STOCK TITAN

[10-Q] – M2i Global, Inc. (MTWO) (CIK 0001753373)

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q

M2i Global, Inc. (MTWO) filed its Q3 10‑Q, reporting no revenue and a net loss of $1,758,627 for the three months ended August 31, 2025. Year‑to‑date net loss was $4,229,394. Cash was $243,929 at August 31, 2025, against total liabilities of $3,428,421, resulting in a stockholders’ deficit of $3,017,554.

Operating expenses rose to $1,693,170 in the quarter, driven by higher legal and professional fees. The company funded operations primarily through equity, issuing 43,289,420 common shares for $565,540 and 66,535,000 shares for services valued at $1,212,667; it also received $1,937,500 toward Series B preferred that will automatically convert to common upon issuance. A $270,000 convertible note remained outstanding, alongside a $302,960 promissory note and a $17,579 balance on D&O insurance financing.

The filing includes a going concern warning. On July 28, 2025, M2i signed a Merger Agreement to become a wholly owned subsidiary of Volato Group, Inc., subject to stockholder and regulatory approvals. Disclosure controls were deemed not effective. Common shares outstanding were 707,213,947 as of October 15, 2025.

M2i Global, Inc. (MTWO) ha depositato il suo Q3 10-Q, riportando nessun ricavo e una perdita netta di 1.758.627 dollari per i tre mesi terminati il 31 agosto 2025. La perdita netta da inizio anno è stata di 4.229.394 dollari. La cassa era di 243.929 dollari al 31 agosto 2025, rispetto a passività totali di 3.428.421 dollari, risultando in un deficit degli azionisti di 3.017.554 dollari.

Le spese operative sono aumentate a 1.693.170 dollari nel trimestre, guidate da maggiori oneri legali e professionali. L'azienda ha finanziato le operazioni principalmente tramite equity, emettendo 43.289.420 azioni comuni per 565.540 dollari e 66.535.000 azioni per servizi valutati 1.212.667 dollari; ha inoltre ricevuto 1.937.500 dollari verso azioni privilegiate di Serie B che si convertiranno automaticamente in comune al momento dell'emissione. Un'obbligazione convertibile da 270.000 dollari rimane in essere, insieme a una cambiale da 302.960 dollari e un saldo di 17.579 dollari su un finanziamento per assicurazione D&O.

La filing include un avviso di continuità. Il 28 luglio 2025, M2i ha firmato un Accordo di Fusione per diventare una controllata interamente posseduta di Volato Group, Inc., soggetto all'approvazione degli azionisti e delle autorità regolamentari. I controlli di divulgazione sono stati considerati non efficaci. Le azioni ordinarie in circolazione erano 707.213.947 al 15 ottobre 2025.

M2i Global, Inc. (MTWO) presentó su Q3 10-Q, reportando ningún ingreso y una pérdida neta de 1,758,627 dólares para los tres meses terminado el 31 de agosto de 2025. La pérdida neta acumulada desde el inicio del año fue de 4,229,394 dólares. La liquidez era de 243,929 dólares al 31 de agosto de 2025, frente a pasivos totales de 3,428,421 dólares, resultando en un déficit de accionistas de 3,017,554 dólares.

Los gastos operativos aumentaron a 1,693,170 dólares en el trimestre, impulsados por mayores honorarios legales y profesionales. La empresa financiaba las operaciones principalmente mediante equity, emitiendo 43,289,420 acciones comunes por 565,540 dólares y 66,535,000 acciones por servicios valorados en 1,212,667 dólares; también recibió 1,937,500 hacia acciones preferentes de Serie B que se convertirán automáticamente en acciones comunes al emitir. Un pagaré convertible de 270,000 dólares permanecía vigente, junto con un pagaré de 302,960 dólares y un saldo de 17,579 dólares en financiamiento de seguro D&O.

La presentación incluye una advertencia sobre la continuidad como negocio. El 28 de julio de 2025, M2i firmó un Acuerdo de Fusión para convertirse en una subsidiaria completamente poseída de Volato Group, Inc., sujeto a aprobaciones de accionistas y autoridades regulatorias. Los controles de divulgación se consideraron no efectivos. Las acciones comunes en circulación eran 707,213,947 al 15 de octubre de 2025.

M2i Global, Inc. (MTWO) 은 2025년 8월 31일 종료된 3개월에 대해 매출이 없이 순손실 1,758,627달러를 보고했습니다. 연간 누적 순손실은 4,229,394달러였습니다. 현금은 243,929달러였고 총 부채는 3,428,421달러로 주주자본 적자가 3,017,554달러에 이르렀습니다.

분기 동안 영업비용은 1,693,170달러로 증가했으며, 이는 더 높은 법률 및 전문 수수료 때문이었습니다. 회사는 지분을 통해 주로 운영 자금을 조달했고, 43,289,420주를 565,540달러에 발행하고 66,535,000주를 서비스 평가액 1,212,667달러로 발행했습니다. 또한 발행 시 일반주로 자동전환될 시리즈 B 우선주로 1,937,500달러를 받았습니다. 270,000달러의 전환가능 채권이 남아 있었고 302,960달러의 차용증서와 D&O 보험 자금 조달 잔액 17,579달러가 남아 있었습니다.

공시는 계속기업에 대한 경고를 포함합니다. 2025년 7월 28일, M2i는 Volato Group, Inc.의 전액 출자 자회사로 되기 위한 합병 계약에 서명했으며, 주주 및 규제 당국의 승인을 조건으로 합니다. 공시 통제는 효과적이지 않은 것으로 간주되었습니다. 2025년 10월 15일 기준으로 순환 중인 일반주 수는 707,213,947주였습니다.

M2i Global, Inc. (MTWO) a déposé son Q3 10-Q, ne déclarant aucun revenu et enregistrant une perte nette de 1 758 627 $ pour les trois mois clos le 31 août 2025. La perte nette cumulée depuis le début de l'année était de 4 229 394 $. La trésorerie était de 243 929 $ au 31 août 2025, contre des passifs totaux de 3 428 421 $, soit un déficit des actionnaires de 3 017 554 $.

