Financial Performance - The company reported a net loss of $8,615,920 for the three months ended September 30, 2025, compared to a net loss of $2,184,500 for the same period in 2024, representing an increase in loss of $6,431,420[143]. - The company incurred a net loss of $46,622,106 for the nine months ended September 30, 2025, compared to a net loss of $9,645,482 in 2024, an increase of $36,976,624[154]. - Revenue for the nine months ended September 30, 2025 was $39,990, down from $63,000 in the same period of 2024, a decrease of $23,010[154]. - As of September 30, 2025, the company had cash totaling $1,513,224, raising substantial doubt about its ability to continue as a going concern[171]. Operating Expenses - The total operating expenses for the three months ended September 30, 2025, were $6,934,647, an increase of $4,737,460 from $2,197,187 in 2024[143]. - Total operating expenses for the nine months ended September 30, 2025 were $44,583,513, compared to $5,091,790 in 2024, an increase of $39,491,723[154]. - General and administrative expenses increased significantly to $902,985 in the three months ended September 30, 2025, compared to $243,659 in 2024, reflecting an increase of $659,326[143]. - Research and development expenses for the three months ended September 30, 2025, were $715,038, a decrease of $241,687 from $956,725 in 2024[143]. - Legal and professional expenses fell to $276,378 in Q3 2025 from $496,803 in Q3 2024, a decrease of $220,425 due to the completion of the direct listing process[146]. - Interest expense for Q3 2025 was $869,815, compared to $0 in Q3 2024, primarily related to accrued interest for litigation and convertible notes[150]. Funding and Capital Requirements - The company entered into an agreement to sell common stock up to $10,000,000, closing on commitments for 625,000 shares at $16 per share[121]. - The company expects to finance its operations over the next 12 months primarily through existing cash balances and proceeds from private placements, supplemented by funds from a Line of Credit Agreement and sales under the Equity Purchase Agreement[175]. - The company may need to raise substantial additional funding to continue operations, which could lead to delays or reductions in research and development programs if capital is not raised on acceptable terms[174]. - Future capital requirements will depend on various factors, including costs of clinical trials, manufacturing, and regulatory reviews, as well as the ability to establish collaborations on favorable terms[175]. Research and Development - The company is developing NEO100 and NEO212, with NEO100 currently in Phase 2a trials and NEO212 having completed preclinical testing[119]. - The company anticipates significant increases in research and development costs as it advances its product candidates through clinical trials[135]. - The company expects expenses to increase due to ongoing research and development activities, including preclinical studies and clinical trials[174]. Market and Economic Conditions - The company does not currently face significant market risk related to foreign currency exchange rates, but future operations may be subject to fluctuations due to contracts with foreign vendors[179]. - Inflation has not had a material effect on the company's business or financial condition during the three and nine months ended September 30, 2025, or the year ended December 31, 2024[180]. Ownership and Equity - The company may face dilution of ownership interests if it raises additional capital through equity or convertible debt securities[176]. - If the company raises funds through collaborations or licensing arrangements, it may have to relinquish valuable rights to its technologies or future revenue streams[177]. - The company accounts for stock-based compensation in accordance with ASC 718, with estimates that can materially affect financial results[178].

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) For the quarter 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: 001-42207 EQV Ventures Acquisition Corp. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1786998 (State or other j ...

