Ranger Gold (RNGC) 10-K Changes Lead 14 July 2026 Filing Roundup

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a natural resource company with an objective of acquiring, exploring and developing natural resource properties in the United States. Our primary focus in the natural resource sector is gold, though we may acquire rights to properties that may have reserves of other types of minerals. Our acquisition of a property may take the form of the outright purchase of property or the lease, license, claim (whether patented or unpatented) or other use agreement which provides us with the real property rights, other interests in land, including mining and surface rights, easements, and rights of way and options to conduct mining operations on real property.

Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a natural resource company with an objective of acquiring, exploring and developing natural resource properties in the United States. Our primary focus in the natural resource sector is gold, though we may acquire rights to properties that may have mineralization or mineral resources or reserves, if any, of other types of minerals. Our acquisition of a property may take the form of the outright purchase of property or the lease, license, claim (whether patented or unpatented) or other use agreement which provides us with the real property rights, other interests in land, including mining and surface rights, easements, and rights of way and options to conduct mining operations on real property.

We can provide investors with no assurance that we will obtain financing to acquire a property and commence operations or that we will exploit commercial quantities of minerals from any property we may acquire. Results of Operations During the fiscal years ended March 31, 2024 and 2025, the Company did not engage in any substantive business operations, did not generate any revenue. During 2025, we incurred operating expenses of $27,846, including $19,500 in professional fees, and suffered a net loss of $27,846, as compared to 2024 in which the Company did not generate any revenue and incurred operating expenses of $46,321, including $42,125 in professional fees and suffered a net loss of $46,321.

We may buy and sell properties in any phase of development to maximize earnings, including before we commence producing on a property. During the fiscal year ended March 31, 2026, we reviewed several potential acquisition targets, including an operating company currently producing gold in Alaska. We have not entered into any binding agreement to acquire any mining property or business, and there can be no assurance that any discussions will result in a transaction.

RISK FACTORS An investment in our common stock involves several very significant risks. You should carefully consider the following risks and uncertainties in addition to other information in this annual report in evaluating our company and our business before purchasing our securities.

RISK FACTORS An investment in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, before making an investment decision with respect to our common stock.

RISK FACTORS An investment in our common stock involves several very significant risks. You should carefully consider the following risks and uncertainties in addition to other information in this annual report in evaluating our company and our business before purchasing our securities. Our business, operating results and financial condition could be seriously harmed as a result of the occurrence of any of the following risks.

RISK FACTORS An investment in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, before making an investment decision with respect to our common stock. Our business, financial condition, results of operations, and prospects could be materially and adversely affected by any of these risks, and the trading price of our common stock could decline, resulting in a loss of all or part of your investment.

Lastly, according to a recent OECD report , Global plastic waste is set to almost triple by 2060. Description of Business Overview Waste Energy Corp. (“Waste Energy,” “we,” “us,” or the “Company”) is a waste-to-energy company focused on converting plastic and tire waste into valuable energy products and environmental commodities. Our mission is to provide a sustainable and economically viable solution to the global plastic and tire waste crisis by utilizing advanced thermal conversion technology to transform waste materials into clean diesel fuel, carbon black, and synthetic gas.

BUSINESS Corporate Overview Waste Energy Corp. (“Waste Energy,” “we,” “us,” “our,” or the “Company”) is an early-stage clean-energy company focused on converting non-recyclable waste tires and plastics into usable fuel, reusable commodities, and renewable energy products. We are engaged in the development and commercial deployment of a waste conversion technology platform that uses a thermal process operating in an oxygen-restricted environment to break down waste tires and plastic materials at elevated temperatures, producing valuable byproducts without combustion.

Business Segment Information The Company operates in a single reportable segment which represents our core business of offering integrated automotive sales and financing solutions for customers with limited financial resources regardless of credit history. For more information regarding our one reportable segment, see Note O to the Consolidated Financial Statements in

Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and related notes included in this Form 10-K, as well as information provided in other reports, registration statements and materials that we file with the SEC and the other information incorporated by reference in this Form 10-K. If any of the risks described below or elsewhere in this Form 10-K were to materialize, the Company’s business, financial condition, results of operations, cash flows or prospects could be materially adversely affected.

Management’s experience and leadership are key contributors to the Company’s strategic execution and competitive positioning within the used vehicle market. The Company’s operations are highly structured. Detailed online operating manuals are available to assist the dealership manager and office, sales and collections personnel in performing their daily tasks.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and related notes included in this Form 10-K, as well as information provided in other reports, registration statements and materials that we file with the SEC and the other information incorporated by reference in this Form 10-K. If any of the risks described below or elsewhere in this Form 10-K were to materialize, the Company’s business, financial condition, results of operations, cash flows or prospects could be materially adversely affected. In such case, the trading price of the Company’s common stock could decline, and you could lose part or all of your investment.

Business Business and Organization America’s Car-Mart, Inc., a Texas corporation initially formed in 1981 (the “Company”), is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. References to the “Company” include the Company’s consolidated subsidiaries.

