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Capex of $10 million spread across year 2025 and year 2026 will have indefinite life hence it will not be subject to depreciation. Rather then it will be subject to impairment testing.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Cost of revenue is 55% of the amount of revenue. It is an average for selling of drones and related software. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)$11 million already spent on acquisition of intangible assets which have indefinite life hence this cost is not amortized. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Capex of $10 million spread across year 2025 and year 2026 will have indefinite life hence it will not be subject to depreciation. Rather then it will be subject to impairment testing.  |
| &nbsp;&nbsp;&nbsp;3) Terminal growth rate of free cash flows may be considered as 2%. | &nbsp;&nbsp;&nbsp;3) Terminal growth rate of free cash flows may be considered as 2%. |
| &nbsp;&nbsp;&nbsp;4) Federal Tax rate applicable to the company is 21%. | &nbsp;&nbsp;&nbsp;4) Federal Tax rate applicable to the company is 21%. |
| &nbsp;&nbsp;&nbsp;5) BOUMARANG management as identified following companies as comparable companies. We have considered these companies for calculation of beta - | &nbsp;&nbsp;&nbsp;5) BOUMARANG management as identified following companies as comparable companies. We have considered these companies for calculation of beta - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Comparable Drone Companies**:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Aeva Technologies Inc <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Ambarella Inc <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)AeroVironment Inc <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Ballard Power Systems Inc <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)EHang Holdings Limited <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f)Kratos Defense & Security Solutions Inc <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g)Plug Power Inc  | &nbsp;&nbsp;&nbsp;&nbsp;**Comparable AI Companies:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)C3.ai, Inc. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)BigBear.ai Holdings, Inc. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Lemonade, Inc. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Palantir Technologies Inc. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)Upstart Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;6) Other sources as identified throughout this Report. | &nbsp;&nbsp;&nbsp;6) Other sources as identified throughout this Report. |

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**Appendix B**

**Statement of Assumptions and Limiting Conditions**

The appraisal has been conducted pursuant to the following general assumptions and limiting conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The conclusion of values arrived at herein are valid only for the stated purpose as of the date of the valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Financial statements, Projected Financial Statements and other related information provided by the Company or its representatives in the course of this engagement have been accepted without any verification as fully and correctly reflecting the enterprise's business conditions and operating results for the respective periods, except as specifically noted herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Our work in this valuation does not constitute an audit, nor have we attempted to confirm the information provided to us for accuracy and completeness, except within the framework of the valuation process; we do not express an opinion or any form of assurance on them. Accordingly, our work was not conducted in accordance with generally accepted auditing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Public information and industry and statistical information have been obtained from sources we believe to be reliable. However, we make no representation as to the accuracy or completeness of such information and have performed no procedures to corroborate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.We do not provide assurance on the achievability of the results forecasted by or for the subject company because events and circumstances frequently do not occur as expected; differences between actual and expected results may be material; and achievement of the forecasted results is dependent on actions, plans, and assumptions of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The conclusion of value arrived at herein is based on the assumption that the current level of management expertise and effectiveness would continue to be maintained, and that the character and integrity of the enterprise through any sale, reorganization, exchange, or diminution of the owners' participation would not be materially or significantly changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.This Report and the conclusion of value arrived at herein are for the exclusive use of our client for the sole and specific purposes as noted herein. They may not be used for any other purpose or by any other party for any purpose. Furthermore, the Report and conclusion of value are not intended by the author and should not be construed by the reader to be investment advice in any manner whatsoever. The conclusion of value represents the considered opinion of Valuers, based on information furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Neither all nor any part of the contents of this Report (especially the conclusion of value, the identity of any valuation specialist(s), or the firm with which such valuation specialists are connected or any reference to any of their professional designations) should be disseminated to the public through advertising media, public relations, news media, sales media, mail, direct transmittal, or any other means of communication without the prior written consent and approval of Valuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Future services regarding the subject matter of this Report, including, but not limited to, testimony or attendance in court, shall not be required of Valuers unless previous arrangements have been made in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Valuers are not an environmental consultant or auditor, and it takes no responsibility for any actual or potential environmental liabilities. Any person entitled to rely on this Report wishing to know whether such liabilities exist, or the scope and their effect on the value of the subject property, is encouraged to obtain a professional environmental assessment. Valuers do not conduct or provide environmental assessments and has not performed one for the subject property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Valuers have not determined independently whether the subject company is subject to any present or future liability relating to environmental matters (including, but not limited to, CERCLA/Superfund liability), nor the scope of any such liabilities. Valuers' valuation takes no such liabilities into account, except as they have been reported to Valuers by the subject company or by an environmental consultant working for the subject company, and then only to the extent that the liability was reported to us in an actual or estimated dollar amount. Such matters, if any, are noted in the Report. To the extent such information has been reported to us, Valuers have relied on it without verification and offers no warranty or representation as to its accuracy or completeness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Valuers have not made a specific compliance survey or analysis of the subject property to determine whether it is subject to, or in compliance with, the American Disabilities Act of 1990, and this valuation does not consider the effect, if any, of noncompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.No change of any item in this Report shall be made by anyone other than Valuers, and we shall have no responsibility for any such unauthorized change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Unless otherwise stated, no effort has been made to determine the possible effect, if any, on the subject company's business due to future federal, state, or local legislation, including any environmental or ecological matters or interpretations thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.We have conducted interviews with the current management of the subject company concerning the past, present, and prospective operating results of the subject company. Except as noted, we have relied on the representations of these individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Except as noted, we have relied on the representations of the owners, management, and other third parties concerning the value and useful condition of all equipment, real estate, investments used in the business, and any other assets or liabilities, except as specifically stated to the contrary in this Report. We have not attempted to confirm whether or not all assets of the business are free and clear of liens and encumbrances or that the entity has good title to all assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.All facts and data set forth in the Report are true and accurate to the best of the appraiser's knowledge and belief. We have not knowingly withheld or omitted anything from our Report affecting our value estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Unless otherwise provided for in writing and agreed to by both parties in advance, the extent of the liability for the completeness or accuracy of the data, opinions, comments, recommendations and/or conclusions shall not exceed the amount paid to the appraisers for professional fees and, then, only to the party(s) for whom this Report was originally prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.The conclusion reached in this Report is based on the standard of value as stated and defined in the body of the Report. An actual transaction in the business or business interest may be concluded at a higher value or lower value, depending on the circumstances surrounding the company, the appraised business interest and/or the motivations and knowledge of both the buyers and sellers at that time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Valuers make no guarantees as to the values that individual buyers and sellers may reach in an actual transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.No opinion is intended to be expressed for matters that require legal or other specialized expertise, investigation or knowledge beyond that customarily employed by appraisers valuing businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.No investigation has been made of, and no responsibility is assumed for, the legal description or for legal matters, including title or encumbrances. Title to the subject property is assumed to be good and marketable unless otherwise stated. The subject property is further assumed to be free and clear of any liens, easements or encumbrances unless otherwise stated. Further, we have assumed that the business is in full compliance with all applicable federal, state, and local regulations and laws unless otherwise specified in this Report.

**Appendix C**

**Analysts' Certification and Representation**

We represent/certify that, to the best of our knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The statements of fact contained in this Report are true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.This Report is limited only by the reported assumptions and limiting conditions, and contains our personal, independent, unbiased, professional analyses, opinions, and conclusions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.We have no present or prospective interest in the assets or property that are the subject of this Report, and we have no personal financial or other interest or bias with respect to the parties involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Our engagement was not contingent upon developing or reporting predetermined results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.This Report has been made only for the purpose stated and shall not be used for any other purpose. The analysis, its conclusions and its contents may not be used, copied or transmitted in any form, in whole or in part, by any party without the prior written permission of Valuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.We have no obligation to update this Report for information that comes to our attention after the date of the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The conclusions as to fair market value contained herein represent the opinion of the undersigned and are not to be construed in any way as a guarantee or warranty, either expressed or implied, that the assets being valued herein will actually sell for the fair market value contained in this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The analyses, opinions, and conclusions were developed and this Report has been prepared in conformity with Statement on Standards for Valuation Services No. 1, promulgated by the American Institute of Certified Public Accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.This Report and analysis were prepared by, CPA/ABV/CFF, CVA, ABAR, MBA and, MBA. Their

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Curricula Vitae are attached in Appendix D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Pratibha Chaurasia is a Certified Public Accountant and Attest License holder in Guam Board of Accountancy and Tarun Mahajan is a Certified Valuation Analyst as accredited by National Association of Certified Valuators and Analysts (NACVA)

Appraisers' Certificate Signature

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| |
|:---|
| ![](boumex10z5_1.jpg)  |
| Pratibha Chaurasia, CPA |
| ![Picture 1](boumex10z5_2.jpg)  |
| Tarun Mahajan, CVA |

