UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

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

For the quarterly period ended ~~June~~September 30, 2025

☐

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

Commission file number 000-56482

GLOBALTECH CORPORATION

(Exact Name of registrant as specified in its charter)

Nevada		82-3926338
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

3550 Barron Way Suite 13a, Reno, NV 89511

(Address of principal executive offices, including zip code.)

(775) 624-4817

(Telephone number, including area code)

N/A

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

Securities registered pursuant to Section 12(b) of the Act: None.

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, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging grown company,” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging Growth company	☒

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 ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date: 149,933,391 of Common Stock as of ~~August~~November 117, 2025.

Table of Contents

		Page
Glossary of Industry Terms		3
Cautionary Note Regarding Forward-Looking Statements		4
PART I. FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	5
	Condensed Consolidated Balance Sheets as on June 30, 2025 (Unaudited) and December 31, 2024	5
	Condensed Consolidated Balance Sheets as on September 30, 2025 (Unaudited) and December 31, 2024	5
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 (Unaudited)	7
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	7
	Condensed Consolidated Statements of Cash flows for the six months ended June 30, 2025 and 2024 (Unaudited)	8
	Condensed Consolidated Statements of Cash flows for the nine months ended September 30, 2025 and 2024 (Unaudited)	8
	Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited)	9
	Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	9
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3634
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	4748
Item 4.	Controls and Procedures	4748
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	4849
Item 1A.	Risk Factors	4849
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4855
Item 3.	Defaults upon Senior Securities	4855
Item 4.	Mine Safety Disclosures	4855
Item 5.	Other Information	4855
Item 6.	Exhibits	4956

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Glossary of Industry Terms

The following are abbreviations, acronyms and definitions of certain terms used in this document, which are commonly used in our industry:

“AI” means artificial intelligence.

“BEPS” means base erosion and profit shifting, which are tax planning strategies that exploit gaps and mismatches in national tax laws to shift profits to low or no tax locations.

“CESTAT” means Pakistan’s Customs, Excise and Sales Tax Appellate Tribunal.

“CIR” means Commissioner Inland Revenue is the commissioner of Pakistan’s Federal Board of Revenue.

“DPLC” means domestic private lease circuits, a private, point-to-point connection between two locations within a country, ensuring exclusive use of bandwidth.

“ECA” means the U.S. Export Control Reform Act of 2018.

“FCPA” means the U.S. Foreign Corrupt Practices Act.

“Fiber” thin flexible fibers of glass or other transparent solids used to transmit light signals for telecommunications.

“FTTH” means fiber to the home, a broadband internet technology that uses optical fiber to deliver high-speed internet directly to individual buildings.

“GoP” means the Government of Pakistan.

“IT” means information technology.

“LDI” means the Company’s 55% owned subsidiary, WorldCALL Public’s Long Distance & International network.

“LHC” means the Honorable Lahore High Court.

“MoIT&T” means Pakistan lies with the Ministry of Information Technology and Telecommunication.

“OECD” means Organization for Economic Co-operation and Development.

“OLT” means optical line termination, a piece of hardware in a PON, acting as the service provider’s endpoint, converting electrical signals to optical signals for transmission over fiber optic cables and managing data traffic to multiple subscribers.

“ONT” means optical network termination, a device that serves as the endpoint of an optical network, connecting users to the network.

“Ordinance” means Pakistan’s Income Tax Ordinance, 2001.

“PEMRA” means the Pakistan Electronic Media Regulatory Authority.

“PON” means passive optical network, a fiber-optic telecommunications network that uses only unpowered devices to carry signals.

“PTA” means the Pakistan Telecommunications Authority.

“Telecommunications Act” means the Pakistan Telecommunications (Re-organization) Act, 1996, as amended.

“Telecommunications Rules” means the rules and regulations made under the Telecommunications Act.

“ARD” means annual regulatory dues.

“VOIP” means voice over internet protocol.

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Cautionary Note Regarding Forward-Looking Statements.

Certain of the matters we discuss in this quarterly report may constitute forward-looking statements. You can identify forward-looking statements because they contain words such as “believes”, “expects”, “may”, “will”, “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates”, or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. There may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements.

Forward-looking statements include, but are not limited to, statements about:

	·	our need for additional capital, the terms of such capital and potential dilution caused thereby;
	·	the fact that we are exposed to foreign currency exchange loss, fluctuation and translation risks related to our business in Pakistan;
	·	the international economic environment, geopolitical developments and unexpected global events could cause our business to decline;
	·	the fact that emerging markets, where our operations are located, are subject to greater risks than investing in more developed markets, including significant political, legal and economic risks;
	·	the unpredictability of our revenue performance due to the fact that a large majority of our customers have not entered into long-term fixed contracts with us;
	·	our ability to compete in highly competitive markets, which we expect only to become more competitive, and as a result, we may have difficulty expanding our customers base or retaining existing customers;
	·	our ability to keep pace with technological changes and evolving industry standards, which could harm our competitive position and, in turn, materially harm our business;
	·	cyber-attacks and other cybersecurity threats that may lead to compromised or inaccessible telecommunications, digital and financial services, and/or leaks or unauthorized processing of confidential information, which may cause customers to lose confidence in our services;
	·	the highly capital-intensive nature of the telecommunications industry, which requires substantial and ongoing expenditures of capital;
	·	the terms of our interconnect agreements and access to third-party-owned infrastructure and networks, over which we have no direct control;
	·	increases in license fees;
	·	risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended;
	·	the loss of important intellectual property rights, as well as third-party claims that we have infringed on their intellectual property rights;
	·	our substantial amounts of indebtedness and debt service obligations;
	·	our ability to keep ownership control of Worldcall Telecom Limited;
	·	conflicts of interest;
	·	our ability to comply with an extensive variety of laws and regulations;
	·	the fact that our operating subsidiaries, assets and certain of our officers and directors are located in Pakistan;
	·	the outcome of legal disputes, claims and litigation;
	·	our ability to obtain and maintain licenses;
	·	economic downturns both in Pakistan and globally, changes in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding;
	·	risks relating to future divestitures, asset sales, joint ventures and acquisitions;
	·	future operating results; and
	·	other plans, objectives, expectations and intentions contained in this Report that are not historical.

All forward-looking statements and projections attributable to us or persons acting on our behalf apply only as of the date of this Report and are expressly qualified in their entirety by the cautionary statements included in this Report. We undertake no obligation to publicly update or revise any written or oral forward-looking statements made by us or on our behalf, including any of the projections presented herein, to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

As used in this report, the terms “we”, “us”, “our” and the “Company”, refer to GlobalTech Corporation, a Nevada corporation and its consolidated subsidiaries. The Company serves as a holding company for its consolidated subsidiaries discussed in greater detail below.

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PART I.

Item 1. Financial Statements.

GLOBALTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF ~~JUNE~~SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

	June 30,			December 31,
	September 30,			December 31,
	2025			2024
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	~~709~~1,~~127~~069,413		$	822,251
Restricted cash		2,~~670~~761,~~958~~779			2,633,019
Accounts receivable – net		4,065,665			3,780,777
Accounts receivable – net - Pledge		4,118,724			3,780,777
Short term investments		959,823			970,596
Short term investments - Pledge		980,509			970,596
Prepayments		~~122~~25,~~849~~656			60,234
Stores and spares		828,536			838,641
Stores and spares - Pledged		836,199			838,641
Loans and advances		4,~~425~~953,~~431~~363			4,660,122
Other receivables		1,~~279~~431,~~380~~479			1,570,148
Total current assets		1516,~~061~~177,~~769~~122			15,335,788
Property, plant and equipment		15,999,697			16,936,286
Property, plant and equipment - Mortgage		15,887,678			16,936,286
Operating lease right-of-use assets		~~423~~417,~~747~~688			451,111
Intangible assets – net		9,710,341			10,264,049
Intangible assets – net - Mortgage		9,607,796			10,264,049
Advances for Intangible assets		12,463,~~921~~922			2,377,010
Long term loans and other assets		31,~~099~~603,~~872~~884			3,123,604
Deferred tax asset		8,~~311~~381,~~890~~217			8,468,381
TOTAL ASSETS	$	6564,~~071~~539,~~237~~307		$	56,956,229
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade and other payables	$	27,~~127~~473,~~503~~942		$	27,263,298
Current portion of non-current liabilities		78,~~897~~359,~~525~~088			7,413,649
Accrued interest		3,~~805~~873,~~773~~503			3,545,054
Short term borrowings		~~881~~888,~~477~~081			1,103,560
Provision for taxation – net		1,~~214~~246,~~647~~050			1,125,182
Total current liabilities		4041,~~926~~840,~~925~~664			40,450,743
Term finance certificates		~~298,775~~-			906,455
Long term financing – secured		1,~~058~~027,~~311~~500			1,154,484
Long term deposits and payable		1,678,363			1,412,328
Convertible loan		1,400,000			-
License fee payable		160,201			163,217
Long term deposits and payable		1,760,819			1,412,328
Operating lease liability		600,042			635,030
License fee payable		161,537			163,217
Post employment benefits		646,008			676,084
Operating lease liability		535,400			635,030
Other payables		474,074			709,975
Post employment benefits		683,272			676,084
Total non-current liabilities		4,915,774			5,657,573
Other payables		341,888			709,976
TOTAL LIABILITIES	$	45,842,699		$	46,108,316
Total non-current liabilities		5,910,416			5,657,574
TOTAL LIABILITIES	$	47,751,080		$	46,108,317
CONTINGENCIES AND COMMITMENTS
SHAREHOLDERS’ EQUITY:
Common stock, $0.0001 par value - 500,000,000 shares authorized and 149,933,391 and 139,933,391 issued and outstanding shares at June 30, 2025 and December 31, 2024, respectively.		14,993			13,993
Common stock, $0.0001 par value - 500,000,000 shares authorized and 149,933,391 and 139,933,391 issued and outstanding shares at September 30, 2025 and December 31, 2024, respectively.		14,993			13,993
Additional paid in capital		9,999,000			-
Accumulated other comprehensive loss		(~~550~~1,~~116~~503,766	)		(896,497	)
Accumulated deficit		(39,~~351~~745,~~143~~356	)		(38,110,867	)
Non-controlling interest		49,115,804			49,841,283
Non – controlling interest		48,023,356			49,841,283
TOTAL SHAREHOLDERS’ EQUITY		1916,~~228~~788,~~538~~227			10,847,~~914~~912
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6564,~~071~~539,~~237~~307		$	56,956,229

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

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GLOBALTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025 AND 2024

	FOR THE THREE MONTHS						FOR THE ~~SIX~~NINE MONTHS
	ENDED						ENDED
	2025			2024			2025			2024
NET REVENUE	$	5,~~628~~540,~~068~~550		$	45,~~562~~017,~~706~~195		$	915,~~969~~510,~~788~~338		$	813,~~264~~282,~~964~~159
Direct operating costs (exclusive of depreciation and amortization shown below)		(54,~~111~~816,~~388~~398	)		(4,~~149~~647,~~932~~157	)		(913,~~043~~859,~~086~~483	)		(712,~~732~~379,~~091~~248	)
Other operating costs		(~~661~~805,~~254~~065	)		(~~526~~708,~~292~~566	)		(12,~~302~~108,~~999~~064	)		(1,~~012~~720,~~300~~866	)
Depreciation and amortization		(~~574~~423,~~873~~236	)		(~~710~~744,~~065~~476	)		(1,~~075~~499,~~971~~207	)		(12,~~488~~232,~~433~~909	)
Other expenses		(~~238~~12,~~500~~289	)		(9716,~~905~~404	)		(~~449~~290,~~351~~928	)		(~~101~~118,~~700~~104	)
OPERATING LOSS		(~~957~~516,~~947~~438	)		(~~921~~1,~~489~~099,408	)		(12,~~901~~247,~~619~~344	)		(23,~~069~~168,~~562~~968	)
OTHER:
Other income – net		~~267~~274,~~564~~206			~~232~~1,~~732~~187,047			~~486~~589,~~502~~997			~~498~~1,~~383~~685,430
Finance cost		(~~354~~404,~~922~~094	)		(~~492~~445,~~661~~834	)		(~~701~~1,~~660~~105,755	)		(~~985~~1,~~951~~431,784	)
LOSS BEFORE TAXATION		(1646,~~045,305~~326	)		(1358,~~181,418~~195	)		(2,~~116~~763,~~777~~102	)		(2,~~557~~915,~~130~~322	)
Taxation		(7666,~~365~~760	)		(5097,~~200~~623	)		(~~130~~196,~~098~~858	)		(95193,~~646~~269	)
NET LOSS	$	(1713,~~121,670~~086	)	$	(1455,~~231,618~~818	)	$	(2,~~246~~959,~~875~~960	)	$	(23,~~652~~108,~~776~~591	)
NET LOSS ATTRIBUTABLE TO:
Common shareholders of GlobalTech Corporation		(~~619~~394,~~163~~214	)		(~~684~~260,~~580~~844	)		(1,~~240~~634,~~276~~490	)		(1,~~463~~724,~~802~~646	)
Non - controlling interest (NCI)		(~~502~~318,~~507~~872	)		(~~547~~194,~~038~~974	)		(1,~~006~~325,~~599~~470	)		(1,~~188~~383,~~974~~945	)
Net loss attributable to parent		(1713,~~121,670~~086	)		(1455,~~231,618~~818	)		(2,~~246~~959,~~875~~960	)		(23,~~652~~108,~~776~~591	)
Net loss per common share: basic and diluted	$	(0.~~008~~005	)	$	(0.~~009~~007	)	$	(0.~~016~~020	)	$	(0.~~019~~012	)
Weighted-average common shares used to compute basic and diluted loss per share		~~144~~146,~~629~~416,~~524~~907			139,763,391			~~140~~146,~~592~~416,~~732~~907			139,763,391

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

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GLOBALTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

FOR THE THREE AND ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025 AND 2024

	FOR THE THREE MONTHS						FOR THE ~~SIX~~NINE MONTHS
	ENDED						ENDED
	2025			2024			2025			2024
NET LOSS	$	(1713,~~121,670~~086	)	$	(1455,~~231,618~~818	)	$	(2,~~246~~959,~~875~~960	)	$	(23,~~652~~108,~~776~~591	)
Items that will not be reclassified to profit or loss:		-
Changes in fair value of financial assets through other comprehensive income		-			1220,~~659~~988						1031,~~968~~956
Foreign currency translation adjustment		94(1,~~397~~727,227	)		8182,~~420~~426			~~627~~(1,~~501~~099,726	)		~~(25~~157,~~384~~047	)
Other Comprehensive income (loss) - net of tax		94(1,~~397~~727,227	)		21203,~~079~~414			~~627~~(1,~~501~~099,726	)		~~(14~~189,~~416~~003	)
COMPREHENSIVE LOSS		(12,~~027~~440,~~273~~313	)		(1252,~~210,540~~404	)		(14,~~619~~059,~~374~~686	)		(2,~~667~~919,~~192~~588	)
COMPREHENSIVE LOSS ATTRIBUTABLE TO:
Common shareholders of GlobalTech Corporation	$	(~~566~~1,~~849~~347,864	)	$	(~~673~~139,~~013~~276	)	$	(~~893~~2,~~895~~241,759	)	$	(1,~~471~~619,~~757~~788	)
Non - controlling interest (NCI)		(~~460~~1,~~424~~092,449	)		(~~537~~113,~~527~~128	)		(~~725~~1,~~479~~817,927	)		(1,~~195~~299,~~435~~800	)
Comprehensive loss attributable to GLOBALTECH		(1,027,273	)		(1,210,540	)		(1,619,374	)		(2,667,192	)
Comprehensive loss attributable to GlobalTech		(2,440,313	)		(252,404	)		(4,059,686	)		(2,919,588	)

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

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GLOBALTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025 AND 2024

	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(2,~~246~~959,~~875~~960	)	$	(23,~~652~~108,~~776~~591	)
Adjustment for non-cash charges and other items:
Depreciation and amortization		1,~~075~~499,~~971~~207			12,~~488~~232,~~433~~909
Interest accretion on liabilities		650,495			907,487
Gain on disposal of tangible assets		(2,574	)
Liabilities written off on settlements with parties		(179,139	)		(1,771	)
Interest accretion on liabilities		975,136			1,353,161
Post-employment benefits		70,854			93,111
Liabilities written off on settlements with parties		(179,365	)		(2,022	)
Income on deposits, advances and savings accounts		(142,999	)		(222,669	)
Post-employment benefits		70,854			139,940
Exchange loss on liabilities		425,854			(216,710	)
Income on deposits, advances and savings accounts		(169,375	)		(334,472	)
Exchange loss on liabilities		255,143			(103,184	)
Changes in operating assets and liabilities:
Stores and spares		102,~~105~~442			~~(1,981~~421	)
Trade debts		(284,888	)		81,416
Accounts receivables		(337,947	)		160,260
Loans and advances		~~234~~(293,~~691~~241	)		(52138,~~523~~716	)
Short term investment		10(9,~~773~~913	)		-(846,618	)
Prepayments		~~(62~~34,~~614~~578	)		(182,~~562~~287	)
Other receivables		~~290~~138,~~768~~669			(~~787~~1,~~644~~369,149	)
Trade and other payables		~~(135~~210,~~797~~644	)		~~271~~843,~~064~~240
Increase / (Decrease) in non-current liabilities and assets:
Long term deposits and payables		~~266~~348,~~033~~489			(466,~~194~~672	)
Other payables		(~~235~~368,~~901~~086	)		~~252~~44,~~940~~924
Long term loans and other assets		231,~~733~~519,722			2,~~839~~464,~~934~~452
Post employment benefits paid		-			(19,~~121~~166	)
Income on deposit and savings accounts		~~142~~169,~~999~~375			~~222~~334,~~669~~472
Lease rental payments		(67102,~~902~~705	)		(70105,~~194~~384	)
Finance cost paid		(~~210~~457,~~933~~627	)		(~~319~~593,~~318~~264	)
Income tax paid		(4360,~~133~~671	)		(9293,~~383~~972	)
Net cash generated from operating activities		~~(407~~282,~~905~~795	)		1390,~~235,205~~282
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal (Payment on purchase) of property and equipment – net		(35,905	)		(88,094	)
Purchase of property, plant and equipment		(45,241	)		(101,719	)
Net cash used in investing activities		(3545,~~905~~241	)		(88101,~~094~~719	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term financing		(~~112~~170,~~584~~335	)		(~~228~~177,~~456~~238	)
Payment against directors’ loan		(94,785	)		-
Receipt of convertible loan		1,400,000
Net cash used in financing activities		(207,369	)		(228,456	)
Net cash generated from (used in) financing activities		1,229,665			(177,238	)
Net increase in Cash and Cash Equivalents		~~(651~~1,~~179~~467,219	)		1111,~~135,365~~325
Cash and Cash Equivalent at the beginning of the Period		3,455,270			23,~~862~~261,~~972~~539
Exchange effect		~~575~~(1,~~994~~091,297	)		~~(783~~62,~~871~~152	)
Cash and Cash Equivalent at the End of the Period	$	3,~~380~~831,~~085~~192		$	23,~~997~~435,~~754~~015
SUPPLEMENTAL INFORMATION - Cash paid during the period for:
Income taxes	$	(4360,~~133~~671	)	$	(9293,~~383~~972	)
Interest	$	(~~210~~457,~~933~~627	)	$	(~~319~~593,~~318~~264	)
The cash and cash equivalent, for cashflow statements, comprises of the following:
Cash and cash equivalent	$	~~709~~1,~~127~~069,413		$	~~439~~765,~~519~~290
Restricted cash		2,~~670~~761,~~958~~779			2,~~558~~669,~~235~~725
	$	3,~~380~~831,~~085~~192		$	23,~~997~~435,~~754~~015

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

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GLOBALTECH CORPORATION

CONDENSED CONSOLIDATED SHAREHOLDERS’ EQUITY (UNAUDITED)

FOR THE ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025 AND 2024

	Common Share						Accumulated Other Comprehensive Income
Description	Shares		Amount		Additional Paid in Capital		Other Comprehensive Loss			Translation Reserve			Total			Accumulated Deficit			Non-Controlling Interest			Total
Balance as of January 1, 2025		139,933,391		13,993		-		(1,828,970	)		932,473			(896,497	)		(38,110,867	)		49,841,283			10,847,~~914~~912
Net loss attributable for the six months ended June 30, 2025		-		-		-		-			-			-			(1,240,276	)		(1,006,599	)		(2,246,875	)
Net loss attributable for the nine months ended September 30, 2025		-		-		-		-			-			-			(1,634,490	)		(1,325,470	)		(2,959,960	)
Other comprehensive loss for the six months ended June 30, 2025		-		-		-		-			346,381			346,381			-			281,120			627,501
Other comprehensive loss for the nine months ended September 30, 2025		-		-		-		-			(607,269	)		(607,269	)		-			(492,457	)		(1,099,726	)
Total comprehensive loss for the six months ended June 30, 2025		-		-		-		-			346,381			346,381			(1,240,276	)		(725,479	)		(1,619,374	)
Total comprehensive loss for the nine months ended September 30, 2025		-		-		-		-			(607,269	)		(607,269	)		(1,634,490	)		(1,817,927	)		(4,059,686	)
Issue of common stock		10,000,000		1,000		9,999,000		-			-			-			-			-			10,000,000
Balance as of June 30, 2025		149,933,391		14,993		9,999,000		(1,828,970	)		1,278,854			(550,116	)		(39,351,143	)		49,115,804			19,228,538
Balance as of September 30, 2025		149,933,391		14,993		9,999,000		(1,828,970	)		325,204			(1,503,766	)		(39,745,356	)		48,023,356			16,788,227
Balance as of January 1, 2024		139,763,391		13,976		-		(1,866,623	)		104,625			(1,761,998	)		(36,484,513	)		50,458,787			12,226,254
Net loss attributable for the six months ended June 30, 2024		-		-		-		-			-			-			(1,463,802	)		(1,188,974	)		(2,652,776	)
Net loss attributable for the nine months ended September 30, 2024		-		-		-		-			-			-			(1,724,646	)		(1,383,945	)		(3,108,591	)
Other comprehensive loss for the six months ended June 30, 2024		-		-		-		5,838			(13,789	)		(7,951	)		-			(6,459	)		(14,410	)
Other comprehensive loss for the nine months ended September 30, 2024		-		-		-		17,634			86,659			104,292			-			84,711			189,003
Total comprehensive loss for the six months ended June 30, 2024		-		-		-		5,838			(13,789	)		(7,951	)		(1,463,802	)		(1,195,433	)		(2,667,186	)
Total comprehensive loss for the nine months ended September 30, 2024		-		-		-		17,634			86,659			104,292			(1,724,646	)		(1,299,234	)		(2,919,588	)
Issue of common stock		-70,000		-7		-		-			-			-			-			-			-7
Balance as of June 30, 2024		139,763,391		13,976		-		(1,860,785	)		90,836			(1,769,949	)		(37,948,315	)		49,263,354			9,559,067
Balance as of September 30, 2024		139,833,391		13,983		-		(1,848,989	)		191,284			(1,657,706	)		(38,209,159	)		49,159,554			9,306,672

FOR THE THREE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025 AND 2024

	Common Share						Accumulated Other Comprehensive Income
Description	Shares		Amount		Additional Paid in Capital		Other Comprehensive Loss			Translation Reserve			Total			Accumulated Deficit			Non-Controlling Interest			Total
					Additional Paid in		Other Comprehensive			Translation						Accumulated			Non-Controlling
Balance as of April 1, 2025		139,933,391	$	13,993		-	$	(1,828,970	)	$	1,226,746		$	(602,224	)	$	(38,731,980	)	$	49,576,022		$	10,255,813
Description	Shares		Amount		Capital		Loss			Reserve			Total			Deficit			Interest			Total
Net loss attributable for the three months ended June 30, 2025		-		-		-		-			-			-			(619,163	)		(502,507	)		(1,121,670	)
Balance as of July 1, 2025		149,933,391	$	14,993		9,999,000	$	(1,828,970	)	$	1,278,854		$	(550,116	)	$	(39,351,143	)	$	49,115,804		$	19,228,538
Other comprehensive loss for the three months ended June 30, 2025		-		-		-		-			52,108			52,108			-			42,289			94,397
Net loss attributable for the three months ended September 30, 2025		-		-		-		-			-			-			(394,214	)		(318,872	)		(713,086	)
Total comprehensive loss for the three months ended June 30, 2025		-		-		-		-			52,108			52,108			(619,163	)		(460,218	)		(1,027,273	)
Other comprehensive loss for three months ended September 30, 2025		-		-		-		-			(953,650	)		(953,650	)		-			(773,577	)		(1,727,227	)
Issue of common stock		10,000,000		1,000		9,999,000		-			-			-			-			-			10,000,000
Total comprehensive loss for the three months ended September 30, 2025		-		-		-		-			(953,650	)		(953,650	)		(394,214	)		(1,092,449	)		(2,429,190	)
Balance as of June 30, 2025		149,933,391		14,993		9,999,000		(1,828,970	)		1,278,854			(550,116	)		(39,351,143	)		49,115,804			19,228,538
Issue of common stock								-			-			-			-			-
Balance as of April 1, 2024		139,763,391	$	13,976		-	$	(1,867,553	)	$	86,033		$	(1,781,520	)	$	(37,263,734	)	$	49,800,876		$	10,769,599
Balance as of September 30, 2025		149,933,391		14,993		9,999,000		(1,828,970	)		325,204			(1,503,766	)		(39,745,356	)		48,023,356			16,788,227
Net loss attributable for the three months ended June 30, 2024		-		-		-		-			-			-		$	(684,580	)	$	(547,037	)	$	(1,231,618	)
Balance as of July 1, 2024		139,763,391	$	13,976		-	$	(1,860,785	)	$	90,836		$	(1,769,949	)	$	(37,948,315	)	$	49,263,354		$	9,559,067
Other comprehensive loss for the three months ended June 30, 2024		-		-		-		6,768			4,803			11,571			-			9,508			21,079
Net loss attributable for the three months ended September 30, 2024		-		-		-		-			-			-		$	(260,844	)	$	(194,974	)	$	(455,818	)
Total comprehensive loss for the three months ended June 30, 2024		-		-		-		6,768			4,803			11,571			(684,580	)		(537,529	)		(1,210,540	)
Other comprehensive loss for the three months ended September 30, 2024		-		-		-		11,796			100,448			112,244			-			91,170			203,414
Issue of common stock		-		-		-		-			-			-			-			-			-
Total comprehensive loss for the three months ended September 30, 2024		-		-		-		11,796			100,448			112,244			(252,887	)		(111,761	)		(252,404	)
Balance as of June 30, 2024		139,763,391		13,976		-		(1,860,785	)		90,836			(1,769,949	)		(37,948,315	)		49,263,354			9,559,067
Issue of common stock		70,000		7		-		-			-			-			-			-			7
Balance as of September 30, 2024		139,833,391		13,983		-		(1,848,989	)		191,284			(1,657,706	)		(38,209,159	)		49,159,554			9,306,672

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

Table of Contents

GLOBALTECH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE THREE AND ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

1. ORGANIZATION AND BUSINESS

GlobalTech Corporation (the “Company”) is a Nevada Corporation, incorporated with the name of Elko Broadband Inc (“EBI”) on December 12, 2017. The Company changed its name on March 23, 2022, to GlobalTech Corporation following a plan of reorganization as disclosed in note 1.1. GlobalTech Corporation is a broadband company and provides broadband services.

1.1 A Plan and Agreement of Reorganization between Worldcall Holding Inc. and GlobalTech Corporation.

A Plan and Agreement of Reorganization dated December 31, 2021, has been entered into by and between Elko Broadband Inc., (now as GlobalTech Corporation) and Worldcall Holding Inc.(“WHI”), wherein the transfer of all assets, properties and liabilities of WHI, were exchanged for 117,299,472 shares of common stock of GlobalTech Corporation, formerly Elko Broadband Inc. (“EBI”) par value $0.0001 per share. On March 23, 2022, EBI changed its name to GlobalTech Corporation.

The Plan and Agreement of Reorganization was accounted for as a reverse acquisition where EBI was a legal acquirer (the accounting acquiree) and WHI was a legal acquiree (the accounting acquirer).

The transaction has been consummated and trading of the Company’s common stock on the over the counter (OTC) market commenced on April 24, 2024.

1.2. Legal Subsidiaries

1.2.1. WorldCall Telecom Limited

~~The~~WTL is a public limited Company, ~~owns~~incorporated ~~directly~~in ~~and~~Pakistan ~~indirectly~~on ~~through~~March ~~associates~~15, an2001, ~~aggregate~~under ofthe ~~around~~repealed ~~55%~~Companies ofOrdinance, 1984 (now the Companies Act, 2017). Its shares ofare ~~WorldCall~~quoted ~~Telecom~~on ~~Limited~~the Pakistan Stock Exchange. WTL commenced its operations on December 1, 2004, and is engaged in providing Wireless Local Loop (“~~WTL~~WLL”) and Long Distance & International (“LDI”) services in Pakistan; re-broadcasting international/national satellite/terrestrial wireless and cable television and radio signals; interactive communication and establishing, maintaining and operating the licensed telephony services. The Company and its subsidiaries (the “Group”) have been licensed by Pakistan Telecommunication Authority (“PTA”) and Pakistan Electronic Media Regulatory Authority (“PEMRA”) for these purposes. WTL is domiciled in Pakistan and its principal place of business is situated at Plot # 112-113, Block S, Quaid -e Azam Industrial Estate, Kot Lakhpat, Lahore.

~~WTL~~Consolidation isof aWorldcall ~~public~~Telecom ~~limited~~Limited ~~Company, incorporated in Pakistan on March 15, 2001, under the repealed Companies Ordinance, 1984~~ (~~now the Companies Act, 2017). Its shares are quoted on the Pakistan Stock Exchange.~~ WTL ~~commenced its operations on December 1, 2004, and is engaged in providing Wireless Local Loop (“WLL”~~) and Long Distance & International (“LDI”) services in Pakistan; re-broadcasting international/national satellite/terrestrial wireless and cable television and radio signals; interactive communication and establishing, maintaining and operating the licensed telephony services. The Company and its subsidiaries (the “Group”) have been licensed by Pakistan Telecommunication Authority (“PTA”) and Pakistan Electronic Media Regulatory Authority (“PEMRA”) for these purposes. WTL is domiciled in Pakistan and its principal place of business is situated at Plot # 112-113, Block S, Quaid -e Azam Industrial Estate, Kot Lakhpat, Lahore.

1The Company owns directly and indirectly through associates an aggregate of around 55% of the outstanding shares of Worldcall Telecom Limited (“WTL”), a publicly listed company in Pakistan.~~2.2.~~ ~~WorldCall~~Management ~~Services~~evaluated the consolidation of WTL under both the Voting Interest Model (~~Pvt~~ASC 810-10-25-1 through 25-7) ~~Limited~~and the Variable Interest Entity (VIE) Model (Accounting Standards Codification (ASC) 810-10-25-38 through 25-44).

~~WorldCall~~· ~~Services~~Voting ~~(Private)~~Interest ~~Limited~~Model: ~~(“WSL”),~~The Company appoints a ~~wholly-owned~~majority ~~subsidiary~~of WTL’s board of ~~the~~directors ~~Company,~~and ~~was~~has ~~incorporated~~substantive ondecision-making ~~October~~authority 5over WTL’s significant operating and financing activities. No shareholder agreements, ~~2009~~contractual arrangements, asor aregulatory ~~private~~restrictions ~~limited~~exist ~~Company~~that inlimit ~~Pakistan~~these rights. Accordingly, WTL is consolidated under the ~~Companies~~Voting ~~Ordinance~~Interest ~~1984~~Model. ~~(Repealed)~~· ~~now~~VIE ~~the~~Model: ~~Companies~~Due ~~Act~~to WTL’s recurring losses and going concern uncertainties, ~~2017.~~management ~~The~~also ~~objectives~~considered whether WTL meets the definition of ~~WSL~~a ~~include,~~VIE. ~~but~~WTL’s ~~are~~equity is not ~~limited~~sufficient to, ~~carrying~~independently onfinance its operations, and ~~undertaking~~other ~~the~~equity ~~business~~holders oflack ~~providing~~substantive ~~channel~~rights ~~placement~~to ~~services,~~direct ~~payphone~~activities ~~services~~that ~~and~~most ~~generating~~significantly ~~revenue~~affect ~~from~~WTL’s ~~communication~~economic ~~services~~performance. The ~~registered~~Company ~~office~~has ofthe ~~WSL~~power to direct those activities and is ~~situated~~exposed atto ~~Plot~~variability #in ~~112-113,~~returns ~~Block~~through S,its ~~Quaid~~ownership -eand ~~Azam~~support ~~Industrial~~arrangements. ~~Estate~~As such, ~~Kot~~the ~~Lakhpat,~~Company ~~Lahore~~is the primary beneficiary of WTL, ~~Pakistan~~and consolidation under the VIE model results in the same conclusion.

10The ~~Table~~Company ofdetermined ~~Contents~~that it holds a controlling financial interest in WTL. Accordingly, WTL is consolidated in the accompanying consolidated financial statements.

1.2.32. ~~Ferret~~WorldCall ~~Consulting~~Services - (~~FZC~~Pvt) Limited

~~Ferret~~WorldCall ~~Consulting~~Services (~~FZC~~Private) Limited (“WSL”), a wholly-owned subsidiary of the Company, iswas aincorporated ~~limited~~on ~~liability~~October ~~company~~5, ~~registered in Emirates of Ajman~~2009, ~~UAE~~ as a ~~Free~~private ~~Zone~~limited Company, in ~~accordance~~Pakistan, ~~with~~under the ~~Free~~Companies ~~Zone~~Ordinance ~~laws~~1984 ~~and~~(Repealed) ~~regulations~~now ~~enforced~~the inCompanies ~~the~~Act, ~~Emirates~~2017. The objectives of ~~Ajman~~WSL include, ~~U.A.E.~~but Itare ~~was~~not ~~registered~~limited to, carrying on ~~August~~and 24undertaking the business of providing channel placement services, ~~2016~~payphone services and ~~commenced~~generating ~~operations~~revenue ~~thereon~~from communication services. The ~~objectives~~registered office of ~~the~~WSL ~~company~~is ~~include~~situated ~~management~~at ~~consultancy~~Plot ~~and~~# ~~technology~~112-113, ~~services~~Block S, Quaid -e Azam Industrial Estate, Kot Lakhpat, Lahore, Pakistan.

~~1.2.4.~~10 ~~Rout~~Table 1of ~~Digital (Pvt) Limited~~Contents

~~Route~~ 1 ~~Digital is a private limited company, a wholly-owned subsidiary of Worldcall Telecom Limited, incorporated under the Companies Ordinance 1984 (now the Companies Act, 2017) on December 21, 2016~~. The primary business is to carry out the business of all transport services, sharing motor vehicle transportation with another or others, and consultancy in the field of information technology, software development and all activities ancillary thereto2.3. ~~The~~Ferret ~~registered~~Consulting ~~office of the company is situated at Plot # 112~~-~~113,~~ ~~Block S, Quaid -e Azam Industrial Estate, Kot Lakhpat, Lahore, Pakistan.~~(FZC)

2Ferret Consulting (FZC), a wholly-owned subsidiary of the Company, is a limited liability company registered in Emirates of Ajman, UAE as a Free Zone Company, in accordance with the Free Zone laws and regulations enforced in the Emirates of Ajman, U.A.E. ~~BASIS~~It OFwas ~~PREPARATION~~registered OFon ~~CONDENSED~~August ~~CONSOLIDATED~~24, ~~FINANCIAL~~2016 ~~STATEMENTS~~and commenced operations thereon. The objectives of the company include management consultancy and technology services.

Basis of Presentation — The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U1.S2. ~~Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q and Article 10-01 of Regulation S-X~~4. ~~Accordingly,~~Rout ~~they~~1 doDigital ~~not include all of the information and footnotes required by U.S. generally accepted accounting principles~~ (~~“U.S. GAAP”~~Pvt) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the condensed consolidated financial position, results of operations, comprehensive loss and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto, including the Company’s accounting policies for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed on March 27, 2025 with the SEC. The results of the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, for other interim periods, or for future years.Limited

~~Basis~~Route 1 Digital is a private limited company, a wholly-owned subsidiary of ~~Consolidation~~Worldcall —Telecom ~~The~~Limited, ~~Company’s~~incorporated ~~unaudited~~under ~~interim~~the ~~condensed~~Companies ~~consolidated~~Ordinance ~~financial~~1984 ~~statements~~(now ~~are~~the ~~prepared~~Companies inAct, ~~accordance~~2017) ~~with~~on ~~U.S.~~December ~~GAAP~~21, 2016. ~~These~~The ~~financial~~primary ~~statements~~business ~~include~~is ~~the~~to ~~operating~~carry ~~results~~out ~~and~~the ~~financial~~business ~~condition~~ of ~~GlobalTech~~all ~~Corporation~~transport services, ~~its~~sharing ~~wholly-owned~~motor ~~subsidiaries;~~vehicle ~~WSL~~transportation ~~(acquired~~with onanother ~~November~~or ~~2021)~~others, ~~Ferret~~and ~~Consulting~~consultancy ~~FZC~~in ~~(acquired~~the onfield ~~November~~of ~~2021)~~information technology, ~~its~~software ~~majority-owned~~development ~~subsidiary~~and ~~WTL,~~all ~~and~~activities ~~Route~~ancillary 1thereto. ~~Digital~~The ~~(Pvt)~~registered ~~Limited.~~office ~~All~~of ~~intercompany~~the ~~accounts~~company ~~and~~is ~~transactions~~situated ~~have~~at ~~been~~Plot ~~eliminated~~# in112-113, ~~consolidation~~Block S, Quaid -e Azam Industrial Estate, Kot Lakhpat, Lahore, Pakistan.

