ProtoKinetix's Losses Mount Amidst Ongoing Research, Cash Infusion

TL;DR

**PKTX is a cash-burning biotech with a 'going concern' warning; avoid unless you're a high-risk speculator betting on a miracle.**

AI Summary

ProtoKinetix, Inc. (PKTX), a development stage company focused on medical research, reported a net loss of $188,757 for the six months ended June 30, 2025, an increase from the $177,103 net loss in the prior-year period. The company generated no significant revenue and continues to incur losses, resulting in an accumulated deficit of $48,416,903 as of June 30, 2025. Total operating expenses rose to $188,757 for the six months ended June 30, 2025, up from $177,103 in the same period last year, driven by increases in professional fees to $76,149 and research and development costs to $58,208. Cash on hand improved to $112 as of June 30, 2025, from a negative balance of $(4,697) at December 31, 2024, primarily due to $167,500 raised from the issuance of common stock through private placement offerings. Intangible assets, primarily patent application rights related to Antifreeze Glycoproteins (AAGP), increased to $473,255 from $469,784, with $29,019 in new additions during the period. The company explicitly states substantial doubt about its ability to continue as a going concern without additional equity financing or related party loans.

Why It Matters

For investors, PKTX's persistent net losses and 'going concern' warning signal extreme financial instability, making it a highly speculative investment. The company's reliance on equity financing for survival means existing shareholders face significant dilution risk. Employees and potential partners should be wary of the company's precarious financial position, which could impact job security or project viability. In the broader market, PKTX's struggles highlight the immense capital requirements and inherent risks in early-stage medical research, particularly for companies without a commercially viable product or significant revenue. Competitively, without substantial funding, PKTX risks falling further behind better-capitalized biotech firms.

Risk Assessment

Risk Level: high — The company explicitly states 'substantial doubt about the Company's ability to continue as a going concern' due to a lack of commercially viable products, no significant revenue, and an accumulated deficit of $48,416,903 as of June 30, 2025. Its cash balance is a mere $112, indicating severe liquidity issues and a high dependency on future equity financing or related party loans.

Analyst Insight

Investors should exercise extreme caution and consider avoiding PKTX given the explicit 'going concern' warning and lack of revenue. Only investors with a very high-risk tolerance and a deep understanding of early-stage biotech, who are prepared for potential total loss, should consider a speculative position, perhaps after further due diligence on their AAGP research.

Financial Highlights

debt To Equity

0.46

revenue

$0

operating Margin

N/A

total Assets

$ 474,417

total Debt

$ 149,084

net Income

$ (188,757)

eps

$ (0.00)

gross Margin

N/A

cash Position

$ 112

revenue Growth

N/A

Key Numbers

• $188,757 — Net loss for six months ended June 30, 2025 (Increased from $177,103 in prior-year period, indicating growing operational costs without revenue.)
• $48,416,903 — Accumulated deficit as of June 30, 2025 (Highlights significant historical losses and lack of profitability since inception.)
• $112 — Cash balance as of June 30, 2025 (Extremely low cash balance, indicating severe liquidity constraints and 'going concern' risk.)
• $167,500 — Cash from issuance of common stock for six months ended June 30, 2025 (Primary source of cash inflow, demonstrating reliance on equity financing for operations.)
• $473,255 — Net carrying amount of intangible assets as of June 30, 2025 (Represents the majority of the company's assets, primarily patent application rights.)
• 389,080,152 — Common shares outstanding as of August 13, 2025 (Increased from 371,880,152 shares at December 31, 2024, due to private placements, indicating dilution.)
• $29,019 — Additions to patent application rights cost for six months ended June 30, 2025 (Ongoing investment in intellectual property, a key operational expense for a development-stage company.)
• $76,149 — Professional fees for six months ended June 30, 2025 (Increased from $67,802 in the prior-year period, contributing to rising operating expenses.)
• $58,208 — Research and development costs for six months ended June 30, 2025 (Increased from $57,625 in the prior-year period, reflecting continued investment in core mission.)