Business Business and Organization America’s Car-Mart, Inc., a Texas corporation (the “Company”), is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. References to the Company include the Company’s consolidated subsidiaries.

Food and Drug Administration (“FDA") announcement on April 10, 2025 to refine animal testing requirements in favor of these non-animal NAM methods. We will also offer bespoke services in the areas of investigational toxicology, mechanism of drug action elucidation, and other applications of these complex human tissue models. Prior to March 2025, we were a clinical stage biotechnology company that was focused on developing FXR314 in inflammatory bowel disease ("IBD"), including ulcerative colitis ("UC"), based on demonstration of clinical promise in 3D human tissues as well as strong preclinical data.

Food and Drug Administration (“FDA") announcement on April 10, 2025 to refine animal testing requirements in favor of these non-animal NAM methods. We also expect to offer bespoke services in the areas of investigational toxicology, mechanism of drug action elucidation, and other applications of these complex human tissue models. Prior to March 2025, we were a clinical stage biotechnology company that was focused on developing FXR314 in inflammatory bowel disease ("IBD"), including ulcerative colitis ("UC"), based on demonstration of clinical promise in 3D human tissues as well as strong preclinical data.

Sale of FXR Program On March 25, 2025, we sold our FXR program and related assets to Eli Lilly and Company (the “FXR Asset Sale”). The consideration for the FXR Asset Sale consisted of (i) an upfront cash payment by Lilly to us equal to $10.0 million, of which $9.0 million was paid at closing and the remaining $1.0 million was deposited into escrow for 15 months to satisfy claims for indemnification, (ii) the assumption by Eli Lilly and Company of certain liabilities related to the FXR program, and (iii) potential milestone payments by Eli Lilly and Company of up to $50.0 million in the aggregate, which are contingent upon the achievement of certain development, regulatory and commercial milestones. We assessed whether this agreement was considered a contract with a customer pursuant to Topic 606 or subject to guidance pursuant…

In March 2025, we sold our FXR program for $10.0 million, with $9.0 million paid at closing and $1.0 million held in escrow for a period of 15 months, with future milestones of up to $50.0 million in the aggregate to be paid if the lead asset, FXR314, hits key development, regulatory and commercial milestones. In July 2026, we received a milestone payment in the amount of $5.0 million upon the achievement of a certain development milestone related to FXR314. Effective April 24, 2025, we changed our corporate name to VivoSim Labs, Inc. by filing a Certificate of Amendment to our Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware.

Reverse Stock Split Except as otherwise indicated, all information in this Annual Report gives effect to the 1-for-12 reverse stock split of the common stock that was effected on March 21, 2025. Overview VivoSim Labs, Inc., formerly known as Organovo Holdings, Inc. ("VivoSim," “we,” “us,” “our,” the “Company” and “our Company”), is a pharmaceutical and biotechnology services company that is focused on providing testing of drugs and drug candidates in three-dimensional (“3D”) human tissue models of liver and intestine. We offer partners liver and intestinal toxicology insights using our new approach methodologies ("NAM") models.

Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Overview VivoSim Labs, Inc. ("VivoSim," “we,” “us,” “our,” the “Company” and “our Company”), is a pharmaceutical and biotechnology services company that is focused on providing testing of drugs and drug candidates in three-dimensional (“3D”) human tissue models of liver and intestine. We offer partners liver and intestinal toxicology insights using our new approach methodologies ("NAM") models.

Increasingly, customers want more of their waste materials recovered, while waste streams are becoming more complex, and our aim is to address the current needs, while anticipating the expanding and evolving needs of our customers. 25 CONSOLIDATED RESULTS OF OPERATIONS – FOR THE YEAR ENDED DECEMBER 31, 2024 COMPARED TO THE YEAR ENDED DECEMBER 31, 2023 2024 2023 Revenue $ 79,886 $ 610,461 Cost of Sales Opening inventory – 58,695 Depreciation 290,866 383,418 Direct wages and benefits 72,928 129,319 Equipment rental, delivery, fuel and repairs and maintenance 923,610 1,467,501 Utilities 311 115,331 Outside contractors 5,111 14,761 1,292,826 2,169,025 Less: closing inventory – – Total cost of sales 1,292,826 2,169,025 Gross loss (1,212,940 ) (1,558,564 ) Operating expenses Management compensation-stock- based compensation 216,000 230,400 Management compensation-fees 547,650 466,830 Professional fees 682,965 580,596 Marketing 501 122,978 Interest expense 1,214,288 830,797 Office and…