Les dépenses d'exploitation ont augmenté à 1 693 170 $ au cours du trimestre, entraînées par des frais juridiques et professionnels plus élevés. L'entreprise a financé ses opérations principalement par des capitaux propres, émettant 43 289 420 actions ordinaires pour 565 540 $ et 66 535 000 actions pour des services évalués à 1 212 667 $ ; elle a également reçu 1 937 500 $ pour des actions privilégiées de série B qui seront automatiquement converties en actions ordinaires lors de l'émission. Une dette convertible de 270 000 $ restait en circulation, aux côtés d'une obligation de 302 960 $ et d'un solde de 17 579 $ sur un financement d'assurance D&O.

Le dépôt comprend un avertissement sur la continuité d'exploitation. Le 28 juillet 2025, M2i a signé un accord de fusion pour devenir une filiale entièrement détenue de Volato Group, Inc., sous réserve des approbations des actionnaires et des autorités réglementaires. Les contrôles de divulgation ont été jugés non efficaces. Le nombre d'actions ordinaires en circulation était de 707 213 947 au 15 octobre 2025.

M2i Global, Inc. (MTWO) legte seinen Q3 10-Q vor und meldete keinen Umsatz sowie einen Nettoverlust von 1.758.627 $ für die drei Monate zum 31. August 2025. Der Nettolaufverlust seit Jahresbeginn betrug 4.229.394 $. Die Barmittel beliefen sich zum 31. August 2025 auf 243.929 $, gegenüber Verbindlichkeiten in Höhe von 3.428.421 $, was zu einem Eigenkapitaldefizit der Aktionäre von 3.017.554 $ führte.

Die Betriebsausgaben stiegen im Quartal auf 1.693.170 $, getrieben von höheren Rechts- und Beratungskosten. Das Unternehmen finanzierte die Geschäftstätigkeit überwiegend durch Eigenkapital, indem 43.289.420 Stammaktien für 565.540 $ ausgegeben und 66.535.000 Aktien für Dienstleistungen im Wert von 1.212.667 $ ausgegeben wurden; außerdem erhielt es 1.937.500 $ für Series-B-Vorzugsaktien, die beim Ausgeben automatisch in Stammaktien umgewandelt werden. Eine wandelbare Anleihe über 270.000 $ blieb ausstehend, neben einem Schuldscheindarlehen von 302.960 $ und einem Saldo von 17.579 $ bei der D&O-Versicherungsfinanzierung.

Die Einreichung enthält eine Fortführungsanzeige. Am 28. Juli 2025 unterzeichnete M2i eine Fusionsvereinbarung, um eine vollständig im Eigentum stehende Tochtergesellschaft der Volato Group, Inc. zu werden, vorbehaltlich der Zustimmung der Aktionäre und der Aufsichtsbehörden. Offenlegungskontrollen wurden als nicht wirksam erachtet. Stammaktien im Umlauf betrugen am 15. Oktober 2025 707.213.947.

قدمت M2i Global, Inc. (MTWO) تقريرها Q3 10-Q، مع عدم وجود إيرادات وخسارة صافية قدرها 1,758,627 دولارًا للثلاثة أشهر المنتهية في 31 أغسطس 2025. الخسارة الصافية منذ بداية العام حتى الآن بلغت 4,229,394 دولارًا. النقدية كانت 243,929 دولارًا في 31 أغسطس 2025، مقابل التزامات إجمالية بقيمة 3,428,421 دولارًا، مما أدى إلى عجز مساهمين بقيمة 3,017,554 دولارًا.

ارتفعت المصروفات التشغيلية إلى 1,693,170 دولارًا خلال الربع، مدفوعة بارتفاع الرسوم القانونية والمهنية. قامت الشركة بتمويل عملياتها في الغالب من خلال حقوق الملكية، وكانت قد أصدرت 43,289,420 سهماً عادياً مقابل 565,540 دولارًا و66,535,000 سهماً مقابل خدمات مُقدّر قيمتها بـ1,212,667 دولارًا؛ كما تلقت 1,937,500 دولار تجاه أسهم ممتازة من الفئة B ستتحول تلقائيًا إلى الأسهم العادية عند الإصدار. ظلت سندات قابلة للتحويل بقيمة 270,000 دولار قائمة، إضافة إلى سند إذني بقيمة 302,960 دولار ورصيد قدره 17,579 دولارًا في تمويل تأمين D&O.

يتضمن التسجيل تحذيرًا بشأن الاستمرارية كعمل. في 28 يوليو 2025، وقعت M2i اتفاقية اندماج لتصبح شركة فرعية مملوكة بالكامل لـ Volato Group, Inc.، رهناً بموافقة المساهمين والجهات التنظيمية. تم اعتبار ضوابط الكشف غير فاعلة. كان عدد الأسهم العادية القائمة 707,213,947 سهمًا حتى 15 أكتوبر 2025.

M2i Global, Inc.(MTWO)已提交其三季度10-Q,报告截至2025年8月31日的三个月没有收入,净亏损为1,758,627美元。年初至今的净亏损为4,229,394美元。现金为243,929美元,负债总额为3,428,421美元,导致股东权益赤字为3,017,554美元。

本季度运营费用增至1,693,170美元,受更高的法律及专业费用推动。公司主要通过发行股权来资助运营,发行了43,289,420股普通股,金额为565,540美元;另以服务估值1,212,667美元发行66,535,000股;并就发行为普通股时自动转换的Series B优先股收到1,937,500美元。还有270,000美元的可转换票据未偿付,以及302,960美元的本票和D&O保险融资余额17,579美元。

filing包含持续经营警告。2025年7月28日,M2i签署并购协议,拟成为Volato Group, Inc.的全资子公司,须获股东及监管机构批准。披露控制被认定为无效。截至2025年10月15日,流通在外的普通股为707,213,947股。

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Insights

Losses, low cash, and a going concern warning elevate risk.

M2i Global reported zero revenue and a quarterly net loss of $1,758,627, with cash of $243,929 as of Aug 31, 2025. Total liabilities of $3,428,421 and a stockholders’ deficit of $3,017,554 indicate a leveraged balance sheet anchored by payables and notes.

Funding relied on equity issuance, including 43,289,420 shares for $565,540 and shares for services valued at $1,212,667, plus $1,937,500 received toward Series B preferred (to auto‑convert upon issuance). A $270,000 convertible note and a $302,960 promissory note add fixed obligations.

The 10‑Q cites “substantial doubt” about going concern and notes disclosure controls are not effective. A merger with Volato Group, Inc. was agreed on Jul 28, 2025, subject to approvals; actual impact depends on closing and terms.

