Revenue and Sales Performance - Revenue from vehicle sales for the three months ended March 31, 2025, was approximately $4.95 million, a significant increase of 14,750% compared to $33,335 for the same period in 2024[280] - Vehicle sales for the six months ended March 31, 2025, were $7,870,625, a significant increase of 23,511% compared to $33,335 in the same period in 2024[291] - The company recognized revenue of $3.7 million in January 2025 after a customer waived their right of return for 60 vehicles[281] Financial Losses and Impairments - The net loss attributable to common stockholders for Q1 2025 was approximately $47.1 million, or $489.24 per share, compared to a net loss of approximately $132.5 million, or $12,041,273 per share, in Q1 2024[290] - The net loss attributable to common stockholders for the six months ended March 31, 2025, was approximately $162.0 million, or $3,338.65 net loss per share, compared to a net loss of approximately $193.9 million, or $21,493.37 loss per share, in the prior year[300] - The company incurred a net loss of $172.7 million for the six months ended March 31, 2025, with an accumulated deficit of approximately $2.5 billion as of the same date[311] - The company recognized an impairment loss of $12.0 million on patents acquired in September 2022 due to unfavorable market conditions[286] - The company recognized impairment losses of $12.0 million on intangible assets during the six months ended March 31, 2025, compared to $73.4 million in the same period in 2024[296] - The company recognized an impairment loss of $12.0 million related to patents in the Bollinger segment as of March 31, 2025[330] Expenses and Cost Management - Cost of revenues for the same period was approximately $6.99 million, resulting in a gross loss of approximately $2.05 million, compared to a gross loss of $2.07 million in the prior year, reflecting a decrease of 10,388%[280] - Research and development expenses decreased by $13.7 million, or 57%, from $24.0 million in Q1 2024 to $10.4 million in Q1 2025, due to cost reduction initiatives[283] - General and administrative expenses decreased by approximately $6.5 million, or 14%, from approximately $47.9 million in Q1 2024 to approximately $41.4 million in Q1 2025[284] - Research and development expenses decreased by $18.5 million, or 46%, from $40.2 million in the six months ended March 31, 2024, to $21.6 million in the same period in 2025[294] - General and administrative expenses decreased by approximately $13.3 million, or 15%, from approximately $91.1 million in the six months ended March 31, 2024, to approximately $77.9 million in the same period in 2025[295] Financing and Debt - Other financing costs related to the initial recognition of warrants amounted to $21.1 million in Q1 2025, with no such costs in Q1 2024[287] - Other financing costs related to the initial recognition of warrants amounted to $37.2 million during the six months ended March 31, 2025[297] - Interest expense increased by $7.3 million in Q1 2025 compared to Q1 2024 due to a higher volume of debt outstanding[289] - As of March 31, 2025, the total debt amounted to $40.9 million, with $10 million due in the next six months[324] - The interest rate on remaining senior convertible notes increased from 15% to 20% due to cross-default conditions as of April 15, 2025[317] Cash Flow and Liquidity - The company has approximately $2.3 million in existing cash and restricted cash as of March 31, 2025, and used approximately $48.6 million of cash for operating activities during the same period[311] - Net cash used in operating activities was $48.6 million for the six months ended March 31, 2025, a 55% decrease from $108.5 million in the same period of 2024[320] - Net cash used in investing activities was $3.9 million for the six months ended March 31, 2025, a 69% decrease from $12.5 million in the same period of 2024[321] - Net cash provided by financing activities was $44.0 million for the six months ended March 31, 2025, compared to a net cash outflow of $4.9 million in the same period of 2024[322] - The company is pursuing strategies to address liquidity concerns, including equity or debt financing and operational restructuring, but there is substantial doubt about its ability to continue as a going concern[312] Other Financial Metrics - The net gain on revaluation of warrants was $98.2 million in Q1 2025, compared to $3.6 million in Q1 2024, reflecting significant changes in the company's stock price[288] - During the six months ended March 31, 2025, approximately $24.8 million of senior secured convertible notes and $1.5 million of accumulated interest were converted into common stock, resulting in a gain on extinguishment of $1.5 million[316] - A write-down to net realizable value of $0.8 million was recorded by the Mullen Commercial segment during the six months ended March 31, 2025[334] - Total future minimum lease payments as of March 31, 2025, are estimated at $25.4 million[323]

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. 001-41134 INCEPTION GROWTH ACQUISITION LIMITED (Exact name of registrant as specified in its charter) | Delaware | 86-2648456 | | --- | -- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 OSR HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | 001-41390 | 84-5052822 | | --- | --- | --- | | (State or other jurisd ...