Revenue Performance - Buy-side revenue increased 7% to $7.3 million in Q3 2025, compared to $6.8 million in Q3 2024, representing the majority of consolidated revenue[15] - Sell-side revenue decreased to $600,000 in Q3 2025 from $2.2 million in Q3 2024, primarily due to lower impression inventory[15] - The number of customers increased by 5%, but revenues declined by 70%, highlighting challenges in the sell-side[36] Financial Metrics - Gross margin for Q3 2025 was 28%, down from 39% in Q3 2024[16] - Operating expenses decreased by 25% to $6.1 million in Q3 2025, compared to $7.2 million in the same period last year[16] - Year-to-date operating expenses reduced by $5.4 million, approximately a 20% decrease compared to the first nine months of 2024[14] - Net loss improved to $5 million or $0.24 per share in Q3 2025, compared to a net loss of $6.4 million or $0.71 per share in Q3 2024[18] - Total cash plus accounts receivable as of September 30, 2025, was $4.5 million, down from $6.4 million at the end of 2024[18] Debt and Equity Management - Successfully converted $25 million of existing debt into Series A convertible preferred stock, enhancing financial flexibility[19] - Expanded equity line of credit facility to $100 million, raising $8.9 million since its inception in November 2024[20] - The company completed a $10 million conversion of debt to preferred equity, indicating a positive shareholder equity position post-quarter[39] Strategic Initiatives - New partnership with ReachTV aims to enhance data-driven marketing for travel and tourism, reaching over 50 million travelers per month[7] - The company expects 2026 to be a positive cash flow year, driven by optimization opportunities and a focus on the buy-side business[34] - The buy-side business remains profitable, while the sell-side is being streamlined to improve overall profitability[35] - AI initiatives are enabling growth on the sell-side without significantly increasing fixed costs[38]

Revenue Performance - Revenue for the three months ended September 30, 2025, was $1,324,633, an increase of $297,513 or 28.97% compared to $1,027,120 in the same period of 2024[177]. - For the nine months ended September 30, 2025, total revenue was $2,482,892, an increase of $507,594 or 25.70% compared to $1,975,298 in 2024[188]. - FMCG revenue for the nine months ended September 30, 2025, reached $2,060,276, an increase of $2,059,934 or 602,319.88% from $342 in 2024, reflecting the company's strategic expansion[188]. FMCG Sector - Fast-Moving Consumer Goods (FMCG) revenue surged to $1,196,141 for the three months ended September 30, 2025, up $1,195,799 or 349,648.83% from $342 in 2024, driven by strategic expansion into the FMCG sector[178]. Revenue Declines - Trading commission and consulting service revenue decreased by $469,753 or 78.52% to $128,492 in the three months ended September 30, 2025, due to the non-recurrence of a major project from the previous year[179]. - Supply chain financing/trading revenue was nil for the three months ended September 30, 2025, a decrease of $428,533 or 100% from $428,533 in 2024, attributed to management's decision to suspend operations due to lower coal prices and reduced market demand[180]. - Supply chain financing/trading revenue for the nine months ended September 30, 2025, was $1,341, a decrease of $933,630 or 99.86% from $934,971 in 2024[188]. - Revenue from trading commission and consulting services fell to $421,275, a decrease of 59.49% from $1,039,985 in the same period last year, primarily due to the non-recurrence of a major project[190]. Profitability - Gross profit for the three months ended September 30, 2025, was $122,337, a decrease of $500,520 or 80.36% from $622,857 in 2024, primarily due to reduced gross profit from trading commission and consulting services[181]. - Overall gross profit decreased by $768,045, or 66.45%, to $387,727 for the nine months ended September 30, 2025, compared to $1,155,772 in 2024[192]. - The gross margin as a percentage of revenue dropped to 15.62% for the nine months ended September 30, 2025, a decrease of 42.90 percentage points from 58.51% in the prior year[192]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $2,219,797, a decrease of $2,851,195 or 56.23% compared to $5,070,992 in 2024[182]. - Total operating expenses surged to $34,941,133, representing 1,407.28% of revenue for the nine months ended September 30, 2025, compared to $8,546,890, or 432.69% of revenue in 2024[193]. Net Loss - Net loss from continuing operations for the three months ended September 30, 2025, was $1,965,312, a decrease of $2,251,450 or 53.39% from the previous year[187]. - Net loss from continuing operations was $31,058,936, an increase of 271.19% compared to the loss of $8,367,411 in the same period last year[198]. - Basic and diluted loss per share from continuing operations was $8.03 for the nine months ended September 30, 2025, compared to a loss of $4.20 in the same period last year[200]. Financial Position - Cash and cash equivalents increased to $6.89 million as of September 30, 2025, up $2.13 million from $4.77 million at the end of 2024[201]. - Working capital rose to $40.54 million as of September 30, 2025, an increase of $32.94 million from $7.60 million at the end of 2024[202]. Credit Losses - The allowance for credit losses/doubtful accounts increased to $29,416,788, a rise of 668.12% from $3,829,724 in the same period last year[196].

