Going concern warnings

The Company's history of recurring losses, negative working capital and negative cash flows from operating activities raises substantial doubt about its ability to continue as a going concern.

As such, these matters raise substantial doubt about the Company's ability to continue as a going concern for a period of twelve months from the issuance date of this report.

These conditions raise substantial doubt about the Company's ability to continue as a going concern if the business combination is not consummated by May 13, 2026 (unless further extended).

As of December 31, 2025, we had a working capital deficit of approximately $7.4 million, which raises substantial doubt about our ability to continue as a going concern.

Without raising additional capital, there is substantial doubt about our ability to continue as a going concern through August 10, 2027.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

…management has determined that the liquidity conditions and the mandatory liquidation and subsequent dissolution raise substantial doubt about the Company's ability to continue as a going concern.

This indicates that substantial doubt exists about the Company's ability to continue as a going concern.

These factors raise substantial doubt regarding our ability to continue as a going concern.

This raises substantial doubt about its ability to continue as a going concern.

…the Company has suffered recurring losses from operations and expects to incur significant cash outflows for at least the next twelve months that raise substantial doubt about its ability to continue as a going concern.

Accordingly, there is substantial doubt about our ability to continue as a going concern.

This condition raises substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Management has concluded that there is substantial doubt about our ability to continue as a going concern…

These factors, among others, raise substantial doubt about our ability to continue as a going concern for one year from the issuance of the financial statements.

…The Company has evaluated the above conditions and concluded that these conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these consolidated…

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Our recurring losses from operations raise substantial doubt regarding our ability to continue as a going concern.

These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

These conditions raise substantial doubt about the Trust's ability to continue as a going concern as the Trust does not have sufficient cash to meet its obligations during the one-year period after the date the…

We have therefore concluded there is substantial doubt about our ability to continue as a going concern through June 2027.

These events and conditions raise substantial doubt about its ability to continue as a going concern.

For these reasons, management has determined that there is substantial doubt that the business will be able to continue as a going concern without further financing.

These conditions raise substantial doubt about our ability to continue as a going concern.

…which may continue for the foreseeable future and our auditors have indicated that recurring losses and negative cash flows from operations raise substantial doubt about the Company's ability to continue as a going concern.

These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

Our recurring losses from operations, net cash used in operating activities and net current liabilities raise substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about our ability to continue as a going concern.

Accordingly, the Company has concluded that substantial doubt exists about its ability to continue as a going concern.

The Company's recurring losses and reliance on additional financing raise substantial doubt about its ability to continue as a going concern.

Based on the Company's current operating plan, management believes that substantial doubt exists about the Company's ability to continue as a going concern for a period of twelve months from the date these Condensed Consolidated Financial Statements are issued.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Our requirement for additional financing in the short-term represents a material uncertainty that raises substantial doubt about our ability to continue as a going concern.

…may not be sufficient to allow the Company to continue operations and there is substantial doubt about our ability to continue as a going concern within 12 months from the date of issuance of our financial statements if we are…

The above factors give rise to material uncertainties that raise substantial doubt on the Company's ability to continue as a going concern.

More specifically, there is substantial doubt about our ability to continue as a going concern for a period of at least twelve months from the date of this Annual Report and our ability to continue as a going concern will…

Based on the Company's cash position as of March 15, 2026, alongside projected continued negative cash flows from operating activities, substantial doubt exists regarding our ability to remain as a going concern.

…indicating that there is a substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern for at least twelve months after the issuance date of these financial statements.

Our history of operating losses and current default on our long-term debt raise substantial doubt regarding our ability to continue as a going concern.

…which raise a substantial doubt about our ability to continue as a going concern and could prevent us from obtaining new financing on reasonable terms or at all.

Considering the above, our dependency on external funding for our operations raises a substantial doubt about our ability to continue as a going concern.

As a result of these expected losses and negative cash flows from operations, along with our current cash position, our management has concluded that these conditions raise substantial doubt about our ability to continue as a going concern.

Our history of losses and negative cash flows from operations and the need for substantial capital raise substantial doubt about our ability to continue as a going concern.

The Chapter 11 Cases raise substantial doubt regarding our ability to continue as a going concern.

As a result, there is substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about our ability to continue as a going concern.