~~Significant~~2. ~~Accounting~~BASIS ~~Policies:~~OF PREPARATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~Revenue~~Basis ~~Recognition~~of Presentation — WeThe ~~account~~financial ~~for~~information ~~revenue~~presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with ~~Accounting~~rules ~~Standards~~and ~~Codification~~regulations of the U.S. Securities and Exchange Commission (~~ASC~~“SEC”) ~~606~~for Quarterly Reports on Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, ~~Revenue~~they ~~from~~do ~~Contracts~~not ~~with~~include ~~Customers~~all of the information and footnotes required by U.S. ~~Revenue~~generally isaccepted ~~recognized~~accounting ~~upon~~principles ~~transfer~~(“U.S. GAAP”) for complete financial statements. In the opinion of ~~control~~management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of ~~promised~~normal ~~goods~~recurring adjustments) necessary for a fair presentation of the condensed consolidated financial position, results of operations, comprehensive loss and ~~services~~cash toflows ~~customers~~for the periods presented. These unaudited condensed consolidated financial statements should be read in anconjunction ~~amount~~with ~~that~~the ~~reflects~~annual audited consolidated financial statements and notes thereto, including the ~~consideration~~Company’s weaccounting ~~expect~~policies tofor ~~receive~~the year ended December 31, 2024 included in ~~exchange~~the ~~for~~Company’s ~~those~~Annual ~~services.~~Report Weon ~~enter~~Form ~~contracts~~10-K ~~that~~filed ~~can~~on ~~include~~March ~~various~~27, ~~combinations~~2025 with the SEC. The results of ~~services~~the three and nine months ended September 30, ~~which~~2025 are ~~generally~~not ~~capable~~necessarily indicative of ~~being~~the ~~distinct~~results ~~and~~to ~~accounted~~be expected for asthe ~~separate~~year ~~performance~~ending ~~obligations~~December 31, 2025, for other interim periods, or for future years.

WeBasis ~~derive revenue from seven primary sources: (1) International Termination Services, (2) Indefeasible Right~~ of ~~Use~~Consolidation ~~(IRU)~~— ~~Services,~~The ~~(3)~~Company’s ~~Cable~~unaudited TVinterim ~~and~~condensed ~~Internet~~consolidated ~~Services,~~financial ~~(4)~~statements ~~Metro Fiber Solutions, (5) Capacity Sale Services, (6) Advertisement Services, and (7) Technology Services. All of our revenue arrangements~~ are ~~based~~prepared onin ~~contracts~~accordance with ~~customers~~U.S. ~~Most~~GAAP. ofThese ~~our~~financial ~~contracts~~statements ~~with~~include ~~customers contain single performance obligations, although certain contracts do contain multiple performance obligations where we perform more than one service for~~ the ~~same~~operating ~~customer.~~results Weand ~~account~~financial ~~for~~condition ~~individual performance obligations separately if they are distinct within the context~~ of ~~the~~GlobalTech ~~contract.~~Corporation, ~~For~~its ~~contracts~~wholly-owned ~~where~~subsidiaries; weWSL ~~provide~~(acquired ~~multiple~~on ~~services~~November ~~such~~2021), asFerret ~~where~~Consulting weFZC ~~perform~~(acquired ~~multiple~~on ~~ancillary~~November ~~services~~2021), ~~each service represents~~ its ~~own~~majority-owned ~~performance~~subsidiary ~~obligation.~~WTL, ~~Selling~~and orRoute ~~transaction~~1 ~~prices~~Digital ~~are~~(Pvt) ~~based~~Limited. onAll ~~the~~intercompany ~~contractual~~accounts ~~prices~~and ~~for~~transactions ~~each~~have ~~service~~been ateliminated ~~its~~in ~~stand-alone selling price~~consolidation.

11Significant ~~Table~~Accounting ~~of Contents~~Policies:

ARevenue ~~five-step~~Recognition ~~approach~~— isWe ~~applied~~account infor ~~the~~revenue ~~recognition~~in ofaccordance ~~revenue~~with ~~under~~ ASC 606:, ~~(1)~~Revenue ~~identify~~from ~~the~~Contracts ~~contract~~ with aCustomers. ~~customer,~~Revenue ~~(2)~~is ~~identify~~recognized ~~the~~upon ~~performance~~transfer ~~obligations~~of incontrol ~~the~~of ~~contract,~~promised ~~(3)~~goods ~~determine~~and ~~the~~services ~~transaction~~to ~~price,~~customers ~~(4)~~in ~~allocate~~an amount that reflects the ~~transaction~~consideration ~~price~~we expect to ~~the~~receive ~~performance~~in ~~obligations~~exchange infor ~~the~~those ~~contract~~services. We enter contracts that can include various combinations of services, ~~and~~which ~~(5)~~are ~~recognize~~generally ~~revenue~~capable ~~when~~of webeing ~~satisfy~~distinct aand accounted for as separate performance ~~obligation~~obligations.

~~Payment~~We ofderive ~~invoices~~revenue isfrom ~~due~~seven asprimary ~~specified~~sources: in(1) ~~the~~International ~~underlying~~Termination ~~customer~~Services, ~~agreement~~(2) Indefeasible Right of Use (IRU) Services, ~~typically~~(3) ~~advance~~Cable ~~payments~~TV toand 30Internet ~~days~~Services, ~~from~~(4) ~~the~~Metro ~~invoice~~Fiber ~~date~~Solutions, ~~which~~(5) ~~occurs~~Capacity onSale ~~the~~Services, ~~date~~(6) ofAdvertisement ~~transfer~~Services, and (7) Technology Services. All of ~~control~~our revenue arrangements are based on contracts with customers. Most of ~~the~~our ~~services~~contracts towith customers contain single performance obligations, although certain contracts do contain multiple performance obligations where we perform more than one service for the same customer. ~~Since~~We ~~payment~~account ~~terms~~for individual performance obligations separately if they are ~~less~~distinct ~~than~~within athe ~~year,~~context of the contract. For contracts where we ~~have~~provide ~~elected~~multiple ~~the~~services ~~practical~~such ~~expedient~~as ~~and~~where dowe ~~not~~perform ~~assess~~multiple ~~whether~~ancillary aservices, ~~customer~~each ~~contract~~service ~~has~~represents aits ~~significant~~own ~~financing~~performance ~~component~~obligation. ~~The~~Selling ~~Company’s~~or ~~revenue~~transaction ~~arrangements~~prices ~~generally~~are dobased ~~not~~on ~~include~~the acontractual ~~general~~prices ~~right~~for ofeach ~~refund~~service ~~for~~at ~~services~~its ~~provided~~stand-alone selling price.

~~Direct~~11 ~~Operating~~Table ~~Costs — Direct operating costs consist primarily~~ of salaries and benefits related to personnel who provide services to clients, annual PTA fees, cable license fees and other direct costs related to the Company’s services. Costs associated with the implementation of new clients are expensed as incurred.Contents

~~Other~~A ~~Operating~~five-step ~~Costs~~approach —is ~~Other~~applied ~~operating~~in ~~costs~~the ~~consist~~recognition ~~primarily~~ of ~~compensation~~revenue ~~and~~under ~~benefits~~ASC 606: (1) identify the contract with a customer, ~~travel~~(2) ~~and~~identify ~~advertising~~the ~~expenses~~performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and ~~are~~(5) ~~expensed~~recognize asrevenue ~~incurred~~when we satisfy a performance obligation.

~~Business~~Payment ~~Combinations~~of –invoices ~~The~~is ~~Company~~due ~~accounts~~as ~~for~~specified ~~business~~in ~~combinations under~~ the ~~provisions~~underlying ofcustomer ~~ASC 805~~agreement, ~~Business~~typically ~~Combinations.~~advance ~~Such~~payments ~~transactions~~to ~~between~~30 ~~entities~~days ~~under~~from ~~common control are accounted for under provisions of ASC 805-50. Transfer of business among entities under common control is accounted for transactions by combining carrying amounts of~~ the ~~assets,~~invoice ~~liabilities~~date, ~~and~~which ~~equity~~occurs ofon the ~~combining~~date ~~entities~~of astransfer of ~~the~~control ~~date~~ of the ~~combination.~~services ~~The~~to ~~financial statements reflect~~ the ~~assumption~~customer. ~~that~~Since ~~the~~payment ~~combining~~terms ~~entities~~are ~~have~~less ~~been~~than ~~operating as~~ a ~~single~~year, ~~economic~~we ~~entity~~have ~~throughout~~elected the ~~period~~practical ofexpedient ~~common~~and ~~control.~~do Nonot ~~fair~~assess ~~value~~whether ~~adjustments~~a ~~are~~customer ~~made~~contract tohas ~~the~~a ~~carrying~~significant ~~amounts~~financing ofcomponent. ~~the~~The ~~combining entities~~Company’s ~~assets,~~revenue ~~liabilities,~~arrangements ~~and~~generally ~~equity,~~do asnot ~~the~~include ~~transaction is considered~~ a ~~transfer~~general right of ~~ownership~~refund ~~interests~~for ~~between~~services ~~entities under common control~~provided. ~~Acquisition-related expenses are recognized separately from the business combinations and are expensed as incurred.~~

~~Income~~Direct ~~Taxes~~Operating Costs — ~~Income~~Direct ~~tax~~operating ~~expense~~costs ~~includes~~consist ~~U.S.,~~primarily ~~Pakistan~~of ~~and~~salaries ~~other international income taxes,~~ and ~~interest~~benefits ~~and~~related ~~penalties~~to onpersonnel ~~uncertain~~who ~~tax~~provide ~~positions.~~services ~~Certain~~to ~~income~~clients, ~~and~~annual ~~expenses~~PTA ~~are~~fees, ~~not~~cable ~~reported~~license infees ~~tax~~and ~~returns~~other ~~and~~direct ~~financial~~costs ~~statements~~related into the ~~same~~Company’s ~~year~~services. ~~The~~Costs ~~tax~~associated ~~effect~~with ofthe ~~such~~implementation ~~temporary differences is reported as deferred income taxes. Deferred tax assets are reported net~~ of anew ~~valuation~~clients ~~allowance when it is more likely than not that a tax benefit will not be realized. All deferred income taxes~~ are ~~classified~~expensed as ~~long-term~~incurred.

~~Short~~Other ~~Term~~Operating ~~Investments~~Costs —~~Investments~~ –Other ~~Debt~~operating ~~and~~costs ~~Equity~~consist ~~Securities.~~primarily ~~Investments in marketable debt securities with maturities greater than three months but less than one year at the time~~ of ~~purchase~~compensation and are classified based on management’s intent regarding these assets as available-for-sale securities. Debt securities that the Company may sell in response to liquidity needs or changes in interest rates are classified as available-for-sale. They are reported at fair valuebenefits, ~~with~~travel ~~unrealized gains~~ and ~~losses~~advertising ~~excluded~~expenses ~~from net income~~ and ~~recorded in other comprehensive income (OCI) within equity, net of applicable taxes. Realized gains and losses, along with other-than temporary impairments,~~ are ~~included~~expensed inas ~~earnings and are determined using the specific identification method~~incurred.

~~Our~~Business ~~investments~~Combinations in– ~~marketable~~The ~~equity~~Company ~~securities~~accounts for business combinations under the provisions of ASC 805, Business Combinations. Such transactions between entities under common control are ~~measured~~accounted atfor under provisions of ASC 805-50. Transfer of business among entities under common control is accounted for transactions by combining carrying amounts of the assets, liabilities, and equity of the combining entities as of the date of the combination. The financial statements reflect the assumption that the combining entities have been operating as a single economic entity throughout the period of common control. No fair value ~~with~~adjustments are made to the ~~related~~carrying ~~gains~~amounts ~~and~~of ~~losses~~the combining entities’ assets, ~~including~~liabilities, ~~unrealized~~and equity, as the transaction is considered a transfer of ownership interests between entities under common control. Acquisition-related expenses are recognized inseparately ~~other~~from ~~income~~the ~~(loss)~~business combinations and are expensed as incurred.

~~Fair~~Income ~~Value~~Taxes ~~Measurements~~ — ~~ASC~~Income ~~820,~~tax ~~Fair~~expense ~~Value~~includes ~~Measurement~~U.S., ~~requires~~Pakistan ~~the~~and ~~disclosure~~other ofinternational ~~fair~~income ~~value~~taxes, ~~information~~and ~~about~~interest ~~financial~~and ~~instruments,~~penalties ~~whether~~on oruncertain ~~not~~tax ~~recognized~~positions. inCertain ~~the~~income ~~balance~~and ~~sheet,~~expenses ~~for~~are ~~which~~not itreported isin ~~practicable~~tax toreturns ~~estimate~~and ~~that~~financial ~~value~~statements in the same year. The ~~Company~~tax ~~follows~~effect aof ~~fair~~such ~~value~~temporary ~~measurement~~differences ~~hierarchy~~is toreported ~~measure~~as ~~financial~~deferred ~~instruments~~income taxes. ~~The~~Deferred ~~fair~~tax ~~value~~assets are reported net of ~~the~~a ~~Company’s~~valuation ~~financial~~allowance ~~instruments~~when it is ~~measured~~more ~~using~~likely ~~inputs~~than ~~from~~not ~~the~~that ~~three~~a ~~levels~~tax ofbenefit ~~the~~will ~~fair~~not ~~value~~be ~~hierarchy~~realized. All deferred income taxes are classified as ~~follows:~~long-term.

~~Level~~Short 1Term Investments —Investments – ~~inputs~~Debt and Equity Securities. Investments in marketable debt securities with maturities greater than three months but less than one year at the time of purchase are classified based ~~upon~~on ~~unadjusted~~management’s ~~quoted~~intent ~~prices~~regarding these assets as available-for-sale ~~identical~~securities. ~~instruments~~Debt securities that the Company may sell in ~~active~~response ~~markets~~to liquidity needs or changes in interest rates are classified as available-for-sale. They are reported at fair value, with unrealized gains and losses excluded from net income and recorded in other comprehensive income (OCI) within equity, net of applicable taxes. Realized gains and losses, along with other-than temporary impairments, are included in earnings and are determined using the specific identification method.

~~Level~~Our 2investments ~~– inputs are based upon quoted prices for similar instruments~~ in ~~active~~marketable ~~markets,~~equity ~~quoted~~securities ~~prices for identical or similar instruments in markets that~~ are ~~not~~measured ~~active,~~at ~~and~~fair ~~model-based~~value ~~valuation~~with ~~techniques (e.g.~~ the ~~Black-Scholes~~related ~~model)~~gains ~~for~~and ~~which~~losses, ~~all~~including ~~significant~~unrealized, ~~inputs~~recognized ~~are observable~~ in ~~the~~other ~~market~~income ~~or can be corroborated by observable market data for substantially the full term of the assets or liabilities~~(loss).

~~Level~~Fair 3Value –Measurements ~~inputs~~— ~~are~~ASC ~~generally~~820, ~~unobservable~~Fair ~~and~~Value ~~typically~~Measurement, ~~reflect~~requires ~~management’s~~the ~~estimates~~disclosure of ~~assumptions~~fair ~~that~~value ~~market~~information ~~participants~~about ~~would~~financial ~~use~~instruments, inwhether ~~pricing~~or not recognized in the ~~asset~~balance orsheet, ~~liability~~for which it is practicable to estimate that value. The Company follows a fair ~~values~~value ~~are~~measurement ~~therefore~~hierarchy ~~determined~~to measure financial instruments. The fair value of the Company’s financial instruments is measured using ~~model-based~~inputs ~~techniques,~~from ~~including~~the ~~option~~three ~~pricing~~levels ~~models~~of ~~and~~the ~~discounted~~fair ~~cash~~value ~~flow~~hierarchy ~~models.~~as follows:

12Level ~~Table~~1 of– ~~Contents~~inputs are based upon unadjusted quoted prices for identical instruments in active markets.

~~These~~Level ~~financial~~2 ~~instruments~~– inputs are ~~subject~~based toupon ~~fair~~quoted ~~value~~prices ~~adjustments~~for ~~only~~similar instruments in ~~certain~~active ~~circumstances and include cash~~markets, ~~accounts~~quoted ~~receivable,~~prices ~~accounts~~for ~~payable,~~identical ~~borrowings~~or ~~under~~similar ~~term~~instruments ~~loans~~in ~~and~~markets ~~line~~that ofare ~~credit~~not active, and ~~other~~model-based ~~payables.~~valuation ~~Due~~techniques to(e.g. the ~~short~~Black-~~term~~Scholes ~~nature~~model) offor ~~these~~which ~~financial~~all ~~instruments~~significant ~~and~~inputs ~~that~~are observable in the ~~borrowings~~market ~~bear~~or ~~interest~~can atbe ~~prevailing~~corroborated by observable market ~~rates,~~data for substantially the ~~carrying~~full ~~value~~term ~~approximates~~of the ~~fair~~assets ~~value~~or liabilities.

~~Stores~~Level 3 – inputs are generally unobservable and ~~spares~~typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

~~Stores~~12 ~~and~~Table ~~spares are stated at the lower~~ of cost or net realizable value. Cost is principally determined using the weighted-average method. The Company records adjustments to stores and spares for excess quantities, obsolescence or impairment when appropriate to reflect at net realizable value.Contents

~~Periodic~~These ~~physical~~financial ~~counts~~instruments ~~and~~are ~~stores~~subject to fair value adjustments only in certain circumstances and ~~spares~~include ~~reviews~~cash, ~~are~~accounts ~~conducted~~receivable, toaccounts ~~assess~~payable, ~~the~~borrowings ~~condition~~under term loans and ~~usability~~line of ~~stores~~credit, and ~~spares~~other payables. ~~Provisions~~Due ~~are~~to ~~recorded~~the ~~for obsolete, slow~~short-~~moving,~~term ornature ~~damaged~~of ~~items~~these ~~when~~financial ~~necessary,~~instruments and ~~such~~that ~~provisions~~the ~~are~~borrowings ~~charged~~bear tointerest at prevailing market rates, the ~~statement~~carrying ofvalue ~~operations~~approximates the fair value.

~~Accounts~~Stores Receivable - net — Accounts receivable are stated at their net realizable value. Accounts receivable are presented on the consolidated balance sheet net of credit losses, which is established based on reviews of the accounts receivable aging, an assessment of the customer’s history and ~~current creditworthiness, and the probability of collection. Accounts are written off when it is determined that collection of the outstanding balance is no longer probable.~~spares

InStores June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. The guidance in ASU 2016-13 replaces the incurred loss impairment methodology under current U.S. GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and ~~certain~~spares ~~other~~are ~~instruments.~~stated Itat ~~will apply to all entities. For trade receivables, loans, and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. This may result in~~ the ~~earlier~~lower ~~recognition~~ of ~~credit~~cost ~~losses. In November 2019, the FASB issued ASU No. 2019-10, which delayed this standard’s effective date for SEC smaller reporting companies to the fiscal years interim periods beginning on~~ or ~~after~~net ~~December~~realizable ~~15, 2022~~value. ~~The~~Cost Company adopted the new guidance on January 1, 2023 and the adoption of this new guidance had no material impact on the consolidated financial statements. As per the new guidance, accounts receivable are presented on the consolidated balance sheet net of an allowance for credit losses, which is ~~established~~principally ~~based~~determined onusing ~~reviews of~~ the ~~accounts~~weighted-average ~~receivable aging, an assessment of the customer’s history and current creditworthiness, and the probability of collection~~method. The Company ~~routinely~~records ~~reviews~~adjustments ~~its~~to ~~receivables~~stores and ~~makes~~spares ~~provisions~~ for ~~the~~excess ~~credit~~quantities, ~~losses~~obsolescence ~~utilizing~~or ~~the~~impairment ~~Current~~when ~~Expected~~appropriate ~~Credit~~to ~~Losses~~reflect ~~model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables~~ at ~~the~~net ~~time~~realizable ~~the financial asset is originated or acquired~~value. However, those provisions are estimates and actual results may materially differ from those estimates. Trade receivables are deemed uncollectible and are removed from accounts receivable and the allowance for credit losses when collection efforts have been exhausted.

~~Property,~~Periodic ~~Plant,~~physical counts and ~~Equipment~~stores ~~— Tangible assets classified as property, plant,~~ and ~~equipment~~spares reviews are ~~stated~~conducted atto ~~cost~~assess ~~less~~the ~~accumulated~~condition ~~depreciation~~ and ~~any~~usability ~~identified~~of ~~impairment~~stores ~~loss~~and spares. ~~Additions~~Provisions are ~~stated~~recorded atfor ~~cost~~obsolete, ~~less~~slow-moving, ~~accumulated~~or ~~depreciation~~damaged ~~and~~items ~~any~~when ~~identified~~necessary, ~~impairment~~and ~~loss.~~such ~~Cost~~provisions inare ~~relation~~charged to ~~self-constructed assets includes~~ the ~~direct~~statement ~~cost~~ of ~~material, labor, and other allocable expenses~~operations.

~~Depreciation~~Accounts Receivable - net — Accounts receivable are stated at their net realizable value. Accounts receivable are presented on ~~owned~~the ~~assets~~consolidated balance sheet net of credit losses, which is ~~charged~~established tobased on reviews of the ~~statement~~accounts receivable aging, an assessment of ~~profit~~the orcustomer’s ~~loss~~history ~~account~~and oncurrent creditworthiness, and the ~~straight-line~~probability ~~method~~of tocollection. ~~write~~Accounts are written off ~~the~~when ~~cost~~it oris ~~revalued~~determined ~~amount~~that collection of anthe ~~asset~~outstanding ~~over~~balance ~~its~~is ~~estimated~~no ~~useful~~longer ~~life~~probable.

~~Depreciation~~In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on ~~additions~~Financial isInstruments. ~~charged~~The ~~from~~guidance in ASU 2016-13 replaces the ~~month~~incurred loss impairment methodology under current U.S. GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. It will apply to all entities. For trade receivables, loans, and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. This may result in ~~which~~the earlier recognition of credit losses. In November 2019, the ~~assets~~FASB ~~are~~issued ~~available~~ASU No. 2019-10, which delayed this standard’s effective date for ~~use~~SEC ~~while~~smaller reporting companies to the fiscal years interim periods beginning on or after December 15, 2022. The Company adopted the new guidance on January 1, 2023 and the adoption of this new guidance had no ~~depreciation~~material isimpact ~~charged~~on inthe consolidated financial statements. As per the ~~month~~new inguidance, accounts receivable are presented on the consolidated balance sheet net of an allowance for credit losses, which is established based on reviews of the ~~assets~~accounts ~~are~~receivable ~~disposed~~aging, an assessment of the customer’s history and current creditworthiness, and the probability of collection. The Company routinely reviews its receivables and makes provisions for the credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. Trade receivables are deemed uncollectible and are removed from accounts receivable and the allowance for credit losses when collection efforts have been exhausted.

13Property, ~~Table~~Plant, and Equipment — Tangible assets classified as property, plant, and equipment are stated at cost less accumulated depreciation and any identified impairment loss. Additions are stated at cost less accumulated depreciation and any identified impairment loss. Cost in relation to self-constructed assets includes the direct cost of ~~Contents~~material, labor, and other allocable expenses.

~~The~~Depreciation ~~depreciation~~on ~~method,~~owned ~~residual~~assets ~~value,~~is ~~and~~charged ~~useful~~to ~~lives~~the statement of ~~assets~~profit ~~are~~or ~~reviewed~~loss ataccount ~~least~~on atthe ~~each~~straight-line ~~financial~~method ~~year~~to ~~end~~write ~~and~~off ~~adjusted~~the ifcost ~~the~~or ~~impact~~revalued onamount ~~depreciation~~of isan ~~significant~~asset over its estimated useful life.

AnDepreciation ~~asset’s~~on ~~carrying~~additions ~~amount~~ is ~~written~~charged ~~down~~from ~~immediately~~the tomonth ~~its~~in ~~recoverable~~which ~~amount~~the ifassets ~~the~~are ~~asset’s~~available ~~carrying~~for ~~amount~~use while no depreciation is ~~greater~~charged ~~than~~in ~~its~~the ~~estimated~~month ~~recoverable~~in ~~amount~~which the assets are disposed of.

~~The~~13 ~~gain~~Table ~~or loss on disposal~~ of ~~an asset represented by the difference between the sale proceeds and the carrying amount of the asset is recognized as income or expense.~~Contents

~~Set-top~~The ~~boxes~~depreciation ~~for~~method, ~~digital~~residual ~~signal~~value, and ~~cable~~useful ~~modems~~lives ~~are acquired with Company funds and provided to customers for their use. These devices remain the property~~ of ~~the~~assets ~~Company. Customers use these devices during the service period, and~~ are ~~required~~reviewed toat ~~return~~least ~~these~~at ~~devices~~each tofinancial ~~the~~year ~~Company~~end ~~upon termination of the services or disconnection of their subscription. The Company capitalizes these devices~~ and ~~charges~~adjusted ~~depreciation~~if ~~over~~ the ~~life~~impact ~~of these devices~~ on adepreciation ~~straight~~is ~~line basis~~significant.

~~Loans~~An ~~and~~asset’s ~~advances~~carrying —amount ~~Loan~~is ~~and~~written ~~advances~~down immediately to ~~employees~~its ~~are~~recoverable ~~provided~~amount asif ~~per~~ the ~~Company~~asset’s ~~policies~~carrying ~~and~~amount ~~are~~is ~~secured~~greater ~~against~~than ~~their~~its ~~gratuity~~estimated recoverable amount.

The ~~Company~~gain ~~may~~or ~~provide~~loss ~~cash~~on ~~advances~~disposal toof ~~employees~~an ~~for~~asset ~~business-related~~represented ~~travel,~~by orthe ~~other~~difference ~~reimbursable~~between ~~business-related expenses. Employee advances are measured at~~ the ~~amount~~sale ~~disbursed~~proceeds toand the ~~employee,~~carrying ~~net~~amount of ~~any~~the ~~repayments~~asset ~~or adjustments. The Company does not charge interest on employee advances. If an advance~~ is ~~deemed~~recognized toas beincome ~~uncollectible due to employee termination~~ or ~~other factors, an allowance for credit losses is established in accordance with ASC 326, Financial Instruments – Credit Losses~~expense. ~~Any adjustments to the allowance or write-offs are recorded in “General and Administrative Expenses.”~~

Loans ~~are carried at fair value through profit or loss~~ and ~~are~~advances ~~initially~~— ~~recognized~~Loan ~~at fair value~~ and ~~transaction~~advances ~~costs~~to ~~are~~employees ~~expensed in the statement of profit or loss account. The fair value is determined using inputs observable in the market, which~~ are ~~classified~~provided as ~~level~~per ~~2 in~~ the ~~fair~~Company’s ~~value~~policies ~~hierarchy. They are considered a non-recurring fair value measurement~~ and are ~~measured~~secured atagainst ~~fair~~their ~~value~~gratuity. ~~The fair value measurement considers market interest rates and the creditworthiness of the borrowers or other parties.~~

~~Advances~~The toCompany ~~vendors~~may ~~are~~provide ~~provided~~cash advances to employees for ~~the~~business-related ~~purchase~~travel, ofor ~~goods~~other ~~and~~reimbursable ~~services~~business-related ~~against~~expenses. Employee advances are measured at the ~~future~~amount ~~supply~~disbursed to the employee, net of ~~goods~~any repayments or ~~services~~adjustments. ~~These~~The ~~are~~Company ~~part~~does ofnot ~~routine~~charge ~~business~~interest ~~transactions~~on ~~and~~employee ~~are~~advances. ~~adjusted~~If ~~once~~an ~~the~~advance ~~corresponding~~is ~~goods~~deemed ~~are~~to ~~delivered~~be oruncollectible ~~services~~due ~~rendered.~~to ~~Advances~~employee totermination ~~vendors~~or ~~are~~other ~~initially~~factors, ~~recognized~~an atallowance ~~the~~for ~~amount~~credit ~~paid~~losses ~~and~~is ~~are~~established ~~subsequently~~in ~~relieved~~accordance ~~when~~with ~~the~~ASC ~~related~~326, ~~goods~~Financial orInstruments ~~services~~– ~~are~~Credit ~~received~~Losses. ~~These~~Any ~~are~~adjustments ~~secured~~to ~~either~~the byallowance aor ~~security~~write-offs ~~deposit~~are orrecorded ain ~~legally~~“General ~~enforceable~~and ~~right~~Administrative ~~to recover~~Expenses.”

~~Advances~~Loans toare ~~employees~~carried ~~and~~at ~~officers~~fair ~~were~~value ~~$503,604~~through ~~and~~profit ~~$512,164,~~or loss and ~~advances~~are toinitially ~~suppliers~~recognized ~~were~~at ~~$3,921,827~~fair value and ~~$4,147,958,~~transaction ascosts are expensed in the statement of ~~June~~profit 30or loss account. The fair value is determined using inputs observable in the market, ~~2025~~which are classified as level 2 in the fair value hierarchy. They are considered a non-recurring fair value measurement and ~~December~~are ~~31,~~measured ~~2024,~~at ~~respectively~~fair value. The fair value measurement considers market interest rates and the creditworthiness of the borrowers or other parties.

~~Long~~Advances ~~term~~to ~~loans~~vendors are provided for the purchase of goods and ~~other~~services ~~assets~~against —the ~~Loans~~future supply of goods or services. These are part of routine business transactions and ~~other~~are ~~assets~~adjusted ~~including~~once ~~deposits~~the corresponding goods are ~~provided~~delivered or services rendered. Advances to ~~different~~vendors ~~parties~~are initially recognized at the amount paid and ~~vendors~~are ~~which~~subsequently relieved when the related goods or services are ~~recoverable~~received. These are secured either ~~through~~by a security deposit or a legally enforceable right to recover.

~~These~~Advances ~~assets~~to ~~are~~employees ~~carried~~and atofficers ~~fair~~were ~~value~~$356,460 ~~through~~and ~~profit~~$512,164, ~~or loss~~ and ~~are~~advances ~~initially~~to ~~recognized~~suppliers atwere ~~fair~~$4,596,903 ~~value~~ and ~~transaction~~$4,147,958, ~~costs~~as ~~are expensed in the statement~~ of ~~profit~~September ~~or loss account. The fair value is determined using inputs observable in the market~~30, ~~which~~2025 ~~are classified as level 2 in the fair value hierarchy. They are considered a non-recurring fair value measurement~~ and ~~are~~December ~~measured~~31, at2024, ~~fair value on a recurring basis~~respectively. ~~The fair value measurement considers market interest rates and the creditworthiness of the borrowers or other parties.~~

~~Intangible~~Long ~~Assets~~term —loans ~~Intangible assets, licenses, software~~ and ~~right~~other ~~of use~~ assets, ~~are~~— ~~subject~~Loans ~~to amortization~~ and ~~are~~other ~~amortized using the straight-line method over their estimated period of benefit. The recoverability of intangible~~ assets isincluding ~~evaluated~~deposits ~~periodically~~are byprovided ~~taking~~to ~~into~~different ~~account~~parties ~~events~~and orvendors ~~circumstances~~which ~~that~~are ~~may~~recoverable ~~warrant~~either ~~revised~~through ~~estimates~~a ofsecurity ~~useful~~deposit ~~lives~~ or ~~that~~a ~~indicate~~legally ~~the~~enforceable ~~asset may be impaired~~right.

~~Evaluation~~These ofassets ~~Long-Lived~~are ~~Assets~~carried —at ~~The~~fair ~~Company~~value ~~reviews~~through ~~its~~profit ~~long-lived~~or ~~assets~~loss ~~for~~and ~~impairment~~are ~~whenever~~initially ~~changes~~recognized inat ~~circumstances~~fair ~~indicate~~value ~~that~~and ~~the~~transaction ~~carrying~~costs ~~value~~are ofexpensed anin ~~asset~~the ~~may~~statement ~~not~~of beprofit ~~recoverable~~or loss account. IfThe ~~the~~fair ~~sum~~value ofis ~~undiscounted~~determined ~~expected~~using ~~future~~inputs ~~cash~~observable ~~flows~~in isthe ~~less~~market, ~~than~~which ~~the~~are ~~carrying~~classified ~~amount~~as oflevel 2 in the ~~asset~~fair ~~group,~~value ~~the~~hierarchy. ~~Company~~They ~~will~~are ~~recognize~~considered ana ~~impairment~~non-recurring ~~loss~~fair ~~based~~value measurement and are measured at fair value on ~~the~~a recurring basis. The fair value measurement considers market interest rates and the creditworthiness of the ~~asset~~borrowers or other parties.

~~There~~Intangible ~~was~~Assets no— ~~impairment~~Intangible ofassets, ~~internal-use~~licenses, software ~~costs,~~and ~~intangible~~right of use assets, orare ~~property~~subject to amortization and ~~equipment~~are ~~during~~amortized using the ~~three~~straight-line method over their estimated period of benefit. The recoverability of intangible assets is evaluated periodically by taking into account events or ~~six~~circumstances ~~months~~that ~~ended~~may ~~June~~warrant ~~30,~~revised ~~2025~~estimates ~~and~~of ~~2024~~useful lives or that indicate the asset may be impaired.

~~Leases~~Evaluation of Long-Lived WeAssets ~~account~~— ~~for~~The ~~lease~~Company ~~arrangements~~reviews inits ~~accordance~~long-lived ~~with~~assets ~~ASC~~for ~~842,~~impairment ~~Leases.~~whenever Anchanges ~~arrangement~~in iscircumstances ~~determined~~indicate asthat athe ~~lease~~carrying atvalue ~~inception.~~of ~~Operating~~an ~~leases~~asset ~~are~~may ~~included~~not inbe ~~operating~~recoverable. ~~lease~~If ~~right-of-use~~the ~~(“ROU”)~~sum ~~assets,~~of ~~other~~undiscounted ~~current~~expected ~~liabilities,~~future ~~and~~cash ~~operating~~flows ~~lease~~is ~~liabilities~~less inthan ~~our~~the ~~consolidated~~carrying ~~balance~~amount ~~sheets.~~of ~~Finance~~the ~~leases~~asset ~~are~~group, ~~included~~the inCompany ~~property~~will ~~and~~recognize ~~equipment,~~an ~~other~~impairment ~~current~~loss ~~liabilities,~~based ~~and~~on ~~other~~the ~~long-term~~fair ~~liabilities~~value inof ~~our~~the ~~consolidated balance sheets~~asset.

~~ROU~~There ~~assets~~was ~~represent~~no ~~our~~impairment ~~right~~of to internal-use ansoftware ~~underlying~~costs, ~~asset~~intangible ~~for~~assets ~~the~~or ~~lease~~property ~~term~~ and ~~lease~~equipment ~~liabilities~~during ~~represent~~the ~~our~~three ~~obligation~~or tonine ~~make~~months ~~lease~~ended ~~payments~~September ~~arising~~30, ~~from~~2025 ~~the lease. Operating lease ROU assets~~ and ~~liabilities are recognized at the commencement date based on the present value of lease payments over the lease term~~2024.

~~Earnings~~Leases ~~Per~~- ~~Share~~We —account ~~The~~for ~~Company~~lease ~~calculates~~arrangements ~~earnings per share (EPS)~~ in accordance with ASC ~~Topic 260~~842, ~~“Earnings Per Share~~Leases.” ~~Basic~~An ~~EPS~~arrangement is ~~calculated~~determined byas ~~dividing~~a ~~net~~lease ~~income~~at ~~attributable~~inception. toOperating ~~common~~leases ~~shareholders~~are byincluded ~~the~~in ~~weighted-average~~operating ~~number~~lease right-of-use ~~common~~(“ROU”) ~~shares~~assets, ~~outstanding~~other ~~during~~current ~~the~~liabilities, ~~period.~~and ~~Diluted~~operating ~~EPS~~lease ~~reflects~~liabilities ~~the~~in ~~potential~~our ~~dilution~~consolidated ~~that~~balance ~~could~~sheets. ~~occur~~Finance ifleases ~~securities~~are orincluded ~~other~~in ~~contracts~~property ~~that~~and ~~are~~equipment, ~~potentially~~other ~~dilutive~~current ~~were~~liabilities, ~~exercised~~and orother ~~converted~~long-term ~~into~~liabilities ~~common~~in ~~stock~~our consolidated balance sheets.

14ROU ~~Table~~assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of ~~Contents~~lease payments over the lease term.

Earnings Per Share — The Company ~~presents~~calculates ~~both~~earnings ~~basic~~per ~~and~~share ~~diluted~~(EPS) in accordance with ASC Topic 260, “Earnings Per Share.” Basic EPS onis calculated by dividing net income attributable to common shareholders by the ~~face~~weighted-average number of common shares outstanding during the ~~income~~period. ~~statement~~Diluted EPS reflects the potential dilution that could occur if securities or other contracts that are potentially dilutive were exercised or converted into common stock. ~~The~~As the Company ~~also~~reported ~~provides~~ a ~~reconciliation~~net ofloss for the ~~numerator~~three and ~~denominator~~nine ~~used~~months inended ~~the~~September ~~EPS~~30, ~~calculations~~2025, inall ~~the~~potential ~~footnotes~~common toshares have been excluded from the ~~financial~~computation ~~statements~~of diluted loss per share as their inclusion would be antidilutive. Accordingly, inbasic ~~case~~and ofdiluted ~~any~~loss ~~change~~per ~~occurred~~share ~~during~~are the ~~year~~same for all periods presented.