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**Appendix D**

**Curricula Vitae of Pratibha Chaurasia and Tarun Mahajan**

**ABOUT PRATIBHA CHAURASIA**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Details** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Details** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![](boumex10z5_4.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;**Pratibha Chaurasia (CPA, CA, Ph.D)**<br> **Individual Attest Guam License No. 6410-2025 The Institute of Chartered Accountants of India (Membership No. 079084)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Qualifications** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Experience** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Qualified as a Certified Public Accountant in 2022 (AICPA) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Ph. D in Behavioral finance in 2019 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Chartered Accountant from The Institute of Chartered Accountants of India (ICAI) in 1999  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Experienced Auditor for PCAOB and Non- PCAOB Companies <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Bookkeeping services <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Managing outsourcing firm based in India. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Managing Partner Grassi Advisory Services (India)  |

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**ABOUT TARUN MAHAJAN**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Details** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Details** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![](boumex10z5_5.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tarun Mahajan**<br> **IBBI Regd. Valuer, Certified Valuation Analyst (USA)**<br> CFA(USA), DISA, FCA<br> *mail@tarunmahajan.in*<br> *+91-9893040600* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Qualifications** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Experience** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Qualified as a Chartered Accountant in year 1999 with All India Rank. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Did DISA (ICAI) in Year 2005 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Became Chartered Financial Analyst (From CFAI, USA) in year 2008. First from Central India. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Passed IBBI Valuation exam in January, 2019 with 80% marks. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Qualified as "Certified Valuation Analyst" in year 2023. CVA is one of the most prestigious valuation <br> qualification in the USA. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Experience of doing valuation for companies having balance sheet size of more than INR 10,000 crores (USD 1157 million). <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Experience of doing valuation for the purpose of IND-AS for companies having, PWC, KPMG, GT, BDO network firms as auditor. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Experience of doing valuation of Indian as well as global companies. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Experience of doing valuation for listed as well as unlisted companies.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Types of valuation done** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Academic excellence & Research orientation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Valuation for the purpose of Ind- AS/IFR: <br> oPurchase Price Allocation, <br> oCorporate Guarantee <br> oImpairment Testing <br> oComplex Convertible Securities using Monte Carlo Simulation, Binomial Pricing model, Black & Scholes model, Backsolve method etc. <br> oESOP <br> oDebt Securities <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Valuation under the Companies Act, 2013 for Merger, Allotment, Sweat <br> equity shares etc. including STARTUP valuation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Valuation under the Foreign Exchange Management Act for allotment and transfer of securities <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Valuation under the Income Tax Act <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Valuation of Intangibles for transfer pricing <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Valuation for family disputes or transaction advisory  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Has been part of several research committee set up by Ministry of finance, Government of India on valuation. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Regular speaker at Valuation Standard Board of ICAI, ICAI RVO, ICSI RVO, <br> ICMAI RVO, Financial modelling and valuation certificate courses of ICSI and ICMAI with size of audience ranging up to 6000 participants.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·ICAI RVO published a booklet authored by him on the topic of Valuation date. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Taught valuation course to more than 5000 CA/CS/CMA.  |

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**Appendix E**

**Studies of Lack of Marketability Discount**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Summary of Restricted Stock Studies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Study  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Years Covered<br> in Study  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Discount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC, Overall Average<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966-1969 | 25.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC, Non-reporting OTC Companies<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966-1969 | 32.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gelman<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968-1970 | 33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trout<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968-1972 | 33.5%d |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moroney<sup>e</sup> | Unknown <sup>f</sup> | 35.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maher<sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969-1973 | 35.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Research Consultants<sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978-1982 | 45.0%d |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wruck Unregistered<sup>i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979-1985 | 13.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclay et al<sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979-1997 | 18.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMV Study<sup>k</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979-1992 | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMV Restricted Stock Study<sup>l</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980-2001 | 22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertzel & Smith<sup>m</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980-1987 | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Planning, Inc.<sup>n</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980-1996 | 27.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPI Updated Study<sup>o</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980-2009 | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMV Update<sup>p</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980-2015 | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willamette Management Associates<sup>q</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981-1984 | 31.2%d |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silber<sup>r</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981-1988 | 33.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj et al Unregistered<sup>s</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990-1995 | 28.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruce Johnson<sup>t</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991-1995 | 20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Financial Advisors<sup>u</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996- Feb 1997 | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Financial Advisors<sup>u</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 1997-1998 | 13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluris DLOM Database<sup>v</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001-2015 | 20.7%d |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluris/LiquiStat<sup>w</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005-2006 | 32.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRR Restricted Stock Study<sup>x</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005-2010 | 9.3% d |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris/Trugman Valuation Associates <sup>y</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007-2008 | 18.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVA Update <sup>z</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007-2010 | 16.6% |

---

a"Discounts Involved in Purchases of Common Stock (1966-1969)," *Institutional Investor Study Report of the Securities and Exchange Commission*, HR. Doc. No. 64, Part 5, 92d Congress., 1st Session. 1971, pp. 2444-2456.

bMilton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," *Journal of Taxation*, June 1972, pp. 353-354.

cRobert R. Trout, "Estimation of the Discount Associated with the Transfer of Restricted Securities," Taxes, June 1977, pp. 381-385.

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dMedian discounts.

eRobert E. Moroney. "Most Courts Overvalue Closely Held Stocks," *Taxes*, March 1973, pp. 144- 154.

fAlthough the years covered in this study are likely to be 1969-1972, no specific years were given in the published account.

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gJ. Michael Maher. "Discounts for Lack of Marketability for Closely-Held Business Interests," *Taxes*, September 1976, pp. 562-571.

h"Revenue Ruling 77-287 Revisited," *SRC Quarterly Reports*, Spring 1983, pp. 1-3.

iKaren H. Wruck, "Equity Ownership Concentration and Firm Value," *Journal of Financial Economics*, *23* (1989), pp. 3-28.

jMichael J. Barclay, Clifford G. Holderness, and Dennis P. Sheehan, "Private Placements and Managerial Entrenchment," *Journal of Corporate Finance*, 13 (2007), pp. 464-484.

kLance S. Hall and Timothy C. Polacek, "Strategies for Obtaining the Largest Discount," *Estate Planning* (1994), pp. 38-44.

*l*Espen Robak, "FMV Introduces Detailed Restricted Stock Study," *Shannon Pratt's Business*

*Valuation Update,* (Nov. 2001), pp. 1-3.

mMichael Hertzel & Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," *The Journal of Finance,* vol. 48, no. 2 (1993), pp. 459-485.

nRobert P. Oliver and Roy H. Meyers, "Discounts Seen in Private Placements of Restricted Stock: The Management Planning, Inc., Long-Term Study (1980-1996)" published in Chapter 5 of Robert F. Reilly and Robert P. Schweihs, eds. *The Handbook of Advanced Business Valuation* (New York: McGraw-Hill, 2000).

oEzra Angrist, Harry Curtis, and Daniel Kerrigan, "Regression Analysis and Discounts for Lack of Marketability," *Business Valuation Review*, American Society of Appraisers, 2011, volume 30, no. 1, p. 36.

pFMV Restricted Stock StudyTM (FMV Opinions Study), Determining Discounts for Lack of Marketability, A Companion Guide to the FMV Restricted Stock Study," 2015 edition, FMV Opinions, Inc.

qWillamette Management Associates study (unpublished).

rWilliam L. Silber, "Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices,"

*Financial Analysts Journal*, July-August 1991, pp. 60-64.

sMukesh Bajaj, David J. Denis, Stephen P. Ferris, & Atuyla Sarin, "Firm Value and Marketability Discounts," *Journal of Corporation Law*, (October 2001), and a white paper titled "Analysis of Existing Theory and Methodology Concerning the Determination of Marketability Discounts for Closely Held Firms," *Business Valuation Services, Inc.,* Dallas, TX, November 10, 1995.

tBruce Johnson, "Restricted Stock Discounts, 1991-95," *Shannon Pratt's Business Valuation Update*, March 1999, pp. 1-3, and "Quantitative Support for Discounts for Lack of Marketability," *Business Valuation Review*, December 1999, pp. 152-155.

uKathryn F. Aschwald, "Restricted Stock Discounts Decline as Result of 1-Year Holding Period,"

*Shannon Pratt's Business Valuation Update*, May 2000, pp. 1-5.

vMedian discount based on transactions from January 1, 2001 through March 1, 2015, from the Pluris DLOM database.

wEspen Robak, "Discounts for Illiquid Shares and Warrants: The LiquiStat Database of Transactions on the Restricted Securities Trading Network," *Pluris Valuation Advisors White Paper Draft*, (January 22, 2007), pp. 22-32, www.plurisvaluation.com.

xAaron M. Stumpf, Robert L. Martinez, and Christopher T. Stallman, "The Stout Risius Ross Restricted Stock Study: A Recent Examination of Private Placement Transactions from September 2005 through May 2010, *Business Valuation Review*, Spring 2011, pp. 7-10.

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yWilliam Harris, "Trugman Valuation Associates, Inc. Restricted Stock Study," *Business Valuation Review*, Fall 2009, pp. 128-139.

zWilliam Harris, "Trugman Valuation Associates Restricted Stock Study – An Update," Business Valuation Review, Winter 2011, pp. 132-139.