M2i Global, Inc. (MTWO) ha depositato il suo Q3 10-Q, riportando nessun ricavo e una perdita netta di 1.758.627 dollari per i tre mesi terminati il 31 agosto 2025. La perdita netta da inizio anno è stata di 4.229.394 dollari. La cassa era di 243.929 dollari al 31 agosto 2025, rispetto a passività totali di 3.428.421 dollari, risultando in un deficit degli azionisti di 3.017.554 dollari.

Le spese operative sono aumentate a 1.693.170 dollari nel trimestre, guidate da maggiori oneri legali e professionali. L'azienda ha finanziato le operazioni principalmente tramite equity, emettendo 43.289.420 azioni comuni per 565.540 dollari e 66.535.000 azioni per servizi valutati 1.212.667 dollari; ha inoltre ricevuto 1.937.500 dollari verso azioni privilegiate di Serie B che si convertiranno automaticamente in comune al momento dell'emissione. Un'obbligazione convertibile da 270.000 dollari rimane in essere, insieme a una cambiale da 302.960 dollari e un saldo di 17.579 dollari su un finanziamento per assicurazione D&O.

La filing include un avviso di continuità. Il 28 luglio 2025, M2i ha firmato un Accordo di Fusione per diventare una controllata interamente posseduta di Volato Group, Inc., soggetto all'approvazione degli azionisti e delle autorità regolamentari. I controlli di divulgazione sono stati considerati non efficaci. Le azioni ordinarie in circolazione erano 707.213.947 al 15 ottobre 2025.

M2i Global, Inc. (MTWO) presentó su Q3 10-Q, reportando ningún ingreso y una pérdida neta de 1,758,627 dólares para los tres meses terminado el 31 de agosto de 2025. La pérdida neta acumulada desde el inicio del año fue de 4,229,394 dólares. La liquidez era de 243,929 dólares al 31 de agosto de 2025, frente a pasivos totales de 3,428,421 dólares, resultando en un déficit de accionistas de 3,017,554 dólares.

Los gastos operativos aumentaron a 1,693,170 dólares en el trimestre, impulsados por mayores honorarios legales y profesionales. La empresa financiaba las operaciones principalmente mediante equity, emitiendo 43,289,420 acciones comunes por 565,540 dólares y 66,535,000 acciones por servicios valorados en 1,212,667 dólares; también recibió 1,937,500 hacia acciones preferentes de Serie B que se convertirán automáticamente en acciones comunes al emitir. Un pagaré convertible de 270,000 dólares permanecía vigente, junto con un pagaré de 302,960 dólares y un saldo de 17,579 dólares en financiamiento de seguro D&O.

La presentación incluye una advertencia sobre la continuidad como negocio. El 28 de julio de 2025, M2i firmó un Acuerdo de Fusión para convertirse en una subsidiaria completamente poseída de Volato Group, Inc., sujeto a aprobaciones de accionistas y autoridades regulatorias. Los controles de divulgación se consideraron no efectivos. Las acciones comunes en circulación eran 707,213,947 al 15 de octubre de 2025.

M2i Global, Inc. (MTWO) 은 2025년 8월 31일 종료된 3개월에 대해 매출이 없이 순손실 1,758,627달러를 보고했습니다. 연간 누적 순손실은 4,229,394달러였습니다. 현금은 243,929달러였고 총 부채는 3,428,421달러로 주주자본 적자가 3,017,554달러에 이르렀습니다.

분기 동안 영업비용은 1,693,170달러로 증가했으며, 이는 더 높은 법률 및 전문 수수료 때문이었습니다. 회사는 지분을 통해 주로 운영 자금을 조달했고, 43,289,420주를 565,540달러에 발행하고 66,535,000주를 서비스 평가액 1,212,667달러로 발행했습니다. 또한 발행 시 일반주로 자동전환될 시리즈 B 우선주로 1,937,500달러를 받았습니다. 270,000달러의 전환가능 채권이 남아 있었고 302,960달러의 차용증서와 D&O 보험 자금 조달 잔액 17,579달러가 남아 있었습니다.

공시는 계속기업에 대한 경고를 포함합니다. 2025년 7월 28일, M2i는 Volato Group, Inc.의 전액 출자 자회사로 되기 위한 합병 계약에 서명했으며, 주주 및 규제 당국의 승인을 조건으로 합니다. 공시 통제는 효과적이지 않은 것으로 간주되었습니다. 2025년 10월 15일 기준으로 순환 중인 일반주 수는 707,213,947주였습니다.

M2i Global, Inc. (MTWO) a déposé son Q3 10-Q, ne déclarant aucun revenu et enregistrant une perte nette de 1 758 627 $ pour les trois mois clos le 31 août 2025. La perte nette cumulée depuis le début de l'année était de 4 229 394 $. La trésorerie était de 243 929 $ au 31 août 2025, contre des passifs totaux de 3 428 421 $, soit un déficit des actionnaires de 3 017 554 $.

Les dépenses d'exploitation ont augmenté à 1 693 170 $ au cours du trimestre, entraînées par des frais juridiques et professionnels plus élevés. L'entreprise a financé ses opérations principalement par des capitaux propres, émettant 43 289 420 actions ordinaires pour 565 540 $ et 66 535 000 actions pour des services évalués à 1 212 667 $ ; elle a également reçu 1 937 500 $ pour des actions privilégiées de série B qui seront automatiquement converties en actions ordinaires lors de l'émission. Une dette convertible de 270 000 $ restait en circulation, aux côtés d'une obligation de 302 960 $ et d'un solde de 17 579 $ sur un financement d'assurance D&O.

Le dépôt comprend un avertissement sur la continuité d'exploitation. Le 28 juillet 2025, M2i a signé un accord de fusion pour devenir une filiale entièrement détenue de Volato Group, Inc., sous réserve des approbations des actionnaires et des autorités réglementaires. Les contrôles de divulgation ont été jugés non efficaces. Le nombre d'actions ordinaires en circulation était de 707 213 947 au 15 octobre 2025.

M2i Global, Inc. (MTWO) legte seinen Q3 10-Q vor und meldete keinen Umsatz sowie einen Nettoverlust von 1.758.627 $ für die drei Monate zum 31. August 2025. Der Nettolaufverlust seit Jahresbeginn betrug 4.229.394 $. Die Barmittel beliefen sich zum 31. August 2025 auf 243.929 $, gegenüber Verbindlichkeiten in Höhe von 3.428.421 $, was zu einem Eigenkapitaldefizit der Aktionäre von 3.017.554 $ führte.