~~Diluted~~14 ~~EPS~~Table ~~is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number~~ of ~~ordinary shares outstanding, adjusted for the effects of all dilutive, potential ordinary shares.~~Contents

~~Foreign Currency Translation —~~ The ~~financial statements of the~~ Company’s ~~foreign~~presents ~~subsidiaries~~both ~~are~~basic ~~translated from their functional currency into U.S. dollars, the Company’s functional currency. All foreign currency assets~~ and ~~liabilities~~diluted ~~are~~EPS ~~translated~~on at the ~~period-end~~face ~~exchange rate, and all revenue and expenses are translated at average exchange rates. The effects~~ of ~~translating~~ the ~~financial~~income ~~statements of the foreign subsidiaries into U~~statement.S. ~~dollars~~The ~~are~~Company ~~reported~~also asprovides a ~~cumulative~~reconciliation ~~translation adjustment, a separate component~~ of ~~accumulated~~the ~~other~~numerator ~~comprehensive~~and ~~income/(loss)~~denominator used in the ~~consolidated~~EPS ~~statements~~calculations ~~of shareholders’ equity. Foreign currency transaction gains/losses are reported as a component of other income–net~~ in the ~~consolidated~~footnotes ~~statements~~to ~~of operations. The US$/PKR exchange rates used for~~ the ~~translation~~financial ofstatements, ~~PKR-denominated~~in ~~assets~~case ~~and liabilities are Rs. 284.10 and Rs.278.85 as~~ of ~~June~~any ~~30,~~change ~~2025~~occurred ~~and~~during ~~December~~the ~~31, 2024, respectively~~year.

~~Use~~Diluted ofEPS ~~Estimates~~is —determined ~~The~~by ~~preparation~~adjusting ofthe ~~consolidated~~profit ~~financial~~or ~~statements~~loss inattributable ~~conformity with U.S. GAAP requires management~~ to ~~make~~ordinary ~~estimates~~shareholders and ~~assumptions that affect~~ the ~~reported~~weighted ~~amounts~~average ofnumber ~~assets and liabilities at the date~~ of ~~the~~ordinary ~~consolidated~~shares ~~financial statements~~outstanding, asadjusted ~~well~~for as the ~~reported~~effects ~~amounts~~ of ~~revenues~~all ~~and expenses during the reporting period. Significant estimates and assumptions made by management include~~dilutive, ~~but~~potential ~~are~~ordinary not limited to, (1) impairment of long-lived assets, (2) depreciable lives of assets, (3) allowance for credit losses, (4) fair value of identifiable tangible and intangible assets, including determination of expected useful life, and (5) estimating lease terms and incremental borrowing ratesshares. ~~Actual results could significantly differ from those estimates.~~

~~Non-controlling~~Foreign ~~Interest~~Currency Translation — The financial statements of the Company’s ~~accounts~~foreign ~~for~~subsidiaries ~~non-controlling~~are ~~interests~~translated infrom ~~accordance~~their ~~with~~functional ~~ASC~~currency ~~810~~into –U.S. ~~Consolidation~~dollars, ~~presenting~~the ~~them~~Company’s functional currency. All foreign currency assets and liabilities are translated at the period-end exchange rate, and all revenue and expenses are translated at average exchange rates. The effects of translating the financial statements of the foreign subsidiaries into U.S. dollars are reported as a cumulative translation adjustment, a separate component of ~~equity~~accumulated other comprehensive income/(loss) in the consolidated ~~balance~~statements ~~sheets,~~of ~~with~~shareholders’ ~~the~~equity. ~~non-controlling~~Foreign ~~share~~currency oftransaction ~~net~~gains/losses ~~income~~are orreported ~~loss~~as ~~shown~~a ~~separately~~component of other income–net in the consolidated statements of operations. The US$/PKR exchange rates used for the translation of PKR-denominated assets and liabilities are Rs. 281.75 as of September 30, 2025 and 278.85 as of December 31, 2024, respectively.

~~Segment~~Use ~~Reporting~~of Estimates — The ~~Company~~preparation ~~operates~~of asconsolidated afinancial ~~single~~statements ~~reportable segment~~ in ~~accordance~~conformity with U.S. GAAP requires management to make estimates and assumptions that affect the ~~FASB’s~~reported ~~ASC~~amounts ~~Topic~~of ~~280~~assets and liabilities at the date of the consolidated financial statements, ~~Segment~~as ~~Reporting~~well as the reported amounts of revenues and expenses during the reporting period. ~~The~~Significant ~~Company’s~~estimates ~~chief~~and ~~operating~~assumptions ~~decision~~made ~~maker~~by management include, but are not limited to, (~~“CODM”~~1) isimpairment ~~the~~of ~~Chief~~long-lived ~~Executive~~assets, ~~Officer~~(2) ofdepreciable ~~the~~lives ~~Company~~of ~~who~~assets, ~~reviews~~(3) ~~the~~allowance ~~business~~for ascredit alosses, ~~whole~~(4) ~~when~~fair ~~evaluating~~value ~~financial~~of ~~performance~~identifiable tangible and ~~allocating~~intangible ~~resources~~assets, ~~and~~including ~~manages~~determination ~~our~~of ~~segments~~expected useful life, ~~evaluates~~and ~~financial~~(5) ~~results,~~estimating lease terms and ~~makes~~incremental ~~key~~borrowing ~~operating~~rates. ~~decisions~~Actual results could significantly differ from those estimates.

~~Recent~~Non-controlling ~~Accounting~~Interest ~~Pronouncements~~ — ~~From~~The ~~time~~Company toaccounts ~~time,~~for ~~new~~non-controlling ~~accounting~~interests ~~pronouncements~~in ~~are~~accordance ~~issued~~with byASC ~~the~~810 ~~FASB~~– ~~and~~Consolidation, ~~are~~presenting ~~adopted~~them byas usa asseparate component of ~~the~~equity ~~specified~~in ~~effective~~the ~~date.~~consolidated ~~Unless~~balance ~~otherwise discussed~~sheets, wewith ~~believe that~~ the ~~impact~~non-controlling share of ~~recently~~net ~~adopted~~income ~~and~~or ~~recently~~loss ~~issued~~shown ~~accounting~~separately ~~pronouncements~~in ~~will~~the ~~not~~statements ~~have a material impact on our consolidated financial position, results~~ of operations ~~and cash flows~~.

InSegment ~~December~~Reporting ~~2023,~~— ~~the~~The ~~FASB~~Company ~~issued~~operates ~~ASU~~as ~~2023-09,~~a ~~Income~~single ~~Taxes~~reportable ~~(Topic~~segment ~~740):~~in ~~Improvements~~accordance towith ~~Income~~the ~~Tax Disclosures (“ASU 2023-09”), to require disaggregated information about a reporting entity~~FASB’s ~~effective~~ASC ~~tax~~Topic ~~rate reconciliation~~280, asSegment ~~well as information on income taxes paid~~Reporting. The ~~new~~Company’s ~~requirements~~chief ~~should~~operating bedecision ~~applied~~maker on(“CODM”) ais ~~prospective~~the ~~basis~~Chief ~~with~~Executive anOfficer ~~option~~of tothe ~~apply~~Company ~~them~~who ~~retrospectively.~~reviews ~~ASU~~the ~~2023-09~~business isas ~~effective~~a ~~for~~whole ~~annual~~when ~~periods beginning after December 15, 2024. The Company is~~ evaluating ~~the~~financial ~~impact~~performance ~~this~~and ~~ASU~~allocating ~~will~~resources ~~have~~and onmanages ~~its~~our ~~consolidated~~segments, evaluates financial ~~statements~~results, and ~~related~~makes ~~disclosures~~key operating decisions.

InThe ~~October~~Company ~~2023,~~evaluated ~~the~~its ~~FASB~~operations ~~issued ASU 2023-06, Disclosure Improvements: Codification Amendments~~ in ~~Response~~accordance towith ~~the~~ASC ~~SEC’s Disclosure Update and Simplification Initiative (“ASU 2023~~280-~~06”). ASU 2023~~10-0650 ~~was~~and ~~issued~~concluded inthat ~~response~~it tooperates ~~the~~as ~~SEC’s~~a ~~final~~single ~~amendments~~reportable ~~in Release No~~segment. ~~33-10532,~~Although ~~Disclosure~~the ~~Update~~Company ~~and~~provides ~~Simplification~~cable ~~that updated~~ and ~~simplified~~broadband ~~disclosure~~services ~~requirements~~in ~~that~~Pakistan ~~the SEC believed were duplicative, overlapping, or outdated,~~ and toconsulting ~~align~~services ~~the requirements~~ in the ~~FASB~~United ~~Accounting~~Arab ~~Standards~~Emirates ~~Codification~~ (~~“Codification”~~UAE), ~~with~~ the ~~SEC’s~~Chief ~~disclosure~~Executive ~~requirements.~~Officer, ~~The~~acting ~~effective~~as ~~date for each amendment in ASU 2023-06 will be~~ the ~~date on which the SEC~~Company’s ~~removal~~chief ofoperating ~~that~~decision ~~related~~maker ~~disclosure from Regulation S-X or Regulation S-K becomes effective~~(“CODM”), ~~with~~reviews ~~early~~financial ~~adoption~~results ~~prohibited.~~and Ifallocates ~~the~~resources ~~SEC~~on ~~has~~a ~~not~~consolidated ~~removed~~basis ~~the~~rather ~~applicable~~than ~~requirement~~by ~~from~~business ~~Regulation~~line ~~S-X~~ or ~~Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity~~geography. The Company ~~does~~has ~~not~~also ~~expect~~prepared the ~~adoption~~following ~~of ASU 2023-06 to have a material impact on its consolidated financial statements and related disclosures.~~analysis:

In November 2024, the FASB issued ASU 2024-03 “Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosures about an entity’s expenses1. ~~Upon~~Identification ~~adoption, we will be required to disclose in the notes to the financial statements a disaggregation~~ of ~~certain~~Operating ~~expense~~Segments categories included within the expense captions on the face of the income statement. The standard is effective for our 2027 annual period, and our interim periods beginning in 2028, with early adoption permitted. The standard can be applied either prospectively or retrospectively. We are currently assessing its effect on our financial statement disclosures at the time of adoption.

15ASC ~~Table~~280-10-50-1 defines an operating segment as a component of ~~Contents~~an enterprise that (i) engages in business activities from which it may earn revenues and incur expenses, (ii) has discrete financial information available, and (iii) is regularly reviewed by the chief operating decision maker (“CODM”) to allocate resources and assess performance.

3· The Company provides cable and broadband services in Pakistan and consulting services in the UAE. ~~CASH~~· ~~AND~~The ~~CASH~~Company’s ~~EQUIVALENTS~~CODM is the Chief Executive Officer. · The CODM receives and reviews only consolidated financial information, consisting of the consolidated balance sheet, consolidated statement of operations, consolidated statement of cash flows, and subscriber data. · The CODM does not receive, nor rely on, separate financial information for the Pakistan or UAE operations.

	June 30,		December 31,
	2025		2024
Cash at bank	(Unaudited)
Current accounts	$	696,182	$	645,911
Savings accounts		3,059		4,095
		699,241		650,006
Cash in hand		9,886		10,868
Pay orders in hand		-		161,377
	$	709,127	$	822,251

Accordingly, while the Company’s businesses generate revenues and expenses, the lack of discrete financial information reviewed by the CODM indicates that these operations do not meet the definition of separate operating segments under ASC 280-10-50-1.

42. ~~RESTRICTED~~Nature ~~CASH~~of Financial Information Reviewed

	June 30,		December 31,
	2025		2024
	(Unaudited)
Deposit in escrow account	$	2,482,602	$	2,457,620
Margin and other deposits		188,356		175,399
	$	2,670,958	$	2,633,019

ASC 280-10-50-7 emphasizes that operating segments are identified based on the internal reports that are regularly provided to the CODM.

~~Deposits~~· inAll ~~escrow~~reports ~~account:~~provided ~~Represents~~to ~~balance in savings accounts accumulated in Escrow Account. The telecom operators challenged~~ the ~~legality~~CODM ofare ~~Access~~prepared ~~Promotion~~on ~~Contribution~~a ~~(APC)~~fully ~~for~~consolidated ~~Universal~~basis. ~~Service~~· ~~Fund~~No ~~(USF)~~separate profit, ~~as levied by PTA in 2009~~loss, ~~and~~or ~~the~~asset ~~dispute~~information ~~was~~is ~~finally~~prepared ~~decided~~ by ~~the~~business ~~honorable~~line ~~Supreme~~or ~~Court~~geography infor ~~December~~CODM ~~2015~~review. ~~During~~· ~~pendency~~Decisions ofabout ~~the~~performance ~~court~~assessment ~~proceedings,~~and anresource ~~International~~allocation ~~Clearing~~are ~~House~~made ~~(ICH)~~at ~~agreement was signed in 2012, whereby it was decided that regular contributions for APC, based on each operator’s share under~~ the ~~ICH~~consolidated ~~agreement,~~entity ~~shall be made by Long Distance and International (“LDI”) operators in an Escrow Account~~level.

~~The~~Thus, ~~formation~~under ofASC ~~ICH was declared anti~~280-~~competitive by the Competition Commission of Pakistan~~10-50-7, ~~and resultantly PTA issued a policy directive in June 2014 terminating~~ the ~~ICH~~Company ~~arrangement.~~has ~~Some~~determined ~~operators~~that ~~challenged~~it ~~this~~has ~~termination~~only ~~and~~one ~~obtained~~operating ~~interim relief from Sindh High Court and Lahore High Court~~segment. ~~However, the Supreme Court adjudicated the matter in February 2015 in favor of termination of ICH, and upon this, PTA issued its~~

~~notification of termination of ICH arrangement~~3. AsAggregation ofConsiderations ~~now, the mechanism of the adjustment of the amount available in the Escrow Account remains to be finalized.~~

~~Margin~~ASC ~~and~~280-10-50-11 ~~other~~through ~~deposits~~50-15 ~~include~~provide ~~deposits~~that ~~placed~~two ~~with~~or ~~banks~~more ~~against~~operating ~~various~~segments ~~guarantees.~~may ~~This~~be ~~amount~~aggregated ~~also~~if ~~includes~~they ~~approximately~~have ~~$70,398~~similar ~~(2024: $71,723)~~economic ~~deposited~~characteristics and share similarities in aproducts ~~Court~~and services, production processes, type of ~~Law~~customer, asdistribution ~~disclosed~~methods, and regulatory environment. Even though the Company provides different services in adifferent ~~relevant~~jurisdictions, ~~note~~the ofstrategic ~~contingencies~~initiatives, business risks, and ~~commitments~~overall management decisions are centralized.

5.The ~~ACCOUNTS~~CODM ~~RECEIVABLE~~evaluates –the ~~NET~~Company’s economic performance on a consolidated basis and does not distinguish between geographies or service lines.

	June 30,			December 31,
	2025			2024
	(Unaudited)
Considered good – unsecured	$	4,065,665		$	3,780,777
Considered doubtful – unsecured		2,339,333			2,383,376
		6,404,998			6,164,153
Less: Provision for expected credit loss		(2,339,333	)		(2,383,376	)
	$	4,065,665		$	3,780,777

Accordingly, the Company has determined that even if cable/broadband and consulting operations were considered as separate operating segments, they would be aggregated into a single reportable segment based on these considerations.

~~Provision~~Recent ~~for~~Accounting ~~expected~~Pronouncements ~~credit~~— ~~losses~~From ~~has~~time ~~been~~to ~~approximately~~time, ~~nil~~new ~~and~~accounting ~~69,060~~pronouncements ~~for~~are issued by the ~~three~~FASB and ~~six~~are ~~months~~adopted ~~ended~~by ~~June~~us 30as of the specified effective date. Unless otherwise discussed, ~~2025~~we ~~and~~believe that the ~~year~~impact ~~ended~~of ~~December~~recently ~~31,~~adopted ~~2024~~and recently issued accounting pronouncements will not have a material impact on our consolidated financial position, ~~respectively~~results of operations and cash flows.

6In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to require disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information on income taxes paid. ~~LOANS~~The ~~AND~~new ~~ADVANCES~~requirements should be applied on a prospective basis with an option to apply them retrospectively. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

	June 30,		December 31,
	2025		2024
	(Unaudited)
Advances to officers and employees against expenses	$	503,604	$	512,164
Advances to suppliers		3,921,827		4,147,958
		4,425,431		4,660,122

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued in response to the SEC’s final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated, and to align the requirements in the FASB Accounting Standards Codification (“Codification”) with the SEC’s disclosure requirements. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements and related disclosures.

16In ~~Table~~November 2024, the FASB issued ASU 2024-03 “Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosures about an entity’s expenses. Upon adoption, we will be required to disclose in the notes to the financial statements a disaggregation of ~~Contents~~certain expense categories included within the expense captions on the face of the income statement. The standard is effective for our 2027 annual period, and our interim periods beginning in 2028, with early adoption permitted. The standard can be applied either prospectively or retrospectively. We are currently assessing its effect on our financial statement disclosures at the time of adoption.

7.15 ~~PROPERTY,~~Table ~~PLANT~~of ~~AND EQUIPMENT~~Contents

	June 30,			December 31,
	2025			2024
	(Unaudited)
Operating fixed assets	$	15,937,567		$	16,872,986
Capital work-in-progress		62,130			63,300
	$	15,999,697		$	16,936,286
Operating fixed assets
Building on freehold land	$	343,189		$	349,650
Freehold land		185,181			188,668
Leasehold improvements		687,350			700,291
Plant and equipment		29,162,948			29,685,166
Office equipment		383,532			388,745
Vehicles		107,979			110,012
Computers		655,894			663,283
Furniture and fixtures		139,799			140,822
Laboratory and other equipment		75,623			77,046
		31,741,495			32,303,683
Less: Accumulated depreciation		(15,803,928	)		(15,430,697	)
	$	15,937,567		$	16,872,986

3. CASH AND CASH EQUIVALENTS

Useful life of operating fixed assets ranges between 5 years to over 33 years. Details of all major additions and disposals have been provided in the following paragraphs and tables. Moreover, depreciation on operating assets has been allocated to depreciation and amortization on the face of the statement of operations.

	September 30,		December 31,
	2025		2024
	(Unaudited)
Cash at bank
Current accounts	$	1,054,559	$	645,911
Savings accounts		3,126		4,095
		1,057,685		650,006
Cash in hand		11,728		10,868
Pay orders in hand		-		161,377
	$	1,069,413	$	822,251

~~Additions for the six months ended June 30, 2025, amounted to $35,906 and for the six-months ended June 30, 2024, amounted to $88,094~~4. ~~Disposals~~RESTRICTED ~~for the six months ended June 30, 2025, amounted to $(1,140), and for the six months ended June 30, 2024 nil.~~CASH

17 Table of Contents

	September 30,		December 31,
	2025		2024
	(Unaudited)
Deposit in escrow account	$	2,561,762	$	2,457,620
Margin and other deposits		200,018		175,399
	$	2,761,779	$	2,633,019

8Deposits in escrow account: Represents balance in savings accounts accumulated in Escrow Account. ~~LEASES~~The telecom operators challenged the legality of Access Promotion Contribution (APC) for Universal Service Fund (USF), as levied by PTA in 2009, and the dispute was finally decided by the honorable Supreme Court in December 2015. During pendency of the court proceedings, an International Clearing House (ICH) agreement was signed in 2012, whereby it was decided that regular contributions for APC, based on each operator’s share under the ICH agreement, shall be made by Long Distance and International (“LDI”) operators in an Escrow Account.

WeThe ~~determine~~formation ifof anICH ~~arrangement~~was isdeclared anti-competitive by the Competition Commission of Pakistan, and resultantly PTA issued a ~~lease~~policy atdirective ~~inception~~in June 2014 terminating the ICH arrangement. WeSome ~~have~~operators ~~operating~~challenged ~~leases~~this ~~for~~termination ~~office~~and obtained interim relief from Sindh High Court and ~~temporary~~Lahore ~~living~~High ~~space~~Court. ~~Operating~~However, ~~leases~~the ~~are~~Supreme ~~included~~Court adjudicated the matter in ~~operating~~February ~~lease~~2015 ~~ROU~~in ~~assets,~~favor ~~current~~of ~~operating~~termination ~~lease~~of ~~liability~~ICH, and ~~non-current~~upon ~~operating~~this, ~~lease~~PTA ~~liability~~issued inits ~~our~~notification ~~consolidated~~of ~~balance~~termination ~~sheets~~of asICH ofarrangement. ~~June~~As 30of now, ~~2025~~the ~~and~~mechanism ~~December~~of ~~31,~~the ~~2024.~~adjustment ~~The~~of ~~Company~~the ~~does~~amount ~~not~~available ~~have~~in ~~any~~the ~~finance~~Escrow ~~leases~~Account remains to be finalized.

~~ROU~~Margin ~~assets represent our right to use an underlying asset for the lease term~~ and ~~lease~~other ~~liabilities~~deposits ~~represent~~include ~~our~~deposits ~~obligation~~placed towith ~~make~~banks ~~lease~~against ~~payments~~various ~~arising~~guarantees. ~~from~~This ~~the~~amount ~~lease.~~also ~~ROU~~includes ~~assets~~approximately ~~and~~$70,985 ~~liabilities~~(2024: $71,930) ~~are~~deposited ~~recognized~~in ata ~~the~~Court ~~lease~~of ~~commencement~~Law ~~date~~as ~~based~~disclosed onin ~~the~~a ~~estimated~~relevant ~~present~~note ~~value~~ of ~~lease~~contingencies ~~payments~~and ~~over the lease term~~commitments.

As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rates, which are derived from information available at the lease commencement date, in determining the present value of lease payments5. WeACCOUNTS ~~give~~RECEIVABLE ~~consideration~~– to our bank financing arrangements, geographical location and collateralization of assets when calculating our incremental borrowing rates. Our lease terms include options to extend the lease when it is reasonably certain that we will exercise that option. Leases with a term of less than 12 months are not recorded in the consolidated balance sheets. Our lease agreements do not contain any residual value guarantees. For real estate leases, we account for the lease and non-lease components as a single lease component. Some leases include escalation clauses and termination options that are factored in the determination of the lease payments when appropriate.NET

If a lease is modified after the effective date, the operating lease ROU asset and liability is re-measured using the current incremental borrowing rate. We review our incremental borrowing rate for our portfolio of leases on a quarterly basis. Lease expense is included in direct operating costs and general and administrative expenses in the consolidated statements of operations based on the nature of the expense.

	September 30,			December 31,
	2025			2024
	(Unaudited)
Considered good – unsecured	$	4,118,724		$	3,780,777
Considered doubtful – unsecured		2,339,333			2,383,376
		6,458,057			6,164,153
Less: Provision for expected credit loss		(2,339,333	)		(2,383,376	)
	$	4,118,724		$	3,780,777

~~Break~~6. ~~down~~LOANS ofAND ~~operating lease expense:~~ADVANCES

	Three Month EndedJune 30					Six Months EndedJune 30,
	September 30,		December 31,
	2025		2024			~~2025~~		~~2024~~
Operating lease cost	$	29,461		239,052		$	59,651	$	280,656
	(Unaudited)
Short term lease cost		370		(436	)		11,180		8,263
Advances to employees against expenses	$	356,460	$	512,164
	$	29,831		238,616		$	70,831	$	288,919
Advances to suppliers		4,596,903		4,147,958
		4,953,363		4,660,122

~~Supplemental~~16 ~~balance~~Table ~~sheet~~of ~~information related to leases was as follows:~~Contents

	June 30,			December 31,
	2025			2024
	(Unaudited)
Operating leases
Operating lease ROU assets, net	$	423,747		$	451,111
Current operating lease liabilities		200,715			209,177
Non-Current operating lease liabilities		600,042			635,030
	$	800,757		$	844,207
Operating leases
ROU Assets		451,111			503,701
Lease termination					(17,396	)
Asset lease expense		(19,214	)		(41,612	)
Foreign exchange loss		(8,150	)		6,418
ROU Assets – net	$	423,747		$	451,111
Weighted average remaining lease term (in years):
Operating leases		6.62			6.93
Weighted average discount rate:
Operating leases		13.35	%		13.35	%

7. PROPERTY, PLANT AND EQUIPMENT

18 Table of Contents

	September 30,			December 31,
	2025			2024
	(Unaudited)
Operating fixed assets	$	15,825,031		$	16,872,986
Capital work-in-progress		62,647			63,300
	$	15,887,678		$	16,936,286
Operating fixed assets
Building on freehold land	$	346,051		$	349,650
Freehold land		186,726			188,668
Leasehold improvements		693,601			700,291
Plant and equipment		29,413,315			29,685,166
Office equipment		388,184			388,745
Vehicles		108,880			110,012
Computers		662,253			663,283
Furniture and fixtures		141,165			140,822
Laboratory and other equipment		76,254			77,046
		32,016,429			32,303,683
Less: Accumulated depreciation		(16,191,398	)		(15,430,697	)
	$	15,825,031		$	16,872,986

~~Supplemental~~Useful ~~cash~~life ~~flow~~of operating fixed assets ranges between 3 years to over 20 years. Details of all major additions and ~~other~~disposals ~~information~~have ~~related~~been provided in the following paragraphs and tables. Moreover, depreciation on operating assets has been allocated to ~~leases~~depreciation ~~was~~and asamortization ~~follows:~~on the face of the statement of operations.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		36,084		34,503		67,902		35,691

Additions for the nine months ended September 30, 2025, amounted to $52,553 and for the nine-months ended September 30, 2024, amounted to $101,719. Disposals for the nine months ended September 30, 2025, amounted to $7,311, and for the nine months ended September 30, 2024 amounted to nil.

Maturities of lease liabilities are as follows:

Assets	Useful lives in Years
Building		20
Leasehold improvements	5-10
Plant and equipment	3-20
Office equipment		10
Computers		3
Furniture and Fixture		10
Vehicles		5
Lab and other equipment		5

Operating leases - Years Ending December 31,
2025 (Six months)	$	76,096
2026		162,387
2027		175,857
2028		172,219
2029		257,726
Thereafter		284,792
Total lease payments	$	1,129,077
Less: imputed interest	$	(328,320	)
Total lease obligations	$	800,757
Less: current obligations	$	(200,715	)
Long-term lease obligations	$	600,042

The useful life of the set-top boxes and cable modems is 5 years. The set-top boxes and cable modems are the part of plant and equipment.

9Set-top boxes for digital signal and cable modems are acquired with Company funds and provided to customers for their use. ~~INTANGIBLE~~Set-top ~~ASSETS~~boxes –and ~~NET~~cable modems are provided free of charge to customers and these devices remain the property of the Company. Customers use these devices during the service period, and are required to return these devices to the Company upon termination of the services or disconnection of their subscription. The Company capitalizes these devices and charges depreciation over the life of these devices on a straight-line basis.

	June 30,			December 31,
	2025			2024
	(Unaudited)
Licenses	$	4,636,199		$	4,636,199
Patents and copyrights		29,848			29,848
IRU - media cost		18,122,699			18,463,900
Software		63,133			63,133
		22,851,879			23,193,081
Less: Accumulated amortization – net		(13,141,538	)		(12,929,032	)
	$	9,710,341		$	10,264,049

Table of Contents

198. ~~Table of Contents~~LEASES

~~Useful~~We ~~life~~determine ofif ~~intangible~~an ~~assets~~arrangement ~~ranges~~is ~~between~~a 5lease ~~years~~at toinception. 20We ~~years~~have operating leases for office and temporary living space. ~~Moreover,~~Operating ~~amortization~~leases ofare ~~intangible~~included ~~assets~~in ~~has~~operating ~~been~~lease ~~allocated~~ROU toassets, ~~depreciation~~current operating lease liability and ~~amortization~~non-current onoperating ~~the~~lease ~~face~~liability ofin ~~the~~our ~~statement~~consolidated balance sheets as of ~~profit~~September or30, ~~loss~~2025 and December 31, 2024. The Company does not have any finance leases.

AsROU ofassets ~~June~~represent ~~30,~~our ~~2025,~~right ~~future~~to ~~amortization~~use ~~expense~~an ~~scheduled~~underlying asset for the lease term and lease liabilities represent our obligation to bemake ~~expensed~~lease ispayments asarising ~~follows:~~from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

~~Year~~As ~~ending~~most ~~December~~of 31our leases do not provide an implicit rate, we use our estimated incremental borrowing rates, which are derived from information available at the lease commencement date, in determining the present value of lease payments. We give consideration to our bank financing arrangements, geographical location and collateralization of assets when calculating our incremental borrowing rates. Our lease terms include options to extend the lease when it is reasonably certain that we will exercise that option. Leases with a term of less than 12 months are not recorded in the consolidated balance sheets. Our lease agreements do not contain any residual value guarantees. For real estate leases, we account for the lease and non-lease components as a single lease component. Some leases include escalation clauses and termination options that are factored in the determination of the lease payments when appropriate.

2025 (Six months)		367,603
2026		567,511
2027		549,426
2028		549,426
2029		549,423
Thereafter		7,126,952
	$	9,710,341

~~10.~~Break ~~ADVANCES~~down ~~FOR~~of ~~INTANGIBLE~~operating ~~ASSETS~~lease expense:

	June 30,		December 31,
	Three Month EndedSeptember 30					Nine Months EndedSeptember 30,
	2025		2024			2025		2024
	(Unaudited)
Operating lease cost	$	41,534		(165,661	)	$	101,185	$	114,995
Advances for Sports League Management System	$	10,000,000		-
Short term lease cost		4,742		29,133			15,922		37,396
Advances for Digital Lending Platform		2,463,921		2,377,010
	$	46,276		(136,528	)	$	117,107	$	152,391
	$	12,463,921	$	2,377,010

~~Advances~~Supplemental ~~for~~balance ~~Sports~~sheet ~~League~~information ~~management~~related ~~System~~to ~~represent~~leases ~~the purchase consideration for the purchase of the Core Engine from Crickslab in the form of 10,000,000 shares of common stock, valued at $1.00 per share, totaling $10,000,000. The Core Engine~~ was ~~acquired~~as ~~to develop a Sports League Management System for baseball, soft ball and related sports.~~follows:

Advances for Digital Lending Platform represent payments made for development of software related to a digital lending platform.

	September 30,			December 31,
	2025			2024
	(Unaudited)
Operating leases
Operating lease ROU assets, net	$	417,688		$	451,111

Current operating lease liabilities		269,814			209,177
Non-Current operating lease liabilities		535,400			635,030

	$	805,214		$	844,207

Operating leases
ROU Assets		451,111			503,701
Lease termination					(17,396	)
Asset lease expense		(28,784	)		(41,612	)
Foreign exchange loss		(4,639	)		6,418
ROU Assets – net	$	417,688		$	451,111

Weighted average remaining lease term (in years):
Operating leases		6.41			6.93
Weighted average discount rate:
Operating leases		13.35	%		13.35	%

~~11.~~18 ~~TRADE~~Table ~~AND~~of ~~OTHER PAYABLES~~Contents

	June 30,		December 31,
	2025		2024
	(Unaudited)
Trade creditors	$	10,760,487	$	11,795,383
Accrued and other liabilities		5,743,832		4,702,427
Payable to PTA against APC charges		6,219,634		6,336,733
Payable against long term investment		154,875		157,791
Contract liabilities		3,679,789		3,687,079
Withholding taxes payable		239,802		225,005
Sales tax payable		205,409		232,877
Security deposits		123,675		126,003
	$	27,127,503	$	27,263,298

Supplemental cash flow and other information related to leases were as follows:

Trade creditors include amounts payable to PTA totaling $2.20 and $2.15 million as of June 30, 2025 and December 31, 2024, respectively. Out of this amount $1.933 million (2024: $1.937 million) represents a payable regarding Annual Radio Spectrum Fee in respect of WLL licenses. PTA has issued multiple determinations that have been challenged and contested by the Company on legal grounds as well as on account of preoccupation of frequency / spectrums and losses suffered by the Company due to such preoccupancy for which the Company has demanded due compensation from PTA. In all these matters, the Company has filed appeals against PTA’s determinations before the honorable Lahore High Court and the honorable Islamabad High Court and stay orders were obtained against the recovery. This matter has been decided in favor of the Company; however, PTA has filed an appeal before the Honorable Supreme Court of Pakistan.

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

34,803

35,190

102,705

105,384

~~Accrued~~Maturities ~~and~~of ~~other~~lease liabilities: ~~This~~are ~~includes payables to key management personnel amounting to $0.36 million and $0.61 million~~ as ~~on June 30, 2025 and December 31, 2024, respectively.~~follows:

Security Deposits: These represent security deposits received from customers. These are interest-free and refundable on termination of the relationship with the Company. The relationship of these customers with the Company has ended and these deposits are now payable on demand. These have been utilized by the Company before the promulgation of the Companies Act, 2017.

Operating leases - Years Ending December 31,
2025 (Three months)	$	38,593
2026		163,741
2027		177,324
2028		173,655
2029		252,897
Thereafter		287,168
Total lease payments	$	1,093,378
Less: imputed interest	$	(288,164	)
Total lease obligations	$	805,214
Less: current obligations	$	269,814
Long-term lease obligations	$	535,400,

209. ~~Table~~INTANGIBLE ofASSETS ~~Contents~~– NET

12. CURRENT PORTION OF NON-CURRENT LIABILITIES

	September 30,			December 31,
	2025			2024
	(Unaudited)
Licenses	$	4,636,199		$	4,636,199
Patents and copyrights		29,848			29,848
IRU - media cost		18,273,855			18,463,900
Software		63,133			63,133
		23,003,035			23,193,081
Less: Accumulated amortization – net		(13,395,239	)		(12,929,032	)

	$	9,607,796		$	10,264,049

	June 30,		December 31,
	2025		2024
	(Unaudited)
Term finance certificates	$	3,985,040	$	3,660,548
Mark-up payable on TFCs		2,278,184		2,088,288
Long term financing		1,425,766		1,455,632
Lease liabilities		208,535		209,181
	$	7,897,525	$	7,413,649

Table of Contents

~~Details~~Useful life of ~~the~~intangible ~~current~~assets ~~portion~~ranges between 5 years to 20 years. Moreover, amortization of ~~non-current~~intangible ~~liabilities~~assets ~~are~~has ~~provided~~been inallocated ~~their~~to ~~respective~~depreciation ~~notes~~and amortization on the face of the statement of profit or loss.

~~13.~~As ~~ACCRUED~~of ~~INTEREST~~September 30, 2025, future amortization expense scheduled to be expensed is as follows:

	June 30,		December 31,
	2025		2024
	(Unaudited)
Short term borrowings	$	289,603	$	278,169
Term finance certificates		3,516,170		3,266,885
	$	3,805,773	$	3,545,054

Year ending December 31,

14. SHORT TERM BORROWINGS

2025 (three months)	$	457,848
2026		841,054
2027		822,992
2028		822,992
2029		822,990
Thereafter		5,839,920
	$	9,607,796

	June 30,		December 31,
	2025		2024
	(Unaudited)
Repurchase agreement borrowings	$	791,975		806,886
Line of credit facility – others		89,502		296,674
	$	881,477	$	1,103,560

10. ADVANCES FOR INTANGIBLE ASSETS

Borrowings against repurchase agreement, obtained from Elahi Group of Companies amounting to USD $0.528 million against 100 million shares of WTL (placed by Ferret Consulting FZC) and from Hamdard Laboratories amounting to USD $0.264 million against 50 million shares of WTL (placed by Ferret Consulting FZC) for the purpose of working capital requirements and/or to meet other business obligations. The facility carries an annual interest rate of 28.00%. The facility is secured against 30 million and 15 million shares of Worldcall Telecom Limited pledged with Elahi Group of Companies and Hamdard Laboratories, respectively.

	September 30,		December 31,
	2025		2024
	(Unaudited)
Advances for Sports League Management System	$	10,000,000		-
Advances for Digital Lending Platform		2,463,922		2,377,010
	$	12,463,922	$	2,377,010

~~Line~~Advances for Sports League management System represent the purchase consideration for the purchase of ~~credit~~the ~~facility~~Core –Engine ~~others:~~from Crickslab in the form of 10,000,000 shares of common stock, valued at $1.00 per share, totaling $10,000,000. The Core Engine is a software platform which the Company plans to use to develop a Sports League Management System for baseball, softball and related sports.

~~This~~Advances ~~represents~~for ~~various~~Digital ~~interest~~Lending ~~bearing~~Platform ~~and~~represent ~~interest~~payments ~~free~~made ~~loans~~for ~~from~~development ~~different~~of ~~parties~~software related to a digital lending platform.

