TELVANTIS VOICE SERVICES, INC.

CARVED OUT COMBINED BALANCE SHEETS

(In whole dollars)

September 30, 2025
(Unaudited)

December 31, 2024
(Audited)

ASSETS

Current assets:

Cash and cash equivalents

$718,998 

$47,890 

Accounts receivable, net

51,617,560 

30,934,266 

Accounts receivable from related parties

50,955,227 

- 

Other current assets

929,168 

3,810 

Total current assets

104,220,953 

30,985,966 

Non-current assets:

Deferred tax asset

41,607 

41,607 

Intangible assets, net

8,670,975 

9,517,800 

Goodwill

1,610,261 

1,610,261 

Loans receivable, non-current

469,721 

- 

Total assets

$115,013,517 

$42,155,634 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued expenses

53,342,121 

30,669,928 

Accounts payable — related parties

42,727,070 

- 

Income taxes payable

651,282 

534,081 

Loan payable

9,412,142 

900,000 

Other current liabilities

284,076 

1,153 

Total current liabilities

106,416,691 

32,105,162 

Non-current liabilities:

Due to related parties

7,358,590 

5,978,704 

Total liabilities

113,775,281 

38,083,866 

Commitments and contingencies (Note 9)

Stockholders' equity:

Common stock, $1 par value; 100 shares authorized, issued and outstanding

100 

100 

Retained earnings

1,238,136 

4,071,668 

Total stockholders' equity

1,238,236 

4,071,768 

Total liabilities and stockholders' equity

$115,013,517 

$42,155,634 

See accompanying notes to the Carved Out Combined Financial Statements.

TELVANTIS VOICE SERVICES, INC.

CARVED OUT COMBINED STATEMENTS OF OPERATIONS

(In whole dollars)

Nine Months Ended
September 30,

2025

2024

Revenues:

Revenues

$102,293,642  

$20,070,248  

Revenues from related parties

47,383,672  

279,918  

Total revenues

149,677,314  

20,350,166  

Operating expenses:

Costs of revenues

105,295,797  

18,657,046  

Costs of revenues from related parties

44,119,278  

287,065  

Total cost of revenues

149,415,075  

18,944,111  

General and administrative

665,180  

471,556  

Sales and marketing

414,890  

292,351  

Amortization expense

846,825  

846,825  

Total operating expenses

151,341,970  

20,554,843  

Loss from operations

(1,664,656) 

(204,677) 

Other income (expense):

Interest expense

(744,353) 

-  

Other income (expense), net

(372,953) 

(83,869) 

Total other expense, net

(1,117,306) 

(83,869) 

Loss before income taxes

(2,781,962) 

(288,546) 

Income tax expense

-  

178  

Net loss

$(2,781,962) 

$(288,724) 

See accompanying notes to the Carved Out Combined Financial Statements.

TELVANTIS VOICE SERVICES, INC.

CARVED OUT COMBINED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited, in whole dollars)

Units

Common Stock
Amount

Retained
Earnings

Total
Equity

Balance at December 31, 2023

100

$100 

$708,164  

$708,264  

Net loss

- 

(288,724) 

(288,724) 

Balance at September 30, 2024 (Unaudited)

100

$100 

$419,440  

$419,540  

Balance at December 31, 2024

100

$100 

$4,071,668  

$4,071,768  

Net loss

- 

(2,781,962) 

(2,781,962) 

Balance at September 30, 2025 (Unaudited)

100

$100 

$1,289,706  

$1,289,806  

See accompanying notes to the Carved Out Combined Financial Statements.

TELVANTIS VOICE SERVICES, INC.

CARVED OUT COMBINED STATEMENTS OF CASH FLOWS

(In whole dollars)

Nine Months Ended
September 30,

2025

2024

Cash flows from operating activities:

Net loss

$(2,781,962) 

$(288,724) 

Adjustments to reconcile net loss to net cash:

Amortization of intangible assets

846,825  

846,825  

Changes in operating assets and liabilities:

Accounts receivable, net

(20,641,297) 

(1,217,897) 

Accounts receivable from related parties

(8,228,157) 

-  

Other current assets

(8,547,929) 

(2,161) 

Accounts payable and accrued expenses

22,672,193  

(59,745) 

Accounts payable — related parties

42,727,070  

-  

Income taxes payable

117,201  

42  

Other current liabilities

282,923  

1,039  

Net cash used in operating activities

(7,371,133) 

(1,441,621) 

Cash flows from investing activities:

-  

Loan receivables

(789,721) 

-  

Net cash used in investing activities

(789,721) 

-  

Cash flows from financing activities:

-  

-  

Net proceeds from factoring facility

8,315,480  

-  

Net proceeds from related party loans

496,565  

1,041,808  

Net cash provided by financing activities

8,812,045  

1,041,808  

Effect of exchange rate changes on cash

16,917  

381,215  

Net increase (decrease) in cash

671,108  

(18,598) 

Cash and cash equivalents — beginning of period

47,890  

24,303  

Cash and cash equivalents — end of period

$718,998  

$5,705  

Supplemental disclosure of cash flow information:

Cash paid for interest

$744,353  

$-  

Cash paid for income taxes

$-  

$-  

See accompanying notes to the Carved Out Combined Financial Statements.