Increasingly, customers want more of their waste materials recovered, while waste streams are becoming more complex, and our aim is to address the current needs, while anticipating the expanding and evolving needs of our customers. CONSOLIDATED RESULTS OF OPERATIONS – FOR THE YEAR ENDED DECEMBER 31, 2025 COMPARED TO THE YEAR ENDED DECEMBER 31, 2024 2025 2024 Revenue $ 32,340 $ 79,886 Cost of Sales Depreciation 257,516 290,866 Direct wages and benefits 54,972 72,928 Equipment rental, delivery, fuel and repairs and maintenance 422,672 923,610 Utilities 3,810 311 Outside contractors – 5,111 738,970 1,292,826 Total cost of sales 738,970 1,292,826 Gross loss (706,630 ) (1,212,940 ) Operating expenses Management compensation-stock- based compensation – 216,000 Management compensation-fees 536,775 547,650 Professional fees 266,317 682,965 Marketing – 501 Interest expense 1,468,955 1,214,288 Office and administration 423,428 312,216 Rent and occupancy 232,264 240,643 Insurance – 42,988 Filing fees 38,256 34,520 Amortization of financing costs – 165,878 Repairs and maintenance 445 709 Director compensation 53,678 68,456 Foreign exchange (income) loss (757,288 ) 1,168,768 Total operating expenses 2,262,830 4,695,582 Net Loss from Continued Operations Before Other Expenses (2,969,460 ) (5,908,522 ) Other Expenses (2,717,409 ) (386,248 ) Net Loss from Continued Operations (5,686,869 ) (6,294,770 ) Net Loss from Assets Held For Sale – (1,564,401 ) Net Loss (5,686,869 ) (7,859,171 ) 28 RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 As a result of a lightning storm that caused a power outage with the local hydro provider and a consequential power surge at the Company’s facility, certain electrical systems were rendered inoperable. Following this incident, the Ministry of Labour, Immigration, Training and Skills Development issued an order relating to elevated ammonia levels detected in one of the Company’s composting buildings.

EQUITY As of December 31, 2024, the Company had 131,332,019 common shares issued and outstanding. At the date of this filing, the Company had 137,332,019 common shares issued and outstanding. STOCK OPTIONS AND WARRANTS As at December 31, 2024, and the date of this filing, the Company has no stock options or warrants outstanding.

CONSOLIDATED RESULTS OF OPERATIONS – FOR THE YEAR ENDED DECEMBER 31, 2025 COMPARED TO THE YEAR ENDED DECEMBER 31, 2024 2025 2024 Revenue $ 32,340 $ 79,886 Cost of Sales Depreciation 257,516 290,866 Direct wages and benefits 54,972 72,928 Equipment rental, delivery, fuel and repairs and maintenance 422,672 923,610 Utilities 3,810 311 Outside contractors – 5,111 738,970 1,292,826 Total cost of sales 738,970 1,292,826 Gross loss (706,630 ) (1,212,940 ) Operating expenses Management compensation-stock- based compensation – 216,000 Management compensation-fees 536,775 547,650 Professional fees 266,317 682,965 Marketing – 501 Interest expense 1,468,955 1,214,288 Office and administration 423,428 312,216 Rent and occupancy 232,264 240,643 Insurance – 42,988 Filing fees 38,256 34,520 Amortization of financing costs – 165,878 Repairs and maintenance 445 709 Director compensation 53,678 68,456 Foreign exchange (income) loss (757,288 ) 1,168,768 Total operating expenses 2,262,830 4,695,582 Net Loss from Continued Operations Before Other Expenses (2,969,460 ) (5,908,522 ) Other Expenses (2,717,409 ) (386,248 ) Net Loss from Continued Operations (5,686,869 ) (6,294,770 ) Net Loss from Assets Held For Sale – (1,564,401 ) Net Loss (5,686,869 ) (7,859,171 ) 28 RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 As a result of a lightning storm that caused a power outage with the local hydro provider and a consequential power surge at the Company’s facility, certain electrical systems were rendered inoperable. Following this incident, the Ministry of Labour, Immigration, Training and Skills Development issued an order relating to elevated ammonia levels detected in one of the Company’s composting buildings. The Company ceased accepting waste after January 10, 2024, to address this and other compliance matters issued by the MECP.

The following includes some of our work managing organic waste streams: Anaerobic Digestion, Dry Digestion, Wastewater Treatment, In-Vessel Composting, SSO Treatment, Biosolids Heat Treatment, Leachate Management, Composting and Liquid Fertilizers. The Company can provide a full range of services for handling organic residuals in a period where innovation and sustainability are paramount. From start to finish we offer in-depth knowledge, a wealth of experience and cutting-edge technology for handling organic waste.

The following includes some of our work managing organic waste streams: Anaerobic Digestion, Dry Digestion, Wastewater Treatment, In-Vessel Composting, SSO Treatment, Biosolids Heat Treatment, Leachate Management, Composting and Liquid Fertilizers. The Company can provide, once operations recommence, a full range of services for handling organic residuals in a period where innovation and sustainability are paramount. From start to finish we offer in-depth knowledge, a wealth of experience and cutting-edge technology for handling organic waste.

During the years ended March 31, 2025 and 2024, the Company received advances of $364,303 and $616,866 from related parties for working capital purposes, which shareholders are prepared to provide additional funding as needed. The Company also borrowed $803,734 and $423,209 from an unrelated third party during the years ended March 31, 2025 and 2024, respectively. On December 31, 2024, a total of $1,284,103 debt owed to related party and third party were converted into long-term notes payable, representing a non-cash financing activity.

