Annual Report for Fiscal Year Ending 03-31, 2026 (Form 10-K)

Management's Discussion and Analysis Of Financial Condition and Results of Operations.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

OVERVIEW

The Company was incorporated in the State of Nevada on April 18, 2013 and we initially established a fiscal year end of August 31. In March 2022, we changed our year end to March 31.

CRITICAL ACCOUNTING POLICIES

The discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. For the periods presented, we concluded that no accounting policies required such extensive judgment or complexity that they should be classified as critical to understanding our financial condition or operating results.

Recent Accounting Pronouncements

We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow.

RESULTS OF OPERATIONS

Year Ended March 31, 2026 as compared to Year Ended March 31, 2025:

We recorded no revenues during the year ended March 31, 2026 and 2025.

For the year ended March 31, 2026, professional fees were $252,036 as compared to $262,366 for the year ended March 31, 2025, a decrease of $10,330.

For the year ended March 31, 2026, we incurred total research and development expenses of $125,079 as compared to $180,987 for our year ended March 31, 2025, a decrease of $55,908. The decrease was mainly related to an increase in R&D consulting, offset by a decrease in supplies and materials and patent maintenance.

For the year ended March 31, 2026, general and administrative expenses were $68,072 as compared to $69,898 for our year ended March 31, 2025, a decrease of $1,826.

For the year ended March 31, 2026, foreign exchange gain was $24,584 as compared to foreign exchange loss of $11,128 for the year ended March 31, 2025.

For the year ended March 31, 2026 and 2025, interest expense, net was $80,106 and $42,669, respectively. The net increase in interest expense related to our increase in loan balances during the year ended March 31, 2026 as compared to our year ended March 31, 2025.

For the year ended March 31, 2026, cash used from our operating activities was $108,529 of cash as compared to a use of cash of $125,078 during the year ended March 31, 2025.

For the year ended March 31, 2026, cash from financing was $110,450 versus $100,000 for our year ended March 31, 2025. Cash from financings during the year ended March 31, 2026 and 2025, respectively, consisted of $110,450 and $100,000 from loan proceeds received.

We did not incur or obtain cash from investing activities during our year ended March 31, 2026 and 2025, respectively.

Liquidity and Capital Resources

Our consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in our consolidated financial statements for the year ended March 31, 2026, we had an accumulated deficit of $7,007,164, we did not incur any revenue and we had a net loss along with negative cash generated from our operations. In addition, we owe our vendors and related parties $3,596,282 as of March 31, 2026. Although, on January 15, 2023 and June 15, 2023, we entered into two separate Mezzanine Secured Note ("Notes") in the principal amount up to $200,000 and $500,000, respectively, with Gray's Peak Private Credit LLC (see Note 3 to the consolidated financial statements), the debt maturity of these Notes is short term. These factors raise substantial doubt about our ability to continue as a going concern.

We are attempting to commence operations and generate sufficient revenue; however, our cash position is not sufficient to support our daily operations. As such, we will need to raise funds to complete our plan of operation and fund our ongoing operational expenses for the next 12 months. Additional funding will likely come from equity financing from the sale of our common stock or debt financing. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company and if we obtain debt financing, the terms of any such debt financing may not be favorable to existing shareholders. We cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or obtaining debt to fund our development activities and ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our development to complete our plan of operation and our business will fail.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders

Subsequent Events

In accordance with ASC 855, we have analyzed our operations subsequent to March 31, 2026 through the date these financial statements were issued, and have determined that we do not have any material subsequent events to disclose in these financial statements.