# EDGAR Filing Document

**Accession Number:** 0001890225
**File Stem:** 0001683168-25-009296
**Filing Date:** 2025-12
**Character Count:** 338358
**Document Hash:** e3ed0b32cafb991dd459d9f2ef7ceded
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-009296.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001683168-25-009296

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Doroni Aerospace, Inc.
- **CENTRAL INDEX KEY:** 0001890225

**ORGANIZATION NAME:**
- **EIN:** 825384090
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12693
- **FILM NUMBER:** 251592220

**BUSINESS ADDRESS:**
- **STREET 1:** 11555 HERON BAY BLVD.
- **STREET 2:** SUITE 200
- **CITY:** CORAL SPRINGS
- **STATE:** FL
- **ZIP:** 33076
- **BUSINESS PHONE:** 8586213126

**MAIL ADDRESS:**
- **STREET 1:** 11555 HERON BAY BLVD. SUITE 200
- **STREET 2:** SUITE 200
- **CITY:** CORAL SPRINGS
- **STATE:** FL
- **ZIP:** 33076

## Part

[**Table of Contents**](#a_001)

**AN OFFERING CIRCULAR PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING CIRCULAR FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR MAY THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF SUCH STATE. WE MAY ELECT TO SATISFY OUR OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF OUR SALE TO YOU THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING CIRCULAR IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

**PRELIMINARY OFFERING CIRCULAR**

**DATED: DECEMBER 22, 2025**

**DORONI AEROSPACE, INC.**

![](logo.jpg)

11555 Heron Bay Blvd., Suite 200

Coral Springs, FL 33076

https://www.doroni.io/

<u>Best Efforts Offering of</u>

**UP TO 14,000,000 SHARES OF SERIES SEED-3 PREFERRED STOCK PLUS**

**UP TO 2,800,000 BONUS SHARES**

**Minimum Purchase Per Investor: 322 shares of Series Seed-3 Preferred Stock ($998.20)**

Doroni Aerospace, Inc., a Delaware corporation referred to herein as the Company, Doroni Aerospace, Doroni, we, us, or our and similar terms, is conducting a best-efforts offering of up to 14,000,000 shares of our Series Seed - 3 Preferred Stock, par value $0.00001 per share, which we refer to in this document as the Shares, at a price of $3.10 per share. The minimum amount you may invest in this offering is $998.20 for 322 Shares, and any additional purchases must be made in increments of at least $3.10, plus a transaction fee of 3.50% (the "Transaction Fee") making the total minimum cash payment $1,033.14. However, we reserve the right to waive this minimum and the Transaction Fee in our sole discretion. In addition to the Shares offered for cash consideration, we have reserved a fixed pool of 2,800,000 Shares for issuance in this offering as a bonus, referred to as the Bonus Shares, at no additional cost. Together, the sale of Shares and the issuance of Bonus Shares are referred to as the Offering. See "*[Plan of Distribution](#a_006)*" on page 19 for more information.

No public trading market currently exists for our Shares, and we do not expect one to emerge in the foreseeable future. Further, we have not applied, and do not anticipate applying in the near term, for quotation of our Shares on any national securities exchange or over-the-counter market. As a result, investors should be prepared to hold their Shares indefinitely.

Regulation A Rule 251(a)(2) limits us to aggregate gross proceeds of $75,000,000 (including the value of the Bonus Shares issued in this Offering, valued at the $3.10 Offering price) in any rolling twelve-month period during the three years following qualification of this Offering, meaning that the maximum dollar amount of additional Shares we may offer under Regulation A will increase overtime as prior sales fall outside the applicable twelve-month look-back period. Following SEC qualification of this Offering Circular and the Offering Statement of which it forms a part, which is referred to herein as the Offering Circular and Offering Statement, respectively, and as additional capacity becomes available, we may file one or more post-qualification amendments under Rule 252(f)(2)(ii) to seek qualification of such additional Shares for sale in this Offering. However, we will not sell any additional Shares until the SEC qualifies each corresponding amendment. Prospective investors should also note that we may file offering circular supplements from time to time to raise the price per share in this Offering by up to 20% above the most recently qualified price; provided that any increase exceeding 20% or any fundamental change to the information in a qualified offering circular will require a post-qualification amendment that must be filed with and qualified by the SEC.

To participate in this Offering, you must complete a subscription agreement available through our offering page at invest.doroni.io. If we reject your subscription, in whole or in part, or if we accept it but do not conduct a closing of this Offering thereafter due to the termination of the Offering for any reason, the Escrow Agent will promptly return your investment funds without interest or deduction, in accordance with Rule 10b-9 under the Exchange Act. Until a closing occurs, your subscription agreement will remain revocable and your investment funds will be refundable. Once a closing has occurred, your subscription will become irrevocable, your funds will no longer be refundable, and your Shares will be issued. This offering is continuous and ongoing within the meaning of Rule 251(d)(3) of Regulation A, and closings, each of which we refer to as a Closing, and collectively, the Closings, may occur from time to time throughout the term of the Offering to maximize economic efficiency. Notwithstanding the foregoing, we intend to conduct a Closing at least every four to eight weeks following the first Closing.

This Offering will commence within two calendar days of qualification by the U.S. Securities and Exchange Commission or the SEC, and will terminate at the earliest of (a) the date on which we perform a Closing and issue a number of Shares constituting the maximum offering amount in this Offering, as amended from time to time via post-qualification amendment, (b) the date which is three years from the date this Offering is qualified by the SEC, or (c) the date on which this Offering is earlier terminated by us, in our sole discretion. Notwithstanding (b) above, we will file a post-qualification amendment to include the Company's recent financial statements in accordance with the requirements of Regulation A at least every twelve months after this Offering has been qualified by the SEC. See "*[Plan of Distribution](#a_006)*" for more information.

In the event that the Company becomes a reporting company under the Securities Exchange Act of 1934, the Company intends to take advantage of the provisions that relate to "Emerging Growth Companies" under the JOBS Act of 2012. See "Summary -- Implications of Being an Emerging Growth Company."

We are offering our Shares on a best-efforts basis, meaning there is no guarantee that we will receive any proceeds from the sale of our Shares in this Offering. We have engaged DealMaker Securities LLC ("Broker"), a registered broker-dealer and member of the Financial Industry Regulatory Authority, or FINRA, and its affiliates to provide broker-dealer compliance services, technology, and marketing support in connection with this Offering. See "*[Plan of Distribution](#a_006)*" for more information.

---

| | | | |
|:---|:---|:---|:---|
|  | Price to Public (1) | Underwriting discount commissions and fees (2) | Proceeds to issuer before expenses (3) |
| Price per share  | $3.10 | $0.1395 | $2.9605 |
| Transaction Fee per Share (1) | $0.1085 | $0.0049 | $0.1036 |
| Total Cash Value | $44919000 | $2484855 | $42434145 |
| Total Bonus Share Value | $8680000 | $– | $– |
| Total Maximum Value | $53599000 | $2484855 | $42434145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) There will be a three and one-half percent (3.5%)
transaction fee, referred to as the Transaction Fee, that participants in this offering will pay in order to help offset the costs associated
with collecting the payment for the sale of our shares in this offering to investors. This transaction fee, and the value of any Bonus
Shares sold hereunder, is included in our calculation of the maximum amount we may sell in this Offering pursuant to Regulation A Rule
251(a)(2). See "*[Plan of Distribution](#a_006)*" for more information.

(2) We will pay Broker cash compensation which consists of accountable
expenses, fees, and commissions on (i) the sale of any Shares, and (ii) any Transaction Fee we receive. The amounts set forth in this
column includes a 4.5% cash commission, and $463,500 in additional underwriting compensation we will pay to Broker and its affiliates
in connection with the services they are providing in this offering. See "*[Plan of Distribution](#a_006)*" for more information.
In any event, the amount of compensation we will pay to Broker and its affiliates in connection with this Offering will not exceed $2,484,855;
provided that such amount is subject to increase upon any later amendment to this Offering in which we increase the number of Shares
being offered herein. Broker will not receive any commissions on the issuance of Bonus Shares.

(3) The amounts in this column represents the
proceeds we will receive from the sale of Shares in this Offering minus Underwriting Compensation, but does not account for the payment
processing expenses, out-of-pocket expenses, or other related service fees. The figures also do not account for other expenses payable
by our company in connection with this offering, including costs related to accounting, legal services, printing, due diligence, software,
marketing, and selling efforts.

We are offering our Shares, and soliciting offers to purchase them, only in jurisdictions where such offers and sales are permitted under a continuing offering pursuant to Rule 251(d)(3)(i)(F) of Regulation A. You should rely solely on the information contained in this Offering Circular. We have not authorized anyone to provide information different from or in addition to that contained in this Offering Circular. The information presented herein is accurate only as of the date on the cover, regardless of the time of delivery or any sale of our securities. Neither the delivery of this Offering Circular nor any sale of our securities implies that there has been no change in our affairs since the date of this document. This Offering Circular will be updated and delivered as required by applicable federal securities laws. From time to time, we may provide offering circular supplements that update, modify, or replace information included in this document. Any statement contained herein will be deemed modified or superseded to the extent that a subsequent offering circular supplement contains an inconsistent statement. The offering statement includes exhibits that provide additional details about the matters discussed in this Offering Circular. You should read this Offering Circular, any related amendments or supplements, and the exhibits to the offering statement together with the information contained in our periodic filings, including annual, semi-annual, and other reports filed with the SEC. All such documents are available on the SEC's website at www.sec.gov.

We are responsible for the information contained in this Offering Circular. This document includes industry and market data derived from third-party studies, surveys, and industry publications. These sources typically indicate that the information was obtained from sources believed to be reliable; however, they do not guarantee the accuracy or completeness of such information. The forecasts and projections contained in these materials are based on historical market data and assumptions, and there can be no assurance that any such forecasts will be realized. Industry and market data may be inaccurate or incomplete due to the methodologies used by the original sources and the inherent limitations in collecting and verifying such data. These limitations include the voluntary nature of data collection, gaps in raw data, and the inability to verify all information with absolute certainty. Market and industry information used in this Offering Circular is subject to risks and uncertainties that may change over time and could materially affect actual outcomes. See the section titled "*[Risk Factors](#a_004)*" for more information on these uncertainties. Additionally, other parties applying different methods of data collection or analysis may reach different conclusions.

We use, and may continue to use, various trademarks, trade names, and service marks in our business. For convenience, this Offering Circular may omit the™,®, or ℠ symbols when referring to our trademarks or those of others. Such omissions are not intended to indicate any waiver of rights, and we will assert our intellectual property rights to the fullest extent permitted by law. This Offering Circular may also reference trademarks, trade names, or service marks owned by third parties. All such marks are the property of their respective owners, and our use or display of them does not imply any affiliation with, or endorsement or sponsorship by, those owners.

***THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL OF ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.***

**GENERALLY, NO SALE MAY BE MADE TO YOU IN THIS OFFERING IF THE AGGREGATE PURCHASE PRICE YOU PAY IS MORE THAN 10% OF THE GREATER OF YOUR ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT YOUR INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, WE ENCOURAGE YOU TO REVIEW RULE 251(d)(2)(i)(C) OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, WE ENCOURAGE YOU TO REFER TO <u>www.investor.</u>g<u>ov</u>.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [SUMMARY](#a_002) | 1 |
| [RISK FACTORS](#a_004) | 6 |
| [DILUTION](#a_005) | 15 |
| [PLAN OF DISTRIBUTION](#a_006) | 19 |
| [USE OF PROCEEDS](#a_007) | 25 |
| [OUR BUSINESS](#a_008)<br>| 26 |
| [OUR PROPERTY](#property) | 32 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_009) | 33 |
| [DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES](#a_010) | 35 |
| [COMPENSATION OF DIRECTORS AND OFFICERS](#a_011) | 36 |
| [SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITY HOLDERS](#a_012) | 37 |
| [INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#a_013) | 38 |
| [SECURITIES BEING OFFERED](#a_014) | 38 |
| [FINANCIAL STATEMENTS](#fs) | F-1 |

---

i

**OFFERING CIRCULAR SUMMARY**

This summary highlights information contained elsewhere in this Offering Circular, and does not contain all the information that you should consider in making your investment decision. Before investing in our Preferred Shares, you should carefully read this entire Offering Circular, including our financial statements and related notes. You should consider among other information, the matters described under "[Risk Factors](#a_004)" and "[Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_009)."

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Offering Circular contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. The forward-looking statements are contained principally in, but not limited to, the sections entitled "*[Offering Circular Summary](#a_002)*", "*[Risk Factors](#a_004)*", "*[Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_009)*" and "*[Business](#a_008)*." These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The success of our technology which will require
significant research and development work, capital resources and acceptance of our products by the market;

· The price of our securities, which has been determined by our management, and such price may be deemed arbitrary;

· Our ability to develop the H1-X with the resources that we are able to obtain;

· Our ability to properly manage our costs;

· Our ability to scale our products or services to a commercial scale;

· Acceptance of our technology and products;

· Our ability to protect our licensed, filed, or
 fully owned intellectual property and patent rights related to our technology as we develop our business and customer
 relationships;

· Our ability to compete and succeed in a highly competitive and rapidly evolving industry;

· Our limited operating history on which to judge our business plan, technology, and management;

· Our ability to raise capital and the availability
 of future financing; and

· Our ability to maintain key personnel to support our technology development and business development activities.

In some cases, you can identify forward-looking statements by terms such as "may", "could", "will", "should", "would", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "project" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "*[Risk Factors](#a_004)*" and elsewhere in this Offering Circular. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

The forward-looking statements made in this Offering Circular relate only to events or information as of the date on which the statements are made in this Offering Circular. We do not intend to update or otherwise revise the forward-looking statements in this Offering Circular, whether as a result of new information, future events or otherwise.

**The Company**

Doroni Aerospace, Inc. (the "Company" or "Doroni" "we" "us" "ours") is a pre-revenue aerospace engineering and manufacturing company that is developing a practical, efficient, and cost-effective electric vertical takeoff and landing aircraft ("eVTOL") mobility platform. Our go-to-market product currently under development, the Doroni Hl-X, is a two seater personal eVTOL that we anticipate will be made available for public purchase. We are planning initial commercial deliveries in late 2028 or early 2029 subject to the risk factors listed in the "Risk Factors" section below.

**The Current Offering**

---

| | |
|:---|:---|
| Securities offered | Maximum of 14,000,000 Series Seed – 3 Preferred Shares, or "Preferred Shares", ($43400000), plus up to 2,800,000 Preferred Shares eligible to be issued as Bonus Shares for no additional consideration. |
| Transaction Fee | A three and one-half percent (3.5%) transaction fee, will be collected from participants in this Offering of up to $1,519,000. |
| Price Per Share | $3.10 |
| Minimum investment | There is no minimum amount of Preferred Shares to be sold. |
| Common Stock outstanding before the offering (fully diluted, including, outstanding shares of Common Stock, Class A Common Stock and, Class B Common Stock and Shares of Common Stock, Class A Common Stock, and Class B Common Stock into which issued options, unissued options and Preferred Shares are convertible) | No Series Seed-3 Preferred Shares |
| Common Stock outstanding after the offering (fully diluted, including, outstanding shares of Common Stock, Class A Common Stock and ,Class B Common Stock and Shares of Common Stock , Class A Common Stock, and Class B Common Stock into which issued options, unissued options and Preferred Shares are convertible) | 14,000,000 Series Seed-3 Preferred Shares assuming issuance of the maximum Bonus Shares available to investors in this offering. |
| Use or Proceeds | The net proceeds of this offering will be primarily used for research and development, production, marketing and sales and general and administrative expenses. See "[Use of Proceeds](#a_007)." |
| Risk Factors | Investing in our securities involves risks. See "[Risk Factors](#a_004)" and other information included in this offering Circular for a discussion of factors you should carefully consider before deciding to invest. |

---

**Rights and Preferences of the Preferred Shares**

The holders of Preferred Shares are entitled to receive pro rata dividends, with the Class A Shares, if any, declared by our board of directors out of legally available funds and pro rata distributions upon a sale of the Company, however, subject to the preferential rights of the holders of any other class of preferred stock that may be authorized and issued in the future. A description of such preferential rights can be found under "[Securities Being Offered](#a_014)."

The Preferred Shares have no voting rights.

**Implications of Being an Emerging Growth Company**

We are not subject to the ongoing reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") because we are not registering our securities under the Exchange Act. Rather, we will be subject to the more limited reporting requirements under Regulation A, including the obligation to electronically file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annual reports (including disclosure relating to our business operations for the preceding two fiscal years, or, if in existence for less than two years, since inception, related party transactions, beneficial ownership of the issuer's securities, executive officers and directors and certain executive compensation information, management's discussion and analysis ("MD&A") of the issuer's liquidity, capital resources, and results of operations, and two years of audited financial statements),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· semiannual reports (including disclosure primarily relating to the issuer's interim financial statements and MD&A) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· current reports for certain material events.

In addition, at any time after completing reporting for the fiscal year in which our offering statement was qualified, if the securities of each class to which this offering statement relates are held of record by fewer than 300 persons and offers or sales are not ongoing, we may immediately suspend our ongoing reporting obligations under Regulation A.

If and when we become subject to the ongoing reporting requirements of the Exchange Act, as an issuer with less than $1.07 billion in total annual gross revenues during our last fiscal year, we will qualify as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and this status will be significant. An emerging growth company may take advantage of certain reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will not be required to obtain an auditor attestation on our internal controls over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will not be required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives (commonly referred to as "compensation discussion and analysis");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will not be required to obtain a non-binding advisory vote from our shareholders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on-frequency" and "say-on-golden-parachute" votes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will be exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will be eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards.

**Selected Risks Associated with Our Business**

Our business expects to be subject to a number of risks and uncertainties, including those highlighted in the section titled "[Risk Factors](#a_004)" immediately following this summary. These risks include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The eVTOL aircraft industry may not continue to develop, The H1-X may not be adopted by the market, the H1-X may not be certified
by government authorities or it may not be an attractive alternative to existing modes of transportation, any of which could adversely
affect our prospects, business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospective purchasers or lessees of the H1-X may be unable to obtain the required license to personally
operate it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The market for urban air mobility vehicles has not been established with precision, is still emerging
and may not achieve the growth potential we expect or may grow more slowly than expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There may be reluctance by consumers to adopt this new form of mobility, or unwillingness to pay our projected
prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain localities may reject the H1-X operations due to a perceived risk of
safety or burden on local communities from the H1-X operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crashes, accidents or incidents of eVTOL aircraft involving us or our competitors could have a material
adverse effect on our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We may be unable to obtain regulatory approvals required to manufacture and commercialize our H1-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If current airspace regulations are not modified to increase air traffic capacity, our business could be subject to considerable capacity
limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The H1-X could fail to achieve acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Developing new products and technologies entails significant risks and uncertainties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our competitors may commercialize their technology before us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The H1-X may fail to achieve performance expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We may not be able to produce the H1-X in the volumes and on the timelines we project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our financial statements include a going concern note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our intellectual property could be unenforceable or ineffective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We depend on certain key personnel and must attract and retain additional talent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We rely on third parties to provide parts and services essential to the success of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We depend on technology and advanced information systems, which may fail or be subject to disruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We store personally identifiable information of consumers which is subject to vast regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Procuring, manufacturing and selling our products internationally may present risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Natural disasters and other events beyond our control could materially adversely affect us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If we are unable to adequately control the costs associated with operating our business, our business,
financial condition, operating results and prospects will suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This Offering is being conducted on a "best efforts" basis and does not require a minimum
amount to be raised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If we cannot raise sufficient funds, we may not succeed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No public trading market currently exists for our Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Terms of subsequent financings may adversely impact your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holders of our Preferred Shares have no voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We are not likely to pay cash dividends in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The subscription agreement has a forum selection provision that requires
disputes be resolved in state or federal courts in the State of Florida, regardless of convenience or cost to you, the investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investors in this offering may not be entitled to a jury trial with respect
to claims arising under the subscription agreement, which could result in less favorable outcomes to the plaintiff(s) in any action
under the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We are offering Bonus Shares to certain investors, which will result in dilution to those investors to
those investors who do not receive the maximum allowable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using a credit card to purchase shares may impact the return on your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must keep records of your investment for tax purposes.

**RISK FACTORS**

**Investing in our Preferred Shares involves risk. In evaluating us and an investment in our Preferred Shares, careful consideration should be given to the following risk factors, in addition to the other information included in this Offering Circular. Each of these risk factors could materially adversely affect our business, operating results or financial condition, as well as adversely affect the value of an investment in our Preferred Shares. The following is a summary of the risk factors that we currently believe make this offering speculative or substantially risky. We are still subject to all the same risks faced by all companies in our industry, and to which all such companies in the economy are exposed. These include risks relating to economic downturns, political and economic events and technological developments (such as cyber-security). Additionally, early-stage companies are inherently riskier than more developed companies. You should consider general risks as well as specific risks when deciding whether to invest.**

**<u>Risks Related to Our Business</u>**.

***The eVTOL aircraft industry may not continue to develop, our H1-X aircraft may not be adopted by the market, the H1-X aircraft may not be certified by government authorities or may not be an attractive alternative to existing modes of transportation, any of which could adversely affect our prospects, business, financial condition and results of operations.***

eVTOL aircraft involve a complex set of technologies, which we must continue to further develop. However, before our H1-X can fly, we must receive requisite certifications and approvals from applicable governmental authorities. There is no assurance that our design, development and certification efforts will result in our receiving certification of the H1-X from the Federal Aviation Administration (the "FAA"). In order to achieve FAA certification, the performance, reliability and safety of the H1-X must be established, none of which can be assured. In particular, there is a risk that we will not obtain one or more certifications from the FAA that are required for ultimate use of our aircraft, or will experience delays in receiving one or more of these certifications.

Additional challenges to the adoption of the H1-X, all of which are outside of our control, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· market acceptance of the H1-X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· state, federal or municipal regulatory and licensing requirements for the H1-X and for operators of
the H1-X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· necessary changes to existing infrastructure to enable adoption, including installation of necessary
charging and other equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· public perception regarding the safety of the H1-X.

There are a number of existing laws, regulations and standards that may apply to the H1-X, including standards that were not originally intended to apply to electric aircraft. The promulgation of additional federal, state, and local laws and regulations that address eVTOL aircraft more specifically could delay or prevent our ability to commercially launch our eVTOL aircraft. In addition, depending on the nature of any revised regulations, we may need to modify our approach to certification, it may be difficult for us to timely comply with such regulations, and we may not be able to timely achieve FAA certification for the H1-X. If the applicable FAA regulations are substantially changed or new regulations are adopted, we may need to modify the design of the H1-X to comply with the new regulations, which could cause us to incur significant expenses and scheduling delays in commercializing the H1-X, which could adversely affect our prospects, business, financial condition and results of operations.

In addition, there can be no assurance that the market will accept the H1-X, that we will be able to execute on our business strategy, or that our H1-X will obtain the necessary government approvals or be successful in the market. There may be heightened public skepticism of this nascent technology and its adopters. In particular, there could be negative public perception surrounding eVTOL aircrafts in general or our H1-X specifically, including the overall safety and the potential for injuries or death occurring as a result of accidents involving eVTOL aircraft, regardless of whether any such safety incidents occur involving us. Any of the foregoing risks and challenges could adversely affect our prospects, business, financial condition and results of operations.

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***Prospective purchasers or lessees of the H1-X may be unable to obtain the required license to personally operate our aircraft.***

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Under current regulations, operators of the H1-X will be required to hold a valid Airline Transport Pilot's license with advanced training requirements. The issuance of such a pilot license is subject to the approval and discretion of the FAA and depends upon meeting its established criteria. The difficulty and/or inability or unwillingness of consumers to obtain the requisite licensing could adversely impact our projected future sales. It is anticipated that the FAA will adopt a simpler pilots license requirement which will allow a broader group of consumers to operate eVTOLs like the H1-X but this may not happen or it may happen over a long period of time.

***The market for urban air mobility vehicles has not been established with precision, is still emerging and may not achieve the growth potential we expect or may grow more slowly than expected.***

The urban air mobility vehicle ("UAM") market is still emerging and has not been established with precision. It is uncertain to what extent market acceptance will grow, if at all. This market is new, rapidly evolving, characterized by rapidly changing technologies, significant competition, evolving government regulation and industry standards, new aircraft and changing consumer demands and behaviors. Our success will depend to a substantial extent on regulatory approval and availability of eVTOL technology, as well as the willingness of commuters to widely adopt air mobility as an alternative to ground transportation. If the public does not perceive UAM as beneficial, or chooses not to adopt UAM, the market for our products may not develop, may develop more slowly than we expect or may not achieve the growth potential we expect. As a result, the number of potential purchasers of the H1-X cannot be predicted with any degree of certainty, and we cannot assure you that we will be able to operate in a profitable manner. Any of the foregoing could materially adversely affect our business, financial condition and results of operations.

***There may be reluctance by consumers to adopt this new form of mobility, or unwillingness to pay our projected prices.***

Our growth is highly dependent upon consumer adoption of an entirely new form of mobility offered by eVTOL aircrafts in general and the H1-X specifically as well as the UAM market. If consumers do not adopt this new form of mobility or are not willing to pay the prices we project for our products, our business may never materialize.

***Certain localities may reject eVTOL operations due to a perceived risk of safety or burden on local communities from eVTOL operations.***

The safety record of the H1-X will depend on factors external to the vehicle and the understanding of which is currently being constructed, such as the integration of the use of the H1-X with other aircraft operating in the same urban airspace. If the prediction of important characteristics of the system, such as route placement, vehicle separation and communication protocols, is not accurate, or if these considerations are not properly taken into account, it could materially adversely affect our business, financial condition and results of operations.

The approval of local authorities of the operation of the eVTOLs will be influenced by the public opinion about the burdens imposed by the vehicle operations. Local populations, being potential users of our aircraft or not, may perceive the external noise of the vehicles, visual pollution and changes in the neighborhood provoked by aircraft operations to be unreasonable with respect to the benefits brought by the vehicles in terms of traffic congestion reduction and decrease in travel times. If that is the case, the demand for the H1-X and our operations may be negatively affected.

***Crashes, accidents or incidents of eVTOL aircraft involving us or our competitors could have a material adverse effect on our business, financial condition, and results of operations.***

Test flying prototype aircraft is inherently risky, and crashes, accidents or incidents involving our aircraft are possible. Any such occurrence involving our aircraft may negatively impact our development, testing and certification efforts, and could result in re-design, certification delay and/or postponements or delays to our product launch. In addition, the operation of aircraft is subject to various risks, and we expect demand for our products to be impacted by accidents or other safety issues regardless of whether such accidents or issues involve our aircraft. Such accidents or incidents could also have a material impact on our ability to obtain FAA certification for our aircraft, or to obtain such certification in a timely manner. Such events could impact confidence in a particular aircraft type or the air transportation services industry as a whole, particularly if such accidents or disasters are due to a safety issue. We believe that regulators and the general public are still forming their opinions about the safety and utility of UAM, their advanced flight control software capabilities and their operation in and around urban areas. An accident or incident involving either our aircraft or a competitor's aircraft while these opinions are being formed, could have a disproportionate impact on the longer-term view of the emerging UAM market.

We are at risk of adverse publicity stemming from any public incident involving our company, our people, our brand or other companies in our industry. If our aircraft, or other types of aircraft are involved in a public incident, accident, cyberattack or regulatory enforcement action, we could be exposed to significant reputational harm and potential legal liability. The insurance we carry may be inapplicable or inadequate to cover any such matter. If our insurance is inapplicable or inadequate, we may be forced to bear substantial losses. In addition, any such incident could create an adverse public perception, which could harm our reputation, and result in consumers being reluctant to purchase our aircraft, which could adversely impact our business, results of operations, financial conditions and prospects.