	June 30,		December 31,
	2025		2024
	(Unaudited)
Loan from other parties	$	89,502	$	89,502
Loan from AMB Management Consulting (Pvt) Limited		-		207,172
	$	89,502	$	296,674

11. TRADE AND OTHER PAYABLES

21 Table of Contents

	September 30,		December 31,
	2025		2024
	(Unaudited)
Trade creditors	$	11,200,498	$	11,795,383
Accrued and other liabilities		5,834,850		4,702,427
Payable to PTA against APC charges		6,271,510		6,336,733
Payable against long term investment		156,167		157,791
Contract liabilities		3,407,847		3,687,079
Withholding taxes payable		291,671		225,005
Sales tax payable		186,693		232,877
Security deposits		124,706		126,003
	$	27,473,942	$	27,263,298

~~Loan~~Trade ~~from~~creditors ~~other~~include ~~parties~~amounts payable to PTA totaling $2.22 and $2.15 million as of September 30, 2025 and December 31, 2024, respectively. Out of this amount $1.91 million (2024: ~~This~~$1.94 million) represents ~~various~~a ~~interest~~payable ~~bearing~~regarding Annual Radio Spectrum Fee in respect of WLL licenses. PTA has issued multiple determinations that have been challenged and ~~interest~~contested ~~free~~by ~~loans~~the ~~denominated~~Company inon ~~US$~~legal grounds as well as on account of preoccupation of frequency / spectrums and losses suffered by the Company due to such preoccupancy for which the Company has demanded due compensation from ~~different~~PTA. ~~companies~~In all these matters, asthe ~~mentioned~~Company ~~below~~has filed appeals against PTA’s determinations before the honorable Lahore High Court and the honorable Islamabad High Court and stay orders were obtained against the recovery. This matter has been decided in favor of the Company; however, PTA has filed an appeal before the Honorable Supreme Court of Pakistan.

	June 30,		December 31,
	2025		2024
	(Unaudited)
HTS Tel Communication	$	68,747	$	68,747
TLT Communication		20,755		20,755
	$	89,502	$	89,502

Accrued and other liabilities: This includes payables to key management personnel amounting to $0.36 million and $0.61 million as of September 30, 2025 and December 31, 2024, respectively.

15Security Deposits: These represent security deposits received from customers. ~~TERM~~These ~~FINANCE~~are ~~CERTIFICATES~~interest-free ~~(TFCs)~~and refundable on termination of the relationship with the Company. The relationship of these customers with the Company has ended and these deposits are now payable on demand. These have been utilized by the Company before the promulgation of the Companies Act, 2017.

	June 30,			December 31,
	2025			2024
	(Unaudited)
Opening balance	$	7,458,750		$	7,458,750
Repayments		-			-
		7,458,750			7,458,750
Current portion		(3,985,040	)		(3,660,548	)
		3,473,710			3,798,202
Add: Deferred interest		102,703			307,172
Exchange adjustment		(3,277,638	)		(3,198,919	)
Closing balance	$	298,775		$	906,455

Table of Contents

~~Term finance certificates (TFCs) , which are an obligation of the Company’s majority owned subsidiary, WTL, have a face value of $17~~12.60 ~~per~~CURRENT ~~certificate.~~PORTION ~~These~~OF ~~TFCs~~NON-CURRENT carry a mark up (interest) at the rate of six months average KIBOR plus 1.0% per annum (2024: six month average KIBOR plus 1.0% per annum), payable quarterly. The mark up rate charged during the six months ended June 30, 2025 on the outstanding balance ranged from 13.03% to 17.45% (2024: 17.45% to 24.08%) per annum.LIABILITIES

IGI Holding Limited (previously IGI Investment Bank Limited) is the Trustee (herein referred to as the Trustee) under the Trust Deed.

	September 30,		December 31,
	2025		2024
	(Unaudited)
Term finance certificates	$	4,215,986	$	3,660,548
Mark-up payable on TFCs		2,435,631		2,088,288
Long term financing		1,437,657		1,455,632
Lease liabilities		269,814		209,181
	$	8,359,088	$	7,413,649

~~The~~Details ~~liability~~ of ~~these TFCs has been rescheduled in December 2012 and then on April 3, 2015. During~~ the ~~2018~~current ~~year,~~portion ~~a third rescheduling~~ of ~~these~~non-current ~~TFCs~~liabilities ~~was~~are ~~successfully~~provided ~~executed~~in ~~through~~their ~~signing~~respective ~~of the Third Supplemental Trust Deed between the Trustees and the Company~~notes.

In accordance with the 3rd Supplemental Trust Deed executed during the year 2018, the outstanding principal is repayable by way of quarterly staggered installments with downward revision in markup (interest) of 013.~~60%~~ —ACCRUED i.e. revised markup of six months average KIBOR + 1%. The outstanding markup payable as of the date of restructuring and up to December 20, 2018 was agreed to be deferred and was be paid from March 20, 2021 in quarterly installments. 50% of the markup accrued for the period between December 20, 2018 to December 20, 2020 was to be paid on a regular quarterly basis commencing from March 20, 2019 and the remaining 50% was to be deferred and paid from March 20, 2021. Markup deferred has been measured at present value. Under the revised term sheet, these TFCs are due to mature on September 20, 2026.INTEREST

The other main terms included appointment of one representative as a nominee director nominated by the Trustee which has been complied with. Further, 175 million shares of WTL held by its sponsor (WSL) are pledged for investors which will be released with quarterly scheduled principal repayments proportionately starting from June 2019.

	September 30,		December 31,
	2025		2024
	(Unaudited)
Short term borrowings	$	179,640	$	278,169
Term finance certificates		3,682,740		3,266,885
Long term financing		11,123		-
	$	3,873,503	$	3,545,054

2214. ~~Table~~SHORT ofTERM ~~Contents~~BORROWINGS

The Company has not paid due quarterly installments from June 2019 to June 2025, amounting to USD 3.20 million against principal and USD 3.97 million against accrued mark up. In case of failure to make due payments by the Company, the Trustee can instruct the security agent to enforce the letter of pledge and sell the quantum of the pledged shares to generate the amount required for the settlement of the outstanding redemption amount.

	September 30,		December 31,
	2025		2024
	(Unaudited)
Repurchase agreement borrowings	$	798,579		806,886
Line of credit facility – others		89,502		296,674
	$	888,081	$	1,103,560

~~Due~~Borrowings toagainst ~~the~~repurchase ~~non-payment~~agreement, ofobtained ~~due~~from ~~installments,~~a ~~the~~party ~~Trustee~~amounting ~~enforced~~to ~~the~~$0.532 ~~Letter~~million against 100 million shares of ~~Pledge~~Worldcall inTelecom ~~2021,~~Limited ~~calling~~(placed ~~128.2~~by ~~million~~Ferret ~~shares~~Consulting FZC) and from ~~WSL’s~~Hamdard ~~account.~~Laboratories Ofamounting ~~these,~~to 63$0.98266 million against 50 million shares ~~were~~of ~~sold,~~Worldcall ~~generating~~Telecom ~~USD~~Limited ~~0.57~~(placed ~~million.~~by ~~The~~Ferret ~~proceeds~~Consulting ~~were~~FZC) ~~utilized~~for the purpose of working capital requirements and/or to ~~settle~~meet ~~USD~~other 0business obligations.35 ~~million~~The ~~against~~facility carries a mark-up at the ~~principal~~rate ~~and~~of ~~USD~~28% 0per annum (2024: 30%).22 ~~million~~The facility is secured against ~~accrued~~30 ~~markup~~million in& ~~2021~~15 million shares of Worldcall Telecom Limited pledged with Elahi Group of Companies and ~~2022~~Hamdard Laboratories, respectively.

~~These~~Line ~~TFCs~~of ~~are~~credit ~~secured~~facility ~~against~~– first pari passu charge over the Company’s present and future fixed assets including equipment, plant and machinery, fixtures excluding land and building with 25% margin in addition to all rights, benefits, claims and interests procured by the Company underothers:

A.This ~~LDI~~represents ~~and~~various ~~WLL~~interest ~~license~~bearing ~~issued by PTA to the Company;~~ and B.interest ~~Assigned~~free ~~frequency~~loans ~~spectrum~~from asdifferent ~~per deed of assignment~~parties.

16. LONG TERM FINANCING – SECURED

	September 30,		December 31,
	2025		2024
	(Unaudited)
Loan from other parties	$	89,502	$	89,502
Loan from AMB Management Consulting (Pvt) Limited		-		207,172
	$	89,502	$	296,674

	June 30,		December 31,
	2025		2024
	(Unaudited)
Allied Bank Limited		-	$	-
Bank Islami Limited		193,316		182,162
Askari Bank Limited		864,995		972,322
	$	1,058,311	$	1,154,484

Table of Contents

~~Allied Bank Limited: This represents balance transferred as a result of restructuring of short term running finance (RF) facility to Term~~ Loan ~~Facility and subsequently amended on October 8, 2020 and September 30, 2021. Principal will be repaid in 37 stepped up monthly installments starting~~ from ~~August~~other 2021 until August 2024. Markup will be accrued and will be serviced in 12 equal monthly installments, starting from September 2024. The effective markup rate applicable will be 3 Month KIBOR + 85 bps. The mark up is charged during the period on the outstanding balance at 12.99% to 13.03% (2024parties: ~~16.98%~~This torepresents ~~22.31%)~~various ~~per~~interest ~~annum.~~bearing ~~The facility is secured against a 1st joint pari passu charge on present~~ and ~~future~~interest ~~current~~free ~~and~~loans ~~fixed~~denominated ~~assets excluding building of the Company for USD 1.88 million and right to set off on collection account. The Company is~~ in ~~negotiations~~US ~~with~~dollars ~~Allied Bank Limited~~ (~~the “Bank”~~US$) tofrom ~~settle~~different ~~this~~companies, ~~liability~~as inmentioned ~~full~~below.

Bank Islami Limited: This represents the balance transferred as a result of the restructuring of a short term running finance (RF) facility to Term Loan Facility on February 12, 2021. The principal is repayable in 29 installments starting from February 2022 until May 2026. Markup to be accrued and will be serviced in 24 monthly installments, starting from June 1, 2024. The effective markup rate applicable will be the 6 Month KIBOR (Floor 7.5% and capping 17%). The mark up charged during the period on the outstanding balance was 11.87% (2024: 17%) per annum. The facility is secured against a 1st joint pair passu charge on present and future current and fixed assets excluding land, building and licenses/receivable of LDI & WLL of the Company for USD 3.10 million with a 25% margin, the pledge of various listed securities of the Company having a carrying value of USD 0.13 million, and a Mortgage over the Company’s Offices at Ali Tower MM Alam Road Lahore and at The Plaza Shopping Mall Kehkashan Karachi.

	September 30,		December 31,
	2025		2024
	(Unaudited)
HTS Tel Communication	$	68,747	$	68,747
TLT Communication		20,755		20,755
	$	89,502	$	89,502

~~Subsequently in June 2023, the Bank approved the Company’s restructuring request as a result of which overall repayment tenure was extended by 1 year and 6 months, i~~15.e. ~~principal~~TERM ~~repayment~~FINANCE ~~will~~CERTIFICATES end in November 2025 instead of May 2024 and Markup repayment will end in November 2027, instead of May 2026. In the same year, the period for repayment of principal and deferred markup was further extended and according to the revised terms both will be repaid until November 1, 2027. As of the reporting date, the Company is in negotiation with the Bank to fully settle this liability.(TFCs)

23 Table of Contents

	September 30,			December 31,
	2025			2024
	(Unaudited)
Opening balance	$	4,215,985		$	7,458,750
Repayments		-			-
		4,215,985			7,458,750
Current portion		(4,215,985	)		(3,660,548	)
		-			3,798,202
Add: Deferred interest		-			307,172
Exchange adjustment		-			(3,198,919	)
Closing balance	$	-		$	906,455

~~Askari~~Term ~~Bank Limited: This represents the balance transferred as a result of a settlement agreement from short term running~~ finance certificates (RFTFCs) ~~facility~~have toa ~~Term~~face ~~Loan~~value ~~Facility as~~ of ~~November~~$17.75 2,per ~~2022~~certificate. ~~Principal~~These ~~will~~TFCs becarry ~~repaid~~mark inup 48at ~~installments~~the ~~starting~~rate ~~from~~of ~~November~~six ~~2022~~months ~~until~~average ~~October~~KIBOR ~~2026~~plus 1.0% ~~Markup~~per ~~outstanding~~annum ~~after~~(2024: ~~effective~~six-month ~~discounts~~average /KIBOR ~~waivers~~plus as1.0% per ~~settlement agreement and markup to be accrued will be serviced in 36 monthly installments~~annum), ~~starting~~payable ~~from November 2024~~quarterly. ~~Effective~~The markup rate ~~applicable will be one month KIBOR (“1MK”)- 2% (Floor 10%). The mark up~~ charged during the ~~six~~period ~~months ended June 30, 2025~~ on the outstanding balance ranged from 913.3803% to 1117.3545% (2024: 1217.9345% to 2024.3408%) per annum. The facility is secured against a 1st joint pari passu charge on present and future current and fixed assets (excluding land, building and licenses) of the Company with a margin of 25%, a collection account with Askari Bank Limited (“AKBL”) for routing of LDI receivables, and an additional mortgage on Properties situated in Sindh.

~~Subsequently~~IGI inHolding ~~April~~Limited ~~2024,~~(previously ~~the~~IGI Investment Bank ~~approved~~Limited) is the ~~Company’s~~Trustee ~~request~~(herein ~~for~~referred ~~restructuring~~to ~~of installments~~ as ~~a result of which total repayment tenure of~~ the ~~facility~~Trustee) ~~remains~~under ~~unchanged. Principal settlement tenure was however extended by one year until October 2027. Further, markup will be paid in~~ the ~~last~~Trust ~~2 years (24 installments) starting from November 2025 and ending in October 2027~~Deed.

The ~~Company~~liability ~~used~~of ~~post~~these ~~tax~~TFCs ~~weighted~~has ~~average~~been ~~borrowing~~rescheduled ~~rate~~in ~~for~~December ~~amortization~~2012 and then on April 3, 2015. During the year 2018, a third rescheduling of ~~deferred~~these ~~markups~~TFCs was successfully executed through signing of the Third Supplemental Trust Deed between the Trustees and the Company.

17In accordance with the 3rd Supplemental Trust Deed executed during the year 2018, the outstanding principal is repayable by way of quarterly staggered installments with downward revision in markup (interest) of 0.60% ~~LICENSE~~— ~~FEE~~i.e. ~~PAYABLE~~revised markup of six months average KIBOR + 1%. The outstanding markup payable as of the date of restructuring and up to December 20, 2018 was agreed to be deferred and was be paid from March 20, 2021 in quarterly installments. 50% of the markup accrued for the period between December 20, 2018 to December 20, 2020 was to be paid on a regular quarterly basis commencing from March 20, 2019 and the remaining 50% was to be deferred and paid from March 20, 2021. Markup deferred has been measured at present value. Under the revised term sheet, these TFCs are due to mature on September 20, 2026.

	June 30,		December 31,
	2025		2024
	(Unaudited)
License fee payable	$	160,201	$	163,217
	$	160,201	$	163,217

The other main terms included appointment of one representative as a nominee director nominated by the Trustee which has been complied with. Further, 175 million shares of WTL held by its sponsor (WSL)are pledged for investors which will be released with quarterly scheduled principal repayments proportionately starting from June 2019.

~~This represents the balance amount of the license fee payable to the PTA for WLL licenses.~~ The Company ~~had~~has ~~filed~~not anpaid ~~application~~due ~~with~~quarterly ~~PTA~~installments ~~for~~from aJune ~~grant~~2019 ofto ~~moratorium~~September ~~overpayment~~2025, ofamounting ~~balance~~to ~~amount~~USD ~~of WLL license~~3.41 ~~However,~~million ~~PTA~~against ~~rejected~~principal ~~the Company’s application~~ and ~~demanded~~USD ~~its payment~~4.24 ~~Being~~million ~~aggrieved by this, the Company filed an appeal before Islamabad High Court (“IHC”)~~ against ~~PTA’s~~accrued ~~order~~markup. ~~Meanwhile,~~In ~~the~~case ~~Ministry~~ of ~~Information~~failure ~~Technology~~to ~~(“Ministry”)~~make ~~through~~payments ~~its~~due ~~letter~~by ~~dated August 30, 2011, allowed~~ the ~~operators~~Company, the ~~staggering~~Trustee ~~for~~can ~~settlement~~instruct ofthe ~~Access~~security ~~Promotion~~agent ~~Contribution (“APC”) and Initial Spectrum Fee (“ISF”) dues and required PTA~~ to ~~submit~~enforce ~~an installment plan for this purpose after consultations with~~ the ~~operators.~~letter ~~In respect~~ of anpledge ~~appeal~~and ~~filed~~sell by the ~~Company,~~quantum ~~IHC took notice~~ of the ~~Ministry’s~~pledged ~~letter~~shares ~~and directed PTA through its order dated January 20, 2015,~~ to ~~expeditiously~~generate ~~proceed with~~ the ~~preparation~~amount ~~and~~required ~~submission~~for of the ~~said~~settlement ~~installment plan. As~~ of ~~this~~the ~~date,~~outstanding noredemption ~~such installment plan has been submitted by PTA~~amount.

~~PTA~~Due ~~has~~to ~~withdrawn~~ the ~~frequencies~~non-payment ~~3.5~~of ~~GHz,~~due ~~479 MHz~~installments, ~~450~~the ~~MHz,~~Trustee ~~and~~enforced ~~1900~~the ~~MHz~~Letter ~~PTA~~of Pledge in ~~haste~~2021, ~~and~~calling ~~unilaterally has withdrawn 3~~128.52 ~~GHz~~million ~~and~~shares ~~479~~from ~~MHz~~WSL’s ~~frequencies which have already been paid in full until 2024~~account. ~~Through~~Of ~~said decision~~these, ~~PTA~~63.98 ~~has~~million ~~also~~shares ~~withdrawn~~were ~~1900~~sold, ~~MHz~~generating ~~frequency~~USD ~~spectrum~~0.57 ~~which was already withdrawn by PTA/FAB in 2015 (11th year) until which the spectrum is fully paid on the basis of actual period of usage by the Company~~million. The ~~WLL~~proceeds ~~License~~were ~~provides~~utilized ~~for such eventuality that when frequency spectrum is withdrawn, the licensee is~~ to besettle ~~compensated~~USD ~~for~~0.35 ~~the~~million ~~balance~~against ~~life of~~ the ~~frequency~~principal ~~spectrum,~~and ~~therefore,~~USD ~~after~~0.22 ~~withdrawal~~million ofagainst ~~spectrum,~~accrued ~~there~~markup isin no2021 ~~outstanding~~and ~~amount to be paid related to 1900 MHz frequency spectrum~~2022.

24These ~~Table~~TFCs ofare ~~Contents~~secured against first pari passu charge over the Company’s present and future fixed assets including equipment, plant and machinery, fixtures excluding land and building with 25% margin in addition to all rights, benefits, claims and interests procured by the Company under:

As a) ~~consequence~~LDI ofand ~~above,~~WLL ~~during~~licenses ~~last~~issued ~~year~~by ~~the~~PTA ~~outstanding liability for 1900 MHz was reduced~~ to ~~zero on~~ the ~~basis~~Company; ~~that~~and ~~1900 MHz frequency had been fully paid for until 2015 (11th year~~b). ~~Similarly,~~Assigned ~~liability for 450 MHz~~ frequency spectrum ~~was~~as ~~reduced~~per ~~pro-rata~~deed ~~after~~of ~~withdrawal~~assignment. ~~Owing to these circumstances, management does not expect the liability to materialize fully in the near future.~~

1816. ~~CONTINGENCIES~~LONG ~~AND~~TERM ~~COMMITMENTS~~FINANCING – SECURED

Billing disputes with Pakistan Telecommunication Company Limited (“PTCL”)

	September 30,		December 31,
	2025		2024
	(Unaudited)
Allied Bank Limited		-	$	-
Bank Islami Limited		196,376		182,162
Askari Bank Limited		831,124		972,322
	$	1,027,500	$	1,154,484

~~GlobalTech~~Allied ~~Corporation~~Bank ~~(GTC)~~Limited: ~~and~~This ~~its~~represents ~~subsidiaries (collectively,~~ the ~~“Group”)~~balance ~~have~~transferred as a ~~dispute~~result of ~~approximately~~restructuring ~~$0.26~~of ~~million~~the ~~and~~short-term ~~$0.26~~running ~~million~~finance as(RF) offacility ~~June~~to ~~30,~~Term ~~2025~~Loan Facility and ~~December~~subsequently ~~31,~~amended ~~2024,~~on ~~respectively~~October 8, ~~with~~2020 ~~Pakistan~~and ~~Telecommunication~~September ~~Limited~~30, ~~(PTCL)~~2021. inPrincipal ~~respect~~will ofbe ~~non-revenue~~repaid ~~time~~in of37 ~~prepaid~~stepped ~~calling~~up ~~cards~~monthly ~~and~~installments ~~approximately~~starting ~~$0.17~~from ~~million~~August ~~and~~2021 ~~$0.17~~until ~~million~~August as2024. ofMarkup ~~June~~will ~~30,~~be ~~2025~~accrued and ~~December~~will ~~31,~~be ~~2024,~~serviced ~~respectively,~~ in ~~respect~~12 ofequal ~~excess~~monthly ~~minutes~~installments, ~~billed~~starting onfrom ~~account~~September ~~of interconnect and settlement charges~~2024. ~~Similarly,~~The ~~PTCL~~effective ~~has~~markup ~~charged~~rate ~~the~~applicable ~~Group~~will ~~Excess~~be ~~Domestic~~3 ~~Private~~Month ~~Lease~~KIBOR ~~Circuits~~+ ~~(“DPLC”)~~85 ~~and~~bps. ~~other~~The ~~media~~mark-up ~~charges~~is ~~amounting~~charged toduring ~~approximately~~the ~~$1.18~~period ~~million~~on ~~during~~ the ~~six~~outstanding ~~months~~balance ~~ended~~at ~~June~~12.99% ~~30,~~to ~~2025~~13.03% (2024: $116.2098% ~~million~~to 22.31%) onper ~~account~~annum. ofThe ~~differences~~facility inis ~~rates,~~secured ~~distances,~~against ~~and~~a ~~date~~1st ofjoint ~~activations.~~pari ~~Management~~passu ~~has~~charge ~~taken~~on uppresent ~~these~~and ~~issues~~future ~~with~~current ~~PTCL~~ and ~~considers~~fixed ~~that~~assets ~~these~~excluding ~~would~~building ~~most~~of ~~likely~~the beCompany ~~decided~~for inUSD ~~Group’s~~1.88 ~~favor~~million asand ~~there~~right ~~are~~to ~~reasonable~~set ~~grounds~~off toon ~~defend~~collection ~~the~~account. ~~Group’s~~The ~~stance.~~Company ~~Hence,~~is noin ~~provision~~negotiations ~~has~~with ~~been~~Allied ~~made~~Bank inLimited ~~these~~(the ~~financial~~“Bank”) ~~statements~~to ~~for~~settle ~~the~~this ~~above~~liability ~~amounts~~in full.

~~Disputes~~Bank ~~with~~Islami ~~Pakistan~~Limited: ~~Telecommunication~~This ~~Authority~~represents the balance transferred as a result of the restructuring of a short-term running finance (~~“PTA”~~RF) facility to Term Loan Facility on February 12, 2021. The principal is repayable in 29 installments starting from February 2022 until May 2026. Markup to be accrued and will be serviced in 24 monthly installments, starting from June 1, 2024. The effective markup rate applicable will be the 6 Month KIBOR (Floor 7.5% and capping 17%). The markup charged during the period on the outstanding balance was 11.87% (2024: 17%) per annum. The facility is secured against a 1st joint pair passu charge on present and future current and fixed assets excluding land, building and licenses/receivable of LDI & WLL of the Company for USD 3.10 million with a 25% margin, the pledge of various listed securities of the Company having a carrying value of USD 0.13 million, and a Mortgage over the Company’s Offices at Ali Tower MM Alam Road Lahore and at The Plaza Shopping Mall Kehkashan Karachi.

~~The~~Subsequently ~~Group~~in ~~has~~June ~~filed~~2023, the Bank approved the Company’s restructuring request as a ~~suit~~result ~~before~~of ~~Civil~~which ~~Court,~~overall ~~Lahore,~~repayment ~~Pakistan~~tenure onwas ~~December~~extended ~~15,~~by ~~2016~~1 year and 6 months, i.e. principal repayment will end in ~~which~~November it2025 ~~has~~instead ~~sought~~of aMay ~~restraining~~2024 ~~order~~and ~~against~~markup ~~PTA~~repayment will end in ~~relation~~November to2027, ~~demands~~instead of ~~regulatory~~May 2026. In the same year, the period for repayment of principal and ~~other~~deferred ~~dues~~markup was further extended and ~~claimed~~according ~~set~~to ~~off~~the ~~from~~revised ~~damages~~terms /both ~~compensation~~will ~~claim~~be repaid until November 1, 2027. As of the ~~Group~~reporting ondate, ~~account~~the ofCompany is in negotiation with the ~~auction~~Bank ofto ~~preoccupied~~fully ~~frequency~~settle ~~spectrum~~this liability. ~~The~~Following ~~Group~~this, ~~has~~the ~~raised~~Bank ain ~~claim~~November of2024 ~~approximately~~recovered $180.6607 million ~~against~~of ~~PTA~~principal and USD $0.04 ~~The~~million ~~matter~~of isprofit ~~pending~~through ~~adjudication.~~the Assale ~~per~~of ~~management~~certain itpledged issecurities. ~~difficult~~The toCompany ~~predict~~used ~~the~~a ~~outcome~~post-tax ofweighted ~~the~~average ~~case~~borrowing atrate ~~this~~for ~~stage~~amortization of deferred markups.

~~During~~As ~~the year 2016, PTA again demanded immediate payment~~ of the ~~principal~~date ~~amount~~ of ~~APC~~this ~~amounting to approximately $6.22 million along with default surcharge thereon amounting to approximately $5.82 million as of July 31~~report, ~~2016, via its notice dated December 1, 2016. Through~~ the ~~aforesaid~~loan ~~show cause notice, PTA~~ has also shown intentions to impose penal provisions to levy a fine of up to approximately $1.23 million or to suspend or terminate the LDI license by issuance of an enforcement order against the Group. The Group challenged the show cause notice before the Sindh High Court on December 13, 2016 wherein the Court has passed orders restraining PTA from cancelling the licenses of the Group and from taking any coercive action against it. The matter is at the stage of hearing of applications. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been ~~made~~settled in ~~these financial statements for the amounts of default surcharge and fine~~full.

~~PTA~~22 ~~has~~Table ~~raised a demand amounting to approximately $0.105 million on account~~ of using extra Radio Spectrum not assigned to the Group. The Group challenged this amount on July 3, 2012 before Islamabad High Court which has allowed appeal of the Group. PTA filed an appeal before the Honorable Supreme Court of Pakistan in March 2017, which got dismissed. Now, PTA has filed a review application which is still pending. Management is hopeful that its viewpoint shall be upheld; thus no provision has been incorporated in these financial statements against this demand.Contents

2517. ~~Table~~CONVERTIBLE ~~of Contents~~LOAN

~~PTA~~On ~~has~~September ~~decided against the Group in the matter relating to the annual radio frequency spectrum fee for the years ended 2011~~2, ~~2012~~2025, ~~2013, 2014 and 2015 along with late payment charges. The Group has filed appeals against these orders before~~ the honorable Islamabad High Court which are ending adjudication. The management is hopeful that its viewpoint shall be upheld; thus no provision has been incorporated in these financial statements for late payment charges. Moreover, the Company isentered ~~confident~~into ~~that~~two ~~incidental~~Subscription ~~liability,~~Agreements if any, will be set off by way of a claim filed against PTA. The Group has filed a suit before the High Court of Sindh on July 2, 2011 for declaration, injunction and recovery of approximately $17.40 million against PTA praying, inter alia, for direction to PTA to determine the Access Promotion Contribution for Fixed Line Local Loop (APCL contribution) and Access Promotion Cost (APC) for Universal Service Fund (USF) strictly in accordance with ~~the~~two ~~formula~~accredited asinvestors ~~per Rule 8~~(~~2) and (4) of 2004 Rules and Regulation 7 of 2005 Regulations; restraining PTA from taking coercive actions against~~ the ~~Group to recover the amounts of APCL and APC for USF~~“Investors”), ~~and~~pursuant ~~direction~~ to ~~PTA~~which ~~to submit accounts and information to~~ the ~~Honorable~~Investors ~~High~~purchased ~~Court~~an ~~with~~aggregate ~~regard to collection and~~$1,400,000 ~~utilization and application~~ of ~~APCL~~Convertible ~~and~~Promissory ~~APC~~Notes ~~for USF contributions. During the pendency of proceedings, the Court granted an interim injunction to the Group and restrained PTA~~ from ~~taking any coercive action against~~ the ~~Group.~~Company ~~The Suit has been disposed of by~~ (the ~~Court~~“Convertible ~~for want of jurisdiction~~Notes”). ~~The Group is in the process of challenging the said Order. No adverse monetary impact is involved in this matter.~~

~~PTA~~The ~~has~~Subscription ~~raised~~Agreements ~~demand~~included ~~amounting~~customary torepresentations ~~approximately~~and ~~$0.06~~warranties ~~million on account~~ of ~~Base~~the ~~Trans-Receivers~~Investors ~~Station~~and ~~registration~~the Company, and ~~microwave~~include ~~charges~~piggyback ~~for~~registration ~~the~~rights ~~years~~(except ~~from~~in ~~2007~~connection ~~until~~with ~~2014.~~the ~~The~~IPO ~~Group~~(discussed ~~challenged~~below), ~~this~~for ~~amount~~a inperiod ~~November~~of ~~2019~~one ~~before~~year ~~Lahore~~following ~~High~~the ~~Court~~dates ~~which~~of isthe ~~pending adjudication~~subscriptions).

~~PTA~~The ~~has~~Convertible ~~filed~~Promissory ~~recovery~~Notes ~~proceedings~~do ~~against~~not accrue interest unless and until an event of default occurs. Upon the ~~Group~~occurrence ~~before~~of an event of default, the ~~District~~amount ~~Collector~~due /under ~~District~~the ~~Officer~~Convertible ~~Revenue~~Notes bears interest at five percent (5%) per annum, ~~Lahore~~until ~~for~~repaid anin ~~amount~~full. Any accrued interest, if applicable, is payable on the maturity date or upon conversion of ~~approximately~~the $9Convertible Notes.32 ~~million~~The ~~including~~Convertible ~~late~~Notes ~~payment~~are ~~charges~~due and payable, unless earlier converted into common stock as discussed below, on ~~November~~September 42, ~~2016~~2027. The Convertible Notes provide for the automatic conversion of the outstanding principal balance thereof, ~~due~~together with any accrued and unpaid interest, into shares of the Company’s common stock immediately prior to ~~non-payment~~the consummation by the Company of an initial ~~spectrum~~public ~~fee~~offering which results in the Company’s common stock being traded on a recognized U.S. securities trading market or exchange, including, but not limited to the Nasdaq Capital Market, Nasdaq Global Market or NYSE American (~~ISF~~an “IPO”). The ~~Group~~conversion ~~has~~price ~~not~~per ~~received~~share ~~any~~will ~~notice~~equal ~~from~~85% of the ~~Revenue~~per ~~department~~share price to the public in the IPO offering (or, if applicable, 85% of the deemed price of a unit including common stock). ~~During~~The Convertible Notes include customary provisions related to stock splits, combinations, or similar events that proportionately adjust the ~~year~~conversion ~~2023~~price. The Convertible Notes are expressly subordinated to all current and future indebtedness of the Company owed to financial institutions and may be prepaid, ~~PTA~~in ~~again~~whole ~~issued~~or in part, at any time without premium or penalty. Events of default under the ~~notice~~Convertible ~~against~~Notes ~~non~~include, among other things, (i) the Company’s failure to pay principal, interest, or other amounts when due, subject to a ten-~~payment~~day cure period; (ii) the Company’s insolvency, bankruptcy, reorganization, dissolution, or similar proceedings, including the appointment of ~~ISF~~a ~~and~~custodian, ~~increased~~receiver, or trustee for the ~~claim~~Company or its assets; or (iii) any action by ~~approximately~~the $3Company authorizing or in furtherance of the foregoing.65 ~~million~~Upon an event of default, unless cured or waived, any holder may declare its Convertible Notes immediately due and payable, and all amounts owed will accrue interest at the default rate described above.

~~PTA~~The ~~has~~Company ~~withdrawn~~accounts ~~the~~for ~~frequencies~~convertible ~~3.5~~debt ~~Ghz,~~instruments ~~479~~in ~~Mhz,~~accordance ~~450~~with ~~Mhz~~ASC ~~and~~470-10, ~~1900~~ASC ~~Mhz.~~835-30, AsASC ~~per management~~815-15, ~~the~~and ~~ISF~~ASU ~~for~~2020-06 ~~3.5~~(Debt ~~Ghz~~— ~~and~~Debt ~~479~~with ~~Mhz~~Conversion isand ~~already~~Other ~~paid~~Options inand ~~full~~Derivatives ~~through~~and ~~2024.~~Hedging ~~The~~— ~~outstanding~~Contracts ~~liability~~in ~~for~~an ~~1900~~Entity’s ~~Mhz~~Own isEquity). ~~reduced~~Under tothis ~~zero~~guidance, onan ~~the~~entity ~~basis~~evaluates ~~that~~whether ~~1900~~an ~~Mhz~~embedded ~~frequency~~conversion ~~has~~feature ~~been~~meets ~~fully~~the ~~paid~~definition ~~for~~of ~~until~~a ~~2015~~derivative ~~(actual~~instrument ~~withdrawal~~and, ~~year).~~if ~~Similarly~~so, ~~liability~~whether ~~for~~it ~~the~~must ~~450Mhz~~be ~~frequency~~bifurcated ~~spectrum~~from ~~was~~the ~~reduced~~debt onhost aand ~~pro~~accounted ~~rata~~for ~~basis after withdrawal~~separately. ~~Corresponding assets have also been retired.~~

~~The~~At ~~Group~~issuance, ~~has filed a writ petition with Islamabad High Court against said decision of PTA on similar lines as explained above and the Group’s~~ management ~~feels~~concluded that there are strong grounds to defend the Group’s stance and that the principal amount and late payment charges determined unilaterally by PTA will not materialize, hence, no provision has been made in these financial statements.:

~~PTA~~1. ~~has~~The ~~demanded~~conversion ~~amounts~~feature ofis ~~annual~~contingent ~~license~~on ~~fee~~a ~~(ALF)~~future ~~relating~~IPO toevent; ~~Non-Voice Communication Network Services (NVCNS) through various demand notices~~2. ~~PTA~~The ~~has~~Company’s ~~filed~~common ~~recovery~~stock, ~~proceedings~~although ~~against~~quoted ~~the~~on ~~Group before~~ the ~~District~~OTC ~~Collector~~Markets, /was ~~Deputy~~not ~~Commissioner,~~readily ~~Lahore~~convertible ~~for~~to ancash ~~amount~~as of ~~approximately~~September ~~$0.22 million on February 7~~30, ~~2020~~2025, ~~due~~consistent towith ~~non-payment~~ASC ~~of an annual license fee (ALF) relating to Non~~815-~~Voice~~10-15-99; ~~Communication Network Services (NVCNS). This includes the principal portion of approximately $0.11 million already recognized in the financial statements~~ and ~~late payment charges amounting to approximately $0~~3.11 ~~million.~~ The ~~Group~~conversion ~~has~~will ~~not~~be ~~received~~physically ~~any~~settled ~~notice~~in ~~from~~shares, ~~the Revenue department. The Group’s management feels that there are strong grounds to defend the Group’s stance and that the late payment charges determined unilaterally by PTA will~~ not ~~materialize,~~net ~~hence, no provision has been made~~ in ~~these financial statements~~cash.

PTA had demanded an amount of approximately $1.23 million in respect of fines and a loss of approximately $1.87 million on account of international telephony traffic. The case was decided by Islamabad High Court in favor of the GroupAccordingly, ~~however, PTA appealed~~ the ~~matter~~embedded ~~before~~conversion ~~the~~option ~~honorable~~does ~~Supreme~~not ~~Court~~meet ~~of Pakistan. The honorable Supreme Court dismissed~~ the ~~appeal~~definition of ~~PTA.~~a ~~PTA~~derivative ~~has~~and ~~now filed review petition No. 708 of 2019 before the Supreme Court of Pakistan on November 23, 2019, which~~ is ~~pending adjudication. The Group has~~ not ~~received~~bifurcated ~~any~~from ~~notice in this regard. The Group’s management feels that there are strong grounds to defend~~ the ~~Group’s~~debt ~~stance, hence, no provision has been made in these financial statements~~host.

~~PTA~~The ~~has~~Convertible ~~issued~~Notes ~~show~~are ~~cause~~accounted ~~notice to the Group with the direction to pay annual regulatory dues~~ for ~~the~~as ~~years~~a ~~ended~~single ~~2011,~~liability ~~2012,~~measured ~~2013~~at ~~and~~amortized ~~2014~~cost, ~~the cumulative amount of approximately $0.42 million along~~ with ~~late~~imputed ~~payment~~interest ~~charges.~~recognized ~~The~~over ~~Group~~the ~~has~~term ~~filed~~of the ~~appeals~~instrument ~~against~~using ~~said notices with PTA which dismissed on December 4, 2020. The Group therefore filed~~ the ~~appeal~~effective-interest inmethod ~~Sindh~~based ~~High Court~~ on ~~December~~an ~~31,~~estimated ~~2020,~~market torate ~~set~~for ~~aside~~comparable ~~the~~non-convertible ~~order~~debt ~~passed~~(approximately by10 ~~PTA~~%). The Court directed PTA not to take any coercive action against the Group. Management is hopeful that its viewpoint shall be upheld; thus, no provision has been incorporated in these financial statements against this demand.

26Management ~~Table~~will ofreassess ~~Contents~~the classification if the Company’s shares become actively traded or are uplisted to a national exchange (e.g., NASDAQ), in which case the common stock would be considered readily convertible to cash and the conversion feature could meet derivative criteria under ASC 815.