Numerous empirical studies on lack of marketability discounts have been conducted during the past fifty years. The following discussion summarizes the results of the most commonly referenced studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Institutional Investors Study** **:** The Securities and Exchange Commission ("SEC") published study #77-287 in 1971, called the "Institutional Investors Study." The Institutional Investors Study examined the amount of discount at which transactions in restricted stock, or letter stock, took place compared to the prices of identical but unrestricted stock on the open market from 1966 through 1969. The table below segments the data observed by the SEC according to the size of the discount.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Discount (Premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Discount (Premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Discount (Premium) | &nbsp;&nbsp;&nbsp;&nbsp; <br> Study Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent of Transactions |
| -15.0% | to | &nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 6.5% |
| 0.1% | to | 10.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | 16.8% |
| 10.1% | to | 20.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | 19.6% |
| 20.1% | to | 30.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | 19.3% |
| 30.1% | to | 40.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | 16.8% |
| 40.1% | to | 50.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;50.1% | to | 80.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;-15.0%  | to | 80.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | 100.0% |

---

The study shows that the discounts on the letter stocks were the least for New York Stock Exchange ("NYSE") listed stocks, but increased, in order, for American Stock Exchange ("ASE") listed stocks, over-the-counter ("OTC") reporting companies and OTC non-reporting companies. For OTC non-reporting companies, the largest number of restricted stock transactions fell in the 30% to 40% discount range. Slightly over 56% of the OTC non- reporting companies experienced discounts greater than 30% on the sale of their restricted stock. A little over 30% of the OTC reporting companies experienced discounts over 30%, and over 52% experienced discounts over 20%.

The magnitude of the discount for restricted securities from the trading price of the unrestricted securities was generally related to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Earnings

Earnings played the most significant role in determining the discounts at which these stocks were sold from the current market price. The degree of risk of an investment is determined more by earnings patterns, rather than sales patterns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sales

Companies with the largest sales volumes received the smallest discounts, and the companies with the smallest sales volumes received the largest discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Trading Market

Discount rates were greatest on restricted stocks with unrestricted counterparts traded over-the-counter, followed by those with unrestricted counterparts listed on the ASE, while the discount rates for those stocks with unrestricted counterparts listed on the NYSE were the smallest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Gelman Study** **:** Milton Gelman conducted a study analyzing the prices paid by four closed- end investment companies specializing in restricted securities investments. Based on an analysis of 89 transactions between 1968 and 1970, Gelman found both the mean and median discounts to be 33%. Almost 60% of the transactions were at discounts of 30% or more, and over one-third were at discounts of 40% or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Trout Study** **:** Robert Trout studied 60 transactions involving the purchase of restricted stock by mutual funds between 1968 and 1972. He observed an average discount of 34%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Moroney Study** **:** In an article published in 1973, Robert Moroney presented the results of his study of the prices paid in 146 transactions for restricted securities by ten registered investment companies. The mean discount in these transactions was 35.6%, and the median discount was 33%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Maher Study** **:** In 1976, Michael Maher published the results of a study of restricted stock discounts in transactions taking place from 1969 to 1973. He found that the mean discount was 35.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Standard Research Consultants Study** **:** In 1983, Standard Research Consultants conducted a study of 28 private placements of common stock from October 1978 through June 1982. A median discount of 45% was observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**FMV Opinions, Inc. Study** **:** The FMV Opinions Study took place from 1979 through 1992 and analyzed 100 transactions in companies not in the smallest capitalization. The study found the average discount to be 23%, with findings that the discount was generally higher for smaller companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Management Planning, Inc. Study** **:** Management Planning, Inc. ("MPI") conducted an analysis of 115 private transactions involving actively traded industrial corporations. The vast majority of the transactions occurred at discounts to the public market prices. The discounts ranged from 1% to 86%, with the normal distribution centered in the 30% to 35% range.

MPI found that many of the relatively high discounts observed involved the common stocks of companies which were not profitable or had very low revenues, which is consistent with the findings of the SEC Study. MPI eliminated all transactions involving companies with revenues less than $3,000,000, thereby reducing the test population to 31 transactions. Of these 31 transactions, 29 occurred at a discount, some of which were nearly 60%.

As in the SEC Study, MPI analyzed the pricing data in relation to several variables believed to impact the magnitude of the discounts. MPI concluded the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Private transactions of larger companies (as measured by either revenue or earnings) have lower discounts than smaller companies, on average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Private transactions of companies with stronger growth (as measured by either revenues or earnings) have lower discounts than companies with slower growth, on average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Private transactions of companies with better revenue or earnings stability have smaller discounts than those of companies with less stability, on average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Private transactions which involve blocks that are relatively small compared to trading volume or the number of shares outstanding have lower discounts than blocks of stock which are large relative to trading volume and shares outstanding, on average.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Private transactions which occurred in a strong market have lower discounts than transactions which took place in declining or weaker markets, on average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Private transactions occur at lower discounts in cases where the publicly traded counterpart showed more price stability than in cases where there was less price stability, on average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Silber Study** **:** In 1991, William Silber published the results of a study of restricted stock discounts in 69 transactions taking place between 1981 and 1988. He found that the mean discount was 33.8%. This study found larger discounts when the size of the restricted stock block was large in proportion to the total shares outstanding. Additionally, the study indicated that firms with higher revenues, earnings and market capitalizations are associated with lower discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Willamette Management Associates Study** **:** Willamette Management Associates has performed several studies on the prices of private stock transactions relative to their prices observed in a subsequent public offering of the same securities. The median discount of their studies is 31.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Hertzel & Smith Study** **:** Hertzel & Smith conducted an analysis of 106 private equity placements between 1980 and 1987 with average sales proceeds of $11.4 million and equity market values of approximately $94.7 million. The study found discounts are reflective of the complexity involved to analyze a firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**E mpire Valuation Consultants, Inc. ("Empire") Study** **:** Empire conducted an analysis of 106 private placements between February 1983 and June 1993 involving restricted shares of publicly-traded common stocks. Their unpublished study concluded that the price differentials between the price of the restricted shares and the market price of the publicly- traded equivalent securities ranged from a 29.8% premium to an 80.0% discount, with a mean discount of 29.1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Bajaj, Denis, Ferris, and Sarin Study** **:** This study found an average discount of 22.2% for transactions analyzed between 1990 and 1995. They analyzed 88 private placements and concluded that discounts are a result of total shares, business volatility, financial distress measured by Altman's Z-score, and total proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**FMV Opinions Inc. Study** **:** FMV Opinions analyzed 243 transactions with a mean discount of 22.1%. They found that larger price discounts are present in smaller, more highly volatile companies. They also found that block size is directly correlated with price discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**Johnson Study** **:** Johnson analyzed 72 transactions between 1991 and 1995, noting an average discount of 20% or 22% if banks and real estate investment trust companies were excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**Columbia Financial Advisors Study** **:** Columbia Financial Advisors engaged in several studies between 1996 through 1998, studying 38 transactions and arriving at average discounts of 21% for the first study and 13% for the second study. They also concluded the average discounts decreased due to the SEC-required holding period shortening from two years to one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**LiquiStat Study** **:** Pluris Valuation Advisors conducted the LiquiStat study between 2005 and 2006. Sixty-one transactions were analyzed yielding an average discount of 32.8% and 144 days as an average number of days before shares sold became available to trade on the public market.

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P a g e \| 36 of 37

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**Trugman Valuation Associates Study** **:** Trugman analyzed 80 transactions between 2007 and 2008, breaking the discounts into quartiles. The quartiles show a mean discount of 3.8% in the first quartile, 11.1% in the second quartile, 18.5% in the third quartile, and 39.3% in the fourth quartile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**Stout Risius Ross Study** **:** This study took place from 2005 through 2012 with the goal of analyzing the impact the SEC holding period rule had on restricted stocks and marketability discounts. The study found a significant impact in the shortening of the holding period Rule 144 and yielded an average discount of 10.9% with a median discount of 9.3%.