***We may be unable to obtain regulatory approvals required to manufacture and commercialize our aircraft.***

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Our ability to manufacture and sell our product depends on outside government regulation such as the FAA (Federal Aviation Administration), FTC (Federal Trade Commission), U.S. Department of Transportation, Federal Travel Regulations, and other relevant government laws and regulations and requires certain regulatory authorizations and certifications. While we anticipate being able to obtain the required authorizations and certifications, we may be unable to do so on the timeline we project or at all. If we fail to obtain any of the required authorizations or certificates, or to do so in a timely manner, or any of these authorizations or certificates are modified, suspended or revoked after we obtain them, we may be unable to launch product sales or do so on the timelines we project, which may have an adverse impact on our business, financial condition and results of operations. In addition, if any changes to such laws and regulations make it too costly or otherwise make it unfeasible for us to manufacture and sell our products, your investment in us would be affected.

Our business model is contingent on our aircraft being classified as "Light Sport Aircraft" ("LSA") under new proposed FAA regulations. To achieve LSA classification, our aircraft must satisfy specific requirements outlined by the FAA. Failure to meet these strict requirements could result in our aircraft not being eligible for LSA classification. If our aircraft do not qualify as LSAs due to non-compliance with FAA regulations, our operations, revenue, and future prospects may be significantly impacted. We may face restrictions on our target market, reduced customer demand, and increased compliance expenses. Furthermore, being unable to classify as an LSA could subject us to more stringent regulations, leading to potential delays and higher costs in obtaining necessary certifications. Any inability to meet the required criteria may have adverse effects on our financial condition and operational capabilities.

***If current airspace regulations are not modified to increase air traffic capacity, our business could be subject to considerable capacity limitations.***

A failure to increase air traffic capacity in the airspace serving our target markets could have a material adverse effect on our business. Weaknesses in the National Airspace System and the Air Traffic Control ("ATC") system, such as outdated procedures and technologies, could result in capacity constraints prohibiting or limiting the ability of our customers to operate our aircraft. While our aircraft is designed to operate in the National Airspace System under existing rules, our business at scale will likely require airspace allocation for UAM operations and could result in regulatory changes. Our inability to obtain sufficient access to the National Airspace System or to comply with any regulatory changes could increase our costs of our aircraft, which could reduce demand and have an adverse impact on our business, financial condition and results of operations.

***Our product could fail to achieve acceptance.***

It is possible that our aircraft will fail to gain market acceptance for any number of reasons, including, perceived safety, price point, competition, and the ability of purchasers or lessees of our aircraft to obtain operator licenses. If our products fail to achieve acceptance in the marketplace, this would materially and adversely impact the value of your investment.

***Developing new products and technologies entails significant risks and uncertainties.***

We are currently in the research and development stage and have only manufactured prototypes for our Y6, XS, and H1 P1 models. Delays or cost overruns in the development of our aircraft and failure of the product to meet our performance estimates may be caused by, among other things, unanticipated technological hurdles, difficulties in manufacturing, and changes to design and regulatory hurdles. In addition, we may be unable to obtain the regulatory approvals necessary to sell our products. Any of these events could materially and adversely affect our operating performance and results of operations.

***Our competitors may commercialize their technology before us.***

We believe that the primary sources of competition for our service are ground-based mobility solutions, eVTOL facilitated aerial ridesharing services, and other eVTOL developers/operators. If new or existing aerospace companies launch competing solutions in the markets in which we intend to sell our products, or obtain large-scale capital investment, we may face increased competition. Many of our current and potential competitors are larger and have substantially greater resources than we have and expect to have in the future, which may allow them to devote greater resources to the development, certification and marketing of their products and services or to offer lower prices. Our competitors may also establish strategic relationships amongst themselves or with third parties that may further enhance their resources and offerings. Some have more experience in the aerospace industry than we have, and foreign competitors could benefit from subsidies or other protective measures offered by their home countries. Any of the foregoing could harm our business, financial condition, operating results and prospects.

***Our aircraft may fail to achieve performance expectations.***

Our aircraft may fail to achieve our performance expectations. For example, our aircraft may have a higher noise profile or have shorter maximum range than we estimate. Our aircraft also use a substantial amount of software code to operate. Software products are inherently complex and often contain defects and errors when first introduced. We may incur significant costs to address any performance issues, or if not detected or addressed, such issues could negatively impact our business, financial condition, operating results and prospects. While we have performed extensive testing, in some instances we are still relying on projections and models to validate the expected performance of our aircraft. To date, we have been unable to validate the performance of our aircraft over the expected lifetime of the aircraft. We expect to introduce new and additional features and capabilities to the aircraft over time. We may be unable to develop or certify these upgrades in a timely manner or at all which may have an adverse impact on our business, financial condition and results of operations.

***We may not be able to produce aircraft in the volumes and on the timelines we project.***

There are significant challenges associated with producing aircraft in the volumes that we are projecting. As we are in development stage, we have not yet established a manufacturing facility or manufacturing processes. The aerospace industry has traditionally been characterized by significant barriers to entry, including large capital requirements, investment costs of designing and manufacturing aircraft, long lead times to bring aircraft to market, the need for specialized design and development expertise, extensive regulatory requirements, the challenge of establishing a brand name and image and the need to establish maintenance and service locations. As a future manufacturer of electric aircraft, we will face a variety of added barriers to entry including additional costs of developing and producing an electric powertrain, regulations associated with the transport of batteries and unproven customer demand for a fully electric UAM eVTOL.

The timing of our production ramp depends upon finalizing certain aspects of the design, engineering, component procurement, testing, build out, and manufacturing plans in a timely manner and upon our ability to execute these plans within the current timeline. It also depends on being able to obtain timely Production Certification from the FAA and sufficient staffing to support production objectives. If we are unable to obtain the funds required on the timeline that we anticipate, our plans for building our manufacturing plants could be delayed. If any of the foregoing risks occurs, it could adversely affect our business, financial condition, operating results and prospects.

***Our financial statements include a going concern note.***

We may not have enough funds to sustain the business until it becomes profitable. Even if we raise funds through this offering, we may not accurately anticipate how quickly we may use the funds and whether these funds are sufficient to bring the business to profitability.

***Our intellectual property could be unenforceable or ineffective.***

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One of our most valuable assets is our intellectual property. We have two design patents pending and one approved and published, in addition to trademarks, copyrights, internet domain names, and trade secrets (including issued Patent No. US D978,717 S). Competitors may misappropriate or violate the rights owned by us. We intend to continue to protect our intellectual property portfolio from such violations. It is important to note that unforeseeable costs associated with such practices may be costly. We also own several trademarks and domain names. Companies, organizations, or individuals, including competitors, may hold or obtain patents, trademarks, or other proprietary rights that would prevent, limit, or interfere with our ability to market or sell our products, which would make it more difficult for us to operate our business. These third parties may have applied for, been granted, or obtained patents that relate to intellectual property, which competes with our intellectual property or technology. This may require us to develop or obtain alternative technology, or obtain appropriate licenses under these patents, which may not be available on acceptable terms or at all. Such a circumstance may result in us having to significantly increase development efforts and resources to redesign our technology. There is a risk that our means of protecting our intellectual property rights may not be adequate, and weaknesses or failures in this area could adversely affect our business or reputation, financial condition, and/or operating results.

From time to time, we may receive communications from holders of patents or trademarks regarding their proprietary rights. Companies holding patents or other intellectual property rights may bring suits alleging infringement of such rights. If we are determined to have infringed upon a third party's intellectual property rights, we may be required to cease selling one or more of our products, pay substantial damages, seek a license from the holder of the infringed intellectual property right, which license may not be available on reasonable terms or at all, and/or establish and maintain alternative branding for our business. We may also need to file lawsuits to protect our intellectual property rights from infringement from third parties, which could be expensive, time consuming, and distract management's attention from our core operations.

***We depend on certain key personnel and must attract and retain additional talent.***

Our future success depends on the efforts of key personnel and consultants. As we grow, we may need to attract and hire additional employees in sales, marketing, design, development, operations, finance, legal, human resources and other areas. Depending on the economic environment and our performance, we may not be able to locate or attract qualified individuals for such positions when we need them. We may also make hiring mistakes, which can be costly in terms of resources spent in recruiting, hiring and investing in the incorrect individual and in the time delay in locating the right employee fit. If we are unable to attract, hire and retain the right talent or make too many hiring mistakes, it is likely that our business will suffer from not having the right employees in the right positions at the right time. This would likely adversely impact the value of your investment.

***We rely on third parties to provide services essential to the success of our business.***

We rely and shall rely on third parties to provide a variety of essential business functions for us, including software development, design, and manufacturing. It is possible that some of these third parties will fail to perform their services or will perform them in an unacceptable manner, which could materially damage our brand, business, prospects, financial condition and operating results.

***We depend on technology and advanced information systems, which may fail or be subject to disruption.***

There are no assurances that our software and website will be uninterrupted or fully secure, or that users will be willing to access, adopt, and use our website and software. Further, our software systems may be the target of malicious attacks seeking to identify and exploit weaknesses in our software. Cyber-attacks may target vendors, customers or other third parties, or the communication infrastructure on which they depend. Despite good faith efforts by us to mitigate the risks associated with cyber-attacks through various security protocols, an attack or a breach of security could result in a loss and theft of private data, violation of applicable privacy and other laws, significant legal and financial exposure, damage to reputation, and a loss of confidence in security measures, any of which could have a materially adverse effect on our business.

The integrity, reliability, and operational performance of our information technology ("IT") infrastructure are critical to our operations. Our IT infrastructure may be damaged or interrupted by increases in usage, human error, unauthorized access, natural hazards or disasters, or similarly disruptive events. Furthermore, our systems may be unable to support a significant increase in traffic or increase in user numbers, whether as a result of organic or inorganic growth of the business. While we have taken several measures to safeguard against a failure of our IT infrastructure, or the telecommunications and/or other third-party infrastructure on which such infrastructure relies, could lead to significant costs and disruptions that could reduce revenue, damage our reputation, and have a materially adverse effect on our operations, financial performance, and prospects.

We intend to institute business continuity procedures and security measures to protect against network or IT failure or disruption. However, these procedures and measures may not be effective against all forms of disruptions and may not ensure that we are able to carry on our business. Should these measures and protections fail to operate as intended or at all, they may not prevent a material disruption to our operations, and the consequence of such would have a materially adverse effect on our financial performance and prospects.

We do not guarantee that the use of applications and systems designed for system security will effectively counter evolving security risks or address the security concerns of existing and potential users. Any failures in our security measures could have a materially adverse effect on our business, financial condition, and results of operations. In addition, our controls may not be effective in detecting or preventing any intrusion or other security breaches, or safeguarding against sabotage, hackers, viruses, and other forms of cybercrime. Any failure in these protections could harm our reputation and have a materially adverse effect on our operations, financial performance, and prospects.

We store investor, customer and vendor personal and other sensitive information/digital data. Any accidental or willful security breaches or other unauthorized access could cause the theft and criminal use of this data and/or theft and criminal use of our information. Security breaches or unauthorized access to confidential information could also expose us to liability related to the loss of the information, time-consuming and expensive litigation, and negative publicity. If security measures are breached because of third-party action, employee error, malfeasance or otherwise, or if design flaws in our software are exposed and exploited, and, as a result, a third party obtains unauthorized access to any of our investor, customer or vendor data, our relationships with our investors, customers, vendors, and/or other third parties will be severely damaged, and we could incur significant liability.

Since techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until they are launched against a target, we and any third-party hosting facility that we may use, may be unable to anticipate these techniques or to implement adequate preventative measures.

***Procuring, manufacturing and selling our products internationally may present risks.***

Certain components of our aircraft may be procured and/or manufactured internationally. We also may sell our aircraft internationally. There are many risks associated with international business. These risks include, but are not limited to, language barriers, fluctuations in currency exchange rates, political and economic instability, regulatory compliance difficulties, problems enforcing agreements, and greater exposure of our intellectual property to markets where a high probability of unlawful appropriation may occur. Failure to successfully mitigate any of these potential risks could damage our business. In addition, there is currently a risk that a future coronavirus outbreak or another global pandemic could disrupt parts supply. We intend to mitigate this risk through inventory and supply chain management practices.

In addition, we are required to comply with all applicable domestic and foreign export control laws, including the Export Administration Regulations. In addition, we may be subject to the Foreign Corrupt Practices Act and international counterparts that generally bar bribes or unreasonable gifts for foreign governments and officials. Violation of any of these laws or regulations could result in significant sanctions, which could reduce our future revenue and net income.

***Natural disasters and other events beyond our control could materially adversely affect us.***

Natural disasters or other catastrophic events may cause damage or disruption to our operations, international commerce and the global economy, and thus could have a strong negative effect on us. Our business operations are subject to interruption by natural disasters, fire, power shortages, pandemics and other events beyond our control. Although we maintain crisis management and disaster response plans, such events could make it difficult or impossible for us to deliver our services to our customers and could decrease demand for our services.

***If we are unable to adequately control the costs associated with operating our business, our business, financial condition, operating results and prospects will suffer.***

If we are unable to maintain a sufficiently low level of costs for design, manufacturing, regulatory approval, marketing, selling and distributing our products relative to their selling prices, our operating results, gross margins, business and prospects could be materially and adversely impacted. Many of the factors that impact our operating costs are beyond our control. If we are unable to keep our operating costs aligned with the level of revenues we generate, our operating results, business and prospects will be harmed.

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**<u>Risks Related to the Offering of our Preferred Shares</u>**.

***This Offering is being conducted on a "best efforts" basis and does not require a minimum amount to be raised.***

We are offering Preferred Shares in the amount of up to $44,919,000 in this offering, but may sell much less. This offering is being conducted on a "best efforts" basis and does not require a minimum amount to be raised. If we are not able to raise sufficient funds, we may not be able to fund our operations as planned, and our growth opportunities may be materially adversely affected. This could increase the likelihood that an investor may lose their entire investment.

***If we cannot raise sufficient funds, we may not succeed.***

Even if the maximum amount is raised in this offering, we may need additional funds in the future in order to grow, and if we cannot raise those funds for whatever reason, including reasons outside our control, such as another significant downturn in the economy, we may not survive.

***No public trading market currently exists for our Preferred Shares.***

There is no public market for our Preferred Shares. Until our Preferred Shares are listed on an exchange, if ever, you may not sell your Preferred Shares unless the buyer meets the applicable suitability and minimum purchase standards. Therefore, it will be difficult for you to sell your Preferred Shares promptly or at all. If you are able to sell your Preferred Shares, you may have to sell them at a substantial discount to the price you paid for the Preferred Shares.

***Terms of subsequent financings may adversely impact your investment.***

Even if we are successful in this offering, we may need to engage in common equity, debt or preferred stock financings in the future. Your rights and the value of your investment in the Preferred Shares could be reduced. Interest on debt securities could increase costs and negatively impact operating results. Preferred stock could be issued in series from time to time with such designations, rights, preferences, and limitations as needed to raise capital. The terms of preferred stock could be more advantageous to those investors than to the holders of Preferred Shares. In addition, if we need to raise more equity capital from the sale of equity securities, institutional or other investors may negotiate terms at least as, and possibly more, favorable than the terms of your investment.

***Holders of our Preferred Shares have no voting rights.***

Subject to applicable law and, except as mentioned in our organizational documents, the holders of Preferred Shares have no voting rights, management or control rights or influence or vote on any corporate matters, and the voting stockholders and directors may take actions of which a majority of the holders of Preferred Shares disapprove. In assessing the risks and rewards of an investment in the Preferred Shares, investors must be aware that they are relying solely on the good faith, judgment, and ability of our directors, officers, employees and holders of our voting shares, to make appropriate decisions in respect to our management, and the holders of Preferred Shares will be subject to the decisions of our directors, officers, employees and holders of our voting shares.

***We are not likely to pay cash dividends in the foreseeable future.***

We currently intend to retain any future earnings for use in the operation and expansion of our business. Accordingly, we do not expect to pay any cash dividends in the foreseeable future but will review this policy as circumstances dictate.

***The subscription agreement has a forum selection provision that requires disputes be resolved in state or federal courts in the State of Florida, regardless of convenience or cost to you, the investor.***

***Investors in this offering may not be entitled to a jury trial with respect to claims arising under the subscription agreement, which could result in less favorable outcomes to the plaintiff(s) in any action under the agreement.***

Investors in this offering will be bound by the subscription agreement, which includes a provision under which investors waive the right to a jury trial of any claim they may have against the Company arising out of or relating to the agreement, including any claims made under the federal securities laws. By signing the agreement, the investor warrants that the investor has reviewed this waiver with his or her legal counsel, and knowingly and voluntarily waives the investor's jury trial rights following consultation with the investor's legal counsel.

If we opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Florida, which governs the agreement, by a federal or state court in the State of Florida. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the subscription agreement. You should consult legal counsel regarding the jury waiver provision before entering into the subscription agreement.

***Foreign securities laws.***

Prior to accepting any subscriptions from residents of foreign jurisdictions, we may consult with local counsel to ensure we accept any such subscription in compliance with local law. If, however, we accept any subscriptions and fail to comply with local law, it may subject us to regulatory actions in such foreign jurisdictions.

***Using a credit card to purchase shares may impact the return on your investment.***

Investors in this offering have the option of paying for their investment with a credit card. Transaction fees charged by your credit card company (which can reach 5% of transaction value if considered a cash advance) and interest charged on unpaid card balances (which can reach almost 25% in some states) add to the effective purchase price of the shares you buy and would be in addition to the StartEngine Primary processing fee. See "Plan of Distribution." The cost of using a credit card may also increase if you do not make the minimum monthly card payments and incur late fees. These increased costs may reduce the return on your investment.

The SEC's Office of Investor Education and Advocacy issued an Investor Alert dated February 14, 2018 entitled: Credit Cards and Investments – A Risky Combination, which explains these and other risks you may want to consider before using a credit card to pay for your investment.

***You must keep records of your investment for tax purposes.***

As with all investments in securities, if you sell the Preferred Shares, you will probably need to pay tax on the long- or short-term capital gains that you realize if you make a profit, and record any loss to apply it to other taxable income. If you do not have a regular brokerage account, or your regular broker will not hold the Preferred Shares for you (and many brokers refuse to hold Regulation A securities for their customers) there will be nobody keeping records for you for tax purposes and you will have to keep your own records, and calculate the gain on any sales of the stock you sell. If you fail to keep accurate records or accurately calculate any gain on any sales of the stock, you may be subject to tax audits and penalties.

**DILUTION**

Dilution means a reduction in value, control, or earnings of the shares the investor owns.

*Immediate dilution*

An early-stage company typically sells its shares (or grants options over its shares) to its founders and early employees at a very low cash cost, because they are, in effect, putting their "sweat equity" into the Company. When the Company seeks cash investments from outside investors, like you, the new investors typically pay a much larger sum for their shares than the founders or earlier investors, which means that the cash value of your stake is diluted because all the shares are worth the same amount, and you paid more than earlier investors for your shares.

The following table demonstrates the price that new investors are paying for their Preferred Shares with the effective cash price paid by existing stockholders assuming that the shares are sold at $3.10 per share. It also includes the maximum 20% of Bonus Shares. The table presents shares and pricing as issued and reflects all transactions since inception, which gives investors a better picture of what they will pay for their investment compared to our insiders and previous investors than just including such transactions for the last 12 months, which is what the Commission requires.

The following table presents the approximate effective cash price paid for all our shares and potential shares issuable by the Company as of November 21, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class of Securities** | **Date Issued** | **Issued Common Shares** | **Potential Common Shares** | **Total Issued and Potential Shares** | **Effective Cash Price Per Share** |
| Common Stock (1) | 2021 | 50585000 |  | 50585000 | $0.00 |
| Common Stock - CF 1 (2) | 2021 | 1596476 |  | 1596476 | $0.22 |
| Common Stock - CF 1(2) | 2022 | 3109568 |  | 3109568 | $0.23 |
| Series Seed 1 Preferred Stock-CF 2 (3) | 2022 |  | 780740 | 780740 | $1.72 |
| Series Seed 1 Preferred Stock-CF 2 (3) | 2023 |  | 519808 | 519808 | $1.95 |
| Series Seed 1 Preferred Stock-CF 3 (4) | 2023 |  | 1115440 | 1115440 | $2.02 |
| Series Seed 1 Preferred Stock - Reg D (5) | 2024 |  | 85230 | 85230 | $2.48 |
| Class A Common Stock (6) | 2024 |  | 30141 | 30141 | $1.56 |
| Series Seed 2 Preferred Stock-CF 4 (7) | 2024 |  | 932806 | 932806 | $1.98 |
| Series Seed 2 Preferred Stock-CF 5 (8) | 2025 |  | 626243 | 626243 | $2.14 |
| Series Seed 2 Preferred Stock-CF 6 (9) | 2025 |  | 809353 | 809353 | $2.10 |
| Stock Options and Warrants | 2022-2025 |  | 12121236 | 12121236 | $0.85 |
| Total Common Share Equivalents |  | 55291044 | 17020997 | 72312041 | $0.29 |
| <u>Investors in this Offering</u> |  |  |  |  |  |
| Series Seed 3 Preferred Stock (10) | 2026 |  | 16800000 | 16800000 | $3.10 |
| Total, including this offering |  | 55291044 | 33820997 | 89112041 | $0.72 |

---

(2) Common
 stock issued to investors in our first crowdfunding round.

(3) Series
 Seed 1 Preferred Stock issued to investors in our second crowdfunding round.

(4) Series
 Seed 1 Preferred Stock issued to investors in our third crowdfunding round.

(5) Series
 Seed 1 Preferred Stock issued to investors in a Reg D round.

(6) Class
 A Common Stock issued to investor who exercised options.

(7) Series
 Seed 2 Preferred Stock issued to investors in our fourth crowdfunding round.

(8) Series
 Seed 2 Preferred Stock issued to investors in our fifth crowdfunding round.

(9) Series
 Seed 2 Preferred Stock issued to investors in our sixth crowdfunding round.

(10) Assumes
 14,000,000 Series Seed 3 Preferred Stock are sold at $3.10 per share as well as 2,800,000
 Bonus Shares issued as part of this offering.

The following table demonstrates the dilution that new investors will experience upon investment in the Company. The price per share in this table reflects the price of Series Seed 3 Preferred Share in the Offering of $3.10 as well as the 3.5% Investor Transaction Fee. It also assumes the maximum 20% of Bonus Shares. This table uses the Company's net tangible book value as of December 31, 2024 of $375,442 which is derived from the net equity of the Company in the December 31, 2024 audited consolidated financial statements. This tangible net book value is then adjusted to contemplate conversion of all other convertible instruments outstanding as of December 31, 2024 that would provide proceeds to the Company, which assumes exercise of all warrants and stock options outstanding. While not every outstanding warrant or option may be exercised, we believe that it is important to identify the potential dilution that could occur upon the exercise of all existing securities issued by the Company. To further illustrate the dilution that investors may experience, the second and third tables illustrate dilution including authorized, but unissued stock options, and solely on the basis of outstanding equity securities, respectively.

---

| | | | |
|:---|:---|:---|:---|
| On the Basis of Full Conversion of Issued Instruments | $12,400,000 Raise | $27,900,000 Raise | $43,400,000 Raise |
| Price Per Share | $3.10 | $3.10 | $3.10 |
| Shares Issued (1) | 4800000 | 10800000 | 16800000 |
| Capital Raised (2) | $12834000 | $28876500 | $44919000 |
| Less Offering Costs (3) | $1387710 | $2430473 | $3473235 |
| Net Offering Proceeds | $11446290 | $26446028 | $41445765 |
| Net Tangible Book Value Pre-Financing (4) | $9723153 | $9723153 | $9723153 |
| Net Tangible Book Value Post Financing | $21169443 | $36169181 | $51168918 |
| Shares Issued and Outstanding Pre-Financing (5) | 69326445 | 69326445 | 69326445 |
| Total Post Financing Shares Issued and Outstanding (2) | 74326445 | 80326445 | 86326445 |
| Net Tangible Book Value Per Share Prior To Offering | $0.14 | $0.14 | $0.14 |
| Increase Per Share Attributable To New Investors | $0.14 | $0.31 | $0.45 |
| Net Tangible Book Value Per Share After Offering | $0.28 | $0.46 | $0.59 |
| Dilution Per Share To New Investors ($) | $2.82 | $2.64 | $2.51 |
| Dilution Per Share To New Investors (%) | 90.81% | 85.15% | 80.88% |

---

(1) Assumes maximum Bonus Shares of 20%.

(2) Includes the Investor Fee Per share of 3.5%.

(3) Assumes 4.5% commission, 2% Payment Processing Fees and as well as $553,500
 in fixed offering costs.

(4) Net Tangible Book Value is adjusted for conversion proceeds of 10,680,726
 outstanding stock options and 90,510 outstanding warrants, providing proceeds of $9,347,711 to net tangible book value.

(5) Assumes conversions of outstanding stock options and warrants as discussed
 above.

The next table is the same as the previous, but adds in consideration of authorized but unissued stock options, presenting the fully diluted basis. This adds 3,568,395 pre-financing shares outstanding and is not adjusted for potential conversion proceeds on the hypothetical exercise of these options.

---

| | | | |
|:---|:---|:---|:---|
| On the Basis of Full Conversion of Issued and Authorized Instruments | $12,400,000 Raise | $27,900,000 Raise | $43,400,000 Raise |
| Price Per Share | $3.10 | $3.10 | $3.10 |
| Shares Issued (1) | 4800000 | 10800000 | 16800000 |
| Capital Raised (2) | $12834000 | $28876500 | $44919000 |
| Less Offering Costs (3) | $1387710 | $2430473 | $3473235 |
| Net Offering Proceeds | $11446290 | $26446028 | $41445765 |
| Net Tangible Book Value Pre-Financing (4) | $9723153 | $9723153 | $9723153 |
| Net Tangible Book Value Post Financing | $21169443 | $36169181 | $51168918 |
| Shares Issued and Outstanding Pre-Financing (5) | 73094840 | 73094840 | 73094840 |
| Total Post Financing Shares Issued and Outstanding (2) | 77894840 | 83894840 | 89894840 |
| Net Tangible Book Value Per Share Prior To Offering | $0.13 | $0.13 | $0.13 |
| Increase Per Share Attributable To New Investors | $0.14 | $0.30 | $0.44 |
| Net Tangible Book Value Per Share After Offering | $0.27 | $0.44 | $0.57 |
| Dilution Per Share To New Investors ($) | $2.83 | $2.66 | $2.53 |
| Dilution Per Share To New Investors (%) | 91.23% | 85.77% | 81.64% |

---

(1) Assumes maximum Bonus Shares of 20%.

(2) Includes the Investor Fee Per share of 3.5%.

(3) Assumes 4.5% commission, 2% Payment Processing Fees and as well as $553,500
 in fixed offering costs.

(4) Net Tangible Book Value is adjusted for conversion proceeds of 10,680,726
 outstanding stock options and 90,510 outstanding warrants, providing proceeds of $9,347,711 to net tangible book value. Also assumes
 conversion of 3,568,395 authorized, but unissued stock options. No adjustment for proceeds was included in the calculations.

(5) Assumes conversions of outstanding stock options and warrants as discussed
 above.

The final table is the same as the previous two, but removes the assumptions of conversion of options, and warrants and consideration of authorized but unissued stock options, instead only presenting issued shares (common shares, plus the assumption of conversion of all issued and outstanding preferred shares).

 

---

| | | | |
|:---|:---|:---|:---|
| On the Basis of Full Conversion of Outstanding Preferred Shares only | $12,400,000 Raise | $27,900,000 Raise | $43,400,000 Raise |
| Price Per Share | $3.10 | $3.10 | $3.10 |
| Shares Issued (1) | 4800000 | 10800000 | 16800000 |
| Capital Raised (2) | $12834000 | $28876500 | $44919000 |
| Less Offering Costs (3) | $1387710 | $2430473 | $3473235 |
| Net Offering Proceeds | $11446290 | $26446028 | $41445765 |
| Net Tangible Book Value Pre-Financing (4) | $375442 | $375442 | $375442 |
| Net Tangible Book Value Post Financing | $11821732 | $26821470 | $41821207 |
| Shares Issued and Outstanding Pre-Financing (5) | 58755209 | 58755209 | 58755209 |
| Total Post Financing Shares Issued and Outstanding (2) | 63555209 | 69555209 | 75555209 |
| Net Tangible Book Value Per Share Prior To Offering | $0.01 | $0.01 | $0.01 |
| Increase Per Share Attributable To New Investors | $0.19 | $0.38 | $0.54 |
| Net Tangible Book Value Per Share After Offering | $0.20 | $0.39 | $0.55 |
| Dilution Per Share To New Investors ($) | $2.90 | $2.71 | $2.55 |
| Dilution Per Share To New Investors (%) | 93.68% | 87.456% | 82.14% |

---

*Future dilution*

Another important way of looking at dilution is the dilution that happens due to future actions by us. The investor's stake in a company could be diluted due to the Company issuing additional shares of common stock or securities convertible into shares of common stock. In other words, when the Company issues more securities, the percentage of the Company that you own will go down, even though the value of the Company may go up. You will own a smaller piece of a larger company. This increase in number of shares outstanding could result from a stock offering (such as an initial public offering, another crowdfunding round, a venture capital round, or angel investment), employees exercising stock options, or by conversion of certain instruments (e.g. convertible bonds, preferred shares or warrants) into stock.