Die Betriebsausgaben stiegen im Quartal auf 1.693.170 $, getrieben von höheren Rechts- und Beratungskosten. Das Unternehmen finanzierte die Geschäftstätigkeit überwiegend durch Eigenkapital, indem 43.289.420 Stammaktien für 565.540 $ ausgegeben und 66.535.000 Aktien für Dienstleistungen im Wert von 1.212.667 $ ausgegeben wurden; außerdem erhielt es 1.937.500 $ für Series-B-Vorzugsaktien, die beim Ausgeben automatisch in Stammaktien umgewandelt werden. Eine wandelbare Anleihe über 270.000 $ blieb ausstehend, neben einem Schuldscheindarlehen von 302.960 $ und einem Saldo von 17.579 $ bei der D&O-Versicherungsfinanzierung.

Die Einreichung enthält eine Fortführungsanzeige. Am 28. Juli 2025 unterzeichnete M2i eine Fusionsvereinbarung, um eine vollständig im Eigentum stehende Tochtergesellschaft der Volato Group, Inc. zu werden, vorbehaltlich der Zustimmung der Aktionäre und der Aufsichtsbehörden. Offenlegungskontrollen wurden als nicht wirksam erachtet. Stammaktien im Umlauf betrugen am 15. Oktober 2025 707.213.947.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended August 31, 2025

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File No. 333-229748

 

M2i GLOBAL, INC.
(Exact name of registrant as specified in its charter)

 

Nevada   37-1904036
(State or other jurisdiction   (I.R.S. Employer
of incorporation or organization)   Identification No.)

 

885 Tahoe Blvd.    
Incline Village, NV   89451
(Address of Principal Executive Offices)   (Zip Code)

 

(775) 909-6000

(Registrant’s telephone number, including area code)

 

3827 S Carson St., P.O. Box 40

Carson City, NV 89701

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  Large accelerated Filer   Smaller reporting company  
  Accelerated Filer   Emerging growth company  
  Non-accelerated Filer        

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of Common Stock, par value $0.001 per share, outstanding as of October 15, 2025 was 707,213,947.

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   N/A   N/A

 

 

 

 

 

 

M2i GLOBAL, INC.

Index

 

  Pg. No.
PART I — Financial Information 3
Item 1. Financial Statements 3
Condensed Consolidated Balance Sheets as of August 31, 2025 (Unaudited) and November 30, 2024 3
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited) 4
Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) for the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited) 5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended August 31, 2025 and 2024 (Unaudited) 6
Notes to Condensed Consolidated Financial Statements (Unaudited) 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
Item 3. Quantitative and Qualitative Disclosures about Market Risk 14
Item 4. Controls and Procedures 14
PART II — Other Information 15
Item 1. Legal Proceedings 15
Item 1A. Risk Factors 15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
Item 3. Defaults Upon Senior Securities 15
Item 4. Mine Safety Disclosures 15
Item 5. Other Information 15
Item 6. Exhibits 15
SIGNATURES 16

 

2

 

 

PART 1 — FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

M2i GLOBAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   August 31, 2025     
   unaudited   November 30, 2024 
         
Assets          
           
Current assets          
Cash  $243,929   $80,281 
Prepaids and other current assets   166,937    5,139 
Total current assets   410,867    85,420 
           
TOTAL ASSETS  $410,867   $85,420 
           
Liabilities and Stockholders’ (Deficit)          
           
Current liabilities          
Accounts payable and accrued expenses  $1,537,279   $1,058,726 
Accounts payable and accrued expenses - related party   1,300,603    950,156 
Loan payable - D&O insurance   17,579    - 
Convertible note, net of discount   270,000    270,000 
Promissory note   302,960    302,960 
Related party loan   -    36,050 
Total current liabilities   3,428,421    2,617,892 
           
Total Liabilities   3,428,421    2,617,892 
           
Stockholders’ (deficit)          
Preferred stock, authorized 100,000 shares, $.001 par value, 100,000 and 100,000 shares issued and outstanding, respectively   100    100 
Common stock, authorized 1,000,000,000 shares, $.001 par value, 691,528,945 and 581,704,525 shares issued and outstanding at August 31, 2025 ended November 30, 2024, respectively   691,529    581,705 
Treasury stock   (435,000)   (435,000)
Additional paid in capital   6,956,393    3,321,905 
Accumulated (deficit)   (10,230,576)   (6,001,182)
Total stockholders’ (deficit)   (3,017,554)   (2,532,472)
           
Total liabilities and stockholders’ (deficit)  $410,867   $85,420 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 

3

 

 

M2i GLOBAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   August 31, 2025   August 31, 2024   August 31, 2025   August 31, 2024 
   Three Months Ended   Nine Months Ended 
   August 31, 2025   August 31, 2024   August 31, 2025   August 31, 2024 
                   
Operating expenses                    
General and administrative   404,872    188,079    1,026,142    797,483 
Legal and professional   1,288,298    528,467    3,109,338    1,943,060 
Total operating expenses   1,693,170    716,546    4,135,480    2,740,543 
                     
Loss from operations   (1,693,170)   (716,546)   (4,135,480)   (2,740,543)
                     
Other expense                    
Interest expense   65,457    20,854    93,914    70,547 
Total other expense   65,457    20,854    93,914    70,547 
                     
Net Loss  $(1,758,627)  $(737,400)  $(4,229,394)  $(2,811,090)
                     
Loss per share  $(0.00)  $(0.00)  $(0.01)  $(0.01)
                     
Weighted average shares outstanding – basic and dilutive   677,571,535    554,928,619    629,277,181    531,040,358 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 

4

 

 

M2i GLOBAL, INC.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ (DEFICIT)

For the Three and Nine Months Ended August 31, 2025 and August 31, 2024

(Unaudited)

 

                               Total 
   Preferred Shares   Common Shares   Treasury   Additional
Paid in
   Accumulated   Stockholders’
Equity
 
   Shares   Amount   Shares   Amount   Stock   Capital   Deficit   (Deficit) 
                                 
Balance at November 30, 2024   100,000   $100    581,704,525   $581,705   $(435,000)  $3,321,905   $(6,001,182)  $   (2,532,472)
                                         
Shares issued for cash received   -    -    28,700,000    28,700    -    173,300    -    202,000 
                                         