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $2,313,194, a decrease of $770,728 or 25% compared to $3,083,922 for the same period in 2024[158] - For the nine months ended September 30, 2025, total revenue was $6,901,921, a decrease of $3,199,334 or 31.7% compared to $10,101,258 for the same period in 2024[166] Transaction and Processing Fees - Transaction and processing fees accounted for $2,106,362 of the total revenue in Q3 2025, down from $2,569,596 in Q3 2024[158] Costs and Expenses - Processing and servicing costs decreased by $513,477 or 19.7% to $2,090,937 in Q3 2025 from $2,604,414 in Q3 2024[159] - Processing and servicing costs for the nine months ended September 30, 2025, were $5,864,065, down $2,466,621 or 29.6% from $8,330,686 in 2024[167] - General and administrative expenses for the nine months ended September 30, 2025, were $1,573,485, a decrease of $682,188 or 30.2% from $2,255,673 in 2024[172] - Professional fees for the nine months ended September 30, 2025, were $554,129, a decrease of $1,112,841 or 66.8% compared to $1,666,970 in 2024[171] - Salary and wage expense decreased by $102,280 or 16.9% to $502,504 in Q3 2025 from $604,784 in Q3 2024 due to a reduction in headcount[162] - Amortization expense for Q3 2025 was $0, a decrease of $112,499 compared to $112,499 in Q3 2024[160] - Depreciation expense for the Bitcoin Mining Segment was $120,694 in Q3 2025, down 81.6% from $656,017 in Q3 2024[161] Net Loss - The net loss for the nine months ended September 30, 2025, was $4,388,332, a decrease of $2,290,556 compared to $6,678,888 for the same period in 2024[174] - The company recognized a $775,000 deemed dividend for preferred stock and a $30,630 for preferred dividends, resulting in a net loss applicable to common shareholders of $5,193,962[174] Cash and Financing Activities - The company had cash of $3,540 and negative working capital of $6,036,698 as of September 30, 2025[179] - The company received net cash of $1,267,224 from financing activities for the nine months ended September 30, 2025, compared to $1,116,275 in 2024[178] - The company has entered into an Equity Distribution Agreement with Maxim Group LLC to raise up to $15,000,000, with proceeds of $2,009,723 as of September 30, 2025[180] Business Developments - The company plans to complete the buildout of a Bitcoin mining data center in Selmer, Tennessee, to support up to 5,000 mining machines by 2025[148] - The company acquired 80.01% of Moola Cloud, LLC, to enhance marketing to underbanked communities, with plans to fully acquire the remaining 19.99% for $215,500[153] - The company is in the process of spinning off DMINT into a standalone entity, pending SEC approval[149] - The company launched a new merchant and ISO boarding system in July 2019 to automate merchant onboarding[144] Going Concern - The company may require additional resources to execute its business plans, with substantial doubt about its ability to continue as a going concern without raising additional capital[183]

User Engagement and App Performance - As of November 10, 2025, the ZCITY App had 2,708,782 registered users and 2,027 registered merchants[208] - The number of new registered users for the ZCITY App in the quarter ended September 30, 2025, was 517, while the number of active users was 4,378[231] - As of September 30, 2025, the company recorded 2,708,570 registered users, with an average growth rate of approximately 0.1% over the past five quarters, while active users decreased by an average of 27.1%[233] - The decline in active users is attributed to reduced E-voucher purchases and decreased marketing spending, leading to lower new user registrations and retention rates[234] Financial Performance - Total revenues for the three months ended September 30, 2025, decreased by approximately $25,000 or 12.0% to approximately $182,527 compared to $207,371 for the same period in 2024[237] - Product and loyalty program revenue increased by approximately $0.1 million or 122.1% to approximately $181,519 for the three months ended September 30, 2025, driven by higher demand for e-vouchers[238] - Transaction revenue decreased by 97.7% to approximately $1,008 for the three months ended September 30, 2025, compared to approximately $43,080 for the same period in 2024[240] - Member subscription revenue decreased by 100% to approximately $0 for the three months ended September 30, 2025, from approximately $82,546 for the same period in 2024[241] - Gross profit for the three months ended September 30, 2025, was approximately $1,286, reflecting a decrease of approximately $171,000 or 99.3% compared to approximately $172,172 for the same period in 2024[244] Expenses and Losses - Selling expenses decreased by approximately $57,000 or 73.2% to approximately $21,000 for the three months ended September 30, 2025, primarily due to reduced marketing expenses[247] - General and administrative expenses increased by approximately $54,000 or 6.8% to approximately $843,000 for the three months ended September 30, 2025, driven by higher administrative costs[248] - Research and development expenses increased by approximately $0.8 million or 1,547.9% to support A.I. related infrastructure development for the three months ended September 30, 2025[249] - Net loss for the three months ended September 30, 2025, was approximately $2.0 million, an increase of $1.0 million compared to a net loss of $1.0 million for the same period in 2024[253] Cash Flow and Financing - As of September 30, 2025, the company had approximately $1.3 million in cash and cash equivalents, primarily consisting of unrestricted bank deposits[255] - Net cash used in operating activities for the three months ended September 30, 2025, was approximately $1.8 million, compared to $1.0 million for the same period in 2024[260] - Net cash provided by financing activities for the three months ended September 30, 2025, was approximately $3.5 million, primarily from the Share Purchase Agreement[265] - The company issued 33,566 shares of common stock, resulting in net proceeds of approximately $2.9 million as of September 30, 2025[256] Acquisitions and Partnerships - On February 11, 2025, the company signed a share purchase agreement to acquire a 51% stake in Tien Ming Distribution Sdn Bhd, although the transaction is expected to be terminated due to lack of control[214] - The company initiated a new revenue stream by offering customized software development services, targeting enterprise clients, with a partnership established in January 2025[213] - The company has partnered with Credilab Sdn Bhd to develop credit services within the ZCITY App, with the partnership scheduled to conclude on September 19, 2029[221] - The company aims to enhance user engagement through the integration of mini-game modules into the ZCITY App, in partnership with Octagram Investment Limited[222] Stock and Valuation - A reverse stock split of 1:50 was executed on April 7, 2025[215] - The fair value of warrants issued to Alumni Capital was estimated at $2,687,863 based on assumptions including expected volatility of 160.20% to 171.88% and an exercise price of $1.17 to $5.15[282] - The fair value of warrants on June 30, 2025, was estimated at $383,886, with an expected volatility of 162.92% to 167.27% and an exercise price of $1.20 to $2.05[283] - The fair value of warrants on September 30, 2025, was estimated at $1,037,695, with an expected volatility of 162.53% and an exercise price of $0.65 to $1.10[284] Internal Controls and Compliance - Management identified material weaknesses in internal control over financial reporting, including inadequate U.S. GAAP expertise and lack of an internal audit function[289] - Plans for remedial measures include hiring qualified accounting personnel and establishing an internal audit function to improve financial reporting and compliance[289] Impairments and Concerns - The company recorded an impairment for long-lived assets amounting to $19,517,303 as of September 30, 2025[273] - The company has substantial doubt about its ability to continue as a going concern due to recurring losses and insufficient funds to meet working capital requirements[259] Other Financial Information - The company has provided an allowance for credit loss of $1,078,475 for other receivables as of September 30, 2025[272] - For the three months ended September 30, 2025, the company recorded an unrealized holding loss on marketable securities of $0, compared to approximately $128,000 for the same period in 2024[274] - Deferred tax liabilities are recognized for all taxable temporary differences, while deferred tax assets are recognized only if it is probable that taxable profit will be available[278] - Revenue from customized software development services is recognized over time using the cost-to-cost input method, with significant estimates impacting revenue timing and amounts[277] - Stock-based compensation for the three months ended September 30, 2025, amounted to approximately $100,000, compared to $70,000 for the same period in 2024[280]

Table of Contents 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 number 001-07731 EMERSON RADIO CORP. Or (Exact name of registrant as specified in its charter) Delaware 22-3285224 (Stat ...