On the same day, the Certificate of Amendment to the Certificate of Incorporation of the Company was filed with New York State Department effectuating the Authorized Capital Increase. During the fiscal year ended March 31, 2026, the Company initiated a strategic transition to shift its core business model away from third-party agency and technical platform operations to focus exclusively on the supply and distribution of proprietary brand health products and therapy services. Pursuant to board authorization in June 2025, the Company ceased its online platform technical operation support and maintenance services in staggered phases, concluding in September 2025 and January 2026.

Results of Operation for the years ended March 31, 2025 and 2024 2025 2024 $ Changed % Changed Revenue 817,898 7,499 810,399 10806.76 % Cost of revenues 389,381 771 388,610 50403.37 % Gross profit 428,517 6,728 421,789 6269.16 % Gross margin 52.4 % 89.7 % Selling, general and administrative expenses 1,218,47 6 419,745 798,73 1 190.29 % Loss from operations (789,95 9 ) (413,017 ) (376,94 2 ) 91.27 % Other income (loss) 69,550 46 69,504 151095.65 % Net loss (720,40 9 ) (412,971 ) (307,43 8 ) 74.45 % During the years ended March 31, 2025 and 2024, the Company generated revenues of $817,898 and $7,499, respectively. The increase in revenue was primarily due to the launch and provision of online platform technical operation support and maintenance services, which accounted for the entire revenue for the year; as compared…

During the fiscal year ended March 31, 2026, the Company initiated a strategic transition to shift its core business model away from third-party agency and technical platform operations to focus exclusively on the supply and distribution of proprietary brand health products and therapy services. Pursuant to board authorization in June 2025, the Company ceased its online platform technical operation support and maintenance services in staggered phases, concluding in September 2025 and January 2026. We view this transition as a vital strategic pivot to enhance our brand value and establish long-term control over our product supply chain.

You may also obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. Selected Financial Data Not required under Regulation S-K for “smaller reporting companies.” Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our results of operations and cash flows for the years ended March 31, 2025 and 2024, and financial conditions as of March 31, 2025, and 2024 should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Form 10-K.

Risk Factors Not applicable to smaller reporting companies Item 1B. Cybersecurity As a smaller reporting company, we are not required to provide the information required by this Item. Properties The Company owns no real estate.

Any of the risk factors we describe below have affected or could materially adversely affect our business, financial condition and results of operations. The market price of our securities could decline, possibly significantly or permanently, if one or more of these risks and uncertainties occurs : ● We have a history of operating losses and negative cash flow, we have limited cash resources, we will need to raise funds imminently to finance operations and as a result there is substantial doubt about our ability to continue as a going concern; ● Our Common Stock is quoted on an OTC Markets Group trading platform, the OTCQX, instead of a national exchange or quotation system. Accordingly, our investors may experience significant volatility in the market price of our Common Stock and have difficulty selling their shares. ● Because our Common Stock is…

Any of the risk factors we describe below have affected or could materially adversely affect our business, financial condition and results of operations. The market price of our securities could decline, possibly significantly or permanently, if one or more of these risks and uncertainties occurs : ● We have a history of operating losses and negative cash flow, we have limited cash resources, we will need to raise funds imminently to finance operations and as a result there is substantial doubt about our ability to continue as a going concern; ● Our Common Stock is quoted on an OTC Markets Group trading platform, the OTCQB, instead of a national exchange or quotation system. Accordingly, our investors may experience significant volatility in the market price of our Common Stock and have difficulty selling their shares. ● Because our Common Stock is quoted on the OTCQB and not listed on an exchange, U.S. broker-dealers may be discouraged from effecting transactions in shares of our Common Stock because it may be considered a penny stock and thus be subject to the penny stock rules. ● Failure to comply with the continued qualification standards within, and any removal from OTCQB could materially and adversely affect the liquidity and market price of our common stock and our access to capital. ● Our current business model’s limited operating history and financial results make our future results, prospects, and the risks we may encounter difficult to predict. ● In addition to our defaults under current indebtedness described elsewhere here, certain of our debt financing arrangements are currently in default and we have delayed certain other payments to lenders, which may restrict our current and future business and operations; ● We require additional capital to support current operations and will require additional capital to support the growth of our business, which may not be available on terms acceptable to us, or at all. ● Future sales of our securities may affect the market price of the Common Stock and result in material dilution, including the anti-dilution protection in the warrants issued in 2024.