Shares issued for services   -    -    2,250,000    2,250         335,250         337,500 
                                         
Cash received for shares to be issued   -    -    -    -    -    27,605    -    27,605 
                                         
Net loss   -    -    -    -    -    -    (1,351,625)   (1,351,625)
                                         
Balance at February 28, 2025   100,000   $100    612,654,525   $612,655   $(435,000)  $3,858,060   $(7,352,807)  $(3,316,992)
                                         
Shares issued for cash   -    -    11,531,177    11,531    -    113,725    -    125,256 
                                         
Shares issued for services   -    -    37,400,000    37,400    -    164,600    -    202,000 
                                         
Cash received for shares to be issued   -    -    -    -    -    350,000    -    350,000 
                                         
Net loss   -    -    -    -    -    -    (1,119,142)   (1,119,142)
                                         
Balance at May 31, 2025   100,000   $100    661,585,702   $661,586   $(435,000)  $4,486,385   $(8,471,949)  $(3,758,878)
                                         
Shares issued for cash   -    -    3,058,243    3,058    -    235,226    -    238,284 
                                         
Shares issued for services   -    -    26,885,000    26,885    -    646,282    -    673,167 
                                         
Cash received for shares to be issued   -    -    -    -    -    1,588,500    -    1,588,500 
                                         
Net loss   -    -    -    -    -    -    (1,758,627)   (1,758,627)
                                         
Balance at August 31, 2025   100,000   $100    691,528,945   $691,529   $(435,000)  $6,956,393   $(10,230,576)  $(3,017,554)
                                         
Balance at November 30, 2023   100,000   $100    514,333,691   $514,334   $(435,000)  $995,541   $(2,113,921)  $(1,038,946)
                                         
Shares purchased from shareholder   -    -    (50,000,000)   (50,000)   -    45,000    -    (5,000)
                                  -      
Cash received for shares to be issued   -    -    -    -    -    551,450         551,450 
                                         
Net loss   -    -    -    -    -    -    (699,100)   (699,100)
                                         
Balance at February 29, 2024   100,000   $100    464,333,691   $464,334   $(435,000)  $1,591,991   $(2,813,021)  $(1,191,596)
                                         
Shares issued for cash   -    -    37,900,000    37,900    -    133,585    -    171,485 
                                         
Shares to be purchased from shareholders   -    -    -    -    -    (1,150)   -    (1,150)
                                         
Cash received for shares to be issued   -    -    -    -    -    50,020    -    50,020 
                                         
Net loss   -    -    -    -    -    -    (1,374,590)   (1,374,590)
                                         
Balance at May 31, 2024   100,000   $100    502,233,691   $502,234   $(435,000)  $1,774,446   $(4,187,611)  $(2,345,831)
                                         
Shares issued for cash   -    -    7,200,000    7,200    -    8,080    -    15,280 
                                         
Shares issued for contracts   -    -    20,000,000    20,000    -    (18,000)   -    2,000 
                                         
Shares cancelled   -    -    (11,766,666)   (11,767)   -    11,767    -    - 
                                         
Cash received for shares to be issued   -    -    -    -    -    986,900    -    986,900 
                                         
Net loss   -    -    -    -    -    -    (737,400)   (737,400)
                                         
Balance at August 31, 2024   100,000   $100    517,667,025   $517,667   $(435,000)  $2,763,193   $(4,925,011)  $(2,079,051)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 

5

 

 

M2i GLOBAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   August 31, 2025   August 31, 2024 
   Nine Months Ended 
   August 31, 2025   August 31, 2024 
         
Cash flows from operating activities          
Net loss  $(4,229,394)  $(2,811,090)
Adjustments to reconcile net loss to net cash used in operating activities:          
Amortization of note discount   -    15,000 
Shares issued for services   1,173,018    - 
Changes in operating assets and liabilities          
Prepaid expenses and other current assets   (161,798)   (17,292)
Accounts payable and accrued expenses   478,550    1,412,913 
Accounts payable and accrued expenses-related party   350,447    - 
           
Net cash used in operating activities   (2,389,177)   (1,400,469)
           
Cash flows from financing activities          
Cash received for shares issued   632,795    739,140 
Cash received for shares to be issued   1,938,500    1,034,845 
Payment for cancelled shares   -    (5,000)
Loan payable - D&O insurance   17,579    - 
Proceeds from related party loan        127,500 
Repayment of related party loan   (36,050)   (516,000)
           
Net cash provided by financing activities   2,552,824    1,380,485 
           
Net increase (decrease) in cash  $163,648   $(19,984)
Cash, beginning of period   80,281    48,197 
           
Cash, end of period  $243,929   $28,213 
           
Cash paid for interest  $-   $- 
           
Supplemental disclosure of non-cash financing activities          
Original issue discount on convertible note  $-   $25,000 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 

6

 

 

M2i GLOBAL, INC

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Note 1 — Description of Organization and Business Operations

 

The Company was incorporated in the State of Nevada on June 12, 2018. On June 7, 2023, the Company (“M2i Global, Inc.”) (formerly known as “Inky Inc.”) filed with the Secretary of State of Nevada an Amendment to the Certificate of Incorporation to change its corporate name from “Inky, Inc.”, to “M2i Global, Inc.”, effective June 7, 2023.

 

The Company was formerly engaged in developing mobile software applications for smartphones and tablet devices. During May 2023, the Company became the sole shareholder of U.S. Minerals and Metals Corp., a Nevada corporation (“USMM”) through the issuance of preferred and common shares for cash. Concurrently, the Company shifted its operations to specialization in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners. The Company’s vision is to develop and execute a complete global value supply chain for critical minerals for the United States government and certain trading partners of the United States. To implement this vision, the Company intends to operate three key business divisions as set forth below:

 

  M2i Mining, Processing & Refining: a business engaged in sourcing, extraction, processing, refining, transporting and selling primary minerals and metals;
  M2i Scrap & Recycling: a business engaged in the collection, processing, transporting and selling of scrap, recycled and reused metals; and
  M2i Government and Defense Industrial Base: a business engaged in aligning with U.S. policy to facilitate participation in U.S. government programs such as the creation and management of a Strategic Minerals Reserve as an enhancement of the U.S. government’s National Defense Stockpile.

 

On June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into a strategic partnership (the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company with access to various critical minerals, with an ultimate goal of suppling the U.S. government and U.S. free trade partners with these critical minerals. Komodo Capital also offers comprehensive advisory services. The Company issued 8,000,000 shares of common stock valued at $800 as part of this agreement.