~~PTA made a demand amounting to approximately $0~~18.79 ~~million,~~LICENSE onFEE account of annual spectrum fee and other regulatory charges, via its determination dated February 22, 2010. Being aggrieved, the Group’s management preferred an appeal before the Honorable Lahore High Court (“LHC”) on March 20, 2010, against PTA’s determination. LHC granted stay against the recovery subject to payment of approximately $0.14 million which was paid by thePAYABLE

Group. The Group’s management feels that there are strong grounds to defend the Group’s position and expects the ultimate decision to be in the Group’s favor, although the ultimate outcome is uncertain.

	September 30,		December 31,
	2025		2024
	(Unaudited)
License fee payable	$	161,537	$	163,217
	$	161,537	$	163,217

~~Other~~This ~~than~~represents the ~~amounts~~balance ~~recognized~~amount inof the ~~financial~~license ~~statements~~fee ~~and~~payable ~~amounts~~to ~~disclosed~~the inPTA ~~the~~for ~~above~~WLL ~~contingencies,~~licenses. The Company had filed an application with PTA ~~has~~for ~~also~~a ~~demanded~~grant ~~amounts~~of moratorium overpayment of ~~approximately~~balance $5amount of WLL license.75 ~~million~~However, onPTA ~~account~~rejected ofthe ~~various~~Company’s ~~charges~~application and demanded its payment. Being aggrieved by this, ~~default~~the ~~surcharges~~Company /filed ~~penalties~~an /appeal ~~fines~~before Islamabad High Court (“IHC”) against PTA’s order. ~~Since~~Meanwhile, the ~~principal~~Ministry ~~amount~~of isInformation ~~disputed~~Technology (“Ministry”) through its letter dated August 30, 2011, allowed the ~~Group’s~~operators, ~~management~~the ~~feels~~staggering ~~that~~for ~~there~~settlement ~~are~~of ~~strong~~Access ~~grounds~~Promotion Contribution (“APC”) and Initial Spectrum Fee (“ISF”) dues and required PTA to ~~defend~~submit an installment plan for this purpose after consultations with the ~~Group~~operators. In respect of an appeal filed by the Company, IHC took notice of the Ministry’s ~~stance~~letter and ~~that~~directed PTA through its order dated January 20, 2015, to expeditiously proceed with the ~~liability~~preparation ~~determined~~and ~~unilaterally~~submission byof ~~PTA~~the ~~will~~said ~~not~~installment ~~materialize,~~plan. ~~hence~~As of this date, no ~~provision~~such installment plan has been ~~made~~submitted inby ~~these financial statements~~PTA.

~~Taxation~~PTA ~~issues~~has withdrawn the frequencies 3.5 GHz, 479 MHz, 450 MHz, and 1900 MHz PTA in ~~Pakistan~~haste and unilaterally has withdrawn 3.5 GHz and 479 MHz frequencies which have already been paid in full until 2024. Through said decision, PTA has also withdrawn 1900 MHz frequency spectrum which was already withdrawn by PTA/FAB in 2015 (11th year) until which the spectrum is fully paid on the basis of actual period of usage by the Company. The WLL License provides for such eventuality that when frequency spectrum is withdrawn, the licensee is to be compensated for the balance life of the frequency spectrum, therefore, after withdrawal of spectrum, there is no outstanding amount to be paid related to 1900 MHz frequency spectrum.

Separate returns of total income for the Tax Year 2003 were filed by M/s WorldCall Communications Limited, M/s Worldcall Multimedia Limited, M/s Worldcall Broadband Limited and M/s Worldcall Phone Cards Limited, now merged into the Group. Such returns of income were amended by relevant officials under section 122(5A) of the Income Tax Ordinance, 2001 (“Ordinance”) through separate orders. Through such amendment orders, in addition to enhancement in aggregate tax liabilities by an amount of approximately $0.03 million, tax losses declared by the respective companies too were curtailed by an aggregate amount of approximately $0.23 ~~million.~~Table The Group contested such amendment orders before Commissioner Inland Revenue (Appeals) [CIR(A)] and while amendment order for Worldcall Broadband Limited was annulled, partial relief was extended by CIR(A) in respect of appeals pertaining to other companies. The appellate orders extending partial relief were further appealed by the Group before Appellate Tribunal Inland Revenue (ATIR) in January 2010, which are pending adjudication. The Group’s management considers that meritorious grounds exist to support the Group’s stances and expects relief from ATIR in respect of all the issues being contested. Accordingly, no adjustments / liabilities on these accounts have been incorporated / recognized in these financial statements.Contents

~~Through~~As ~~amendment~~a ~~order~~consequence ~~passed under section 122(5A)~~ of ~~the Ordinance~~above, the ~~Group’s~~outstanding ~~return~~liability ~~of total income~~ for ~~Tax~~1900 ~~Year~~MHz ~~2006~~ was ~~amended~~reduced ~~and~~to ~~declared~~zero ~~losses~~on ~~were~~the ~~curtailed~~basis bythat an1900 ~~amount~~MHz offrequency ~~approximately~~had ~~$2.75~~been ~~million.~~fully ~~The~~paid ~~Group’s~~for ~~appeal~~until ~~filed~~2015 on(11th ~~September~~year). 18Similarly, ~~2007~~liability ~~was~~for ~~not~~450 ~~entertained~~MHz byfrequency ~~CIR(A)~~spectrum ~~and the amendment order~~ was ~~upheld~~reduced ~~whereupon~~pro-rata ~~the~~after ~~matter~~withdrawal. ~~was~~Owing ~~further~~to ~~appealed~~these ~~before ATIR on July 8~~circumstances, ~~2008, which is pending adjudication. The Group’s~~ management ~~expects~~does ~~relief~~not ~~from~~expect ~~ATIR~~the inliability ~~respect~~to ofmaterialize ~~issues~~fully ~~involved~~ in the ~~relevant~~near ~~appeal, there being valid precedents available on record supporting the Group’s stance~~future. ~~Accordingly, no adjustment on this account has been incorporated in these financial statements.~~

In computer balloting for total audit u/s 177 of the Ordinance, the Group was selected for total audit proceedings for the tax year 2009 and the same has been completed with the issuance of order under section 122(1)/122(5) of the Ordinance creating a demand of approximately $019.73 ~~million.~~CONTINGENCIES ~~Against~~AND the said impugned order, appeal has been filed before CIR(A) on August 5, 2019 by legal counsel of the Group. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements.COMMITMENTS

ABilling ~~demand~~disputes of approximately $3.73 million (including default surcharge of approximately $1.15 million) was raised against the Group under section 161/205 of the Ordinance for the period relevant to Tax Year 2012 alleging non-compliance with ~~various~~Pakistan ~~applicable~~Telecommunication ~~withholding~~Company ~~provisions~~Limited contained in the Ordinance. Management appealed the subject order on March 28, 2014 in usual appellate course and while first appellate authority decided certain issues in the Group’s favor, major issues were remanded back to the department for new adjudication. Such appellate order was further appealed by the Group before ATIR on May 20, 2014, at which forum, adjudication is pending. Meanwhile, the Department concluded the reassessment proceedings, primarily repeating the treatment earlier accorded, however, based on relief allowed by first appellate authority, demand now stands reduced to approximately $3.36 million (~~including default surcharge of approximately $1.08 million~~“PTCL”). Such reassessment order was appealed by the Group in a second round of litigation and the first appellate authority, through its order dated June 29, 2015, has upheld the Departmental action. Management contested this order before ATIR on August 20, 2015. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements.

27GlobalTech ~~Table~~Corporation (GTC) and its subsidiaries (collectively, the “Group”) have a dispute of ~~Contents~~approximately $0.26 million and $0.26 million as of September 30, 2025 and December 31, 2024, respectively, with Pakistan Telecommunication Limited (PTCL) in respect of non-revenue time of prepaid calling cards and approximately $0.17 million and $0.17 million as of September 30, 2025 and December 31, 2024, respectively, in respect of excess minutes billed on account of interconnect and settlement charges. Similarly, PTCL has charged the Group Excess Domestic Private Lease Circuits (“DPLC”) and other media charges amounting to approximately $1.19 million during the nine months ended September 30, 2025 (Dec 2024: $1.20 million) on account of differences in rates, distances, and date of activations. Management has taken up these issues with PTCL and considers that these would most likely be decided in Group’s favor as there are reasonable grounds to defend the Group’s stance. Hence, no provision has been made in these financial statements for the above amounts.

InDisputes ~~computer balloting for total audit u/s 177 of the Ordinance, the Group was selected for total audit proceedings for the tax year 2014 and the same has been completed~~ with ~~the~~Pakistan ~~issuance~~Telecommunication ofAuthority ~~an order under section 122~~(4“PTA”) of Income Tax Ordinance, 2001 creating a demand of approximately $0.17 million and curtailment of losses by approximately $20.70 million. The said demand was curtailed to approximately $0.02 million through a revised demand order on account of rectification application filed by the Group. Against the said impugned order, appeal has been filed before CIR(A) on January 24, 2018 by legal counsel of the Group. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements.

The ~~Commissioner~~Group ~~Inland~~has ~~Revenue~~filed ~~(“CIR”)~~a ~~has~~suit ~~raised~~before ~~demand~~Civil ~~against~~Court, ~~the~~Lahore, ~~Group~~Pakistan ~~for~~on ~~super~~December ~~tax~~15, ~~for~~2016, ~~the~~in ~~tax~~which ~~year~~it ~~2018,~~has ~~amounting~~sought a restraining order against PTA in relation to ~~approximately~~demands ~~$0.15~~of ~~million.~~regulatory ~~The~~and ~~chargeability~~other ~~has~~dues ~~been~~and ~~challenged~~claimed byset ~~the~~off ~~Group~~from ~~through~~damages a/ ~~writ~~compensation ~~petition~~claim inof ~~LHC~~the ~~filed~~Group on ~~May~~account ~~16,~~of ~~2019~~the auction of preoccupied frequency spectrum. The Group’s ~~management~~has ~~feels~~raised ~~that~~a ~~there~~claim ~~are~~of ~~strong~~approximately ~~grounds~~$18.81 tomillion ~~defend~~against ~~the~~PTA. ~~Group’s~~The ~~stance~~matter ~~and~~is ~~the~~pending ~~liability~~adjudication. ~~will~~As ~~not~~per ~~materialize,~~management ~~hence,~~it nois ~~provision~~difficult ~~has~~to ~~been~~predict ~~made~~the inoutcome ~~these~~of ~~financial~~the ~~statements~~case at this stage.

ADuring ~~sales tax demand of approximately $0.59 million was raised against~~ the ~~Group~~year ~~for~~2016, ~~recovery~~PTA ofagain andemanded ~~allegedly~~immediate ~~inadmissible~~payment ~~claim~~ of ~~sales~~the ~~tax~~principal ~~refund~~amount ~~in Tax Year 2006, filed and sanctioned under section 66~~ of ~~the~~APC ~~Sales~~amounting ~~Tax~~to ~~Act,~~approximately ~~1990~~$6.27 ~~The~~million ~~Group’s~~along ~~appeal~~with ~~against~~default ~~such~~surcharge ~~order~~thereon ~~was~~amounting ~~allowed~~ to ~~the~~approximately ~~extent~~$5.87 ofmillion ~~additional~~as ~~tax~~of ~~and~~July ~~penalties;~~31, ~~however~~2016, ~~the~~via ~~principal~~its ~~amount~~notice ~~was~~dated ~~held~~December ~~against the Group by the then relevant Customs~~1, ~~Excise and Sales Tax Appellate Tribunal (CESTAT)~~2016. ~~The~~Through ~~Group further appealed~~ the ~~issue~~aforesaid onshow ~~November~~cause 10notice, ~~2009~~PTA ~~before~~has ~~Lahore~~also ~~High~~shown ~~Court~~intentions ~~(LHC)~~to ~~where~~impose ~~the~~penal ~~litigation~~provisions isto ~~presently~~levy ~~pending.~~a ~~While~~fine ~~recovery~~of up to ~~the~~approximately ~~extent~~$1.24 ofmillion ~~20%~~or ofto ~~principal~~suspend ~~demand~~or ofterminate ~~sales~~the ~~tax~~LDI ~~has~~license ~~been made~~ by ~~the~~issuance ~~tax~~of ~~authorities,~~ an ~~interim~~enforcement ~~injunction~~order byagainst the ~~honorable Court enjoins the Department from enforcing any further recovery~~Group. ~~Since~~The ~~management~~Group ~~considers~~challenged the ~~refund~~show tocause benotice ~~legally~~before ~~admissible to~~ the ~~Group,~~Sindh noHigh ~~liability~~Court on ~~this~~December ~~account~~13, ~~has~~2016 ~~been~~wherein ~~recognized in these financial statements and~~ the ~~amount~~Court ~~already recovered~~ has ~~been~~passed ~~recorded~~orders asrestraining ~~being~~PTA ~~receivable~~ from ~~the~~cancelling ~~tax authorities. It is pertinent to highlight here that adverse judgment earlier passed by CESTAT no longer holds as through certain subsequent judgments,~~ the ~~controversy~~licenses ~~has been decided by ATIR (forum now holding appellate jurisdiction under the law) in favor~~ of ~~other taxpayers operating in~~ the ~~Telecom~~Group ~~Sector. The Honorable LHC has set aside the judgment of the Tribunal on May 24, 2017~~ and ~~has~~from ~~remanded~~taking ~~the~~any ~~case~~coercive ~~for~~action ~~decision~~against ~~afresh~~it. The ~~Tribunal~~matter is ~~yet~~at tothe ~~issue~~stage ~~notice~~of ~~for~~hearing ~~the~~of ~~hearing~~applications. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements for the amounts of default surcharge and fine.

OnPTA ~~September~~has 30raised a demand amounting to approximately $0.11 million on account of using extra Radio Spectrum not assigned to the Group. The Group challenged this amount on July 3, ~~2016~~2012 before Islamabad High Court which has allowed appeal of the Group. PTA filed an appeal before the Honorable Supreme Court of Pakistan in March 2017, ~~Punjab~~which ~~Revenue~~got ~~Authority~~dismissed. ~~(PRA)~~Now, ~~issued~~PTA ahas ~~show~~filed ~~cause~~a ~~notice~~review ~~allegedly~~application ~~demanding~~which ~~USD~~is $1still pending.48 ~~million~~Management ~~for~~is ~~the~~hopeful ~~periods~~that ~~from~~its ~~May~~viewpoint ~~2013~~shall tobe ~~December~~upheld; ~~2013~~thus, no provision has been incorporated in these financial statements against this demand.

~~The~~24 ~~Company~~Table ~~challenged imposition~~ of sales tax on LDI services on the first appellate authority in 2016 and relief granted by CIR(A) through set aside the demand created by PRA with direction of reassessment proceedings. The Company challenged these proceedings through filing a writ petition in LHC heard on February 9, 2017, on the grounds that it was unconstitutional and in violation of fundamental principles of sales tax and international commitments of Government of Pakistan. The writ petition has been allowed with instructions passed by honourable Judge of Lahore High Court Lahore to PRA restraining from passing final order in pursuance of proceedings. The matter has been taken up by other LDI operators against PRA in June 2015, before LHC on the grounds that imposition of sales tax is unconstitutional and in violation of fundamental principles of sales tax and international commitments of Government of Pakistan. The period pertains to ICH’s time when the amount of sales tax was withheld by PTCL. Based on the advice of the Company’s tax advisor, management is of the view that the Company’s case is based on meritorious grounds and hence, relief would be secured from the Court. In view of the above, provision for sales tax on LDI services aggregating USD $4.25 million as of June 30, 2025 (December 31, 2024: USD $3.17 million) has not been made in these financial statements.Contents

~~Other~~PTA ~~matters~~has decided against the Group in the matter relating to the annual radio frequency spectrum fee for the years ended 2011, 2012, 2013, 2014 and 2015 along with late payment charges. The Group has filed appeals against these orders before the honorable Islamabad High Court which are ending adjudication. The management is hopeful that its viewpoint shall be upheld; thus, no provision has been incorporated in these financial statements for late payment charges. Moreover, the Company is confident that incidental liability, if any, will be set off by way of a claim filed against PTA.

~~One~~The ~~of the~~ Group’s ~~vendors~~ has filed a suit ~~for~~before ~~recovery~~the High Court of Sindh on July 122, ~~2018~~2011 ~~before~~for ~~the~~declaration, ~~Civil~~injunction ~~Court,~~and ~~Lahore~~recovery of approximately $17.55 million against PTA praying, ~~Pakistan~~inter ofalia, ~~certain~~for ~~moneys~~direction ~~alleged~~to PTA to ~~have~~determine ~~not~~the ~~been~~Access ~~paid~~Promotion byContribution ~~the~~for ~~Group~~Fixed ~~under~~Line ~~its~~Local ~~agreements~~Loop (APCL contribution) and Access Promotion Cost (APC) for Universal Service Fund (USF) strictly in accordance with the ~~vendor.~~formula ~~The~~as ~~principal~~per ~~claim~~Rule is8(2) ~~approximately~~and ~~$0.06~~(4) ~~million,~~of ~~however~~2004 Rules and Regulation 7 of 2005 Regulations; restraining PTA from taking coercive actions against the ~~claim~~Group isto ~~inflated~~recover the amounts of APCL and APC for USF, and direction to ~~$0.81~~PTA ~~million~~to onsubmit ~~what~~accounts and information to the ~~Company~~Honorable ~~believes~~High isCourt awith ~~frivolous~~regard ~~basis~~to collection and, utilization and application of APCL and APC for USF contributions. ~~The~~During ~~Group~~the ~~denies~~pendency of proceedings, the ~~claim~~Court granted an interim injunction to the Group and isrestrained ~~hopeful~~PTA ~~for~~from ataking ~~positive~~any ~~outcome~~coercive action against the Group. ~~Management~~The isSuit has been disposed of by the ~~view~~Court ~~that~~for itwant of jurisdiction. The Group is ~~likely~~in ~~that~~the process of challenging the ~~Company~~said ~~will~~Order. ~~prevail~~No adverse monetary impact is involved in this ~~action~~matter.

28PTA ~~Table~~has raised demand amounting to approximately $0.06 million on account of ~~Contents~~Base Trans-Receivers Station registration and microwave charges for the years from 2007 until 2014. The Group challenged this amount in November 2019 before Lahore High Court which is pending adjudication.

~~One~~PTA ofhas ~~the~~filed ~~Group’s~~recovery ~~vendors~~proceedings ~~has~~against ~~filed~~the aGroup ~~petition~~before onthe ~~November~~District ~~21,~~Collector ~~2014~~/ ~~before~~District ~~LHC.~~Officer ~~The~~Revenue, ~~vendor~~Lahore ~~has~~for aan ~~claim~~amount of approximately $09.7640 million ~~receivable~~including ~~from~~late ~~the~~payment ~~Group.~~charges ~~Further~~on ~~details~~November of4, ~~the~~2016, ~~litigation~~due ~~have~~to ~~not~~non-payment ~~been~~of ~~disclosed~~initial asspectrum itfee ~~may prejudice the Group’s position~~(ISF). The Group has ~~denied~~not ~~the~~received ~~veracity~~any ofnotice ~~such~~from ~~claims~~the ~~and~~Revenue ~~has~~department. ~~also~~During ~~challenged~~ the ~~maintainability~~year of2023, ~~the~~PTA ~~proceedings.~~again ~~Also,~~issued the ~~Group~~notice ~~filed~~against anon-payment ~~counter~~of ~~petition~~ISF ~~during~~and ~~2015,~~increased ~~claiming~~the claim by approximately $13.1168 million. ~~under~~PTA has withdrawn the ~~same~~frequencies ~~contract~~3.5 ~~against~~Ghz, ~~which~~479 ~~the~~MHz, ~~vendor~~450 ~~has~~MHz ~~claimed~~and ~~amounts~~1900 ~~due~~Mhz. ~~The~~As ~~Group~~per ~~had~~management, tothe ~~deposit~~ISF anfor ~~amount~~3.5 ofGhz ~~approximately~~and ~~$0.07~~479 ~~million~~MHz inis ~~the~~already ~~Court~~paid in ~~respect~~full ofthrough ~~this case~~2025. The ~~honorable~~outstanding ~~High~~liability ~~Court~~for ~~has~~1900 ~~already~~MHz ~~required~~is ~~both~~reduced ~~companies~~ to ~~resolve~~zero ~~disputes~~on inthe ~~terms~~basis ofthat ~~their~~1900 ~~agreement.~~MHz ~~The~~frequency ~~Court~~ has ~~not~~been ~~assigned~~fully apaid. ~~date~~Similarly, liability for ~~further~~the ~~proceedings.~~450Mhz ~~Management~~frequency isspectrum ofwas ~~the~~reduced ~~view~~on ~~that~~a itpro israta ~~unlikely~~basis ~~that~~after ~~any~~withdrawal. ~~adverse~~Corresponding ~~order~~assets ~~will~~have bealso ~~passed~~been ~~against the Group~~retired.

~~One~~The ~~of the~~ Group’s ~~vendors~~has ~~and its allied international identities (referred to as vendors)~~ filed a ~~winding~~writ up petition ~~dated~~with ~~October~~Islamabad ~~16,~~High ~~2017,~~Court ~~before~~against ~~LHC~~said ~~and~~decision ~~made a claim~~ of ~~approximately~~PTA ~~$0.23 million and $4.87 million which was dismissed~~ on ~~September~~similar ~~26,~~lines ~~2018.~~as ~~The~~explained ~~vendors~~above ~~have also filed civil suit before Islamabad Civil Court dated September 17, 2018, for recovery of approximately $12.35 million~~ and ~~$0.24~~the ~~million~~Group’s ~~along~~management ~~with~~feels ~~damages~~that ofthere ~~$19.94~~are ~~million.~~strong ~~The~~grounds ~~learned~~to ~~civil~~defend ~~judge accepted~~ the ~~application~~Group’s ~~under~~stance ~~Order VII Rule 10 CPC~~ and ~~dismissed~~that the ~~suit.~~principal ~~Vendors~~amount ~~filed~~and anlate ~~appeal~~payment ~~before~~charges ~~the~~determined ~~Honorable~~unilaterally ~~Islamabad High Court, Islamabad against the order passed on July 10, 2019~~ by ~~the~~PTA ~~learned~~will ~~civil~~not ~~judge~~materialize, ~~Islamabad. The Group filed suit for recovery of $93.03 million against this vendor for default in performance of agreements before Civil Court~~hence, ~~Lahore~~no inprovision ~~August 2017. The Group~~ has ~~also~~been ~~filed~~made ~~another~~in ~~suit~~these ~~before~~financial ~~the Civil Court, Lahore for recovery of $5~~statements.~~28 million for causing damage to the Group for filing a frivolous winding up petition. Management is of the view that it is unlikely that any claim of said suppliers will materialize.~~

AsPTA has demanded amounts of ~~June~~annual ~~30,~~license ~~2025,~~fee a(ALF) ~~total~~relating ofto 36Non-Voice ~~cases~~Communication Network Services (~~December~~NVCNS) ~~31,~~through ~~2024:~~various ~~36)~~demand ~~are~~notices. PTA has filed recovery proceedings against the Group ~~involving~~before ~~Regulatory,~~the ~~Employees,~~District ~~Landlords~~Collector ~~and~~/ ~~Subscribers~~Deputy ~~having~~Commissioner, Lahore for an ~~aggregate~~amount ~~claim~~of approximately $0.22 million on February 7, 2020, due to non-payment of ~~all~~an ~~cases~~annual ~~amounting~~license fee (ALF) relating to Non-Voice Communication Network Services (NVCNS). This includes the principal portion of approximately $0.4011 million asalready ofrecognized ~~June~~in ~~30,~~the ~~2025~~financial ~~(December~~statements ~~31,~~and ~~2024:~~late payment charges amounting to approximately $0.4111 million). ~~Because~~The ofGroup ~~the~~has ~~number~~not ofreceived ~~cases~~any ~~and~~notice ~~their~~from ~~uncertain~~the ~~nature,~~Revenue itdepartment. isThe ~~not~~Group’s ~~possible~~management tofeels ~~quantify~~that ~~their~~there ~~financial~~are ~~impact.~~strong ~~Management~~grounds isto ofdefend the ~~view~~Group’s stance and that the ~~outcome~~late ofpayment ~~these~~charges ~~cases~~determined isunilaterally ~~expected~~by toPTA bewill ~~favorable~~not ~~and liability~~materialize, ~~if any~~hence, ~~arising~~no ~~out~~provision onhas ~~the~~been ~~settlement~~made isin ~~not~~these ~~likely~~financial ~~to be material~~statements.

~~The~~PTA ~~Group~~had ~~has~~demanded ~~filed~~ an ~~appeal~~amount ~~before~~of ~~the~~approximately ~~High~~$1.24 ~~Court~~million ~~against~~in ~~the~~respect ~~Enforcement~~of ~~Order~~fines ~~dated~~and ~~December~~a ~~27,~~loss ~~2022,~~of ~~issued~~approximately ~~by the PTA~~$1.89 ~~Under~~million ~~the~~on ~~Impugned~~account ~~Order,~~of ~~PTA~~international ~~has~~telephony ~~directed~~traffic. ~~the~~The ~~Group~~case towas ~~make~~decided aby ~~payment~~Islamabad ofHigh ~~$0.37~~Court ~~million~~in ~~within~~favor ~~seven~~of ~~days~~the ofGroup; ~~receipt.~~however, ~~The~~PTA ~~Group~~appealed ~~has~~the ~~contested~~matter ~~this~~before ~~demand~~the onhonorable ~~factual~~Supreme ~~and~~Court ~~legal~~of ~~grounds~~Pakistan. ~~Pursuant~~The tohonorable ~~the~~Supreme ~~order~~Court ofdismissed the ~~High~~appeal ~~Court~~of ~~dated~~PTA. ~~May~~PTA ~~29,~~has ~~2023,~~now ~~the~~filed ~~Impugned~~review ~~Order~~petition ~~has~~No. ~~been~~708 ~~suspended,~~of ~~and~~2019 before the ~~PTA~~Supreme ~~has~~Court ~~been~~of ~~restrained~~Pakistan ~~from~~on ~~taking~~November ~~any~~23, ~~coercive~~2019, ~~action~~which ~~against~~is ~~the~~pending ~~Group~~adjudication. The ~~case~~Group ~~remains~~has ~~pending~~not atreceived ~~the~~any ~~hearing~~notice ~~stage~~in this regard. The Group’s ~~continues~~management tofeels ~~evaluate~~that ~~the~~there ~~potential~~are ~~financial~~strong ~~impact~~grounds ofto ~~this~~defend ~~matter.~~the ~~Based on management~~Group’s ~~assessment~~stance, hence, no provision has been ~~recognized~~made in ~~the~~these financial statements~~, as the outcome remains uncertain at this stage~~.

~~The~~PTA ~~Group~~ has ~~filed~~issued anshow ~~appeal~~cause ~~before~~notice to the ~~High~~Group ~~Court~~with ~~challenging~~ the ~~Enforcement~~direction ~~Order~~to ~~dated~~pay ~~August~~annual 19regulatory dues for the years ended 2011, ~~2024~~2012, ~~issued~~2013 byand 2014, the ~~PTA~~cumulative amount of approximately $0.43 ~~Under~~million ~~the~~along ~~Impugned~~with ~~Order,~~late ~~the~~payment ~~PTA~~charges. The Group has ~~directed~~filed the ~~Group~~appeals toagainst ~~make~~said anotices ~~payment~~with ofPTA ~~$0.06~~which ~~million~~dismissed ~~within~~on ~~three~~December ~~days~~4, ~~of receipt~~2020. The Group therefore filed the appeal in Sindh High Court on December 31, ~~through~~2020, ~~its~~to ~~interim~~set aside the order ~~dated~~passed ~~September~~by ~~11,~~PTA. ~~2024,~~The ~~has~~Court directed PTA not to take any coercive action against the ~~Company~~Group. ~~The~~Management ~~case~~ is ~~currently~~hopeful atthat ~~the~~its ~~hearing~~viewpoint ~~stage.~~shall ~~Based on management’s assessment, the Group considers the demand to~~ be ~~uncertain,~~upheld; ~~and accordingly~~thus, no provision has been ~~recognized~~incorporated in ~~the~~these financial statements, asagainst ~~the outcome remains uncertain at~~ this ~~stage~~demand.

~~The~~25 ~~Group~~Table ~~has filed an appeal before the High Court challenging the Ex-Partee Enforcement Order dated August 19, 2024, issued by the PTA. Under the Impugned Order, PTA has directed the Group to make a payment~~ of $0.17 million within three days of receipt. The High Court, through its interim order dated September 11, 2024, has directed PTA not to take any coercive action against the Group. The case remains at the hearing stage. Based on management’s assessment, the Group believes that the demand is subject to uncertainty. Accordingly, no provision has been recognized in the financial statements.Contents

~~The~~PTA ~~Group~~made ~~has~~a ~~filed~~demand anamounting ~~appeal~~to ~~before~~approximately ~~the~~$0.79 ~~High~~million, ~~Court~~on ~~challenging~~account ~~the~~of ~~Ex-Partee~~annual ~~Enforcement~~spectrum ~~Order~~fee ~~dated~~and ~~August~~other ~~19,~~regulatory ~~2024~~charges, ~~issued~~via byits ~~the~~determination ~~PTA.~~dated ~~Under~~February ~~the Impugned Order~~22, ~~PTA~~2010. ~~has~~Being ~~directed~~aggrieved, the Group’s tomanagement ~~make~~preferred aan ~~payment~~appeal ofbefore ~~$0.36~~the ~~million~~Honorable ~~within~~Lahore ~~three~~High ~~days~~Court of(“LHC”) ~~receipt.~~on ~~The~~March ~~High~~20, ~~Court~~2010, ~~through~~against ~~its~~PTA’s ~~interim~~determination. ~~order~~LHC ~~dated~~granted ~~September~~stay ~~11,~~against ~~2024,~~the ~~has~~recovery ~~directed~~subject ~~PTA~~to ~~not~~payment toof ~~take~~approximately ~~any~~$0.14 ~~coercive~~million ~~action~~which ~~against~~was paid by the Group. The ~~matter~~Group’s ismanagement ~~currently~~feels atthat ~~the~~there ~~hearing~~are ~~stage.~~strong ~~Based~~grounds onto ~~management’s~~defend ~~evaluation,~~ the Group’s ~~believes~~position ~~the~~and ~~demand~~expects isthe ~~subject~~ultimate decision to ~~uncertainty.~~be ~~Accordingly,~~in nothe ~~provision~~Group’s ~~has~~favor, ~~been~~although ~~recognized~~the inultimate ~~the~~outcome ~~financial~~is ~~statements~~uncertain.

~~The~~Other ~~Company~~than ~~has filed an appeal before~~ the ~~High~~amounts ~~Court~~recognized ~~challenging~~in the ~~Ex-Partee~~financial ~~Enforcement~~statements ~~Order~~and ~~dated~~amounts ~~August~~disclosed ~~19,~~in ~~2024, issued by~~ the ~~PTA.~~above ~~Under the Impugned Order~~contingencies, PTA ~~directed~~has ~~the~~also ~~Company~~demanded toamounts ~~make a payment~~ of approximately $05.1280 million ~~within~~on ~~three~~account ~~days~~ of ~~receipt.~~various ~~The High Court~~charges, ~~through~~default ~~its~~surcharges ~~interim~~/ ~~order~~penalties ~~dated~~/ ~~September~~fines. ~~11,~~Since ~~2024,~~the ~~has~~principal ~~directed~~amount ~~PTA~~is ~~not~~disputed, tothe ~~take~~Group’s ~~any~~management ~~coercive~~feels ~~action~~that ~~against~~there ~~the~~are ~~Company.~~strong ~~The~~grounds ~~matter~~to ~~remains~~defend at the ~~hearing stage. Based on management~~Group’s ~~evaluation,~~stance and that the ~~Company~~liability ~~considers~~determined ~~the~~unilaterally ~~demand~~by toPTA bewill ~~uncertain.~~not ~~Accordingly~~materialize, hence, no provision has been ~~recognized~~made in ~~the~~these financial ~~statement~~statements.

29Taxation ~~Table~~issues ofin ~~Contents~~Pakistan

~~The~~Separate ~~Group~~returns ~~has~~of total income for the Tax Year 2003 were filed anby ~~appeal~~M/s ~~before~~WorldCall ~~the~~Communications ~~High~~Limited, ~~Court~~M/s ofWorldcall ~~Sindh~~Multimedia ~~against~~Limited, anM/s ~~Enforcement~~Worldcall ~~Order~~Broadband ~~issued~~Limited byand ~~the~~M/s ~~PTA~~Worldcall onPhone ~~August~~Cards 19Limited, ~~2024~~now merged into the Group. ~~The~~Such ~~Enforcement~~returns ~~Order~~of ~~directed~~income ~~the~~were ~~Group~~amended toby ~~pay~~relevant ~~alleged~~officials ~~outstanding~~under ~~Annual~~section ~~Regulatory~~122(5A) ~~Dues~~of the Income Tax Ordinance, 2001 (~~ARDs~~“Ordinance”) ~~amounting~~through separate orders. Through such amendment orders, in addition to enhancement in aggregate tax liabilities by an amount of approximately $0.1004 ~~within~~million, ~~three~~tax ~~days~~losses ofdeclared ~~receipt~~by the respective companies too were curtailed by an aggregate amount of ~~the~~approximately ~~order~~$0.24 million. The Group ~~disputes~~contested ~~the~~such ~~factual~~amendment ~~and~~orders ~~legal~~before ~~basis~~Commissioner ofInland ~~the~~Revenue ~~order~~(Appeals) [CIR(A)] and ~~has~~while ~~sought~~an ~~judicial~~amendment ~~review~~order for Worldcall Broadband Limited was annulled, partial relief was extended by CIR(A) in respect of ~~the~~appeals ~~matter~~pertaining to other companies. AsThe ~~per~~appellate ~~the~~orders ~~interim~~extending ~~order~~partial ~~passed~~relief were further appealed by the ~~High~~Group ~~Court~~before onAppellate ~~September~~Tribunal ~~11,~~Inland ~~2024~~Revenue (ATIR) in January 2010, ~~the~~which ~~PTA~~are ~~has~~pending ~~been~~adjudication. ~~restrained~~The ~~from~~Group’s ~~taking~~management ~~any~~considers ~~coercive~~that ~~actions~~meritorious ingrounds ~~relation~~exist to support the ~~Enforcement~~Group’s ~~Order~~stances and expects relief from ATIR in respect of all the issues being contested. Accordingly, no adjustments / liabilities on these accounts have been incorporated / recognized in these financial statements.

~~The~~Through ~~matter~~amendment ~~remains~~order passed under ~~hearing~~section 122(5A) of the Ordinance, the Group’s return of total income for Tax Year 2006 was amended and nodeclared ~~provision~~losses ~~has~~were ~~been~~curtailed ~~recognized~~by an amount of approximately $2.77 million. The Group’s appeal filed on September 18, 2007 was not entertained by CIR(A) and the amendment order was upheld whereupon the matter was further appealed before ATIR on July 8, 2008, which is pending adjudication. The Group’s management expects relief from ATIR in respect of issues involved in the ~~financial~~relevant ~~statements~~appeal, asthere atbeing valid precedents available on record supporting the ~~reporting~~Group’s ~~date~~stance. Accordingly, no adjustment on this account has been incorporated in these financial statements.

~~Notwithstanding~~In computer balloting for total audit u/s 177 of the ~~above~~Ordinance, the ~~outcome~~Group ofwas ~~litigation~~selected isfor ~~inherently~~total ~~uncertain.~~audit Ifproceedings ~~one~~for orthe ~~more~~tax ~~legal~~year ~~matters~~2009 ~~were~~and ~~resolved~~the ~~against~~same has been completed with the ~~Company~~issuance inof order under section 122(1)/122(5) of the Ordinance creating a ~~reporting~~demand ~~period~~of ~~for~~approximately ~~amounts~~$0.74 inmillion. ~~excess~~Against the said impugned order, appeal has been filed before CIR(A) on August 5, 2019 by legal counsel of ~~management~~the Group. The Group’s ~~expectations,~~management feels that there are strong grounds to defend the ~~Company~~Group’s ~~financial~~stance ~~condition~~ and ~~operating~~the ~~results~~liability ~~for~~will ~~that~~not ~~reporting~~materialize, ~~period~~hence, ~~could~~no beprovision ~~materially~~has ~~adversely~~been ~~affected~~made in these financial statements.

19A demand of approximately $3.76 ~~RECLASSIFICATION~~million OF(including ~~COMPARATIVE~~default ~~FIGURES~~surcharge of approximately $1.16 million) was raised against the Group under section 161/205 of the Ordinance for the period relevant to Tax Year 2012 alleging non-compliance with various applicable withholding provisions contained in the Ordinance. Management appealed the subject order on March 28, 2014 in usual appellate course and while first appellate authority decided certain issues in the Group’s favor, major issues were remanded back to the department for new adjudication. Such appellate order was further appealed by the Group before ATIR on May 20, 2014, at which forum, adjudication is pending. Meanwhile, the Department concluded the reassessment proceedings, primarily repeating the treatment earlier accorded, however, based on relief allowed by first appellate authority, demand now stands reduced to approximately $3.38 million (including default surcharge of approximately $1.09 million). Such reassessment order was appealed by the Group in a second round of litigation and the first appellate authority, through its order dated June 29, 2015, has upheld the Departmental action. Management contested this order before ATIR on August 20, 2015. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements.