The market price of our securities could decline, possibly significantly or permanently, if one or more of these risks and uncertainties occurs : ● We have a history of operating losses and negative cash flow, we have limited cash resources, we will need to raise funds imminently to finance operations and as a result there is substantial doubt about our ability to continue as a going concern; ● Our Common Stock is quoted on an OTC Markets Group trading platform, the OTCQX, instead of a national exchange or quotation system. Accordingly, our investors may experience significant volatility in the market price of our Common Stock and have difficulty selling their shares. ● Because our Common Stock is quoted on the OTCQX and not listed on an exchange, U.S. broker-dealers may be discouraged from effecting transactions in shares of our Common…

The market price of our securities could decline, possibly significantly or permanently, if one or more of these risks and uncertainties occurs : ● We have a history of operating losses and negative cash flow, we have limited cash resources, we will need to raise funds imminently to finance operations and as a result there is substantial doubt about our ability to continue as a going concern; ● Our Common Stock is quoted on an OTC Markets Group trading platform, the OTCQB, instead of a national exchange or quotation system. Accordingly, our investors may experience significant volatility in the market price of our Common Stock and have difficulty selling their shares. ● Because our Common Stock is quoted on the OTCQB and not listed on an exchange, U.S. broker-dealers may be discouraged from effecting transactions in shares of our Common Stock because it may be considered a penny stock and thus be subject to the penny stock rules. ● Failure to comply with the continued qualification standards within, and any removal from OTCQB could materially and adversely affect the liquidity and market price of our common stock and our access to capital. ● Our current business model’s limited operating history and financial results make our future results, prospects, and the risks we may encounter difficult to predict. ● In addition to our defaults under current indebtedness described elsewhere here, certain of our debt financing arrangements are currently in default and we have delayed certain other payments to lenders, which may restrict our current and future business and operations; ● We require additional capital to support current operations and will require additional capital to support the growth of our business, which may not be available on terms acceptable to us, or at all. ● Future sales of our securities may affect the market price of the Common Stock and result in material dilution, including the anti-dilution protection in the warrants issued in 2024. We are also in default of various outstanding debt obligations, including under the Notes issued to ACM, and may issue shares of Common Stock or other securities to satisfy those obligations in the future (in the case of ACM, subject to receipt of shareholder approval).

Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. iii FREQUENTLY USED TERMS Unless otherwise stated in this annual report or the context otherwise requires, references to: “ ACM ” means ACM Zoomcar Convert LLC. “ Board ” means the board of directors of the Company. References herein to the Company will include its subsidiaries to the extent reasonably applicable. “ Business Combination ” means the business combination of the IOAC and Zoomcar pursuant to the terms of the Merger Agreement and the other transactions contemplated by the Merger Agreement. “ Bylaws ” means the Amended and Restated Bylaws of the Company as in effect on the date of this10-K. “ Charter ” means the Amended and Restated Certificate of Incorporation of the Company as in effect on the date…

Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. iii FREQUENTLY USED TERMS Unless otherwise stated in this annual report or the context otherwise requires, references to: “ ACM ” means ACM Zoomcar Convert LLC. “ Board ” means the board of directors of the Company. References herein to the Company will include its subsidiaries to the extent reasonably applicable. “ Business Combination ” means the business combination of the IOAC and Zoomcar pursuant to the terms of the Merger Agreement and the other transactions contemplated by the Merger Agreement. “ Closing Date ” means December 28, 2023. “Common Stock ” means the shares of Common Stock, par value $0.0001 per share, of the Company. “ Company ”, “ we ”, “ us ”, “ our ” and “ Zoomcar ” means (i) Zoomcar Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries following the Closing “ Incentive Plan ” means the Zoomcar Holdings, Inc. 2023 Equity Incentive Plan. “ Exchange Act ” means the Securities Exchange Act of 1934, as amended. “GAAP” means generally accepted accounting principles in the United States. “ IOAC ” means the Company prior to the Closing. “ Merger ” means the merger of Merger Sub with and into Zoomcar, with Zoomcar continuing as the surviving corporation and as a wholly-owned subsidiary of the Company, in accordance with the terms of the Merger Agreement. “ Nasdaq ” means The Nasdaq Stock Market LLC. “ Ordinary Shares ” means the Class A Ordinary Shares and Class B Ordinary Shares. “ OTCQX ” means the OTCQX Best Market of the OTC Markets Group. “ Post-Closing Amendment ” means the amendment to the Merger Agreement, dated as of December 29, 2023. “ Public Warrants ” means one (1) whole redeemable warrant that was included in as part of each Unit, entitling the holder thereof to purchase one (1) share of Common Stock after the Business Combination at a purchase price of $11,420.00 per share. “ SEC ” means the U.S.

International regulatory clearances vary by product and jurisdiction. Med Tech Auryon The Auryon Atherectomy System is one of our latest advancements in peripheral arterial disease. The Auryon system is designed to deliver an optimized wavelength and short pulse width to remove lesions while preserving the vessel wall endothelium.

International regulatory clearances vary by product and jurisdiction. Med Tech Auryon The Auryon Atherectomy System represents one of our latest advancements in the treatment of peripheral arterial disease. The device is engineered to deliver an optimized wavelength and short pulse width to remove a wide range of lesion types while minimizing damage to the vessel wall endothelium.

Med Tech Auryon The Auryon Atherectomy System is one of our latest advancements in peripheral arterial disease. The Auryon system is designed to deliver an optimized wavelength and short pulse width to remove lesions while preserving the vessel wall endothelium. Additionally, the Auryon system features integrated aspiration which enhances the safety of the procedure.