Financial Performance - The company reported no product revenue for the three and nine months ended September 30, 2025, consistent with the prior year[99]. - Revenue decreased to $1.3 million in Q3 2025, a 50% decline from $2.5 million in Q3 2024, primarily due to a 72% drop in audio conferencing products[130]. - Year-to-date revenue for 2025 was $5.5 million, down 35% from $8.4 million in 2024, driven by a 45% decline in audio conferencing and a 40% decline in video products[130]. - Gross profit turned to a loss of $(886) thousand in Q3 2025, compared to a profit of $639 thousand in Q3 2024[132]. - The net loss from continuing operations for the three months ended September 30, 2025, was $871,000, compared to a loss of $716,000 in the same period of 2024, representing a 22% increase in losses[98]. Operating Expenses - General and administrative expenses increased to $3,180,000 for the nine months ended September 30, 2025, compared to $2,416,000 for the same period in 2024, reflecting a 32% increase[98]. - Operating expenses in Q3 2025 were $1.2 million, down from $2.0 million in Q3 2024, reflecting a reduction in sales and marketing expenses[135]. - R&D expenses were $0.7 million in Q3-2025, down from $0.8 million in Q3-2024; year-to-date R&D expenses increased to $2.7 million in 2025 from $2.5 million in 2024[139]. - G&A expenses remained stable at $0.1 million in Q3-2025 compared to Q3-2024; year-to-date G&A expenses rose to $0.5 million in 2025 from $0.4 million in 2024[141]. Cash Flow and Liquidity - Cash used in operating activities was approximately $(3.3) million for the nine months ended September 30, 2025, an increase of $1.2 million from $(2.1) million in the same period of 2024[109]. - Cash provided by financing activities was $4.0 million in the nine months ended September 30, 2025, compared to $(14.5) million used in the same period of 2024[111]. - As of September 30, 2025, cash and cash equivalents were approximately $0.8 million, down from $1.4 million as of December 31, 2024[108]. Asset Management - As of September 30, 2025, the company classified substantially all operating assets related to its product business as held for sale, presenting the results of that component as discontinued operations[82]. - The company classified a disposal group of assets as held for sale, which includes intellectual property and certain inventories, as of September 30, 2025[122]. - The asset sale closed on October 24, 2025, with cash consideration received for intellectual property and certain inventories[87]. - Deferred product revenue decreased to $12,000 on September 30, 2025, from $17,000 on December 31, 2024[94]. - Inventory totaled $0.4 million as of September 30, 2025, unchanged from December 31, 2024[118]. Going Concern - The company incurred net losses and used cash in operations, raising substantial doubt about its ability to continue as a going concern within one year after the issuance of these financial statements[91]. - The company has substantial doubt about its ability to continue as a going concern within one year after the issuance of these financial statements[115]. Strategic Initiatives - The company executed a strategic plan to reduce continuing operations to warranty and product support, positioning itself as a reverse merger vehicle for potential strategic transactions[82]. - The company retained responsibility for legacy product support and warranty obligations, maintaining a small technical support function[86]. Other Income and Impairments - Other income included a $10.7 million impairment charge related to inventory and IP held for sale in the nine months ended September 30, 2025, compared to $0.0 million in the same period of 2024[142]. - No benefit from losses was recognized due to a full valuation allowance on net deferred income taxes for the nine months ended September 30, 2025 and 2024[143].

Financial Performance - Sales increased by $2.0 million (19%) for the three months ended September 30, 2025, and by $7.8 million (28%) for the nine months ended September 30, 2025, compared to the same periods in 2024, driven by increased production and sales from new facilities[94] - The company achieved a gross profit of $1.4 million for the three months ended September 30, 2025, and $4.3 million for the nine months ended September 30, 2025, representing increases of 22% compared to the prior year[94] - The net loss for the three months ended September 30, 2025, was $26.4 million, a decrease of 23% from a net loss of $34.3 million in the same period in 2024[94] Operating Expenses - Operating expenses totaled $19.6 million for the three months ended September 30, 2025, and $53.7 million for the nine months ended September 30, 2025, reflecting an increase of 1% and 17% respectively compared to the same periods in 2024[94] - Cost of goods sold increased by $2.0 million for the three months ended September 30, 2025, and by $7.1 million for the nine months ended September 30, 2025, primarily due to production ramp-up at new facilities[99] - Research and development costs rose by $0.4 million for the three months ended September 30, 2025, and by $5.0 million for the nine months ended September 30, 2025, driven by the development of production and post-harvest packaging techniques[101] - Sales and marketing costs increased by $0.5 million for the three months ended September 30, 2025, and by $1.1 million for the nine months ended September 30, 2025, mainly due to higher transportation and delivery costs[104] - General and administrative expenses increased by $1.9 million for the nine months ended September 30, 2025, primarily due to a $3.7 million impairment charge related to Pete's trade name[107] Cash Flow and Financing - Net cash used in operating activities was $27.2 million for the nine months ended September 