UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41304 VALUENCE MERGER CORP. I (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission file number: 001-41988 IB ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (State or other jurisdiction of incorporation or organiza ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41304 VALUENCE MERGER CORP. I (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to CANTOR EQUITY PARTNERS, INC. (Exact name of registrant as specified in its charter) Cayman Islands 001-42250 98-1576482 (State or other jurisdiction of inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Address of principal executive offices) (Zip Code) FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42496 STELLAR V CAPITAL CORP. (Exact Name of Registrant as Specified in Its Charter) Ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42496 STELLAR V CAPITAL CORP. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 86-2887484 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to CANTOR EQUITY PARTNERS I, INC. (Exact name of registrant as specified in its charter) Cayman Islands 001-42464 98-1576503 (State or other jurisdiction of i ...

Financial Performance - Total costs and expenses for the three months ended March 31, 2025, were $10.2 million, a 143% increase compared to the same period in 2024[139]. - For the nine months ended March 31, 2025, project expenses increased by $114 thousand, or 3%, mainly due to increased wellfield development activity and site-related costs[141]. - General and administrative expenses increased by $268 thousand, or 9%, for the three months ended March 31, 2025, primarily due to higher professional fees[144]. - General and administrative expenses decreased by $5.1 million, or 31%, for the nine months ended March 31, 2025, mainly due to reductions in base compensation and employee benefits[145]. - Depreciation and amortization expense increased by $4.9 million for the three months ended March 31, 2025, and by $14.8 million for the nine months ended March 31, 2025, due to the commencement of operations of the small-scale facility[147]. - Interest income decreased by $52 thousand, or 71%, for the three months ended March 31, 2025, and by $147 thousand, or 68%, for the nine months ended March 31, 2025, reflecting lower average cash balances[149]. - Interest expense for the three months ended March 31, 2025, increased by $1.0 million, or 127%, compared to the prior fiscal year, primarily due to capitalizing less interest expense to construction-in-progress[158]. - For the nine months ended March 31, 2025, interest expense increased by $2.1 million, or 48%, primarily due to a $17.0 million increase in the principal balance of Convertible Notes and a reduction in capitalized interest[159]. - Net cash used in operating activities for the nine months ended March 31, 2025, was $17.4 million, a decrease of approximately $2.2 million or 11% compared to the prior fiscal year[167]. - Cash flows used for investing activities decreased by approximately $4.5 million, or 76%, to $1.4 million for the nine months ended March 31, 2025, primarily related to engineering services for the commercial-scale facility[168]. - Cash flows provided by financing activities for the nine months ended March 31, 2025, totaled $17.9 million, an increase of 36% compared to the prior fiscal year, driven by various equity and debt financing transactions[169]. Project Development - The first phase of commercial production is expected to deliver 77,000 short tons of B2O3 with targeted capital expenditure between approximately $390 million and $430 million, and an unlevered internal rate of return ranging from 18% to 22%[121]. - The company successfully completed specialty glass trials, demonstrating that its boric acid performed as well as or better than competitors' products, advancing customer onboarding[120]. - The company plans to complete vendor equipment testing by June 2025, with a final investment decision anticipated in early 2026[122]. - The company is targeting completion of a pre-feasibility report with a robust final economic analysis in June 2025[121]. - The company received a non-binding letter of intent from the U.S. Export-Import Bank for a loan-backed guarantee on project debt financing of up to $285 million for its proposed commercial scale facility[135][136]. - The company had purchase order commitments of approximately $2.7 million as of March 31, 2025, primarily for raw materials and engineering services[177]. Financing and Capital Structure - The company raised an aggregate of $17 million from financing transactions, including the January 2025 Notes, March 2025 Subscription, and May 2025 Subscription, improving its cash position[130]. - The company issued 1,408,173 shares of common stock at a subscription price of $3.5507 per share, resulting in gross proceeds of $5 million in March 2025[128]. - The company extinguished all outstanding indebtedness under the Convertible Notes in March 2025, improving its cash position and eliminating the financial covenant requiring a minimum cash balance[164]. - The company plans to explore various financing strategies, including equity or debt financing, to support its business growth and operations over the next 12 months[180]. Compliance and Regulatory Matters - The company’s project is designated as Critical Infrastructure by the U.S. Department of Homeland Security, highlighting its strategic importance[119]. - The company’s stock regained compliance with Nasdaq listing rules after the closing bid price was above $1.00 per share for 10 consecutive business days[133]. - There is substantial doubt regarding the company's ability to continue as a going concern for a period of one year after the date of the unaudited condensed consolidated financial statements[181]. - The company may need to curtail planned activities, discontinue certain operations, or sell assets if unable to raise additional capital or generate necessary cash flows[181]. Accounting and Reporting Changes - No significant changes in critical accounting policies were reported during the nine months ended March 31, 2025[182]. - The FASB issued ASU 2023-07, effective after December 15, 2023, enhancing segment reporting disclosure requirements[183]. - ASU 2023-09, effective after December 15, 2024, aims to improve income tax disclosures, including reconciliation items and disaggregation of income[184]. - ASU 2024-03 requires disaggregation of certain expenses in financial notes, effective after December 15, 2026[185]. - The company is evaluating the impact of ASU 2023-07, ASU 2023-09, and ASU 2024-03 on its consolidated financial statements[183][184][185]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[186].