 

On June 30, 2024, the Company and NTM Minerals Limited (“NTM”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into an exclusive offtake agreement (the “Offtake Agreement”), in which NTM will provide for 88,000 tonnes of copper, currently valued at approximately $850 million. The Company is granted offtake rights for a maximum of 88,000 tonnes of copper that is sourced from the Redbank tenements in return for 12 million shares of the Company’s common stock. NTM shall receive additional payments for incremental resource increases or upgrades from the Redbank tenements. M2i retains the option to participate in production pre-funding opportunities.

 

On July 28, 2025, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) among the Company, Volato Group, Inc., a Delaware corporation (“Volato”), and Volato Merger Subsidiary, Inc., a Nevada corporation and wholly-owned subsidiary of Volato (“Merger Sub”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions therein, at the effective time of the merger, Merger Sub will be merged with and into the Company with the Company surviving as a wholly owned subsidiary of Volato. The Merger Agreement contains customary representations, warranties and covenants of the parties, and is subject to approval by the Company’s stockholders, approval by the holders of Volato’s Class A common stock, $0.0001 par value per share receipt of certain regulatory approvals and other customary closing conditions. The Company’s board of directors unanimously approved the Merger Agreement and determined that the Merger is advisable and in the best interests of the Company and its stockholders.

 

7

 

 

Note 2 – Going Concern

 

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had no revenues and incurred losses during the nine months ended August 31, 2025 and 2024 totaling $4,229,394 and $2,811,090, respectively. In addition, the accumulated deficit amounted to $10,230,576 and 6,001,182 as of August 31, 2025 and November 30, 2024, respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

Management anticipates that the Company may be dependent, for the near future, on additional investment capital to fund operating expenses. It is anticipated that revenues will be forthcoming within the first or second quarters of the next fiscal year. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

Note 3 — Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the interim reporting rules of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted from these statements pursuant to such rules and regulation and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K on February 27, 2025. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

 

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, including its wholly owned subsidiary, USM&M. Intercompany accounts and transactions have been eliminated in consolidation.

 

Segment Reporting

 

The Company operates as a single segment.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments and other short-term investments with a maturity of three months or less, when purchased, to be cash equivalents.

 

The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest-bearing accounts.

 

Impairment Assessment

 

The Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets is reduced to fair value.

 

8

 

 

Income Taxes

 

In accordance with FASB ASC Topic 740, “Income Taxes,” the Company provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

 

In addition, the Company’s management performs an evaluation of all uncertain income tax positions taken or expected to be taken in the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely than not” standard of being sustained under examination by the applicable taxing authorities. This evaluation is required to be performed for all open tax years, as defined by the various statutes of limitations, for federal and state purposes. If the Company has interest or penalties associated with insufficient taxes paid, such expenses are reported in income tax expense.

 

Debt Issuance Costs

 

The Company accounts for debt issuance costs in accordance with ASU 2015-03. This guidance requires direct and incremental costs associated with the issuance of debt instruments such as legal fees, printing costs and underwriters’ fees, among others, paid to parties other than creditors, are reported and presented as a reduction of debt on the consolidated balance sheets.

 

Debt issuance costs and premiums or discounts are amortized over the term of the respective financing arrangement using the effective interest method. Amortization of these amounts is included as a component of interest expense net, in the consolidated statements of operations.

 

Convertible Debt

 

In accordance with ASC 470 the Company records its convertible notes at the aggregate principal amount, less discount. We will be amortizing the debt discount over the life of the convertible notes as additional non-cash expense utilizing the effective interest rate.

 

Basic and Diluted Loss Per Share

 

Basic earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

 

The Company had no dilutive securities outstanding at August 31, 2025.

 

Deferred Stock-Based Compensation

 

Deferred stock-based compensation shall be deemed to be those transactions carried out by the Company which involve shares of the Company issued for future services.

 

9

 

 

Treasury Stock

 

Treasury stock transactions shall be deemed to be those transactions carried out by the Company which involve shares of the Company that grant the right to acquire shares of the Company.

 

Related Party

 

The Company records all related party transactions in accordance with ASC 850-10.

 

Recently Issued Accounting Standards

 

During the nine months ended August 31, 2025, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial statements.

 

Revenue Recognition

 

The Company is currently pre-revenue. The Company will recognize revenues in accordance with ASC 606.

 

Subsequent Events

 

The Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment consideration.

 

Note 4 — Commitments and Contingencies

 

From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that the Company believes could have a material adverse effect on its financial condition or results of operations.

 

Note 5 — Equity Transactions

 

During the nine months ended August 31, 2025, the Company received $1,937,500 cash for the issuance of shares of Series B Convertible Preferred Shares. The terms of the issuance have not yet been determined and shares have not yet been issued. Upon issuance these Series B shares will be automatically converted into common shares. There was no change to the number of issued and outstanding Series A Preferred Shares.

 

During the nine months ended August 31, 2025, the Company issued 43,289,420 shares of common stock for cash received of $565,540.

 

During the nine months ended August 31, 2025, the Company issued 66,535,000 shares of common stock for services rendered valued at $1,212,667.

 

During the nine months ended August 31, 2025, the Company issued 10,000,000 shares of common stock for future services valued at $1,000,000. These shares were recorded as Deferred Stock-based compensation and the value of the shares is being amortized over three years. The value of the Deferred Stock-based compensation is an offset to Additional Paid in Capital.

 

As of the nine months ended August 31, 2025, the Company had issued shares valued at $22,056 for which funds had not yet been received. This subscription receivable is an offset to Additional Paid in Capital.

 

Note 6 – Accounts Payable and Accrued Expenses

 

During the nine months ended August 31, 2025, the Company’s accounts payables and accrued expenses increased to $1,537,279 from $1,058,726 at the year ended November 30, 2024 for an increase of $478,553. The increase was due to the accrual of professional fees, accrued directors fees, and accounts payables as the Company continues to shift its operations a noted in Note 1 above.

 

10

 

 

Note 7 — Related Party Transactions

 

During the nine months ended August 31, 2025, the Company repaid $36,050 of the loan from the Company’s Executive Chairman. This loan is recorded as a related party loan on the balance sheet. At the periods ending August 31, 2025 and November 30, 2024, the balance due to the Executive Chairman was $0 and $36,050, respectively. This loan has a 7% interest rate. During the nine months ended August 31, 2025, the Company recorded $88 interest expense. At August 31, 2025, accrued interest payable due to the loan from the Executive Chairman totaled $21,278.