Key Players & Entities

• ProtoKinetix, Inc. (company) — registrant
• SEC (regulator) — filing authority
• Institut National des Sciences Appliquees de Rouen (company) — patent assignor
• Grant Young (person) — assignor of patent application rights
• Governors of the University of Alberta (company) — assignor of patent application rights
• Antifreeze Glycoproteins (other) — company's research focus
• AAGP (other) — trademarked anti-aging glycoproteins

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company has incurred losses since inception, resulting in a substantial accumulated deficit of $48,416,903 as of June 30, 2025. With only $112 in cash and no significant revenue, ProtoKinetix faces substantial doubt about its ability to continue as a going concern without additional equity financing or related party loans.
• Dependence on Equity Financing [high — operational]: The company's operations are entirely reliant on external funding, with $167,500 raised from common stock issuance in the six months ended June 30, 2025, being the primary source of cash. Any disruption in capital markets or inability to secure further funding poses a significant risk to continued operations.
• Development Stage Risks [medium — operational]: As a development stage company focused on medical research, ProtoKinetix faces inherent risks in product development, regulatory approval, and market adoption. The company has not yet developed a commercially viable product, and ongoing research and development costs of $58,208 for the six months ended June 30, 2025, represent a significant expense without guaranteed returns.
• Increasing Operating Expenses [medium — financial]: Total operating expenses increased to $188,757 for the six months ended June 30, 2025, up from $177,103 in the prior year period. This increase was driven by higher professional fees ($76,149) and research and development costs ($58,208), further straining the company's limited financial resources.
• Low Cash Position [high — financial]: The company's cash balance of $112 as of June 30, 2025, indicates severe liquidity constraints. This extremely low cash position exacerbates the going concern uncertainty and limits the company's ability to meet short-term obligations.
• Shareholder Dilution [medium — financial]: The issuance of 16,750,000 shares through private placements in the six months ended June 30, 2025, increased the total common shares outstanding to 389,080,152. This ongoing dilution can negatively impact the value of existing shares.

Industry Context

ProtoKinetix operates in the highly competitive and capital-intensive medical research and development sector. Companies in this space typically focus on developing novel therapies or technologies, often requiring significant investment in research, intellectual property protection, and clinical trials. Success is heavily dependent on scientific breakthroughs, regulatory approvals, and the ability to secure substantial funding for extended periods.

Regulatory Implications

As a medical research company, ProtoKinetix is subject to stringent regulations from bodies like the FDA. The development and approval process for new medical technologies is lengthy and costly. Failure to comply with regulatory standards or obtain necessary approvals can halt product development and render investments worthless.

What Investors Should Do

1. Monitor future financing activities closely.
2. Assess the progress and viability of AAGP research.
3. Evaluate the risk of dilution.
4. Consider the extreme liquidity risk.

Key Dates

• 2025-06-30: Balance Sheet Date — Reports a net loss of $188,757 for the six months, an accumulated deficit of $48,416,903, and a cash balance of $112, highlighting severe financial distress and going concern issues.
• 2025-06-30: Statement of Operations Period End — Shows total operating expenses of $188,757 for the six months, an increase from the prior year, driven by higher professional fees and R&D costs.
• 2025-06-30: Statement of Stockholders' Equity Period End — Reflects the issuance of 16,750,000 common shares via private placement, raising $167,500 and increasing shares outstanding to 389,080,152.
• 1999-12-23: Company Incorporation — Marks the beginning of ProtoKinetix's operations as a development stage company focused on medical research.

Glossary

Development Stage Company

A company that is in the early stages of its business development and has not yet established a significant operating history or generated substantial revenue. (ProtoKinetix is classified as such, indicating its focus on research and development rather than commercial operations.)

Accumulated Deficit

The total net losses a company has incurred since its inception, minus any net income. It represents a deficit in retained earnings. (ProtoKinetix has a significant accumulated deficit of $48,416,903, underscoring its history of unprofitability.)

Going Concern

The assumption that a company will continue to operate for the foreseeable future. If there is substantial doubt about this, it must be disclosed. (The company explicitly states substantial doubt about its ability to continue as a going concern, a critical warning for investors.)

Intangible Assets

Non-physical assets that have value, such as patents, trademarks, and copyrights. They are typically recorded at cost and amortized over their useful lives. (ProtoKinetix's primary assets are intangible, mainly patent application rights for AAGP, valued at $473,255.)

Private Placement

The sale of securities directly to a small group of institutional or sophisticated investors, rather than through a public offering. (ProtoKinetix relies on private placements to raise capital, as evidenced by the $167,500 raised in the period.)

Amortization

The systematic allocation of the cost of an intangible asset over its useful life. (Amortization of intangible assets is an expense for ProtoKinetix, amounting to $25,548 for the six months ended June 30, 2025.)

Diluted Loss Per Share

A measure of a company's net loss per share that includes the effect of all potential dilutive common shares (like stock options and warrants). (For ProtoKinetix, diluted EPS is reported as $0.00 because potential dilutive securities were anti-dilutive due to the company's losses.)

Year-Over-Year Comparison

ProtoKinetix reported a net loss of $188,757 for the six months ended June 30, 2025, an increase from $177,103 in the prior-year period, indicating widening losses. Total operating expenses also rose to $188,757 from $177,103, primarily due to increased professional fees and R&D costs. While the cash position improved significantly from a negative balance to $112 due to equity financing, the company's overall financial health remains precarious, with substantial doubt cast on its ability to continue as a going concern.

Key Financial Figures

• $0.10 — 's common stock at an exercise price of $0.10 per share for a period of five years. T
• $35,000 — cation Rights had a total fair value of $35,000, which was allocated as $10,000 to the
• $10,000 — alue of $35,000, which was allocated as $10,000 to the cash consideration paid, with th
• $25,000 b — consideration paid, with the remaining $25,000 being allocated to the warrant component
• $647,882 — ion. The Company incurred an additional $647,882 in direct costs relating to the Patent
• $1 — ation Rights, the Company agreed to pay $1 (paid). The Company incurred $ 2,415 i

Filing Documents

• pktx_10q-063025.htm (10-Q) — 502KB
• ex31x1.htm (EX-31.1) — 12KB
• ex31x2.htm (EX-31.2) — 12KB
• ex32x1.htm (EX-32.1) — 6KB
• 0001079973-25-001254.txt ( ) — 2857KB
• pktx-20250630.xsd (EX-101.SCH) — 25KB
• pktx-20250630_cal.xml (EX-101.CAL) — 23KB
• pktx-20250630_def.xml (EX-101.DEF) — 85KB
• pktx-20250630_lab.xml (EX-101.LAB) — 216KB
• pktx-20250630_pre.xml (EX-101.PRE) — 178KB
• pktx_10q-063025_htm.xml (XML) — 355KB

Financial Statements

Item 1. Financial Statements 2 Unaudited Balance Sheets 2 Unaudited Statements of Operations 3 Unaudited Statement of Stockholders' Equity 4 Unaudited Statements of Cash Flows 5 Notes to Unaudited Financial Statements 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17 PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 18

Risk Factors

Item 1A. Risk Factors 18

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 18

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 18

Other Information

Item 5. Other Information 18

Exhibits

Item 6. Exhibits 19

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS PROTOKINETIX, INCORPORATED (A Development Stage Company) BALANCE SHEETS (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current Assets Cash $ 112 $ ( 4,697 ) Prepaid expenses (Note 3) 1,050 1,050 Total current assets 1,162 ( 3,647 ) Intangible assets (Note 4) 473,255 469,784 Total assets $ 474,417 $ 466,137 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 149,084 $ 124,047 Total liabilities 149,084 124,047 Stockholders' Equity Common stock, $ 0.0000053 par value; 500,000,000 common shares authorized; 389,080,152 and 371,880,152 shares issued and outstanding as at June 30, 2025 and December 31, 2024 respectively (Note 7) 2,078 1,987 Additional paid-in capital 48,740,158 48,568,249 Accumulated deficit ( 48,416,903 ) ( 48,228,146 ) Total stockholders' equity 325,333 342,090 Total liabilities and stockholders' equity $ 474,417 $ 466,137 Basis of Presentation – Going Concern Uncertainties (Note 1) Commitments and Contingency (Note 9) See Notes to Financial Statements 2 PROTOKINETIX, INCORPORATED (A Development Stage Company) (Unaudited) For the Three and Six Months Ended June 30, 2025 and 2024 Three months ended June 30, 2025 Three months ended June 30, 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 EXPENSES Amortization – intangible assets (Note 4) $ 12,886 $ 13,023 $ 25,548 $ 24,341 General and administrative 14,104 13,210 28,852 27,335 Professional fees 39,679 37,843 76,149 67,802 Research and development 24,398 21,000 58,208 57,625 Total operating expenses ( 91,067 ) ( 85,076 ) ( 188,757 ) ( 177,103 ) Net loss for the period $ ( 91,067 ) $ ( 85,076 ) $ ( 188,757 ) $ ( 177,103 ) Net loss per common share (basic and diluted) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) Weighted average number of common shares ou

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2025 Note 1. Basis of Presentation – Going Concern Uncertainties ProtoKinetix, Incorporated (the "Company"), a development stage company, was incorporated under the laws of the State of Nevada on December 23, 1999. The Company is a medical research company whose mission is the advancement of human health care. The Company is currently researching the benefits and feasibility of synthesized Antifreeze Glycoproteins ("AFGP") or anti-aging glycoproteins, trademarked AAGP. During the year ended December 31, 2015, the Company acquired certain patents and rights for cash consideration of $ 30,000 (25,000 Euros), as well as additional patent applications for cash consideration of $ 10,000 and 6,000,000 share purchase warrants with a fair value of $ 25,000 (Note 4). The Company's financial statements are prepared consistent with accounting principles generally accepted in the United States applicable to a going concern. The Company has not developed a commercially viable product, has not generated any significant revenue to date, and has incurred losses since inception, resulting in a net accumulated deficit at June 30, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company needs additional working capital to continue its medical research or to be successful in any future business activities and continue to pay its liabilities. Therefore, continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to accomplish its objective. Management is presently engaged in seeking additional working capital through equity financing or related party loans. In addition, any significant disruption of global financial markets, reducing our ability to access capital, could negatively affect our liquidity and ability to continue operations. The exact impact is and will remain unknown and largely dependent upon future developments

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2025 Note 2. Summary of Significant Accounting Policies (cont'd) Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The more significant accounting estimates inherent in the preparation of the Company's financial statements include estimates as to valuation of equity related instruments issued, deferred income taxes, and the useful life and impairment of intangible assets. Cash Cash consists of funds held in checking accounts. Cash balances may exceed federally insured limits from time to time. Fair Value of Financial Instruments Financial instruments, which includes cash, accounts payable and accrued liabilities are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The Company measures the fair value of financial assets and liabilities pursuant to ASC 820 "Fair Value Measurements and Disclosures" which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The policy describes three levels of inputs that may be used to measure fair value: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). At June 30, 2025,

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2025 Note 2. Summary of Significant Accounting Policies (cont'd) Intangible assets – patent and patent application costs The Company owns intangible assets consisting of certain patents and patent applications. Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. As at June 30, 2025, the Company does not hold any intangible assets with indefinite lives. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the Company's patents, whereas no amortization has been recognized on the not yet approved patent application costs at June 30, 2025. Research and Development Costs Research and development costs are expensed as incurred. This includes all research consultant's fees and costs of contract research organizations. Loss per Share and Potentially Dilutive Securities Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding in the period. Dilute

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2025 Note 2. Summary of Significant Accounting Policies (cont'd) Share-Based Compensation (cont'd) Share-based compensation for non-employees in exchange for goods and services used or consumed in an entity's own operations are also recorded at fair value on the measurement date and accounted for in accordance with ASC 718. The measurement of share-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges are amortized over the vesting period. Common stock Common stock issued for non-monetary consideration are recorded at their fair value on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete. Transaction costs directly attributable to the issuance of common stock, units and stock options are recognized as a deduction from equity, net of any tax effects. Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Recent Accounting Pronouncements Certain new accounting pronouncements that have been issued are not expected to have a material effect on the Company's financial statements. 9 PROTOKINETIX, INCORPORATED (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2025 Note 3. Prepaid Expenses The following summarizes the Company's prepaid expenses outstanding as at June 30, 2025 and December 31, 2024: Schedule of prepaid expenses outstanding June 30, 2025 December 31, 2024 Rental deposit $ 1,050 $ 1,050 Note 4. Intangible Assets Intangible asset transactions are summarized as follows: Schedule of intangible asset transactions Intangible asset transactions Patent Rights Patent Application Rights Total Cost Balance, December 31, 2023 $ 30,000 $ 555,308 $ 585,308 Additions — 63,555 63,555 Balance, December 31, 2024 $ 30,000 $ 618,863 $ 648,863 Additions — 29,019 29,019 Balance, June 30, 2025 $ 30,000 $ 647,882 $ 677,882 Accumulated amortization Balance, December 31, 2023 $ 25,500 $ 100,709 $ 126,209 Amortization 3,000 49,870 52,870 Balance, December 31, 2024 $ 28,500 $ 150,579 $ 179,079 Amortization 1500 24,048 25,548 Balance, June 30, 2025 $ 30,000 $ 174,627 $ 204,627 Net carrying amounts December 31, 2024 $ 1,500 $ 468,284 $ 469,784 June 30, 2025 $ — $ 473,255 $ 473,255 During the year ended December 31, 2015, the Company entered into an Assignment of Patents and Patent Application (effective January 1, 2015) (the "Patent Assignment") with the Institut National des Sciences Appliquees de Rouen ("INSA") for the assignment of certain patents and all rights associated therewith (the "Patents"). The Company and INSA had previously entered into a licensing agreement for the Patents in August 2004. The Patent Assignment transfers all of the Patents and rights associated therewith to the Company upon payment to INSA in the sum of $ 30,000 (25,000 Euros) (paid). During the six month period June 30, 2025, the Company recorded $ 25,548 (2024 - $ 24,341 ) in amortization expense associated with the Patents Rights. During the year ended December 31, 2015, the Company entered into a Technology Transfer Agree