30, 2025, due to a net loss of $85.7 million[125] - Cash and cash equivalents at the end of the period increased to $12.7 million from $6.8 million at the end of the previous year[124] - Future aggregate financing obligation payments total $138.7 million, with significant payments due in the years 2026 to 2029[123] - Net cash provided by financing activities was $44.5 million for the nine months ended September 30, 2025, including $21.4 million from the issuance of Series A Preferred Stock[129] Facility and Production Updates - The Texas facility reached full harvestable capacity in early August 2025 after a reconfiguration to produce both head lettuce and cut products[87] - The company expects yield increases of more than 10% following planned tower upgrades, with optimization completion anticipated in the fourth quarter of 2025[88] - The company operates six facilities, with the latest expansions completed in Washington and Texas, enhancing its production capacity[84] Agreements and Product Offerings - The company signed an offtake agreement with Sam's Club in October 2022 for leafy greens production, which runs through September 2028[85] - The company expanded its product offerings with new Grab & Go Salads and a family-sized 10oz Romano Caesar Salad Kit launched in October 2025[92][93] Interest and Debt - Interest expense, net decreased by $13.8 million for the three months ended September 30, 2025, and by $12.4 million for the nine months ended September 30, 2025, due to a decrease in the principal amount outstanding under the Senior Facility[110][111] - The principal amount due under the credit facility with Cargill Financial totaled $302.0 million as of September 30, 2025[113]

Financial Performance - Total revenue for the three months ended September 30, 2025, increased by $267,703, or 2.2%, compared to the prior year, driven by an $791,195 increase in Platforms revenue [128]. - Platforms revenue reached $5,120,840, reflecting an 18.3% increase, while Transactions revenue decreased by $523,492, or 6.8%, totaling $7,191,345 [128]. - Gross profit for the three months ended September 30, 2025, was $6,225,298, an increase of $459,422, or 8.0%, with Platforms gross profit rising by 19.2% [132]. - Net income for the period was $749,387, representing an increase of $80,383, or 12.0%, attributed to higher gross profit despite increased operating expenses [134]. - Adjusted EBITDA for Q3 2025 reached $1,472,963, reflecting a $200,428 increase or 15.8% from $1,272,535 in Q3 2024 [144]. Revenue Sources - Revenue is derived from two main sources: annual licenses for accessing premium features of the SaaS platforms and transactional sales of STM content, reflecting a diversified revenue model [115]. - The company recognizes revenue from single article delivery services upon delivery to the customer, ensuring timely revenue recognition aligned with service fulfillment [117]. Cost Management - Total cost of revenue decreased by $191,719, or 3.1%, to $6,086,887, with the cost of Platforms increasing by 11.6% and Transactions decreasing by 4.4% [129]. - Operating expenses increased by $144,442, or 2.8%, totaling $5,263,627, primarily due to a 40.0% increase in sales and marketing expenses [133]. Cash Flow - Cash and cash equivalents at the end of the period were $11,955,763, a decrease of $271,549 from the previous quarter, primarily due to cash used in financing activities [136]. - Net cash provided by operating activities was $1,107,119, driven by net income and adjustments to contingent earnout liability [137]. - Net cash used in financing activities was $1,361,218, primarily for the payment of contingent acquisition consideration [141]. Tax and Other Expenses - Provision for income taxes decreased by $24,981, from $46,212 in Q3 2024 to $21,231 in Q3 2025, a decline of 54.1% [144]. - Stock-based compensation decreased by $205,507, from $417,989 in Q3 2024 to $212,482 in Q3 2025, a reduction of 49.2% [144]. - Other (income) expense increased significantly by $259,578, from $(68,525) in Q3 2024 to $191,053 in Q3 2025, marking a 378.8% change [144]. - Foreign currency transaction gain improved by $86,984, from $(104,240) in Q3 2024 to $(17,256) in Q3 2025, an increase of 83.4% [144]. - Depreciation and amortization slightly increased by $3,971, from $312,095 in Q3 2024 to $316,066 in Q3 2025, a change of 1.3% [144]. Operational Efficiency - The Platforms enable researchers to obtain articles generally in under an hour, often in seconds, showcasing the efficiency of the company's document delivery service [111]. - The company utilizes advanced AI models, including generative AI assistants, to enhance user experience and streamline research workflows across its Platforms [106]. - The company has arrangements with hundreds of content publishers, allowing for electronic access to a vast majority of articles, facilitating quick delivery to customers [111]. - The company’s Platforms include tools for managing rights and permissions for content reuse, ensuring compliance with copyright laws, particularly in AI applications [104]. - The Platforms are deployed as a single, multi-tenant system, allowing for scalability and rapid innovation, which contributes to a competitive advantage in the market [107]. Accounting and Compliance - The company’s financial statements are prepared in accordance with GAAP, requiring estimates and assumptions that may affect reported amounts of assets, liabilities, revenue, and expenses [112]. - The company does not have any off-balance sheet arrangements [145]. - Adjusted EBITDA is used by the company for internal budgets, forecasts, and strategic planning, but has limitations as an analytical tool [146]. - The company does not provide quantitative and qualitative disclosures about market risk as it is not required [148].