Med Tech Auryon The Auryon Atherectomy System represents one of our latest advancements in the treatment of peripheral arterial disease. The device is engineered to deliver an optimized wavelength and short pulse width to remove a wide range of lesion types while minimizing damage to the vessel wall endothelium. Incorporating integrated aspiration, the Auryon System enhances procedural safety by helping remove plaque from the vasculature.

Business Corporate History We were founded in 1993 and in 2007 were reincorporated from a Massachusetts corporation to a Delaware corporation. We changed our name from CardioTech International, Inc. to AdvanSource Biomaterials Corporation, effective October 15, 2008.

Business Corporate History We were founded in 1993, reincorporated in Delaware in 2007, changed our name to AdvanSource Biomaterials Corporation in 2008 and changed our name to EKIMAS Corporation in 2020. On October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited liability company (“Reddington”) providing for Reddington’s purchase of a total of 511,448 shares of our common stock, on a post-split basis, or approximately 90% of our total outstanding common stock, for total cash consideration of $400,000.

On October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited liability company (“Reddington”) providing for the purchase of a total of 511,448 shares of our common stock, on a post-split basis, or approximately 90% of our total shares of common stock outstanding for total cash consideration of $400,000. Reddington purchased the common stock in two tranches on October 12, 2021 (the “First Closing”) and March 15, 2022. Pursuant to the SPA, the Company effectuated a 1-for 50 reverse stock split on March 11, 2022 (the “Reverse Split”).

On October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited liability company (“Reddington”) providing for Reddington’s purchase of a total of 511,448 shares of our common stock, on a post-split basis, or approximately 90% of our total outstanding common stock, for total cash consideration of $400,000. Reddington purchased the common stock in two tranches, which closed on October 12, 2021 (the “First Closing”) and March 15, 2022. Pursuant to the SPA, the Company effected a 1-for 50 reverse stock split on March 11, 2022 (the “Reverse Split”).

Management’s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Note Regarding Forward-Looking Statements The information in this report contains forward-looking statements. All statements other than statements of historical fact made in this report are forward looking.

Management’s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Note Regarding Forward-Looking Statements The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report. The MD&A contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions.

Important factors that could cause actual results, performance or achievements to differ materially from our expectations are described in Part I, Item 1A, “Risk Factors” and elsewhere in this Annual Report on Form 10-K, and include, but are not limited to, the following: • our ability to continue to expand the commercialization of our ASSURE WCD, including associated products and services as part of our Cardiac Recovery System platform, or to commercialize any future product candidates and begin generating revenue; • our ability to maintain regulatory approvals for our ASSURE WCD and to obtain new regulatory approvals necessary to distribute our ASSURE WCD in new markets or to distribute additional products we develop in the future; • the rate and degree of market acceptance of our ASSURE WCD or any future product candidates that receive the necessary marketing and other…

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We caution you that the foregoing list does not contain all of the forward-looking statements made in this Annual Report. Important factors that could cause actual results, performance or achievements to differ materially from our expectations are described in Part I, Item 1A, “Risk Factors” and elsewhere in this Annual Report, and include, but are not limited to, the following: • our ability to continue to expand the commercialization of our ASSURE WCD, including associated products and services as part of our Cardiac Recovery System platform, or to commercialize any future product candidates and begin generating revenue; • our ability to maintain regulatory approvals for our ASSURE WCD and to obtain new regulatory approvals necessary to distribute our ASSURE WCD in new markets or to distribute additional products we develop in the future; • the rate and degree of market acceptance of our ASSURE WCD or any future product candidates that receive the necessary marketing and other regulatory approvals; • the availability of reimbursement for our products; • our ability to scale the manufacturing of our ASSURE WCD, obtain sufficient and timely supplies of components necessary to manufacture our ASSURE WCD and effectively manage inventory and distribution; • our ability to hire and retain qualified personnel, including senior management and sales professionals; • estimates of our total addressable market and near-term achievable market for our products; • the timing or likelihood of regulatory filings and approvals or clearances; • our growth plans, including our plans to enter into new markets; • our ability to establish and maintain intellectual property protection for our products or defend ourselves against claims of infringement; • the progress, timing, costs and results of our clinical trials; • changes and developments relating to our regulatory landscape; • our financial performance and changes in market trends; • the increased expenses associated with being a public company; and • changes and developments relating to our competitors and our industry. ii These risks are not exhaustive.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements to differ materially from our expectations are described in Part I, Item 1A, “Risk Factors” and elsewhere in this Annual Report on Form 10-K, and include, but are not limited to, the following: • our ability to continue to expand the commercialization of our ASSURE WCD, including associated products and services as part of our Cardiac Recovery System platform, or to commercialize any future product candidates and begin generating revenue; • our ability to maintain regulatory approvals for our ASSURE WCD and to obtain new regulatory approvals necessary to distribute our ASSURE…