 

Under the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the nine months ended August 31, 2025, the Company incurred $393,000 in expenses related to the consulting agreement. During the nine months ended August 31, 2025, the Company paid $288,667 in consultant fees to the Executive Chairman and CFO. As of the nine months ended August 31, 2025, $497,333 remained unpaid under the agreement. During the three months ended August 31, 2025, the Board of Directors approved the accruing of interest payable on the unpaid consultant fees retroactive to August 1, 2024. The total interest expense accrued following the Board approval was $37,906.

 

Under the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the nine months ended August 31, 2025, the Company incurred $393,000 in expenses related to the consulting agreement. During the nine months ended August 31, 2025, the Company paid $90,667 consulting expense to the President and Chief Executive Officer. As of the nine months ended August 31, 2025, $381,167 remained unpaid under the agreement. During the three months ended August 31, 2025, the Board of Directors approved the accruing of interest payable on the unpaid consultant fees retroactive to August 1, 2024. The total interest expense accrued following the Board approval was $13,237.

 

The Company reimburses related party business expenses. During the nine months ended August 31, 2025, the Company incurred $5,830 related party business expenses and paid $106,194 which included all expenses owed to the Executive Chairman. At the nine months ended August 31, 2025, the balance due to the Executive Chairman and CFO is $0.

 

During the nine months ended August 31, 2025, the Company incurred $4,342 related party business expenses and paid $4,342 which included all expenses owed to the President and Chief Executive Officer. At the nine months ended August 31, 2025, the balance due to the President and Chief Executive Officer is $0.

 

Note 8 – Note Payable

 

During the nine months ended August 31, 2025, the Company entered into a financing agreement for payment of D&O insurance. The total note is $102,953 for 10 months. During the nine months ended August 31, 2025, the Company paid the downpayment of $15,058 and eight monthly payments of $8,790 each. The note has an interest rate of 10.24%. At August 31, 2025, the remaining balance on the loan is $17,579.

 

During the fiscal year ended November 30, 2024, the Company entered into a Promissory Note with the former President and CEO who resigned on August 23, 2024 in the amount of $302,960 for payment of accumulated unpaid consultant fees. The note, which bears interest at 8%, is due and payable by October 30, 2025. During the nine months ended August 31, 2025, the Company recorded $20,467 interest expense.

 

Note 9 — Convertible Notes Payable

 

In November 2023, the Company executed a series of 10% Convertible Notes payable to an institutional investor in the aggregate principal amount of $1,080,000. The maturity date is November 30, 2024. Each of the four notes being in the amount of $270,000 and containing an original issue discount of $20,000 and legal fees of $10,000. On November 28, 2023, the Company received the first tranche amounting to $270,000 less $20,000 OID and $10,000 legal fees with a net receipt of $240,000. At the periods ended August 31, 2025 and November 30, 2024, the net balance of the Convertible Note payable was $270,000 and $270,000, respectively. During the nine months ended August 31, 2025, the Company recorded $20,250 interest expense and $0 OID amortization.

 

Note 10 – Subsequent Events

 

The Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment consideration.

 

Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company issued 5,700,000 shares of common stock for the value of $5,700 for advisory services.

 

Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company received cash of $725,000 for the issuance of Series B Preferred Shares. The details of issuance of these shares have not yet been determined and the shares have not yet been issued. Upon issuance these Series B shares will be automatically converted into common shares.

 

Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company issued 335,002 shares of common stock for the value of $58,800 as part of the Reg A offering.

 

Subsequent to the end of the fiscal nine months ended August 31, 2025, the Company received cash of $7,750 for the issuance of shares of common stock. The Company issued 9,650,000 shares of common stock for this cash received, for $1,000 of cash received in August and cash to be received of $900 for a total value of $9,650.

 

11

 

 

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

 

The following discussion and analysis of our results of operations and financial condition should be read in conjunction with our financial statements and related notes appearing elsewhere in this report. This discussion and analysis contain forward looking statements that involve risks, uncertainties and assumptions. The actual results may differ materially from those anticipated in these forward looking statements as a result of certain factors, including but not limited to, those which are not within our control.

 

Overview

 

The Company was incorporated in the State of Nevada on June 12, 2018. On June 7, 2023, the Company (“M2i Global, Inc.”) (formerly known as “Inky Inc.”) filed with the Secretary of State of Nevada an Amendment to the Certificate of Incorporation to change its corporate name from “Inky, Inc.”, to “M2i Global, Inc.”, effective June 7, 2023.

 

The Company was formerly engaged in developing mobile software applications for smartphones and table devices. During May 2023, the Company became the sole shareholder of U.S. Minerals and Metals Corp., a Nevada corporation (“USMM”) through the issuance of preferred and common shares for cash. Concurrently, the Company shifted its operations to specialization in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners. The Company’s vision is to develop and execute a complete global value supply chain for critical minerals for the United States government and certain trading partners of the United States. To implement this vision, the Company intends to operate three key business divisions as set forth below:

 

  M2i Mining, Processing & Refining: a business engaged in sourcing, extraction, processing, refining, transporting and selling primary minerals and metals;
  M2i Scrap & Recycling: a business engaged in the collection, processing, transporting and selling of scrap, recycled and reused metals; and
  M2i Government and Defense Industrial Base: a business engaged in aligning with U.S. policy to facilitate participation in U.S. government programs such as the creation and management of a Strategic Minerals Reserve as an enhancement of the U.S. government’s National Defense Stockpile.

 

On June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into a strategic partnership (the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company with access to various critical minerals, with an ultimate goal of suppling the U.S. government and U.S. free trade partners with these critical minerals. Komodo Capital also offers comprehensive advisory services. The Company issued 8,000,000 shares of common stock valued at $800 as part of this agreement.

 

On June 30, 2024, the Company and NTM Minerals Limited (“NTM”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into an exclusive offtake agreement (the “Offtake Agreement”), in which NTM will provide for 88,000 tonnes of copper, currently valued at approximately $850 million. The Company is granted offtake rights r a maximum of 88,000 tonnes of copper that is sourced from the Redbank tenements in return for 12 million shares of the Company’s common stock. NTM shall receive additional payments for incremental resource increases or upgrades from the Redbank tenements. M2i retains the option to participate in production pre-funding opportunities.