~~Certain~~In ~~amounts~~computer inballoting ~~the~~for ~~prior~~total ~~period’~~audit u/s ~~consolidated~~177 ~~financial~~of ~~statements~~the ~~have~~Ordinance, ~~been~~the ~~reclassified~~Group towas ~~conform~~selected tofor total audit proceedings for the ~~current~~tax ~~period~~year ~~presentation~~2014 and the same has been completed with the issuance of an order under section 122(4) of Income Tax Ordinance, 2001 creating a demand of approximately $0.17 ~~These~~million ~~reclassifications~~and ~~had~~curtailment noof ~~effect~~losses by approximately $20.87 million. The said demand was curtailed to approximately $0.02 million through a revised demand order on ~~previously~~account ~~reported~~of ~~net~~rectification ~~income~~application filed by the Group. Against the said impugned order, ~~total~~appeal ~~assets~~has been filed before CIR(A) on January 24, or2018, ~~total~~by ~~liabilities~~legal counsel of the Group. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements.

20The Commissioner Inland Revenue (“CIR”) has raised demand against the Group for super tax for the tax year 2018, amounting to approximately $0.16 ~~NET~~million. ~~REVENUE~~The chargeability has been challenged by the Group through a writ petition in LHC filed on May 16, 2019. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Telecom services	$	4,684,536		$	4,075,723			8,333,277			7,553,108
Broadband services		956,070			496,926			1,647,853			730,927
Technology and other services		3,416			3,428			19,372			11,037
Gross Revenue		5,644,022			4,579,145			10,000,502			8,295,072
Less: Discounts		(287	)		(316	)		(494	)		(1,009	)
Less: Sales tax		(15,667	)		(13,022	)		(30,220	)		(29,099	)
Total Revenue	$	5,628,068		$	4,562,706			9,969,788			8,264,964

A sales tax demand of approximately $0.59 million was raised against the Group for recovery of an allegedly inadmissible claim of sales tax refund in Tax Year 2006, filed and sanctioned under section 66 of the Sales Tax Act, 1990. The Group’s appeal against such order was allowed to the extent of additional tax and penalties; however, the principal amount was held against the Group by the then relevant Customs, Excise and Sales Tax Appellate Tribunal (CESTAT). The Group further appealed the issue on November 10, 2009 before Lahore High Court (LHC) where the litigation is presently pending. While recovery to the extent of 20% of principal demand of sales tax has been made by the tax authorities, an interim injunction by the honorable Court enjoins the Department from enforcing any further recovery. Since management considers the refund to be legally admissible to the Group, no liability on this account has been recognized in these financial statements and the amount already recovered has been recorded as being receivable from the tax authorities. It is pertinent to highlight here that adverse judgment earlier passed by CESTAT no longer holds as through certain subsequent judgments, the controversy has been decided by ATIR (forum now holding appellate jurisdiction under the law) in favor of other taxpayers operating in the Telecom Sector. The Honorable LHC has set aside the judgment of the Tribunal on May 24, 2017 and has remanded the case for decision afresh. The Tribunal is yet to issue notice for the hearing. The Group’s management feels that there are strong grounds to defend the Group’s stance and the liability will not materialize, hence, no provision has been made in these financial statements.

~~Introduction~~On September 30, 2016, Punjab Revenue Authority (PRA) issued a show cause notice allegedly demanding USD $1.49 million for the periods from May 2013 to December 2013.

The Company ~~accounts~~challenged ~~for~~imposition ~~revenue~~of sales tax on LDI services on the first appellate authority in ~~accordance~~2016 and relief granted by CIR(A) through set aside the demand created by PRA with ~~ASC~~direction ~~606~~of reassessment proceedings. The Company challenged these proceedings through filing a writ petition in LHC heard on February 9, ~~Revenue~~2017, ~~from~~on ~~Contracts~~the ~~with~~grounds ~~Customers~~that it was unconstitutional and in violation of fundamental principles of sales tax and international commitments of Government of Pakistan. ~~All~~The ~~revenue~~writ ispetition ~~recognized~~has asbeen ~~our~~allowed ~~performance~~with ~~obligations~~instructions ~~are~~passed ~~satisfied~~by honorable Judge of Lahore High Court Lahore to PRA restraining from passing final order in pursuance of proceedings. AThe ~~performance~~matter ~~obligation~~has been taken up by other LDI operators against PRA in June 2015, before LHC on the grounds that imposition of sales tax is aunconstitutional ~~promise~~and in aviolation ~~contract~~of tofundamental ~~transfer~~principles aof ~~distinct~~sales ~~good~~tax orand ~~service~~international commitments of Government of Pakistan. The period pertains to aICH’s ~~customer~~time ~~and~~when the amount of sales tax was withheld by PTCL. Based on the advice of the Company’s tax advisor, management is of the ~~unit~~view that the Company’s case is based on meritorious grounds and hence, relief would be secured from the Court. In view of ~~account~~the ~~under~~above, ~~ASC~~provision ~~606~~for sales tax on LDI services aggregating $4.28 million as of September 30, 2025 (December 31, 2024: $3.17 million) has not been made in these financial statements.

~~Most~~26 Table of our current contracts with customers contain a single performance obligation. For contracts where we provide multiple services, such as where we perform multiple ancillary services, each service represents its own performance obligation. The standalone selling prices are based on the contractual price for the service. Our contracts generally include standard commercial payment terms. We have no significant obligations for refunds, warranties or similar obligations and our revenue includes sales taxes collected from our customers.Contents

~~Disaggregation~~Other ~~of Revenue from Contracts with Customers~~matters

WeOne ~~derive~~of ~~revenue~~the ~~from~~Group’s ~~seven~~vendors ~~primary~~has ~~sources:~~filed ~~(1)~~a ~~International~~suit ~~Termination~~for ~~Services~~recovery on July 12, ~~(2)~~2018, ~~Indefeasible~~before ~~Right~~the ofCivil ~~Use~~Court, ~~(IRU)~~Lahore, ~~(3)~~Pakistan ~~Cable~~of TVcertain ~~and~~moneys ~~Internet~~alleged ~~Services,~~to ~~(4)~~have ~~Metro~~not ~~Fiber~~been ~~Solutions,~~paid ~~(5)~~by ~~Capacity~~the ~~Sale~~Group ~~Services,~~under ~~(6)~~its ~~Advertisement~~agreements ~~Services~~with the vendor. The principal claim is approximately $0.06 million; however, the claim is inflated to $0.81 million on what the Company believes is a frivolous basis. The Group denies the claim and ~~(7)~~is ~~Technology~~hopeful ~~Services~~for a positive outcome. Management is of the view that it is likely that the Company will prevail in this action.

30One ~~Table~~of the Group’s vendors has filed a petition on November 21, 2014, before LHC. The vendor has a claim of ~~Contents~~approximately $0.77 million receivable from the Group. Further details of the litigation have not been disclosed as it may prejudice the Group’s position. The Group has denied the veracity of such claims and has also challenged the maintainability of the proceedings. Also, the Group filed a counter petition during 2015, claiming approximately $1.12 million under the same contract against which the vendor has claimed amounts due. The Group had to deposit an amount of approximately $0.07 million in the Court in respect of this case. The honorable High Court has already required both companies to resolve disputes in terms of their agreement. The Court has not assigned a date for further proceedings. Management is of the view that it is unlikely that any adverse order will be passed against the Group.

~~The~~One ~~following~~of ~~table~~the ~~represents~~Group’s vendors and its allied international identities (referred to as vendors) filed a ~~disaggregation~~winding up petition dated October 16, 2017, before LHC and made a claim of ~~revenue~~approximately $0.23 million and $4.87 million which was dismissed on September 26, 2018. The vendors have also filed civil suit before Islamabad Civil Court dated September 17, 2018, for recovery of approximately $12.35 million and $0.24 million along with damages of $20.00 million. The learned civil judge accepted the ~~three~~application under Order VII Rule 10 CPC and ~~six~~dismissed ~~months~~the ~~ended~~suit. ~~June~~Vendors filed an appeal before the Honorable Islamabad High Court, Islamabad against the order passed on July 10, 2019 by the learned civil judge, Islamabad. The Group filed suit for recovery of $93.30 million against this vendor for default in performance of agreements before Civil Court, ~~2025~~Lahore ~~and~~in ~~2024:~~August 2017. The Group has also filed another suit before the Civil Court, Lahore for recovery of $5.32 million for causing damage to the Group for filing a frivolous winding up petition. Management is of the view that it is unlikely that any claim of said suppliers will materialize.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Telecom Services:
International termination services		4,684,536		4,075,723		8,333,277		7,553,108
Broadband Services:
Cable TV and Internet		845,492		110,623		1,429,980		226,086
Metro fiber solutions/sale /IRU		77,611		361,676		156,162		441,112
Capacity/media sale		32,967		24,627		61,711		63,729
		956,070		496,926		1,647,853		730,927

As of September 30, 2025, a total of 36 cases (December 31, 2024: 36) are filed against the Group involving Regulatory, Employees, Landlords and Subscribers having an aggregate claim of all cases amounting to approximately $0.40 million as of September 30, 2025 (December 31, 2024: $0.41 million). Because of the number of cases and their uncertain nature, it is not possible to quantify their financial impact. Management is of the view that the outcome of these cases is expected to be favorable and liability, if any, arising out on the settlement is not likely to be material.

~~International~~The ~~termination~~Group ~~services:~~has filed an appeal before the High Court against the Enforcement Order dated December 27, 2022, issued by the PTA. Under the Impugned Order, PTA has directed the Group to make a payment of $0.37 million within seven days of receipt. The Group has contested this demand on factual and legal grounds. Pursuant to the order of the High Court dated May 29, 2023, the Impugned Order has been suspended, and the PTA has been restrained from taking any coercive action against the Group. The case remains pending at the hearing stage. The Group continues to evaluate the potential financial impact of this matter. Based on management’s assessment, no provision has been recognized in the financial statements, as the outcome remains uncertain at this stage.

~~This~~The ~~service~~Group ~~represents~~has ~~the~~filed ~~international~~an ~~inbound~~appeal ~~traffic~~before ~~terminated~~the inHigh ~~Pakistan~~Court ~~via~~challenging the ~~Company’s~~Enforcement ~~network~~Order todated ~~local~~August ~~mobile~~19, ~~network~~2024, ~~operators~~issued ~~such~~by asthe ~~Mobilink,~~PTA. ~~Zong,~~Under ~~Telenor~~the ~~and~~Impugned ~~Ufone.~~Order, ~~Revenue~~the ~~from~~PTA ~~terminating~~has ~~minutes~~directed isthe ~~recognized~~Group atto ~~the~~make ~~time~~a ~~the~~payment ~~call~~of is$0.06 ~~made~~million ~~over~~within ~~the~~three ~~network~~days of ~~the Company~~receipt. ~~There~~The isHigh aCourt, ~~postpaid~~through ~~billing~~its ~~invoicing~~interim ~~cycle~~order ~~for~~dated ~~such~~September ~~services.~~11, ~~Company~~2024, ~~revenue~~has isdirected ~~based~~PTA onnot ~~per~~to ~~minute~~take ~~rate~~any ~~and~~coercive ~~total~~action ~~volume~~against ofthe ~~traffic in minutes~~Company. ~~There~~The case is acurrently ~~postpaid~~at ~~billing~~the ~~invoicing~~hearing ~~cycle~~stage. ~~for~~Based ~~such~~on ~~services.~~management’s ~~Our~~assessment, ~~customers~~the ~~are~~Group considers the ~~local~~demand ~~mobile~~to ~~network~~be ~~operators~~uncertain, and ~~other~~accordingly, ~~operators~~no ~~and~~provision ~~not~~has been recognized in the ~~individuals~~financial ~~making~~statements, as the ~~calls~~outcome remains uncertain at this stage.

~~Indefeasible~~The ~~Right~~Group has filed an appeal before the High Court challenging the Ex-Partee Enforcement Order dated August 19, 2024, issued by the PTA. Under the Impugned Order, PTA has directed the Group to make a payment of ~~Use~~$0.17 ~~(IRU)~~million ~~services:~~within three days of receipt. The High Court, through its interim order dated September 11, 2024, has directed PTA not to take any coercive action against the Group. The case remains at the hearing stage. Based on management’s assessment, the Group believes that the demand is subject to uncertainty. Accordingly, no provision has been recognized in the financial statements.

ItThe isGroup ahas ~~distinct~~filed ~~performance~~an ~~obligation~~appeal ~~whereby~~before the ~~Company~~High ~~enters~~Court ~~into~~challenging athe ~~contractual~~Ex-Partee ~~agreement~~Enforcement Order dated August 19, 2024, issued by the PTA. Under the Impugned Order, PTA has directed the Group to ~~grant~~make ~~Indefeasible~~a ~~Right~~payment of ~~Use~~$0.36 ~~(IRU)~~million within three days of ~~dark~~receipt. ~~fiber~~The upHigh Court, through its interim order dated September 11, 2024, has directed PTA not to 20take ~~years~~any orcoercive ~~more.~~action ~~Revenue~~against ~~from~~the ~~IRU~~Group. ~~services~~The matter is ~~recognized~~currently at ~~point~~the inhearing ~~time~~stage. Based on management’s evaluation, ~~when~~the Group believes the ~~asset~~demand is ~~transferred~~subject to uncertainty. Accordingly, ~~and~~no aprovision ~~customer~~has ~~obtains~~been ~~control~~recognized ~~over~~in itthe financial statements.

~~Cable~~The TVCompany ~~and~~has ~~internet~~filed ~~services:~~an appeal before the High Court challenging the Ex-Partee Enforcement Order dated August 19, 2024, issued by the PTA. Under the Impugned Order, PTA directed the Company to make a payment of $0.12 million within three days of receipt. The High Court, through its interim order dated September 11, 2024, has directed PTA not to take any coercive action against the Company. The matter remains at the hearing stage. Based on management’s evaluation, the Company considers the demand to be uncertain. Accordingly, no provision has been recognized in the financial statement.

~~Cable~~27 ~~television~~Table ~~is a video delivery service provided by the Company to retail and commercial subscribers via a coaxial cable and fiber optics, whereas Internet service is the delivery~~ of data service provided by the Company to the subscribers via a coaxial cable and fiber optics. The Company is providing Fiber to the Home (“FTTH”) services which is not a distinct performance obligation, but rather a component of connectivity services. The Company charges connection and membership fees at the time of setting up of connections. Subscription revenue from Cable TV, internet over cable, cable connectivity and channels subscription fee is recognized on provision of services.Contents

~~Connection~~The ~~and~~Group ~~membership~~has ~~fees~~filed ~~are~~an ~~recognized~~appeal atbefore the ~~time~~High Court of ~~sale~~Sindh ofagainst ~~connection,~~an ~~which~~Enforcement isOrder ~~paid~~issued by the ~~customer~~PTA aton August 19, 2024. The Enforcement Order directed the ~~time~~Group to pay alleged outstanding Annual Regulatory Dues (ARDs) amounting to $0.10 million within three days of receipt of the ~~sale~~order. ofThe Group disputes the ~~connection,~~factual and itlegal ~~entitles~~basis of the ~~customer~~order toand ~~access~~has sought judicial review of the ~~cable~~matter. TVAs ~~and~~per ~~internet~~the ~~services~~interim ~~provided~~order passed by the ~~Company.~~High ~~The~~Court ~~Company~~on ~~follows~~September an11, ~~advance~~2024, ~~billing~~the ~~invoicing~~PTA ~~cycle~~has ~~for~~been ~~such~~restrained ~~services~~from taking any coercive actions in relation to the Enforcement Order.

~~Metro~~The ~~fiber~~matter ~~solutions:~~remains under hearing, and no provision has been recognized in the financial statements as at the reporting date.

~~This~~Notwithstanding ~~revenue~~the ~~stream represents point to point (P2P) connectivity~~above, the ~~latest~~outcome ~~Dark~~of ~~Fiber~~litigation ~~internet~~is ~~technology~~inherently ~~to its high-end large scale multinational companies, IT companies and leading educational institutions in major cities of Pakistan~~uncertain. ~~Dark~~If ~~Fiber~~one ~~refers~~or tomore ~~fiber~~legal ~~optic~~matters ~~networks~~were ~~with~~resolved noagainst ~~service or traffic running on~~ the ~~fiber~~Company ~~strands.~~in ~~Unlike~~a ~~managed~~reporting ~~fiber~~period ~~services,~~for ~~Dark~~amounts ~~Fiber~~in ~~gives~~excess ~~the maximum level~~ of ~~control~~management’s ~~to businesses~~expectations, ~~allowing them to use their preferred protocol and manage and maintain their own equipment. Dark Fiber has~~ the ~~capability~~Company’s tofinancial ~~offer~~condition ~~near limitless capacity, as well as providing the assurance of dedicated connectivity. It can be termed as a fiber corridor offering Committed information rate (CIR), fiber~~ and ~~data~~operating ~~services,~~results ~~making it an excellent choice~~ for ~~organizations~~that ~~who~~reporting ~~require~~period acould ~~dedicated,~~be ~~high~~materially ~~capacity,~~adversely ~~secure service~~affected. ~~Revenue from metro fiber solutions is recognized at point in time, when the asset is transferred, and a customer obtains control over it.~~

3120. ~~Table~~RECLASSIFICATION ofOF ~~Contents~~COMPARATIVE FIGURES

~~Capacity~~Certain ~~sale~~amounts ~~services:~~in the prior period’s consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income, total assets, or total liabilities.

These are the services arrangements whereby the Company enters into a contractual agreement to provide a portion of the capacity of fiber, wherein the rights are given to the customers for a longer period, i21.~~e.,~~ 20NET ~~years or more. Revenue from capacity sale services is recognized at point in time, when the asset is transferred, and a customer obtains control over it.~~REVENUE

Advertisement services:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Telecom services	$	4,572,802		$	4,369,980			12,906,078			11,923,088
Broadband services		1,252,810			252,274			2,900,664			983,201
Technology and other services		9,357			399,265			28,730			410,302
Gross Revenue		5,834,969			5,021,519			15,835,472			13,316,591
Less: Discounts		(279,759	)		(185	)		(280,254	)		(1,194	)
Less: Sales tax		(14,660	)		(4,139	)		(44,880	)		(33,238	)
Total Revenue	$	5,540,550		$	5,017,195			15,510,338			13,282,159

This revenue relates to the commercials of the different businesses, which are aired on the Company’s cable TV network. The Company offers advertisement to corporate, SME and retail customers on its in-house entertainment channels. There is vast range of advertising packages tailor-made and customized according to specific client requirements at high economical rates. Clients can opt for multiple modes of advertising like: Multiple Scroll, Multiple Logo, L-Shape, Time-checks, TVC, Documentary and Channel Branding. Advertisement income is recognized based on spots run when commercials are aired on the network. The Company follows a postpaid billing invoicing cycle for such services.Introduction

~~Technology~~The ~~services:~~Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. All revenue is recognized as our performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer and is the unit of account under ASC 606.

~~This~~Most ~~revenue~~of ~~relates~~our tocurrent ~~the~~contracts ~~sale~~with ofcustomers ~~technology~~contain ~~services~~a single performance obligation. ~~The~~For ~~Company~~contracts ~~delivered~~where awe ~~custom~~provide ~~platform~~multiple ~~for~~services, ~~the~~such ~~client.~~as Itwhere ~~entailed~~we ~~development~~perform ofmultiple aancillary ~~hybrid~~services, ~~solution~~each service represents its own performance obligation. ~~Features~~The ~~for~~standalone ~~service~~selling ~~management~~prices ~~that~~are ~~were~~based ~~not~~on ~~available~~the incontractual price for the ~~Hyperledger®~~service. ~~framework~~Our ~~were~~contracts ~~developed~~generally ~~for~~include ~~this~~standard ~~purpose~~commercial payment terms. ToWe ~~optimize~~have ~~operational~~no ~~costs,~~significant ~~the~~obligations ~~Company~~for ~~manages~~refunds, ~~its~~warranties ~~development~~or similar obligations and ~~product~~our ~~support~~revenue ~~operations~~includes sales taxes collected from ~~Pakistan~~our customers.

~~Deferred~~Disaggregation ~~revenue~~of ~~was~~Revenue ~~$505,212~~from asContracts onwith ~~June 30, 2025, and $489,107 as of December 31, 2024.~~Customers

32We ~~Table~~derive revenue from seven primary sources: (1) International Termination Services, (2) Indefeasible Right of ~~Contents~~Use (IRU), (3) Cable TV and Internet Services, (4) Metro Fiber Solutions, (5) Capacity Sale Services, (6) Advertisement Services, and (7) Technology Services.

~~21.~~28 ~~DIRECT~~Table ~~OPERATING~~of ~~COSTS~~Contents

	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Interconnect, settlement and other charges	$	4,527,330		$	3,758,272	$	8,058,188	$	6,994,460
Salaries, wages and benefits		109,736			128,503		226,476		256,179
Bandwidth and other PTCL charges		101,821			68,137		139,674		125,919
Power consumption and rent		24,677			53,493		66,979		106,289
Network maintenance and insurance		47,508			35,273		81,861		68,817
PTA fees		3,786			8,346		6,704		13,494
Cable license fee		18,883			16,179		33,681		34,738
Annual spectrum fee		-			14,955		-		29,836
Stores and spares consumed		(14	)		-		-		-
WMG Revenue share cost		255,894			-		305,767		-
Fees and subscriptions		28,386			20,605		47,156		45,432
Content cost		800			810		1,607		1,478
Security services		1,060			614		2,317		1,528
Others		(8,479	)		44,295		72,676		53,921
	$	5,111,388		$	4,149,932	$	9,043,086	$	7,732,091

The following table represents a disaggregation of revenue for the three and nine months ended September 30, 2025 and 2024:

22. FINANCE COST

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Telecom Services:
International termination services	$	4,572,802	$	4,369,980	$	12,906,078	$	11,923,088
Broadband Services:
Cable TV and Internet		1,140,325		100,996		2,570,305		327,082
Metro fiber solutions/sale /IRU		53,518		102,690		209,680		543,802
Capacity/media sale		58,967		48,588		120,679		112,317
	$	1,252,810	$	252,274	$	2,900,664	$	983,201

	Three Months Ended June 30,				Six Months Ended June 30
	2025		2024		2025		2024
Unwinding of discount on liabilities	$	51,166	$	47,547		51,166		78,464
Interest on term finance certificates		136,337		238,513		312,687		490,803
Interest on long term loan		133,261		114,043		276,742		230,700
Interest on short term borrowings		-		60,049		-		120,449
Finance charges on lease liabilities		27,813		26,339		48,336		52,880
Bank charges and commission		6,345		6,169		12,728		12,653
	$	354,922	$	492,661		701,660		985,951

International termination services:

23This service represents the international inbound traffic terminated in Pakistan via the Company’s network to local mobile network operators such as Mobilink, Zong, Telenor and Ufone. ~~TAXATION~~Revenue from terminating minutes is recognized at the time the call is made over the network of the Company. There is a postpaid billing invoicing cycle for such services. Company revenue is based on a per minute rate and total volume of traffic in minutes. There is a postpaid billing invoicing cycle for such services. Our customers are the local mobile network operators and other operators and not the individuals making the calls.

~~The~~Geographical ~~provision~~Disaggregation ~~(benefit) for income taxes for the three and six months ended June 30, 2025 and 2024 consisted~~ of ~~the following:~~Revenue

	Three Months Ended June 30,				Six Months Ended June 30,
Current provision	2025		2024		2025		2024
For the period	$	76,365	$	41,624		130,098		80,732
Prior periods		-		-		-		-
Total current provision		76,365		41,624		130,098		80,732
Deferred provision		-		-		-		-
Total provision	$	76,365	$	41,624		130,098		80,732

The Company provides a geographical disaggregation of revenue to show performance across regions which are (1) United States, (2) United Arab Emirates, and (3) Pakistan.

33The ~~Table~~details offor ~~Contents~~revenues for the nine and three months ended September 30, 2025 and 2024, are as follows:

The provision for current taxation represents minimum / final tax under the provisions of the Income Tax Ordinance, 2001 (ITO), as applicable in Pakistan.

Geographic Area	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
United States	$	11,864	$	-
United Arab Emirates	$	-	$	-
Pakistan	$	15,498,474	$	13,282,159
Total	$	15,510,338	$	13,282,159

	Three Months EndedJune 30,				Six Months Ended June 30,
Geographic Area	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024
	2025		2024		2025		2024
United States	$	6,864	$	-
Current provision
United Arab Emirates	$	-	$	-
Federal	$	-		-		-		-
Pakistan	$	5,533,686	$	5,017,195
State		-		-		-		-
Total	$	5,540,550	$	5,017,195
Foreign		76,365		41,624		130,098		80,732
Total current provision		76,365		41,624		130,098		80,732
Deferred	$	-		-		-		-
State		-		-		-		-
Foreign		-		-		-		-
Total provision		76,365		41,624		130,098		80,732

~~The~~ Long-lived ~~provision~~assets ~~for~~of ~~current~~the ~~taxation~~Company ~~represents~~as ~~minimum~~of /September ~~final~~30, ~~tax~~2025 ~~under~~and ~~the~~December ~~provisions of the Income Tax Ordinance~~31, ~~2001 (ITO)~~2024, ~~as applicable in Pakistan.~~were:

Since the Company does not have taxable income and accounting income for the three and six month periods ended June 30, 2025 and June 30, 2024, therefore minimum tax on turnover has been levied under the Income Tax Ordinance, 2001, as applicable in Pakistan and details are shown below:

Geographic Area	September 30, 2025		December 31, 2024
United States	$	10,000,688	$	-
United Arab Emirates	$	4,041,769	$	5,473,661
Pakistan	$	34,319,746	$	36,146,780
Total	$	48,362,203	$	41,620,441

~~The~~Indefeasible ~~components~~Right of ~~the~~Use ~~Company’s~~(IRU) ~~deferred income taxes as of June 30, 2025 and December 31, 2024 are as follows~~services:

	June 30,			December 31,
	2025			2024
Asset for deferred taxation comprising temporary differences related to:	Unaudited
Unused tax losses	$	15,104,949		$	15,389,335
Provision for doubtful debts		3,228,610			3,289,396
Post employment benefits		192,443			196,066
Provision for stores and spares & stock-in-trade		4,129			4,207
Provision for credit losses of advances and other receivables		276,934			282,148
Valuation allowance		(3,937,762	)		(4,011,889	)
		14,869,303			15,149,252
Liability for deferred taxation comprising temporary differences on other liabilities		(6,557,413	)		(6,680,872	)
Deferred tax asset	$	8,311,890		$	8,468,381

It is a distinct performance obligation whereby the Company enters into a contractual agreement to grant Indefeasible Right of Use (IRU) of dark fiber up to 20 years or more. Revenue from IRU services is recognized at point in time, when the asset is transferred, and a customer obtains control over it.

~~Deferred~~Cable ~~tax~~TV ~~asset on tax losses available for carry forward has been recognized to the extent that the realization of related tax benefit is probable from reversal of existing taxable temporary differences~~ and ~~future~~internet taxable profit. These unused tax losses mainly represent allowable depreciation expenses for an indefinite period. However, there are no such tax benefits which remain unrecognized into the financial statements and tax related contingencies have been adequately disclosed in note 18 of these financial statements. Management’s assertions of future taxable profits are primarily supported by projections in the Company’s business plan, which focuses on the expansion and execution of Fiber-to-the-Home (FTTH) services and other IT-based solutions. The Company believes that these initiatives are expected to generate sufficient taxable income in the foreseeable future, thereby enabling the company to utilize the carried-forward tax losses.:

ACable ~~significant~~television ~~portion~~is ofa ~~the~~video ~~deferred~~delivery ~~tax~~service ~~asset~~provided isby ~~attributable~~the Company to ~~unabsorbed~~retail ~~depreciation~~and commercial subscribers via a coaxial cable and fiber optics, ~~which~~whereas ~~continues~~Internet service is the delivery of data service provided by the Company to bethe ~~available~~subscribers ~~for~~via ~~set-off~~a ~~against~~coaxial ~~future~~cable ~~taxable~~and ~~income~~fiber ~~under~~optics. The Company is providing Fiber to the ~~Income~~Home ~~Tax~~(“FTTH”) ~~Ordinance~~services which is not a distinct performance obligation, ~~2001~~but ~~(as~~rather ~~applicable~~a incomponent ~~Pakistan)~~of connectivity services. InThe ~~accordance~~Company ~~with~~charges ~~this~~connection ~~ordinance,~~and ~~such~~membership ~~unabsorbed~~fees ~~depreciation~~at ~~can~~the betime ~~carried~~of ~~forward~~setting ~~indefinitely~~up ~~until~~of itconnections. Subscription revenue from Cable TV, internet over cable, cable connectivity and channels subscription fee is ~~fully~~recognized ~~utilized~~on provision of services.

34Connection ~~Table~~and membership fees are recognized at the time of ~~Contents~~sale of connection, which is paid by the customer at the time of the sale of the connection, and it entitles the customer to access the cable TV and internet services provided by the Company. The Company follows an advance billing invoicing cycle for such services.

~~24.~~Metro ~~RELATED~~fiber ~~PARTIES~~solutions:

~~Related~~This ~~parties~~revenue ~~comprise~~stream represents point to point (P2P) connectivity, the ~~parent~~latest ~~Company~~Dark Fiber internet technology to its high-end large scale multinational companies, ~~associated~~IT companies /and ~~undertakings,~~leading ~~directors~~educational institutions in major cities of ~~the~~Pakistan. ~~Company~~Dark ~~and~~Fiber ~~their~~refers ~~close~~to ~~relatives~~fiber ~~and~~optic ~~key~~networks ~~management~~with ~~personnel~~no ofservice or traffic running on the ~~Company~~fiber strands. ~~The~~Unlike ~~Company~~managed infiber services, Dark Fiber gives the ~~normal~~maximum ~~course~~level of ~~business~~control to businesses, ~~carries~~allowing ~~out~~them ~~transactions~~to ~~with~~use ~~various~~their ~~related~~preferred ~~parties~~protocol and manage and maintain their own equipment. ~~Credit~~Dark ~~terms~~Fiber ~~with~~has ~~related~~the ~~parties~~capability ~~are~~to ~~more~~offer ~~than~~near ~~normal~~limitless ~~business~~capacity, ~~arrangements~~as well as providing the assurance of dedicated connectivity. ~~Amounts~~It ~~due~~can ~~from~~be termed as a fiber corridor offering Committed information rate (CIR), fiber and ~~due~~data toservices, ~~related~~making ~~parties~~it ~~are~~an ~~shown~~excellent ~~under~~choice ~~respective~~for ~~notes~~organizations towho ~~these~~require ~~financial~~a ~~statements~~dedicated, high capacity, secure service. Revenue from metro fiber solutions is recognized at point in time, when the asset is transferred, and a customer obtains control over it.

	Three Months EndedJune 30,				Six Months EndedJune 30,
	2025		2024		2025		2024
Worldcall Cable (Private) Limited Interest charges	$	268	$	492	$	550	$	981
Worldcall Cable (Private) Limited expense born on behalf of associate		18		-		18		-
Worldcall Ride Hail (Private) Limited expense born on behalf of associate	$	-	$	-	$	-	$	-
Worldcall Ride Hail (Private) Limited Interest charges	$	4	$	4	$	4	$	8
Key management personnel Advances against expenses disbursed (adjusted) - net	$	23,280	$	1,593	$	41,970	$	183

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	June 30,		December 31,
	2025		2024
	(Unaudited)
Balances (Due to) Due from Related Parties
Worldcall Cable (Private) Limited Other receivable	$	13,643	$	13,326
Worldcall Ride Hail (Private) Limited Other receivable	$	106	$	104

Capacity sale services:

AsThese onare ~~June~~the 30services arrangements whereby the Company enters into a contractual agreement to provide a portion of the capacity of fiber, ~~2025~~wherein ~~and~~the ~~December~~rights 31are given to the customers for a longer period, ~~2024~~i.e., ~~the~~20 ~~outstanding~~years ~~balance~~or more. Revenue from ~~key~~capacity ~~management~~sale ~~personnel~~services ~~was~~is ~~approximately~~recognized ~~$362,314~~at ~~and~~point ~~$542~~in time,~~185,~~ ~~respectively~~when ~~against~~the ~~miscellaneous~~asset ~~expenses~~is ~~including~~transferred, ~~salaries~~ and ~~other~~a ~~employee~~customer ~~benefits,~~obtains ~~etc~~control over it.

~~The~~Advertisement Company owes approximately $0.47 million and $0.71 million in interest free loans from its director, Babar Ali Syed, as of June 30, 2025 and December 31, 2024, respectively, which is repayable at the discretion of the Company.services:

25This revenue relates to the commercials of the different businesses, which are aired on the Company’s cable TV network. ~~SUBSEQUENT~~The ~~EVENTS~~Company offers advertisement to corporate, SME and retail customers on its in-house entertainment channels. There is vast range of advertising packages tailor-made and customized according to specific client requirements at high economical rates. Clients can opt for multiple modes of advertising like: Multiple Scroll, Multiple Logo, L-Shape, Time-checks, TVC, Documentary and Channel Branding. Advertisement income is recognized based on spots run when commercials are aired on the network. The Company follows a postpaid billing invoicing cycle for such services.

~~Subsequent~~Technology to the period end, Pakistan Telecommunications Authority (PTA) through an order dated July 21, 2025 has renewed the Long Distance International (LDI) license of the company subject to the fulfilment of certain requirements within thirty days of issuance of the said order.services:

35This ~~Table~~revenue relates to the sale of ~~Contents~~technology services. The Company delivered a custom platform for the client. It entailed development of a hybrid solution. Features for service management that were not available in the Hyperledger® framework were developed for this purpose. To optimize operational costs, the Company manages its development and product support operations from Pakistan.

Deferred revenue was $234,850 as of September 30, 2025, and $489,107 as of December 31, 2024.

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22. DIRECT OPERATING COSTS

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interconnect, settlement and other charges	$	4,258,818	$	4,172,966	$	12,317,006	$	11,167,426
Salaries, wages and benefits		110,078		140,147		336,554		396,326
Bandwidth and other PTCL charges		35,470		140,171		175,144		266,090
Power consumption and rent		30,871		85,622		97,850		191,911
Network maintenance and insurance		36,078		23,898		117,939		92,716
PTA fees		7,747		3,512		14,451		17,006
Cable license fee		14,664		17,217		48,345		51,955
Annual spectrum fee		-		61		-		29,897
Stores and spares consumed		-		-		-		-
WMG Revenue share cost		231,386		-		537,153		-
Fees and subscriptions		21,409		27,672		68,565		73,104
Content cost		803		1,082		2,410		2,560
Security services		1,062		1,387	3,379			2,915
Others		68,012		33,422		140,687		87,342
	$	4,816,398	$	4,647,157	$	13,859,483	$	12,379,248

23. FINANCE COST

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Unwinding of discount on liabilities	$	79,453	$	161		130,619		78,625
Interest on term finance certificates		136,864		244,633		449,551		735,436
Interest on long term loan		152,471		108,593		429,213		339,293
Interest on short term borrowings		-		60,507		-		180,956
Finance charges on lease liabilities		24,073		26,067		72,409		78,947
Bank charges and commission		11,233		5,873		23,963		18,527
	$	404,094	$	445,834		1,105,755		1,431,784

24. TAXATION

The provision (benefit) for income taxes for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
Current provision	2025		2024		2025		2024

For the period	$	66,760	$	97,623		196,858		193,269
Prior periods		-		-		-		-
Total current provision		66,760		97,623		196,858		193,269
Deferred provision		-		-		-		-
Total provision	$	66,760	$	97,623		196,858		193,269

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The provision for current taxation represents minimum / final tax under the provisions of the Income Tax Ordinance, 2001 (ITO), as applicable in Pakistan.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Current provision
Federal	$	-		-		-		-
State		-		-		-		-
Foreign		66,760		97,623		196,858		193,269
Total current provision		66,760		97,623		196,858		193,269
Deferred	$	-		-		-		-
State		-		-		-		-
Foreign		-		-		-		-
Total provision		66,760		97,623		196,858		193,269

The provision for current taxation represents minimum / final tax under the provisions of the Income Tax Ordinance, 2001 (ITO), as applicable in Pakistan.

Since the Company does not have taxable income and accounting income for the three and nine month periods ended September 30, 2025 and September 30, 2024, therefore minimum tax on turnover has been levied under the Income Tax Ordinance, 2001, as applicable in Pakistan and details are shown below.

The components of the Company’s deferred income taxes as of September 30, 2025 and December 31, 2024 are as follows:

	September 30,			December 31,
	2025			2024
Asset for deferred taxation comprising temporary differences related to:	Unaudited

Unused tax losses	$	15,230,935		$	15,389,335
Provision for doubtful debts		3,255,539			3,289,396
Post employment benefits		194,048			196,066
Provision for stores and spares & stock-in-trade		4,163			4,207
Provision for credit losses of advances and other receivables		279,244			282,148
Valuation allowance		(3,970,606	)		(4,011,889	)
		14,993,323			15,149,252
Liability for deferred taxation comprising temporary differences on other liabilities		(6,612,106	)		(6,680,872	)
Deferred tax asset	$	8,381,217		$	8,468,381

Deferred tax asset on tax losses available for carry forward has been recognized to the extent that the realization of related tax benefit is probable from reversal of existing taxable temporary differences and future taxable profit. These unused tax losses mainly represent allowable depreciation expenses for an indefinite period. However, there are no such tax benefits which remain unrecognized into the financial statements and tax related contingencies have been adequately disclosed in note 18 of these financial statements. Management’s assertions of future taxable profits are primarily supported by projections in the Company’s business plan, which focuses on the expansion and execution of Fiber-to-the-Home (FTTH) services and other IT-based solutions. The Company believes that these initiatives are expected to generate sufficient taxable income in the foreseeable future, thereby enabling the Company to utilize the carried-forward tax losses.