We caution you that the foregoing list does not contain all of the forward-looking statements made in this Annual Report. Important factors that could cause actual results, performance or achievements to differ materially from our expectations are described in Part I, Item 1A, “Risk Factors” and elsewhere in this Annual Report, and include, but are not limited to, the following: • our ability to continue to expand the commercialization of our ASSURE WCD, including associated products and services as part of our Cardiac Recovery System platform, or to commercialize any future product candidates and begin generating revenue; • our ability to maintain regulatory approvals for our ASSURE WCD and to obtain new regulatory approvals necessary to distribute our ASSURE WCD in new markets or to distribute additional products we develop in the future; • the rate and degree of market acceptance of our ASSURE WCD or any future product candidates that receive the necessary marketing and other regulatory approvals; • the availability of reimbursement for our products; • our ability to scale the manufacturing of our ASSURE WCD, obtain sufficient and timely supplies of components necessary to manufacture our ASSURE WCD and effectively manage inventory and distribution; • our ability to hire and retain qualified personnel, including senior management and sales professionals; • estimates of our total addressable market and near-term achievable market for our products; • the timing or likelihood of regulatory filings and approvals or clearances; • our growth plans, including our plans to enter into new markets; • our ability to establish and maintain intellectual property protection for our products or defend ourselves against claims of infringement; • the progress, timing, costs and results of our clinical trials; • changes and developments relating to our regulatory landscape; • our financial performance and changes in market trends; • the increased expenses associated with being a public company; and • changes and developments relating to our competitors and our industry. ii These risks are not exhaustive. Investors should also carefully read the factors described under Part I.

We cannot currently predict the adverse impact these measures might have on our financial condition and results of operations, but such impact could be material. 51 If our competitors are able to develop or market products and services that are more effective, or gain greater acceptance in the marketplace, than any products and services we develop, our commercial opportunities will be reduced or eliminated. We operate in a competitive business environment that is evolving.

Risk Factors – If our competitors are able to develop or market products and services that are more effective, or gain greater acceptance in the marketplace, than any products and services we develop, our commercial opportunities will be reduced or eliminated .” 10 Intellectual Property In order to remain competitive, we must develop and maintain protection for the proprietary aspects of our technologies. We rely on a combination of patent, copyright, trademark and trade secret laws, and confidentiality and invention assignment agreements to protect our intellectual property rights.

Risk Factors – “Cybersecurity Breaches and other Disruptions to our Information Technology Systems”, which is incorporated by reference into this Item 1C. Cybersecurity Risk Management Processes Integrated [Text Block] We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity , and availability of our critical systems and information. Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition Cybersecurity Risk Board…

Risk Factors – “Cybersecurity Breaches and other Disruptions to our Information Technology Systems”, which is incorporated by reference into this Item 1C. Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity , and availability of our critical systems and information. Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition Cybersecurity Risk Board of Directors Oversight [Text Block] Cybersecurity Governance The Board regularly receives reports from our executive officers and third parties on cybersecurity matters.

Cybersecurity Risk Management Processes Integrated [Text Block] We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity , and availability of our critical systems and information. Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition Cybersecurity Risk Board of Directors Oversight [Text Block] Cybersecurity Governance The Board regularly receives reports from our executive officers and third parties on cybersecurity matters.…

Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity , and availability of our critical systems and information. Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition Cybersecurity Risk Board of Directors Oversight [Text Block] Cybersecurity Governance The Board regularly receives reports from our executive officers and third parties on cybersecurity matters. In addition, the Board receives reports addressing cybersecurity as part of our overall enterprise risk management program and to the extent cybersecurity matters are addressed in regular business updates.

Although each of our officers and directors is a shareholder of our sponsor; only Mr. Guojian Zhang, the sole director of our sponsor, holds voting securities in our sponsor and has the power to vote or dispose of the securities. On August 2, 2024, our sponsor purchased an aggregate of 1,725,000 ordinary shares (“Founder Shares”) (up to 225,000 of which were subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ option to purchase additional units is exercised) for an aggregate purchase price of $25,000, or approximately $0.02 per share.

Although our sponsor is permitted to undertake any activities permitted under British Virgin Islands law and other applicable law, our sponsor’s business is focused on investing in our company. Although each of our officers and directors is a shareholder of our sponsor; only Qunxue Yin, the sole director of our sponsor, holds voting securities in our sponsor and has the power to vote or dispose of the securities. On August 2, 2024, our sponsor purchased an aggregate of 1,725,000 ordinary shares (“Founder Shares”) (up to 225,000 of which were subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ option to purchase additional units is exercised) for an aggregate purchase price of $25,000, or approximately $0.02 per share.