If we decide to issue more shares, an investor could experience value dilution, with each share being worth less than before, and control dilution, with the total percentage an investor owns being less than before. There may also be earnings dilution, with a reduction in the amount earned per share (though this typically occurs only if the Company offers dividends, and most early stage companies are unlikely to offer dividends, preferring to invest any earnings into the Company).

The type of dilution that hurts early-stage investors most occurs when the Company sells more shares, or other equity securities in a "down round," meaning at a lower valuation than in earlier offerings. An example of how this might occur is as follows (numbers are for illustrative purposes only):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In June 2019, Ben invests $20,000 in shares that represent 2% of a
 company valued at $1 million.

· In December, the Company is doing very well and sells $5 million in shares to venture capitalists on a valuation (before the new investment) of $10 million. Ben now owns only 1.3% of the Company but his stake is worth $200,000.

· In June 2020, the Company has run into serious problems and in order to stay afloat it raises $1 million at a valuation of only $2 million (the "down round"). Ben now owns only 0.89% of the Company and his stake is worth only $26,660.

This type of dilution might also happen upon the conversion of convertible notes, stock options or warrants into shares. Typically, the terms of convertible notes issued by early-stage companies provide that in the event of another round of financing, the holders of the convertible notes get to convert their notes into equity at a "discount" to the price paid by the new investors, i.e., they get more shares than the new investors would for the same price. Additionally, convertible notes may have a "price cap" on the conversion price, which effectively acts as a share price ceiling. Either way, the holders of the convertible notes get more shares for their money than new investors. In the event that the financing is a "down round," the holders of the convertible notes will dilute existing equity holders, and even more than the new investors do because they get more shares for their money.

If you are making an investment expecting to own a certain percentage of our capital stock, or expecting each Preferred Share to hold a certain amount of value, it is important to realize how the value of the Preferred Shares can decrease by actions taken by us. Dilution can make drastic changes to the value of each share, ownership percentage, voting control, and earnings per share.

**PLAN OF DISTRIBUTION**

The Company is offering up to 16,800,000 shares of its Series Seed – 3 Preferred Stock consisting of 14,000,000 shares of Series Seed – 3 Preferred Stock to be sold for cash consideration, plus up to 2,800,000 to be issued as Bonus Shares to investors as described in this Offering Circular. No additional consideration will be received by the Company for the issuance of Bonus Shares and the Company will absorb the cost of the issuance of the Bonus Shares. The Company intends for this offering to continue until one year following qualification by the SEC, or until sooner terminated by the Company.

We plan to market the securities in this Offering both through online and offline means. Online marketing may take the form of contacting potential investors through electronic media and posting our Offering Circular or "testing the waters" materials on an online investment platform.

Any participation of our officers and directors in selling efforts for all classes of securities in this Offering will be conducted in accordance with Rule 3a4-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). None of our officers or directors are subject to any statutory disqualification, as that term is defined in Section 3(a)(39) of the Exchange Act. None of our officers or directors will be compensated in connection with their participation in the Offering by the payment of commissions or other remuneration based either directly or indirectly on transactions in our securities. None of our officers or directors are, or have been within the past 12 months, a broker or dealer, and none of them are, or have been within the past 12 months, an associated person of a broker or dealer. At the end of the Offering, our officers and directors will continue to primarily perform substantial duties for the Company or on its behalf otherwise than in connection with transactions in securities.

The Offering will terminate at the earliest of: (1) the date at which the maximum offering amount has been sold, (2) the date which is three years from this offering being qualified by the Commission, and (3) the date at which the offering is earlier terminated by us at our sole discretion.

The Company may undertake one or more closings on a rolling basis. For additional information regarding this process, see "— [Subscription Procedures](#a_100)," below. Once an investor has tendered funds to purchase securities in this offering, the timing of the completion of the sale may be delayed for a month or longer due to clearance procedures that the Broker needs to complete prior to purchase. Under federal law, the Broker must perform certain processes related to their regulatory obligations regarding anti-money laundering and "know your customer" rules, including verification of the investor's identity and status. If there are errors or incomplete information that needs to be resolved to complete the subscription, the Broker will generate emails instructing the investor on what to do to complete the process. During this process, the investor's funds will be held in a segregated deposit account pending closing or termination of the offering.

After each closing, funds tendered by investors will be available to the Company.

*DealMaker Services*

DealMaker Securities, LLC (the "Broker"), a broker-dealer registered with the Commission and a member of FINRA, has been engaged to provide operational processing, compliance, and administration of the Company's best efforts offering. Although this role differs from that of a traditional underwriter in that the Broker does not purchase any securities from the Company with a view to sell such for the Company as part of the distribution of the security, the Broker is a statutory underwriter under Section 2(a)(11) of the Securities Act of 1933. Affiliates of Broker have also been engaged to provide technology services and marketing advisory services, specifically Novation Solutions Inc. O/A DealMaker and DealMaker Reach, LLC.

The aggregate compensation payable to the Broker and its affiliates are described below.

*Administrative and Compliance Related Functions*

Broker will provide administrative and compliance related functions in connection with this offering, including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing investor information, including identity verification, performing Anti-Money Laundering ("AML")
and other compliance background checks, and providing the Company with information on an investor in order for the Company to determine
whether to accept such investor into the offering;

· If necessary, discussions with us regarding additional information or clarification on a Company-invited investor;

· Coordinating with third party agents and vendors in connection with performance of services;

· Reviewing each investor's subscription agreement to confirm such investor's participation
in the offering and provide a recommendation to us whether or not to accept the subscription agreement for the investor's participation;

· Contacting and/or notifying us, if needed, to gather additional information or clarification on an investor;

· Providing a dedicated account manager;

· Providing ongoing advice to us on compliance of marketing material and other communications with the public, including with respect
to applicable legal standards and requirements;

· Reviewing and performing due diligence on the Company and the Company's management and principals and consulting with the Company
regarding same;

· Reviewing with the Company on best business practices regarding this raise in light of current market conditions and prior self-directed
capital raises;

· Providing white labelled platform customization to capture investor acquisition through the Broker's platform's analytic
and communication tools

· Reviewing with the Company on question customization for investor questionnaire;

· Reviewing with the Company on selection of webhosting services;

· Reviewing with the Company on completing template for the offering campaign page;

· Advising us on compliance of marketing materials and other communications with the public with applicable legal standards and requirements;

· Providing advice to the Company on preparation and completion of this Offering Circular;

· Advising the Company on how to configure our website for the offering working with prospective investors;

· Providing extensive review, training and advice to the Company and Company personnel on how to configure

of the Broker;

· Assisting the Company in the preparation of state, Commission and FINRA filings related to the Offering; and

· Working with Company personnel and counsel in providing information to the extent necessary.

Such services will not include providing any investment advice or any investment recommendations to any investor.

For these services, we have agreed to pay the Broker a cash commission equal to four and one-half percent (4.5%) of the amount raised in the Offering not to exceed $2,021,355, if fully subscribed and the total from the Investor Fee is included. The Broker has also been paid $27,500 as a one-time advance of accountable expenses.

*Technology Services*

The Company has also engaged Novation Solutions Inc. O/A DealMaker, an affiliate of Broker, to create and maintain the online subscription processing platform for the Offering. For these services, we have agreed to pay DealMaker a one-time $10,000, plus a monthly payment of $2,000 for up to three months ($6,000) for accountable expenses. Once the offering commences, DealMaker will charge $2,000 per month in account management fees for its services. DealMaker would receive total underwriting compensation of $34,000.

*Marketing and Advisory Services*

The Company has also engaged DealMaker Reach, LLC ("Reach"), an affiliate of Broker, for certain marketing advisory and consulting services, including some supplemental services on a case-by-case basis. Reach will consult and advise on the design and messaging on creative assets, website design and implementation, paid media and email campaigns, advise on optimizing the Company's campaign page to track investor progress, and advise on strategic planning, implementation, and execution of Company's capital raise marketing budget.

For these ongoing services, the Company has paid Reach compensation prior to the commencement of the Offering a one-time payment of $20,000 plus monthly payments of $11,000 for up to three months ($33,000) for accountable expenses, which will be returned if not incurred. After the commencement of the Offering, Reach will be paid $11,000 per month (not to exceed $99,000 in aggregate) while the Offering is ongoing. In addition the Company may pay Reach up to an additional $250,000 for various marketing services to be determined on a case-by-case basis at the Company's discretion. The maximum compensation paid to Reach is $402,000.

The maximum compensation to be paid to Broker and affiliates is $2,484,855 (4.64%) of the Offering proceeds. There is no compensation to be paid on the issuance of the bonus shares.

The Broker has not investigated the desirability or advisability of investment in the Series Seed-3 Preferred Stock, nor approved, endorsed or passed upon the merits of purchasing the Preferred Stock. Under no circumstances will the Broker recommend the Company's securities or provide investment advice to any prospective investor, or make any securities recommendations to investors. The Broker does not purchase any securities from the Company with a view to sell those for the Company as part of the distribution of the security. Broker is not distributing any Offering Circulars or making any oral representations concerning this Offering Circular or this offering. Based upon Broker's anticipated limited role in this offering, it has not and will not conduct extensive due diligence of this offering and no investor should rely on the involvement of Broker in this offering as any basis for a belief that it has done extensive due diligence. Broker does not expressly or impliedly affirm the completeness or accuracy of the Offering Statement and/or Offering Circular presented to investors by the Company. All inquiries regarding this offering should be made directly to the Company.

**Subscription Procedures**

**Subscription Via invest.radintel.ai Website.**

 ****

After the qualification by the Commission of the Offering Statement of which this Offering Circular is a part, this Offering will be conducted using the online subscription processing platform of DealMaker through our website at invest.Doroni.io This Offering Circular will be furnished to prospective investors via download 24 hours per day, 7 days per week at this website integrates DealMaker's technology and allows prospective investors to subscribe for the purchase of the Company's Series Seed-3 Preferred Stock. A prospective investor will electronically complete, sign and deliver to us an executed subscription agreement, the form of being included as Exhibit 4.1 to this Offering Statement, of which this Offering Circular is part.

The subscription agreement includes a representation by the investor to the effect that, if the investor is not an "accredited investor" as defined under securities law, the investor is investing an amount that does not exceed the greater of 10% of his or her annual income or 10% of their net worth (excluding the investor's principal residence).

Any potential investor will have ample time to review the subscription agreement, along with their counsel, prior to making any final investment decision. Broker will review all subscription agreements completed by the investor. Broker and the Company will confirm any Bonus Shares to be issued to each investor, which will require no effort on the part of the investor during the subscription process. After Broker has completed its review of a subscription agreement for an investment in the Company, and the Company has elected to accept the investor into the offering, the funds may be released to the Company, and the purchase shares and eligible Bonus Shares will be issued to the investor.

**Payment and Closing Procedures**

 ****

Investors may subscribe by tendering funds via wire, credit or debit card, or ACH only, and checks will not be accepted. Investors will subscribe via the invest.Doroni.io website and investor funds will be processed via DealMaker's integrated payment solutions.

Funds will be held in the Company's payment processor account until the Broker has reviewed the proposed subscription, and the Company has accepted the subscription. Funds released to the Company's bank account will be net funds (investment less payment for processing fees and a holdback equivalent to 5% for 90 days).

A holdback is a small amount of the gross proceeds that is retained with the entity that manages the payment processing rails in a processing account for an issuer. This holdback is to ensure the prompt collection of payment processing fees (the costs for the movement of funds from the investors to the issuer for Wires, ACH, and credit card payments), any investor refund/cancellation processing, and any returns/non-sufficient funds processing on settlement of the investor gross proceeds. The latter two, being the predominant use of the holdback, since the timing of cash needs for the processing of those refund/cancellation/settlement issues are entirely outside of the control of the payment processor and is unpredictable. In some cases, these processes are subject to banking laws that automatically deduct funds from the original receiving account. When funds are not present for processing those deductions, it will create additional settlement issues within the ACH processing network.

The Company may close on investments on a "rolling" basis (so not all investors will receive their shares on the same date). Once an investor has tendered funds to purchase securities in this Offering, the timing of the completion of the sale may be delayed for a month or longer due to clearance procedures that the Broker needs to complete prior to purchase**.** Under federal law, the broker-dealer must perform certain processes related to its regulatory obligations regarding anti-money laundering and "know your customer" rules, including verification of the investor's identity and status. If there are errors or incomplete information that needs to be resolved to complete the subscription, the broker-dealer will generate emails instructing the investor on what to do to complete the process. During this process, the investor's funds will be held in the Company's payment processor account . Once the information pertaining to the subscription agreement has been completed, the investor receives an email regarding the progress of the investment, restating the amount of funds tendered and number of securities purchased, and that the funds are available to be disbursed to the Company at a closing. In the event the Broker is unable to clear a subscription agreement, the investor's funds are returned in full. In order to be cost efficient, closing only occurs approximately once a month. Once a closing takes place, in addition to funds being released to the Company, the transfer agent is notified for the purpose of adding the investor and corresponding number of securities to the Company's stock ledger.

**Investor Transaction Fee**

 ****

As part of the subscription process, investors will be responsible for the Investor Transaction Fee in the amount of 3.5% of the purchase amount paid by investors at the time of investment. This fee is intended to offset expenses associated with the processing of each investment, such as AML/KYC compliance. The Broker will earn commissions on the Investor Transaction Fee. As provided in Section 1(b) of the subscription agreement, this fee will count towards each investor's investment limitations of 10% of income or net worth as required by Rule 251(d)(2)(C).

---

| | | |
|:---|:---|:---|
| Commissions and Discounts |  |  |
|  | Per Share | Maximum |
| Public Offering Price | $3.1000 | $43400000 |
| Investor Transaction Fee | $0.1085 | $1519000 |
| Broker Commission | $0.1444 | $2021355 |
| Proceeds , before expenses | $3.0641 | $42897645 |

---

Certain investors in this offering are eligible to receive Bonus Shares of Series Seed-3 Preferred Stock for no additional consideration. The amount of Bonus Shares investors in this offering are eligible to receive and the criteria for receiving such Bonus Shares is as follows:

(i) Investment Amount. Investors will be eligible to receive Bonus Shares based on the amount of their investment in this offering. The
below table summarizes the available bonus and other perks by amount invested:

---

| | |
|:---|:---|
| Amount Invested | Perks |
| $2500.00 | Receives 5% Bonus Shares and a Doroni Cap and T-Shirt |
| $5000.00 | Receives 7% Bonus Shares and a Doroni Cap and T-Shirt |
| $10000.00 | Receives 10%, Bonus Shares, a Doroni Cap and T-Shirt and invite to the unveiling of the H1-X (1) |
| $15000.00 | Receives 15%, Bonus Shares, a Doroni Cap and T-Shirt and invite to the unveiling of the H1-X (1) |
| $20000.00 | Receives 18%, Bonus Shares, a Doroni Cap and T-Shirt and invite to the unveiling of the H1-X (1) |
| $25000.00 | Receives 20%, Bonus Shares, a Doroni Cap and T-Shirt and invite to the unveiling of the H1-X (1) |

---

(1) If the unveiling of the H1-X event occurs before the investment date, this perk will no longer apply to that investment.

(ii) Existing Doroni Investor and existing H1-X pre-order holders (who also placed a deposit), will be eligible to receive Bonus Shares if they also invest in this Offering. Each such investor that invests in this offering will receive additional Bonus Shares equal to 10% of the number of shares purchased, rounded down to the nearest whole share.

The maximum amount of bonus shares an investor can receive on a single investment in this Offering is 20%.

Investors in this offering are only eligible to receive all of the Bonus Share and other perks described above. As stipulated above most Bonus Shares any individual investor is eligible to receive is 20%.

This means that any existing Doroni Investor or an H1-X pre-order holder (who has also placed a deposit) who invests $10,000 or more in this offering, will receive the maximum allowed number of Bonus Shares which is 20% of the shares purchased. Bonus Shares will be applied to each investor following the completion of the subscription in the Offering. The Broker and the Company will verify eligibility through records maintained for pre-orders as well as for previous investments and for investments in this offering.

**Transfer Agent and Registrar**

DealMaker Transfer Agent will serve as transfer agent to maintain shareholder information on a book-entry basis. We will not issue shares in physical or paper form. Instead, our shares will be recorded and maintained on our shareholder register.

**Provisions of Note in Our Subscription Agreement**

**Forum Selection Provision**

**Jury Trial Waiver**

 **

The subscription agreement provides that subscribers waive the right to a jury trial of any claim they may have against us arising out of or relating to the subscription agreement, including any claim under federal securities laws. If we opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable given the facts and circumstances of that case in accordance with applicable case law. Investors will not be deemed to have waived the Company's compliance with the federal securities laws and the rules and regulations thereunder.

**USE OF PROCEEDS**

The table below presents three scenarios for how the Company intends to use the proceeds of this Offering.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Scenario 1 | % | Scenario 2 | % | Scenario 3 | % |
| **Total Raise (excludes value of Bonus Shares)** | $12400000 |  | $27900000 |  | $43400000 |  |
| **Transaction Fees Charged To Investors** | $434000 |  | $976500 |  | $1519000 |  |
| **Offering Expenses** |  |  |  |  |  |  |
| **Commissions (1)** | $(834210) |  | $(1876973) |  | $(2919735) |  |
| **Payment Processing(1)** | $(256680) |  | $(577530) |  | $(898380) |  |
| **Legal** | $(75000) |  | $(75000) |  | $(75000) |  |
| **Accounting** | $(15000) |  | $(15000) |  | $(15000) |  |
| **DealMaker fixed fees (2)** | $(463500) |  | $(463500) |  | $(463500) |  |
| **Net Proceeds** | $11446290 |  | $26446028 |  | $41445765 |  |
| **Estimated Expenses** |  |  |  |  |  |  |
| **Research and Development** | $6451661 | 56% | $15526425 | 58% | $25280104 | 61% |
| **General , Administrative and sales** | $1144629 | 10% | $2644603 | 10% | $3315661 | 8% |
| **Sales and Marketing (3)** | $3850000 | 34% | $8475000 | 32% | $12850000 | 31% |
| **Use of Proceeds** | $11446290 |  | $26446028 |  | $41445765 |  |
| **(1) Includes 4.5% commission payable to DealMaker and 2% payment processing fee.** | **(1) Includes 4.5% commission payable to DealMaker and 2% payment processing fee.** | **(1) Includes 4.5% commission payable to DealMaker and 2% payment processing fee.** | **(1) Includes 4.5% commission payable to DealMaker and 2% payment processing fee.** | **(1) Includes 4.5% commission payable to DealMaker and 2% payment processing fee.** | **(1) Includes 4.5% commission payable to DealMaker and 2% payment processing fee.** | **(1) Includes 4.5% commission payable to DealMaker and 2% payment processing fee.** |
| **(2) The DealMaker fixed fees include $250,000 of additional marketing services that may not be incurred.** | **(2) The DealMaker fixed fees include $250,000 of additional marketing services that may not be incurred.** | **(2) The DealMaker fixed fees include $250,000 of additional marketing services that may not be incurred.** | **(2) The DealMaker fixed fees include $250,000 of additional marketing services that may not be incurred.** | **(2) The DealMaker fixed fees include $250,000 of additional marketing services that may not be incurred.** | **(2) The DealMaker fixed fees include $250,000 of additional marketing services that may not be incurred.** | **(2) The DealMaker fixed fees include $250,000 of additional marketing services that may not be incurred.** |
| **(3) Includes primarily marketing and advertising expenses related to this offering.** | **(3) Includes primarily marketing and advertising expenses related to this offering.** | **(3) Includes primarily marketing and advertising expenses related to this offering.** | **(3) Includes primarily marketing and advertising expenses related to this offering.** | **(3) Includes primarily marketing and advertising expenses related to this offering.** | **(3) Includes primarily marketing and advertising expenses related to this offering.** | **(3) Includes primarily marketing and advertising expenses related to this offering.** |
| Total Offering costs | $1387710 |  | $2430473 |  | $3473235 |  |

---

**We reserve the right to change the above use of proceeds if management believes it is in our best interests.**

The allocation of the net proceeds of the offering set forth above represents our estimates based upon our current plans, assumptions we have made regarding the industry, general economic conditions and our future revenues (if any) and expenditures.

Investors are cautioned that expenditures may vary substantially from the estimates above. Investors will be relying on the judgment of our management, who will have broad discretion regarding the application of the proceeds from this offering. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations (if any), business developments and the rate of our growth. We may find it necessary or advisable to use portions of the proceeds from this offering for other purposes.

In the event that we do not raise the entire amount we are seeking, then we may attempt to raise additional funds through private offerings of our securities or by borrowing funds. We do not have any committed sources of financing.

**OUR BUSINESS**

*This discussion should be read in conjunction with the other sections of this offering Circular, including "[Risk Factors](#a_004)," "[Use of Proceeds](#a_007)," "[Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_009)," and the Financial Statements attached and the related exhibits. The various sections of this discussion contain a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this Offering Circular.*

<u>Company Overview</u>

Doroni Aerospace, Inc. (the "Company" or "Doroni" "we" "us" or "ours") is a pre-revenue aerospace engineering and manufacturing company that is developing a practical, efficient, and cost-effective electric vertical takeoff and landing aircraft ("eVTOL") mobility platform. Our go-to-market product currently under development, the Doroni HI, is a two-seater personal eVTOL. We are targeting a Light Sport Aircraft ("LSA") certification with the Federal Aviation Administration ('FAA") ahead of our anticipated product launch in 2028.

We were founded with the intention of delivering eVTOL technology directly to consumers, offering a safety-centric mobility option that allows people to intuitively transport themselves at a fraction of the time possible with traditional automobiles. With commercial air taxi operations around the corner, personal eVTOLs represent a paradigm shift in urban transportation with the potential to bring sustainability to our transportation ecosystems and efficiency to the way we commute, ship goods, and respond to emergencies and natural disasters.

Our mission is to democratize the power of flight. We ultimately envision that our eVTOLs will serve as a clean transportation solution for individuals, families, first responders, law enforcement, and the military. Simplicity and safety are among our core guiding principles, informing everything from product design, and customer/user experience, to scaling our technology. The Doroni HI-X eVTOL's easy-to-use control system, intuitive flight design, and quick deployment were engineered to simplify the inherent complexities of helicopter and airplane flight, potentially making it accessible without the need for a traditional, commercial heavy aircraft pilot's license that requires years of flight training.

Our global team possesses decades of cumulative experience in the aerospace, electronics, software engineering, and battery technology fields and has the ingenuity and drive to help get the industry off the ground. We believe the transportation sector, and the world at large, stands at an inflection point and we are positioning ourselves to deliver a disruptive technological change to commuter transportation.

We anticipate that we will operate direct sales channels primarily to first responders, police markets and high net worth flight enthusiasts, brand experience stores, pop-up locations in key U.S. and European markets, as well as online sales.

We were initially organized as Doroni Aerospace LLC, a Florida Limited Liability Company on May 3, 2018, and converted to a Delaware C-Corporation on October 6, 2021.

<u>Current Prototypes</u>

*Hl Pl*: The H1 Pl is a full-scale flying model and a fully working cockpit simulator with software avionics and computer systems. The Doroni Hl Pl is a two-seat personal eVTOL vehicle. Our team designed, built, tested, and successfully hovered and flew vertically and horizontally the 1850 lb. full-scale Hl Pl prototype.

*Hl X*: The current HIX eVTOL prototype ("Hl X") under development is the successor to three previous prototypes developed by the company - the Y6, XS, and Hl Pl prototypes.

Subject to successful financing, our target is to submit the Hl X to the FAA for certification in late 2027 and proceed to commercial production in 2028.

**Competitors and Industry**

<u>Market Overview</u>

In 2020, the transportation sector generated the largest share of greenhouse gas emissions in the U.S., adding to the fact that state and local governments spent $204B on highways and roads the previous year.<sup>1</sup> Transportation, as it stands, is dealing massive damage to our planet and forces us to rely on infrastructure that is both costly and unsustainable.<sup>2</sup> The White House has taken major steps to combat the problem, committing $39B to modernize transit and reduce carbon emissions via the Bipartisan Infrastructure Law.<sup>3</sup>

According to Deloitte's Advanced Air Mobility ("AAM") Report, regarding disrupting the future of mobility, "with urbanization and population growth driving congestion in cities, AAM promises to save passengers time, improve productivity and quality of life, increase accessibility for rural and disadvantaged communities, and expand access to goods and services."<sup>4</sup>

 

Commercial air taxi operations in the US are projected to begin as early as 2026, but the creation of an entirely new eVTOL market is already well underway. Over $6B was invested in eVTOLs, and 5 of the largest air taxi companies went public for a combined market cap of $10.7B in 2021. Morgan Stanley ultimately projects the market to climb to $1 trillion by 2040, and as much as $9 trillion by 2050.

*United States Air Mobility Regulation*

As defined by the FAA, Urban Air Mobility (UAM) enables highly automated, cooperative, passenger or cargo-carrying air transportation services in and around urban areas. UAM is a subset of the Advanced Air Mobility (AAM) concept under development by the Federal Aviation Administration (FAA), National Aeronautics and Space Administration (NASA), and the industry as a whole. As a subset of AAM, UAM focuses on operations moving people and cargo in metropolitan and urban areas. The FAA's Concept of Operations (ConOps) provides an evolving vision that continues to guide research on how to best assist UAM operations in the National Airspace System (NAS) as demand and volume grow.

In October 2024, the FAA published the 'final rule' for powered-lift operations, a comprehensive document outlining the necessary certification, operating rules, and other amendments essential for integrating these innovative aircraft into our existing National Airspace System (NAS). At the time of publication, FAA Administrator Mike Whitaker stated, "The FAA will continue to prioritize the safety of our system as we work to seamlessly integrate innovative technology and operations. This final rule provides the necessary framework to allow powered-lift aircraft to safely operate in our airspace… this historic rule will pave the way for accommodating wide-scale Advanced Air Mobility (AAM) operations in the future." This rule was a landmark achievement, creating the first new category of aircraft in nearly 80 years and establishing a clear pathway for certifying and operating eVTOLs for commercial use.

The National Aeronautics and Space Administration continues to assist the FAA in developing air traffic management solutions for the future of Urban Air Mobility, which include multiple use cases for eVTOL aircraft such as cargo transportation, military and law enforcement support, and emergency/natural disaster response. In addition, the US Air Force's AFWERX Agility Prime Program remains a key initiative, partnering with the commercial eVTOL industry to accelerate this third revolution in aerospace and establish a new class of air mobility systems.

________________________

<sup>1</sup> https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/state-and-local- backgrounders/highway-and-road-expenditures

2 https://www.epa.gov/ghgemissions/sources-greenhouse-gas-emissions/

3 https://www.whitehouse.gov/bipartisan-infrastructure-law/; and https://www.whitehouse.gov/briefing-room/statements-releases/2021/l1/06/fact-sheet-

<sup>4</sup> https://www2.deloitte.com/us/en/insights/industry/aerospace-defense/advanced-air-mobility.html

**The FAA MOSAIC RULES**

In July 2025, the FAA published its final rules to enhance the safety and performance of light sport aircraft. The finalized Modernization of Special Airworthiness Certification (MOSAIC) rule puts performance-based safety standards around larger aircraft by fundamentally expanding the definition of a Light-Sport Aircraft (LSA). The rule encourages manufacturers to make LSA operations safer and more versatile while maintaining rigorous safety standards. Under the final rule, an LSA's classification is no longer based on a strict weight limit but on its performance, primarily a clean stall speed of Vs1 <= 59 knots CAS. This change brings aircraft weighing as much as 3,000 pounds (or more, in some cases) into the LSA regulatory framework, allowing for larger and more capable designs. The rule also expands the privileges for sport pilots, allowing them to operate more complex aircraft (including those with up to four seats), fly at night, and conduct certain aerial work operations, although they remain limited to carrying only one passenger.