 

On July 28, 2025, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) among the Company, Volato Group, Inc., a Delaware corporation (“Volato”), and Volato Merger Subsidiary, Inc., a Nevada corporation and wholly-owned subsidiary of Volato (“Merger Sub”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions therein, at the effective time of the merger, Merger Sub will be merged with and into the Company with the Company surviving as a wholly owned subsidiary of Volato. The Merger Agreement contains customary representations, warranties and covenants of the parties, and is subject to approval by the Company’s stockholders, approval by the holders of Volato’s Class A common stock, $0.0001 par value per share receipt of certain regulatory approvals and other customary closing conditions. The Company’s board of directors unanimously approved the Merger Agreement and determined that the Merger is advisable and in the best interests of the Company and its stockholders.

 

12

 

 

Recently Issued Accounting Pronouncements

 

Any new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) issued during the nine months ended August 31, 2025 and through the filing of this report have been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial statements.

 

All other new accounting pronouncements issued but not yet effective or adopted have been deemed not to be relevant to us, hence are not expected to have any impact once adopted.

 

Summary of Significant Accounting Policies

 

There have been no changes to the Summary of Significant Accounting Policies described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2025.

 

Liquidity and Capital Resources

 

At August 31, 2025, the Company had a cash balance of $243,929 compared to a cash balance of $80,281 at November 30, 2024. The Company incurred negative cash flow from operations of $2,389,177 for the period ended August 31, 2025, as compared to negative cash flow from operations of $1,400,469 in the comparable prior year period. The increase in negative cash flows from operations was primarily from an increase in net loss offset by accrued expenses – related parties; accounts payable and accrued expenses; and the value of shares issued for services. Cash flows from financing activities during the period ended August 31, 2025, totaled $2,552,824, as compared to cash flows from financing activities in the comparable prior year period of $1,380,485. The increase in cash provided by financing activities is the result of an increase of cash received for shares to be issued offset by a slight reduction in cash received for the issuance of common shares. Going forward, the Company expects capital expenditures to increase significantly as operations are expanded pursuant to its current growth plans. The Company anticipates the requirement to raise significant debt or equity capital in order to fund future operations.

 

Results of Operations

 

Comparison of the Three and Nine Months Ended August 31, 2025 and August 31, 2024

 

For the comparable three months ended August 31, 2025 and August 31, 2024, the Company’s revenues totaled $0. For the nine months ended August 31, 2025 and August 31, 2024, the Company’s revenues totaled $0 and $0, respectively. We anticipate the Company’s revenues in upcoming quarters may increase significantly as management attempts to implement the Company’s new business model.

 

For the three months ended August 31, 2025, our operating expenses increased to $1,693,170 compared to $716,546 for the comparable period in 2024. The increase of $976,624 was due to an increase in professional fees and general and administrative expenses. For the nine months ended August 31, 2025, our operating expenses increased to $4,135,480 compared to $2,740,543 for the comparable period in 2024. The increase of $1,394,937 was due to an increase in professional fees for consultants to implement the shift in strategic focus and preparations for increased operations. We anticipate future operating expenses to increase with the expansion of operations, resulting in increased expenses related to compensation and professional fees.

 

Off Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements.

 

Cybersecurity

 

Risk Management and Strategy

 

We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data.

 

13

 

 

Managing Material Risks & Integrated Overall Risk Management

 

We have strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity risk management. This integration ensures that cybersecurity considerations are an integral part of our decision-making processes at every level. Our management team continuously evaluates and addresses cybersecurity risks in alignment with our business objectives and operational needs.

 

Oversee Third-party Risk

 

Because we are aware of the risks associated with third-party service providers, we have implemented stringent processes to oversee and manage these risks. We conduct thorough security assessments of all third-party providers before engagement and maintain ongoing monitoring to ensure compliance with our cybersecurity standards. The monitoring includes annual assessments of the SOC reports of our providers and implementing complementary controls. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties.

 

Risks from Cybersecurity Threats

 

We have not encountered cybersecurity challenges that have materially impaired our operations or financial standing.

 

Item 3. Qualitative and Quantitative Disclosures about Market Risk.

 

We are a smaller reporting company and, therefore, we are not required to provide information required by this item.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures: Our management carried out an evaluation of the effectiveness and design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (the Exchange Act). Based on that evaluation, our Chief Executive Officer has concluded that, at August 31, 2025, such disclosure controls and procedures were not effective.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that the information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management including our Chief Executive Officer and Interim Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

 

Limitations on the Effectiveness of Controls: Our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected. Our Chief Executive Officer has concluded, based on their evaluation as of the end of the period covered by this Quarterly Report that our disclosure controls and procedures were not sufficiently effective to provide reasonable assurance that the objectives of our disclosure control system were met.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal controls over financial reporting that occurred during the period ended August 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

In our annual report for the year ended November 30, 2024, we identified the following material weaknesses which are still applicable:

 

  We do not have an audit committee
  We did not implement appropriate information technology controls

 

Management plans to address these material weaknesses in the coming quarters.

 

14

 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

We are a smaller reporting company and, therefore, we are not required to provide information required by this item.

 

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

 

During the nine months ended August 31, 2025, we received proceeds of $565,540 for the issuance of 43,289,420 shares of common stock. Each of the purchasers of the shares represented to the Company that such purchaser is an “accredited investor” for purposes of Rule 501 of Regulation D.

 

Item 3. Defaults upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

Exhibit

No.

  Description of Document
     
31.1 *   Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
31.2 *   Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
32.1 *   Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350).
32.2 *   Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350).
101.INS   Inline XBRL Instance Document
101.SCH   Inline XBRL Taxonomy Extension Schema Document
101.CAL   Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF   Inline XBRL Taxonomy Definition Linkbase Document
101.LAB   Inline XBRL Taxonomy Label Linkbase Document
101.PRE   Inline XBRL Taxonomy Presentation Linkbase Document
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

15

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

   

M2i Global, Inc.

(Registrant)

     
Dated October 15, 2025   /s/ Alberto Rosende
   

Alberto Rosende

Chief Executive Officer

(Principal Executive Officer)

     
   

M2i Global, Inc.

(Registrant)

     
Dated October 15, 2025   /s/ Doug Cole
   

Doug Cole

Chief Financial Officer

(Principal Financial Officer)

 

16

 

M2I Global

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