UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ 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 No. 001-41153 ALPHA STAR ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdict ...

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 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 No. 001-41153 ALPHA STAR ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 001-42692 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 Blue Water Acquisition Corp. III (Exact name of registrant as specified in its charter) Cayman Isla ...

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 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 __________. Blue Water Acquisition Corp. III (Exact name of registrant as specified in its charter) Cayman Islands (State or other jurisdiction ...

Financial Performance - As of September 30, 2025, the company reported a net loss of $395,372 for the three months ended September 30, 2025, primarily due to formation and administrative expenses[129]. - The company had cash and cash equivalents of $290,238 outside the Trust Account and a working capital deficit of $936,432 as of September 30, 2025[131]. - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[128]. - The company may need to raise additional funds to meet operating expenditures prior to the initial business combination, raising concerns about its ability to continue as a going concern[139]. Initial Public Offering - The company completed its Initial Public Offering on June 30, 2025, raising gross proceeds of $172.5 million from the sale of 17,250,000 Units at $10.00 per Unit[117]. - The company incurred offering costs totaling $9,424,463, which included $1,155,750 in cash underwriting fees and $5,175,000 in deferred underwriting fees[118]. - The underwriters of the Initial Public Offering are entitled to a deferred underwriting discount of $5,175,000, which will be payable only upon completion of an initial business combination[142]. Trust Account and Business Combination - The company placed $173,362,500 in a Trust Account, which will be invested in U.S. government securities until the completion of an initial business combination[119]. - The company executed a Business Combination Agreement on August 25, 2025, with Crypto.com and Trump Media & Technology Group, involving the contribution of significant assets[120]. - The company plans to use funds held outside the Trust Account for identifying and evaluating target businesses and related due diligence[138]. Regulatory and Accounting Matters - The Company has not identified any critical accounting estimates as of September 30, 2025, indicating a stable financial reporting environment[143]. - The Company adopted ASU 2023-07 on March 3, 2025, which did not have a material impact on its financial statements[144]. - ASU 2023-09, effective for fiscal years beginning after December 15, 2024, requires additional disclosures related to income tax rate reconciliations and income taxes paid[145]. - The Company is currently assessing the potential impact of ASU 2023-09 on its financial position and results of operations[146]. - Management believes that no other recently issued accounting pronouncements would materially affect the financial statements[147]. - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies[148]. Future Expectations - The company expects to incur increased expenses related to being a public company, including legal and compliance costs[128].

Financial Performance - As of September 30, 2025, the company reported a net loss of $395,372 for the three months ended, primarily due to formation and administrative expenses of $1,640,771 [129]. - The total net loss from inception (March 3, 2025) through September 30, 2025, was $487,506, with general and administrative expenses of $1,734,769 [130]. - The company had $290,238 in cash and cash equivalents outside of the Trust Account and a working capital deficit of $936,432 as of September 30, 2025 [131]. Initial Public Offering - The company completed its Initial Public Offering on June 30, 2025, raising gross proceeds of $172.5 million from the sale of 17,250,000 Units at $10.00 per Unit [117]. - Offering costs incurred amounted to $9,424,463, which included $1,155,750 in cash underwriting fees and $5,175,000 in deferred underwriting fees [118]. - The underwriters of the Initial Public Offering are entitled to a deferred underwriting discount of $5,175,000, which will be payable only upon completion of an initial business combination [142]. Business Combination - The company executed a Business Combination Agreement on August 25, 2025, with Crypto.com and Trump Media & Technology Group, involving significant asset contributions [120]. - Crypto.com will contribute 6,313,000,212 Cronos tokens and necessary infrastructure to establish a proof of stake validator node as part of the business combination [122]. - TMTG will contribute 100% of the issued and outstanding membership interests of the Asset Company in exchange for 10,000,000 shares of SPAC Class A Common Stock [125]. - The company anticipates incurring significant costs related to identifying a target business and conducting due diligence prior to the initial business combination [139]. Accounting and Reporting - The Company has not identified any critical accounting estimates as of September 30, 2025 [143]. - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, aimed at improving reportable segment disclosures, with no material impact on the Company's financial statements upon adoption [144]. - ASU 2023-09, effective for fiscal years beginning after December 15, 2024, requires additional disclosures related to income tax rate reconciliations and income taxes paid, which the Company is currently assessing [145][146]. - The Company does not believe that any other recently issued accounting pronouncements would have a material effect on its financial statements [147]. Trust Account - The Trust Account held marketable securities valued at $174,599,568, which are intended to be used for the initial business combination [134].