As a result, substantial doubt exists about the Company's ability to continue as a going concern for at least one year after the date that these financial statements are issued.

Management has concluded that there is substantial doubt about our ability to continue as a going concern, which could prevent us from obtaining new financing on reasonable terms or at all.

Substantial doubt exists regarding our ability to continue as a going concern due to our history of losses and expected future losses.

…which raises substantial doubt about its ability to continue as a going concern.

These circumstances and conditions indicate the existence of a material uncertainty that raises substantial doubt about its ability to continue as a going concern.

We will need substantial additional funding to pursue our business objectives, and our current liquidity raises substantial doubt about our ability to continue as a going concern.

We have never generated any substantial revenue or any profit, and such condition raises substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

These factors raise substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubts about our ability to continue as a going concern.

The historical operating results including recurring losses from operations raise substantial doubt about the Company's ability to continue as a going concern.

We have a limited operating history, minimal revenue, and a history of net losses, which raises substantial doubt about our ability to continue as a going concern.

Therefore, there is substantial doubt about the Company's ability to continue as a going concern.

The Company currently maintains positive working capital; however, recurring losses, an accumulated deficit, and negative cash flows from operations raise substantial doubt regarding the Company's ability to continue as a going concern.

There is substantial doubt about our ability to continue as a going concern, and we will need additional financing to execute our business plan, to fund our operations and to continue as a going concern.

…there is substantial doubt about our ability to continue as a going concern for at least 12 months after the date that the Audited Consolidated Financial Statements have been issued.

There is substantial doubt as to our ability to continue as a going concern.

These conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these consolidated financial statements are issued.

These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year from the date these condensed consolidated financial statements are issued.

These factors raise substantial doubt regarding our ability to continue as a going concern.

These conditions, along with other matters as set forth in Note 1, raise substantial doubt about its ability to continue as a going concern.

The foregoing factors raise substantial doubt about our ability to continue as a going concern, unless we are able to increase revenues, generate cash from operations, and/or generate cash from financing activities.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company's ability to do so.

…which raises substantial doubt about its ability to continue as a going concern.

The material uncertainty of these items raises substantial doubt about the Company's ability to continue as a going concern.

These conditions raise substantial doubt about our ability to continue as a going concern.

These factors raise substantial doubt about the Company's ability to continue as a going concern.

Therefore, there is substantial doubt about the Company's ability to continue as a going concern.

There is substantial doubt about our ability to continue as a going concern.

As discussed in Note 2 to the financial statements, the Company has accumulated losses to date that raises substantial doubt about its ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

We will need additional working capital to service debt and for ongoing operations, which raises substantial doubt about its ability to continue as a going concern.

These conditions raise substantial doubts about our ability to continue as a going concern.

As at June 30, 2025, there is substantial doubt about the Company's ability to continue as a going concern primarily due to its history of losses and negative working capital.

There is substantial doubt about our ability to continue as a going concern, which may affect our ability to obtain future financing and may require us to curtail or cease our operations.

The above matters raise substantial doubt about the Company's ability to continue as a going concern.

Our independent auditors have issued their opinion with the qualification that there is a substantial doubt as to our ability to continue as a going concern.

…on the Company's limited cash and cash equivalents, and history of losses, there is substantial doubt as to whether the Company's existing cash resources are sufficient to enable the Company to continue its operations for the next 12 months as…

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

…have incurred recurring net losses and negative cash flows from operations, which raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements included in this Annual Report…

As discussed in Note 2 to the financial statements, the Company has negative working capital, net loss, and accumulated deficit that raise substantial doubt about its ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

These factors raise substantial doubt about the ability of the Company to continue to operate as a going concern.

There is no assurance that financing or profitability will be achieved, accordingly, there is substantial doubt about the Company's ability to continue as a going concern.

These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

There is substantial doubt about our ability to continue as a going concern.

These factors raise substantial doubt about the Company's ability to continue as a going concern.

As discussed in Note 1 to the financial statements, the Company has suffered recurring operating losses, has a working capital deficiency and has stated that substantial doubt exists about the Company's ability to continue as a going concern.

…raises substantial doubt about our ability to continue as a going concern…

As discussed in Note 2(a) to the consolidated financial statements, the Company has incurred significant losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern.