Going concern (ASC 205-40): disclosure examples

The Company’s continuation as a going concern is dependent upon its ability to ultimately attain profitable operations, generate sufficient cash flow to meet its obligations, and obtain additional financing as may be required. Our auditors have included a “going concern” qualification in their Report of Independent Certified Public Accountants accompanying our audited consolidated financial statements appearing elsewhere herein which cites substantial doubt about our ability to continue as a going concern. Such a “going concern” qualification may make it more difficult for us to raise funds when needed. The outcome of this uncertainty cannot be assured.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm (Boladale Lawal & Co) PCAOB ID (6993)	9
Consolidated Balance Sheets as of December 31, 2025 and 2024	10
Consolidated Statements of Operations for the years ended December 31, 2025 and 2024	11
Consolidated Statement of Stockholders’ Deficit for the years ended December 31, 2025 and 2024	12
Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024	13
Notes to Consolidated Financial Statements	14

Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of NIKA PHARMACEUTICALS, INC.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Nika Pharmaceuticals, Inc (the ‘Company’) as of December 31, 2025 and 2024, and the related consolidated statements of operations and changes in stockholders’ (deficit) and cash flows for each of the two years in the period ended December 31, 2025 and 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025 and 2024, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The independent auditors' report accompanying our February 28, 2026 and 2025 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize assets and satisfy liabilities and commitments in the ordinary course of business.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

ANVI GLOBAL HOLDINGS, INC.

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (Firm ID: 5525)	5
Balance Sheets as of February 28, 2026 and 2025	6
Statements of Operations for the Years Ended February 28, 2026 and 2025	7
Statements of Stockholders’ Deficit for the years ended February 28, 2026 and 2025	8
Statements of Cash Flows for the Years Ended February 28, 2026 and 2025	9
Notes to the Financial Statements	10

As of December 31, 2025, BioForce had an accumulated deficit of $162,411,310 which included a net loss of $1,291,144. Also, during the year ended December 31 2025, we used net cash of $65,074 for operating activities. These factors raise substantial doubt about our ability to continue as a going concern.

While we are attempting to generate revenues, our cash position may not be significant enough to support our daily operations. Management intends to raise additional funds by way of an offering of our debt or equity securities. Management believes that the actions presently being taken to further implement our business plan and generate revenues provide the opportunity for BioForce to continue as a going concern. While we believe in the viability of our strategy to generate revenues and in our ability to raise additional funds, we may not be successful.

Our ability to continue as a going concern is dependent upon our capability to raise additional funds and to further implement our business plan and generate revenues.

Results of Operations

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.

Revenues for the Company's year ended December 31, 2025 and December 31, 2024 totaled $-0- from the sales of its vitamin supplements.

Cost of Goods Sold for the year ended December 31, 2025 and December 31, 2024 totaled $-0- . Company had -0- unit sales of the "BioForce Eclipse" supplement product in 2025 and 2024.

Gross margins for year ended December 2025 and 2024 was $-0- due to -0- units sold of the "BioForce Eclipse" supplement product.

- 8 -

Gross profit for the year ended December 31, 2025 and 2024 was $-0- due to -0- sales of the Company's vitamin supplement product.

General and Administrative expenses for the year ended December 31, 2025 totaled $66,951 compared to $67,437 for December 31, 2024, primarily due to decrease in professional service fees.

Total Expense for the year ending December 31, 2025 was $489,951 compared to $490,437 for year ending December 31, 2024, the decrease was from lower General and Administrative fees in 2025.

Net Loss

Net loss for the years ended December 31, 2025 and 2024 were $1,291,951 and $490,437, respectively. The increase in loss was due to loss on liability settlement of $801,193.

Liquidity and Capital Resources:

Our consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, we have accumulated losses since inception and have had negative cash flows from operations, which raise substantial doubt about our ability to continue as a going concern. Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about our ability to continue as a going concern are as follows:

The ability to continue our operations depends on our ability to generate and grow revenue and results of operations as well as our ability to access capital markets when necessary to accomplish strategic objectives. We expect to continue to incur losses for the immediate future and will need additional equity or debt financing until we can achieve profitability and positive cash flows from operating activities. Our future capital requirements for operations will depend on many factors, including the ability to generate revenues and obtain capital.

There can be no assurance that we will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. The ability to continue as a going concern is dependent upon our ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the company is unable to continue as a going concern.

Licensing and permissions to tokenize real world assets could take longer than expected in different jurisdictions.

Licensing and permission to tokenize real world assets legally in the jurisdictions in which we operate could be delayed or denied. If we are unable to obtain all the licenses, we are expecting it could negatively impact our growth potential.

The Real World Asset (RWA) Tokenization Market is Highly Competitive and Fragmented.

At June 30, 2026 we had $4,388 of cash, an accumulated deficit of $2,679,633 and negative working capital. As described in Note 10 to our financial statements, these conditions raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments to the recoverability or classification of recorded assets, or to the amounts or classification of liabilities, that might be necessary if we are unable to continue as a going concern. If we cannot continue as a going concern, you could lose your entire investment.

We will require additional financing, which may not be available on acceptable terms or at all.

Our revenues are not sufficient to fund our operating costs, including the $40,000 to $70,000 of annual costs we expect to incur in operating as a public reporting company. We have no commitments for additional capital and no credit facility. Any financing we do obtain may be substantially dilutive to existing stockholders or may impose covenants that restrict our operations. If we are unable to raise capital on acceptable terms, we will be required to curtail or cease operations.

Our limited operating history and small revenue base make our results difficult to forecast, and we may never become profitable.

We were formed on June 23, 2017 and have had limited operations since our founding. Our revenues were $46,930 for the year ended June 30, 2026 and $54,232 for the year ended June 30, 2025, and we recorded net losses of $58,671 and $65,601 in those periods. Because our expense levels are based on our operating plans and our revenues are unpredictable, we may be unable to adjust spending in time to compensate for a revenue shortfall.

We depend on a small number of customers, and delays in customer payments can disrupt our operations.

Our ability to continue as a going concern is dependent on our ability to obtain additional financing from our majority stockholder or other external sources. These conditions have led our independent registered public accounting firm to include an explanatory paragraph in its audit report expressing substantial doubt about our ability to continue as a going concern. There can be no assurance that we will be able to obtain additional financing when needed or on acceptable terms.

IF WE ARE UNABLE TO OBTAIN ADDITIONAL FINANCING OR ACHIEVE PROFITABLE OPERATIONS, WE MAY BE UNABLE TO CONTINUE AS A GOING CONCERN AND COULD BE FORCED TO CURTAIL OR CEASE OPERATIONS.

Our existing cash resources are not sufficient to fund our planned operating expenses, capital requirements, or debt and other obligations beyond the very near term. We will require significant additional capital to execute our business plan, including obtaining permits and constructing our planned toll milling facility, as well as to fund general corporate expenses for the next twelve months. However, there is no assurance that such funding will be available when needed or at all.

We have historically relied on financing from our largest stockholder and related parties to fund operations, and this reliance represents a continuing uncertainty. If we are unable to raise sufficient capital or secure alternative financing, we could be forced to significantly curtail operations, delay or abandon our business plans, pursue strategic alternatives, or seek protection under bankruptcy or similar insolvency laws. Any of these outcomes would likely result in a total loss of value for our stockholders.

OUR CHAIR AND MAJORITY STOCKHOLDER CONTROLS A SUBSTANTIAL MAJORITY OF OUR COMMON STOCK, WHICH LIMITS THE ABILITY OF MINORITY STOCKHOLDERS TO INFLUENCE CORPORATE MATTERS.

Granite Peak Resources, LLC (“GPR”), an entity controlled by our Chair and Chief Executive Officer, owns approximately 81% of our outstanding common stock. As a result, GPR has the ability to unilaterally control the outcome of virtually all matters submitted to a vote of stockholders, including the election of all directors, approval of mergers or other significant corporate transactions, amendments to our governing documents, and any other actions requiring stockholder approval.

explanatory paragraph referring to our significant net losses, working capital deficit and need to raise additional capital, which as it noted raised substantial doubt about our ability to continue as a going concern.

Delfin, the Company’s majority stockholder, has continued to fund the Company through loans to the Company. See the section of this annual report entitled “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.” At December 31, 2025, the Company had a net working capital deficit of approximately $1,709,000. This deficit included accrued expenses of approximately $29,000, accounts payable of approximately $4,000 and approximately $1,680,000 in principal and accrued interest owed under the Promissory Note entered into with Delfin in March 2018 (the “Promissory Note”) which has been subsequently amended and restated.

On a short term liquidity basis, we must receive capital contributions or loans from Delfin or its affiliates in order to continue as a going concern. We prefer to avoid filing for protection under the U.S. Bankruptcy Code. However, based upon our current financial condition as discussed above, we believe that we will need to raise additional debt or equity capital in order for us to continue to operate as a going concern on a long-term basis. Any such capital would likely come from Delfin, as we currently have no access to credit facilities and have traditionally relied on borrowings from related parties to meet short-term liquidity needs. Any equity capital raised may result in substantial dilution in the number of outstanding shares of our Common Stock,. We intend to continue to use the proceeds from the amended and restated Promissory Note and seek other loans from Delfin and related entities, if necessary, to fund our public company operating costs while we explore our options related to the future of theglobe.

As of December 31, 2025, we borrowed a total of $1,220,000 under the amended and restated Promissory Note from Delfin,

Our management may have other interests that may conflict with the interests of our stockholders.

Fast Casual Concepts consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, Fast Casual has recently accumulated losses since its inception and has had negative cash flows from operations until 2025, which raise substantial doubt about its ability to continue as a going concern. Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the Company’s ability to continue as a going concern are as follows:

The ability to continue Fast Casual’s operations depends on its ability to generate and grow revenue and results of operations as well as our ability to access capital markets when necessary to accomplish strategic objectives. We expect to continue to incur losses for the immediate future and will need additional equity or debt financing until we can achieve profitability and positive cash flows from operating activities. Our future capital requirements for operations will depend on many factors, including the ability to generate revenues and obtain capital.

There can be no assurance that the Company be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. The ability of Fast Casual to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

We are in a competitive market and will be competing with much larger companies.

We are in a very competitive market and will be competing with much larger companies that are possibly better funded than us.

We are highly dependent on retaining our customer base.

As we grow we will do so focusing on relationships of some of our customer base. If we were to lose these customers we would likely see a significant decline in our rate of growth.

Reporting requirements under the Exchange Act and compliance with the Sarbanes-Oxley Act of 2002, including establishing and maintaining acceptable internal controls over financial reporting, are costly and may increase substantially.

●	our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern; our limited operating history makes it difficult to evaluate our business and prospects;

●	our potential insolvency or inability to pay our debt would have a material adverse effect on our business, financial condition, results of operations and cash flow;

●	we may be unable to execute our business plan or maintain our competitive position and high-level customer satisfaction if we fail to maintain adequate operational and financial resources, fail to obtain additional financing, particularly if we continue to grow rapidly;

●	we have substantial debt burden, a significant portion of which matures soon and requires repayment or refinancing;

●	our management team has limited experience managing a public company;

●	we are an early stage and emerging growth company and, as such, we are subject to all the risks associated with early stage and emerging growth companies;

We incurred a cumulative net loss of $225,686 during the period from inception to December 31, 2025. We have limited operations, raising substantial doubt about our ability to continue as a going concern. We will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance that we will be successful in accomplishing our objectives. Our ability to continue as a going concern is dependent on additional sources of capital and the growth of our business.