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P a g e \| 37 of 37

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**Exhibit - I**

**Discounting of Expected Cash Flows and Conclusion of Value**

$ in million

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ending 31st December** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ending 31st December** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ending 31st December** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ending 31st December** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ending 31st December** | &nbsp;&nbsp;**Terminal Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Particulars**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2029** | &nbsp;&nbsp;**Terminal Year** |
| &nbsp;&nbsp;**REVENUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;Revenue from operations | 9.78 | 43.39 | 123.24 | 187.44 | 274.96 | 280.46 |
| **Total** | **9.78** | **43.39** | **123.24** | **187.44** | **274.96** | **280.46** |
| &nbsp;&nbsp;**EXPENSES** |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of goods sold | 5.38 | 23.87 | 67.78 | 103.09 | 151.23 | 154.25 |
| &nbsp;&nbsp;Sales & marketing expenses | 4.89 | 13.02 | 18.49 | 18.74 | 27.50 | 28.05 |
| &nbsp;&nbsp;General & administrative overheads | 0.49 | 2.17 | 6.16 | 9.37 | 13.75 | 14.02 |
| &nbsp;&nbsp;Depreciation & Amortization | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Total** | **10.75** | **39.05** | **92.43** | **131.21** | **192.47** | **196.32** |
| &nbsp;&nbsp;Profit before Tax | -0.98 | 4.34 | 30.81 | 56.23 | 82.49 | 84.14 |
| &nbsp;&nbsp;Corporate Tax @21.00% | 0.00 | 0.91 | 6.47 | 11.81 | 17.32 | 17.67 |
| &nbsp;&nbsp;Profit after Tax | -0.98 | 3.43 | 24.34 | 44.42 | 65.17 | 66.47 |
| &nbsp;&nbsp;Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;Capital Expenditure | -6.00 | -4.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;Working Capital Changes | -2.07 | -6.42 | -15.26 | -12.27 | -16.73 | -1.05 |
| &nbsp;&nbsp;Free Cash Flow to Equity | -9.05 | -7.00 | 9.08 | 32.16 | 48.44 | 65.42 |
| &nbsp;&nbsp;Terminal Value |  |  |  |  |  | 334.68 |
| &nbsp;&nbsp;PV @21.55% | -8.21 | -5.23 | 5.58 | 16.25 | 20.14 | 139.12 |
| &nbsp;&nbsp;Sum of all Present Values | 167.66 |  |  |  |  |  |
| &nbsp;&nbsp;Cash & Cash Equivalents | 2.05 |  |  |  |  |  |
| &nbsp;&nbsp;Less : DLOM @20.00% | 33.94 |  |  |  |  |  |
| &nbsp;&nbsp;Fair value of Non-Marketable Common Stock | 135.77 |  |  |  |  |  |
| &nbsp;&nbsp;Less : DLOC @20.00% | 27.15 |  |  |  |  |  |
| &nbsp;&nbsp;Fair value of Non-Marketable Non-Controlling Common<br> Stock | **108.61** |  |  |  |  |  |
| &nbsp;&nbsp;No. of common stocks (in millions) | 63.15 |  |  |  |  |  |
| &nbsp;&nbsp;Fair value per common stock (in USD) | **1.72** |  |  |  |  |  |

---

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P a g e \| **37** of 37

## Exhibit 10.6

SELF-RIGHTING AND SELF-STABILIZING UNMANNED SURFACE VESSEL

INVENTORS:

DÁNIAL HOYDAL

DAVID GEYTI

CROSS-REFERENCE TO RELATED APPLICATIONS

**[0001]** This application claims the benefit of U.S. Provisional Patent Application No. 63/727,652 filed on December 3, 2024, which is incorporated by reference herein.

BACKGROUND

**[0002]** Aquatic vehicles may be deployed for variety of maritime applications, including environmental monitoring, search and rescue, port security, and mapping. These vessels often operate in challenging marine environments, where stability, reliability, and diverse functionality can be critical for mission success. Autonomous or remotely controlled aquatic vehicles are highly desirable for these missions. However, conventional unmanned surface vessels (USVs) fail to provide sufficient operability and performance, particularly over dynamic wave and weather conditions and when extended deployments are desirable.

SUMMARY

**[0003]** Embodiments include an unmanned surface vessel (USV) suitable for various automated or teleoperated operations. The USV includes a surface pontoon structured with positive buoyancy. An upper mast is pivotably coupled to the surface pontoon and extends above a waterline surface when deployed. A keel is pivotably coupled to the surface pontoon and extends below the waterline surface when deployed. An upper electronics assembly is coupled to a top portion of the upper mast and houses one or more above-water sensors. At least one subsurface nacelle is coupled to a lower portion of the keel. The at least one subsurface nacelle operates as a ballast and incorporates one or more subsurface sensors. The surface pontoon is pivotable relative to the upper mast and the keel.

**[0004]** In an embodiment, the upper mast and the keel may include a unibody structure that extends through the surface pontoon and couples to the surface pontoon via a pivotable joint. The unibody structure of the upper mast and the keel may further include a connecting portion substantially perpendicular to the upper mast and the keel, such that the upper mast and the keel, when oriented vertically, are horizontally offset by a length of the connecting portion. The pivotable joint couples the surface pontoon to the connecting portion.

**[0005]** In an embodiment, the USV is configurable between an operating configuration and a folded configuration. In the operating configuration, the upper mast and the keel are substantially vertical (perpendicular to a longitudinal extent of the surface pontoon) in the absence of forces. In the folded configuration, the upper mast and the keel are folded to positions substantially parallel to the longitudinal extent of the surface pontoon in the folded configuration.

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**[0006]** In another embodiment, the upper mast and the keel may include independent structures that are each pivotable about a single joint or separate joints coupled to the surface pontoon.

**[0007]** In an example embodiment, the at least one subsurface nacelle may include a battery bay to house a battery for powering the USV. The battery has mass suitable for providing a self- stabilizing ballast to the USV.

**[0008]** In an embodiment, the at least one subsurface nacelle may include a first subsurface nacelle housing a battery and one or more sensors, and a second subsurface nacelle that is removably attachable and includes one or more modular sensors.

**[0009]** In an embodiment, the keel may include a telescoping structure that is contractable or extendable in response to one or more control signals. A controller may automatically extend or contract the telescoping structure based on a sensed seafloor depth.

**[0010]** In an embodiment, the upper electronics assembly includes one or more cameras and a communication system for wireless communicating sensor data or control signals.

**[0011]** In an embodiment, the USV is configurable for autonomous navigation or teleoperation by a remote control device.

**[0012]** In an embodiment, the surface pontoon includes integrated electronics for wireless charging and docking to a docking system.

**[0013]** In another aspect, embodiments include a USV system comprising a USV as described above and a docking system for docking the USV. The docking system may comprise a slip structured to receive the surface pontoon. The slip includes a keel channel to enable the keel to pass through while docking. The docking system may also include an electromagnetic clamping mechanism to secure to the surface pontoon of the USV when the USV is docked to the docking system. The docking system may furthermore include a wireless charging system to wirelessly charge the USV via one or more wireless charging pads. Furthermore, the docking system may include a data management module to facilitate offloading of data from the USV and communication of the data to a remote processing system.

**[0014]** In yet another aspect, embodiments include a fleet management system that comprises a fleet of USVs (e.g., as described above), and a docking system for docking one or more of the USVs. A cloud processing server executes a server-side application that coordinates operations between the fleet of USVs.

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BRIEF DESCRIPTION OF THE DRAWINGS

**[0015]**FIG. 1 is an example embodiment of an unmanned surface vessel (USV) according to an embodiment.

**[0016]**FIG. 2 illustrates various example views of the USV according to an embodiment.

**[0017]**FIG. 3 illustrates example operation of a pivoting mechanism of the USV that enables self-stabilization.

**[0018]**FIG. 4 illustrates an example embodiment of a USV configurable between an operating configuration and a folded configuration.

**[0019]**FIG. 5 illustrates an example operation of a telescoping keel of a USV.

**[0020]**FIG. 6 illustrates an example implementation of a telescoping structure for a keel of a USV.

**[0021]**FIG. 7 illustrates an example embodiment of a docking system for a USV.

**[0022]**FIG. 8 illustrates an example of a docking operation of a USV.

**[0023]**FIG. 9 illustrates an example electronics architecture for a USV system.

DETAILED DESCRIPTION

**[0024]**Reference will now be made in detail to several embodiments, examples of which are illustrated in the accompanying figures. Wherever practical similar or like reference numbers may be used in the figures and may indicate similar or like functionality. The figures depict embodiments of the disclosed system (or method) for purposes of illustration only. One skilled in the art will readily recognize from the following description that alternative embodiments of the structures and methods illustrated herein may be employed without departing from the principles described herein.

**[0025]** A self-righting and self-stabilizing unmanned surface vessel (USV) is suitable for surface and subsurface maritime applications such as search and rescue, environmental monitoring, inspections, port security, and mapping. The USV may operate as a standalone USV or may interoperate in a networked system of autonomous or teleoperated vessels. The USV may interoperate with technologies such as wireless inductive docking stations or buoys for charging and/or data relay, distributive computing, and automated reporting systems. The USV may include a surface pontoon pivotably coupled to an upper mast and lower keel to enable mechanical self-stabilization in response to wave, wind, and current forces.

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**[0026]** The USV and/or networked system of USVs may be operated by a pilot (local or remote) and/or may perform fully autonomous or partially autonomous navigation. The USV is suitable for operating in challenging wave and weather conditions where other manned and unmanned maritime and aerial assets cannot operate. In various configurations, the USV may be designed for continuous operability and cooperative missions. Furthermore, the USV may comprise a modular solution for use cases in aquaculture, search and rescue, harbor security, pollution and waste monitoring, fisheries, environmental monitoring, hazard detection, and security patrolling in harsh marine conditions over extended durations.