Financial Position - As of March 31, 2025, the company had cash and cash equivalents of $3.6 million and total liquidity exceeding $6 million, providing a solid foundation for operational continuity and strategic investments [173]. - The company maintains a clean capital structure, free of preferred stock and convertible debt, positioning it favorably for growth initiatives [173]. - As of March 31, 2025, working capital decreased to $4,982,026 from $6,415,877 as of December 31, 2024, primarily due to operational losses and strategic investments [223]. - Net cash used in operating activities for Q1 2025 was $(824,072), compared to $(37,153) in Q1 2024 [225]. - Net cash used in investing activities for Q1 2025 was $(15,646), primarily due to the purchase of plant and equipment totaling $(9,052) [228]. - Net cash used in financing activities for Q1 2025 was $(860) due to a loan repayment, compared to a net cash generation of $26,930 in Q1 2024 [230]. - The company believes cash flow from operations will be sufficient to sustain its current level of operations for at least the next 12 months [224]. Revenue and Expenses - For the quarter ended March 31, 2025, total revenue was $2,137,075, a decrease of 10.3% from $2,381,851 in the same quarter of 2024 [200]. - Chemrex contributed $2,134,007 (99.9%) of total revenue, reflecting a decline of 10.29% due to a slowdown in market demand and disruptions from Malaysian e-Invoicing requirements [201]. - MRNA Scientific's revenue was $3,068 (0.1%), down approximately 3.1% from $3,165, primarily due to fewer client referrals and a key RNA machine being under repair [202]. - Total cost of revenue for the quarter was $1,793,582, a decrease of 11.1% from $2,016,820 in the prior year [203]. - Gross profit for the quarter was $343,493, down approximately 5.9% from $365,031 in the same quarter of 2024 [206]. - Total other income decreased by approximately 54.7% to $91,420 from $201,847 in the prior year [209]. - Total operating expenses increased by approximately 63.3% to $1,053,331 from $645,906 in the same quarter of 2024 [212]. - Sales and marketing expenses surged by 251.4% to $540,695, primarily due to increased spending at Chemrex [212]. - General and administrative expenses rose to $391,876, an increase of 24.09% from $315,794 in the prior year [217]. - MRNA Scientific's research and development expenses slightly increased by 5.8% to $12,139 from $11,475 in the same quarter of 2024 [216]. - MRNA incurred $56,006 (14.29%) of total general and administrative expenses of $391,876 for Q1 2025, up from $38,275 (12.12%) in Q1 2024, representing a 46.3% increase [218]. - BGLC's general and administrative expenses were $210,737 (53.78%) of total expenses for Q1 2025, compared to $147,098 (46.58%) in Q1 2024, an increase of approximately 43.3% [219]. Operational Performance - Chemrex reported a loss from operations of $618,418 for Q1 2025, a significant increase of approximately 682.5% from a loss of $79,028 in Q1 2024 [219]. - Chemrex experienced a foreign currency gain of $72,159 in Q1 2025, compared to a loss of $209,908 in Q1 2024 [221]. Strategic Initiatives - The company is actively exploring additional capital-raising mechanisms, including at-the-market offerings and private placements, to support growth initiatives in digital health and decentralized financial infrastructure [174]. - The company reported a strategic investment in Ascension Innovation Sdn Bhd, enhancing its portfolio in the healthcare diagnostics sector [179]. - The company’s strategic focus includes expansion into digital healthcare, sustainable materials, and blockchain-based treasury solutions [175]. - The company’s leadership team is committed to maintaining robust compliance with Nasdaq listing standards as part of its growth strategy [177]. - The company has implemented additional protocols to strengthen compliance with corporate policies and regulatory requirements, particularly concerning related-party transactions at its Chemrex subsidiary [193]. - The company is focused on enhancing its internal control environment and improving governance procedures within its Chemrex subsidiary following recent transactions [194]. - The company successfully completed a reverse stock split at a ratio of 1-for-10, effective April 7, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2) [195]. - The company achieved full compliance with Nasdaq Listing Rule 5550(a)(2) on April 30, 2025, after successfully maintaining a minimum bid price of $1.00 per share [187]. - The company plans to add administrative and marketing personnel and increase advertising to generate more revenues [231].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41503 INNOVATIVE SOLUTIONS AND SUPPORT, INC. | Title of each class | Trading Symbol(s) | Name of each exchange on which regi ...