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 September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Borealis Foods Inc. (Exact name of registrant as specified in its charter) | Ontario | 001-40778 | 98-1638988 | | --- | --- | --- | | (State or other jurisdiction ...

Financial Performance - Total revenue for Q3 2025 was $0.4 million, down from $0.6 million in Q3 2024, reflecting the performance of the healthcare business[7] - Total operating expenses in Q3 2025 were $10.8 million, significantly higher than $1.7 million in Q3 2024, primarily due to increased SG&A costs related to the Bitcoin strategy[7] - Net loss for Q3 2025 was $86.0 million, or $(0.42) per diluted share, compared to a net loss of $1.0 million, or $(0.17) per diluted share in Q3 2024[7] Bitcoin Strategy - As of September 30, 2025, the company had accumulated a total of 5,765 Bitcoin at a weighted average price of $118,204.88 per Bitcoin, totaling approximately $681 million[4] - The company raised approximately $540 million from a private placement and $200 million in convertible notes to fund Bitcoin purchases as part of its treasury strategy[2] - The company plans to prioritize investments in Bitcoin-related businesses with recurring revenue and strong margins to support its long-term strategy[6] Corporate Developments - The company completed a merger with Nakamoto, establishing it as a wholly owned subsidiary, and appointed Amanda Fabiano as COO to lead strategic execution[3] - The company established a $5 billion at-the-market equity offering program, raising $5.6 million at an average share price of $4.15 per share[3] - Two strategic investments were closed during the quarter: a $15 million investment in Treasury BV and a $30 million investment in Metaplanet Inc.[3] Market Valuation - As of September 30, 2025, the company's enterprise value was approximately $635.9 million, calculated from a market capitalization of $457.1 million[8]

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 September 30, 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 Number: 001-39290 WINDTREE THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________to_____________ Commission File Number 001-39569 BONK, INC. (Exact name of registrant as specified in charter) Delaware 83-2455880 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 18801 N Thompson Peak Pkwy Ste 380, Scottsdale, AZ 85255 (Ad ...

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 On For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________to_____________ Commission File Number 001-39569 BONK, INC. (Exact name of registrant as specified in charter) Delaware 83-2455880 (State or o ...