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2025 Note 4. Intangible Assets (cont'd) The remaining 50% ownership of the Patent Application Rights was acquired from the Governors of the University of Alberta in exchange for a future gross revenue royalty from any product developed as a result of research done at the University. During the year ended December 31, 2016, the Company entered into a Universal Assignment with Grant Young for the assignment of his ownership of certain new and useful improvements in an invention entitled "Use of Anti-Aging Glycoprotein for Enhancing Survival of Neurosensory Precursor Cells" (the "New Patent Application Rights"). In exchange for the New Patent Application Rights, the Company agreed to pay $1 (paid). The Company incurred $ 2,415 in direct costs relating to the New Patent Application Rights during the year ended December 31, 2016. The Company amortizes patents and licenses that have been filed over their useful lives which range between 18.5 to 20 years. The costs of provisional patents and pending applications is not amortized until the patent is filed and is reviewed each reporting period. No amortization was recorded on the Patent Application Rights or the New Patent Application Rights to June 30, 2025. Note 5. Stock Options Pursuant to an amendment on March 15, 2022, the aggregate number of shares that may be issued under the 2017 Stock Option and Stock Bonus Plan (the "2017 Plan") is 97,700,000 shares, by the Board of Directors, and includes two types of options. Options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, are referred to as incentive options. Options that are not intended to qualify as incentive options are referred to as non-qualified options. The exercise price of an option may be paid in cash, in shares of

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2025 Note 6. Warrants Warrant transactions for the six-months ended June 30, 2025 are summarized as follows: Schedule of warrant transactions Number of Warrants Weighted Average Exercise Price $ Outstanding, December 31, 2024 6,000,000 0.028 Warrants granted 17,200,000 0.01 Outstanding at June 30, 2025 23,200,000 0.015 The following warrants were outstanding and exercisable as at June 30, 2025: Schedule of warrants were outstanding and exercisable Number of Warrants Exercise Price Expiry Date 6,000,000 0.028 December 12, 2028 500,000 * 0.01 February 17, 2026 1,500,000 * 0.01 February 20, 2026 500,000 * 0.01 February 21, 2026 2,000,000 * 0.01 February 28, 2026 750,000 * 0.01 March 15, 2026 450,000 * 0.01 March 15, 2026 7,500,000 * 0.01 March 27, 2026 1,000,000 * 0.01 April 2, 2026 2,000,000 * 0.01 April 8, 2026 500,000 * 0.01 April 11, 2026 500,000 * 0.01 June 26, 2026 23,200,000 Total * Each warrant exercises into share of common stock. Note 7. Stockholders' Equity The Company is authorized to issue 500,000,000 (June 30, 2024 – 500,000,000 ) shares of $ 0.0000053 par value common stock. Each holder of common stock has the right to one vote but does not have cumulative voting rights. Shares of common stock are not subject to any redemption or sinking fund provisions, nor do they have any preemptive, subscription or conversion rights. Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid as of June 30, 2025 (June 30, 2024 - $Nil ). During the six-month period ended June 30, 2025, the Company: a) Issued 17,200,000 units (each unit consisting of 1 share of common stock and 1 war

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