The net proceeds from the Initial Public Offering, together with certain of the proceeds from the private placement, totaling $57,500,000 in the aggregate, were placed in a trust account with Continental Stock Transfer & Trust Company established for the benefit of the Company’s public shareholders. Except for the withdrawal of interest earned on the amounts in the trust account to fund the Company’s taxes, if any, or upon the redemption by public shareholders of ordinary shares in connection with certain amendments to the Company’s amended and restated memorandum and articles of association, none of the funds held in the trust account will be released until the completion of the Company’s initial business combination or the redemption by the Company of 100% of the outstanding ordinary shares issued by the Company in the Initial Public Offering if the Company does not…

The net proceeds from the Initial Public Offering, together with certain of the proceeds from the private placement, totaling $57,500,000 in the aggregate, were placed in a trust account with Continental Stock Transfer & Trust Company established for the benefit of the Company’s public shareholders. Except for the withdrawal of interest earned on the amounts in the trust account to fund the Company’s taxes, if any, or upon the redemption by public shareholders of ordinary shares in connection with certain amendments to the Company’s amended and restated memorandum and articles of association, none of the funds held in the trust account will be released until the completion of the Company’s initial business combination or the redemption by the Company of 100% of the outstanding ordinary shares issued by the Company in the Initial Public Offering if the Company does not consummate an initial business combination within the Prescribed Time Period, as discussed in greater detail below. We presently have no revenue and have had losses since the inception from incurring formation and operating costs.

Our business operations will be comprised of two segments: a) an optimized growing system website for micro-farming consumers; and b) integration services for the optimized grow system along with direct sales through retail outlets. The optimized growing system, website, ecommerce solution and back-office framework were developed with the assistance of an established business website firm. The Company developed its initial design of the growing system through the efforts of its founder and CEO, and the design firm.

This approach will additionally help us in creating long-lasting return customer relationships. Our business operations is currently comprised of three segments: a) GPod sales of modular organic systems for micro-farming consumers b) Support services for the micro-farming consumer: and c) Van conversion utilizing our modular organic system for off the grid living The optimized growing system, website, ecommerce solution and back-office framework were developed with the assistance of an established business website firm. The Company developed its initial design of the growing system through the efforts of its founder and CEO, and the design firm.

We intend to organically grow market penetration by: (a) securing contracts with organic wholesalers in various markets, (b) exploiting social networks, (c) leveraging development opportunities, and (d) adding solutions to professionals in the market. We plan to team with other businesses that have complementary features to our products, when fully developed, thereby reducing our development cost and introducing us to consumers and end-users. We intend to expand internationally through partnerships and alliances.

We intend to organically grow market penetration by: (a) securing contracts with organic wholesalers in various markets, (b) exploiting social networks, (c) leveraging development opportunities, and (d) adding solutions to professionals in the market. We plan to team with other businesses that have complementary features to our products, when fully developed, thereby reducing our development cost and introducing us to consumers and end-users, alike. We intend to expand internationally through partnerships and alliances.

No assurances can be given that we will generate revenue (or any at all) or obtain the necessary working capital to continue as a going concern. Our current resources and source of working capital primarily consists of loans from several nonaffiliated parties who are business associates of our founder. These nonaffiliated financial sources we believe to be sufficient to keep our business operations functioning for the next six to 12 months.

No assurances can be given that we will generate revenue (or any at all) or obtain the necessary working capital to continue as a going concern. Our current resources and source of working capital primarily consist of loans from several nonaffiliated parties who are business associates of our founder. These nonaffiliated financial sources we believe to be sufficient to keep our business operations functioning for the next six to 12 months.

We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” “target”, “forecast” and similar expressions to identify forward-looking statements. 18 General Overview Avant Technologies Inc. is a technology company specializing in acquiring, creating, and developing innovative and advanced technologies utilizing artificial intelligence (AI) as well as providing a host of information technology consulting services. The Company considers itself a native expert in the field of information technology based on artificial intelligence.

We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” “target”, “forecast” and similar expressions to identify forward-looking statements. General Overview Avai Bio, Inc. (f/k/a Avant Technologies Inc. and Trend Innovations Holding Inc.) is a technology company specializing in acquiring, creating, and developing innovative and advanced technologies utilizing artificial intelligence (AI) as well as providing a host of information technology consulting services. The Company considers itself a native expert in the field of information technology based on artificial intelligence.

Operating expenses Total operating expenses for the years ended March 31, 2025 and 2024 were $1,532,792 and $2,117,182. The operating expenses 19 for the year ended March 31, 2025 included $74,320 in amortization and depreciation expenses; $517,739 in consulting services; $762,478 in general and administrative expenses; $85,164 in marketing expenses; $77,399 in professional fees; $857 in rent expense and $14,835 in website expenses. The operating expenses for the year ended March 31, 2024 included $76,953 in amortization and depreciation expenses; $502,978 in consulting services; $1,424,334 in general and administrative expenses; $30,143 in marketing expenses; $62,847 in professional fees; $1,467 in rent expense and $18,460 in website expenses.

Operating expenses Total operating expenses for the years ended March 31, 2026 and 2025, were $1,480,191 and $1,532,792. The operating expenses for the year ended March 31, 2026 included $26,070 in amortization and depreciation expenses; $258,410 in consulting services; $792,265 in general and administrative expenses; $290,551 in marketing expenses; $97,895 in professional fees; and $15,000 in research and development expenses. The operating expenses for the year ended March 31, 2025, included $74,320 in amortization and depreciation expenses; $517,739 in consulting services; $762,478 in general and administrative expenses; $85,164 in marketing expenses; $77,399 in professional fees; $857 in rent expense; and $14,835 in website expenses .