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 September 30, 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: 001-38226 ALLIED GAMING & ENTERTAINMENT INC. 745 Fifth Ave, Suite 500 New York, NY 10151 (Address of principal executive offices) (E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 September 30, 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 Number: 001-41405 ALGORHYTHM HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 September 30, 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 Number: 001-41405 ALGORHYTHM HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Financial Performance - Total net revenues for Q3 2025 reached $1,356,609, an increase of 7.8% compared to $1,258,929 in Q3 2024[18] - Net loss for Q3 2025 was $3,449,693, compared to a net loss of $719,748 in Q3 2024, representing a significant increase in losses[18] - Operating costs and expenses for Q3 2025 totaled $4,404,520, up from $1,983,627 in Q3 2024, indicating a rise of 121.1%[18] - Net revenues for the three-month period ended September 30, 2025, were approximately $1.4 million, an increase of 7.8% compared to $1.3 million in 2024, primarily driven by licensing revenue[125] - Total operating costs and expenses for the three-month period were approximately $4.4 million, a significant increase of 122.0% from $2.0 million in the prior year[125] - Net loss for the three-month period was $(3.4) million, a 379.3% increase compared to a net loss of $(719.7) thousand in 2024[125] - For the nine-month period ended September 30, 2025, total net revenues were approximately $4.9 million, an increase of 17.7% from $4.1 million in 2024, driven by license income[131] Cash Flow and Liquidity - Cash and cash equivalents decreased to $44,045 as of September 30, 2025, down from $158,215 as of December 31, 2024[16] - Net cash used in operating activities was $4,794,712 for the nine months ended September 30, 2025, an increase from $3,319,670 in the prior year[27] - The company reported a net cash provided by financing activities of $4,491,041, compared to $3,902,291 in the previous year[27] - Cash and cash equivalents at the end of the period were $44,045, down from $105,863 at the end of the same period in 2024[27] - Net cash provided by financing activities for the nine-month period ended September 30, 2025, was $4.5 million, primarily from loan payables of $4.2 million, offset by debt amortization of $2.9 million[144] Assets and Liabilities - Total assets decreased to $6,198,248 as of September 30, 2025, from $7,789,123 as of December 31, 2024[16] - Total liabilities increased to $9,620,143 as of September 30, 2025, compared to $5,186,381 as of December 31, 2024[16] - The accumulated deficit increased to $(32,543,761) as of September 30, 2025, from $(21,562,872) as of December 31, 2024[16] - Total loans payable to financial institutions as of September 30, 2025, were $132,164, up from $111,300 as of December 31, 2024, representing an increase of approximately 18.7%[61] - Total loan payable to others increased to $449,027 as of September 30, 2025, compared to $427,073 as of December 31, 2024, marking a rise of about 5.1%[62] Stock and Equity - The company issued 100,000 common shares during Q3 2025, contributing to the increase in total stockholders' equity[21] - The weighted average number of common shares outstanding for Q3 2025 was 5,068,011, compared to 2,420,628 in Q3 2024[18] - The Company issued Debentures totaling $3,750,000 to Arena Investors, sold for a purchase price of $4,166,665, reflecting a 10% original issue discount[72] - The Company issued 1,041,667 Warrants in connection with the Debentures issued to Arena Investors[72] Revenue Sources - As of September 30, 2025, retail store revenue accounted for approximately 94.5% of the Company's total revenue for the nine months ended, while wholesale and online revenue made up about 3.5%[119][120] - The Company recognized $100,000 in licensing revenue for the nine months ended September 30, 2025, which constituted approximately 2.0% of total revenue[121] - The retail coffee market in the U.S. is projected to reach $74.3 billion in 2025, driven by a shift towards premium coffee products[117] Operational Developments - The company has established new subsidiaries in Korea and Malaysia, each with one retail coffee store under the Reborn Coffee brand[31] - The Company has 12 retail locations in California and two international locations in South Korea and Malaysia[111][122] - The Company has a focus on continuous Research and Development to innovate coffee processing methods and enhance product offerings[116] - The Company aims to capture a growing portion of the coffee market as consumer awareness of its brand increases[117] Internal Controls and Compliance - Management identified control deficiencies due to inadequate accounting resources and lack of segregation of duties, which may affect the internal control environment[156] - As of September 30, 2025, the company’s disclosure controls and procedures were deemed ineffective, impacting the assurance of timely and accurate reporting[155] - There were no changes in internal control over financial reporting during the quarter ended September 30, 2025, that materially affected the internal control[159] - The company is not currently involved in any litigation that is expected to have a materially adverse effect on its financial condition or results of operations[162] Future Outlook - The company plans to raise additional operating funds through equity and/or debt offerings, although there is no assurance of success[28] - The Company has substantial doubt about its ability to continue as a going concern due to uncertainties regarding revenue generation and financing[30]