**[0027]** FIG. 1 illustrate an example embodiment of a USV 100 operating at a waterline 104. FIG. 2 illustrates various alternative views of the USV 100. The USV 100 is structured to enable mechanical auto-righting and self-stabilization in sea deployment under various wave and current actions. The USV 100 includes a surface vehicle "torpedo" pontoon 102, an upper mast 106 extending vertically above the water surface 104, a keel 108 extending below the surface 104, an upper electronics assembly 110 coupled to the upper mast 106, one or more subsurface nacelles 112, 114 coupled to the keel 108, and one or more propulsion devices 116 coupled to the pontoon 102. Various embodiments may include different or additional components.

**[0028]** The torpedo pontoon 102 comprises a positively buoyant hull structure and is shaped for sufficiently low hydrodynamic drag. The structure also supports ease of transit with minimum disruption to propulsion via the propulsion system 116. The pontoon 102 may house a navigational control system, power management and distribution, supplemental power, and/or payload at the surface-level including one or more modular sensors. The pontoon 102 may furthermore include a subsea light 118 to illuminate the area in front of a lower camera (e.g., attached to the pontoon 102, mounted to the keel 108, or mounted to one or more subsurface nacelles 112, 114) for lighting dim areas that the operator may intend to view and/or to facilitate various human-guided or autonomous navigation functions (e.g., subsea hazard avoidance). The pontoon 102 may furthermore include charging pads (not shown) for charging the USV 100 via a docking system (described further below) and securing structures (not shown) to enable secure docking of the USV 100.

**[0029]** The upper mast 106 and keel 108 connect to the torpedo pontoon 102 via one or more swivel axial joints 122. Structurally, the upper mast 106 and keel 108 may comprise low profile designs with sufficiently low service areas to aerodynamically mitigate effects of aerodynamical wind drag and hydrodynamic drag. In some implementations, the upper mast 106 and keel 108 may comprise a single unibody component that extends through the torpedo pontoon 102 and connects to it via the joint 122. Alternatively, the upper mast 106 and the keel 108 may comprise separate components. In some such implementations, the upper mast 106 and the keel 108 may both couple to a singular joint 122 such that they are constrained to rotate about the joint 122 together. Alternatively, the upper mast 106 and the keel 108 may be independently attached to the torpedo pontoon 102 via separate joints 122. In this embodiment, the upper mast 106 and the keel 108 may rotate about the joints 122 independently, or their respective rotations may be electronically linked via an actuated control mechanism. In either the unibody or structurally independent embodiments, the upper mast 106 and the keel 108 may be vertically aligned in some embodiments or may be positioned such that they are horizontally offset from each other (e.g., as shown in FIG. 4 below).

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**[0030]** The USV 100 may include both undersea and over-water sensor platforms (e.g., cameras, IMUs, environmental probes, etc.) and/or connectors for external electronics at the lower and upper ends of the keel 108 and upper mast 106 respectively. The upper mast 106 and/or keel 108 may also include data and power cables running through it internally to couple the sensor platforms to electronics in the torpedo pontoon 102.

**[0031]** In one implementation, an upper electronics assembly 110 coupled to an upper portion of the upper mast 106 supports various sensors and/or other equipment. For example, the upper mast 106 may include an antenna for wireless communications and associated electronics (e.g., transmitter, receiver, etc.) The upper electronics assembly 110 may also include, for example, navigational lighting, a gimbaled camera, and/or radio receivers (e.g., cellular, satellite, RF).

These sensors are elevated to give a radio line-of-sight to a base station or floating dock, and to provide visibility above dynamic water conditions. The upper electronics assembly 110 may be protected by a covering dome that could include a wiper or debris obstruction removal device. In an embodiment, the upper mast 106 may optionally include a rigid sail to allow for wind- assisted navigation.

**[0032]** The keel 108 may comprise a pole structure or other hydrodynamic (by shape) subsurface structure that extends vertically downward from the torpedo pontoon 102 when deployed. The keel 108 may include one or more subsurface nacelles 112, 114 that may house various sensors or other electronics and operate as a ballast to support stability and self-righting. For example, in one implementation, a subsurface nacelle 112 houses the primary system battery. The weight of the battery provides a lowered center of mass in support of self-righting and mechanical (pendular) stabilization, such that the nacelle 112 acts as a ballast. Alternatively, or in addition, the nacelle 112 may be constructed using weighted materials and/or may include chambers for water or other substances to add mass to the nacelle 112. The keel 108 may furthermore include a primary subsea camera integrated with one or more of the subsurface nacelles 112, 114 or separately attached. In one implementation, the keel 108 may also include a modular sensor payload nacelle 114 at a distal end that may incorporate a variety of mission-specific sensor configurations. This modular sensor payload nacelle 114 may be removable to enable attachment of different sensors for different operating scenarios.

**[0033]** In one implementation, the keel 108 may comprise a telescopic structure that allows for dynamically varying length of the keel 108 for dynamic depth operation and hazard avoidance. For example, the keel 108 may comprise a set of nested sections that are designed to slide within one another, thereby enabling extension or retraction of the keel 108. In one such implementations, the keel 108 may comprise a set of concentric tube-like segments each sized to fit in the next. The telescoping segments may be linked with tracks, bearings, rails, cables, and/or other mechanisms to enable and guide movement of the segments, thereby dynamically changing the length of the keel 108. The telescoping mechanism may be controlled electronically via one or more actuators and mechanical links.

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**[0034]** The upper mast 106 and the keel 108 may be coupled to the torpedo pontoon 102 via the mechanical joint 122 that enables rotation of the upper mast 106 and/or keel 108 relative to the torpedo pontoon 102 in responsive to wave and/or wind forces to support self-righting and self- stabilization. The same joint 122 may enable the USV 100 to be placed in a folded configuration for storage and transport. This hinging mechanism is further described below with respect to FIGs. 3-4.

**[0035]** The USV 100 may furthermore include a propulsion system 116 attached to the torpedo pontoon 102 (e.g., a slewable and controlled azimuth style thruster that combines propulsion and thrust vector authority) that may remain operational with little or no risk of overturning.

**[0036]** The USV 100 may be designed with cross-sections having sufficiently small surface areas as shown in FIGs. 1-2 to minimize wind-derived sway from either component, further negating undesired navigability effects. Furthermore, the described structure enables auto- righting and self-stabilization even under windy conditions. Additionally, the structure enables reduced power consumption through the minimization of surface area exposed to wind and wave, reducing drag from over-water and subsurface influence.

**[0037]** The described structure may enable self-righting or self-stabilization based on its mechanical structure alone without necessarily utilizing accelerometers or electromechanical assemblies (e.g., motors) for this purpose. However, other embodiments may include various sensors, actuators, or other electromechanical components to supplement the structural self- righting and self-stabilization elements.

**[0038]** FIG. 3 illustrates example operation of the self-righting and self-stabilizing mechanism of the USV 100. This illustration depicts the USV's ability to mechanically stabilize (e.g., by use of a non-powered pendular, hinged upper mast 106 and keel 108) itself in dynamic wave conditions. In one such implementation, a the mechanical joint 122 comprises a single axis joint 122 that attaches to the torpedo pontoon 102. The mechanical joint 212 enables rotation of the torpedo pontoon 102 relative to the upper mast 106 and keel 108 about a rotation axis through the intersection point and in a direction along the surface of the waterline perpendicular to the longitudinal extent of the torpedo pontoon 102 (i.e., rotation in pitch such that the front and back portions of the pontoon 102 move up and down relative to the position of the joint 122).

Through the mechanical separation between the torpedo pontoon 102 and the upper mast 106 and keel 108, the torpedo pontoon 102 rotates freely through the axis of rotation with the up and down-wave crests and troughs while the upper mast 106 and keel 108 each maintain a substantially vertical orientation. The center of mass (located in the lower portion of the keel 108) maintains vertical stability. In other implementations, the mechanical joint 122 may comprise a two-axis joint that enables rotation in the direction of travel (pitch) and roll (e.g., in response to effects of wind and current from the vessel's sides). The stabilization mechanisms mitigate power consumption by redirecting the wave's effects to only the torpedo pontoon 102, thereby maintaining vertical orientation and stability of the upper mast 106 and keel 108 for controlled sensing.

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**[0039]** As illustrated in FIG. 3, waves create a waterline 104 that rises and falls. Under the condition 302, the USV 100 is positioned in a down sloping portion of the waterline 302 (relative to the direction of travel of the USV 100). The keel 108 and upper mast 106 are maintained substantially vertically (i.e., parallel to gravity) as assisted by the weighted lower nacelle 112, while the torpedo pontoon 102 rotates about the joint 122 to substantially follow the downward slope of the waterline 104. Under the condition 304, the USV 100 is positioned in an upward sloping portion of the waterline 104 (relative to the direction of travel of the USV 100). Here, the keel 108 and upper mast 106 are still maintained substantially vertically (i.e., parallel to gravity) while the torpedo pontoon 102 rotates about the joint 122 to substantially follow the upward slope of the waterline 104. Because the upper mast 106 and keel 108 maintain their substantially vertical orientations, the sensors can be maintained in substantially stable orientations, thereby enabling accurate and simplified sensing.