**Regulatory Impact of the MOSAIC Rule on the Doroni H1-X**

The FAA's Modernization of Special Airworthiness Certification (MOSAIC) final rule directly impacts the Doroni H1-X by establishing the specific regulatory framework under which the aircraft can be certified, manufactured, and operated. The rule's shift to performance-based standards, rather than strict weight limitations, is the key provision that accommodates the H1-X design within the Light-Sport Aircraft (LSA) category. The following is management's current analysis of the impact of the new regulations on the H1-X:

**Aircraft Certification Process**

&nbsp;&nbsp;&nbsp;&nbsp;• *Defined Certification Pathway*: MOSAIC provides a certification pathway for the H1-X as a Light-Sport
Category Aircraft. This process utilizes industry-developed consensus standards, which is intended to be more streamlined and less costly
than the type certification required for transport category aircraft (e.g., large air taxis).

&nbsp;&nbsp;&nbsp;&nbsp;• *Performance-Based Metrics*: The rule eliminates the 1,320-pound weight limit and instead uses
performance metrics. For powered-lift aircraft like the H1-X, this involves an equivalent means of compliance for stall speed, accommodating
its vertical flight capabilities. This provision is critical for the H1-X's eligibility as an LSA.

&nbsp;&nbsp;&nbsp;&nbsp;• *Allowance for New Technology*: The regulations explicitly permit electric and hybrid propulsion
systems, simplified flight controls, and advanced avionics, which are integral to the H1-X design.

**Pilot Certification and Market Access**

&nbsp;&nbsp;&nbsp;&nbsp;• *Operator Qualification Standard*: The rule stipulates that the H1-X can be operated by a pilot
holding a Sport Pilot certificate with a category/class rating for powered-lift. This is a significant distinction from other aircraft
categories that require at least a Private or Commercial Pilot license, which involve more extensive training and cost.

&nbsp;&nbsp;&nbsp;&nbsp;• *Medical Requirements*: For standard daytime VFR operations, a Sport Pilot may use a valid driver's
license as evidence of medical fitness. However, for night operations in the H1-X, the pilot will be required to hold either a valid FAA
third-class medical certificate or operate under BasicMed.

**Operational Privileges and Aircraft Utility**

&nbsp;&nbsp;&nbsp;&nbsp;• *Night VFR Operations*: The rule permits night VFR flight for properly equipped aircraft and qualified
pilots. An H1-X equipped with the required lighting and instrumentation can be operated at night by a Sport Pilot who has received the
necessary training, endorsement, and holds the requisite medical qualification.

&nbsp;&nbsp;&nbsp;&nbsp;• *IFR Capability Provision*: MOSAIC allows an aircraft manufacturer to design, equip, and certify
an LSA for Instrument Flight Rules (IFR). This means Doroni can produce an IFR-capable version of the H1-X. To operate it under IFR, however,
the pilot must hold at least a Private Pilot certificate and an Instrument Rating.

**Alignment with H1-X Performance Specifications**

&nbsp;&nbsp;&nbsp;&nbsp;• *Performance Envelope*: The H1-X's design specifications fall within the new LSA performance envelope
defined by MOSAIC:

o Maximum Seating: The rule allows for up to four seats, accommodating the H1-X's
two-seat configuration. (A Sport Pilot remains limited to carrying one passenger).

o Maximum Speed: The LSA category now permits a maximum speed of 250 knots CAS,
providing ample margin for the H1-X's projected performance.

o Sport Pilot Stall Speed Limit: For an aircraft to be operable by a Sport Pilot,
it must have a clean stall speed Vs1 <= 59 knots CAS. The H1-X's flight characteristics are designed to comply with this performance
parameter through equivalent safety standards for powered-lift.

**Airspace Access and Integration**

&nbsp;&nbsp;&nbsp;&nbsp;• *Established Operational Rules*: By classifying the H1-X as an LSA, the aircraft will operate under
the existing and well-established visual flight rules (VFR) that govern other general aviation aircraft. This provides a clear framework
for its integration into the National Airspace System without requiring entirely new airspace management structures for personal use.

**eVTOL Market Segmentation**

Electric vertical take-off and landing aircraft are changing the way the world thinks about air travel and redefining what is possible. We believe that there are over few hundred different eVTOL developers globally at the moment. The market itself is divided into three primary segments, namely: Cargo, Personal, and Air Taxi.

*Air Taxi*

The Air Taxi segment appears to be the most high-profile, with large commercial developers like Joby, Vertical and Archer in the limelight. These air taxi eVTOLs are much larger 4-6 seater aircraft strictly intended for commercial use (not for personal use) and entail highly complicated technological challenges and complex/lengthy certification processes with the FAA. Although these are our potential competitors, to our knowledge, none of these developers have publicly announced any plans to offer vehicles for personal purchase and use. As such, we see the tremendous benefit and value of entering the market with a personal eVTOL like the Doroni Hl-X.

*Cargo*

 

The cargo market includes developers such as Elroy Air and Metro, which don't fly a manned eVTOL and only fly cargo. By comparison, the Doroni HI-X eVTOL is designed to be a dual-use and can carry up to two passengers, pilot included, and/or cargo with a maximum payload of 500 lbs.

*Personal*

 

The personal eVTOL segment is further subdivided into 1- and 2-seater categories. 1-seaters typically have an open frame with exposed propellers, have a limited range, and are intended for leisure and recreational use. The Doroni HI-X is designed to fall under the 2-seater + payload category.

**Competitors**

We believe that the primary sources of competition for our service are ground-based mobility solutions, other eVTOL developers/operators, and local/regional incumbent aircraft charter services. Our competitors in the UAM market include companies such as Joby Aviation, Archer Aviation, and Volocpter GmbH. While there are differentiated approaches to vehicle designs and business models, we believe that our aircraft design and vertically integrated approach offer the greatest long- term prospects to successfully serve our customers and, in turn, to monetize the full value chain from development through operations.

<u>Business Model and Differentiators</u>

Our go-to-market personal eVTOL has multiple use cases across several sectors. Our business model consists of building and selling the Doroni HI-X eVTOL, generating revenue by initially primarily focusing on the personal recreational sports/leisure segment which also includes sustainable tourism and later on also targeting the emergency response, military, and law enforcement segments (subject to the regulatory constraints of the LSA regulations). The HI-X is different than other available eVTOLs on the market because it is designed with ducted propellers that greatly increase overall safety, while also enabling a higher thrust efficiency and greatly reduced noise levels. We anticipate that the HI-X will be equipped with airframe parachutes and a variety of sensors, which will help the aircraft maintain altitude and position in windy conditions and during close maneuvers in crowded environments. Our current plan (which is subject to successful financing and other risk factors) is to start low level commercial manufacturing in late 2028, increasing every year and reaching delivery of approximately 1,000 and 3,000 units in 2031 and 2032 respectively.

In the short term, we anticipate our early adopters and potential customer base to include aviation enthusiasts, who already own a traditional luxury automobile and/or luxury electric vehicle (such as a Tesla), and are interested in owning a personal eVTOL. In the long- term, we believe that the practicality and ease-of-use of flying in an eVTOL aircraft will come to take a significant share of commuter transportation.

<u>Features</u>

Our team designed an intuitive, easy-to-use aircraft control system for the HI-X based on an auto-stabilizing, multi-rotor aircraft with three axes of movement. Our unique patent for the design and aerodynamic features (Patent No. US D978,717 S) combines what we believe are the best elements of a drone and aircraft to deliver ease of use and quick deployment. We believe that this, combined with the HI's propulsion system, present an agile vehicle capable of accomplishing a variety of tasks across several target markets.

In terms of pilot control, the aircraft's control sticks mirror each other for right or left-handed uses, with control taken over by the last stick engaged. Pitch, roll, and yaw are integrated into this single stick, and anti-collision sensors will maintain the aircraft's position in the event the pilot removes his/her hand from the control stick.

The Doroni HI-X is expected to be 80% charged within 25 minutes, have a cruising speed of 100 mph, a max speed of 120 mph, and a range of 60 miles. As electric vehicle technology and battery management systems continue to advance, we project this range to increase to 100 miles as it nears product launch.

<u>Safety</u>

The customer is at the center of everything that we do. We have incorporated many safety considerations into the design and nature of the Doroni HI-X eVTOL. From its inception, through the Y6 and XS prototypes that preceded it, the Doroni HI is designed to maximize safety and will undergo exhaustive multi-level quality control.

First and foremost, as a flying vehicle capable of landing in a front yard or parking in a standard two-car garage, in areas near families and children at play, ducted propellers are a crucial facet. We believe that our aesthetically pleasing, patent design (Patent No. US D978,717 S) and engineering (Patent No. US-20220081107-Al) separate the Doroni H1-X from its competitors with enhanced overall safety while enabling a higher thrust efficiency (or more efficient in energy consumption) and greatly reduced noise levels.

We anticipate that the HI-X eVTOL will be equipped with airframe parachutes and a variety of sensors, including 360° anti- collision sensors, lidar, a barometer, and an Optic Flow camera to help maintain altitude and position in windy conditions. This is in addition to a variety of other safety features, namely: multiple redundancy batteries, emergency airbags, increased lift and stability, ten independent propulsion systems, energy-dissipating landing gear, and an energy-dissipating body.

**Current Stage and Roadmap**

<u>Current Stage</u>

To date, we have raised over $10 million through various fundraising campaigns. At the end of 2022, we moved into a new research and development facility, where we developed the Hl-Pl prototype. We are now developing the Hl X, a new full-scale, fully functional flying prototype. In addition, we have been coordinating with Space Florida, a state government agency, which is providing resources to bring our operations to scale (i.e. allocating land, building a production facility, and tooling, leasing, etc.).

In late March 2023, we revealed the HI Pl model, the most comprehensive look at the go-to-market product we have offered to the public to date. In July 2023, we presented the Hi-X's cockpit via a full VR experience at the Sixteenth Annual Electrical Aircraft Symposium. We have received over 600 pre-orders from private consumers.

To the best of our knowledge, we have procured nearly all the technology, components (batteries, motors, etc.), and partnerships necessary to develop the Hl-X. We are, however, still in the development stage for all of all the components required for the go-to-market product, and have not yet established a manufacturing facility or manufacturing processes. Our target is to submit the Hl X to the FAA for certification and proceed to production in 2028.

**Previous Development and Milestones**

The HI Pl eVTOL prototype developed is the successor to two previous prototypes developed by us, the Y6 and XS prototypes. With the more recent of the two, the XS, we designed, built, tested, and successfully lifted off the 643 lb. full- scale prototype.

While achieving these accomplishments, we have received numerous press mentions, including the Miami Herald, Fox News, News Nation, Robb Report, Bloomberg, The Vertical Flight Society, Space Florida, the Florida Venture Forum, Green Technology, Aero News Network, eVTOL.com, FutureFlight.com, Ami Magazine, Refresh Miami, Yahoo! Finance, and the BBC.

**Intellectual Property**

We have seven patent applications currently pending and two patents approved: Patent No. US D978,717 S (application no. 29/756587) for the design of a personal aircraft and Patent No. US-20220081107-Al (application no. 17/478,870) for utility. The first patent was filed on October 29, 2020, and published on February 21, 2023, and has a term of 15 years; the second was filed on September 17, 2021, and was approved for issuance on February 1, 2024. We intend to grow our current intellectual property to include design, aerodynamic, and battery utility patents by the end of 2026.

**Employees**

We currently have two full-time employee and five full time consultants and we also work with various other independent contractors and consultants, allowing us to maintain a low full-time headcount.

**Property**

We maintain virtual offices at the site of our previous physical offices located at 11555 Heron Bay Blvd., Suite 200, Coral Springs, FL 33076. Our physical offices are located at 935 NW 31st Avenue, Suite F, in Pompano Beach, Florida, where we lease 10,966 square feet of office space under a lease that expires December 31, 2025. Our current rent is $15,868. Our estimated monthly common area maintenance expenses are $5,721.

**Legal Proceedings**

We are not involved in any litigation, and our management is not aware of any pending or threatened legal actions.

<u>Future Roadmap</u>

We project to have a full-scale, fully functional flying HI-X eVTOL prototype completed during 2026 and are targeting a Light-Sport Aircraft certification with the FAA ahead of the product launch in 2028 (subject to our ability to raise the needed capital).

Currently, our future development roadmap includes, but is not limited to completing the full-scale, fully functional flying Hl X prototype; the evolution of system and software architecture including protocols; testing in various conditions, i.e. weather, winds, temperatures, and working with a Designated Engineering Representative to assist the company in securing an LSA certification with the FAA.

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

*You should read the following discussion and analysis of the financial statements and financial condition of the Company and results of operations together with its financial statements and related notes appearing at the end of this Offering Circular. This discussion contains forward-looking statements reflecting the Company's current expectations that involve risk and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled "[Risk Factors](#a_004)" and elsewhere in this Offering Circular.*

*Overview*

The Company is a pre-revenue aerospace engineering and manufacturing company that has developed a practical, efficient, and cost-effective electric vertical takeoff and landing aircraft ("eVTOL") mobility platform. Our go-to-market product currently under development, the Doroni Hl-X, is a two-seater personal eVTOL. We are targeting a Light Sport Aircraft ("LSA") certification with the Federal Aviation Administration ("FAA") ahead of our anticipated product launch in 2028.

The operating expenses of the Company consist of (i) research and development and, (ii) General and Administrative expenses. General and Administrative expenses include the costs related to filings of patents to protect its intellectual property. The Company currently has 2 patents issued and 7 pending patents. We believe that our portfolio of patents will form a valuable moat against competitors and will make the Company more attractive to a potential acquirer.

**Restatement of Prior Period Financial Statements (Fiscal Years ended December 31, 2024 and 2023).**

The audited financial statements for the fiscal year ended December 31, 2024 and for the fiscal year ended December 31, 2023, have been filed with the Commission. Our audited financial statements have been restated in the accompanying financial statements to correct an error in the application of U.S. Generally Accepted Accounting Principles (GAAP). More specifically, the Company's financial statements have been restated to correct a material misstatement related to errors in accounting for stock-based compensation expenses associated with options granted to service providers. The restatement also corrects immaterial errors in the accounting for right-of-use long term liabilities and immaterial errors related to the depreciation of property and equipment. These latter errors were not the primary cause of the restatement.

This correction primarily results in non-cash adjustments to Research and Development expenses and General and Administrative expenses for the 2024 and 2023 fiscal years and impacts the carrying amounts of right-of-use assets, lease liabilities, current, additional paid-in capital, and retained earnings. A reconciliation of previously reported and restated amounts of these items is presented below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Financial Statements Line Item | As Previously Reported (2024) | Adjustments | As Restated (2024) | As Previously Reported (2023) | Adjustments | As Restated (2023) |
| **Balance Sheet** |  |  |  |  |  |  |
| Right of Use Assets | $151528 | $26703 | $178231 | $303057 | $46611 | $349668 |
| Right of Use Liability, Current Portion | $181996 | $5159 | $187155 | $133031 | $38262 | $171293 |
| Additional paid-in-capital | $9927803 | $(546615) | $9381188 | $2425412 | $(336820) | $2088592 |
| Accumulated Deficit | $(9600043) | $593710 | $(9006333) | $974261 | $120490 | $1094751 |
| Total Equity | $327760 | $47095 | $374855 | $3399673 | $(216330) | $3183343 |
| **Statement of Operation** |  |  |  |  |  |  |
| Selling, General and Administrative expenses | $2699619 | $470281 | $3169900 | $2425412 | $(336820) | $2088592 |
| Research and development expenses | $886484 | $(221404) | $665080 | $974261 | $120490 | $1094751 |
| Net (Loss) | $(3586103) | $(248877) | $(3834980) | $(3399673) | $216330 | $(3183343) |

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**Management's Remedial Action:**

The Company's management has determined that a material weakness in internal control over financial reporting existed as of December 31, 2023 and December 31, 2024. The Company has since engaged a financial reporting expert to review all future complex accounting matters to ensure proper GAAP compliance prior to financial statement issuance.

*Results of Operation*

 

We were organized as Doroni Aerospace LLC, a Florida limited liability company in May 2018, and converted into a Delaware corporation on October 6, 2021. Our offices are located in Pompano Beach, Florida. We have developed a practical, efficient, and cost-effective electric vertical takeoff and landing aircraft (''eVTOL") mobility platform.

*2024 Annual Period Compared to 2023 Annual Period Revenue, Cost of Goods Sold, and Gross Margin*

 

For the year ended December 31, 2024 (the "2024 Annual Period") and the year ended December 31, 2024 (the "2023 Annual Period") we had no revenue, no cost of goods sold and no gross profit or loss.

*Operating Expenses*

Total operating expenses for the 2024 Annual Period were $3,834,980 compared to $3,183,342 for the 2023 Annual Period representing an increase of $651,638. The primary driver of the increase were Stock based compensation expenses which increased by $1,109,323 as well as warrants in the amount of $39,100 that were issued in consideration for services rendered , while all other expenses payable in cash decreased by $496,785 ,as management aimed to preserve cash by issuing employee stock options and warrants in lieu thereof. More specifically research and development expenses decreased by $429,671 while general and administrative expenses increased by $1,081,308 due to the non-cash expenses described above.

*Loss From Operations*

 

Our loss from operations was $3,834,980 for the year ended December 31, 2024 , compared to $3,183,342 for the year ended December 31, 2023 .

*Net Loss*

 

Our Net Loss from was $3,834,980 for the year ended December 31, 2024 , compared to $3,183,342 for the year ended December 31, 2023 .

 

*Liquidity and Capital Resources*

 

As of June 30 , 2025, our cash-on-hand was $174,874, compared to $388,133 on December 31, 2024.

For the year ended December 31, 2024 we raised a net amount of $1,885,049 of cash through the issuance of stock in crowdfunding campaigns and our cash used in operating activities was $2,082,094.

For the year ended December 31, 2023 we raised a net amount of $3,084,287 of cash through the issuance of stock in crowdfunding campaigns, we purchased office equipment in the amount of $37,651 and our cash used in operating activities was $2,706,877.

The Company is currently in the pre-revenues research and development stage and has funded its operations to date through a series of crowdfunding equity raises. We expect to continue to generate negative cash flow from operations for the next few years and to fund our operations from sale of equity securities and/or debt.

**DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

The following table sets forth information about our executive officers and directors.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office** | **Approximate hours per week for part-time employees** |
| Doron Merdinger | Founder, Chief Executive Officer, Secretary and Director | 57 | 2016 – Present | Full Time |
| Yoram Bibring | Chief Financial Officer | 68 | 2024 – Present | 12-16 |
| Rami Arbili | Chief Operating Officer | 50 | 2025 – Present | Full Time |
| Omer Bar-Yohay | Director | 46 | 2024 – Present | 5 |

---

**There are no arrangements or understandings between executive officers and directors and any other persons pursuant to which the executive officer or director was selected to act as such.**

***Doron Merdinger*** is our founder, and has served as our Chief Executive Officer, Secretary and sole Director since November 1, 2016. He also served as our Chief Financial Officer between November 2016 and September 2023. As CEO, Mr. Merdinger's responsibilities include overseeing the day-to-day operations of the Company and managing all strategy and business decisions. From July 2005 to November 1, 2016, Mr. Merdinger acted as the Chief Executive Officer of Merdinger House of Design where he was responsible for the day to day operations and management. Mr. Merdinger received his Bachelor of Science, International Finance from the NYU Stern School of communities Business.

***Yoram Bibring*** has served as our Chief Financial Officer since November 2024. From September 1, 2021 until November 2023, Mr. Bibring has served as the Chief Financial Officer of Marpai Inc. In recent years, Mr. Bibring has focused on working with healthcare and technology companies. Mr. Bibring served as Chief Financial Officer at Touchcast, Inc. from October 2020 to August 2021. From January 2020 to October 2020, Mr. Bibring served as Chief Financial Officer of MKM Ventures. He served as Chief Financial Officer of SundaySky, Inc. from July 2017 to March 2018. Mr. Bibring served as Chief Financial Officer at Earnix from November 2016 July 2017. Mr. Bibring is a finance and accounting veteran with over 30 years of experience. He received a B.S. from Tel Aviv University.

***Rami Arbili*** has served as our Chief Operating Officer since April 2025. He was previously the Director of Operations at Doroni from December 2024 until March 2025. He served as the CEO and COO of Pop Global from October 2022 until October 2024, where his responsibilities included overseeing the day-to-day operations of the company and managing all strategy and business decisions. From December 2018 until September 2022 he served as the Vice President of Smartech, where his responsibilities included overseeing the day-to-day operations of the company in North and South America.

***Omer Bar-Yohay*** has served as our director since November 2024. From November 2022 until the present Mr. Bar-Yohay has served as Founder and CEO of Data Blanket Inc. a company designing drones that support the national challenge of large-scale forest fires and support for first responders. From April 2022 until March 2023 Mr. Bar-Yohay was the President of AutoFlight which develops air taxi eVTOLs. From March 2015 until March 2022 Mr. Bar-Yohay was the Founder and CEO of Eviation which is developing the first all-electric commuter airplane. During Mr. Bar Yohay's tenure as CEO, Eviation built a $6 billion backlog and raised $170 million in venture capital. He received a BA in history and a BSc degree in Physics from the Hebrew University of Jerusalem.

**COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS**

The table below reflects the annual compensation paid by us to our only officers and directors during the fiscal year ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Capacities in which<br> compensation received** | **Cash Compensation** | **Other<br> Compensation** | **Total<br> Compensation** |
| Doron Merdinger (1) | CEO & Director | $236400 | $0 | $236400 |
| Yoram Bibring (2) | Chief Financial Officer | $29000 | $0 | $29000 |
| Omer Bar-Yohay (3) | Director | $2000 | $0 | $2000 |
| Brian Weiner (4) | Former Chief Financial Officer | $102000 | $0 | $102000 |

---

(1) Mr. Merdinger entered into an
 employment agreement with the Company, effective December 1, 2022, whereby Mr. Merdinger receives a base
 salary of $236,400 per year.

(2) In November 2024, Mr. Bibring entered into a Services Agreement
 with the Company whereby Mr. Bibring receives a monthly fee of $8,000 a month. Additional monthly fee of $17,000 will be
 paid to Mr. Bibring retroactive from September 3 2024, if and when the Company closes equity financings amounting to $4 million
 over a three-month period, at which point Mr. Bibring's monthly fee going forward will also be adjusted to $25,000.
 The agreement also contains an option grant of 1,600,000 Class A common stock, vesting monthly, commencing September 3, 2024,
 over a 24-month period with a 3-month cliff, subject to the Service Provider's continued engagement by the Company.
 Effective August 3, 2025 the Company and Mr. Bibring agreed to reduce Mr. Bibring's position to part time and to freeze
 the additional monthly fee effective immediately. All other terms of Mr. Bibring's employment agreement remained unchanged.

(3) Mr. Bar-Yohay entered into a Letter of Appointment whereby,
 for his services, he received: (a) an option to purchase up to 1,000,000 shares of Class A Common Stock, subject to a 3-year
 monthly vesting schedule, such that 166,667 of the Options shall vest on the six-month anniversary of the effective date
 (the "Cliff Date"), and the remaining 833,333 Options shall vest monthly over the thirty (30) month period following
 the Cliff Date in equal installments, subjects to Mr. Bar-Yohay's continued services to the Company; and (b) $1,000
 per month.

(4) Mr. Weiner resigned in September 2024.

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITY HOLDERS**

Set forth below is information regarding the beneficial ownership of all our Common Stock (including outstanding shares of Common, Common A Stock and Common B Stock) as of November 21, 2025 , based on total issued and outstanding amount of 54,091,044 Common Stock, 1,000,000 Class B Common Stock and, 30,141 Class A common stock, by each person whom we know owned, beneficially, more than 10% of the outstanding Common Stock, each of our current officers and directors, and all of the current officers and directors as a group.

We believe that, except as noted below, each named beneficial owner has sole voting and investment power with respect to the shares listed. Unless otherwise indicated herein, beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission, and includes voting or investment power with respect to shares beneficially owned.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title of Class | Name and address of beneficial owner. (1) | Amount and Nature of beneficial ownership | Amount and nature of beneficial ownership acquirable | Percent<br> of class (2) |
| Common Stock | Doron Merdinger | 49,585,000 shares owned |  | 91.33% |
| Class B Common Stock | Doron Merdinger | 1,000,000 shares owned |  | 100.00% |
| Class A Common Stock | Yoram Bibring | 1,600,000 Employee Stock Options | 1,066,667 vested employee options | 97.25% |
| Class A Common Stock | Rami Arbili | 1,000,000 Employee Stock Options | 208,333 vested employee stock options | 87.36% |
| Class A Common Stock | Omer Bar-Yohay | 1,000,000 Employee Stock Options | 305,556 vested employee stock options | 91.02% |
| Common Stock | All executive officers and directors as a group | 49,585,000 shares of Common Stock |  | 91.33% |
| Class B Common Stock | All executive officers and directors as a group | 1,000,000 shares owned |  | 100.00% |
| Class A Common Stock | All executive officers and directors as a group | 3,600,000 Employee Stock Options | 1,580,556 vested employee options | 98.13% |

---

_______________________

(1) The business address of each beneficial owner is 11555 Heron Bay Blvd Ste 200, Coral Springs, FL 33076.

(2) The final column (Percent of Class) includes
a calculation of the amount the person owns now plus the amount the person is entitled to acquire within 60 days from the date of this
offering circular. That amount is then shown as a percentage of the outstanding amount of the securities of that class if no other people
exercised their right to acquire these securities. The result is that a calculation of the maximum amount that person can own based on
their current and acquirable ownership, which is why the amounts in this column will not add up to 100%.

**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

There are no related party transactions.

**SECURITIES BEING OFFERED AND CAPITAL STRUCTURE**

The Company has authorized Common Stock, Class A Common Stock, Series Seed-1 Preferred Stock, Series Seed-2 Preferred Stock and Series Seed-3 Preferred Stock.

The Company's total number of authorized shares in its capital stock is 135,000,000 shares, comprising 65,000,000 authorized shares of Common Stock, 37,000,000 authorized shares of Class A Common Stock, 10,000,000 authorized shares of Class B Common Stock, 2,600,000 shares of Series Seed 1 Preferred Stock, 20,400,000 authorized shares of Series Seed 2 Preferred Stock and 3,000,000 authorized shares of Series Seed 3 Preferred Stock. 73,312,041 shares are outstanding on a fully diluted basis, including (a) 57,186,044 shares of Common Stock (includes 2,895,000 shares to be issued pursuant to outstanding stock options awarded under the Company's equity incentive plan); (b) 16,434,902 shares of Class A Common Stock (including 9,135,726 shares to be issued pursuant to outstanding stock options awarded under the Company's 2022 stock option plan, 2,308,905 reserved but unissued under the 2022 Stock Option Plan, 90,510 reserved for issuance pursuant to outstanding warrants, 2,501,218 reserved for issuance upon the conversion of outstanding Series Seed-1 Preferred Stock and 2,368,402 reserved for issuance upon the conversion of outstanding Series Seed-2 Preferred Stock), and (c) 1,000,000 shares of Class B Common Stock.

The rights of holders of our shares are governed by our Certificate of Incorporation. Our Certificate of Incorporation may be amended by our Board and by the vote of the holders of a majority of the outstanding shares of Common Stock, to increase the number of authorized shares of Common Stock, or the authorized number of shares of any class of Common Stock and there is no limit on the number of shares of Common Stock, or any class of Common Stock, that may be authorized and issued. The Board, with the approval of the holders of Common Stock, may amend the Certificate of Incorporation to create one or more series of preferred stock that have rights, preferences and privileges senior to the rights, preferences and privileges of the Common Stock, the Class A Shares, and Series Seed Preferred.