For the quarterly period ended: March 31, 2025 OR (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OSR HOLDINGS, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q | Delaware | 001-41390 | 84-5052822 | | --- | --- | --- | | (State or other jurisd ...

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 Commission File Number: 001-41212 BROAD CAPITAL ACQUISITION CORP (Exact name of registrant as specified in its charter) Delaware 86-3382967 (State or other ...

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 Commission File Number: 001-41212 BROAD CAPITAL ACQUISITION CORP (Exact name of registrant as specified in its charter) (I.R.S. Employer Identification No. ...

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 Number: 001-41763 Global Interactive Technologies, Inc (Exact name of Registrant as specified in its charter) | Delaware ...

Financial Performance - Net sales for Q1 2025 were approximately $4.80 million, a slight decrease of $92,000 or 1.9% compared to $4.89 million in Q1 2024[71] - Revenue from foil balloons increased to $4,234,000 in Q1 2025, up from $2,919,000 in Q1 2024, representing a 45% increase[72] - Revenue from film products rose to $427,000 in Q1 2025, compared to $305,000 in Q1 2024, marking a 40% increase[73] - Other revenues decreased significantly to $141,000 in Q1 2025 from $1,670,000 in Q1 2024, primarily due to the timing of spring product shipments[74] - The cost of sales for Q1 2025 was $3,936,000, slightly lower than $3,999,000 in Q1 2024, maintaining a gross margin of 18%[77] - General and administrative expenses decreased to $839,000 in Q1 2025 from $1,040,000 in Q1 2024, largely due to a $167,000 reduction in audit fees[78] Cash Flow and Liquidity - Net cash provided by operations was $970,000 in Q1 2025, compared to net cash used in operations of $767,000 in Q1 2024[79] - As of March 31, 2025, the company had cash balances of $172,000, an increase from $49,000 in the same period of 2024[82] - The term loan balance as of March 31, 2025, was $0.6 million, with a revolving line of credit balance of $5.6 million[68] - The Company's primary sources of liquidity include cash and cash equivalents, as well as availability under the Credit Agreement[85] Going Concern - The Company faces substantial doubt about its ability to continue as a going concern for one year from the issuance of the consolidated financial statements[84] - Management's plans to ensure going concern include executing the business plan and exploring alternative funding sources[84] Compliance and Accounting - The company is in compliance with the Senior Facilities' requirement to maintain a Tangible Net Worth of at least $4,000,000[66] - There have been no material changes to the critical accounting estimates since December 31, 2024[87] Seasonal Sales - Sales in the foil balloon product line are historically seasonal, with approximately 40% of sales occurring from December through March[86]

Financial Performance - Net sales for Q1 2025 were approximately $4.80 million, a slight decrease of $92,000 or 1.9% compared to $4.89 million in Q1 2024[71] - Revenue from foil balloons increased to $4,234,000 in Q1 2025, up from $2,919,000 in Q1 2024, representing a 45% increase[72] - Revenue from film products rose to $427,000 in Q1 2025, compared to $305,000 in Q1 2024, marking a 40% increase[73] - Other revenues decreased significantly to $141,000 in Q1 2025 from $1,670,000 in Q1 2024, primarily due to the timing of spring product shipments[74] - Cost of sales for Q1 2025 was $3,936,000, slightly lower than $3,999,000 in Q1 2024, maintaining a gross margin of 18%[77] - General and administrative expenses decreased to $839,000 in Q1 2025 from $1,040,000 in Q1 2024, largely due to a $167,000 reduction in audit fees[78] Cash Flow and Liquidity - Net cash provided by operations was $970,000 in Q1 2025, compared to net cash used in operations of $767,000 in Q1 2024[79] - As of March 31, 2025, the company had cash balances of $172,000, an increase from $49,000 in the same period of 2024[82] - The term loan balance as of March 31, 2025, was $0.6 million, with a revolving line of credit balance of $5.6 million[68] - The Company's primary sources of liquidity are cash and cash equivalents, along with availability under the Credit Agreement[85] Going Concern - The Company faces substantial doubt about its ability to continue as a going concern for one year from the issuance of the consolidated financial statements[84] - Management's plans to ensure going concern include executing the business plan and exploring alternative funding sources[84] Seasonal Sales - Sales in the foil balloon product line are seasonal, with approximately 40% of sales occurring from December through March[86] Accounting Estimates - There have been no material changes to the critical accounting estimates since December 31, 2024[87]