Revenue Performance - The company reported revenues of $1,029 thousand for the three months ended September 30, 2025, a decrease of $830 thousand or 44.6% compared to $1,859 thousand in the same period of 2024[107]. - For the nine months ended September 30, 2025, revenues were $1,563 thousand, down $1,443 thousand or 48.0% from $3,006 thousand in the same period of 2024[108]. Net Loss and Profitability - The net loss for the three months ended September 30, 2025, was $1,429 thousand, an increase of $274 thousand or 23.7% compared to a net loss of $1,155 thousand in the same period of 2024[107]. - The gross profit for the three months ended September 30, 2025, decreased by $183 thousand or 33.2% compared to the same period in 2024, primarily due to lower revenues[111]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, totaled $2,118 thousand, an increase of $134 thousand or 6.8% compared to $1,984 thousand in the same period of 2024[107]. - G&A expenses increased by $153 thousand, or 9.3%, for the three months ended September 30, 2025, compared to the same period in 2024[114]. - For the nine months ended September 30, 2025, G&A expenses increased by $620 thousand, or 12.8%, primarily due to a $588 thousand increase in legal fees[115]. Cash Flow and Working Capital - Cash and cash equivalents decreased by $3,547 thousand to $10,488 thousand as of September 30, 2025, primarily due to a net loss of $5,185 thousand[118]. - Working capital decreased to $8,168 thousand as of September 30, 2025, compared to $12,809 thousand at December 31, 2024[119]. - Operating activities resulted in cash outflows of $3,453 thousand for the nine months ended September 30, 2025, primarily due to a net loss of $5,185 thousand[120]. - Investing activities resulted in cash outflows of $78 thousand for the nine months ended September 30, 2025, primarily for patents and intangible assets[122]. - Financing activities resulted in cash outflows of $17 thousand for the nine months ended September 30, 2025, primarily due to taxes paid for the vesting of employee restricted stock units[123]. Equity and Compliance - As of September 30, 2025, the company has raised approximately $105.3 million in gross proceeds through equity securities sales[91]. - The company entered into an ATM Offering Agreement with Wainwright to offer and sell shares of common stock with an aggregate offering price of up to $10,390,000[100]. - The company received a 180-day extension from Nasdaq to regain compliance with the minimum bid price requirement, with a deadline of March 30, 2026[102]. - The company was granted a 180-day extension until March 30, 2026, to regain compliance with Nasdaq's minimum closing bid price requirement[138]. Share Issuance and Potential Liabilities - Approximately 21.3 million shares of common stock are issuable upon exercise of outstanding warrants, potentially raising up to $22.5 million in gross proceeds[119]. - The company issued 15,000 shares to Firm IR Group LLC for services rendered, with 3,750 shares issued at a fair market value of $0.94 per share on September 30, 2025[145]. - An additional 87,016 shares were issued to Firm IR at a fair market value of $0.58 per share for reimbursement of legal fees incurred[146]. - The company has no contractual debt obligations and plans to fund operations through equity offerings until revenue growth covers operating expenses[119]. Legal and Insurance Risks - The company is subject to potential liabilities that may not be fully covered by insurance, which could impact financial condition and cash flows[143]. - There are inherent uncertainties in litigation costs and outcomes that could materially affect the company's financial status[144]. - No directors or officers adopted or modified trading arrangements during the fiscal quarter ended September 30, 2025[151]. Research and Development - Research and development expenses remained relatively consistent year-over-year for both the three and nine months ended September 30, 2025[113].