Critical Accounting Policies

Our significant accounting policies are described in the notes to our financial statements for the year ended December 31, 2025, and are included elsewhere in this annual report on Form 10-K.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

N/A.

Item 8. Financial Statements and Supplementary Data

The Company’s Financial Statements required by Item 8, together with the reports thereon of the Independent Registered Public Accounting Firm, are set forth on pages F-1 through F12 of this report and are incorporated by reference in this Item 8.

We have incurred recurring operating losses since inception and have generated negative cash flows from operations. As of June 30, 2026, we had an accumulated deficit of $72.6 million and limited liquidity. Our independent registered public accounting firm has included an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern.

Our ability to continue operations depends upon our ability to obtain additional financing, successfully execute our business strategy, and ultimately generate sufficient cash flows from operations. There can be no assurance that we will be successful in accomplishing these objectives. If we are unable to obtain additional capital when needed, we may be required to significantly reduce or discontinue operations, delay development activities, sell assets, or seek protection under applicable bankruptcy laws.

Our substantial indebtedness to a related party is payable on demand, and a demand for repayment could materially adversely affect our liquidity and ability to continue operations.

As of June 30, 2026, we had approximately $29.8 million of principal outstanding under discretionary line of credit facilities with Excel Family Partners, LLLP, an entity controlled by Bruce Cassidy, our Chairman and majority shareholder, together with approximately $4.8 million of accrued interest. These facilities are payable on demand, and additional advances are made in Excel’s sole discretion. We currently rely on these facilities as a significant source of liquidity. If Excel demands repayment of amounts outstanding or declines to provide additional advances, we may not have sufficient cash to satisfy our obligations or fund our operations and may be required to seek alternative financing, which may not be available on acceptable terms or at all. Such circumstances could materially adversely affect our liquidity, financial condition and ability to continue as a going concern.

We recently transitioned our business strategy, and our future success is uncertain .

During fiscal year 2026, we discontinued our online sportsbook operations and redirected our resources toward the development of artificial intelligence technologies and related software products. Because our continuing business differs significantly from our historical operations, investors have limited information regarding our ability to successfully execute this strategy.

The transition to an AI-focused business involves substantial risks, including developing commercially viable technologies, obtaining customer acceptance, competing against significantly larger companies, protecting proprietary technology, securing adequate financing, and generating sustainable revenues. There can be no assurance that our new business strategy will be successful.

In its audited financial statements as of July 31, 2025, the Company’s auditors issued an opinion that raised substantial doubt about the ability to continue as a going concern due to its current financial position. The Company’s ability to achieve and sustain profitability and positive cash flow depends on the successful development and marketing of its products and generation of sufficient revenues.

Liquidity and Capital Resources

As of July 31, 2025, we had cash or cash equivalents of $824. As of July 31, 2024, we had cash or cash equivalents of $887.

We believe that with our existing cash flows, we do not have sufficient cash to meet our operating requirements for the next twelve months. We believe that with the addition of our gaming and hospitality business, we will begin to generate increased revenue over the 2026 fiscal year. However, if our revenue is not sufficient to allow us to meet our cash requirements during the next twelve months, the Company may need to raise additional funds through the sale of debt or equity securities. We cannot guarantee that we will be successful in generating sufficient revenues or other funds in the future to cover these operating costs. Failure to generate sufficient revenues or additional financing when needed could cause us to go out of business.

Net cash used in operating activities for the year ended July 31, 2025 was $63. This compares to net cash provided by operating activities of $205 for the year ended July 31, 2024. This change is primarily due to an increase in net losses during the year ended July 31, 2025.

As of July 31, 2025, our total assets were $19,479 and our total liabilities were $641,128. As of July 31, 2024, our total assets were $18,666 and our total liabilities were $578,925.

Critical Accounting Policies and Estimates

We believe that the following critical policies affect our more significant judgments and estimates used in preparation of our financial statements.