<u>Common Stock</u>

 

*Authorized Shares*. The amount of security authorized is 65,000,000, with a total of 57,186,044 shares outstanding on a fully diluted basis (including 2,895,000 shares to be issued pursuant to outstanding stock options awarded under the Company's equity incentive plan).

The holders of Common Stock are entitled to one vote for each share of Common Stock held at all meetings of stockholders; unless required by law, no cumulative voting.

<u>Class A Common Stock</u>

 

*Authorized Shares*. The amount of security authorized is 37,000,000, with a total 16,434,90 shares of Class A Common Stock outstanding on a fully diluted basis (including 9,135,726 shares to be issued pursuant to outstanding stock options awarded under the Company's 2022 stock option plan, 2,308,905 reserved but unissued under the 2022 Stock Option Plan, 90,510 reserved for issuance pursuant to outstanding warrants, 2,501,218 reserved for issuance upon the conversion of outstanding Series Seed-1 Preferred Stock and 2,368,402 reserved for issuance upon the conversion of outstanding Series Seed-2 Preferred Stock) and there are no voting rights associated with Class A Common Stock.

The Class A Common shares are non-voting except as may be required by applicable law; unless required by law, no cumulative voting.

<u>Class B Common Stock</u>

Class B Common Stock The amount of security authorized is 10,000,000 with a total of 1,000,000 currently outstanding. Each holder of shares of Class B Common Stock is entitled to ten (10) votes for each share of Class B Common Stock.

<u>Series Seed-1 Preferred Shares</u>

The Series Seed-1 Preferred Shares are non-voting except as may be required by applicable law; unless required by law, no cumulative voting.

*Authorized Shares*. The Company has authorized 2,600,000 Series Seed-1 Preferred Stock, with a total of 2,501,218 currently outstanding.

*Conversion.* Each of the Series Seed-1 Preferred is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of Class A Shares as is determined by dividing the Series Seed-1 Original Issue Price for the Series Seed-1 Preferred, which is currently $2.48, and is subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series Seed-1 Preferred (the "**Series Seed-1 Original Issue Price**"), by the Conversion Price which equals $2.48 per share, and is subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization. In addition, each of the Preferred Shares shall automatically convert into Class A Common Stock upon the closing of the sale of shares of Class A Common Stock to the public in an underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, or (B) upon the vote or consent of the holders of the holders of a majority of the outstanding shares of Preferred Stock.

*Dividends*. If dividends are paid on any share of Class A Common Stock, an additional dividend shall be paid with respect to all outstanding Preferred Shares in an amount equal per share (on an as-if-converted to Class A Common Stock basis) to the amount paid or set aside for each Class A Share. However, this does not apply to (i) a dividend payable in Class A Shares, or (ii) the acquisition of any Class A Shares in exchange for shares of any other Class A Common Stock.

*Liquidation Preference*. In the event of any liquidation or winding up of the Company, or a merger, consolidation or sale of substantially all of the assets of the Company (a "**Deemed Liquidation Event**"), the holders of Preferred Shares shall be entitled to receive, prior to and in preference to the holders of Common Stock, an amount equal to the greater of (i) the Series Seed-1 Original Issue Price for each share of Series Seed-1 Preferred, plus any declared but unpaid dividends, and (ii) such amount per share as would have been payable had each such share been converted into Class A Shares immediately prior to such liquidation, winding up or Deemed Liquidation Event)(the "**Series Seed-1 Liquidation Amount**"). After the payment of the Series Seed-1 Liquidation Amount to the holders of Series Seed-1 Preferred, the remaining assets of the Company will be distributed ratably to the holders of Common Stock.

<u>Series Seed-2 Preferred Shares</u>

The Seed-2 Preferred Shares are non-voting except as may be required by applicable law; unless required by law, no cumulative voting.

*Authorized Shares*. The Company has authorized 20,400,000 Series Seed-2 Preferred Stock, with a total of 2,368,402 currently outstanding.

*Conversion.* Each of the Series Seed-2 Preferred is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of Class A Shares as is determined by dividing the Series Seed-2 Original Issue Price for the Series Seed-2 Preferred Shares, which is currently $2.96, and is subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series Seed Preferred-2 (the "**Series Seed-2 Original Issue Price**"), by the Conversion Price which equals $2.96 per share, and is subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization. In addition, each of the Preferred Shares shall automatically convert into Class A Common Stock upon the closing of the sale of shares of Class A Common Stock to the public in an underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, or (B) upon the vote or consent of the holders of the holders of a majority of the outstanding shares of Preferred Stock.

*Dividends*. If dividends are paid on any share of Class A Common Stock, an additional dividend shall be paid with respect to all outstanding Preferred Shares in an amount equal per share (on an as-if-converted to Class A Common Stock basis) to the amount paid or set aside for each Class A Share. However, this does not apply to (i) a dividend payable in Class A Shares, or (ii) the acquisition of any Class A Shares in exchange for shares of any other Class A Common Stock.

*Liquidation Preference*. In the event of any liquidation or winding up of the Company, or a merger, consolidation or sale of substantially all of the assets of the Company (a "**Deemed Liquidation Event**"), the holders of Series Seed-2 Preferred shall be entitled to receive, prior to and in preference to the holders of Common Stock, an amount equal to the greater of (i) the Series Seed-2 Original Issue Price for each share of Series Seed-2 Preferred, plus any declared but unpaid dividends, and (ii) such amount per share as would have been payable had each such share been converted into Class A Shares immediately prior to such liquidation, winding up or Deemed Liquidation Event)(the "**Series Seed-2 Liquidation Amount**"). After the payment of the Series Seed-2 Liquidation Amount to the holders of Series Seed-2 Preferred, the remaining assets of the Company will be distributed ratably to the holders of Common Stock.

<u>Series Seed-3 Preferred Shares</u>

 

*Authorized Shares*. The Company has authorized 30,000,000 Series Seed-3 Preferred Stock, with a total of 0 currently outstanding.

*Conversion.* Each of the Series Seed-3 Preferred is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of Class A Shares as is determined by dividing the Series Seed-3 Original Issue Price for the Series Seed-3 Preferred Shares, which is currently $3.10, and is subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series Seed Preferred-3 (the "**Series Seed-3 Original Issue Price**"), by the Conversion Price which equals $3.10 per share, and is subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization. In addition, each of the Preferred Shares shall automatically convert into Class A Common Stock upon the closing of the sale of shares of Class A Common Stock to the public in an underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, or (B) upon the vote or consent of the holders of the holders of a majority of the outstanding shares of Preferred Stock.

*Dividends*. If dividends are paid on any share of Class A Common Stock, an additional dividend shall be paid with respect to all outstanding Preferred Shares in an amount equal per share (on an as-if-converted to Class A Common Stock basis) to the amount paid or set aside for each Class A Share. However, this does not apply to (i) a dividend payable in Class A Shares, or (ii) the acquisition of any Class A Shares in exchange for shares of any other Class A Common Stock.

**Liquidation Preference. In the event of any liquidation or winding up of the Company, or a merger, consolidation or sale of substantially all of the assets of the Company (a "Deemed Liquidation Event"), the holders of Series Seed-3 Preferred shall be entitled to receive, prior to and in preference to the holders of Common Stock, an amount equal to the greater of (i) the Series Seed-3 Original Issue Price for each share of Series Seed-3 Preferred, plus any declared but unpaid dividends, and (ii) such amount per share as would have been payable had each such share been converted into Class A Shares immediately prior to such liquidation, winding up or Deemed Liquidation Event)(the "Series Seed-3 Liquidation Amount"). After the payment of the Series Seed-3 Liquidation Amount to the holders of Series Seed-3 Preferred, the remaining assets of the Company will be distributed ratably to the holders of**

<u>Voting Rights</u>

The Series Seed-3 Preferred Stock do not offer any voting rights, unless required by law. Further, the number of authorized shares of Class A Common Stock (the "Class A Common Stock") (in which the Series Seed-3 Preferred Stock are convertible) may be increased or decreased by the affirmative vote of the holders of a majority of the votes represented by all outstanding shares of capital stock of the Company entitled to vote, irrespective of the provisions of Section 242(b)(2) of the Delaware General Corporation Law.

As a condition to the purchase of the Securities, upon the issuance of the Preferred Shares, the purchaser thereof agrees that the Chief Executive Officer of the Company (the "CEO"), or his or her successor, is appointed as the Subscriber's true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, at any time and from time, on any matter for which approval of the holders of the Company's stock is sought or upon which such holders are otherwise entitled to vote or consent by written consent, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency, and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock. The provisions of this Section 24 shall survive the termination or expiration of this Subscription Agreement.

<u>What it means to be a minority holder</u>

As a minority holder of Series Seed-3 Preferred Stock of this offering, you have granted your votes by proxy to the CEO of the Company. Even if you were to receive control of your voting rights, as a minority holder, you would have limited rights with regards to the corporate actions of the Company, including additional issuances of securities, company repurchases of securities, a sale of the Company or its significant assets, or company transactions with related parties. Further, investors in this offering may have rights less than those of other holders.

**LEGAL MATTERS**

Certain legal matters with respect to the Shares offered by this Offering Circular will be passed upon by Pearl Cohen Zedek Latzer Baratz LLP.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed an offering statement on Form 1-A with the SEC under the Securities Act with respect to the common stock offered by this Offering Circular. This Offering Circular, which constitutes a part of the offering statement, does not contain all of the information set forth in the offering statement or the exhibits and schedules filed therewith. For further information with respect to us and our common stock, please see the offering statement and the exhibits and schedules filed with the offering statement. Statements contained in this Offering Circular regarding the contents of any contract or any other document that is filed as an exhibit to the offering statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the offering statement. The offering statement, including its exhibits and schedules, may be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549, and copies of all or any part of the offering statement may be obtained from such offices upon the payment of the fees prescribed by the SEC. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains an Internet website that contains all information regarding companies that file electronically with the SEC. The address of the site is www.sec.gov.

<br>![](image_022.jpg)<br>Doroni Aerospace, Inc.<br> (the "Company")<br> a Delaware Corporation<br>Financial Statements with Independent Auditor's Report<br>Years Ended December 31, 2024 & 2023<br>

**Table of Contents**

---

| | |
|:---|:---|
| [INDEPENDENT AUDITOR'S REPORT](#auditreport) | F-3 |
| [RESTATED BALANCE SHEET](#bs) | F-6 |
| [RESTATED STATEMENT OF OPERATIONS](#stateops) | F-7 |
| [RESTATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY](#changesequity) | F-8 |
| [RESTATED STATEMENT OF CASH FLOWS](#cf) | F-9 |
| [NOTE 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS](#note1) | F-10 |
| [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](#note2) | F-10 |
| [NOTE 3 – RELATED PARTY TRANSACTIONS](#note3) | F-17 |
| [NOTE 4 – COMMITMENTS, CONTINGENCIES, COMPLIANCE WITH LAWS AND REGULATIONS](#note4) | F-17 |
| [NOTE 5 – LIABILITIES AND DEBT](#note5) | F-18 |
| [NOTE 6 – EQUITY](#note6) | F-18 |

---

![](image_016.jpg)

**INDEPENDENT AUDITOR'S REPORT**

[Do not Delete]

To: Doroni Aerospace, Inc Management

**Opinion:**

We have audited the accompanying financial statements of Doroni Aerospace, Inc. (the Company), which comprise the restated balance sheets as of December 31, 2024 and 2023 and the related statements of operations, statement of changes in shareholder equity, and statement of cash flows for the years then ended, and the related notes to the financial statements.

The financial statements of the Company as of December 31, 2024 and 2023 (prior to restatement) were audited by other auditors whose report, dated April 25, 2025, expressed an unmodified opinion on those financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion:**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the "Auditor's Responsibilities" section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Emphasis of Matter - Restatement of Previously Issued Financial Statements**

As discussed in Note 2 to the accompanying financial statements, the 2024 and 2023 financial statements have been restated to correct a material misstatement. We have audited the related adjustments that were applied to restate the financial statements, and in our opinion, such adjustments are appropriate and have been properly applied. Our opinion is not modified with respect to this matter.

![](rnbfooter.jpg)

**Substantial Doubt About the Entity's Ability to Continue as a Going Concern:**

As discussed in Note 1, specific circumstances raise substantial doubt about the Company's ability to continue as a going concern in the foreseeable future. The provided financial statements have not been adjusted for potential requirements in case the Company cannot continue its operations. Management's plans in regard to these matters are also described in Note 1. Our opinion is not modified with respect to the matter.

**Other Information:**

Management is responsible for the other information included in the Offering Memorandum. The other information comprises the information included in the Offering Memorandum, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

**Management's Responsibility for the Financial Statements:**

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for the twelve months subsequent to the date this audit report is issued.

**Auditor's Responsibility:**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

/s/ RNB Capital LLC

Tamarac, FL

October 25, 2025

![](image_006.gif)

**DORONI AEROSPACE INC**

**RESTATED BALANCE SHEET**

---

| | | |
|:---|:---|:---|
| **AS OF DECEMBER 31,** | **2024** | **2023** |
| **ASSETS** |  |  |
| ***Current Assets:*** |  |  |
| &nbsp;&nbsp;&nbsp;Cash & Cash Equivalents | $388133 | $585177 |
| &nbsp;&nbsp;&nbsp;Restricted Cash | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;Prepaids and other current assets | 110857 | 389975 |
| ***Total Current Assets*** | 648989 | 1125152 |
| ***Non-Current Assets:*** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 18161 | 33602 |
| &nbsp;&nbsp;&nbsp;Right of use assets | 178231 | 349668 |
| ***Total Non-Current Assets*** | 196392 | 383270 |
| **TOTAL ASSETS** | $845381 | $1508422 |
| **LIABILITIES AND EQUITY** |  |  |
| ***Current Liabilities:*** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $61297 | $83541 |
| &nbsp;&nbsp;&nbsp;Right of use liability, current portion | 187155 | 171293 |
| &nbsp;&nbsp;&nbsp;Deferred Revenue, current | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 29476 | 16209 |
| ***Total Current Liabilities*** | 427929 | 421043 |
| ***Non-Current Liabilities:*** |  |  |
| &nbsp;&nbsp;&nbsp;Right of use liability |  | 187155 |
| &nbsp;&nbsp;&nbsp;Deferred Revenue | 42010 | – |
| ***Total Non-Current Liabilities*** | 42010 | 187155 |
| ***TOTAL LIABILITIES*** | $469939 | $608198 |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock, $0.00001 par, 65,000,000 shares authorized 55,291,044 shares issued and outstanding as of December 31, 2024 and 2023 | $553 | $553 |
| &nbsp;&nbsp;&nbsp;Class A Common Stock, $0.00001 par, 37,000,000 shares authorized 30,141 and 0 shares issued and outstanding as of December 31, 2024 and 2023 |  |  |
| &nbsp;&nbsp;&nbsp;Series Seed-1 Preferred Stock, $0.00001 par, 2,600,000 shares authorized 2,501,218 and 2,404,194 shares issued and outstanding as of December 31, 2024 and 2023 | 25 | 24 |
| &nbsp;&nbsp;&nbsp;Series Seed-2 Preferred Stock, $0.00001 par, 20,400,000 shares authorized 932,806 and 0 shares issued and outstanding as of December 31, 2024 and 2023 | 9 |  |
| &nbsp;&nbsp;&nbsp;Additional Paid In Capital | 9381188 | 6070998 |
| &nbsp;&nbsp;&nbsp;Accumulated Deficit | (9006333) | (5171351) |
| ***TOTAL EQUITY*** | $375442 | $900224 |
| **TOTAL LIABILITIES AND EQUITY** | $845381 | $1508422 |

---

See Accompanying Notes to these Audited Financial Statements

**DORONI AEROSPACE INC**

**RESTATED STATEMENT OF OPERATIONS**

---

| | | |
|:---|:---|:---|
| **YEAR ENDED DECEMBER 31,** | **2024** | **2023** |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General, and Administrative expenses | $3169900 | $2088592 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 665080 | 1094751 |
| ***Total Operating Expenses*** | **3834980** | **3183342** |
| ***Total Loss from Operations*** | **(3834980)** | **(3183342)** |
| ***Total Other Income (Expense)*** | **–** | **–** |
| ***Net Income (Loss)*** | $**(3834980)** | $**(3183342)** |

---

See Accompanying Notes to these Audited Financial Statements

**DORONI AEROSPACE INC** 

**RESTATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock -<br> Class A** | **Common Stock -<br> Class A** | **Preferred -<br> Series Seed 1** | **Preferred -<br> Series Seed 1** | **Preferred -<br> Series Seed 2** | **Preferred -<br> Series Seed 2** | | | |
|  | **# of<br> Shares**  | **$ Amount** | **# of Shares** | **$ Amount** | **# of Shares** | **$ Amount** | **# of Shares** | **$ Amount** |<br>**APIC** | **Retained**<br>**Earnings (Deficit)** | **Total**<br>**Shareholders' Equity** |
| Beginning balance at 1/1/23 | 55315128 | 553 |  |  | 780740 | 8 |  |  | 2639284 | (1988009) | 651837 |
| Share adjustment | 2023 |  |  |  |  |  |  |  |  |  |  |
| Issuance of Seed 1 - Preferred Stock - Reg CF 2 |  |  |  |  | 493701 | 5 |  |  | 1012437 |  | 1012442 |
| Issuance of Seed 1 - Preferred Stock - Reg CF 3 |  |  |  |  | 1115440 | 11 |  |  | 2248113 |  | 2248124 |
| Issuance of Seed 1 - Preferred Stock - Dealmaker |  |  |  |  | 14313 |  |  |  | 40965 |  | 40965 |
| Offering Costs |  |  |  |  |  |  |  |  | (126701) |  | (126701) |
| Share - based Compensation |  |  |  |  |  |  |  |  | 256900 |  | 256900 |
| Net income (loss) | – | – | – |  | – | – | – | – | – | (3183342) | (3183342) |
| Ending balance at 12/31/23 | 55317151 | 553 | – |  | 2404194 | 24 | – | – | 6070998 | (5171351) | 900224 |
| Share adjustment | (26107) |  |  |  |  |  |  |  | (378) |  | (378) |
| Issuance of Seed 1 - Preferred Stock - Dealmaker |  |  |  |  | 97024 | 1 |  |  | 170800 |  | 170801 |
| Issuance of Seed 1 - Preferred Stock - Reg CF 4 |  |  |  |  |  |  | 914674 | 9 | 1842728 |  | 1842737 |
| Exercise of employee stock options |  |  | 30141 |  |  |  |  |  | 47020 |  | 47020 |
| Offering Costs |  |  |  |  |  |  |  |  | (155303) |  | (155303) |
| Share - based Compensation |  |  |  |  |  |  |  |  | 1366223 |  | 1366223 |
| Issuance of warrants |  |  |  |  |  |  |  |  | 39100 |  | 39100 |
| Net income (loss) | – | – | – |  | – | – | – | – | – | (3834980) | (3834980) |
| Ending balance at 12/31/24 | 55291044 | 553 | 30141 |  | 2501218 | 25 | 914674 | 9 | 9381188 | (9006331) | 375442 |

---

See Accompanying Notes to these Audited Financial Statements

**DORONI AEROSPACE INC**

**RESTATED STATEMENT OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| **YEAR ENDED DECEMBER 31,** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net Income (Loss) | $(3834980) | $(3183342) |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 15441 | 10077 |
| &nbsp;&nbsp;&nbsp;Share Base Compensation expense | 1366223 | 256900 |
| &nbsp;&nbsp;&nbsp;Issuance of warrants for services rendered | 39100 |  |
| &nbsp;&nbsp;&nbsp;Interest of Operating lease | 10057 | 16270 |
| &nbsp;&nbsp;&nbsp;Amortization of ROU Lease | 9913 | 7490 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Prepaids and other current assets | 279118 | 183954 |
| &nbsp;&nbsp;&nbsp;Accounts payable | (22243) | (17454) |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 13267 | (773) |
| &nbsp;&nbsp;&nbsp;Deferred Revenue | 42010 | 20000 |
| *Total Adjustments to reconcile Net Income to Net Cash provided by operations:* | 1752886 | 476465 |
| *Net Cash provided by (used in) Operating Activities* | (2082094) | (2706877) |
| **INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | – | (37651) |
| *Net Cash provided by (used in) Investing Activities* | – | (37651) |
| **FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of stock, net of offering costs | 1885049 | 3084287 |
| *Net Cash provided by (used in) Financing Activities* | 1885049 | 3084287 |
| Cash at the beginning of period (Including restricted cash) | 735177 | 395418 |
| Net Cash increase (decrease) for period | (197045) | 339759 |
| Cash at end of period (Including restricted cash) | $538133 | $735177 |

---

**Supplemental Disclosures of Non-Cash Investing and Financing Activities**

ROU asset and lease liability recognized for operating leases, represents new or modified operating leases (non-cash) <br> Non-cash lease expense components (interest and amortization), expensed within operations but no direct cash flow effect

See Accompanying Notes to these Audited Financial Statements

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

**NOTE 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS**

Doroni Aerospace, Inc ("the Company") was formed on May 3, 2018, as a limited liability company in the state of Florida and subsequently converted to a corporation on October 6, 2021, in the state of Delaware. The Company is a pre-revenue aerospace engineering and manufacturing company that is developing a practical, efficient, and cost-effective electric vertical takeoff and landing aircraft ("eVTOL") mobility platform. The Company's go-to-market product, currently under development, the Doroni H1-X, is a two-seater personal eVTOL. Doroni is targeting a Light Sport Aircraft ("LSA") certification with the Federal Aviation Administration ("FAA") ahead of Doroni's anticipated product launch in 2028. The Company's headquarters are located in Coral Springs, Florida.

<u>Concentrations of Credit Risks</u>

The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

<u>Substantial Doubt about the Entity's Ability to Continue as a Going Concern:</u>

The accompanying balance sheet has been prepared on a going concern basis, which means that the entity expects to continue its operations and meet its obligations in the normal course of business during the next twelve months. Conditions and events creating the doubt include the fact that the Company has not commenced principal operations and will likely realize losses prior to generating positive working capital for an unknown period of time. The Company's management has evaluated this condition and plans to generate revenues and raise capital as needed to meet its capital requirements. However, there is no guarantee of success in these efforts. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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

<u>Basis of Presentation</u>

The Company's financial statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company's fiscal year ends on December 31. The Company has no interest in variable interest entities and no predecessor entities.

<u>Restatement of Previously Issued Financial Statements</u>

The Company's financial statements as of December 31, 2024 and 2023 were previously issued and have been restated to correct a material misstatement related to errors in accounting for stock-based compensation expenses associated with options granted to service providers. The restatement also corrects immaterial errors in the accounting for right-of-use long term liabilities and immaterial errors related to the depreciation of property and equipment. These latter errors were not the primary cause of the restatement.

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

This correction primarily results in non-cash adjustments to Research and Development expenses and General and Administrative expenses for the 2024 and 2023 fiscal years and impacts the carrying amounts of right-of-use assets, lease liabilities, current, additional paid-in capital, and retained earnings. A reconciliation of previously reported and restated amounts of these items are presented below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial Statement Line Item** | **As Previously Reported (2024)** | **Adjustments** | **As Restated (2024)** | **As Previously Reported (2023)** | **Adjustments** | **As Restated (2023)** |
| **Balance Sheet** |  |  |  |  |  |  |
| Right of use assets | 151528 | 26703 | 178231 | 303057 | 46611 | 349668 |
| Right of use liability, current portion | 181996 | 5159 | 187155 | 133031 | 38262 | 171293 |
| Additional paid in capital | 9927803 | (546615) | 9381188 | 6901054 | (830056) | 6070998 |
| Accumulated Deficit | (9600043) | 593710 | (9006333) | (6013940) | 842589 | (5171351) |
| Total Equity | 328348 | 47094 | 375442 | 887313 | 12911 | 900224 |
| **Statement of Operations** |  |  |  |  |  |  |
| Selling, General, and Administrative expense | 2699619 | 470281 | 3169900 | 2425412 | (336820) | 2088592 |
| Research and development expenses | 886484 | (221404) | 665080 | 974261 | 120490 | 1094751 |
| Net Loss | (3586103) | (248877) | (3834980) | (3399673) | 216331 | (3183342) |

---

<u>Use of Estimates and Assumptions</u>

In preparing these audited financial statements in conformity with U.S. GAAP, the Company's management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

<u>Fair Value of Financial Instruments</u>

FASB Accounting Standards Codification (ASC) 820 "*Fair Value Measurements and Disclosures*" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

These tiers include:

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

There were no material items that were measured at fair value as of December 31, 2024 and December 31, 2023.

<u>Cash and Cash Equivalents</u>

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $538,133 and $735,177 in cash and cash equivalents as of December 31, 2024 and December 31, 2023, respectively. Of this total, $150,000 is considered restricted cash, as these funds represent refundable deposits held in a separate account and are not available for general use.

<u>Property and Equipment</u>

Property and equipment are recorded at cost. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense. When equipment is retired or sold, the cost and related accumulated depreciation are eliminated from the accounts and the resultant gain or loss is reflected in income. Depreciation is provided using the straight-line method, based on useful lives of the assets.

The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment there was no impairment for December 31, 2024.

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

A summary of the Company's property and equipment is below.

---

| | | | |
|:---|:---|:---|:---|
| **Property Type** | **Useful Life in Years** | **2024** | **2023** |
| Furniture and Fixtures | 3 | 2600 | 2600 |
| Computers | 3 | 23191 | 23191 |
| Tools, machinery, and equipment | 3 | 20892 | 20892 |
| Less Accumulated Depreciation |  | (28522) | (13081) |
| **Totals** |  | **18161** | **33602** |

---

Depreciation expense as of December 31, 2024 and 2023 was $15,441 and $10,077, respectively.

<u>Revenue Recognition</u>

The Company recognizes revenue from the sale of products and services in accordance with ASC 606, "Revenue Recognition" following the five steps procedure:

Step 1: Identify the contract(s) with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to performance obligations

Step 5: Recognize revenue when or as performance obligations are satisfied

The Company was in the pre-revenue stage as of December 31, 2024. Customers may reserve the right to purchase the Doroni H1X by making a deposit. These deposits are recorded as deferred revenue until the product is delivered to the customer. As of December 31, 2024, and December 31, 2023, deferred revenue totaled $192,010 and $150,000, respectively. Prior to 2024, the Company required refundable deposits of $10,000. In 2024, the Company revised its deposit policy, requiring a $1,000 non-refundable deposit. As of December 31, 2024, and December 31, 2023, the total refundable portion of deferred revenue was $150,000.

<u>Selling, General and Administrative</u>

 

Selling, general, and administrative expenses consist of employee and contractors compensation, equity compensation, professional fees, operating lease expense, depreciation, utilities, travel, and other miscellaneous expenses. Additionally, SG&A includes advertising expenses related to various marketing campaigns, which totaled $562,554 and $525,178 as of December 31, 2024 and 2023, respectively.

<u>Research and Development</u>

Research and development costs related to the design, development, and testing of the Company's products are expensed as incurred.

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

<u>Equity Based Compensation</u>

The Company accounts for stock options issued to employees under ASC 718 (Stock Compensation). Under ASC 718, share-based compensation cost to employees is measured at the grant date, based on the estimated fair value of the award, and is recognized as an item of expense ratably over the employee's requisite vesting period. The Company has elected early adoption of ASU 2018-07, which permits measurement of stock options at their intrinsic value, instead of their fair value. An option' s intrinsic value is defined as the amount by which the fair value of the underlying stock exceeds the exercise price of an option. In certain cases, this means that option compensation granted by the Company may have an intrinsic value of $0.

The Company measures compensation expense for its non-employee stock-based compensation under ASC 505 (Equity). The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company's common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. The fair value of the equity instrument is charged directly to expense and credited to additional paid- in capital.