Financial Instruments and Debt - The Company reported a principal amount of $6,625,000 for a junior secured convertible promissory note issued to J.J. Astor & Co., receiving $5,000,000 net of fees[141]. - The Lender converted $4.05 million of outstanding principal into approximately 34.5 million shares of the Company's common stock at discounted prices[142]. - The Outstanding Principal Amount of the Initial Note was $2,259,319.89, and the Outstanding Principal Balance on the Second Note was $5,685,805.13 as of the Forbearance Agreement Effective Date[145]. - The Company agreed to a default interest rate of 19% on the Initial Note and Second Note, with all amounts due by November 30, 2025[145]. - The Company received $1,152,000 from the Third Note after legal and origination fees, with a principal amount of $1,620,000[146]. - The Company issued a convertible promissory note for a principal amount of $647,500, receiving $550,000 in exchange and issuing 82,500 shares of common stock as an incentive[147]. - On October 16, 2025, the Company raised approximately $5 million through a registered direct offering of 8,417,645 shares at $0.2164 per share and 14,689,851 pre-funded warrants at $0.2154[148]. - A second offering on October 30, 2025, raised approximately $2.55 million by issuing 10,600,000 shares at $0.18 per share and 3,566,666 pre-funded warrants at $0.179[156]. - The Company entered into a Physical Commodity Intermediation Agreement with a wholesaler, providing up to $40 million in credit support for commodity trading activities[154]. Business Operations and Acquisitions - The Company acquired Endeavor Crude, LLC and other entities on October 1, 2024, enhancing its operations in the midstream oil and gas industry[139]. - The Company is focused on building an integrated midstream and environmental services platform to enhance operational efficiency and market access[138]. - The Company is developing Remediation Processing Centers, with the first facility under construction in Texas, expected to process oilfield solid wastes into valuable byproducts[137]. - The Company has revised its segment structure to report three operating segments: transportation and logistics, terminaling and storage services, and supply and trading[133]. - The Company revised its segment reporting structure to include three operating segments: transportation and logistics, terminaling and storage services, and supply and trading, reflecting the expansion of its business activities[166]. Financial Performance - For the three months ended September 30, 2025, the Company reported revenues of $16,981,385, an increase of $1,064,962 or 6.7% compared to $15,916,423 in the same period of 2024[170]. - The cost of revenues decreased to $12,261,886 for the three months ended September 30, 2025, down $1,928,187 or 13.59% from $14,190,073 in 2024[172]. - Gross profit for the three months ended September 30, 2025, was $4,719,499, representing an increase of $2,993,149 or 173% compared to $1,726,350 in 2024[173]. - Operating expenses increased to $13,750,500 for the three months ended September 30, 2025, an increase of $10,065,513 or 273% from $3,684,987 in 2024, primarily due to costs from the acquired Endeavor Entities[174]. - Total interest expense for the three months ended September 30, 2025, was $14,439,961, an increase of $13,798,717 or 2,152% compared to $641,244 in 2024, driven by refinancing and forbearance arrangements[175]. - For the nine months ended September 30, 2025, total revenues increased by 221.79% to $83.4 million, attributed to higher activity in transportation and logistics and terminaling and storage services from the Endeavor Entities acquisition[184]. - The cost of revenues for the nine months ended September 30, 2025, was $69.4 million, representing an increase of 177.24% compared to the prior year, driven by the operations of the newly acquired Endeavor Entities[186]. - Gross profit for the nine months ended September 30, 2025, was $14.1 million, an increase of 588.08% from $3.9 million in 2024, reflecting the growth in revenue and cost of revenue activities[187]. - Operating expenses for the nine months ended September 30, 2025, rose to $36.3 million, a 704.87% increase, primarily due to costs from the Endeavor Entities and a $5.0 million legal reserve[188]. - Interest expense for the nine months ended September 30, 2025, totaled $20.0 million, a significant increase of 2,876.07% compared to the prior year, driven by refinancing and forbearance arrangements[189]. - A loss on conversion of debt of $9.8 million was recognized during the nine months ended September 30, 2025, compared to $0 in the prior year, due to the conversion of convertible debt into common stock[190]. - Unrealized losses on marketable securities for the nine months ended September 30, 2025, amounted to $249,080, a decrease of 120.14% from an unrealized gain of $743,739 in 2024[191]. - For the nine months ended September 30, 2025, the company reported net cash provided by operating activities of $4,311,676, a significant increase from $165,359 in the same period of 2024[199]. - The company experienced a net loss of $54,358,617 for the nine months ended September 30, 2025, compared to a net loss of $6,983,978 in 2024[202]. Cash Flow and Financial Position - As of September 30, 2025, the company had an accumulated deficit of approximately $148.1 million and a working capital deficit of approximately $62.3 million[200]. - Cash and cash equivalents decreased from $3,676,992 as of December 31, 2024, to $1,191,766 as of September 30, 2025, with $892,124 classified as restricted cash[201]. - Net cash used in financing activities totaled $8,494,343 for the nine months ended September 30, 2025, reflecting substantial payments on notes payable and finance lease obligations[204]. - The company anticipates approximately $1.5 million of additional expenditures related to the continued development of its Texas remediation and wash plant facilities[205]. - The company had no capitalized interest during the nine months ended September 30, 2025, compared to $1.0 million in the same period in 2024[205]. - As of September 30, 2025, the company had finance lease obligations totaling $8,929,265[207]. Going Concern and Risks - The company faces substantial doubt about its ability to continue as a going concern due to historical net losses and negative cash flows from operations[200]. - The company is exposed to interest rate risk due to financing arrangements with variable interest rates based on the prime rate[209].