**[0040]** FIG. 4 illustrates example embodiments of USV 100 having an upper mast 106 and keel 108 in an offset configuration. In the illustrated implementation, the keel 108 extends from the torpedo pontoon 102 from a position that is rearward relative to the upper mast 106. In one implementation, the upper mast 106, keel 108, and connecting portion 402 may comprise a single unibody structure. The connecting portion 402 couples to the torpedo pontoon 102 via the joint 122 such that the upper mast 106 and keel 108 can rotate about the joint 122. Alternatively, at least one of the upper mast 106, keel 108, and connecting portion 402 may comprise an independent structure that may be mechanically linked together.

**[0041]** As illustrated in FIG. 4, the USV 100 may be movable between an operational configuration 410 and a folded configuration 420. In the operational configuration 410, the upper mast 106 and keel 108 are positioned substantially vertically and the connecting portion 402 is perpendicular to the upper mast 106 and keel 108 such that the upper mast 106 and keel 108 are offset and parallel to each other. Here, the upper mast 106 and keel 108 may be substantially perpendicular to the longitudinal extent of the pontoon 102 and the connecting portion 402 runs substantially parallel to the longitudinal extent of the pontoon 102 in a baseline condition in the absence of wind or current forces. However, the relative angle may change via the joint 122 in response to various forces that affect the pitch of the pontoon 102. In the folded configuration 420, the upper mast 106 and keel 108 are folded such that they are oriented approximately parallel to each other and to the longitudinal extent of the torpedo pontoon 102, while the connecting portion 402 runs approximately perpendicular to the longitudinal extent of the torpedo pontoon 102. For example, in the folded configuration 420, the upper mast 106 may extend rearward from the connecting portion 402, while the keel 108 extends in a forward direction from the connecting portion 402. In an embodiment, this folding mechanism may be enabled by the same joint 122 used for self-righting and auto-stabilization as described above.

The folded configuration 420 of the USV 100 results in a compact form factor suitable for stowage and transport.

------

**[0042]** FIG. 5 figure depicts a side view of the USV 100 with a telescoping keel 108 while it traverses in an environment with changing water depth. The telescoping keel 108 is designed to provide dynamic adjustments for enhanced stability or to optimize subsurface operations based on environmental conditions. The telescoping keel 108 enables the keel length to be expanded or contracted to dynamically control observational depth of the attached sensors (e.g., in the nacelle 114) where areas of interest may be shallower or deeper, thereby allowing an operator or autonomous control system to select a sensing depth. The telescoping keel 108 may also be controlled for hazard mitigation when entering shallower or deeper waters. For example, the operator (or autonomous control system) may adapt the vessel's operational depth by sensed or observed change of seafloor depth for safe navigability and/or undersea hazard avoidance. In other control schemes, the USV 100 may adapt the keel length to increase stabilization based on changing water depth by tide, current, or other conditions. In further embodiments, the keel length may be adjusted to limit visibility of the USV 100 to external observers (e.g., for stealth operations).

**[0043]** Under one operating example, the USV 100 may initially operate in relatively deeper water 502 in which the keel 108 in fully extended. Sensors in the nacelle 114 may operate to sense depth of the seafloor 510 (or depth changes), underwater hazards, or other conditions, either directly or by providing a camera feed to a remote operator. In response to detecting shallower water, an underwater hazard, or other condition 504, the keel 108 may be adjusted via the telescoping mechanism to a contracted state. In some implementations, the USV 100 may automatically detect a condition where it is desirable to change the length of the keel 108 and automatically adjust the length via an electromechanical actuating mechanism. In other implementations, the length of the keel 108 may be adjusted in response to a control signal from a remote operator.

**[0044]** FIG. 6 illustrates an implementation of the telescopic keel 108. In this example, the telescopic keel 108 includes a set of nested sections 604 that slide within one another. These sections are designed to extend or retract smoothly, and may be guided by tracks, bearings, or rails, allowing for variable length adjustments while maintaining alignment. An electrical assembly may reside inside the keel or the hinge-hub that releases or rewinds an internal cable to control the height of the telescopic keel 108. In one such implementation a cable drum 602 manages an internal cable for extending or retracting the keel 108.

------

**[0045]** FIG. 7 illustrates an example embodiment of a docking system 700 that may interoperate with the described USV 100. The docking system 700 may comprise a dock stationed at ports or buoys, for example. The docking system 700 may comprise various power electronics for charging the battery the USV 100 when the USV is docked. Furthermore, the docking system 700 may comprise electronics to enable offloading of data from the USV 100 (e.g., collected sensor data). For example, the docking system 700 may include integrated storage and/or transceivers for communicating with remote cloud storage systems. The docking system 700 may also include various communication electronics for communicating with the USV 100 when the USV 100 is deployed. For example, the docking system 700 may include a beacon system that communicates a return-to-home signal to the USV 100 and may provide return-to-home navigation. In an embodiment, the docking system 700 may interoperate with a fleet of USVs 100. The fleet of USVs 100 may operate in a coordinated manner to operate continuously for staggered missions and gapless coverage. For example, the docking system 700 may communicate with the fleet of USVs 100 to stagger recharging and data offloads. In one implementation a set of smart, cloud-connected electromagnetic docking stations 700 enable distributed processing of data, and may perform functions such as reporting self and vehicle conditions, charging batteries, and serving as stationary data collection stations for weather, security when vehicle is not in use.

**[0046]** In one implementation, the docking system 700 comprises a charger and data relay system that interacts with the USV 100 for the recharging the one or more batteries and for providing a data link relay between the USV 100 and an operator for long duration, long distance, persistent operations. The docking system 700 may receive power from a power supply cabled or attached via hard dock (solar, generator, nearby shore-power). When docked, the docking system 700may supply power to the USV 100 via onboard power management module(s).

**[0047]** In one implementation, the docking system 700 may be designed as a floating system. Here, the docking system 700 may have a heavy internal ballast that is self-righting.

Alternatively, or in addition, the docking system 700 may be attached to an anchor or hard mount via an anchor attachment 706.

**[0048]** The docking system 700 may be structured to have a form factor that mechanically aligns and mates to the USV 100. For example, the docking system 700 may comprise a split receptacle slip 702 having a concave form factor with curvature substantially matching the convex curvature of the torpedo pontoon 102 such that the respective surfaces are in contact when docked. The slip 702 may comprise a keel channel 704 through which the keel 108 passes through when docking the USV 100. The docking system 700 may be structured to enable capture of the USV 100 under dynamic wind and water condition.

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**[0049]** The slip 702 may incorporate encapsulated electromagnetic clamps 708 (e.g., actuated clamps) for securing the USV 100 when docked and/or one or more inductive charging pads 710. The electronic and electromagnetic components may be encased such that connectors are not exposed to the elements. The one or more inductive charging pads 710 (e.g., QI type charging pads) may include coils that enable charging via reciprocal coils of the USV 100 when in close proximity, thereby delivering power wirelessly from the docking system 700 (via a power management module) to the USV 100. The charging pads 710 may be configured to distribute sufficient energy to supplemental power banks. The slip 702 may also include integrated data management electronics such as a storage device, processor, memory, and/or transceiver for communicating with a remote processing and/or storage system.

**[0050]** FIG. 8 illustrates interactions between the USV 100 and a docking system 700 during a docking procedure in which the USV 100 approaches the docking system 700 and docks to the docking system 700. The docking system may be coupled to a power cable 802 and/or anchored via an anchor cable 804. Here, the USV 100 may be remotely piloted or receive (or internally execute) automated commands to navigate to the docking system 700 and perform a docking maneuver. The docking procedure may use both above and subsea cameras and/or other sensors to aid in transit and docking. In the illustrated docking process, the USV 100 may navigate to the docking system (automatically and/or teleoperation). As the USV 100 enters the vessel receptacle slip 702, it is recognized by onboard sensors of the docking system 700. The sensors may send feedback and/or navigation control signals to the USV 100 to achieve alignment of the USV 100 with the (1) electromagnetic docking clamps 708 and (2) the wireless charging pads 710. When alignment is achieved, the clamps 708 engage with reciprocal side clamps of the USV 100 to securely mate the USV 100 to the docking system 700. In this position, charging pads 710 of the docking system 100 are also aligned with charging pads of the USV 100 to enable charging. Charging is then negotiated and supplied by the docking system 700 via the wireless charging pads 710. Power modules onboard the USV 100 and/or the docking system 700 may monitor charging conditions for safety. Additionally, supplemental power may be provided via the same conduits (e.g., from power cables to the docking system 700) to enable the USV 100 to remain operational during charging. For example, the USV 100 may maintain sensor collection activities and/or may operate the propulsion system 116 to reposition the USV 100 and the coupled docking system 700 if drift is detected, or to enable collection of the system (USV 100 and docking system 700) for stowage at the completion of a mission.