There is not a viable market for the Company's common stock to determine its fair value, therefore management is required to estimate the fair value to be utilized in the determining stock-based compensation costs. In estimating the fair value, management considers recent sales of its common stock to independent qualified investors, placement agents' assessments of the underlying common shares relating to our sale of preferred stock and validation by independent fair value experts. Considerable management judgment is necessary to estimate the fair value. Accordingly, actual results could vary significantly from management's estimates.

The following is an analysis of shares of the Company's common stock issued as compensation:

---

| | | |
|:---|:---|:---|
|  | **Nonvested Shares** | **Weighted Average Fair Value** |
| Nonvested shares, January 1, 2023 | 5248611 | 0.13 |
| Granted | 1468611 | 0.63 |
| Vested | (2620278) | 0.10 |
| Forfeited | (575556) | 0.12 |
| Nonvested shares, December 31, 2023 | 3521388 | 0.98 |
| Granted | 5467115 | 0.56 |
| Vested | (3951421) | 0.18 |
| Forfeited | (351389) | 0.14 |
| Nonvested shares, December 31, 2024 | 4685693 | 0.43 |

---

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

The following presents an analysis of the available options for purchasing the Company's currently issued and outstanding stock:

---

| | | |
|:---|:---|:---|
|  | **Total Options** | **Weighted Average Exercise Price** |
| Total options outstanding, January 1, 2023 | 7315000 | 0.56 |
| Granted | 1468611 | 1.56 |
| Exercised |  | 0.00 |
| Expired/cancelled | (1720000) | 0.71 |
| Total options outstanding, December 31, 2023 | 7063611 | 0.77 |
| Granted | 5467115 | 1.09 |
| Exercised | (81250) | 1.56 |
| Expired/cancelled | (1768750) | 0.52 |
| Total options outstanding, December 31, 2024 | 10680726 | 0.97 |
| Options exercisable, December 31, 2024 | 5995033 | 0.97 |

---

Warrants - The Company accounts for stock warrants as either equity instruments, derivative liabilities, or liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity (ASC 480), depending on the specific terms of the warrant agreement. The Warrants below do not have cash settlement provisions or down round protection; therefore, the Company classifies them as equity.

The following table summarizes information with respect to outstanding warrants to purchase common stock of the Company, all of which were exercisable, at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Exercise Price** | **Number Outstanding** | **Number Outstanding** | **Expiration Date** |
| 1 |  | 20000 | 10/31/2030 |
| 2 |  | 70510 | 10/17/2028 |
|  |  | 90510 |  |

---

A summary of the warrant activity for the years ended December 31, 2024 and 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Contractual Term**<br> **(in years)** |
| Outstanding at December 31, 2023 | – |  |  |
| Grants | 90510 | 1.56 | 4.25 |
| Exercised |  |  |  |
| Canceled | – |  |  |
| Outstanding at December 31, 2023 | 90510 | 1.56 | 4.25 |
| Vested at December 31, 2024 | 90510 | 1.56 | 4.25 |
| Exercisable at December 31, 2024 | 90510 | 1.56 | 4.25 |

---

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

<u>Income Taxes</u>

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities.

As of December 31, 2024 and December 31, 2023, significant components of the Company's deferred tax assets and liabilities were as follows:

**Significant Components of Deferred Tax Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Net Operating Loss Carryforwards | 1546125 | 645212 |
| Accrued Expenses |  |  |
| Depreciation (difference in methods/timing) | 1370 | (2477) |
| Other Temporary Differences | (90259) | (210483) |
| Gross Deferred Tax Asset | **1457236** | **432252** |
| Less: Valuation Allowance | (1457236) | (432252) |
| Net Deferred Tax Asset (Liability) | **–** | **–** |

---

The Company has recorded a full valuation allowance against its deferred tax assets due to cumulative operating losses and absence of objectively verifiable evidence that the assets will be realized.

 

<u>Net Operating Loss Carryforwards</u>

As of December 31, 2024 and December 31, 2023, the Company had federal and state net operating loss carryforwards of approximately $5,834,434 and $2,434,762. Federal and Florida NOLs arising after December 31, 2017, generally do not expire but are subject to an 80% taxable income limitation.

**Components of Income Tax Expense (Benefit)**

During 2024 and 2023, the Company paid no income taxes to federal or state jurisdictions.

---

| | | |
|:---|:---|:---|
| **Component** | **2024** | **2023** |
| Current tax expense |  |  |
| Deferred tax expense (benefit) | 1457236 | 432252 |
| Valuation Allowance | (1457236) | (432252) |
| Net Deferred Tax Asset (Liability) | **–** | **–** |

---

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

**Income Taxes Paid**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| Federal |  |  |  |  |
| State |  |  |  |  |
| Foreign | | – | | – |
| Net Deferred Tax Asset (Liability) | | – | | **–** |

---

The reconciliation of the U.S. federal statutory tax rate to the Company's effective tax rate is as follows:

**Rate Reconciliation**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
|  | **Amount ($)** | **% of Pretax**<br> **Income (Loss)** | **Amount ($)** | **% of Pretax**<br> **Income (Loss)** |
| Income tax benefit at U.S. Statutory Rate (21%) | (846387) | 21.00% | (713931) | 21.00% |
| State taxes, net of federal benefit | (221673) | 5.50% | (186982) | 5.50% |
| Total Income Tax Expense (benefit) | **(1068060)** | **26.50%** | **(900913)** | **26.50%** |

---

<u>Recent Accounting Pronouncements</u>

The FASB issues Accounting Standards Updates (ASUs) to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our financial statements.

**NOTE 3 – RELATED PARTY TRANSACTIONS**

The Company follows ASC 850, "Related Party Disclosures," for the identification of related parties and disclosure of related party transactions.

During the years ended December 31, 2024, and December 31, 2023, the Company engaged certain members of management as independent contractors rather than employees. The total payments made to these related parties for services rendered amounted to $259,696 and $163,205, respectively.

**NOTE 4 – COMMITMENTS, CONTINGENCIES, COMPLIANCE WITH LAWS AND REGULATIONS**

The Company is not currently involved with or knows of any pending or threatening litigation against it or any of its officers. Further, the Company is currently complying with all relevant laws and regulations. The Company does not have any long-term commitments or guarantees.

<u>Operating Lease</u>

The Company accounts for leases in accordance with Accounting Standards Codification 842 ("ASC 842"),Leases. On November 30, 2022, the Company entered into an operating lease agreement for approximately 10,966 square feet of office and warehouse space located in Pompano Beach, Florida. The lease commenced on January 1, 2023 and is scheduled to expire on December 31, 2025.

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

---

| | |
|:---|:---|
|  | Year Ending |
| **Lease expense** | December 31, 2024 |
| Operating lease expense | 181494 |
| **Total** | 181494 |
| **Other Information** |  |
| Operating cash flows from operating leases | 181350 |
| Weighted-average remaining lease term in years for operating leases | 1 |
| Weighted-average discount rate for finance leases | 0.00% |
| Weighted-average discount rate for operating leases | 3.79% |
| **Maturity Analysis** | Operating |
| Total undiscounted cash flows | 190418 |
| Less: present value discount | (3263) |
| Total lease liabilities | 187155 |

---

**NOTE 5 – LIABILITIES AND DEBT**

As of December 31, 2024 and December 31, 2023, the Company did not have any debt obligations. The Company's liabilities at those dates consisted solely of operating expenses payable, such as accounts payable and accrued expenses incurred in the normal course of business.

**NOTE 6 – EQUITY**

<u>Common Stock</u> 

The Company is authorized to issue 65,000,000 shares designated as Common Stock with a par value of $0.00001. As of December 31, 2024, and December 31, 2023, 55,291,044 Common Shares have been issued and outstanding.

<u>Class A Common Stock</u> 

The Company is authorized to issue 37,000,000 shares designated as Class A Common Stock with a par value of $0.00001. As of December 31, 2024, and December 31, 2023, 30,141 and 0 class A Common Stock have been issued and outstanding, respectively.

<u>Series Seed-1 Preferred Stock</u> 

The Company is authorized to issue 2,600,000 shares designated as Series Seed-1 Preferred Stock with a par value of $0.00001. As of December 31, 2024, and December 31, 2023, 2,501,218 and 2,404,194 Series Seed-1 Preferred Stock have been issued and outstanding, respectively.

Doroni Aerospace, Inc Notes to the Audited Financial Statements December 31<sup>st</sup>, 2024 and December 31, 2023

<u>Series Seed-2 Preferred Stock</u> 

The Company is authorized to issue 20,400,000 shares designated as Series Seed-2 Preferred Stock with a par value of $0.00001. As of December 31, 2024, and December 31, 2023, 914,674 and 0 Series Seed-2 Preferred Stock have been issued and outstanding, respectively.

**NOTE 7 – SUBSEQUENT EVENTS**

The Company has evaluated events subsequent to December 31, 2024 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through October 25, 2025, the date these financial statements were available to be issued.

Subsequent to the balance sheet date the company completed two crowdfunding campaigns. The proceeds from two the campaigns amounted to approximately $3.0 million before offering costs and in consideration the Company issued to its crowdfunding investors 1,431,112 Series Seed-2 Preferred Shares.

**Part III**

**EXHIBITS**

---

| | |
|:---|:---|
| 2.1 | [Amended and Restated Certificate of Incorporation](doroni_ex0201.htm) |
| 2.2 | [Bylaws](doroni_ex0202.htm) |
| 4.1 | [Form of Subscription Agreement](doroni_ex0401.htm) |
| 11.0 | [Consent of RNB Capital LLC](doroni_ex1100.htm) |
| 12.0 | [Opinion of Pearl Cohen Zedek Latzer Baratz LLP](doroni_ex1200.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this Offering Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Coral Springs, State of Florida, on December 22, 2025.

---

| | | |
|:---|:---|:---|
| **DORONI AEROSPACE, INC.** | **DORONI AEROSPACE, INC.** |  |
| By: | /s/ Doron Merdinger | Date: December 22, 2025 |
|  | Doron Merdinger, Principal Executive Officer and Director |  |
| By: | /s/ Yoram Bibring | Date: December 22, 2025 |
|  | Yoram Bibring, Chief Financial Officer,<br> Principal Financial Officer and Principal Accounting Officer |  |

---

## Ex1A-2A

**Exhibit 2.1**

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Delaware The First State Page 1 6288233 8100 SR# 20254701404 You may verify this certificate online at corp.delaware.gov/authver.shtml Authentication: 205562271 Date: 12 - 09 - 25 I, CHARUNI PATIBANDA - SANCHEZ, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE RESTATED CERTIFICATE OF "DORONI AEROSPACE, INC.", FILED IN THIS OFFICE ON THE FIRST DAY OF DECEMBER, A.D. 2025, AT 9:43 O`CLOCK A.M.

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State of Delaware Secretary o f State Divi sio n of Corporations Deli vered 0 9 :4 3 AM 12 / 01/2025 FILED 09:43 AM 12 / 0 1/ 2025 SR 20254701404 - F ile \ 'umber 6288233 FIFTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF DORONI AEROSPACE, INC. (Pursuant to Sections 242 and 245 of the General Corporation Law of the State of Delaware) Doroni Aerospace, Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State ofDelaware (the "Delaware General Corporation Law"), DOES HEREBY CERTIFY: 1. That the name of this corporation is Doroni Aerospace, Inc . , and that this corporation was originally incorporated pursuant to the General Corporation Law on October 6 , 2021 under the name Doroni Aerospace, Inc . 2. An Amended Certificate oflncorporation of the Corporation was filed with the Secretary of State of the State of Delaware on June 30 , 2022 . 3. A Second Amended and Restated Certificate of Incorporation of the Corporation was filed with the Secretary of State of Delaware on April 8 , 2024 ; 4. A Third Amended and Restated Certificate of Incorporation of the Corporation was filed with the Secretary of State of Delaware on February 14 , 2025 ; 5. A Fourth Amended and Restated Certificate of Incorporation of the Corporation was filed with the Secretary of State of Delaware on November 4 , 2025 (the "Charter") ; 6. That the Board of Directors duly adopted resolutions proposing to amend and restate the Charter of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and its stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows: RESOLVED, that the Fifth Amended and Restated Certificate oflncorporation of the Corporation, as amended (the "Restated Certificate") , be amended and restated in its entirety to read as follows: ARTICLE I. The name of this corporation is Doroni Aerospace, Inc. (the "Co rporation"). ARTICLE II.

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- 2 - The address of the registered office of this Corporation in the State of Delaware is 9 East Loockerman Street, Suite 311 , Dover, DE 1990 I, County of Kent, and the name of the registered agent of this Corporation in the State of Delaware at such address is GKL Registered Agents of DE, Inc . ARTICLE III. The purpose of this Corporation is to engage in any lawful act or activity for which a corporation may be organized under the Delaware General Corporation Law. ARTICLE IV. The Corporation is authorized to issue three classes of stock to be designated "Common Stock," "Class A Common Stock," "Class B Common Stock," and "Preferred Stock." The total number of shares of Common Stock that the Corporation is authorized to issue is 65,000,000 shares, $0.00001 par value per share. The total number of shares of Class A Common Stock that the Corporation is authorized to issue is 37,000,000 shares, $0.00001 par value per share. The total number of shares of Class B Common Stock that the Corporation is authorized to issue is 10,000,000 shares, $0.00001 par value per share. The total number of shares of Preferred Stock that the Corporation is authorized to issue is 53,000,000 shares, $0.00001 par value per share. At the effective time of this d Restated Certificate ofincorporation (the "Restated Certificate") , each of the issued and outstanding shares of Common Stock of the Corporation shall be subdivided and converted into 4 shares of Common Stock. The Preferred Stock may be issued from time to time in one or more series, each of such series to consist of such number of shares and to have such terms, rights, powers and preferences, and the qualifications and limitations with respect thereto, as stated or expressed herein. As of the effective date of this Restated Certificate, 2,600,000 of the Preferred Stock of the Corporation are hereby designated "Series Seed - I Preferred Stock", 20,400,000 of the Preferred Stock of the Corporation are hereby designated "Series Seed - 2 Preferred Stock", and 30,000,000 of Preferred Stock of the Corporation are hereby designated as "Series Seed - 3 Preferred Stock." A. COMMON STOCK The following rights, powers privileges and restrictions, qualifications, and limitations apply to the Common Stock. 1. General . The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights, powers and privileges of the holders of the Preferred Stock set forth in this Restated Certificate . 2. Voting . The holders of the Common Stock are entitled to one vote for each share of Common Stock held at all meetings of stockholders (and written actions in lieu of meetings) . Unless required by law, there shall be no cumulative voting . The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242 (b)(2) of the General Corporation Law .

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- 3 - B. CLASS A COMMON STOCK The following rights, powers privileges and restrictions, qualifications, and limitations apply to the Class A Common Stock. 1. General . The rights, preferences, privileges and restrictions of the Class A Common Stock and Common Stock shall be equal and identical in all respects except as set forth in Section B . 2 below . 2. Voting . The shares of Class A Common Stock shall be non - voting except as may otherwise be required by applicable law . Unless required by law, there shall be no cumulative voting . The number of authorized shares of Class ACommon Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242 (b)(2) of the General Corporation Law . C. CLASS B COMMON STOCK The following rights, powers privileges and restrictions, qualifications, and limitations apply to the Class B Common Stock. 1. General . The rights, preferences, privileges and restrictions of the Class B Common Stock and Common Stock shall be equal and identical in all respects except as set forth in Section C . 2 below . 2. Voting . Each holder of shares of Class B Common Stock is entitled to ten (I 0) votes for each share of Class B Common Stock held at all meetings of stockholders (and written actions in lieu of meetings) . Unless required by law, there shall be no cumulative voting . The number of authorized shares of Class B Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242 (b)(2) of the General Corporation Law . D. PREFERRED STOCK The following rights, powers and privileges, and restrictions, qualifications and limitations, shall apply to the shares of Series Seed - I Preferred Stock, Series Seed - 2 Preferred Stock and Series Seed - 3 Preferred Stock (collectively, the "Series Seed Preferred Stock" or "Preferred Stock") . Unless otherwise indicated, references to "Sections" in this Part C of this Article IV refer to sections of this Part C . 1. Dividends . The holders of then outstanding shares of Preferred Stock shall be entitled to receive, only when, as and if declared by the Board of Directors, out of any funds and assets legally available therefor, on a pari passu basis with the shares of Common Stock and shares of Class ACommon Stock and shares of Class B Common Stock, dividends in an amount per share (calculated on an as converted to Common Stock basis) equal to the amount paid or set aside for

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- 4 - each share of Common Stock and Class A Common Stock and Class B Common Stock ; provided, however, that the provisions of this Section I shall not apply to (i) adividend on shares of Common Stock payable only in shares of Common Stock ; (ii) a dividend on shares of Class A Common Stock payable only in shares of Class A Common Stock ; (iii) a dividend on shares of Class B Common Stock payable only in shares of Class B Common Stock, or (iv) the acquisition by the Corporation of shares of Common Stock or Class A Common Stock or Class B Common Stock in exchange for shares of other shares of Common Stock or Class A Common Stock or Class B Common Stock, respectively . 2. Liquidation, Dissolution, or Winding Up; Certain Mergers, Consolidations and Asset Sales. 1. Payments to Holders of Series Seed Preferred Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation (including a Deemed Liquidation Event), the holders of shares of Series Seed Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Class ACommon Stock by reason of their ownership thereof, an amount per share equal to the greater of (A) the respective Original Issue Price (as defined below) of the applicable series of Preferred Stock, or (B) such amount per share as would have been payable had all shares of Preferred Stock been converted into shares of Common Stock pursuant to Section 4, immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the "Series Preferred Liguidation Preference"). If, upon any such liquidation, dissolution or winding up of the Corporation, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series Seed Preferred Stock the full amount to which they shall be entitled under this Subsection 2.1, the holders of shares of Series Seed Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. The "Seed - I Preferred Original Issue Price" shall mean $2.48 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization with respect to the Series Seed - I Preferred Stock. The "Seed - 2 Preferred Original Issue Price" shall mean $2.97 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization with respect to the Series Seed - 2 Preferred Stock. The "Seed - 3 Preferred Original Issue Price" (and together with the Seed - I Preferred Original Issue Price and Seed - 2 Preferred Original Issue Price, the "Series Seed Preferred Original Issue Price") shall mean $3.10 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization with respect to the Series Seed - 3 Preferred Stock. 2. Distribution of Remaining Assets . In the event of any Deemed Liquidation Event or voluntary or involuntary liquidation, dissolution or winding up of the Corporation, after the payment in full of the Seed Preferred Liquidation Preference to the holders of Series Seed Preferred Stock, on a pari passu basis, required to be paid to the holders of shares of Series Seed Preferred Stock, the remaining assets of the Corporation available for distribution to its stockholders shall be distributed among the holders of the shares of Common Stock, Class A Common Stock, and Class B Common Stock, on a pari passu and pro rata based on the number of shares held by each such holder .

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- 5 - 3. Deemed Liquidation Events. 1. Definition . Each of the following events is a "Deemed Liquidation Event" unless the holders of at least a majority of the outstanding shares of Preferred Stock (voting as a single class) (the "Requisite Holders") elect otherwise by written notice received by the Corporation at least five (5) days prior to the effective date of any such event : (a) a merger or consolidation in which (i) the Corporation is a constituent party, or (ii) a subsidiary of the Corporation is a constituent party and the Corporation issue s shares of it s capital stock pursuan t to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for equity securities tha t represent, immediately following such merger or consolidation, at least a majority, by voting power, of the equity securities of (1) the surviving or resulting party, or (2) if the surviving or resulting party is a wholly owned subsidiary of another party immediately following such merger or consolidation, the parent of such surviving or resulting party ; or (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or, if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation, except where such sale, lease, transfer or other disposition is to the Corporation or one or more wholly owned subsidiaries of the Corporation . 2.3.2 Amount Deemed Paid or Distributed. The funds and assets deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer or other disposition described in this Subsection 2 . 3 will be the cash or the value of the property, rights or securities paid or distributed to such holders by the Corporation or the acquiring person, firm or other entity . The value of such property, rights or securities shall be determined in good faith by the Board of Directors . 3. Voting . The shares of Series Seed Preferred Stock shall be non - voting except as may otherwise be required by applicable law . Unless required by law, there shall be no cumulative voting . The number of authorized shares of Series Seed Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242 (b)(2) of the General Corporation Law . 4. Conversion . The holders of the Series Seed Preferred Stock shall have conversion rights as follows (the "Conversion Rights") :

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- 6 - 4.1 Right to Convert. 1. Conversion Ratio. Each share of Series Seed Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Class A Common Stock as is determined by dividing the Original Issue Price for the Series Seed Preferred Stock by its applicable Conversion Price (as defined below) in effect at the time of conversion for the Series Seed Preferred Stock. The "Seed - 1 Preferred Conversion Price" shall initially be equal to the Seed - 1 Preferred Original Issue Price. The "Seed2 Preferred Conversion Price" shall initially be equal to the Seed - 2 Preferred Original Issue Price. The "Seed - 3 Preferred Conversion Price" shall initially be equal to the Seed - 3 Preferred Original Issue Price and collectively with the Seed - 1 Preferred Conversion Price and Seed - 2 Preferred Conversion Price, the "Conversion Price." Such initial Conversion Price, and the applicable rate at which such shares of Series Seed Preferred Stock may be converted into shares of Class A Common Stock, shall be subject to adjustment as provided below. ii . Termination of Conversion Rights . In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of the applicable Series Seed Preferred Stock . 2. Fractional Shares . The number of shares of Class ACommon Stock issuable to a holder of Preferred Stock upon conversion of such Preferred Stock shall be the nearest whole share, after aggregating all fractional interests in shares of Class A Common Stock that would otherwise be issuable upon conversion of all shares of that same series of Preferred Stock being converted by such holder (with any fractional interests after such aggregation representing 0 . 5 or greater of a whole share being entitled to a whole share) . For the avoidance of doubt, no fractional interests in shares of Class A Common Stock shall be created or issuable as a result of the conversion of the Preferred Stock pursuant to this Section 4 . 3. Mechanics of Conversion. 1. Notice of Conversion . In order for a holder of Series Seed Preferred Stock to voluntarily convert shares of Series Seed Preferred Stock into shares of Class A Common Stock, such holder shall surrender the certificate or certificates for such shares of Series Seed Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Series Seed Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent), together with written notice that such holder elects to convert all or any number of the shares of the Series Seed Preferred Stock represented by such certificate or certificates and, if applicable, any event on which such conversion is contingent . Such notice shall state such holder's name or the names of the nominees in which such holder wishes the

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- 7 - certificate or certificates for shares of Clas s A Common Stock to be issued . If required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing . The clos e of busines s on the dat e of receipt by the transfer agen t (or by the Corporation if the Corporation serves as it s own transfer agent) of such certificates (or los t certificate affidavit and agreement) and notice shall be the time of conversion (the "Conversion Time"), and the shares of Clas s A Common Stock issuabl e upon conversion of the shares represented by such certificate shall be deemed to be outstanding of record as of such date . The Corporation shall, as soon as practicable after the Conversion Time, issu e and deliver to such holder of Serie s Seed Preferred Stock, or to his, her or its nominees, a certificate or certificates for the number of full shares of Clas s A Common Stock issuabl e upon such conversion in accordance with the provision s hereof, a certificate for the number (if any) of the shares of Series Seed Preferred Stock represented by the surrendered certificate that were not converted into Clas s A Common Stock, and cash as provided in Subsection 4 . 2 in lieu of any fraction of a share of Clas s A Common Stock otherwise issuabl e upon such conversion and payment of any declared bu t unpaid dividend s on the shares of applicable Series Seed Preferred Stock converted . 2. Reservation of Shares . The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock ; and if at any time the number of authorized but unissued shares of Class ACommon Stock shall not be sufficient to effect the conversion of all then outstanding shares of Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Class A Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Restated Certificate . 3. Effect of Conversion. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares, including the rights, if any, to receive notices and to vote, shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Class A Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon . Any shares of Preferred Stock so converted shall be retired and cancelled and shall not be reissued as shares of Preferred Stock, and the Corporation (without the need for stockholder action) may from time to time take such appropriate action as may be necessary to reduce the designated number of shares of Preferred Stock accordingly . 4. No Further Adjustment. Upon any such conversion, no adjustment

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- 8 - to the Conversion Price shall be made for any declared but unpaid dividends on the Series Seed Preferred Stock surrendered for conversion or on the Class A Common Stock delivered upon conversion . 4. Adjustment for Stock Splits and Combinations . If the Corporation shall at any time or from time to time after the date on which the first share of the applicable series of Preferred Stock is issued (the "Original Issue Date") effect a subdivision of the outstanding shares of Class ACommon Stock, the Conversion Pric e in effect immediately before tha t subdivision shall be proportionately decreased so tha t the number of shares of Clas s A Common Stock issuabl e on conversion of each share of Preferred Stock shall be increased in proportion to such increase in the aggregate number of shares of Class ACommon Stock outstanding . If the Corporation shall at any time or from time to time after the Original Issu e Dat e combine the outstanding shares of Clas s A Common Stock, the Conversion Pric e in effect immediately before the combination shall be proportionately increased so tha t the number of shares of Class A Common Stock issuable on conversion of each share of Preferred Stock shall be decreased in proportion to such decrease in the aggregate number of share s of Clas s A Common Stock outstanding . Any adjustment under this subsection shall become effective at the clos e of busines s on the date the subdivision or combination becomes effective . 5. Adjustment for Certain Dividends and Distributions . In the event the Corporation at any time or from time to time after the Seed Preferred Original Issue Date shall make or issue, or fix a record date for the determination of holders of Class A Common Stock entitled to receive, a dividend or other distribution payable on the Class A Common Stock in additional shares of Class A Common Stock, then and in each such event the Conversion Price in effect for Series Seed Preferred Stock immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction : (a) the numerator of which shall be the total number of shares of Class A Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and (b) the denominator of which shall be the total number of shares of Class A Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Class A Common Stock issuable in payment of such dividend or distribution . Notwithstanding the foregoing, (i) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this subsection as of the time of actual payment of such dividends or distributions ; and (ii) that no such adjustment shall be made with respect to Series Seed Preferred Stock if the holders of Series Seed Preferred Stock simultaneously receive a dividend or other distribution of shares of Class A Common Stock in a number equal to the number of shares of Class A Common Stock as they would have received if

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- 9 - all outstanding shares of Series Seed Preferred Stock had been converted into Class A Common Stock on the date of such event. 6. Adjustments for Other Dividends and Distributions . In the even t the Corporation at any time or from time to time after the Seed Preferred Original Issu e Dat e shall make or issue, or fix a record dat e for the determination of holder s of Clas s A Common Stock entitled to receive, a dividend or other distribution payable in securitie s of the Corporation (other than a distribution of shares of Clas s A Common Stock in respect of outstanding shares of Class A Common Stock) or in other property and the provision s of Subsection 4 . 5 do not apply to such dividend or distribution, then and in each such even t the holder s of Series Seed Preferred Stock shall receive, simultaneously with the distribution to the holder s of Clas s A Common Stock, a dividend or other distribution of such securities or other property in an amount equa l to the amount of such securitie s or other property as they would have received if all outstanding shares of Series Seed Preferred Stock had been converted into Clas s A Common Stock on the dat e of such event . 7. Adjustment for Merger or Reorganization . etc . Subject to the provisions of Subsection 2 . 3 , if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Class A Common Stock (but not Series Seed Preferred Stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by Subsections 4 . 4 , 4 . 5 or 4 . 6), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of unconverted or unexchanged Series Seed Preferred Stock shall thereafter be convertible in lieu of the Class A Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Class A Common Stock of the Corporation issuable upon conversion of one share of Series Seed Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction ; and, in such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application of the provisions in this Section 4 with respect to the rights and interests thereafter of the holders of the Series Seed Preferred Stock, to the end that the provisions set forth in this Section 4 (including provisions with respect to changes in and other adjustments of the Seed Preferred Conversion Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Series Seed Preferred Stock . 8. Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this Section 4, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than 30 days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of affected Series Seed Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Series Seed Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Series Seed Preferred Stock (but in any event not later than 30 days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the Conversion Price then in effect for the Series Seed Preferred Stock, and (ii) the number

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- 10 - of shares of Class A Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of the Series Seed Preferred Stock. 9. Mandatory Conversion . Upon either (A) the closing of the sale of shares of Class A Common Stock to the public in an underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 , as amended, or (B) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "Mandatory Conversion Time"), (i) all outstanding shares of Series Seed Preferred Stock shall automatically be converted into shares of Class A Common Stock, at the then effective conversion rate and (ii) such shares may not be reissued by the Corporation . 10. Procedural Requirements. The Corporation shall notify in writing all holders of record of shares of Preferred Stock of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to Subsection 3 . 9 . Unles s otherwis e provided in this Restated Certificate, the notice need not be sent in advance of the occurrence of the Mandatory Conversion Time . Upon receipt of the notice, each holder of share s of Preferred Stock shall surrender such holder's certificate or certificates for all such shares (or, if such holder alleges tha t such certificate has been lost, stolen or destroyed, a los t certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be mad e against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice, and shall thereafter receive certificates for the number of shares of Clas s A Common Stock to which such holder is entitled pursuant to this Section 4 . If so required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form reasonably satisfactory to the Corporation, duly executed by the registered holder or such holder's attorney duly authorized in writing . All rights with respect to the Preferred Stock converted pursuant to Subsection 4 . 9 , including the rights, if any, to receive notices and vote (other than as a holder of Clas s A Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holder s thereof to surrender the certificates at or prior to such time), excep t only the right s of the holders thereof, upon surrender of their certificate or certificates (or los t certificate affidavit and agreement) therefor, to receive the items provided for in the nex t sentenc e of this Subsection 4 . 10 . As soon as practicable after the Mandatory Conversion Time and the surrender of the certificate or certificates (or los t certificate affidavit and agreement) for Preferred Stock, the Corporation shall issu e and deliver to such holder, or to such holder's nominee(s), a certificate or certificates for the number of full shares of Clas s A Common Stock issuabl e on such conversion in accordance with the provision s hereof, together with cash as provided in Subsection 4 . 2 in lieu of any fraction of a share of Clas s A Common Stock otherwise issuabl e upon such conversion and the payment of any declared bu t unpaid dividend s on the shares of Preferred Stock converted . Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter tak e such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock (and the applicable series thereof) accordingly . 5. Redeemed or Otherwise Acquired Shares. Any shares of Preferred Stock that are redeemed or otherwise acquired by the Corporation or any of its subsidiaries will be automatically

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- 11 - and immediately cancelled and retired and shall not be reissued, sold or transferred . Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following any such redemption . 6. Waiver . Any of the rights, powers, privileges and other terms of the Preferred Stock set forth herein may be waived prospectively or retrospectively on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of the Requisite Holders . 7. Notice of Record Date. In the event: (a) the Corporation takes a record of the holders of its Class ACommon Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security ; or (b) of any capital reorganization of the Corporation, any reclassification of the Class A Common Stock, or any Deemed Liquidation Event; or (c) of the voluntary or involuntary dissolution, liquidation or winding - up of the Corporation, then, and in each such case, the Corporation shall send or cause to be sent to the holders of the Seed Preferred Stock a written notice specifying, as the case may be, (i) the record date for such dividend, distribution, or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding - up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Class A Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Series Seed Preferred Stock) will be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding - up, and the amount per share and character of such exchange applicable to the Seed - I Preferred Stock and the Class A Common Stock . The Corporation shall send the notice at least 20 days before the earlier of the record date or effective date for the event specified in the notice unless any such notice period shall be shortened or waived by the affirmative vote or written consent of the Requisite Holders . 9 . Notices . Except as otherwise provided herein, any notice required or permitted by the provisions of this Article IV to be given to a holder of shares of Preferred Stock must be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the Delaware General Corporation Law, and will be deemed sent upon such mailing or electronic transmission . ARTICLEV.