Financial Performance - The Company reported net income of $153,000 for the three-month period ended March 31, 2025, compared to $3,000 for the same period in 2024, primarily due to a $315,000 decrease in the provision for credit loss allowance [104]. - Comprehensive income for the first quarter of 2025 totaled $1.4 million, compared to a comprehensive loss of $0.9 million for the same period in 2024, reflecting a $2.3 million increase [124]. - The income tax benefit for the three-month period ended March 31, 2025, was $29,000, a decrease of $203,000 or 87.5% compared to $232,000 in 2024, primarily due to a $353,000 increase in pre-tax income [123]. Assets and Liabilities - Total assets decreased to $358.0 million on March 31, 2025, a decrease of $1.0 million from December 31, 2024, while total deposits increased by $8.1 million, or 2.6% [105]. - Total assets decreased to $358.0 million at March 31, 2025, from $359.0 million at December 31, 2024, a decrease of $1.0 million or 0.3% [125]. - Loans, net increased to $204.7 million at March 31, 2025, an increase of $2.3 million or 1.1% from $202.4 million at December 31, 2024 [125]. - Total deposits increased to $317.3 million as of March 31, 2025, an increase of $8.1 million or 2.6% from $309.2 million at December 31, 2024 [130]. - As of March 31, 2025, the Bank's cash and cash equivalents totaled $23.7 million, an increase of $0.8 million, or 3.2% from $24.5 million at December 31, 2024 [154]. Credit Losses and Allowance - The Company's allowance for credit losses was $2.69 million as of March 31, 2025, compared to $2.84 million at December 31, 2024, a decrease of $150,000 or 5.3% [105]. - The provision for credit loss allowance on loans decreased to $146,000 for the three-month period ended March 31, 2025, from $169,000 for the same period in 2024, reflecting a decrease of 13.6% [120]. - The Bank's allowance for credit losses is based on estimates and assumptions about future events, which may differ from actual results [165]. - The adoption of ASC 326 has significantly changed the methodology for estimating the Allowance for Credit Losses (ACL) from an "incurred loss" approach to an "expected loss" approach known as current expected credit loss (CECL) [166]. - The CECL methodology requires an estimate of credit losses expected over the life of an exposure, which is influenced by historical loss experience, current conditions, and reasonable forecasts [167]. - Management's determination of the ACL is a critical accounting estimate that relies on credit risk assessments, historical loss rates, and forecasts affecting collectability [169]. - The impact of CECL on the ACL will be influenced by the loan portfolio's composition and prevailing economic conditions, potentially leading to greater volatility in reported earnings [170]. Interest Income and Expenses - Net interest income for the three-month period ended March 31, 2025, was $2.56 million, a decrease of $8,000 or 0.3% from the same period in 2024 [112]. - Total interest income for the first quarter of 2025 increased by $224,000, or 6.6%, compared to the same period in 2024, driven by a $494,000 increase in interest and fees on loans [113]. - Interest expense for the first quarter of 2025 increased by $233,000, or 28.0%, from $833,000 for the same period in 2024 to $1.1 million [114]. - Net interest margin for the three-month period ended March 31, 2025, was 2.92%, an increase of 0.06% from 2.86% for the same period in 2024 [115]. - Average total loan balances increased by $30.0 million to $205.9 million for the three-month period ended March 31, 2025, compared to $175.9 million for the same period in 2024 [117]. Noninterest Income and Expenses - Noninterest income decreased to $205,000 for the three-month period ended March 31, 2025, down $24,000 or 10.5% from $229,000 in 2024, primarily due to decreases in other fees and commissions [121]. - Noninterest expenses decreased to $2.79 million for the three-month period ended March 31, 2025, a decrease of $71,000 or 2.5% from $2.86 million in 2024, mainly due to a $498,000 decrease in the provision for losses on unfunded commitments [122]. Capital and Ratios - The Company's stockholders' equity increased by $1.4 million, or 7.7% during the three-month period ended March 31, 2025 [156]. - The Bank's Tier 1 leverage ratio was 9.71%, and the total risk-based capital ratio was 16.60% as of March 31, 2025, indicating full compliance with capital adequacy guidelines [162]. Internal Controls and Compliance - The Company identified material weaknesses in internal controls over financial reporting, particularly regarding the validation of CECL model inputs and reliance on third-party data [175]. - Despite the identified weaknesses, the Company's consolidated financial statements are fairly stated in accordance with generally accepted accounting principles [176]. - Management has initiated a remediation plan to enhance internal controls and validate third-party data [177]. - The Company has implemented system-based controls requiring secondary review and approval of journal entries to address previously reported material weaknesses [180]. - There have been no changes to the Company's internal control over financial reporting that materially affect its effectiveness since the beginning of the first quarter of 2025 [182]. Litigation and Risk - Management does not anticipate that ongoing litigation will have a material effect on the Company's financial condition or operating results [183].