A significant portion of the deferred tax asset is attributable to unabsorbed depreciation, which continues to be available for set-off against future taxable income under the Income Tax Ordinance, 2001 (as applicable in Pakistan). In accordance with this ordinance, such unabsorbed depreciation can be carried forward indefinitely until it is fully utilized.

1) Negative evidence

The Company has experienced recent cumulative losses for the three-year periods ended December 31, 2024, 2023 and 2022, which may represent significant negative evidence under ASC 740-10-30-23. These cumulative losses indicate uncertainty regarding the Company’s ability to generate sufficient taxable income in the near future to realize the deferred tax assets.

2) Positive evidence

Deferred tax assets arising from unabsorbed depreciation have an indefinite carryforward period, eliminating concerns about expiration and providing a strong source of positive evidence.

The Company has already recognized a partial valuation allowance of $3,970,606 to the extent that the deferred tax is not considered recoverable. Exercising prudence, management of the Company has estimated future profitability. Based on this assessment, it was determined that while sufficient taxable profits may not be available in the immediate short term to utilize the full balance, a significant portion remains realizable in the foreseeable future.

It is also important to note that under the Income Tax Ordinance, 2001 (the primary law governing income tax in Pakistan)(the “Tax Ordinance”), business losses can generally be carried forward for up to six years; however, only 10% of the Company’s total carryforward losses relate to business losses, while the remaining 90% represent unabsorbed depreciation. Unabsorbed depreciation can generally be carried forward indefinitely under the Tax Ordinance. This provides strong positive evidence supporting the recognition of deferred tax assets in the Company’s’ books of accounts.

While the existence of cumulative losses may carry significant negative weight, management has noted consistent reduction in the Company’s losses before tax over the past three years; decreasing from $12 million in 2022 to $8 million in 2023, and further to $2.7 million in 2024. It is also noteworthy that cash flow from operating activities turned positive in 2024, further strengthening the Company’s ability to generate sustainable operating cash inflows and support future taxable profits. Considering these historically positive trends, the Company has significantly reduced the negative weight of cumulative losses as it believes this demonstrates a steady improvement in operating performance and indicates movement towards profitability.

Management has prepared detailed internal financial projections, reflecting anticipated revenue growth from telecom, broadband and IT business. New products of IT, establishing a dedicated data center (center of excellence) are ready to launch in the market and contracts with customers are believed to be imminent. The Company would initially serve the US market and thereafter, would seek to expand and explore international markets like the United Kingdom (UK) and UAE. The Company believes that these projections demonstrate sufficient future taxable income to support realization of the deferred tax assets. The Company is expecting taxable temporary differences to reverse in future periods, which will generate taxable income against which the deferred tax assets may be realized.

Overall, the Company believes that the combination of the indefinite carryforward of unabsorbed depreciation, the reversal of taxable temporary differences, positive historical trends demonstrating reductions in cumulative losses and reasonable forecasts of future taxable income, provide sufficient positive evidence to outweigh the recent cumulative losses negative weight.

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25. RELATED PARTIES

Related parties comprise the parent Company, associated companies / undertakings, directors of the Company and their close relatives and key management personnel of the Company. The Company, in the normal course of business, carries out transactions with various related parties. Credit terms with related parties are more than normal business arrangements. Amounts due from and due to related parties are shown under respective notes to these financial statements.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Worldcall Cable (Private) Limited Interest charges	$	298		$	1		$	848		$	982
Worldcall Cable (Private) Limited expense born on behalf of associate		-			-			-			-
Worldcall Ride Hail (Private) Limited expense born on behalf of associate	$	-		$	7		$	-		$	7
Worldcall Ride Hail (Private) Limited Interest charges	$	4		$	(1	)	$	7		$	7
Key management personnel Advances against expenses disbursed (adjusted) – net	$	(84,234	)	$	-		$	(42,284	)	$	183

	September 30,		December 31,
	2025		2024
	(Unaudited)
Balances (Due to) Due from Related Parties
Worldcall Cable (Private) Limited Other receivable	$	14,037	$	13,326
Worldcall Ride Hail (Private) Limited Other receivable	$	110	$	104

As on September 30, 2025 and December 31, 2024, the outstanding balance from key management personnel was approximately $339,392 and $542,185, respectively against miscellaneous expenses including salaries and other employee benefits, etc.

The Company owes approximately $0.34 million and $0.71 million in interest free loans from its director, Babar Ali Syed, as of September 30, 2025 and December 31, 2024, respectively, which is repayable at the discretion of the Company.

26. GOING CONCERN AND RISKS RELATED TO WTL

GOING CONCERN UNCERTAINTY

Worldcall Telecom Limited (WTL) has incurred recurring losses from operations, has overdue borrowings, and is dependent on continued financial support from its shareholders, including the Company, to meet its obligations. These conditions raise substantial doubt about WTL’s ability to continue as a going concern.

Risks and Restrictions

Pursuant to ASC 810-10-50, the Company has considered risks and restrictions relating to WTL, including:

	·	Restrictions on transfer of funds: Due to WTL’s financial condition and local regulatory environment, there are restrictions on the upstreaming of dividends and other transfers of cash to the Company.
	·	Exposure to losses: As majority shareholder and financial supporter, the Company may be required to provide additional financial support to WTL in the future.
	·	Carrying amounts: As of September 30, 2025, WTL’s consolidated assets and liabilities included in the Company’s consolidated balance sheet were approximately $64.54 million and $47.74 million, respectively.

Management will continue to monitor WTL’s financial condition, liquidity requirements, and regulatory environment. Any material changes in WTL’s ability to continue as a going concern or transfer funds to the Company will be disclosed in future filings.

27. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

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

You should read this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we currently expect. The forward-looking statements contained herein should not be relied upon as representing our assessments as of any date subsequent to the date of this Quarterly Report on Form 10-Q.

All dollar amounts provided herein which are designated by a “$” are reported in U.S. dollars.

The following is a discussion of our consolidated financial condition and results of operations for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, and other factors that are expected to affect our prospective financial condition. The following discussion and analysis should be read together with our Condensed Consolidated Financial Statements and related notes of this Quarterly Report on Form 10-Q above and our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 27, 2025. Some of the statements set forth in this section are forward-looking statements relating to our future results of operations. Our actual results may vary from the results anticipated by these statements. Please see “Cautionary Note Regarding Forward-Looking Statements” above.

Certain capitalized terms used below but not otherwise defined, are defined in, and shall be read along with the meanings given to such terms in, the notes to the unaudited financial statements of the Company for the three and ~~six~~nine months ended ~~June~~September 30, 2025, above.

In addition, unless the context otherwise requires and for the purposes of this Report only:

· “Exchange Act” refers to the Securities Exchange Act of 1934, as amended; · “SEC” or the “Commission” refers to the United States Securities and Exchange Commission; · “Securities Act” refers to the Securities Act of 1933, as amended; · “WorldCall Private” refers to Worldcall Services (Private) Limited, incorporated on October 5, 2009, as a private limited Company in Pakistan under the Companies Ordinance 1984 (Repealed) now Companies Act 2017, which facilitates channel placement and ancillary services for WorldCALL Public (defined below). · “WorldCALL Public” or “WTL” means WorldCALL Telecom Limited, a publicly traded company in Pakistan, formed as a Public Limited Company in Pakistan on March 15, 2001, under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). We currently own 55% of WorldCALL Public.

Available Information

The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Exchange Act, are filed with the SEC. The Company is subject to the informational requirements of the Exchange Act and files or furnishes reports, proxy statements and other information with the SEC. Such reports and other information filed by the Company with the SEC are available free of charge at our website (www.globaltechcorporation.com) under “Investor” – “SEC Filings”, when such reports are available on the SEC’s website. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. The Company periodically provides other information for investors on its corporate website, www.globaltechcorporation.com. This includes press releases and other information about financial performance, information on corporate governance and details related to the Company’s annual meeting of shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.

Reverse Stock Split

At our 2024 Annual Meeting of stockholders held on December 5, 2024, stockholders holding a majority of our outstanding voting shares, approved the filing of an amendment to the Company’s Articles of Incorporation, as amended (and restated) to approve a reverse stock split of the Company’s outstanding common stock, by a ratio of between one-for-two to one-for-ten inclusive, with the exact ratio to be set at a whole number to be determined by our Board of Directors or a duly authorized committee thereof in its discretion, at any time after approval of the amendment and prior to December 5, 2025 (the “Stockholder Authority”). To date the Board of Directors (the “Board”) has not yet authorized a reverse stock split ratio; however, we anticipate filing a Certificate of Amendment to our Articles of Incorporation to affect the Reverse Stock Split with the Secretary of State of Nevada prior to the planned uplisting of our common stock on the Nasdaq Capital Market and such Reverse Stock Split being effective prior to the date our common stock is uplisted to the Nasdaq Capital Market, if ever. The reverse stock split is intended to allow us to meet the minimum share price requirement of the Nasdaq Capital Market, of which there can be no assurance. We do not currently meet the uplisting requirements of the Nasdaq Capital Market and may not meet such requirements in the future.

Because the Reverse Stock Split has not been affected to date, and no final Reverse Stock Split ratio has been approved to date, the information set forth in this Report has not been adjusted, retroactively or prospectively, for such Reverse Stock Split.

Overview

We are a technology holding company. As a technology holding company, we have infrastructure assets that form the backbone of our Telecom, Cable TV and Broadband service offering. The Company is also engaged in development of software products and solutions that are offered as standalone service offering to clients.

We are engaged in Telecom, Media and Broadband operations through our subsidiary in Pakistan. We are a leading cable and broadband operator in Pakistan and a prominent broadband communication services company providing video and broadband internet services in major cities of Pakistan through Hybrid Fiber Coaxial (HFC) and state-of-the-art fiber optic networks. We also provide fiber optic network connectivity services to corporations including telecom operators. For corporate and consumers’ segments, we also provide Fiber to the Home (FTTH) connectivity for broadband and cable TV services. We also offer international voice/data interconnect services with a principal focus on the termination of international voice traffic into Pakistan.

~~including~~34 ~~telecom~~Table operators. For corporate and consumers’ segments, we also provide Fiber to the Home (FTTH) connectivity for broadband and cable TV services. We also offer international voice/data interconnect services with a principal focus on the termination of ~~international voice traffic into Pakistan.~~Contents

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Under our technology development initiative, we have also developed and matured software products and services, targeting emergent opportunities in AI & Big data.

AI & Big data

Artificial Intelligence (AI) maturity as a technology and its availability at reasonable pricing is impacting the conduct of business across a wide spectrum of industries. Artificial Intelligence with its ability to deliver actionable insight on a specific data-set impacts the Company’s decision-making processes and it further streamlines workflows for cost, time and operational efficiency. We believe this presents an opportunity to target existing market applications and requirements that can be better serviced by using new tools available for solutions development and delivery in the AI domain. In big data applications, data ingestion, curation and analysis, powered by technology stack available under AI, is being facilitated by enhanced processing power and development of customized algorithms for specific requirements. Cloud and hosting infrastructure is also maturing at pace with industry requirements.

In order to monitor for potential algorithmic drift or hallucinations in our open-source AI products, we have implemented a monitoring framework that tracks key model performance metrics (including accuracy and F1-score - a statistical measure used to evaluate how well an AI model is performing, taking into account precision and recall) and evaluates data distribution shifts against established baselines, utilizing open-source monitoring tools such as Evidently AI and WhyLabs.

We have also taken various steps to help mitigate algorithmic hallucinations, including implementing proactive testing using benchmark datasets (internal) and adversarial red teaming (i.e., deliberately stress-testing a model in order to uncover weaknesses, blind spots, or vulnerabilities) to seek to uncover model weaknesses. We have also established continuous monitoring through real-time observability tools that track confidence scores, user feedback, and seek to track anomaly detection in production. Mitigation involves implementing automated retraining pipelines triggered by performance decay, regularly updating models with fresh, curated data, and employing techniques like continual learning to adapt to new patterns, thereby ensuring the model remains accurate and reliable in a dynamic real-world environment.

Our core focus for software development is on regulatory compliance assurance (including risk mitigation solutions), integrated e-commerce with ERP offerings and big data platforms. We believe our focus areas for software development have robust market credentials in terms of existing market and good future growth potential down the line. We believe that a major part of our existing market in these target segments will need to migrate to better, faster and more cost-efficient offerings developed using the latest technology stack. We believe that our focus areas represent significant opportunity as a major portion of the current market is serviced by technology products that are not AI ready or enabled and would need significant development to transform into a more competitive product.

The Company also operates a Center of Excellence (CoE) for AI & Big Data services to support our software solutions development and sales. It includes a wide -reaching industry engagement initiative to enable co-creation and collaborative software developments. A curated portfolio of significant products is showcased on our website and certain significant products are also marketed through their own dedicated branding with independent web and social media presence.

Telecom, Broadband and Cable TV Operations

Long Distance and International Operations

The Company maintains a robust infrastructure and international interconnect portfolio for its international traffic operations. The operations target voice traffic coming to Pakistan principally originating from the overseas Pakistani population calling home and not any significant business / corporate originations. Traditional traffic origination points are Middle Eastern countries, the United Kingdom, and North America. Termination of voice traffic is highly regulated in Pakistan and the Company has been in operation since 2004 in this segment of operations.

International voice termination into Pakistan is a major revenue stream for the Company and it increased by $0.6120 million and $0.7898 million for the three and ~~six~~nine months ended ~~June~~September 30, 2025, compared to ~~June~~September 30, 2024, respectively. The increase in volume of traffic facilitated by additional capacity offering to our middle east client contributed to this revenue growth.

Broadband and Cable Operations

The Company has nearly 1,900 kilometers (1,180 miles) of fiber optic infrastructure deployed across 20 major cities of Pakistan with a potential ability to access a market of almost 3 million households for subscriber acquisition. We believe that this is a major asset moving forward as access to subscriber concentration points is essential for our future strategy. Our focus areas remain on upgrade of our existing HFC subscriber base to FTTH which has continued for this year.

Broadband customers increased as of ~~June~~September 30, 2025, compared to December 31, 2024, through our offering of more affordable broadband only service on FTTH and additional broadband revenues of $01.92 million were recorded infor ~~June~~the nine months ended September 30, 2025. It is expected that growth in subscribers will continue with additional investments in subscriber acquisitions. Additionally, we migrated part of our subscriber base on Hybrid Fiber Coaxial (HFC) network to a more robust Fiber to the Home (FTTH) offering.

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Video revenue decreased in the three and ~~six~~nine months ended ~~June~~September 30, 2025, compared to 2024, primarily due to a decline in the number of residential video customers, partially offset by an increase in average rates. We expect that the number of residential video customers will continue to decline as viewers are using streaming services and dropping cable television bundled services. We expect this trend to continue.

Technology Services and Products

Our revenues for software development and solution sales increased during the year. The Company delivered software based on Hyperledger® platform for a UK based client. The Company delivered a custom platform for the client. It entailed development of a hybrid solution that enabled the Hyperledger based platform to deliver permissioned connectivity with automated KYC integration. Features for service management that were not available in the Hyperledger® framework were developed for this purpose. The segment is observing additional revenues so additional growth is expected as more products are maturing into commercial offerings and additional sales are being targeted in this segment of operations. The Company has also upgraded its internal software for commercial offering across various segments. Billcare (www.billcare.io) has been developed, focusing on subscriber billing for the cable industry and is being launched in the US market.

Moving forward we expect revenue contributions from technology operations and services to increase significantly.

The Company has the following significant products and services in its technology offerings:

Digital Lending Platform

CADNZ is a unique AI ready – Enabled Digital Lending Platform that seeks to deliver frictionless operational excellence. The platform incorporates the latest technology framework. For AI readiness, the Company has developed a robust data-management solution including data-warehousing, a customized ETL (Extract, Transform and Load) engine that can handle a wide set of data integration requirements and seamless connectivity scheme that can facilitate integration of third-party applications as per client requirements. A reporting engine delivers actionable insights along with trigger automations that can identify and highlight areas of intervention independently. Data structure has also been enabled for future AI integration for specific client requirements. We believe that CADNZ is an ideal solution for small to medium sized banks and credit unions. It replaces multiple fragmented system deployments by allowing for the integration of all functionalities into a single hub. CADNZ automates workflows, empowering banking staff to focus on customer engagements and business growth delivering seamless interactions for both clients and customers. CADNZ is specifically developed for the US banking sector and we believe that this has huge potential. In the future, the Company plans to offer this product in Europe, the UK and the Middle East. We believe that this project has potential to generate significant revenues for the Company moving forward.

CADNZ, is designed to support future AI features, but does not currently contain any such AI features and as such is not classified as an AI-powered product. The structure of CADNZ allows for the integration of AI engines in the future to improve features and productivity. However, these AI services may or may not be provided, depending on the client’s choice.

The estimated market size of the global digital lending market was $11.3 billion in 2022 and is expected to grow to $30.8 billion in 2030, according to a May 2022 report by Vantage Markets Research.

The Company hopes to launch CADNZ commercially during the fourth quarter of 2025. Client demos are already in progress and the Company believes that the product is deployment ready. Enhancements are planned post commercial activation and work on the same has already been initiated. At present, the primary focus is on execution of go-to-market plan. The Company estimates $0.5 million to $0.7 million as the costs to be incurred for commercial activation focused on client on-boarding.

The primary sources of revenues from CADNZ are expected to be from annual subscriptions and one time on-boarding fees. Add-ons for third party services integrated into the platform may also provide an additional revenue stream.

Compliance Assurance and Risk Mitigation

Under the auspices of the Company’s AI & Big Data Center of Excellence (CoE) initiative, the Company has worked to strengthen the collaborative development of products that make use of the latest technology stacks targeting compliance delivery and risk mitigation for various applications in law enforcement and the financial sector. Three products have been curated for global operations. These are cocreation initiatives where Go-to-Market and sales in respective territories are the responsibility of the Company.

EntityScan is focused on individual and corporate listings for usage by banks and law enforcement agencies for intelligent sanction and criminal screening for compliance and risk management. The core database is connected to a significant number of sources and is updated in near to real-time for its data points by reviewing daily updates as released by respective entities. ETL processing for uniformity is ensured and query results are further curated for accuracy and relevance. AI is deployed for curation of data (exact and fuzzy match) and processing of distorted images.

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EntityScan uses AI to address key challenges in intelligent screening. It helps resolve issues like name and entity ambiguity through advanced fuzzy matching, and it extracts important data from poor-quality images using computer vision technology. This combined AI approach improves raw, unstructured data, making it more accurate and reliable. We believe that this results in an effective screening service, particularly in compliance and risk management where precision is essential.

To build this resource, EntityScan pulls data from various trusted sources, including sanctions lists, law enforcement databases, and corporate records, often in hard-to-use formats like scanned PDFs. Its AI processes automate the extraction and scrubbing of this data in near real-time. Each AI process undergoes extensive testing to ensure it works reliably and securely, with top-notch protection of data both in transit and at rest.

EntityScan’s system uses multiple layers of security and checks, including pre-launch testing, confidence scoring, human review for uncertain results, and ongoing monitoring, ensuring its AI-driven screening remains accurate and minimizes the risks of errors, especially in high-stakes environments like compliance and law enforcement.

EDFI-AI (Enhanced Digital Financial Information powered by AI is focused on predictive and pre-emptive transaction analysis that can be deployed in any transactional space for identification of suspicious and fraudulent activities. A proprietary framework ETL, processes and populates a database with historic data, curates the relationship schematics into a graphical representation of transactions collapsed for simplicity and ready analysis. Once the system is deployed, transactions can be monitored on multiple data points in parallel to isolate any anomalous behavior that may require intervention to ensure compliance. EDFI-AI as a product is primarily structured for banks. AI is deployed for a network analysis engine and use of graph database.

EDFI-AI uses AI-driven network analysis to detect fraud in financial institutions. It processes transactional data into a dynamic graph where entities (like accounts and customers) are connected by transactions. Sophisticated AI models analyze this data in real-time to help to identify fraud, money laundering, and other risks that traditional rule-based systems may miss. It continually adapts to evolving threats, reducing false positives. This system uses enterprise-grade data and internal AI models built with open-source technologies. It carefully measures accuracy using metrics like False Positive Rate, False Negative Rate and Precision/Recall balance, helping to ensure continuous improvement through feedback systems and performance monitoring.

HyperLocal PEP Scan is focused on identifying and classifying Politically Exposed Persons for financial institutions. The HyperLocal PEP listing is further augmented by review of local data to deliver a hyperlocal Politically Exposed Persons (PEP) tool. Local data ingestion is further augmented by AI enabled search tools used in facial recognition and RCA (Relatives and Close Associates) development. PEP handling by financial institutions is highly regulated and sensitive and our HyperLocal PEP Scan delivers a robust solution which is much faster to deploy with a much higher degree of accuracy than competitors’ products.

HyperLocal PEP Scan uses AI to enhance the search and mapping of politically exposed persons (PEPs). It processes localized data to find PEPs missed by global lists and builds detailed networks of PEPs. It also uses AI for facial recognition and relationship mapping across various data sources, ensuring high accuracy through validation and feedback.

This portfolio of projects is ready for commercial sale and is being marketed for global deployment in US and international markets.

According to a report by Grandview Research, the global enterprise governance, risk and compliance market size was estimated at $62.9 billion in 2024 and is expected to grow at a 13.2% compounded annual growth rate through 2030.

ERP with e-commerce integration

Our Thrivo.AI platform is being developed by the Company to integrate retail centric ERP with AI enabled e-commerce offerings. We believe that current e-commerce offerings provide limited data insight to business owners related to actual decision matrices that can translate into sales on their storefront. The Company is developing an e-commerce platform offering that would capture additional data points related to sales maturity and deliver actionable insight to business owners for improved sales conversion. AI tools are being used for creating the data-management solution and BI dashboard development. We believe that it offers unique competitive advantages for small to midsized retail operations that require additional actionable insights in the changing landscape of business operations. Thrivo.AI directly contributes towards enhanced efficiency, agility and business resilience of its clients. Thrivi.AI is being packaged in a modular architecture to ensure a smooth on-boarding of clients in the least cumbersome manner with additional cost efficiency as it delivers all-in-one integration. It is targeted to replace disparate offerings that functionally deliver ERP, retail management and e-commerce in standalone architecture.

Thrivo AI leverages internal transactional data to optimize retail performance. Using client data, it enables targeted customer segmentation, predicts customer behavior, and provides insights on sales funnels, inventory management, and dynamic pricing. These features seek to help businesses boost revenue by improving customer retention and acquisition.

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According to an August 2023 report by Markets and Markets, the total eCommerce platform market size is projected to grow from $7.1 billion in 2023 to $13.5 billion in 2028.

Client demos of our Thrivo.AI platform are planned for the ~~third~~fourth quarter of 2025, with a planned commercial launch later in the fourth quarter of 2025, with the ERP integration expected to be finalized in the second quarter of 2026. We currently estimate a cost of $0.2 million to $0.3 million for the E-commerce module (platform) and another $0.5 million to $0.7 million for the retail ERP development completion and integration.

We expect to generate revenue through this platform through one-time on-boarding fees and reoccurring quarterly revenues through revenue share from the enhanced sales expected to be delivered from the platform.

Sports League Management System

We are engaged in development of a sports league management system ‘SLMS’, for a major team sport, i.e., baseball and softball. We believe that this product has a significant market and that we have the technology assets available to deliver a highly agile and competitive product.

To ensure an earliest possible time to market for this product, the Company recently acquired a core software platform, the “Crickslab Core Engine” from CricksLab L.L.C-FZ (“CricksLab”). The acquisition of the core engine delivers core functionalities and the Company is focused on developing an application layer for baseball and softball. The acquired SLMS provides all functionalities related to player, team, league and tournament management. It also includes functionalities of live broadcasting (Video and Scoring), statistics and scoring. CricksLab platform is used by national cricket boards of Italy, Kuwait, Qatar and Pakistan for national management of cricket. Under the acquisition agreement, CricksLab is committed to fully supporting product development on the acquired platform.

We are currently developing an application layer and customizing the core engine product handling to include additional features related to video analytics on live streaming, merchandizing, much wider social media engagement automations and community engagement services for the benefit of end-users.

Video analytics on live streaming is being implemented to open additional avenues of business engagement related to talent identification services, coaching services and talent management services. The community engagement module is being enhanced significantly to target a much wider segment in the addressable market compared to current application.

According to a report by Fortune Business Insights, the global sports management software market size was estimated to be valued at $312 million in 2024, and to grow to $1.25 billion by 2032.

We are targeting the fourth quarter of 2025 for the launch of the League/Club/Team/Player Management, Game Day and Scoring part of our sports league management system and the first or second quarter of 2026 for the ~~for~~ live streaming, coaching, merchandizing and community management modules of our sports league management system. In the meantime, we plan to begin product demos in the ~~third~~fourth quarter of 2025 across various markets. We estimate the cost of launching this product at between $0.25 million to $0.4 million.

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We expect to generate ongoing monthly subscriptions revenues with annual contracts for basic services, and additional fees for activation of enhanced features of our sports league management system.

Telecommunications Services

WorldCALL Public’s LDI Network provides local and international interconnect services to customers and other telecommunications providers in Pakistan using its LDI network. It is one of the largest LDI networks in Pakistan. The current capacity of WorldCALL Public’s network is nearly 8 million minutes per day of traffic.

Below is a table of quantifying WorldCALL Public’s telecommunications customers for each period presented and information on other telecommunications providers to which it provides services:

Category

September 30, 2025

December 31, 2024

December 31, 2023

Total Telecommunication Customers

The Company also provided telecommunication services to five non-customer operators as of September 30, 2025, December 31, 2024 and 2023, from whom no revenue is recognized by the Company. Instead, these operators function as vendors with whom the Company maintains interconnection arrangements to facilitate seamless communication across networks. Through these arrangements, the Company provides traffic to these operators, which they terminate to the relevant end user. These operators invoice the Company for their interconnect service.

Summary Table for Services offered

S.No.	Service	Service Area	End-Consumer
1	Long Distance and International (LDI)	National
1a	Bulk Sales		Telecom Operators
1b	Call termination charged per minute		Telecom Operators
2	Broadband
2a	Fiber to the Home (FTTH)	Lahore	Corporate/Residential
2b	Hybrid Fiber Coaxial (HFC)	Lahore / Karachi / Islamabad	Residential
2c	Affordable Broadband	Lahore / Karachi / Islamabad	Resellers/Residential
2d	Fiber Optic connectivity		Telecom Operators/ Corporate
3	Cable TV
3a	Analog and Digital Service (FTTH)	Lahore	Corporate/Residential
3b	Analog and Digital Service (HFC)	Lahore / Karachi / Islamabad	Residential
3c	Analog and Digital Service (Fiber Optic)	Lahore / Karachi / Islamabad / Multan /	*Local Cable Operator/ Local Loop Operator
		Faisalabad
4	Technology Services	International	Non-Residential
4a	Banking software	International	Non-Residential

*We provide Analog and Digital services via our Fiber Optic network to local cable operators, wherein each of the local operators reduces capital costs by receiving our service rather than installing equipment for receiving programming directly from Networks.

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Pricing information for the listed services is as follows.

Service 1a is charged at bulk monthly rates with unlimited volumes of traffic. The origination operator is able to generate additional volumes by offering discounted calling rates for Pakistan and local Pakistani operators connected to the Company’s LDI networks which benefits from additional income by utilization of vacant capacity on the interconnect. The Company’s margin is fixed irrespective of the volume of traffic.

Service 1b is charged on per minute of traffic (on per second incremental basis) to the originating party along with a corresponding termination rate charged by the terminating party connected to the Company’s LDI network.

Services 2a and 3a are direct fiber connectivity to the end user through Fiber to the Home (FTTH) architecture. Service is charged as per subscription opted by the end user, and includes cable TV and broadband data. Cable TV offerings further ~~includes~~include the option for analogue, digital or both services.

Services 2b and 3b are direct hybrid fiber coaxial (HFC) connectivity to the end user. Service is charged as per subscription opted by the end user and includes cable TV and broadband data. Cable TV offerings further include options to have analogue, digital or both services. Compared to FTTH, HFC offers a lower capacity broadband connectivity for the end-user.

Service 2c is connecting local resellers to the Company’s backbone where service offerings and packaging is done by the Company and local loop operators only manage subscriber services for connectivity and network maintenance. The Company charges individual packages on a pre-paid top-up basis.

Service 2d provides backhaul and core network connectivity for telecom operators along with P2P links for corporate data connectivity. Telecom operator’s charges are on a long-term lease basis with O&M charged on an annual basis for a specific length of fiber optic network deployment. For corporate clients, this includes one-time charges for network deployment with monthly O&M.

Service 3c connects and provides local cable operators and local loop operators with the Company’s Cable TV services (Analogue and Digital).

The connection is made on fiber optic cable to end-user premises and further distribution is handled by local loop operators through their own resources.

Service 1 is monitored for volume of traffic and applicable rates. Services 2a, 2b, 2c, 3a and 3b are monitored on a subscriber connected basis.

Services 2d and 3c are monitored for new sales and a Service Level Agreement (SLA) is delivered for existing customers.

Service 4a, for our software development services, the Company charges on a delivery basis with prices for services and products, as per negotiated contract terms with clients.

Service 4b, for software products, the charges are on an annual and /or monthly subscription basis along with options for charging on a per query and /or usage basis.

Recent Events

CricksLab Core Engine Agreement

On April 7, 2025, the Company entered into, and closed the transactions contemplated by, a Core Engine Agreement (the “Agreement”) with CricksLab L.L.C-FZ (“CricksLab”), pursuant to which CricksLab granted the Company an exclusive, perpetual, worldwide, royalty-free, and transferable license to use, modify, sublicense, and commercially exploit CricksLab’s proprietary core engine software (the “Core Engine”) for the development, deployment, and operation of software platforms for baseball, softball, and other similar bat-and-ball sports (the “GTC Use”). The license is exclusive for the GTC use, excluding cricket, which remains exclusive to CricksLab. The Core Engine includes functionalities for player, team, league, and tournament management, as well as live video broadcasting, scoring, and statistics. CricksLab retains the right to use the Core Engine for its internal operations and for cricket-related applications, and may license it to third parties, provided such use does not conflict with the Company’s rights and complies with the Agreement’s non-compete provisions.

As consideration for the Agreement, the Company issued 10,000,000 restricted shares of its common stock to CricksLab, valued at $10,000,000.

~~Results~~Sale of ~~Operations~~Convertible Promissory Notes

~~Three~~On ~~months~~September ~~ended June 30~~2, 2025, ~~Compared~~the Company entered into two Subscription Agreements with two accredited investors (the “Investors”), pursuant to which the ~~Three~~Investors ~~Months~~purchased ~~ended~~in ~~June~~aggregate 30$1,400,000 ~~2024~~of Convertible Promissory Notes from the Company (the “Convertible Notes”). The Subscription Agreements included customary representations and warranties of the Investors and the Company, and include piggyback registration rights (except in connection with the IPO, discussed below), for a period of one year following the dates of the subscriptions.

~~Net~~The ~~Revenue: Revenue~~proceeds ~~is derived~~ from ~~telecom~~this ~~services~~funding ~~and~~are ~~broadband~~expected ~~services. Revenue from telecom services amounted~~ to ~~$4.7~~be ~~million~~used ~~for the three months ended June 30, 2025, compared~~ to ~~$4.1~~fuel ~~million~~strategic ~~for~~priorities ~~the~~aimed ~~three~~at ~~months~~strengthening ~~ended June 30, 2024. This increase of approximately $0.61 million was primarily driven by higher traffic volume in our international termination business, which reached 218 million minutes in~~ the ~~three~~Company’s ~~months~~innovation ~~ended June 30, 2025, up from 157 million minutes during the same period in 2024~~ecosystem.

~~Revenue~~40 ~~from~~Table ~~broadband~~of services totaled $0.96 million for the three months ended June 30, 2025, compared to $0.50 million in the three months ended June 30, 2024. The $0.46 million increase is mainly attributable to a rise in broadband subscriber growth, with 11,402 new internet connections sold during the three months ended June 30, 2025, compared to the same period in the prior year.Contents

~~Technology~~The Convertible Notes do not accrue interest unless and ~~other~~until ~~services~~an ~~revenue~~event ~~was~~of $0default occurs.~~003~~ ~~million~~Upon ~~for~~ the ~~three~~occurrence ~~months~~of ~~ended~~an ~~June~~event 30of default, ~~2025~~the amount due under the Convertible Notes bears interest at five percent (5%) per annum, ~~compared~~until torepaid $0in full.~~003~~ ~~million~~Any ~~for~~accrued interest, if applicable, is payable on the ~~three~~maturity ~~months~~date ~~ended~~or ~~June~~upon 30conversion of the Convertible Notes, ~~2024~~as discussed below. The Convertible Notes are due and payable, unless earlier converted into common stock as discussed below, on September 2, 2027.

~~Six~~The ~~months~~Convertible ~~ended~~Notes ~~June~~provide 30for the automatic conversion of the outstanding principal balance thereof, ~~2025~~together with any accrued and unpaid interest, ~~Compared~~into shares of the Company’s common stock immediately prior to the ~~Six~~consummation ~~Months~~by ~~ended~~the ~~June~~Company 30of an initial public offering which results in the Company’s common stock being traded on a recognized U.S. securities trading market or exchange, ~~2024~~including, but not limited to the Nasdaq Capital Market, Nasdaq Global Market or NYSE American (the “IPO”). The conversion price per share will equal 85% of the per share price to the public in the IPO offering (or, if applicable, 85% of the deemed price of a unit including common stock). The Convertible Notes include customary provisions related to stock splits, combinations, or similar events that proportionately adjust the conversion price.

~~Net~~The ~~Revenue: Telecom~~Convertible ~~services-related~~Notes ~~revenue~~are ~~stood~~expressly atsubordinated ~~$8.3 million for the six months ended June 30, 2025, compared~~ to ~~$7.6~~all ~~million~~current ~~for~~and ~~the~~future ~~six~~indebtedness ~~months ended June 30, 2024. This increase~~ of ~~approximately $0.78 million was due to increase in 112 million minutes. Broadband services generated revenue of $1.6 million for~~ the ~~six~~Company ~~months~~owed ~~ended June 30, 2025, compared~~ to ~~$0.73~~financial ~~million~~institutions ~~for~~and ~~the~~may ~~six~~be ~~months ended June 30~~prepaid, ~~2024.~~in ~~The~~whole ~~increase~~or ~~of $0.92 million is mainly due to 21,402 internet service sales~~ in ~~the six month ended June 30~~part, ~~2025,~~at ~~compared~~any totime ~~the~~without ~~six~~premium ~~months~~or ~~ended June 2024~~penalty.

~~Technology~~Events ~~and~~of ~~other~~default ~~services~~under ~~revenue~~the ~~was~~Convertible ~~$0.02~~Notes ~~million~~include, ~~for~~among other things, (i) the ~~six~~Company’s ~~months~~failure ~~ended~~to ~~June~~pay 30principal, ~~2025~~interest, ~~compared~~or other amounts when due, subject to ~~$0.01~~a ~~million~~ten-day cure period; (ii) the Company’s insolvency, bankruptcy, reorganization, dissolution, or similar proceedings, including the appointment of a custodian, receiver, or trustee for the ~~six~~Company ~~months~~or ~~ended~~its ~~June~~assets; 30or (iii) any action by the Company authorizing or in furtherance of the foregoing. Upon an event of default, ~~2024~~unless cured or waived, any holder may declare its Convertible Notes immediately due and payable, and all amounts owed will accrue interest at the default rate described above.

Appointment of President and Consulting Agreement

On September 22, 2025, the Board of Directors of the Company, appointed Frank R. Parrish, III, as the President of the Company, which appointment was effective the same day. In connection with Mr. Parrish’s planned appointment as President of the Company, the Company entered into a Consulting Agreement between the Company and FPIS Consulting LLC (“FPIS”), an entity that is owned and controlled 50% by each of Mr. Parrish and Mr. Iqbal Safdar, a consultant to the Company (the “Consulting Agreement”), dated September 1, 2025. Pursuant to the Consulting Agreement, the Company agreed to engage FPIS to provide the services of Mr. Parrish to the Company.

The Consulting Agreement has an initial term of one year, but renews automatically thereafter for additional one year terms unless either party provides the other notice of non-renewal at least 30 days prior to such renewal date. The Consulting Agreement also requires the Company to recommend to its stockholders that Mr. Parrish be appointed as a member of the Board of Directors of the Company, provided that Mr. Parrish currently only serves as an executive of the Company.

In consideration for services rendered under the Consulting Agreement, the Company agreed to pay FPIS $16,667 per month. Additionally, the Board of Directors may grant FPIS or Mr. Parrish bonuses from time to time in its discretion, in cash or equity and/or increase the compensation payable to FPIS.