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- 12 - The Board of Directors is authorized to make, adopt, amend, alter or repeal the Bylaws of the Corporation (the "Bylaws") . The stockholders shall also have power to make, adopt, amend, alter or repeal the Bylaws . ARTICLE VI. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors . In addition to the powers and authority expressly conferred upon them by statute or by this Restated Certificate or the Bylaws, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation . Election of directors need not be by written ballot, unless the Bylaws so provide . ARTICLE VII. A. To the fullest extent permitted by the Delaware General Corporation Law, as the same exists or as may hereafter be amended from time to time, 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 . If the Delaware General Corporation Law is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, as so amended . B. The Corporation shall indemnify, to the fullest extent permitted by applicable law, any director or officer of the Corporation who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding") by reason of the fact that he or she is or was a director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any such Proceeding . The Corporation shall be required to indemnify a person in connection with a Proceeding initiated by such person only if the Proceeding was authorized by the Board of Directors . C. The Corporation shall have the power to indemnify, to the extent permitted by the Delaware General Corporation Law, as it presently exists or may hereafter be amended from time to time, any employee or agent of the Corporation who was or is a party or is threatened to be made a party to any Proceeding by reason of the fact that he or she is or was a director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorneys' fees),judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any such Proceeding . D. Neither any amendment nor repeal of this Article VII, nor the adoption of any provision of this Restated Certificate inconsistent with this Article VII, shall eliminate or reduce the effect of this Article VII in respect of any matter occurring, or any cause of action, suit or claim

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- 13 - accruing or arising or that, but for this Article VII, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision. ARTICLE VIII. The Corporation reserves the right to amend or repeal any provision contained in this Restated Certificate, in the manner now or hereafter prescribed by statute, and all rights conferred upon a stockholder herein are granted subject to this reservation . ARTICLE IX. Unless the Corporation consents in writing to the selection of an alternative forum, the Cour t of Chancery in the State of Delaware shall be the sole and exclusiv e forum for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a clai m against the Corporation, its directors, officers or employees arising pursuan t to any provision of the Delaware General Corporation La w or the Corporation's certificate of incorporation or bylaw s or (iv) any action asserting a claim against the Corporation, its directors, officers or employees governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any clai m as to which the Cour t of Chancery determines tha t ther e is an indispensable party not subject to the jurisdiction of the Cour t of Chancery (and the indispensable party does not consent to the persona l jurisdiction of the Cour t of Chancery within ten (I 0) days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Cour t of Chancery, or for which the Cour t of Chancery does not have subject matter jurisdiction . If any provision or provision s of this Article IX shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provision s in any other circumstance and of the remaining provision s of this Article IX (including, without limitation, each portion of any sentenc e of this Article IX containing any such provision held to be invalid, illegal or unenforceable tha t is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other person s or entities and circumstances shall not in any way be affected or impaired thereby . [Remainder of page intentionally left blank.]

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That the foregoing amendment and restatement was approved by the holders of the requisite number of shares of this corporation in accordance with Section 228 of the General Corporation Law . That this Fifth Amended and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of this Corporation's Amended and Restated Certificate ofincorporation, as amended, has been duly adopted in accordance with Section 242 and 245 of the General Corporation Law . IN WITNESS WHEREOF, this Fifth Amended and Restated Certificate ofincorporation has been executed by a duly authorized officer of this corporation on this 26 th day of November, 2025 . By: - 14 -

## Ex1A-2B

**Exhibit 2.2**

**BYLAWS**

**OF**

**DORONI AEROSPACE, INC.**

**a Delaware Corporation**

**BYLAWS**

**OF**

**DORONI AEROSPACE, INC.**

**a Delaware corporation**

_________________________________

**ARTICLE I**

**STOCKHOLDERS**

**Section 1.01 Annual Meeting.** An annual meeting of the stockholders, for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting, shall be held at such place, on such date, and at such time as the Board of Directors shall each year fix, which date shall be within thirteen (13) months of the last annual meeting of stockholders or, if no such meeting has been held, the date of incorporation.

**Section 1.02 Special Meetings.** Special meetings of the stockholders, for any purpose or purposes prescribed in the notice of the meeting, may be called by the Board of Directors or the Chief Executive Officer and shall be held at such place, on such date, and at such time as they or he or she shall fix.

**Section 1.03 Notice of Meetings.** Written notice of the place, date, and time of all meetings of the stockholders shall be given, not less than ten (10) nor more than sixty (60) days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting, except as otherwise provided herein or required by law (meaning, here and hereinafter, as required from time to time by the Delaware General Corporation Law) or the Certificate of Incorporation of the Corporation.

When a meeting is adjourned to another place, date or time, written notice need not be given of the adjourned meeting if the place, date and time thereof are announced at the meeting at which the adjournment is taken; provided, however, that if the date of any adjourned meeting is more than thirty (30) days after the date for which the meeting was originally noticed, or if a new record date is fixed for the adjourned meeting, written notice of the place, date, and time of the adjourned meeting shall be given in conformity herewith. At any adjourned meeting, any business may be transacted which might have been transacted at the original meeting.

**Section 1.04 Notice by Electronic Transmission.** Without limiting the manner by which notice otherwise may be given effectively to stockholders pursuant to the Delaware General Corporation Law ("DGCL"), the Certificate of Incorporation or these Bylaws, any notice to stockholders given by the Corporation under any provision of the DGCL, the Certificate of Incorporation or these bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice to the Corporation. Any such consent shall be deemed revoked if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation
is unable to deliver by electronic transmission two consecutive notices given by the Corporation in accordance with such consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such inability becomes known to the Secretary or an Assistant Secretary of the
Corporation or the transfer agent, or other person responsible for the giving of notice.

However, the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action.

Any notice given pursuant to the preceding paragraph shall be deemed given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If by facsimile telecommunication, when directed to a number at which the stockholder
has consented to receive notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If by electronic mail, when directed to an electronic mail address at which the
stockholder has consented to receive notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If by a posting on an electronic network together with separate notice to the
stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If by any other form of electronic transmission, when directed to the stockholder.

An Affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice has been given by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

An "electronic transmission" means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

Notice by a form of electronic transmission shall not apply to Sections 164, 296, 311, 312 or 324 of the DGCL.

**Section 1.05 Quorum.** At any meeting of the stockholders, the holders of a majority of all of the shares of the stock entitled to vote at the meeting, present in person or by proxy, shall constitute a quorum for all purposes, unless or except to the extent that the presence of a larger number may be required by law. Where a separate vote by a class or classes is required, a majority of the shares of such class or classes present in person or represented by proxy shall constitute a quorum entitled to take action with respect to that vote on that matter.

If a quorum shall fail to attend any meeting, the chairman of the meeting or the holders of a majority of the shares of stock entitled to vote who are present, in person or by proxy, may adjourn the meeting to another place, date, or time.

**Section 1.06 Organization.** Such person as the Board of Directors may have designated or, in the absence of such a person, the Chief Executive Officer of the Corporation or, in his or her absence, such person as may be chosen by the holders of a majority of the shares entitled to vote who are present, in person or by proxy, shall call to order any meeting of the stockholders and act as chairman of the meeting. In the absence of the Secretary of the Corporation, the secretary of the meeting shall be such person as the chairman appoints.

**Section 1.07 Conduct of Business.** The chairman of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seem to him or her in order. The date and time of the opening and closing of the polls for each matter upon which the stockholders will vote at the meeting shall be announced at the meeting.

**Section 1.08 Proxies and Voting.** At any meeting of the stockholders, every stockholder entitled to vote may vote in person or by proxy authorized by an instrument in writing or by a transmission permitted by law filed in accordance with the procedure established for the meeting. Any copy, facsimile telecommunication or other reliable reproduction of the writing or transmission created pursuant to this paragraph may be substituted or used in lieu of the original writing or transmission for any and all purposes for which the original writing or transmission could be used, provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission.

All voting, including on the election of directors but excepting where otherwise required by law, may be by a voice vote; provided, however, that upon demand therefore by a stockholder entitled to vote or by his or her proxy, a stock vote shall be taken. Every stock vote shall be taken by ballots, each of which shall state the name of the stockholder or proxy voting and such other information as may be required under the procedure established for the meeting. The Corporation may, and to the extent required by law, shall, in advance of any meeting of stockholders, appoint one or more inspectors to act at the meeting and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the person presiding at the meeting may, and to the extent required by law, shall, appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his ability. Every vote taken by ballots shall be counted by an inspector or inspectors appointed by the chairman of the meeting.

**Section 1.09 Stock List.** A complete list of stockholders entitled to vote at any meeting of stockholders, arranged in alphabetical order for each class of stock and showing the address of each such stockholder and the number of shares registered in his or her name, shall be open to the examination of any such stockholder, for any purpose germane to the meeting, during ordinary business hours for a period of at least ten (10) days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or if not so specified, at the place where the meeting is to be held.

The stock list shall also be kept at the place of the meeting during the whole time thereof and shall be open to the examination of any such stockholder who is present. This list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them.

**Section 1.10 Consent of Stockholders in Lieu of Meeting.** Any action required to be taken at any annual or special meeting of stockholders of the Corporation, or any action which may be taken at any annual or special meeting of the stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be made by hand or by certified or registered mail, return receipt requested.

Every written consent shall bear the date of signature of each stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty (60) days of the date the earliest dated consent is delivered to the Corporation, a written consent or consents signed by a sufficient number of holders to take action are delivered to the Corporation in the manner prescribed in the first paragraph of this Section.

**ARTICLE II**

**BOARD OF DIRECTORS**

**Section 2.01 Number and Term of Office.** The number of the corporation's directors shall be not less than one (1) nor more than seven (7) with the exact number fixed within the limits specified above by resolution duly adopted by the Board of Directors or by the stockholders. The exact number of directors shall initially be fixed at one (1). The indefinite number of directors may be changed, or a definite number may be fixed without provision for an indefinite number by a duly adopted amendment to this bylaw duly adopted by the vote or written consent of a majority of the outstanding shares entitled to vote.

Whenever the authorized number of directors is increased between annual meetings of the stockholders, a majority of the directors then in office shall have the power to elect such new directors for the balance of a term and until their successors are elected and qualified. Any decrease in the authorized number of directors shall not become effective until the expiration of the term of the directors then in office unless, at the time of such decrease, there shall be vacancies on the board which are being eliminated by the decrease.

**Section 2.02 Vacancies.** If the office of any director becomes vacant by reason of death, resignation, disqualification, removal or other cause, a majority of the directors remaining in office, although less than a quorum, may elect a successor for the unexpired term and until his or her successor is elected and qualified.

**Section 2.03 Regular Meetings.** Regular meetings of the Board of Directors shall be held at such place or places, on such date or dates, and at such time or times as shall have been established by the Board of Directors and publicized among all directors. A notice of each regular meeting shall not be required.

**Section 2.04 Special Meetings.** Special meetings of the Board of Directors may be called by one-third (1/3) of the directors then in office (rounded up to the nearest whole number) or by the Chief Executive Officer and shall be held at such place, on such date, and at such time as they or he or she shall fix. Notice of the place, date, and time of each such special meeting shall be given each director by whom it is not waived by mailing written notice not less than five (5) days before the meeting or by telegraphing or telexing or by facsimile transmission of the same not less than twenty-four (24) hours before the meeting. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting.

**Section 2.05 Quorum.** At any meeting of the Board of Directors, a majority of the total number of the whole Board shall constitute a quorum for all purposes. If a quorum shall fail to attend any meeting, a majority of those present may adjourn the meeting to another place, date, or time, without further notice or waiver thereof.

**Section 2.06 Waiver of Notice.** Whenever notice is required to be given under any provision of the statutes, the Certificate of Incorporation, or these Bylaws, a waiver thereof in writing or by telegraph, cable, or other written form of recorded communication, signed by the person or persons entitled to the notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice to such person of such meeting, except when the person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the directors, or members of a committee of directors, need be specified in any written waiver of notice unless so required by the Certificate of Incorporation or these Bylaws.

**Section 2.07 Board Action by Written Consent Without a Meeting.** Unless otherwise restricted by statute and pursuant to the Delaware General Corporation Law Section 141(f), the Certificate of Incorporation, or these Bylaws, any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting if all members of the board or committee, as the case may be, consent thereto in writing, or by electronic transmission and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the board, or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

**Section 2.08 Participation in Meetings By Conference Telephone.** Members of the Board of Directors, or of any committee thereof, may participate in a meeting of such Board or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other and such participation shall constitute presence in person at such meeting.

**Section 2.09 Conduct of Business.** At any meeting of the Board of Directors, business shall be transacted in such order and manner as the Board may from time to time determine, and all matters shall be determined by the vote of a majority of the directors present, except as otherwise provided herein or required by law. Action may be taken by the Board of Directors without a meeting if all members thereof consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Directors.

**Section 2.10 Powers.** The Board of Directors may, except as otherwise required by law, exercise all such powers and do all such acts and things as may be exercised or done by the Corporation, including, without limiting the generality of the foregoing, the unqualified power:

(i) To declare dividends from time to time in accordance with law;

(ii) To purchase or otherwise acquire any property, rights or privileges on such terms
as it shall determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To authorize the creation, making and issuance, in such form as it may determine,
of written obligations of every kind, negotiable or non-negotiable, secured or unsecured, and to do all things necessary in connection
therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To remove any officer of the Corporation with or without cause, and from time
to time to devolve the powers and duties of any officer upon any other person for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To confer upon any officer of the Corporation the power to appoint, remove and
suspend subordinate officers, employees and agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To adopt from time to time such stock option, stock purchase, bonus or other compensation
plans for directors, officers, employees and agents of the Corporation and its subsidiaries as it may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To adopt from time to time such insurance, retirement, and other benefit plans
for directors, officers, employees and agents of the Corporation and its subsidiaries as it may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To adopt from time to time regulations, not inconsistent with these By-laws, for
the management of the Corporation's business and affairs.

**Section 2.11 Compensation of Directors.** Directors, as such, may receive, pursuant to resolution of the Board of Directors, fixed fees and other compensation for their services as directors, including, without limitation, their services as members of committees of the Board of Directors.

**ARTICLE III**

**COMMITTEES**

**Section 3.01 Committees of the Board of Directors**. The Board of Directors, by a vote of a majority of the whole Board, may from time to time designate committees of the Board, with such lawfully delegable powers and duties as it thereby confers, to serve at the pleasure of the Board and shall, for those committees and any others provided for herein, elect a director or directors to serve as the member or members, designating, if it desires, other directors as alternate members who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of any member of any committee and any alternate member in his or her place, the member or members of the committee present at the meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may by unanimous vote appoint another member of the Board of Directors to act at the meeting in the place of the absent or disqualified member.

**Section 3.02 Conduct of Business.** Each committee may determine the procedural rules for meeting and conducting its business and shall act in accordance therewith, except as otherwise provided herein or required by law. Adequate provision shall be made for notice to members of all meetings; one-third (1/3) of the members shall constitute a quorum unless the committee shall consist of one (1) or two (2) members, in which event one (1) member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present. Action may be taken by any committee without a meeting if all members thereof consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of such committee.

**ARTICLE IV**

**OFFICERS**

**Section 4.01 Generally.** The officers of the Corporation shall consist of a President, a

Secretary, and a Treasurer or Chief Financial Officer. The Corporation may also have, at the discretion of the Board of Directors, a Chief Executive Officer, one or more Vice Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers, and any such other officers as may be appointed in accordance with these Bylaws. Officers shall be elected by the Board of Directors, which shall consider that subject at its first meeting after every annual meeting of stockholders. Each officer shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal. Any number of offices may be held by the same person.

**Section 4.02 President and Chief Executive Officer.** The President shall be the Chief Executive Officer of the Corporation. Subject to the provisions of these Bylaws and to the direction of the Board of Directors, he or she shall have the responsibility for the general management and control of the business and affairs of the Corporation and shall perform all duties and have all powers which are commonly incident to the office of chief executive or which are delegated to him or her by the Board of Directors. He or she shall have power to sign all contracts and other instruments of the Corporation which are authorized and shall have general supervision and direction of all of the other officers, employees and agents of the Corporation.

**Section 4.03 Vice President.** In the absence or disability of the Chief Executive Officer and President, the Vice Presidents, if any, in order of their rank as fixed by the Board of Directors or, if not ranked, a Vice President designated by the Board of Directors, shall perform all the duties of the President and when so acting shall have all the powers of, and be subject to all the restrictions upon, the President. The Vice Presidents shall have such other powers and perform such other duties as from time to time may be prescribed for them respectively (in order of priority) by the Board of Directors, the Chief Executive Officer or the President.

**Section 4.04 Treasurer.** The Treasurer shall be the Chief Financial Officer of the Corporation and shall have the responsibility for maintaining the financial records of the Corporation. He or she shall make such disbursements of the funds of the Corporation as are authorized and shall render from time to time an account of all such transactions and of the financial condition of the Corporation. The Treasurer shall also perform such other duties as the Board of Directors may from time to time prescribe.

**Section 4.05 Secretary.** The Secretary shall issue all authorized notices for, and shall keep minutes of, all meetings of the stockholders and the Board of Directors. He or she shall have charge of the corporate books and shall perform such other duties as the Board of Directors may from time to time prescribe.

**Section 4.06 Delegation of Authority.** The Board of Directors may from time to time delegate the powers or duties of any officer to any other officers or agents, notwithstanding any provision hereof.

**Section 4.07 Removal.** Any officer of the Corporation may be removed at any time, with or without cause, by the Board of Directors.

**Section 4.08 Action with Respect to Securities of Other Corporations.** Unless otherwise directed by the Board of Directors, the President or any officer of the Corporation authorized by the President shall have power to vote and otherwise act on behalf of the Corporation, in person or by proxy, at any meeting of stockholders of or with respect to any action of stockholders of any other corporation in which this Corporation may hold securities and otherwise to exercise any and all rights and powers which this Corporation may possess by reason of its ownership of securities in such other corporation.

**ARTICLE V**

**STOCK**

**Section 5.01 Uncertificated Stock**. The shares of the capital stock of the Corporation

shall be uncertificated shares that may be evidenced by a book-entry system maintained by the registrar of such stock; provided that the Board of Directors may provide by resolution or resolutions that some or all of any class or series shall be represented by certificates. Within a reasonable time after the issuance or transfer of uncertificated shares of stock and upon the request of a stockholder, the Corporation shall send to the record owner thereof a written notice that shall set forth the name of the Corporation, that the corporation is organized under the laws of Delaware, the name of the stockholder, the number and class (and the designation of the series, if any) of the shares, and any restrictions on the transfer or registration of such shares of stock imposed by applicable law, the Corporation's Certificate of Incorporation, these Bylaws, any agreement among stockholders or any agreement between stockholders and the Corporation.

**Section 5.02 Transfers of Stock.** Transfers of stock shall be made only upon the transfer books of the Corporation kept at an office of the Corporation or by transfer agents designated to transfer shares of the stock of the Corporation.

**Section 5.03 Record Date.** In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders, or to receive payment of any dividend or other distribution or allotment of any rights or to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date on which the resolution fixing the record date is adopted and which record date shall not be more than sixty (60) nor less than ten (10) days before the date of any meeting of stockholders, nor more than sixty (60) days prior to the time for such other action as hereinbefore described; provided, however, that if no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held, and, for determining stockholders entitled to receive payment of any dividend or other distribution or allotment of rights or to exercise any rights of change, conversion or exchange of stock or for any other purpose, the record date shall be at the close of business on the day on which the Board of Directors adopts a resolution relating thereto.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall be not more than ten (10) days after the date upon which the resolution fixing the record date is adopted. If no record date has been fixed by the Board of Directors and no prior action by the Board of Directors is required by the Delaware General Corporation Law, the record date shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation in the manner prescribed by Section 1.10 hereof. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by the Delaware General Corporation Law with respect to the proposed action by written consent of the stockholders, the record date for determining stockholders entitled to consent to corporate action in writing shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.

**Section 5.04 Regulations.** The issue, transfer, conversion and registration of shares of stock of the Corporation shall be governed by such other regulations as the Board of Directors may establish.

**ARTICLE VI**

**NOTICES**

**Section 6.01 Notices**. Except as otherwise specifically provided herein or required by law, all notices required to be given to any stockholder, director, officer, employee or agent shall be in writing and may in every instance be effectively given by hand delivery to the recipient thereof, by depositing such notice in the mails, postage paid, or by sending such notice by prepaid telegram or mailgram. Any such notice shall be addressed to such stockholder, director, officer, employee or agent at his or her last known address as the same appears on the books of the Corporation. The time when such notice is received, if hand delivered, or dispatched, if delivered through the mails or by telegram or mailgram, shall be the time of the giving of the notice.

**Section 6.02 Electronic Notices.** Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the corporation under any provision of this chapter, the Certificate of Incorporation, or the Bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given.

**Section 6.03 Waivers**. A written waiver of any notice, signed by a stockholder, director, officer, employee or agent, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to the notice required to be given to such stockholder, director, officer, employee or agent. Neither the business nor the purpose of any meeting need be specified in such a waiver.

**ARTICLE VII**

**MISCELLANEOUS**

**Section 7.01 Facsimile Signatures.** In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in these By-laws, facsimile signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board of Directors or a committee thereof.

**Section 7.02 Corporate Seal.** The Board of Directors may provide a suitable seal, containing the name of the Corporation, which seal shall be in the charge of the Secretary. If and when so directed by the Board of Directors or a committee thereof, duplicates of the seal may be kept and used by the Treasurer or by an Assistant Secretary or Assistant Treasurer.

**Section 7.03 Reliance upon Books, Reports and Records.** Each director, each member of any committee designated by the Board of Directors, and each officer of the Corporation shall, in the performance of his or her duties, be fully protected in relying in good faith upon the books of account or other records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the Board of Directors so designated, or by any other person as to matters which such director or committee member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

**Section 7.04 Fiscal Year.** The fiscal year of the Corporation shall be as fixed by the Board of Directors.

**Section 7.05 Time Periods.** In applying any provision of these Bylaws which requires that an act be done or not be done a specified number of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall be used, the day of the doing of the act shall be excluded, and the day of the event shall be included.

**ARTICLE VIII**

**INDEMNIFICATION OF DIRECTORS AND OFFICERS**

**Section 8.01 Right to Indemnification.** Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a ''proceeding''), by reason of the fact that he or she is or was a director or an officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (hereinafter an ''indemnitee''), whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith; provided, however, that, except as provided in Section 3 of this Article VIII with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation.

**Section 8.02 Right to Advancement of Expenses.** In addition to the right to indemnification conferred in Section 1 of this Article VIII an indemnitee shall also have the right to be paid by the Corporation the expenses (including attorney's fees) incurred in defending any such proceeding in advance of its final disposition (hereinafter an ''advancement of expenses''); provided, however, that, if the Delaware General Corporation Law requires, an advancement of expenses incurred by an indemnitee in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking (hereinafter an ''undertaking''), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (hereinafter a ''final adjudication'') that such indemnitee is not entitled to be indemnified for such expenses under this Section 2 or otherwise. The rights to indemnification and to the advancement of expenses conferred in Sections 1 and 2 of this Article VIII shall be contract rights and such rights shall continue as to an indemnitee who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the indemnitee's heirs, executors and administrators.

**Section 8.03 Right of Indemnitee to Bring Suit.** If a claim under Section 1 or 2 of this Article VIII is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty (20) days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In (i) any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) in any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met any applicable standard for indemnification set forth in the Delaware General Corporation Law. Neither the failure of the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article VIII or otherwise shall be on the Corporation.

**Section 8.04 Non-Exclusivity of Rights.** The rights to indemnification and to the advancement of expenses conferred in this Article VIII shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, the Corporation's Certificate of Incorporation, Bylaws, agreement, vote of stockholders or disinterested directors or otherwise.

**Section 8.05 Insurance.** The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law.

**Section 8.06 Indemnification of Employees and Agents of the Corporation.** The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification and to the advancement of expenses to any employee or agent of the Corporation to the fullest extent of the provisions of this Article VIII with respect to the indemnification and advancement of expenses of directors and officers of the Corporation.

**ARTICLE IX**

**AMENDMENTS**

**Section 9.01** These Bylaws may be amended or repealed by the Board of Directors at any meeting unless a vote of the stockholders is required herein, or by the stockholders by written consent or at any meeting.

**CERTIFICATE OF SECRETARY**

**KNOWN BY ALL THESE PRESENT:**

That the undersigned does hereby certify that the undersigned is the Secretary of Doroni Aerospace, Inc., a corporation duly organized and existing under and by virtue of the laws of the State of Delaware; that the above and foregoing Bylaws of said corporation were duly and regularly adopted as such by the Board of Directors of said corporation; and that the above and foregoing Bylaws are now in full force and effect.