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 8/F. 29 Des Voeux Road Central, Central, Hong Kong Special Administrative Region of the People's Republic of China (Address of principal executive offices) (Zip Code) +852 2669-8078 (Registrant's telephone number, including area code) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Financial Performance - Total revenue for Q3 2025 was $0.74 million, a decrease of 81.7% compared to $4.0 million in the prior year period[6] - Total operating expenses increased to $4.0 million, up from $3.6 million in the prior year period[7] - Net loss for Q3 2025 was $8.9 million, compared to a net loss of $3.8 million in the prior year period, reflecting a significant increase in losses[8] - For the nine months ended September 30, 2025, the net loss was $16,015, compared to a net loss of $8,882 for the same period in 2024, indicating a 80% increase in losses year-over-year[17] - Cash flows used in operating activities totaled $11,802 for the nine months ended September 30, 2025, compared to $5,232 in 2024, reflecting a 126% increase in cash outflow[17] - Cash as of the end of the period was $1,810, down from $2,309 at the end of the same period in 2024, showing a decrease of 22%[17] Capital and Financing - On October 23, 2025, the company closed a $110.7 million private placement, resulting in approximately $24.3 million of net cash proceeds and approximately $19.0 million of stablecoin proceeds[10] - The company reported a net cash provided by financing activities of $12,788 for the nine months ended September 30, 2025, up from $7,248 in 2024, representing a 76% increase[17] Asset Management - As of September 30, 2025, the company had cash and cash equivalents of $1.8 million, with no borrowings outstanding[9] - A non-cash inventory reserve of $5.0 million was recorded to reflect expected recoveries from legacy product lines[8] - The company holds approximately 54.2 million BERA tokens as of October 23, 2025, as part of its treasury strategy[10] - The company has entered the cryptocurrency industry and is implementing a digital asset treasury strategy to manage cash assets[18] - The company aims to manage BERA tokens to generate yields through staking and enhance long-term value as adoption increases[11] Strategic Initiatives - The company is transitioning to a capital-light, IP-driven operating model under the BERA initiative[8] - The leadership team has been strengthened with the appointment of Bruce Linton as Chairman and Ben Isenberg as Chief Investment Officer[5] - Greenlane operates as a global platform for premium smoking accessories and has a diverse distribution network including specialty retailers and convenience stores[18] - The company is focused on executing its growth strategy and raising capital effectively to enhance market position and operational performance[20] Future Outlook and Risks - Future announcements and priorities will include developments in technology and competitive landscape adjustments[19] - The company has not provided specific future financial guidance but emphasizes the importance of effective capital deployment[20] - Risks include the ability to execute growth strategies and market performance of its products, which may impact future results[20]

Financial Performance - Revenues for Q3 2025 were $1.4 million, a slight increase from $1.4 million in Q3 2024, while revenues for the nine months ended September 30, 2025, were $4.6 million, down from $5.2 million in the same period last year [12]. - Gross profit for Q3 2025 was $0.5 million, compared to $0.5 million in Q3 2024, and for the nine months ended September 30, 2025, gross profit was $1.8 million, down from $2.1 million in the prior year [12]. - Loss from operations for Q3 2025 was ($1.9) million, compared to a loss of ($0.8) million in Q3 2024, and for the nine months ended September 30, 2025, the loss was ($4.5) million, up from ($1.0) million in the prior year [12]. - Net income for the nine months ended September 30, 2025, was a loss of $5,373,327, compared to a loss of $998,596 for the same period in 2024 [14]. - Net cash provided by (used in) operating activities was $(3,887,737) for the nine months ended September 30, 2025, compared to $1,263,526 in 2024 [14]. - Cash flows used in investing activities totaled $(616,896) for the nine months ended September 30, 2025, compared to $(46,167) in 2024 [14]. - Net cash provided by financing activities was $5,196,432 for the nine months ended September 30, 2025, compared to $(3,563,676) in 2024 [14]. - The company reported stock-based compensation of $1,154,842 for the nine months ended September 30, 2025 [14]. - The company experienced a decrease in accounts receivable of $(395,995) compared to an increase of $1,803,724 in 2024 [14]. - The company reported a decrease in inventory of $(64,883) for the nine months ended September 30, 2025, compared to an increase of $7,086 in 2024 [14]. - Proceeds from IPO and overallotment, net, amounted to $4,543,988 for the nine months ended September 30, 2025 [14]. - The company had a cash flow increase of $691,799 in cash and cash equivalents for the nine months ended September 30, 2025, compared to a decrease of $(2,346,317) in 2024 [14]. Operational Developments - The Company extended its emergency preparedness contract with the City of Chicago through June 2026, increasing total contract value to $9.1 million with an additional $1.5 million in funding [6]. - The Company established a subsidiary in India, Callan JMB Services (India) Private Limited, with plans for a temperature-controlled warehouse for pharmaceutical storage and distribution [6]. - The Company upgraded its Sentry Monitoring System to version 4.0, enhancing temperature monitoring capabilities for healthcare facilities and emergency management agencies [6]. - The Company entered a preliminary agreement to install oral drug delivery equipment at its cGMP facility in Texas, supporting future logistics operations for international pharmaceutical companies [6]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $2.8 million, an increase from $2.1 million at the end of 2024 [10]. - Total assets as of September 30, 2025, were $7.7 million, compared to $5.1 million at the end of 2024 [10]. - Cash and cash equivalents at the end of the period were $2,789,744, a decrease from $2,809,303 at the end of the same period in 2024 [14].