**[0051]**FIG. 9 illustrates an example hardware architecture for a USV system 900 that includes the USV 100, docking system 700, and remote connected systems such as cloud storage 902, cloud processing server 904, and one or more client devices 906 for monitoring, configuration, and/or teleoperation via an input controller 908. The various elements 100, 700, 902, 904, 906 may be coupled via one or more networks.

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**[0052]** As illustrated, the pontoon 102 of the USV 100 includes a supplemental power / payload bay 912, a datalink radio and compute module 914, a power module 916, and a control unit 918. The supplemental power / payload bay 912 may include a supplemental battery and/or various sensors to support operation of the USV 100. The datalink radio and compute module 914 may facilitate wireless communications of the USV 100 to enable remote data monitoring and/or teleoperation of the USV 100. The datalink may comprise, for example, a Satcom link, a cellular link (e.g., LTE), or other communication system or combination thereof. The power module 916 may include various power management circuitry to support power delivery and charging of the USV 100. The control unit 918 may provide processing to enable various navigation, sensor processing, or control functions including teleoperated navigation, fully autonomous navigation, and/or partially autonomous navigation. For example, the control unit 918 may interoperate with global positioning system (GPS) signals to enable positioning and navigation applications. The control unit 918 may control the propulsion system 116 to enable propulsion of the USV 100 based on navigation control signals.

**[0053]** The USV 100 also includes an electronics assembly 110 including one or more cameras, one or more lights, or other sensors and/or electronic elements supporting operation of the USV 100. One or more antennas may extend from the electronics assembly 110 to support communication functions.

**[0054]** The docking system 700 as illustrated includes an electromagnetic clamp 708, a datalink radio and compute module 920, a data link module 922, and a power module 924. The electromagnetic clamp 708 supports docking and securing of the USV 100 as described above. The datalink radio and compute module 920 operates in conjunction with the data link module 922 facilitate wireless communications of the docking system 700 to enable remote data monitoring and/or teleoperation of the USV 100. The power module 924 provides various power management functions of the docking system 700 including management of an externally connected power source and charging of the USV 100.

**[0055]** The cloud storage 902 and cloud processing system 904 may provide various supporting functions for operation of the USV 100, the docking system 700, and/or the client device 906.

For example, the USV 100 may offload collected sensor data for storage to the cloud storage 902. The cloud processing system 904 may execute one or more server-side applications to perform processing of the sensor data and/or facilitate various control functions of the USV 100. The client device 906 may execute a client-side application for viewing various data relating to operation of the USV 100 and/or enabling configuration or teleoperation of the USV 100. For example, a server-side application of the cloud processing system 904 may operate in conjunction with the client device 906 to coordinate operations of a fleet of USVs.

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**[0056]** This described USV system 900 may enable control of a single USV 100 or a coordinated network of USVs 100. In an example use case, video and/or image data from cameras, sonar systems, or other sensing technologies may be exported to the cloud storage system 902 and/or processing system 904 to enable machine-learning and/or computer vision-based data processing and analytics. These analytics may then be presented via the client device 906.

**[0057]** Using the described control system, a user may interact with the USV 100 and docking system 700 via a (1) web ground control station over the internet, (2) a remote controller and associated mobile application over a communication link such as WiFi, Cellular, SATCOM, or other communication capability) for control and real-time data transmission. Mission plans may be uploaded and stored in the USV's control unit 918 for autonomous operation and remote viewing or management via the client device 906 (e.g., using a web-based interface to the cloud processing system 904 or a native application). Interactivity between the USV 100 and the docking system 700 may rely on this same network for shared or distributive data resourcing and hardware monitoring.

**[0058]** The USV 100 may be customized for various applications. For example, in one embodiment, the USV 100 may include an integrated solar collection system, wind turbine, or other energy-harvesting systems to augment the onboard power systems and allow for prolonged operation. In another embodiment, the USV 100 may include an integrated smart anchor or tether to the seabed or other structures to allow for tidal-derived regenerative power during extending operations away from a base station. In further embodiments, the USV 100 may include an integrated water quality monitoring system for precise, multivariable water quality monitoring.

**[0059]** In an embodiment, the USV 100 may include sensors and electronics for real-time mapping and environmental monitoring using integrated sonar, computer vision, and machine learning models for anomaly detection. The USV 100 may operate autonomously utilizing (1) an active map of hazards onboard its mission computer (2) an array of sensors such as LiDAR, Sonar, active GPS for both self-localization and hazard detection, and(3) a telescoping keel 108 to transform and adapt the USV 100 to dynamic subsurface and surface to prevent collisions.

**[0060]** In an embodiment, the USV 100 may operate in conjunction with a command and control system (e.g., implemented via the client device 906, cloud storage 902, and/or cloud processing system 904) that automatically dispatches the USV 100 (or a swarm of USVs 100) in response to an emergency by localizing and intercepting as an UFR (Unmanned First Responder). The USV 00 may be designed to deliver aid (radio, water, inflatable flotation device) and respond while on patrol or from a smart dock.

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**[0061]** In an embodiment, the USV 100 may include sensors for monitoring real-time environmental changes (e.g., algal blooms, pollution). Here, the USV 100 may utilize technologies such as real-time mapping and machine learning-based pattern detection for rapid identification of environmental changes. The USV 100 may furthermore include various probes for collecting and processing water samples. Furthermore the USV 100 could include cameras or other sensors for observing and counting wildlife populations with minimal disruption. Detection capabilities may be enhanced using computer vision and/or machine learning for recognition and generated into real time maps. The USV 100 may include above and below water cameras or other sensors that enable studies such as checking for health, disease, or presence of bio or other agents in the water column, and assessing various environmental conditions.

**[0062]** The USV 100 may furthermore interoperate with a remote client device 906 providing a user interface for enabling various monitoring and control capabilities.

**[0063]** In an embodiment, a set of USVs 100 may be equipped with autonomous navigation and data-sharing capabilities to enable the USVs 100 to interoperate as a networked swarm of USVs 100. Such an implementation may be aided by a cloud-based control solution, mesh connectivity, long range radios, or other related technologies.

**[0064]** Command, control, and data analysis processes described herein (i.e., in the USV 100, in the docking system 700, in the client device 906, and/or cloud processing system 904) may be implemented using any suitable computing systems. One or more computing systems include at least one processor and a non-transitory computer-readable storage medium storing instructions executable by the at least one processor for carrying out the processes and functions described herein. For some applications, the computing system may include distributed network-based computing systems in which functions described herein are not necessarily executed on a single physical device. For example, some implementations may utilize cloud processing and storage technologies, virtual machines, or other technologies.

**[0065]** The foregoing description of the embodiments has been presented for the purpose of illustration; it is not intended to be exhaustive or to limit the embodiments to the precise forms disclosed. Persons skilled in the relevant art can appreciate that many modifications and variations are possible in light of the above disclosure.

**[0066]** Any of the steps, operations, or processes described herein may be performed or implemented with one or more hardware or software modules, alone or in combination with other devices.

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**[0067]** The language used in the specification has been principally selected for readability and instructional purposes, and it may not have been selected to delineate or circumscribe the inventive subject matter. It is therefore intended that the scope is not limited by this detailed description, but rather by any claims that issue on an application based hereon. Accordingly, the disclosure of the embodiments is intended to be illustrative, but not limiting, of the scope of the invention.

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CLAIMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.An unmanned surface vessel (USV) comprising:

a surface pontoon structured to have positive buoyancy;

an upper mast pivotably coupled to the surface pontoon, the upper mast extending above a waterline surface when deployed;

a keel pivotably coupled to the surface pontoon, the keel extending below the waterline surface when deployed;

an upper electronics assembly coupled to a top portion of the upper mast and housing one or more above-water sensors; and

at least one subsurface nacelle coupled to a lower portion of the keel, wherein the subsurface nacelle operates as a ballast and incorporates one or more subsurface sensors,

wherein the surface pontoon is pivotable relative to the upper mast and the keel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The USV of claim 1, wherein the upper mast and the keel comprise a unibody structure that extends through the surface pontoon and couples to the surface pontoon via a pivotable joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The USV of claim 2, wherein the unibody structure of the upper mast and the keel further includes a connecting portion substantially perpendicular to the upper mast and the keel, such that the upper mast and the keel, when oriented vertically, are horizontally offset by a length of the connection portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The USV of claim 3, wherein the pivotable joint couples the surface pontoon to the connecting portion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The USV of claim 1, wherein the USV is configurable between an operating configuration and a folded configuration, wherein in the operating configuration, the upper mast and the keel are configured to pivot in response to forces relative to a vertical baseline orientation that is substantially perpendicular to a longitudinal extent of the surface pontoon, and wherein the upper mast and the keel are folded to positions substantially parallel to the longitudinal extent of the surface pontoon in the folded configuration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The USV of claim 1, wherein the upper mast and the keel comprise independent structures that are each pivotable about a joint coupled to the surface pontoon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The USV of claim 1, wherein the at least one subsurface nacelle comprises a battery bay to house a battery for powering the USV, wherein the battery has mass suitable for providing a self-stabilizing ballast to the USV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The USV of claim 1, wherein the at least one subsurface nacelle comprises: a first subsurface nacelle housing a battery and one or more sensors; and