Dated: <u>October 6</u> , 2021

![](image_019.jpg)

_____________________

Doron Merdinger, Secretary

## Ex1A-4

**Exhibit 4.1**

**SUBSCRIPTION AGREEMENT**

**Doroni Aersospace, Inc.**

**(THE "COMPANY")**

**THIS INVESTMENT INVOLVES A HIGH DEGREE OF RISK.** THIS INVESTMENT IS SUITABLE ONLY FOR PERSONS WHO CAN BEAR THE ECONOMIC RISK FOR AN INDEFINITE PERIOD OF TIME AND WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. FURTHERMORE, INVESTORS MUST UNDERSTAND THAT SUCH INVESTMENT IS ILLIQUID AND IS EXPECTED TO CONTINUE TO BE ILLIQUID FOR AN INDEFINITE PERIOD OF TIME. NO PUBLIC MARKET EXISTS FOR THE SECURITIES, AND NO PUBLIC MARKET IS EXPECTED TO DEVELOP FOLLOWING THIS OFFERING.

**THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND STATE SECURITIES OR BLUE SKY LAWS.** ALTHOUGH AN OFFERING STATEMENT HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC"), THAT OFFERING STATEMENT DOES NOT INCLUDE THE SAME INFORMATION THAT WOULD BE INCLUDED IN A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND IT IS NOT REVIEWED IN ANY WAY BY THE SEC. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON THE MERITS OF THIS OFFERING OR THE ADEQUACY OR ACCURACY OF THE SUBSCRIPTION AGREEMENT OR ANY OTHER MATERIALS OR INFORMATION MADE AVAILABLE TO SUBSCRIBER IN CONNECTION WITH THIS OFFERING OVER THE WEB- BASED PLATFORM MAINTAINED BY DEALMAKER SECURITIES, LLC (THE "BROKER"). ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

**INVESTORS ARE SUBJECT TO LIMITATIONS ON THE AMOUNT THEY MAY INVEST, AS SET OUT IN SECTION 4.** THE COMPANY IS RELYING ON THE REPRESENTATIONS AND WARRANTIES SET FORTH BY EACH SUBSCRIBER IN THIS SUBSCRIPTION AGREEMENT AND THE OTHER INFORMATION PROVIDED BY SUBSCRIBER IN CONNECTION WITH THIS OFFERING TO DETERMINE THE APPLICABILITY TO THIS OFFERING OF EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

**PROSPECTIVE INVESTORS MAY NOT TREAT THE CONTENTS OF THE SUBSCRIPTION AGREEMENT, THE OFFERING STATEMENT OR ANY OF THE OTHER MATERIALS AVAILABLE ON THE ISSUER'S WEBSITE (COLLECTIVELY, THE "OFFERING MATERIALS"), OR ANY COMMUNICATIONS FROM THE COMPANY OR ANY OF THEIR RESPECTIVE OFFICERS, EMPLOYEES OR AGENTS, AS INVESTMENT, LEGAL OR TAX ADVICE.** IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THIS OFFERING, INCLUDING THE MERITS

AND THE RISKS INVOLVED. EACH PROSPECTIVE INVESTOR SHOULD CONSULT THE INVESTOR'S OWN COUNSEL, ACCOUNTANT AND OTHER PROFESSIONAL ADVISOR AS TO INVESTMENT, LEGAL, TAX AND OTHER RELATED MATTERS CONCERNING THE INVESTOR'S PROPOSED INVESTMENT.

**THE OFFERING MATERIALS MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY.** THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY'S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS "ESTIMATE," "PROJECT," "BELIEVE," "ANTICIPATE," "INTEND," "EXPECT" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

**THE INFORMATION PRESENTED IN THE OFFERING MATERIALS WAS PREPARED BY THE COMPANY SOLELY FOR THE USE BY PROSPECTIVE INVESTORS IN CONNECTION WITH THIS OFFERING.** NO REPRESENTATIONS OR WARRANTIES ARE MADE AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED IN ANY OFFERING MATERIALS, AND NOTHING CONTAINED IN THE OFFERING MATERIALS IS OR SHOULD BE RELIED UPON AS A PROMISE OR REPRESENTATION AS TO THE FUTURE PERFORMANCE OF THE COMPANY.

**THE COMPANY RESERVES THE RIGHT IN ITS SOLE DISCRETION AND FOR ANY REASON WHATSOEVER TO MODIFY, AMEND AND/OR WITHDRAW ALL OR A PORTION OF THE OFFERING AND/OR ACCEPT OR REJECT IN WHOLE OR IN PART ANY PROSPECTIVE INVESTMENT IN THE SECURITIES OR TO ALLOT TO ANY PROSPECTIVE INVESTOR LESS THAN THE AMOUNT OF SECURITIES SUCH INVESTOR DESIRES TO PURCHASE.** EXCEPT AS OTHERWISE INDICATED, THE OFFERING MATERIALS SPEAK AS OF THEIR DATE. NEITHER THE DELIVERY NOR THE PURCHASE OF THE SECURITIES SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE SINCE THAT DATE.

TO: Doroni Aerospace, Inc. 11555 Heron Bay Blvd., Suite 200 Coral Springs, FL 33076

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned ("Subscriber") hereby subscribes for and agrees to purchase Series Seed-3 Preferred Shares (the "Securities"), of Doroni Aerospace, Inc., a Delaware corporation (the "Company"), upon the terms and conditions set forth herein. The rights of the Securities are as set forth in the Company's Amended and Restated Cerficiate of Incorporation, included as an exhibit to the Offering Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By executing this Subscription Agreement, Subscriber acknowledges that Subscriber has received this Subscription Agreement, a copy of the Offering Statement of the Company filed with the SEC and any other information required by the Subscriber to make an investment decision.

&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) Subscriber acknowledges that Subscriber has been informed of the compensation that
DealMaker Securities LLC ("Broker") and affiliates receives in connection with the sale of securities in the Regulation A
offering and the manner in which it is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Subscription may be accepted or rejected in whole or in part, at any time prior to a Closing Date (as hereinafter defined), by the Company at its sole discretion. In addition, the Company, at its sole discretion, may allocate to Subscriber only a portion of the number of Securities that Subscriber has subscribed for. The Company will notify Subscriber whether this subscription is accepted (whether in whole or in part) or rejected. If Subscriber's subscription is rejected, Subscriber's payment (or portion thereof if partially rejected) will be returned to Subscriber without interest and all of Subscriber's obligations hereunder shall terminate.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate value of the Securities to be sold by the Company shall not exceed
$44,919,000(including Investor Transaction Fees)(the "Offering Amount"). The Company may accept subscriptions until the earliest
of: (1) the date at which the Offering Amount has been sold, (2) the date which is three years from this offering being qualified by the
Commission, and (3) the date at which the offering is earlier terminated by us at the Company's sole discretion. (the
"Termination Date"). The Company may elect at any time to close all or any portion of this offering, on various dates at or
prior to the Termination Date (each a "Closing Date").

Investors will be required to pay an Investor Transaction Fee of 3.5% to the Company at the time of the subscription to help offset transaction costs.

In the event of rejection of this subscription in its entirety, or in the event the sale of the Securities (or any portion thereof) is not consummated for any reason, this Subscription Agreement shall have no force or effect, except for Section 7 hereof, which shall remain in force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms of this Subscription Agreement shall be binding upon Subscriber and its transferees, heirs, successors and assigns (collectively, "Transferees"); provided that for any such transfer to be deemed effective, the Transferee shall have executed and delivered to the Company in advance an instrument in a form acceptable to the Company in its sole discretion, pursuant to which the proposed Transferee shall be acknowledge, agree, and be bound by the representations and warranties of Subscriber as set forth herein and the terms of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purchase Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment.</u> The purchase price for the Securities shall be paid simultaneously with the execution
and delivery to the Company of the signature page of this Subscription Agreement, which signature and delivery may take place through
digital online means. Subscriber shall deliver a signed copy of this Subscription Agreement, along with payment for the aggregate purchase
price of the Securities in accordance with the online payment process established by the Broker using the DealMaker platform.

&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) Payment for the Securities shall be received and held by the Company from the undersigned in the Company's
payment processor account by transfer of immediately available funds or other means approved by the Company prior to the applicable Closing,
in the amount as set forth in Appendix A on the signature page hereto and otherwise in accordance with DealMaker's payment processing
instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Company</u>.

The Company represents and warrants to Subscriber that the following representations and warranties are true and complete in all material respects as of the date of each Closing Date, except as otherwise indicated. For purposes of this Agreement, an individual shall be deemed to have "knowledge" of a particular fact or other matter if such individual is actually aware of such fact. The Company will be deemed to have "knowledge" of a particular fact or other matter if one of the Company's current officers has, or at any time had, actual knowledge of such fact or other matter.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Standing.</u> The Company is a corporation formed, validly existing
and in good standing under the laws of the State of Delaware. The Company has all requisite power and authority to own and operate its
properties and assets, to execute and deliver this Subscription Agreement, and any other agreements or instruments required hereunder.
The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in
which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those
jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Issuance of the Securities</u>. The issuance, sale and delivery of the Securities
in accordance with this Subscription Agreement has been duly authorized by all necessary corporate action on the part of the Company.
The Securities, when so issued, sold and delivered against payment therefor in accordance with the provisions of this Subscription Agreement,
will be duly and validly issued, fully paid and non-assessable.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority for Agreement</u>. The execution and delivery by the Company of this
Subscription Agreement and the consummation of the transactions contemplated hereby (including the issuance, sale and delivery of the
Securities) are within the Company's powers and have been duly authorized by all necessary corporate action on the part of the Company.
Upon full execution hereof, this Subscription Agreement shall constitute a valid and binding agreement of the Company, enforceable against
the Company in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies and (iii) with respect to provisions relating to
indemnification and contribution, as limited by considerations of public policy and by federal or state securities laws.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No filings.</u> Assuming the accuracy of the Subscriber's representations
and warranties set forth in Section 4 hereof, no order, license, consent, authorization or approval of, or exemption by, or action by
or in respect of, or notice to, or filing or registration with, any governmental body, agency or official is required by or with respect
to the Company in connection with the execution, delivery and performance by the Company of this Subscription Agreement except (i) for
such filings as may be required under Section 4(a)(6) of the Securities Act or the rules promulgated thereunder or under any applicable
state securities laws, (ii) for such other filings and approvals as have been made or obtained, or (iii) where the failure to obtain any
such order, license, consent, authorization, approval or exemption or give any such notice or make any filing or registration would not
have a material adverse effect on the ability of the Company to perform its obligations hereunder.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Proceeds</u>. The Company shall use the proceeds from the issuance and sale of
the Securities as set forth in the Offering Materials.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Litigation</u>. Except as set forth in the Offering Statement, there is no pending
action, suit, proceeding, arbitration, mediation, complaint, claim, charge or investigation before any court, arbitrator, mediator or
governmental body, or to the Company's knowledge, currently threatened in writing (a) against the Company or (b) against any consultant,
officer, manager, director or key employee of the Company arising out of his or her consulting, employment or board relationship with
the Company or that could otherwise materially impact the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of Subscriber</u>.

By executing this Subscription Agreement, Subscriber (and, if Subscriber is purchasing the Securities subscribed for hereby in a fiduciary capacity, the person or persons for whom Subscriber is so purchasing) represents and warrants, which representations and warranties are true and complete in all material respects as of the date of the Subscriber's Closing Date(s):<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Requisite Power and Authority</u>. Such Subscriber has all necessary power and
authority under all applicable provisions of law to execute and deliver this Subscription Agreement and other agreements required hereunder
and to carry out their provisions. All action on Subscriber's part required for the lawful execution and delivery of this Subscription
Agreement and other agreements required hereunder have been or will be effectively taken prior to the Closing Date. Upon their execution
and delivery, this Subscription Agreement and other agreements required hereunder will be valid and binding obligations of Subscriber,
enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws of general application affecting enforcement of creditors' rights and (b) as limited by general principles of equity
that restrict the availability of equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investment Representations</u>. Subscriber understands that the Securities have not been registered under the Securities Act. Subscriber also understands that the Securities are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon Subscriber's representations contained in this Subscription Agreement. Subscriber is a natural person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Illiquidity and Continued Economic Risk</u>. Subscriber acknowledges and agrees that there is no ready public market for the Securities and that there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely and the Company has no obligation to list the Securities on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges that Subscriber is able to bear the economic risk of losing Subscriber's entire investment in the Securities. Subscriber also understands that an investment in the Company involves significant risks and has taken full cognizance of and understands all of the risk factors relating to the purchase of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Resales</u>. Subscriber agrees that during the one-year period beginning on the date on which it acquired Securities pursuant to this Subscription Agreement, it shall not transfer such Securities except:

&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) To the Company;

&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) To an "accredited investor" within the meaning of Rule 501 of Regulation
D under the Securities Act;

&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) As part of an offering registered under the Securities Act with the SEC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To a member of the Subscriber's family or the equivalent, to a trust controlled
by the Subscriber, to a trust created for the benefit of a member of the family of the Subscriber or equivalent, or in connection with
the death or divorce of the Subscriber or other similar circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Investment Limits</u>. Subscriber represents that either: the amount that Subscriber is investing pursuant
to this Subscription Agreement is no more than ten percent (10%) of the greater of :

&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) , Subscriber's annual income or net worth if a natural person (with annual
income and net worth for such natural person purchasers determined as provided in Rule 501 of Regulation D under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subscriber's revenue or net assets for such purchaser's most recently completed
fiscal year end if a non-natural person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Alternatively, if Subscriber is an "accredited investor" within the meaning
of Rule 501 of Regulation D under the Securities Act, then no investment limits shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Subscriber information.</u> Within five days after receipt of a request from the Company, Subscriber hereby agrees to provide such information with respect to its status as a member (or potential shareholder of the Company) and to execute and deliver such documents as may reasonably be necessary to comply with any and all laws and regulations to which the Company is or may become subject. **Subscriber further agrees that in the event it transfers any Securities, it will require the transferee of such Securities to agree to provide such information to the Company as a condition of such transfer.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Company Information</u>. Subscriber has read the Offering Statement. Subscriber understands that the Company is subject to all the risks that apply to early-stage companies, whether or not those risks are explicitly set out in the Offering Materials. Subscriber has had an opportunity to discuss the Company's business, management, and financial affairs with management of the Company and has had the opportunity to review the Company's operations and facilities. Subscriber has also had the opportunity to ask questions of and receive answers from the Company and its management regarding the terms and conditions of this investment. Subscriber acknowledges that except as set forth herein, no representations or warranties have been made to Subscriber, or to Subscriber's advisors or representative, by the Company or others with respect to the business or prospects of the Company or its financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Valuation.</u> The Subscriber acknowledges that the price of the Securities was set by the Company on the basis of the Company's internal valuation and no warranties are made as to value. The Subscriber further acknowledges that future offerings of securities of the Company may be made at lower valuations, with the result that the Subscriber's investment will bear a lower valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Domicile</u>. Subscriber maintains Subscriber's domicile (and is not a transient or temporary resident) at the address shown on the signature page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Foreign Investors</u>. If Subscriber is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Securities. Subscriber's subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Subscriber's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) By submitting this payment, Subscriber hereby authorizes DealMaker to charge Subscriber's designated payment method for the investment amount indicated. Subscriber understands this investment is subject to the terms as disclosed in the Offering Statement and its associated rules and investor protections. Subscriber understands it is not a purchase of goods or services. Subscriber acknowledges that this transaction is final, non-refundable unless otherwise stated or required, and represents an investment subject to risk, including loss. Subscriber confirms that he/she/it has reviewed all offering documents and agrees not to dispute this charge with his/her/its bank or card issuer, so long as the transaction corresponds to the agreed terms and disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnity</u>.

<br> The representations, warranties and covenants made by the Subscriber herein shall survive the Termination Date of this Agreement. The Subscriber 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 and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all 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 the Subscriber to comply with any covenant or agreement made by the Subscriber herein or in any other document furnished by the Subscriber to any of the foregoing in connection with this transaction.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law; Jurisdiction</u>.

This Subscription Agreement shall be governed and construed in accordance with the laws of the State of Delaware.

EACH OF SUBSCRIBER AND THE COMPANY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE STATE MENTIONED ABOVE AND NO OTHER PLACE AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS SUBSCRIPTION AGREEMENT MAY BE LITIGATED IN SUCH COURTS. EACH OF SUBSCRIBER AND THE COMPANY ACCEPTS FOR ITSELF AND HIMSELF AND IN CONNECTION WITH ITS AND HIS RESPECTIVE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS SUBSCRIPTION AGREEMENT. EACH OF SUBSCRIBER AND THE COMPANY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN THE MANNER AND IN THE ADDRESS SPECIFIED IN SECTION 10 AND THE SIGNATURE PAGE OF THIS SUBSCRIPTION AGREEMENT.

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE ACTIONS OF EITHER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF, EACH OF THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF SUCH PARTY. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT. IN THE EVENT OF LITIGATION, THIS SUBSCRIPTION AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>.

Notice, requests, demands and other communications relating to this Subscription Agreement and the transactions contemplated herein shall be in writing and shall be deemed to have been duly given if and when (a) delivered personally, on the date of such delivery; or (b) mailed by registered or certified mail, postage prepaid, return receipt requested, in the third day after the posting thereof; or (c) emailed, telecopied or cabled, on the date of such delivery to the address of the respective parties as follows:

If to the Company, to:

Doroni Aerospace, Inc.

11555 Heron Bay Blvd. Suite 200

Coral Springs, FL 33076

If to a Subscriber, to Subscriber's address as shown on the signature page hereto or to such other address as may be specified by written notice from time to time by the party entitled to receive such notice.

Any notices, requests, demands or other communications by telecopy or cable shall be confirmed by letter given in accordance with (a) or (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons or entity or entities may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Subscription Agreement is not transferable or assignable by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations, warranties and agreements contained herein shall be deemed to be made by and be binding upon Subscriber and its heirs, executors, administrators and successors and shall inure to the benefit of the Company and its respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the provisions of this Subscription Agreement may be waived, changed or terminated orally or otherwise, except as specifically set forth herein or except by a writing signed by the Company and Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any part of this Subscription Agreement is found to be void or unenforceable, the remaining provisions are intended to be separable and binding with the same effect as if the void or unenforceable part were never the subject of agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The invalidity, illegality or unenforceability of one or more of the provisions of this Subscription Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Subscription Agreement in such jurisdiction or the validity, legality or enforceability of this Subscription Agreement, including any such provision, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Subscription Agreement supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The terms and provisions of this Subscription Agreement are intended solely for the benefit of each party hereto and their respective successors and assigns, and it is not the intention of the parties to confer, and no provision hereof shall confer, third-party beneficiary rights upon any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The headings used in this Subscription Agreement have been inserted for convenience of reference only and do not define or limit the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This Subscription Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If any recapitalization or other transaction affecting the membership interests of the Company is effected, then any new, substituted or additional securities or other property which is distributed with respect to the Securities shall be immediately subject to this Subscription Agreement, to the same extent that the Securities, immediately prior thereto, shall have been covered by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No failure or delay by any party in exercising any right, power or privilege under this Subscription Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

[*SIGNATURE PAGE FOLLOWS]*

**SUBSCRIPTION AGREEMENT SIGNATURE PAGE**

The undersigned, desiring to purchase Shares of Doroni Aerospace, Inc. by executing this signature page, hereby executes, adopts and agrees to all terms, conditions and representations of the Subscription Agreement.

(a) EITHER (i) The undersigned is an accredited investor (as that term is defined in Regulation D under the Securities Act because the undersigned meets the criteria set forth in the following paragraph(s) of Appendix A attached hereto: ☐

OR (ii) The amount set forth in paragraph (b) above (together with any previous investments in the Securities pursuant to this offering) does not exceed 10% of the greater of the undersigned's net worth or annual income for all investments in this offering. ☐

(b) The Securities being subscribed for will be owned by, and should be recorded on the Corporation's books as follows:

---

| | |
|:---|:---|
| Full legal name of Subscriber (including middle name(s), for individuals): | **<u>TYPE OF OWNERSHIP:</u>** |
| (Name of Subscriber) | If the Subscriber is individual: |
| By: | ☐ Individual ☐ Community Property |
| <br>(Authorized Signature) | ☐ Joint Tenant ☐ Tenants in Common |
| (Official Capacity or Title, if the Subscriber is not an individual) | If the Subscriber is not an individual: |
| (Name of individual whose signature appears above if different than the name of the Subscriber printed above.) | ☐ Corporation ☐ LLC ☐ Partnership |
| (Subscriber's Residential Address, including Province/State and Postal/Zip Code) | If interests are to be jointly held: |
| Taxpayer Identification Number | Name of the Joint Subscriber: |
| (Telephone Number) | Social Security Number of the Joint Subscriber: |
| (E-Mail Address) | Check this box if the securities will be held in a custodial account: |
|  | ☐ Type of account: |
| Number of Securities: **[Share Number]** |  |
|  | EIN of account: |
| Aggregate Subscription Price: **$[ ]** |  |
|  | Address of account provider: |

---

**ACCEPTANCE**

The Corporation hereby accepts the subscription as set forth above on the terms and conditions contained in this Subscription Agreement.

Dated as of

---

| | |
|:---|:---|
| **Doroni Aerospace, Inc.** | **Doroni Aerospace, Inc.** |
| By: |  |
|  | Authorized Signing Officer |

---

## Ex1A-11

**Exhibit 11**

![](image_016.jpg)

December 19, 2025

Doroni Aerospace, Inc.

11555 Heron Bay Blvd., Suite 200

Coral Springs, FL 33076

**Re: Consent to Include Audit Report in SEC Filing**

Dear Doroni Aeropace, Inc:

We hereby consent to the inclusion of our report dated October 25, 2025 on the financial statements of Doroni Aerospace, Inc. for the years ended December 31, 2024 and December 31, 2023 in the Offering Circular contained in the Regulation A Offering Statement Form 1-A, including any amendments thereto.

We understand that our report will be included in the filing and that reference may be made to our filing. We consent to this use of our report in its entirety, without modification or revision.

**Scope of Consent**

This consent is limited to the specific audit report dated October 25, 2025 covering the financial statements for December 31, 2024 and December 31, 2023. Our consent does not extend to:

&nbsp;&nbsp;&nbsp;&nbsp;· Any amendments or revisions to the financial statements unless we are requested to perform additional procedures and issue
 a new or updated report

&nbsp;&nbsp;&nbsp;&nbsp;· Any other periods or financial information not explicitly covered by the referenced report

&nbsp;&nbsp;&nbsp;&nbsp;· Any statements or representations other than our audit report itself

**Subsequent Events Procedures**

We have evaluated subsequent events through December 19, 2025 in accordance with applicable professional standards and have found no material events requiring disclosure or adjustment to the financial statements.

**Important Notifications**

Please notify us immediately if:

&nbsp;&nbsp;&nbsp;&nbsp;· There are any changes, other than typographical, to the financial statements

&nbsp;&nbsp;&nbsp;&nbsp;· Our report will be included in a different document or for a different
purpose than originally communicated

&nbsp;&nbsp;&nbsp;&nbsp;· The effective date of the registration statement will be delayed more than
thirty (30) days from the date of this letter

In any such circumstance, we may need to perform additional procedures or issue a new consent.

**Additional Procedures**

If additional procedures are necessary beyond those originally contemplated in our audit engagement, we will notify you that such additional work will be performed and may be subject to an additional professional fee.

We are honored to have served your company and appreciate your business.

Very truly yours,

RNB Capital LLC

Certified Public Accountants

By: /s/ Rashellee Herrera

Rashellee Herrera \| CPA,CISA,CIA,CFE,CCAE

Managing Partner

12/19/25

## Ex1A-12

**Exhibit 12**

---

| | |
|:---|:---|
| ![](pearlcohenlogo.jpg) | Pearl Cohen Zedek Latzer Baratz LLP<br>|

---

December 22, 2025

Securities and Exchange Commission

450 Fifth Street, N.W.

Washington, D.C. 20549

Re: Doroni Aerospace, Inc. - Offering Statement on Form 1-A

Ladies and Gentlemen:

We have been requested by Doroni Aerospace, Inc., a Delaware corporation (the "Company"), to furnish you with my opinion as to the matters hereinafter set forth in connection with the above-captioned offering statement (the "Offering Statement") covering an aggregate of 16,800,000 shares offered on behalf of the Company (the "Shares").

In connection with this opinion, we have examined the Offering Statement and the Company's Amended and Restate Certificate of Incorporation and By-laws (each as amended to date), copies of the records of corporate proceedings of the Company, and such other documents as we have deemed necessary to enable me to render the opinion hereinafter expressed.

Based upon and subject to the foregoing, we are of the opinion that the Shares will, upon issuance in accordance with the terms set forth in the Offering Statement, including the payment of the consideration therefor set forth therein, by fully paid, duly authorized, issued and outstanding shares of the Company's common stock.

We render no opinion as to the laws of any jurisdiction other than the States of New York and Delaware. We hereby consent to the use of this opinion as an exhibit to the Offering Statement and to the reference to our name under the caption "Legal Matters" in the Offering Statement and in the offering circular included in the Offering Statement.

Very truly yours,

/s/ *Pearl Cohen Zedek Latzer Baratz LLP*

Pearl Cohen Zedek Latzer Baratz LLP

BOSTON ● NEW YORK

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Doroni Aerospace, Inc.

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2021

**CIK:** 0001890225

**I.R.S. Employer Identification Number:** 82-5384090

**Primary Standard Industrial Classification Code:** 4581

**Total number of full-time employees:** 2

**Total number of part-time employees:** 5

**Address of Principal Executive Offices:** 11555 HERON BAY BLVD, SUITE 200, CORAL SPRINGS, FL 33076

**Company Phone:** 858-621-3126

**Person to contact:** Max Lindenfeld

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount     |
|:---|:---|
| Cash and Cash Equivalents                | $388133.00 |
| Investment Securities                    | $0.00      |
| Accounts and Notes Receivable            | $0.00      |
| Property, Plant and Equipment (PP&E)     | $18161.00  |
| Total Assets                             | $845381.00 |
| Accounts Payable and Accrued Liabilities | $469939.00 |
| Long-Term Debt                           | $0.00      |
| Total Liabilities                        | $469939.00 |
| Total Stockholders' Equity               | $375442.00 |
| Total Liabilities and Equity             | $845381.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount       |
|:---|:---|
| Total Revenues                            | $0.00        |
| Costs and Expenses Applicable to Revenues | $3834980.00  |
| Depreciation and Amortization             | $25354.00    |
| Net Income                                | $-3834980.00 |
| Earnings Per Share - Basic                | 0.00         |
| Earnings Per Share - Diluted              | 0.00         |

**Auditor Information**

| Metric          | Amount          |
|:---|:---|
| Name of Auditor | RNB Capital LLC |

### Outstanding Securities

| Class                |   Outstanding | CUSIP     | Publicly Traded   |
|:---|---:|:---|:---|
| Common Stock         |      57186044 | 000000N/A | N/A               |
| Class A Common Stock |       1643490 | 000000N/A | N/A               |
| N/A                  |             0 | 000000N/A | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** No

**Was or is the offering to take place within one year after qualification?** No

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** Yes

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount    |
|:---|:---|
| Number of securities offered                                    | 16800000  |
| Number of securities outstanding                                | 0         |
| Price per security                                              | $3.10     |
| Issuer's aggregate offering price                               | $44919.00 |
| Aggregate offering price of securities held by security holders | $0.00     |
| Aggregate price of securities offered concurrently              | $0.00     |
| Total aggregate offering price                                  | $44919.00 |

**Anticipated Fees**

| Service Provider   | Name                                | Fees      |
|:---|:---|:---|
| Auditor            | RNB Capital LLC                     | $75000.00 |
| Legal              | Pearl Cohen Zedek Latzer Baratz LLP | $15000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** —

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC, PR, A0, A1, A2, A3, A4, A5, A6, A7, A8, A9, B0, Z4