The agreement terminates automatically upon the death of Mr. Parrish; at the option of the Company, in the event of the disability of Mr. Parrish (as discussed in greater detail in the Consulting Agreement); at the option of the Company with thirty days’ notice for Cause (as defined below); at the option of the Company with 30 days’ notice, without Cause; by Mr. Parrish or FPIS for Good Reason with 60 days prior written notice; or at the end of the then term. If the Consulting Agreement is terminated, FPIS is due within 30 days of such termination, all accrued compensation and reimbursement for past expenses, and if the Consulting Agreement terminates due to Mr. Parrish’s death or disability, FPIS is also to receive an acceleration in full of all time-based equity awards. The Consulting Agreement includes customary confidentiality obligations and assignment of inventions requirements of Mr. Parrish.

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~~Non-GAAP~~Under ~~loss~~the ~~from~~Consulting ~~operations~~Agreement, ~~(operating~~“Cause” ~~loss~~for ~~plus~~termination ~~other~~includes ~~income)~~Mr. (aParrish’s ~~non-Generally~~willful ~~Accepted~~misconduct, ~~Accounting~~gross ~~Principles~~negligence, ~~(GAAP)~~material ~~financial measure~~dishonesty, ~~see~~criminal ~~“Non-GAAP~~conviction ~~Financial~~for ~~Measures”~~certain offenses, ~~below)~~failure ~~for~~to ~~the~~follow ~~three~~lawful ~~months~~directives, ~~ended~~violations ~~June~~of ~~30,~~material ~~2025~~Company ~~was~~policies, ~~$(0.69)~~breaches ~~million~~of non-solicitation, ~~and~~ non-~~GAAP~~competition, ~~loss~~or ~~from~~confidentiality ~~operations~~obligations, ~~for~~or any material breach of the ~~three~~Consulting ~~months~~Agreement ~~ended~~or ~~June~~other 30agreements with the Company, ~~2024~~in ~~was~~each ~~$(0.69)~~case ~~million~~subject to a cure period if applicable. ~~Adjusted~~“Good ~~EBITDA~~Reason” (includes a ~~non-Generally~~material ~~Accepted~~reduction ~~Accounting~~in ~~Principles~~title, ~~(GAAP)~~authority, ~~financial~~duties, ~~measure~~responsibilities, ~~see~~or ~~“Non-GAAP~~pay, ~~Financial~~a ~~Measures”,~~required ~~below)~~relocation ~~for~~over ~~the~~50 ~~three~~miles, ~~months~~or ~~ended~~a ~~June~~material ~~30,~~breach ~~2025~~by isthe ~~$(1.84)~~Company ~~million~~of the Consulting Agreement, ~~whereas~~in ~~Adjusted~~each ~~EBITDA~~case ~~for~~subject ~~the~~to ~~three~~notice ~~months~~and ~~ended~~a ~~June~~cure ~~30,~~period ~~2024~~by isthe ~~$(2~~Company.~~45)~~ ~~million.~~

~~Non-GAAP~~Results ~~loss~~of from operations (operating loss plus other income) (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the six months ended June 30, 2025 was $(1.42) million, and non-GAAP loss from operations for the six months ended June 30, 2024 was $(1.57) million. Adjusted EBITDA (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the six months ended June 30, 2025 is $(0.09) million, whereas Adjusted EBITDA for the six months ended June 30, 2024 is $(0.3) million.Operations

Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024

Net Revenue: Total net revenue, made up of telecom services, broadband services and technology and other services revenues (each as discussed in greater detail below), was $5.5 million and $5.0 million, for the three months ended September 30, 2025, and 2024, as discussed in greater detail below.

Revenue from telecom services amounted to $4.57 million for the three months ended September 30, 2025, compared to $4.37 million for the three months ended September 30, 2024. This increase of approximately $0.20 million was primarily driven by higher traffic volume in our international termination business, which were 214 million minutes in the three months ended September 30, 2025, up from 182 million minutes during the same period in 2024.

Revenue from broadband services totaled $1.25 million for the three months ended September 30, 2025, compared to $0.25 million in the three months ended September 30, 2024. The $1.00 million increase is mainly attributable to a rise in broadband subscriber growth, with 25,000 new internet connections sold during the three months ended September 30, 2025, compared to the same period in the prior year.

Technology and other services revenue was $0.01 million for the three months ended September 30, 2025, compared to $0.40 million for the three months ended September 30, 2024.

Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024

Net Revenue: Total net revenue, made up of telecom services, broadband services and technology and other services revenues (each as discussed in greater detail below), was $15.5 million and $13.3 million, for the three months ended September 30, 2025, and 2024, as discussed in greater detail below.

Telecom services-related revenue stood at $12.91 million for the nine months ended September 30, 2025, compared to $11.92 million during the nine months ended September 30, 2024. This increase of approximately $0.99 million was due to an increase of 144 million minutes for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Broadband services generated revenue of $2.90 million for the nine months ended September 30, 2025, compared to $0.98 million during the nine months ended September 30, 2024. The increase of $1.92 million is mainly due to 54,000 additional internet service connection sales in the nine-month ended September 30, 2025, compared to the nine months ended September 2024.

Technology and other services revenue was $0.03 million for the nine months ended September 30, 2025, compared to $0.41 million during the nine months ended September 30, 2024.

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Non-GAAP (loss) profit from operations (operating loss plus other income) (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the three months ended September 30, 2025 was $0.24 million, and non-GAAP profit from operations for the three months ended September 30, 2024 was $0.09 million. Adjusted EBITDA (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the three months ended September 30, 2025 was $0.01 million, whereas Adjusted EBITDA for the three months ended September 30, 2024 was $0.95 million.

Non-GAAP loss from operations (operating loss plus other income) (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the nine months ended September 30, 2025 was $1.66 million, and non-GAAP loss from operations for the nine months ended September 30, 2024 was $(1.48) million. Adjusted EBITDA (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the nine months ended September 30, 2025 was $0.10 million, whereas Adjusted EBITDA for the nine months ended September 30, 2024 was $0.65 million.

Non-GAAP Financial Measures

We have included non-GAAP loss from operations and Adjusted EBITDA in this Report as a supplement to Generally Accepted Accounting Principles (GAAP) measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations. Non-GAAP loss from operations and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. Adjusted EBITDA is also frequently used by analysts, investors and other interested parties to evaluate companies in our industry.

Non-GAAP loss from operations and Adjusted EBITDA have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: Adjusted EBITDA does not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; and Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. For example, although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements. We believe non-GAAP loss from operations provides our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as this metric includes the effect of other income. Additionally, other companies in our industry may calculate non-GAAP operating loss and Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure. You should not consider non-GAAP operating loss and Adjusted EBITDA in isolation, or as a substitute for analysis of the Company’s results as reported under GAAP. The Company’s presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure.

We realized revenue, Adjusted EBITDA and non-GAAP loss from operations during the periods presented below as follows:

	Three months endedJune 30,						Six months endedJune 30,
	Three months endedSeptember 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net revenue	$	5,~~628~~540,~~068~~550			45,~~562~~017,~~706~~195		$	915,~~969~~510,~~788~~338			813,~~264~~282,~~964~~159
Adjusted EBITDA		(110,~~839,120~~295	)		(2945,~~450,957~~641	)		8697,~~708~~003			~~(299~~646,~~454~~188	)
Non-GAAP loss from operations	$	(690,384	)		(688,758	)	$	(1,415,117	)		(1,571,177	)
Non-GAAP (loss)/profit from operations	$	(242,232	)		87,639		$	(1,657,347	)		(1,483,538	)

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Set forth below is a presentation and reconciliation of our non-GAAP loss from operations and Adjusted EBITDA for the ~~six~~three and nine months ended ~~June~~September 30, 2025 and 2024:

	Three months ended						~~Six~~Nine months ended
	June 30,						June 30,
	September 30,						September 30,
	2025			2024			2025			2024
Loss from operations	$	(~~957~~516,~~948~~438	)	$	(~~921~~1,~~489~~099,408	)	$	(12,~~901~~447,~~619~~344	)	$	(23,~~069~~168,~~562~~968	)
Plus other income		267,564			232,732			486,502			498,383
Plus, other income		274,206			1,187,047			589,997			1,685,430
Non-GAAP loss from operations		(~~690~~242,~~384~~232	)		~~(688~~87,~~887~~639	)		(1,~~415~~657,~~117~~347	)		(1,~~571~~483,~~179~~538	)

Three months ended

~~Six~~Nine months ended

June 30,

September 30,

2025

2024

2025

2024

Net revenue

5,~~628~~540,~~068~~550

45,~~562~~017,~~706~~195

915,~~969~~510,~~788~~338

813,~~264~~282,~~964~~159

GAAP net loss

(1713,~~121,671~~086

)

(1455,~~231,618~~818

)

(2,~~246~~948,~~875~~837

)

(23,~~652~~108,~~776~~591

)

Add back (subtract)

Depreciation and amortization

~~(574~~423,~~873~~257

)

~~(710~~744,~~065~~475

)

1,~~075~~499,~~971~~207

12,~~488~~232,~~433~~909

Finance cost

~~(354~~404,~~922~~095

)

~~(492~~445,~~661~~833

)

~~701~~1,~~660~~094,631

~~985~~1,~~951~~431,785

Taxation

~~(76~~66,~~365~~760

)

~~(50~~97,~~200~~623

)

~~130~~196,~~098~~858

95193,~~646~~269

Exchange loss

~~288~~(170,~~712~~731

)

33113,~~588~~525

~~425~~255,~~875~~144

(~~216~~103,~~710~~184

)

Adjusted EBITDA

(110,~~839,120~~295

)

(2945,~~450,957~~641

)

8697,~~708~~003

~~(299~~646,~~456~~187

)

Non-GAAP operating loss is defined as GAAP operating loss plus other income.

Adjusted EBITDA is defined as net income attributable to GlobalTech Corporation shareholders plus net income attributable to non-controlling interest, net interest expense, income taxes, depreciation and amortization, and other operating (income) expenses, net, such as exchange loss/(gain).

Adjusted EBITDA during the ~~six~~three months ended ~~June~~September 30, 2025 was mainly impacted by the increase in international termination business, broadband services, technology services provided during the period, exchange ~~loss~~gain, decrease in depreciation and amortization and reduction in policy rate, whereas loss from operations during the ~~six~~three months ended ~~June~~September 30, ~~2024~~2025 was impacted mainly by exchange gain and reduction in depreciation and amortization.

Adjusted EBITDA during the nine months ended September 30, 2025 was mainly impacted by the increase in international termination business, broadband services, technology services provided during the period, exchange loss decrease in depreciation and amortization and reduction in policy rate, whereas loss from operations during the nine months ended September 30, 2025 was impacted mainly by exchange gain and reduction in depreciation and amortization.

During this period, the Company was also transforming its business operations and moving towards a service-centric operation that does not require heavy investments in infrastructure. Current business operations are being maintained at the optimal operating level and new investments were principally utilized for solutions development more suited for future needs. The Company is focused on the development of products and services that would be better suited for its future roadmap as a technology-centric solutions Company.

Direct operating costs: Direct ~~cost~~costs during the three months ended ~~June~~September 30, 2025 ~~was~~were US$ 54.1182 million compared to US$ 4.1565 million during the three months ended ~~June~~September 30, 2024, an increase of US$ $0.9617 million, compared to the prior year quarter. The increase was primarily due to an increase in interconnect ~~cost~~, ~~which~~settlement isand ~~aligned~~other ~~with~~charges ~~termination~~and revenue share cost.

Direct operating costs during the ~~six~~nine months ended ~~June~~September 30, ~~2024~~2025 stood at USD $913.0486 million compared to USD $712.7338 million during the ~~six~~nine months ended ~~June~~September 30, 2024. The increase inwas ~~direct~~primarily ~~costs~~due isto ~~mainly~~an ~~due~~increase toin interconnect, ~~costs~~settlement and other charges, ~~which~~driven ~~are~~by ~~aligned~~the ~~with~~growth in international ~~termination~~traffic volume during the period, and revenue share costs.

Other operating costs: ~~Operating~~Other ~~cost~~operating costs during three months ended September 30, ~~June~~ 2025 ~~was~~were US$ $0.6680 million compared to US$ $0.5371 million during the three months ended ~~June~~September 30, 2024, which increase is mainly due to legal and professional charges.

Other operating costs during the ~~six~~nine months ended ~~June~~September 30, 2025 stood at USD $12.3011 million, compared to USD $1.0172 million during the ~~six~~nine months ended ~~June~~September 30, 2024. The increase in operating costs is mainly due to legal and professional charges.

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Depreciation and amortization: Depreciation and amortization during the three months ended ~~June~~September 30, 2025 was US$ 0.5742 million compared to US$ 0.7174 million during the three months ended ~~June~~September 30, 2024. The decrease of $ 0.1432 million was mainly due to the full amortization of one of the intangible assets which was still being amortized in the prior period.

Depreciation and amortization for the ~~six~~nine months ended ~~June~~September 30, 2025 was ~~USD~~ $1.0850 million, compared to ~~USD~~ $12.4923 million for the ~~six~~nine months ended ~~June~~September 30, 2024. The decrease of $ 0.4173 million was mainly due to the full amortization of one of the intangible assets which was still being amortized in the prior period.

Other expenses: Other expenses stood at ~~USD~~ $0.2401 million during the three months ended ~~June~~September 30, 2025 ~~against~~compared ~~USD~~to $0.1002 million during the three months ended ~~June~~September 30, 2024, ~~and~~which ~~the~~is ~~increase~~approximately ~~of $ 0.14 was mainly due to currency devaluation. during~~ the ~~period~~same.

Other expenses during the ~~six~~nine months ended ~~June~~September 30, 2025 stood at ~~USD~~ $0.4529 million against ~~USD~~ $0.1.2 million. The increase of $ 0.3517 million was mainly due to currency devaluation during the period.

Other income - net: Other income of– $net was $0.27 million during the three months ended ~~June~~September 30, 2025 compared to ~~USD~~ $01.2319 million during the three months ended ~~June~~September 30, 2024. The ~~increase~~decrease is mainly due to ~~liabilities~~income ~~written~~on ~~off~~deposits ~~and exchange gain recorded~~ in the corresponding period of last year.

Other income during the ~~six~~nine months ended ~~June~~September 30, 2025 aswas $0.4959 million compared to ~~USD~~ $01.5069 million during the ~~six~~nine months ended ~~June~~September 30, 2024,. ~~which~~The decrease is ~~approximately~~mainly ~~the~~due ~~same~~to asexchange ~~compared~~gain toand income on deposits in the ~~previous~~corresponding period. of last year.

Finance cost: The finance cost during the three months ended ~~June~~September 30, 2025 was $ 0.3540 million compared to ~~USD~~ $0.4945 million during the three months ended ~~June~~September 30, 2024, ~~which~~a ~~was~~decrease ~~decreased~~of by $ 0.1405 million. The decrease was due to the decrease in the ~~policy~~ rate (of interest of our debt, which is based on KIBOR), and the resulting decrease in interest payments due thereon.

The finance cost during the ~~six~~nine months ended ~~June~~September 30, 2025 was $01.7011 million, compared to $01.9943 million during the ~~six~~nine months ended ~~June~~September 30, 2024. The decrease of $ 0.2932 ismillion was due to the ~~reduction~~decrease in the ~~policy~~ rate (of interest of our debt, which is based on KIBOR), and the resulting decrease in interest payments due thereon.

~~Net loss~~Taxation: ~~The~~Taxation ~~Company~~expense ~~posted~~was a$0.1 ~~net~~million ~~loss~~and of $10.121 million ~~during~~for the three months ended ~~June~~September 30, 2025 ~~compared~~and ~~to USD $1.23 million during the three months ended June 30~~2024, ~~2024~~respectively.

~~The~~Taxation ~~Company~~expense ~~posted~~was a$0.2 ~~net~~million ~~loss~~and of $20.252 million ~~during~~for the ~~six~~nine months ended ~~June~~September 30, 2025 ~~compared~~and ~~to $2.65 million during the six months ended June 30~~2024, ~~2024~~respectively.

Net loss: The Company posted a net loss of $0.71 million during the three months ended September 30, 2025 compared to $0.46 million during the three months ended September 30, 2024.

The Company posted a net loss of $2.96 million during the nine months ended September 30, 2025 compared to $3.11 million during the nine months ended September 30, 2024.

Updates on business plans:

Long Distance and International traffic operations:

The Company has maintained its market positioning and business strength in Long Distance and International voice operations. Traffic volumes and revenues delivered quantitative growth during the ~~first quarter~~period. The Company plans to maintain its operations with focus on voice termination into Pakistan as its primary service continuing in 2025.

Broadband and Cable TV Operations:

The Company plans to continue with an expansion of its affordable broadband only connectivity services on FTTH along with upgrades of its existing HFC subscribers to FTTH connectivity.

Software Solutions and Technology Products:

The Company has developed an impressive portfolio of technology products for its global offerings. The Company has also established a robust eco-system within the organization for managing sales and product support services for its products. Moving forward, the Company plans to focus on products that have significant and established market size with expected good growth potential.

We believe that there is an opportunity to offer better products based on new technological innovations in the AI & Big Data space that can replace previous generations of products that define the bulk of our existing markets. We plan to work to maximize market penetration of our offerings during this window of opportunities as clients migrate / upgrade to latest offerings, letting go of traditional software solutions based on older technology stacks.

Company CRM and related software and IT tools for operations have been further upgraded to form a commercial product BillCare (www.billcare.io) and a sales platform has been established for the same.

Market engagement with demos, discovery workshops and walkthroughs have been arranged for our partners and clients. These engagements have been very productive, but we expect that the full extent of the commercial potential will only become evident with time and progress achieved in sales.

Liquidity and Capital Resources

We hold cash in the United States, United Arab Emirates and in Pakistan, as shown in the table below as of ~~December~~September 3130, ~~2024~~2025 and ~~June~~December 3031, ~~2025~~2024:

	Cash and cash equivalentsas of June 30, 2025				Cash and cash equivalentsas of December 31, 2024
			Cash and cash equivalentsas of September 30, 2025				Cash and cash equivalentsas of December 31, 2024
United States	$	~~1,712~~	$	173,226	$	~~10,386~~	$	11,381
United Arab Emirates	$	~~376,888~~	$	265,823	$	~~372,181~~	$	439,685
Pakistan	$	~~330,527~~	$	630,364	$	~~439,684~~	$	371,185
	$	~~709,127~~	$	1,069,413	$	~~822,251~~	$	822,251

We have significant amounts of debt. The principal amount of our debt as of ~~June~~September 30, 2025, was $6.65 million, consisting of $4.1822 million of Term Finance Certificates (TFC), and long-term and short-term borrowings of $2.4743 million. These debt facilities are secured and require significant cash to fund principal and interest payments. We are required to make debt repayments of US$ 4$5.3565 million in the coming twelve months and we believe that sufficient funds will be generated through our operations to pay such amounts; however, we may need to raise funding in the future. The receptiveness of the capital markets to an offering of debt or equities cannot be assured and may be negatively impacted by, among other things, debt maturities, current market conditions, and potential stockholder dilution. The sale of additional securities, if undertaken by us and if accomplished, may result in significant dilution to our shareholders. However, such future financing may not be available in amounts or on terms acceptable to us, or at all.

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Notwithstanding the above, the Company has taken certain steps to address its liquidity and capital requirements:

A settlement offer has been made to the Term Finance Certificates (TFC) holders in Pakistan against an equity swap for the Company’s common stock. The same is under review by the TFC holders. If accepted by the TFC holders, this would address a major portion of our debt and also reflect positively on our financial performance on account of reduced interest costs. However, the probability of success cannot be gauged at the moment as it involves approval from the TFC holders and then execution of the transaction in a compliant manner, therefore, regulatory compliance is being assessed. This offer is at an early stage and the TFC holders may not accept our offer or there may be other compliance issues that may affect the execution of this offer. The issuance of shares of common stock to the TFC holders may cause dilution to existing shareholders.

Moving into the ~~third and~~ fourth ~~quarters~~quarter of 2025, the Company may seek to raise equity funding through private or public offerings, including as part of its goal to uplist its common stock on the Nasdaq Capital Market, of which there can be no assurance; however, the timing and outcome of such efforts cannot be assured. Any sale of equity will cause dilution, which may be significant, to existing stockholders.

While there is no guarantee that we will raise sufficient funds to meet our capital needs or that even if available it will be on terms acceptable to us, we will be very cautious and prudent about any new capital raise given the global market uncertainties. However, we are very conscious of the dilutive effect and price pressures in raising equity-based capital.

Despite the challenging environment, we are continually expanding our FTTH network using our existing equipment inventory consisting of Fiber Optic Cable and Customer Premises Equipment without having to deploy additional capital to purchase such equipment. We anticipate that the continual deployment will result in additional revenues for the Company.

We actively review possible acquisitions and mergers against our objectives including, among other considerations, improving operational efficiency, achieving synergies, improving product development or technical capabilities of our business, and achieving appropriate return targets, and we may participate in such acquisitions, to the extent we believe these possibilities present attractive opportunities, and funding permitting. Our projected cash needs and projected sources of liquidity depend upon, among other things, our actual results, and the timing and amount of our expenditures with the main focus on growth in international termination traffic, FTTH rollout, Data, and Fiber sales, software product and service and our ability to convert the same into increases in bottom line cash flows.

We had a working capital deficit of $25.966 million as of ~~June~~September 30, 2025, compared to a working capital deficit of $25.111 million as of December 31, 2024. The Company believes its cash and cash equivalents, which totaled $3,~~380~~831,~~085~~192 as of ~~June~~September 30, 2025, along with cash generated by ongoing operations and continued access to debt/capital markets, will be sufficient to satisfy its cash requirements and debt obligations over the next 12 months and beyond. However, this includes restricted cash of $2,~~670~~761,~~958~~779 that is not available for immediate ordinary business use. We believe that our existing staffing levels are sufficient to service additional customers.

Additional information regarding our cash, outstanding debt and payables obligations are described in greater detail under “Part I” - “Item 1. Financial Statements” in the Notes to Condensed Consolidated Financial Statements under Notes: 3 (Cash and Cash Equivalents), 4 (Restricted Cash), 6 (Loans and Advances), 11 (Trade and Other Payables), 12 (Current Portion of Non-Current Liabilities), 13 (Accrued Interest), 14 (Short Term Borrowings), 15 (Term Finance Certificates (TFCS)), 16 (Long Term Financing – Secured), 17 (Convertible Loan), and 1718 (License Fee Payable).

Cash flows from operating, investing, and financing Activities:

Cash and Cash Equivalents: We held $3,~~380~~831,~~085~~192 and $3,455,270 of cash and cash equivalents as of ~~June~~September 30, 2025, and December 31, 2024, respectively, which includes restricted cash of $2,~~670~~761,~~958~~779 and $2,633,019 that is not available for immediate ordinary business.

Operating Activities: Net cash ~~used~~generated in operating activities for the ~~six~~nine months ended ~~June~~September 30, 2025 was $ 0.4128 million compared to net cash generated from operating activities of $10.2439 million for the ~~six~~nine months ended ~~June~~September 30, 2024. The ~~increase~~decrease is mainly due to the cash ~~inflow~~outflow from ~~other~~loans ~~receivables~~and inadvances ~~the~~and ~~comparative~~other ~~period of last year~~payables.

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Investing Activities: Net cash used in investing activities for the ~~six~~nine months ended ~~June~~September 30, 2025, and 2024 was $0.0405 million and $0.0810 million, respectively. The decrease in cash used in investing activities was primarily due to a decrease in the ~~sale~~addition of fixed assets.

Financing Activities: Net cash ~~used~~generated infrom financing activities was $01.2023 million during the ~~six~~nine months ended ~~June~~September 30, 2025, compared to cash used in financing activities of $0.2318 million during the ~~six~~nine months ended ~~June~~September 30, 2024. The reason for the ~~decrease~~increase was primarily relating to the ~~result~~sale of a$1.4 ~~decrease~~million ~~in repayment~~ of ~~long~~Convertible ~~term-financing~~Notes.

Critical Accounting Policies and Estimates

Our significant accounting policies are described in Note 2. BASIS OF PREPARATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, in the notes to consolidated financial statements included above under “Part I” - “Item 1. Financial Statements”.

We prepare our consolidated financial statements in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expense, and related disclosures. We base our estimates, assumptions, and judgments on historical experience, current trends, and various other factors that we believe to be reasonable under the circumstances. The accounting estimates used in the preparation of our consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as our operating environment changes. On a regular basis, we review our accounting policies, estimates, assumptions, and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. The methods, estimates and judgments that we use in applying our accounting policies have a significant impact on our results of operations.

Critical accounting policies are those policies used in the preparation of our consolidated financial statements that require management to make difficult, subjective, or complex adjustments, and to make estimates about the effect of matters that are inherently uncertain.

There have been no material changes in our critical accounting policies and estimates from those described in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 27, 2025.

Business Combinations:

The Company accounts for business combinations under the provisions of Accounting Standards Codification (ASC) 805, Business Combinations, which requires business combinations under the common control method. Under the common control method, we recognize the business combination by combining the historical carrying amounts of the assets, liabilities, and equity of the combining entities as of the date of combination. The financial statements reflect the assumption that the combining entities have been operating as a single economic entity throughout the period of common control. No fair value adjustments are made to the carrying amounts of the combining entities’ assets, liabilities, and equity, as the transaction is considered a transfer of ownership interests between entities under common control. Acquisition-related expenses are recognized separately from the business combinations and are expensed as incurred.

Off-Balance Sheet Arrangements

As of ~~June~~September 30, 2025, and December 31, 2024, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special-purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

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Contractual Obligations and Commitments

We have contractual obligations under our financing arrangements. We also maintain operating leases for office premises. We were in compliance with all debt covenants as of ~~June~~September 30, 2025 and December 31, 2024.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are a smaller reporting company as defined by 17 C.F.R. 229.10(f)(1) and are not required to provide information under this item, pursuant to Item 305(e) of Regulation S- K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We have established and maintain a system of disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports filed with the SEC pursuant to the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Commission and that such information is accumulated and communicated to our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.

Management, with the participation of our CEO and CFO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. As of ~~June~~September 30, 2025, based on the evaluation of these disclosure controls and procedures, and in light of the material weakness we found in our internal controls over financial reporting as of December 31, 2024 (as described in greater detail in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 27, 2025), our CEO and CFO have concluded that our disclosure controls and procedures were not effective to provide reasonable assurance that information required to be disclosed in our reports filed with the Securities and Exchange Commission pursuant to the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Commission and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures.

Inherent Limitations over Internal Controls

Management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the three months ended ~~June~~September 30, 2025 that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

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Part II. Other Information

Item 1. Legal Proceedings

From time to time, we are party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business.

Such current litigation or other legal proceedings are described in, and incorporated by reference in, this “Item 1. Legal Proceedings” of this Form 10-Q from, “Part I” - “Item 1. Financial Statements” in the Notes to Consolidated Financial Statements in “Note 1819. Commitments and Contingencies”. The Company believes that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on our financial condition or results of operations. However, assessment of the current litigation or other legal claims could change in light of the discovery of facts not presently known to the Company or by judges, juries or other finders of fact, which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or claims.

Additionally, the outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts in excess of management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I— Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 27, 2025 and below, which could materially affect our business, financial condition and/or future results. The risks described in our Annual Report on Form 10-K and below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, cash flows and/or future results.

The risk factors below which we have marked with an asterisk (*) reflect substantive changes from, or additions to, the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024.

Our telecom revenue performance can be unpredictable by nature, as a large majority of our customers have not entered into long-term fixed contracts with us.(*)

Our primary source of telecom revenue comes from prepaid customers, who are not required to enter into long-term fixed contracts, and we cannot be certain that these customers will continue to use our services and at the usage levels we expect. A significant portion of our telecom revenue, approximately 83% as of the date of this Report, comes from telecom operators and significant corporate clients that are provided connectivity services by WorldCALL Public on its fiber optic network, which are required to enter into long-term fixed contracts.

Our primary source of telecom revenue comes from prepaid customers, who are not required to enter into long-term fixed contracts, and we cannot be certain that these customers will continue to use our services and at the usage levels we expect. Prepaid customers are billed in advance of service delivery, as payments are received upfront before the services are rendered. Prepaid customers are Individual households who subscribe to the Company’s data and cable TV services, without entering into long-term fixed contracts. Invoices for these customers are issued at the beginning of each month, and the arrangements are short-term in nature. A significant portion of our telecom revenue, approximately 84% as of the date of this Report, comes from telecom operators and significant corporate clients that are provided connectivity services by WorldCALL Public on its fiber optic network, which are required to enter into long-term fixed contracts.

WorldCALL Public enters into maintenance service contracts with customers which provide for quarterly maintenance payments to be paid to WorldCALL Public to maintain fiber optic cables. Services to these telecom operators and significant corporate clients are on a postpaid basis, where services are delivered first, and the customers are then invoiced in accordance with the agreed billing cycles stipulated in their respective contracts. Such contracts establish a longer-term relationship and recurring revenue stream for the Company, as compared to the relatively short-term arrangements with prepaid customers who have no fixed contracts. These contracts typically have a term of 20 years, provide for the customer to pay quarterly maintenance payments, provides for the right of either party to terminate the agreement with 60 days’ notice upon a breach of the agreement, if not cured in such period, allows for termination if the counterparty becomes insolvent, goes into liquidation (other than for restructuring), has a receiver or administrator appointed, makes arrangements with creditors, has assets seized, or stops business in a way that affects the other party’s rights. In addition, the customer can end the agreement at any time by giving 90 days’ written notice for any reason or no reason. In that case, WorldCALL Public must refund any unused advance payments made by the customer within 30 days after the notice period ends.

Revenue from postpaid customers represents a small percentage of our total operating revenue, and such customers can cancel our postpaid contracts with limited advance notice and without significant penalty. Furthermore, as we incur costs based on our expectations of future revenue, the sudden loss of a large number of customers or a failure to accurately predict revenue in a given market could harm our business, financial condition, results of operations, cash flows, or prospects.

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We need additional capital which may not be available on commercially acceptable terms, if at all, and a risk exists whether or not WorldCALL Public can continue as a going concern.(*)

We need additional capital to support our operations and to undertake our business plan. We may also require additional funding in the future to support our operations or complete acquisitions. The most likely source of future funds presently available to us will be through the sale of equity capital or debt. Any sale of share capital will result in dilution to existing stockholders. The principal amount of our debt as of September 30, 2025, was $6.65 million, consisting of $4.22 million of Term Finance Certificates (TFC), and long-term and short-term borrowings of $2.43 million, of which $4.29 million is currently in default, provided that none of the lenders have served us notice of default of such amounts to date. In addition to these borrowings, we also have lease liabilities amounting to $0.81 million. Furthermore, we may incur additional debt in the future, and may not have sufficient funds to repay our indebtedness, jeopardizing our business viability. We also borrowed $1.4 million from certain investors and issued those investors the Convertible Notes.

The Company incurred net losses of $3.0 million, $3.1 million, $0.7 million, and $0.5 million, for the nine months ended September 30, 2025 and 2024, and the three months ended September 30, 2025 and 2024, respectively, and $2.9 million during the year ended December 31, 2024 and $8.3 million during the year ended December 31, 2023. The Company had a working capital deficit of $25.66 million as of September 30, 2025 and $25.11 million as of December 31, 2024.

Additionally, WorldCALL Public has incurred recurring losses from operations, has overdue borrowings, and is dependent on continued financial support from its shareholders, including the Company, to meet its obligations. These conditions raise substantial doubt about WorldCALL Public’s ability to continue as a going concern.

These conditions, along with other factors like contingencies and commitments, indicate the existence of material uncertainties that cast significant doubt about the Company’s and WorldCALL Public’s ability to continue as a going concern and therefore, each may be unable to realize its assets and discharge its liabilities in the normal course of business.

We and WorldCALL Public may not be able to borrow or raise additional capital in the future to meet our or its needs or to otherwise provide the capital necessary to expand our or its operations and business, which might result in the value of our securities decreasing in value or becoming worthless. Additional financing may not be available to us or WorldCALL Public on terms that are acceptable. Consequently, we and WorldCALL Public may not be able to proceed with our/its intended business plans. Obtaining additional financing contains risks, including:

	·	additional equity financing may not be available to us or WorldCALL Public on satisfactory terms and any equity we or WorldCALL Public are able to issue could lead to dilution for current stockholders;

	·	loans or other debt instruments may have terms and/or conditions, such as interest rate, restrictive covenants and control or revocation provisions, which are not acceptable to management or our directors;

	·	the current environment in capital markets combined with our capital constraints may prevent us or WorldCALL Public from being able to obtain adequate debt financing; and

	·	if we or WorldCALL Public fail to obtain required additional financing to commercialize our or its planned products and grow our or its business, we and WorldCALL Public would need to delay or scale back our and WorldCALL Public’s business plan, reduce our and WorldCALL Public’s operating costs, or delay product launches, each of which would have a material adverse effect on our and WorldCALL Public’s business, future prospects, and financial condition.

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Our substantial amounts of indebtedness, a significant portion of which is in default, and debt service obligations could materially decrease our cash flow, which could adversely affect our business and financial condition.(*)

We have substantial amounts of indebtedness and debt service obligations. The principal amount of our debt as of September 30, 2025, was $6.65 million, consisting of $4.22 million of Term Finance Certificates (TFC), and long-term and short-term borrowings of $2.43 million, of which $4.29 million is currently in default, provided that none of the lenders have served us notice of default of such amounts to date. In addition to these borrowings, we also have lease liabilities amounting to $0.81 million. We also borrowed $1.4 million from certain investors and issued those investors the Convertible Notes.

Some of the agreements under which we borrow funds contain covenants or provisions that impose certain operating and financial restrictions on us, including balance sheet solvency, such as levels or ratios of earnings, debt, equity, and assets and may prevent us or our subsidiaries from incurring additional debt. In addition, capital controls and other restrictions, asset freezes, including limitations on the payment of dividends or international funds transfers, may be imposed in Pakistan, along with punitive taxes and penalties targeted at certain foreign entities which may also impact our liquidity or ability to comply with certain ratios. For example the Third Supplemental Trust Deed entered into by and between WorldCALL Public and trustee named therein, dated September 27, 2018 (the “Third Supplemental Trust Deed”), includes a restriction on the payment of dividends, which prohibits WorldCALL Public from declaring any dividends until all Term Finance Certificates have been paid in full, without the prior written consent of the trustee, and subject to certain other requirements, including WorldCALL Public continuing to meet certain debt service ratios and no event of default having occurred under the Third Supplemental Trust Deed. Involuntary deconsolidation of our Pakistan operations or both would also make it more difficult or impossible to comply with certain of these ratios. Failure to comply with these covenants or provisions, certain of which are already in default, may result in a default or continued defaults, which could increase the cost of securing additional capital, lead to accelerated repayment of our indebtedness (provided that no such indebtedness have been accelerated to date) or result in the loss of any assets that secure the defaulted indebtedness or to which our creditors otherwise have recourse. Such an acceleration of the obligations under one or more of these agreements (including as a result of cross-default or cross-acceleration) could have a material adverse effect on our business, financial condition, results of operations or prospects, and in particular on our liquidity and our shareholders’ equity. In addition, covenants in certain of our debt agreements could restrict our liquidity and our ability to expand or finance our future operations. Additionally, because of our substantial amounts of indebtedness and the limits imposed by our debt obligations, our business could suffer significant negative consequences, such as the need to dedicate a substantial portion of our cash flows from operations to the repayment of our debt, thereby reducing funds available for paying dividends, working capital, capital expenditures, acquisitions, joint ventures and other purposes necessary for us to maintain our competitive position, flexibility, and resiliency in the face of general adverse economic or industry conditions.

Our debt, a significant portion of which is in default, is secured by security interests.(*)

We have significant amounts of debt. The principal amount of our debt as of September 30, 2025, was $6.65 million, consisting of $4.22 million of Term Finance Certificates (TFC), and long-term and short-term borrowings of $2.43 million, of which $4.29 million is currently in default, provided that none of the lenders have served us notice of default of such amounts to date. In addition to these borrowings, we also have lease liabilities amounting to $0.81 million. We also borrowed $1.4 million from certain investors and issued those investors the Convertible Notes. Certain of these debt facilities are secured by substantially all of our assets and a pledge of the securities of our subsidiaries, and require significant cash to fund principal and interest payments. In the past we have not paid certain amounts of our debt, including under certain term finance certificates. As a result of the above, our creditors, under our secured debt, a significant portion of which is already in default, may enforce their security interests over our assets and/or our subsidiaries which secure such obligations, may take control of our assets and operations, force us to seek bankruptcy protection, or force us to curtail or abandon our current business plans and operations. If that were to happen, any investment in the Company (including, but not limited to, any investment in our common stock) could become worthless.

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Our telecom revenue performance can be unpredictable by nature, as a large majority of our customers have not entered into long-term fixed contracts with us.(*)

Our primary source of telecom revenue comes from prepaid customers, who are not required to enter into long-term fixed contracts, and we cannot be certain that these customers will continue to use our services and at the usage levels we expect. Prepaid customers are individual households who subscribe to the Company’s data and cable TV services, without entering into long-term fixed contracts. Invoices for these customers are issued at the beginning of each month, and the arrangements are short-term in nature. A significant portion of our telecom revenue, approximately 84% as of the date of this Report, comes from telecom operators and significant corporate clients that are provided connectivity services by WorldCALL Public on its fiber optic network, which are required to enter into long-term fixed contracts. WorldCALL Public enters into maintenance service contracts with customers which provide for quarterly maintenance payments to be paid to WorldCALL Public to maintain fiber optic cables. Services to these telecom operators and significant corporate clients are on a postpaid basis, where services are delivered first, and the customers are then invoiced in accordance with the agreed bill

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