a second subsurface nacelle that is removably attachable and includes one or more modular sensors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The USV of claim 1, wherein the keel comprises a telescoping structure that is contractable or extendable in response to one or more control signals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.The USV of claim 9, wherein a controller automatically extends or contracts the telescoping structure based on a sensed seafloor depth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.The USV of claim 1, wherein the upper electronics assembly includes one or more cameras and a communication system for wireless communicating sensor data or control signals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.The USV of claim 1, wherein the USV is configurable for autonomous navigation or teleoperation by a remote control device.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.The USV of claim 1, wherein the surface pontoon includes integrated electronics for wireless charging and docking to a docking system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.An unmanned surface vessel (USV) system comprising: a USV including:

a surface pontoon structured to have positive buoyancy;

an upper mast pivotably coupled to the surface pontoon, the upper mast extending above a waterline surface when deployed;

a keel pivotably coupled to the surface pontoon, the keel extending below the waterline surface when deployed;

an upper electronics assembly coupled to a top portion of the upper mast and housing one or more above-water sensors;

at least one subsurface nacelle coupled to a lower portion of the keel, wherein the subsurface nacelle operates as a ballast and incorporates one or more subsurface sensors,

wherein the surface pontoon is pivotable relative to the upper mast and the keel; and

a docking system for docking the USV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.The USV system of claim 14, wherein the docking system comprises:

a slip structured to receive the surface pontoon, the slip including a keel channel to enable the keel to pass through while docking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.The USV system of claim 14, wherein the docking system comprises:

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an electromagnetic clamping mechanism to secure to the surface pontoon of the USV when the USV is docked to the docking system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.The USV system of claim 14, wherein the docking system comprises:

a wireless charging system to wireless charge the USV via one or more wireless charging pads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.The USV system of claim 14, wherein the docking system comprises:

a data management module to facilitate offloading of data from the USV and communication of the data to a remote processing system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.An unmanned surface vessel (USV) fleet management system comprising: a fleet of USVs, each of the USVs including:

a surface pontoon structured to have positive buoyancy;

an upper mast pivotably coupled to the surface pontoon, the upper mast extending above a waterline surface when deployed;

a keel pivotably coupled to the surface pontoon, the keel extending below the waterline surface when deployed;

an upper electronics assembly coupled to a top portion of the upper mast and housing one or more above-water sensors;

at least one subsurface nacelle coupled to a lower portion of the keel, wherein the subsurface nacelle operates as a ballast and incorporates one or more subsurface sensors,

wherein the surface pontoon is pivotable relative to the upper mast and the keel; and

a docking system for docking the USV; and

a docking system for docking one or more of the USVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.The USV fleet management system of claim 19 further comprising:

a cloud processing server to execute a server-side application that coordinates operations between the fleet of USVs.

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ABSTRACT

A self-righting and self-stabilizing unmanned surface vessel (USV) is suitable for surface and subsurface maritime applications such as search and rescue, environmental monitoring, inspections, port security, and mapping. The USV may operate as a standalone USV or may interoperate in a networked system of autonomous vessels. The USV may interoperate with technologies such as wireless inductive docking stations or buoys for charging and/or data relay, distributive computing, and automated reporting systems. The USV may include a surface pontoon pivotably coupled to an upper mast and lower keel to enable mechanical self- stabilization in response to wave, wind, and current forces.

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## Exhibit 21.1

![](boumex21z1_1.jpg)

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To The Shareholders and Board of Directors of Boumarang Inc.

We consent to the use in the Form S-1 Registration Statement under the Securities Act of 1933 of our report dated December 12, 2025, of the consolidated financial statements of Boumarang, Inc. as of December 31, 2024, for the nine months ended September 30, 2024, and 2025.

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| |
|:---|
| */S/ Lateef Awojobi* |
| **LAO PROFESSIONALS** |
| PCAOB No:7057 |
| **Lagos, Nigeria** |
| December 15, 2025 |

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## Exhibit 99.1

**Exhibit 99.1**

**SUBSCRIPTION AGREEMENT**

**BOUMARANG INC.**

The undersigned (the "Subscriber") desires to become a holder of common shares (the "Shares") of Boumarang Inc., a corporation organized under the laws of the state of Delaware (the "Company"); the Subscriber hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subscription.

1.1The Investor hereby irrevocably subscribes for and agrees to purchase the number of Shares set forth on the signature page hereto at the $0.10 Per Share Purchase Price, upon the terms and conditions set forth herein. The aggregate purchase price for the Shares with respect to each Investor (the "Purchase Price") is payable in the manner provided below.

1.2Investor understands that the Shares are being offered pursuant to the Registration Statement. By subscribing to the Offering, the Investor acknowledges that the Investor has received and reviewed a copy of the Registration Statement.

1.3The closing of the Subscription of Shares hereunder (the "Closing") shall occur immediately upon: (i) receipt and acceptance by the Company of a properly executed Signature Page to this Agreement; and (ii) receipt of all funds for the subscription of shares hereunder.

1.4The terms of this Subscription Agreement shall be binding upon Investor and its permitted transferees, heirs, successors and assigns (collectively, the "Transferees"); provided, however, that for any such transfer to be deemed effective, the Transferee shall have executed and delivered to the Company in advance an instrument in form acceptable to the Company in its sole discretion, pursuant to which the proposed Transferee shall acknowledge and agree to be bound by the representations and warranties of Investor and the terms of this Subscription Agreement. No transfer of this Agreement may be made without the consent of the Company, which may be withheld in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase Procedure. The Subscriber acknowledges that, to subscribe to Shares, he must, and he does hereby, deliver to the Company:

2.1One (1) executed counterpart of the Signature Page attached to this Agreement; and

2.2A check or a wire transfer payment in the amount set forth on the Signature Page attached to this Agreement, representing payment in full for the Shares desired to be purchased hereunder, made payable to the order of Boumarang Inc. to the Company's bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Representations of Subscriber. By executing this Agreement, the Subscriber makes the following representations, declarations, and warranties to the Company, with the intent and understanding that the Company will rely thereon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Such Subscriber acknowledges the public availability of the Company's current prospectus. This prospectus is made available in the Company's most recent Registration Statement on Form S-1 deemed effective on __________, 2026. The terms and conditions of the offering and the risks associated therewith are set forth in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) All information herein concerning the Subscriber is correct and complete as of the date hereof and as of the date of Closing.

C) If the Subscriber is purchasing the Shares in a fiduciary capacity for another person or entity, including, without limitation, a corporation, partnership, trust, or any other entity, the Subscriber has been duly authorized and empowered to execute this Subscription agreement and all other subscription documents.

D) Upon request of the Company, the Subscriber will provide true, complete, and current copies of all relevant documents of the Subscriber, authorizing its investment in the Company and/or evidencing the satisfaction of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. Applicable Law. This Agreement shall be construed in accordance with and governed by the laws applicable to contracts made and wholly performed in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Indemnity. The representations, warranties and covenants made by Investor herein shall survive the closing of this Subscription Agreement. Investor agrees to indemnify and hold harmless the Company and its respective officers, directors and affiliates, and each other person, if any, who controls the Company within the meaning of Section 15 of the Securities Act against any loss, liability, claim, damage and expense whatsoever (including, but not limited to, any reasonable attorneys' fees, including attorneys' fees on appeal) and expenses reasonably incurred in investigating, preparing or defending against any false representation or warranty or breach of failure by Investor to comply with any covenant or agreement made by Investor herein or in any other document furnished by Investor to any of the foregoing in connection with this transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Execution in Counterparts. This Subscription Agreement may be executed in one or more counterparts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Persons Bound. This Subscription Agreement shall, except as otherwise provided herein, inure to the benefit of and be binding on the Company and its successors and assigns and on each Subscriber and his respective heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Notices. Any notice or other communication required or permitted hereunder shall be in writing. It shall be delivered personally, telegraphed, telexed, sent by facsimile transmission, or sent by certified, registered, or express mail, postage prepaid, to the address of each party set forth herein. Any such notice shall be deemed given when delivered personally, telegraphed, telexed, or sent by facsimile transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Certification. The subscriber certifies that he has read this entire subscription agreement and that every statement made by the subscriber herein is accurate and complete.

**SUBSCRIBER SIGNATURE**

The undersigned, desiring to subscribe for the number of shares of Boumarang Inc. (the "Company") as set forth below, acknowledges that he/she has received and understands the terms and conditions of the Subscription Agreement attached hereto and that he/she does hereby agree to all the terms and conditions contained therein.

IN WITNESS WHEREOF, the undersigned has hereby executed this Subscription Agreement as of the date set forth below.

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| | |
|:---|:---|
| Total Amount of Subscription: |  |
| Exact Name of Subscriber: |  |
| Address of Subscriber: |  |
| Signature of Subscriber: |  |
| Date: |  |
| Authorized signature of Boumarang Inc. |  |
|  | Signed by President/CEO Craig Nehrkorn |

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